HomeMy WebLinkAboutCAFR for the City - FY Ending 6/30/07J
CITY OF PALM DESERT
FINANCE DEPARTMENT
Staff Report
REQUEST: RECEIVE AND FILE THE CITY OF PALM DESERT AUDITED
FINANCIAL REPORTS FOR THE FISCAL YEAR ENDED JUNE 30,
2007
DATE: JANUARY 24, 2008
CONTENTS: 1. CITY OF PALM DESERT AUDITED FINANCIAL REPORT
FOR FISCAL YEAR ENDED JUNE 30, 2007
2. AUDITOR'S LETTER TO CITY COUNCIL
3. REPORT ON INTERNAL CONTROLS AND COMPLIANCE
Recommendation:
By Minute Motion, that the City Council receive and file the audited
Comprehensive Annual Financial Report (CAFR) for the City of Palm
Desert for the fiscal year ending June 30, 2007.
Background:
Lance, Soll & Lunghard performed and completed the annual independent audit for the
fiscal year ending June 30, 2007, for the City of Palm Desert in November 2007, in
accordance with generally accepted auditing standards. In the auditor's opinion, the
basic financial statements present fairly, in all material respects, the financial position of
the City of Palm Desert as of June 30, 2007, and the results of its operations and the cash
flows of its proprietary funds for the year then ended in conformity with accounting
principles generally accepted in the United States of America.
In conducting their audit, the auditors test the City's internal controls. Attached is the
Report on Internal Controls over Financial Reporting and on compliance and other
matters based on an audit of Financial Statements performed in accordance with
Govemment Auditing Standards.
In connection with the above -mentioned report, a new auditing standard, Statement on
Auditing Standard No. 112 (SAS No. 112), "Communicating Control -Related Matters
Identified in an Internal Audit", is now in effect. Our auditors issued the following
statement relative to SAS No. 112 in a letter dated November 27, 2007: "This
pronouncement has the effect of increasing the likelihood that a government's
independent auditors may be required to comment on internal control matters as either a
G\Finance\Niamh Ortega\Staff Reports\Audit staff reports 2007\audit report CAFR 2007.docx
Staff Report
Receive and file CAFR for Fiscal Year ended June 30, 2007
January 24, 2008
Page 2 of 2
significant deficiency or a material weakness in conjunction with the financial statement
audit." We have provided our responses to the Internal Control comments in that letter.
The CAFR will be submitted for the Certificate of Achievement for Excellence in Financial
Reporting from the Government Finance Officers Association. In order to be awarded a
Certificate of Achievement, a government must publish an easily readable and efficiently
organized comprehensive annual financial report. This report must satisfy both generally
accepted accounting principles and applicable legal requirements. We believe that our
current comprehensive annual financial report continues to meet the Certificate of
Achievement Program's requirements, as it has for the past ten years.
The Audit, Investment and Finance Committee received the audited financial statements
at their January 22, 2008 meeting, and it was recommended that the statements for the
fiscal year ended June 30, 2007 be received and filed by the City Council.
Submitted by:
Paul S. Gibson, Director of Finance/City Treasurer
Approved:
Carlos L. Ort=a ., City Manager
PSG:JLE:nmo
CITY COUNCIL ACTION:
APPROVED DENIED
RECEIVED L IT; le _ OTHER
MEETING DATE
AYES: a ii; Finer+y, ;ePl & I (\
NOE NL, e
ASSENT: Kellu
ABSTAIN:
VERIFIED BY: RD td/4
original on File witIOCity Clerk's Office
G:\Finance\Niamh Ortega\Staff Reports\Audit staff reports 2007\audit report CAFR 2007.docx
Brandon W.Burmws
Lance Donald L.Parker
SOI' � Michael K.Chu
David E.Hale
L u n g h a rd A Proftsstonol Corporotion
Donald G.Slater
LLP Ric6ard K.Kikuchi
Certifced Public Accountants R`h"d
Robert C.Lance
19141994
RICh8Cd C.SOII
Fred J.Lunghard,Jr.
192A-1999
November 20, 2007
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
We have audited the financial statements of the City of Palm Desert for the year ended June 30, 2007,
and have issued our report thereon dated November 20, 2007. Professional standards require that we
provide you with the following information related to our audit.
Our Responsibilitv under Accountinq Standards Generallv Accepted in the United States of
America and Government Audit�n_q Standards
Our responsibility, as described by professional standards, is to plan and perform our audit to obtain
reasonable, but not absolute, assurance about whether the financial statements are free of material
misstatement and are fairly presented in accordance with accounting principles generally accepted in the
United States of America. Because an audit is designed to provide reasonable, but not absolute
assurance and because we did not perform a detailed examination of al! transactions, there is a risk that
material misstatements may exist and not be detected by us.
As part of our audit, we considered the internal control of the City of Palm Desert. Such considerations
were solely for the purpose of determining our audit procedures and not to provide any assurance
concerning such internal control. Any significant deficiencies in such controls, if any, have been
communicated to you by a separate letter.
As part of obtaining reasonable assurance about whether the financial statements are free of material
misstatement, we performed tests of the City of Palm Desert's compliance with certain provisions of laws,
regulations, contracts, and grants. However, the objective of our tests was not to provide an opinion on
compliance with such provisions. Again, any non-compliance with provisions of laws, regulations,
contracts and grants noted by us, if any, have been communicated to you by a separate letter.
Siqnificant Accountinq Policies
Management is responsible for the selection and use of appropriate accounting policies. In accordance
with the terms of our engagement, we will advise management about the appropriateness of accounting
policies and their application. The significant accounting policies used by the City of Palm Desert are
described in the notes to the financial statements. No new accounting policies were adopted and the
application of existing policies was not changed during the year ended June 30, 2007. We noted no
transactions entered into by the City of Palm Desert during the year that were both significant and
unusual, and of which, under professional standards, we are required to inform you, or transactions for
which there is a lack of authoritative guidance or consensus.
75 YEARS
1929 �_���2�004
Q� F.t���I[CQ 203 N.Brea Blvd.,Suite 203 • Brea,CA 92821-4056• (714)672-0022 • Fax(714)672-0331 •www.lslcpas.com
Lance
�I s
Lunghard
LLP
C£R7lF/EO PUB1fC ACCOUN7AN75
Clh/COUf1Cl�
City of Palm Desert
Page 2
Accounting Estimates
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management's knowledge and experience about past and current events and assumptions
about future events. Certain accounting estimates are particularly sensitive because of their significance
to the financial statements and because of the possibility that future events affecting them may differ
significantly from those expected. Where applicable, the City utilized accounting estimates for
depreciation on City assets, amortization of bond related issuance costs, premiums/discounts and
gains/losses on bond defeasance and for reporting incurred but not reported amounts relating to the
liability for claims and judgments. The methodology used during this audit is consistent with that of prior
years. We evaluated the key factors and assumptions used to develop these estimates in determining
that they are reasonable in relation to the flnancial statements taken as a whole.
Audit Adiustments
For purposes of this letter, professional standards define an audit adjustment as a proposed correction of
the financial statements that, in our judgment, may not have been detected except through our auditing
procedures. An audit adjustment may or may not indicate matters that could have a significant effect on
the financial reporting process (that is, cause.future financial statements to be materially misstated). In
our judgment, none of the adjustments we proposed, whether recorded or unrecorded, either individually
or in the aggregate, indicate matters that could have a significant effect on the financial reporting process.
Disactreements with ManaQement
For purposes of this letter, professionaf standards define a disagreement with management as a matter,
whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter
that could be significant to the financial statements or the auditor's report. We are pleased to report that
no such disagreements arose during the course of our audit.
Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters, similar to obtaining a "second opinion" on certain situations. If a consultation involves application
of an accounting principle to the governmental unit's financial statements or a determination of the type of
auditor's opinion that may be expressed on those statements, our professional standards require the
consulting accountant to check with us to determine that the consultant has all the relevant facts. To our
knowledge, there were no such consultations with ofher accountants.
Issues Discussed Prior to Retention of Indeaendent Auditors
We generally discuss a variety of matters, including the application of accounting principles and auditing
standards, with management each year prior to retention as the City's auditors. However, these
discussions occurred in the normal course of our professional relationship and our responses were not a
condition to our retention.
Lance
�I s
Lunghard
LLP
CfRTIF/ED PUBLlC ACCpUN IAN IS
City Council
City of Palm Desert
Page 3
Difficulties Encountered in Performinq the Audit
We encountered no significant difficulties in dealing with management in performing our audit.
This information is intended solely for the use of Governing Board(s), Committees of and management of
the City of Palm Desert and is not intended to be and should not be used by anyone other than these
specified parties.
Very truly yours,
� �� �� ��°�
, ���
Brandon W.Burrows
La n ce Donald L.Parker
Michael K.Chu
SD�� � David E.Hale
L u n g h a rd A Projessional L'orporotion
Donald G.Slater
LLP Richard K.Kikuchi
Certified Public Accountants Retired
Robert C.Lance
1914-1994
Richard C.Soll
Fred J.Lunghard,Jr.
192&1999
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT
OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
We have audited the financial statements of the governmental activities, the business-type activities, the
discretely presented component unit, each major fund, and the aggregate remaining fund information of
the City of Palm Desert, California, as of and for the year ended June 30, 2007, which collectively
comprise the City of Palm Desert, California's basic financial statements and have issued our report
thereon dated November 20, 2007. We conductetl our audit in accordance with auditing standards
generally accepted in the United States of America and the standards applicable to financiai audits
contained in Government Auditing Standards, issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the City of Palm Desert, California's internal control
over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our
opinions on the financial statements, but not for the purpose of expressing an opinion on the
effectiveness of the City of Palm Desert, California's internal control over financial reporting. Accordingly,
we do not express an opinion on the effectiveness of the City of Palm Desert, California's internal control
over financial reporting.
Our consideration of internal control over financial reporting was for the limited purpose described in the
preceding paragraph and would not necessarily identify all deficiencies in internal control over financial
reporting that might be significant deficiencies or material weaknesses. However, as d'+scussed below, we
identified certain deficiencies in internal control over financial reporting that we consider to be significant
deficiencies.
A control deficiency exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control
deficiencies, that adversely affects the City of Palm Desert, California's ability to initiate, authorize, record,
process, or report financial data reliably in accordance with generally accepted accounting principles such
that there is more than a remote likelihood that a misstatement of the City of Palm Desert, California's
financial statements that is more than inconsequential will not be prevented or detected by the City of
Palm Desert, California's internal control. We consider the following deficiencies described to be
significant deficiencies in internal control:
75 YEARS
1929r /�_2_004
0� L.1'C�C�lICe 203 N.Brea Blvd.,Suite 203 • Brea,CA 92821-4056• (714)672-0022 • Fax(714)672-0331 • www.lslcpas.com
Lance
Soll s
Lunghard
LLP
CERTIfIED PUBLIC ACCWNlANlS
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
Restatements of Prior Period Financiat Statements
A restatement was made to correct an overstatement in prior year's accounts receivable balance that
resulted from a payment received from CVAG on June 30, 2006 which should have been applied against
this receivable. A restatement was made to capital assets to recognize prior period additions related to
improvement costs incurred at the Housing Authority's apartment complexes. A restatement was made to
capital assets to reflect the removal of capitalized site improvement costs, relating to the Hovley Gardens
Apartment project, which were provided to benefit very low and low income households.
Manaqement Responses:
Comment(1):
A restatement was made to correct an overstatement in prior year's accounts receivable balance that
resulted from a payment received from CVAG on June 30, 2006 which should have been applied
against this receivable.
Causes and Implementation:
Cause:
The City has a decentralized invoice system. Each department is responsible to prepare and submit
an invoice with backup to the City Finance Department. The Finance Department then creates a
receivable for that invoice.
For the Fiscal Year ended June 30, 2005, the City of Palm Desert's Finance Department booked a
receivable for monies owed to the City as an expense reimbursement for the Fred Waring Project.
This receivable was appropriately recorded as a receivable for the fiscal year ending June 30, 2005.
In this case, the originating department did not create the invoice until June 2006 — nearly one year
after the Finance Department had properly recorded the receivable without an invoice number (with a
decentralized invoice system, the accounting software does not automatically connect receivables
with invoices).
After making an adjustment to the invoice submitted by the City, the reimbursing agency partially paid
the invoice on June 30, 2006. Due to the total separation of the receivable from the invoice, and the
mismatched receivable and payment amounts, the payment was recorded as revenue instead of
reducing the receivable that was recognized in the prior fiscal year. Revenue was accordingly
overstated for the year.
When the Finance staff was reviewing the 2007 balances, we noted that a receivable still existed.
After analyzing the account we realized that the above error occurred. The Finance staff immediately
contacted the auditors to notify them of the accounting matter and to inform them that a prior year
adjustment would be proposed.
This type of error is inherent in a decentralized invoice system. Most private sector businesses use a
centralized invoice system. Under a centralized invoice system, the originating department would
send the backup to the Finance Department, which would create and cross-reference, by number,
both the invoice and the receivable at the same point in time, and then mail the invoice.
Lance
I Soll s
L� Lunghard
LLP
CERIIFIEO PUBLlC ACCOUNlANTS
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
In addition, the Finance Department has required departments to use the invoice system currently in
place; however, the Finance Department continually receives various payments unaware of any
previous billing and has to track down the department that billed for reimbursement.
Implementation:
The Finance Department has implemented procedures to reduce the potential for this type of
transaction to happen again. We currently require that all receivables recorded at the fiscal year end
are supported by the proper documentation and that all receipts are properly charged against the
receivables before the fiscal year end books are closed and the City's financial statements are
issued.
Additionally, the Finance Department will work with the City Manager and require all departments to
comply with a central invoicing system to better track and record all receivables for the City.
Comment(2):
A restatement was made to capital assets to recognize prior period additions related to improvement
costs incurred at the Housing Authority apartment complexes.
Causes and Implementation:
Cause:
During the first two years of Lance, Soll, and Lunghard's tenure as auditors for the City, these capital
assets in the housing fund were non- existent; however, during the last three years capital assets
were either purchased or constructed in the housing fund.
Additionally, the account numbers for the apartment complexes were created to separate the different
apartment complexes. This account structure was contrary to the norm in creating accounts, which
caused them to be omitted when a capital asset account report was run. Resulting in an oversight
when reviewing the account balance for proper recording.
In reviewing this year's draft financial statements, the Finance staff noted that the current year
expenditures were not classified as capital assets. As a result, the Finance staff reviewed the prior
year's expenditures and discovered that those expenditures were not classified as capital assets. The
Finance staff notified the auditors of this matter, and provided them with the entry to correct the
account.
Implementation:
The Finance Department has modified the capital asset account report to include the apartment
complex accounts.
Comment(31:
A restatement was made to capital assets to reflect the removal of capitalized site improvement costs
related to Hovley Gardens Apartment Project, which were provided for the benefit of very low and low
income households.
Lance
Soll s
Lunghard
LLP
CERTIFIEO PUBLIC ACCOUN IAN IS
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
Causes and Implementation:
Cause:
During the years in which the costs were capitalized and included in work-in-progress, the best
information available was that the Agency would retain ownership of all improvements. However, later
it was learned that these improvements were provided for the benefit of very low and low income
households.
Implementation:
The Finance Department will annually ask the various departments to determine if an asset meets the
City's capitalization policy.
A material weakness is a significant deficiency, or combination of significant deficiencies, that resuits in
more than a remote likelihood that a material misstatement of the financial statements will not be
prevented or detected by the City of Palm Desert, California's internal control.
Our consideration of the internal controf over financial reporting was for the limited purpose described in
the first paragraph of this section and would not necessarily identify all deficiencies in the internal control
that might be significant deficiencies and, accordingly, would not necessarily disclose all significant
deficiencies that are also considered to be material weaknesses However, we believe that none of the
significant deficiencies described above is a material weakness.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City of Palm Desert, California's financial
statements are free of material misstatement, we performed tests of its compliance with certain provisions
of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the determination of financial statement amounts. However, providing an opinion on
compliance with those provisions was not an objective of our audit, and accordingly, we do not express
such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that
are required to be reported under Government Auditing Standards.
This report is intended solely for the information and use of the Governing Board, Gommittees of and
management of the City of Palm Desert, federal awarding agencies and pass-through entities and is not
intended to be and should not be used by anyone other than these specified parties.
� �� �-� ���
, ���
November 20, 2007
Brandon W.Burrows
Lance Donald L.Parker
p Michael K.Chu
S��� o[ David E.Hale
Lu n g ha rd Donald G.Slater�n
LLP Richard K.Kikuchi
Certi�ed Public Accouritaf2ts Retired
Robert C.Lance
19141994
Richard C.Soll
Fred J.Lunghard,Jr.
1928-1999
September 14, 2007
Paul S. Gibson, CCMT, Director of Finance/City Treasurer
City of Palm Desert
Palm Desert, California
INDEPENDENT ACCOUNTANTS' REPORT
We have performed the procedures enumerated below, which were agreed to by the City Treasurer's Office
of the City of Palm Desert (the City), California, solely to assist the City in evaluating certain aspects of its
cash and investment activities as of the date of our field work on June 18, 2007, for the year ended
June 30, 2007. This engagement to apply agreed upon-procedures was performed in accordance with
attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of
these procedures is solely the responsibility of the City Treasurer's Office of the City of Palm Desert.
Consequently, we make no representation regarding the sufficiency of the procedures described below,
either for the purpose for which this report has been requested, or for any other purpose.
The procedures performed and the results obtained from the performance thereof were as follows:
1. Procedures Performed: We reviewed all investment transactions for the fiscal year up to the date of
our field work on June 18, 2007, as listed in the"Trades"three-ring binders provided by the City, to verify
that all transactions were in conformity with legal restrictions imposed by law, contract and the City's
investment policy, including the limits on security types and concentrations.
Findings: Based on our review, all investment transactions for the current fiscal year up to the date of
our field work on June 18, 2007, as listed in the "Trade" three-ring binder provided by the City were in
conformity with legal restriction imposed by law, contract, and the City's investment policy, including the
limits on security types and concentrations.
2. Procedures Performed: We reviewed all investment transactions for the fiscal year, as listed in the
"Trades" three-ring binder provided by the City, to determine if there was evidence of questionabte
transactions related to the "churning" of investments, the use of a particular braker or any excessive
premium paid to brokers.
Findings: Based on our review of all investment transactions as listed in the three-ring binders, all
primary dealers and secondary brokers used by the City were listed in its investment policy. Each dealer
and broker were used alternatively. No excessive use of a particular dealer/broker or premium paid was
noted and no questionable transactions related to the churning of investments was noted.
3. Procedures Performed: We randomly selected 24 bank wires from the bank statements and traced
them to the outgoing wire log to determine if repetitive and non-repetitive wires were initiated, either by a
City employee or by an authorized third party, and verified by a second City employee.We also scanned
the outgoing wire log for unusual activities or pattems that should be reported to you.
75 YEARS
1929 2004
�� Fx�[Ce 203 N.Brea Blvd.,Suite 203 • Brea,CA 92821-4056 • (714)672-0022• Fax(714)672-0331 • www.lslcpas.com
Lance
�1 6
Lunghard
LLP
CfR71FlEO WBIIC ACCOUNTANIS
Paul S. Gibson, CCMT, Director of Finance/City Treasurer
City of Palm Desert
Palm Desert,California
Findings: All 24 selected electronic debits described as wire transfers on the Union Bank of Cal'rfornia
general checking account statement were traced to the outgoing wire log without exception. All outgoing
wires are initiated by the Deputy City Treasurer or the City Treasurer and verified by an employee other
than the employee initiating the wire. Based on our review of the outgoing wire log, the outgoing wire
activity appears reasonable.
4. Procedures Performed: We reviewed all investment transactions for the fiscal year up to the day of our
field work on June 18, 2007, as listed in the "Trades"three-ring binder provided by the City, to determine
if all executed trades were properly documented and cleared by an independent third party.
Findings: Based on our review of the"Trades"three-ring binder, all investment transactions are filed by
month and all documentation related to one transaction are stapled together and include the following:
the trade ticket with the approval of either the City Treasurer or the Assistant Finance Director and with
the delivery instruction, the description of the investment, the competitive offering sheet, the trade
confirmation form the dealer/broker, a print out from Union Bank website showing that the purchase was
recorded by the custodian in the City's account, and the position report from the City's investment
software. Overall, we found the documentation for the investment transactions weN organized and easy
to review.
5. Procedures Performed: We reviewed all investment transactions for the fiscal year up to the date of
our field work on June 18, 2007, as listed in the"Trades"three-rings binder provided by the City to verify
that an employee other than the Deputy City Treasurer authorized trades and to review the recording of
amounts in the accounting records for 15 tcades by someone independent of the investment purchase
function.
Findings: Based on our review, all investment transactions are initiated by the Deputy City Treasurer
and approved by either the City Treasurer or the Assistant Finance Director.The 15 trades selected were
traced to a journal entry without exception and appeared to be properly recorded in the general ledger.
A!I joumal entries and posting to the general ledger of the trades are done by someone independent of
the initiation and approval of the trade transactions.
6. Procedures Performed: We reviewed the sale of investments to determine if proper authorization was
made in order to authorize the sale for any loss, and that the loss, if any, was reported to the Finance and
Investment Committee.
Findings: Based on our review of the "Trade" binder, no sale of investments were noted. Based on our
inquiry, the Deputy City Treasurer confirmed that there were no sale of investrnents during the current
fiscal year and that all investments were held to maturity.
7. Procedures Performed: We reviewed the investment reports to determine if all investment reports for
the fiscal year were filed with the Finance and Investment Committee,the City Council, and the Califomia
Debt and Investment Advisory Commission.
Findings: As of the date of our fieldwork, investments reports were prepared monthly up to the month of
April 2007 and were filed timely based on our inquiry with the Deputy City Treasurer. A copy of the
investment reports is kept in the Deputy City Treasurer's office.
8. Procedures Performed: We reviewed the bank signature cards and the signatures that the City made
available, to verify if all bank cards were kept current, and if two signatures were required for each bank
account.
Findings: Based on our review of the signature cards folder, signature cards have been updated in the
current fiscal year.
Lance
Soll s
Lunghard
LLP
CERIIFIED PUBLIC ACCOUNiAN75
Paul S. Gibson, CCMT, Director of Finance/City Treasurer
City of Palm Desert
Palm Desert,California
9. Procedures Performed: We confirmed all investments on the City's books at June 30, 2007.
Findings: Based on our confirmation at June 30, 2007,all investments are recorded on the City's books.
No exception noted.
Conclusion
We were not engaged to, and did not perform an audit of the Ciry's cash and investments, the objective of
which would have been the expression of an opinion on the City's cash and investments. Accordingly, we do
not express such an opinion. Had we performed additional procedures,other matters might have come to our
attention that would have been reported to you.
This report is intended solely for the use of the City and should not be used by those who have not agreed to
the procedures and taken respons+bi{ity for the sufficiency of these procedures. However, this report is made
a matter of public record, and its distribution is not limited.
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
oithe
CTTY OF PALM DESERT,CALffORNIA
For the Fiscal Year Ended
JUNE 30,2007
�.mdby�����a����
City Treasunr/Director of Finance
Paul S.Gibson
Assistant Finance Dinctor
Jose Luis EsPinoza,CPA
Finance Staff
(in alphabetical order by positions and names)
Accountiag Technician 11 Depaty CityTreasnttr Information Systems
James Bounds Thomas Jeffrey Technician
AccounRng TecLnician If Director of Infonmation Ray Santos
Horacio Celaya Systems Management Analyst
Accountin$TecLniciaa Doug Van Gelder Jenny Barnes
Sharon Chnsriansen G.I.S.Coordinator Office Assistant
AccountingTechnician II Robert Riches Vednna Spaaojevic
Diwa I.eal G.I.S.Technician Office Asai+tant I
Acconatiag TecLnician II John Urkov Cherie Thompson
Barbara W right InformaHon$yetems Senior Fiawcial Anafyst
Administrative Secretuy Ana}yst Anthony Hernandez
Niamh Ortep�a Clay von Helf Sc Office Assistant
Business License Techniciaa Information Systems Claudia Jaime
Rob Bishop Technician
Troy Kulas
CITY OF PALM DESERT
COMPREHENSIVE ANNUAL FINANCIAL REPORT
JUNE 30,2007
TABLE OF CONTENTS
Page
Number
INTRODUCTORY SECTION
Table of Contents i
Letter of Transmittal vii
GFOA Certificate of Achievement for Excellence in Financial Reporting xii
List of Principal Officials xiii
Organization Chart xiv
FINANCIAL SECTION
AUDITORS' REPORT
Independent Auditors' Report 1
MANAGEMENT'S DISCUSSION AND ANALYSIS 3
BASIC FINANCIAL STATEMENTS
Exhibit A - Statement of Net Assets 15
Exhibit B - Statement of Activities 16
Exhibit C - Balance Sheet-Governmental Funds 20
Exhibit D - Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets 23
Exhibit E - Statement of Revenues, Expenditures and Changes in Fund
Balances-Governmental Funds 24
Exhibit F - Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities 26
Exhibit G - Statement of Net Assets-Proprietary Funds 27
Exhibit H - Statement of Revenues, Expenses and Changes in Fund
Net Assets-Proprietary Funds 28
Exhibit I - Statement of Cash Fiows-Proprietary Funds 29
Exhibit J - Statement of Fiduciary Net Assets-Fiduciary Funds-Agency 30
Notes to Basic Financial Statements 31
i
Page
Number
REQUIRED SUPPLEMENTARY INFORMATION
Schedule 1 - Budgetary Comparison Schedule-General Fund 85
Schedule 2 - Budgetary Comparison Schedule-Prop A Fire Tax-
Special Revenue Fund 86
SUPPLEMENTARY SCHEDULES
General Fund:
Schedule 3 - Budgetary Comparison Schedule by Department-General Fund 90
Other Governmental Funds-Combinin4 Statements:
Schedule 4 - Combining Balance Sheet-Other Governmental Funds 94
Schedule 5 - Combining Statement of Revenues, Expenditures and Changes
in Fund Balances-Other Governmental Funds 95
Other Governmental Funds-Nonmaior Sqecial Revenue:
Schedule 6 - Combining Balance Sheet- Nonmajor Special Revenue Funds 100
Schedule 7 - Combining Statement of Revenues, Expenditures and Changes
in Fund Balances-Nonmajor Special Revenue Funds 104
Schedule 8 - Budgetary Comparison Schedules-Special Revenue Funds:
A. Traffic Safety 108
B. Gas Tax 109
C. Housing Mitigation Fees 110
D. Community Development Block Grant 111
E. EI Paseo Assessment District 112
F. City-Wide Business License 113
G. Landscape and Lighting Districts No. 1-15 114
Other Governmental Funds- Nonmaior Debt Service:
Schedule 9- Combining Balance Sheet- Nonmajor Debt Service Fund 116
Schedule 10- Combining Statement of Revenues, Expenditures and Changes
in Fund Balances-Nonmajor Debt Service Fund 117
Other Governmental Funds-Nonma1or Capital Proiects:
Schedule 11 - Combining Balance Sheet-Nonmajor Capital Projects Funds 120
Schedule 12 - Combining Statement of Revenues, Expenditures and Changes
in Fund Balances-Nonmajor Capital Projects Funds 124
AQencv Funds:
Schedule 13- Combining Balance Sheet-All Agency Funds 130
Schedule 14- Combining Statement of Changes in Assets and
Liabilities-All Agency Funds 131
ii
Page
Number
STATISTICAL SECTION
Financial Trends
Net Assets by Component 134
Changes in Net Assets 135
Fund Balances of Governmental Funds 136
Changes in Fund Balances of Governmental Funds 138
Graphs—Changes in Fund Balances of Governmental Funds 139
Supplemental Historical General Fund Revenues 140
Supplemental Graph—Historical General Fund Revenues 141
Supplemental Historical General Fund Expenditures 142
Supplemental Graph - Historical General Fund Expenditures 143
Supplemental Historical General Revenue and Expenditures Per Capita 144
Revenue Caqacity
Assessed Value and Estimated Actual Value of Taxable Property 146
Historical Net Assessed Taxable Values Citywide 147
Supplemental FY 2007 and 2006 Breakdown of Basic 1% Property Tax Rate (Not in
Redevelopment Project Area) 148
Direct and Overlapping Property Tax Rates 149
Principal Property Taxpayers 150
Property Tax Levies and Collections 151
Supplemental Top 25 Sales Tax Generators and Graph—Historical Sales Tax Trends 152
Supplemental Taxable Sales by Category 153
Supplemental Principal Sales Tax Remitters 154
Debt Caoacitv
Ratios of Outstanding Debt by Type 155
Ratios of General Bonded Debt Outstanding 156
Supplemental Special Assessment Information 157
Direct and Overlapping Government Activities Debt 158
Legal Debt Margin Information 159
Ptedged-Revenue Coverage 160
Demograqhic and Economic Information
Demographic and Economic Statistics 161
Principal Employers 162
Supplemental Miscellaneous Statistics 163
iii
Page
Number
Oqeratinq Information
Full-time Equivalent City Government Employee's by Function/Program 164
Operating Indicators by Function/Program 165
Capital Asset Statistics by Function/Program 166
SUPPLEMENTAL REDEVELOPMENT AGENCY STATISTICAL SECTION
Redevelopment Agency Project Area Map 169
FY 2007 Top Twenry Property Taxpayers
Project Area No. 1 and 1982 Annex 170
Project Area No. Z 171
Project Area No. 3 172
Project Area No.4 173
Project Area Statistics 174
Tax Allocation Bond Issue Information 175
FY 2006/2007 Breakdown of Basic 1% Property Tax Levy Rates 176
Historical Tax Increment Summary
Redevelopment Project Area No. 1 —Original 177
Redevelopment Project Area No. 1 —Amended 178
Redevelopment Project Area No. 2 179
Redevelopment Project Area No. 3 180
Redevelopment Project Area No. 4 181
Historical Net Assessed Taxable Values
Redevelopment Project Area fVo. 1 —Original 182
Change in Taxable Values
Redevelopment Project Area No. 1 —Original 183
Historical Net Assessed Taxable Values
Redevelopment Project Area No. 1 —Amended 184
Change in Taxable Values
Redevelopment Project Area No. 1 —Amended 185
Historical Net Assessed Taxable Values
Redevelopment Project Area No. 2 186
Change in Taxabie Values
Redevelopment Project Area No. 2 187
Historical Net Assessed Taxable Values
iv
Page
Number
Redevelopment Project Area No. 3 188
Change in Taxable Values
Redevelopment Project Area No. 3 189
Historical Net Assessed Taxable Values
Redevelopment Project Area No. 4 190
Change in Taxable Values
Redevelopment Project Area No. 4 191
v
THIS PAGE INTENTIONALLY LEFT BLANK
Novembcr 20, 2007
Citizens of the City of Palm Desert,
Honorable �tayor and Members of the City Council
The Comprehensive Annual Financial Report (CAFR) of the City of Palm Desert for the fiscal
year endcd June 30, 2007, is submitted herewith. This report was prepared by the City's Finance
Department.
Management assunnes full responsibility for the completeness and reliability of the information
contained in this report, based upon a comprehensive framework of internal control that it has
established t��r this purpose. Because the cost�f internal control should not exceed anticipated
benefits, the objective is to provide reasonable, rather than absolute, assurance that the tinancial
statements are free of any material misstatements.
it is the policy of the City of Palm Dcsert to have an annual audit performed by an independent
certified public accountant. The independent audit of the City's tinancial statements for fiscal
year ended.iune 30, 2007, was conducted by Lance, Soll &Lunghard, LLY as appointed by the
City Council. The auditor's unqualified ("clean") opinion on the basic financial statements is
included in the Financial Section of this report.
As part of the City's annual audit engagement, the auditors review the City's internal control
structure, as well as compliance with applicable law•s and regulations. The results of the City's
annual audit for fiscal year ended June 30,2007, provided no instances of material weaknesses in
connection with the internal control structure or significant violations of'applicable laws and
regulations.
As recipicnts of federal, state and county financial resources,the City of Palm•Desert is xequired
to undergo an annual single audit. VVhen applicable, information related to this single audit,
including the schedule of expenditures of federal awards, findings and recommendations and
auditor's reports on the internal control structure and compliancc with applicablc laws and
regulations are included in a separately issued report. Far the fiscal year ended June 30, 2007, the
City is required to have a single audit performcd.
Management's discussion and analysis (MD&A) immediately follows the independent auditor's
report and providcs a narrative introduction, ovcrvicw, and analysis of the basic financial
statements. MD&A complements this letter of transmittal and should be read in conjunction with
i t.
vii
C'itizens of the Ciry of Palm Desert, Honoruble,'l�fayor and.'l�lembers of the (`ity Council
iVovember 20, 2007
CAFR Structure
"Che format and content of this report is presented in three sections:
Introductory Section, provides the reader with the organiiationai stnzcture of the City, its
services and operating environment. This section includes a title page,table of'contents,a
letter of transmittal, an organizational chart, a�ist of the City of Palm Desert's elected and
appointed officials, and the certificates of award from the C'alifornia Society of Municipal
Finance Officers and the Government Finance Officers Association of the United States
and Canada.
Financial Section, presents the City's independent auditor's report on the Basic Financial
Statements, the Management's Discussion and Analysis(MD&A), the I3asic Financiai
Statements, the notes to the financial statements, the Required Supplementary
Information (RSI}, and the non-major supplementary schedules.
Statistical Section, provides the reader with additional historical tinancial data and other
information concerning the City.
PROFILE OF THE CITY OF PALVI DESERT
Located in Riverside County� in the geographical center of the Coachella Valley's Palm Springs
Uesert Resorts area, Palm Desert was incorporated on November 26, 1973, as a General Law
City. Fourteen years later on November 4, 1997,voters overwhelmingly approved Measure LL
adopting a city charter.
Under ttte provisions of thc charter, the City of Palm Desert has full authority over its own
munieipal affairs including bidding and contracting procedures, regulation of parks, libraries, and
other facilities, certain fees, imposition of taxes, municipal zoning, salaries of officials and
employees, municipat utilities, and municipal election procedures.
The City of Palm Desert operates under a C�uncil-Manager form of Governtnent. The City
Council consists of tive members elected by the residents of the City. Council terms are tour
years, elected in November of even-numbered years. Each November, the City Council selects
the Mayor from among its members for a one-year term. The City Council appoints the City
Manager and the City Clerk.
�I'he City operates as a"contract city" utilizing, primarily, agreements with other governmental
entities, private firms, and individuals to provide services. Contracted services include: police
and fire protection through the County of Riverside; animal control; health services; legal
services; and landscape maintenance. The City provides traditional municipal, pubtic enterprise,
and redevelopment services as shown below:
viii
Citizens of the (.�iry of I'alm Desert, Honoru6le Mayor and�1�lembers of the City Council
?�'ovemher 20, 2007
Municipal Services Public Enterarise Services
Public improvements, infrastructure and maintenance Golf Course
Public drt and community promotion Office Complex
Planning, zoning,building and enginecring Internal Service
Housing and community development
Code enforcement and inspections Blended & Uiscrete Component
Economic development and business support Units
Legislative, city clerk, visitor center, public information PU Redevelopment Agency
General administration and fiscal services PD Financing Authority
PD Housing Authority
PD Recreational Facilities Corp.
1'he City maintains budgetary controls. The objective of these budgetary controls is to ensure
complia�nce with legal provisions embodied in the annual appropriated budget approved
by the City Council. Activities of the General, Special Revenue, Debt Service and Capital
Yroject N'unds are included in the annual appropriated budget. Budgetary amounts for Debt
Service, Capital Projects, and CerTain Special Revenuc Funds are adopted annually, however,
budgets are considered to be long-term in nature.
The City also maintains an encumbrance accounting s��stem of purchase orders and contracts at
the fiuid level as a means of accompiishing budgetary control. Open encumbrances are reported
as a reservation of fund balance at the end of the rscai year. Purchase orders are reviewed to
ensure that funds are available and that requests are properly authorized prior to being released to
vendors.
`The adopted budget for tiscal year 2006-2007 was prepared in accordance with accounting
principles gcnerally accepted in the United States of America. As reflected in the statements and
sehedules included in the financial section of this report, the City continues to meet its
responsibility for sound financial management.
LOCAI, ECONOMY
The City comprises an area of approximately 2b square miles and, as of January 1, 2007, has a
population of'49,752, according to data prc�vided by the California Departmcnt of Finance. In
addition to permanent residents, approximately 15,000 seasonal residents malce Palm llcsert their
home for tl�ree to six months each year.
1-he City of Palm Desert has cultivated a sound foundation of general fund revenue including
sales tax, transient occupancy tax, licenses and permits, property tax, and investment earnings.
Tourism and sales tax are the City's main revenue sources.
A balanced community where economic, environmental, social, and cultural development
tlourish, Yalm Desert is a much sought after destination as a place to visit and reside.
ix
Citizens of the City of Palm Desert, Honnrable Mayor and.l�lemhers of the City Council
Novemher 20, 2007
The first city in Riverside County to create a public art program, Palm Desert is home to
numerous cultural attractions including: the McCallum Theatre for the Performing Arts, a 1,127-
seat theater which hosts some of the biggest names and �vell-known productions in show
business; The I,iving Desert wildlife and botanical park, a 1,200-aere facility containing a wicle
array of plants and animals f'rom desert regions around the world; and Palm Desert Art in Public
Places, a museum without walls, featuring morc than 100 works of art an permanent display
throughout the City.
Palm Desert's active Chamber of Commerce has more than 1,5Q0 members who work to
promote, support, and enhance business prosperity, civic vitality, and the quality of life within
their community.Noted for its extensive anay of retail options, including the world famous
upscale shc�pping destination of El Paseo,the City is home to a variety of malls and retail centers
including Wcstfield Palm llesert, Desert Crossing, and "1'he Gardcns on EI Paseo.
'l�he internationalIy acclaimed Desert Witlow Golf Resort, one of the nation's premicr municipal
courses,boasts 36 holes of championship golf and stunning scener�� in close proximity to first-
c!ass hotel accommodations and fin�dining restaurants.
In additic�n to bcing the homc of the Coachella Valley's only community college, College of the
Desert, Palm Desert is the location of two new recently opened campuses for California State
University, San Bernardino and the [Jni�-ersity of Ca[ifornia, Riverside. Both of these institutions
of higher learning offer multiple options for degree programs and continuing education.
A balanced foundation af tourism,culture, and education has strengthened the City's labor force
making it as strong as the economy. The State of CaliFornia Employment Devclopment
Department Labor Vlarket Information Division reported that the City of Palm Desert had an
unemployment rate of 3.7% compared to Riverside County, which had a rate of 6.5%.
LONG-TERM FINANCtAL PLANNI1tiG
In June 2007, the City Cuuncil approved a total of�81.88 million in funding for various capital
improvement projects for the fiscal year of 2007-2008. Projects include tra�c signals, sidewalk
repairs and implementation, street widening, construction of landscapin�; medians where none
existed, improving drainage areas, and completion of tlie development called Entrada El Paseo.
With all these projects slated for the coming fiscal year,it is evident that the City of Palm Uesert
is committed to promoting tourism, business, culture and education in an effort to maintain thc
high quality of life that the private and business community enjoys.
x
Citizens of the Ciry of�Palm Deserl, Nunarable ,'Lluyor and Mernbers of�the Ciry Council
November 20, 2007
Certificates of Awards for Outstandin�Financial Reporting
The Govemment Finance Officers Association of the Uniled Sta�es and Canada(GFOA) awarded
a Certificate of Achievement for Excellence in Financial Reporting to the City of Palm Desert for
its comprehensive annual financial report for the fiscal year ended June 30, 2006. This was the
tenth conseculive year that the governtnent has achieved this prestigious ativard. In order to be
awarded a Certificate of Achievement, the government had to publish an easily readable and
efficiently organized comprehensive annual financial report tl�at satisfied both general accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our cunent
comprehensive annual financial report eontinues to meet the Certiftcate of'Achievement
Program's requirements and we are submitting it to the GFOn to determine its eligibility for
another certificate.
Acknowled�ments
The preparation of this report could not have been accomplished withot►t the efficient and
dedicated services of the entire staff of�the finance depanment whose names are listed
individually in the title page. Due credit is givcn to the Mayor and the City Council Members for
their interest and support in planning and conducting the operations of our City in a responsible
and progressive manner. Recognition is also given to all employees of the City of Palm Deset�t
who continue to serve our connmunity with commitment and dedication throughout the year,and
to the citizens of Palm Desert our greatcst appreciation for your continued support, input and
�uidance in helping us serve you bettcr, thus preserving our City's qualily of life and reputation
for innovation and leadership!
Respectfully submitted,
Carlos L. Ortega Yaul S. Gibson
City Manager Director of Finance/City Treasurer
JLE:jIe
xi
�ertificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Palm Deser�
California
For its Comprehensive Annual
Financial Report
for lhe Fiscal Year Ended
June 30, 2406
r1 C'ertificate of Achievement for Exceilcnce in Financiat
keporting is presented by the Government l�inance Of�cers
Associalion of the United States and C:anada to
�;overrvnent u�iits and public employee retirement
systerru whose comPrehensive annual fin:tncial
tepons(CAFRs)achieve the highest
standards in govcrnment accounting
and financial reporting.
�fM�,�, �'*�M
�`��4�f MF�
� ��+ ,w
� "'�'""` �k President
����
�*tW
��'�E���+I I ����"/IV4i
•Executive Director
CITY OF PALM DESERT
List of Principal Officials
as of June 30, 20()7
City Council - Manager Form of Government
CITY COUNCIL
RICHARD S. KELLY
Mayor
JEAN M. B�NSON
Mayor Pro-Tempore
JII�� FERGUSON CINDY FINERTY RUBERT A. SPIEGEL
Council Member Council Member Council Member
CITY ADMIIVISTRATION
CARLOS L. ORTEGA
City Manager
Ciry Attorney - Best, Best 8z Krieger David J. Erwin
f�s�istant City Manager for Community Services/City Clerk Sheila S. Uilligan
Assistant City Manager for Development Serviccs Homer Croy
Assistant Ciry Manager for Redcvelopment Agency/IIousing Justin McCarthy
Director of Finance/City Treasurer Paul S. Uibson
REDEVELOP:VIENT AGENCY
Executive Director
CARLOS L. ORTEGA
XIII
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seaveg��awdqa+sp�
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Brandon W.Burrows
Lance Donald I,.Parker
SQ�' Q 1lichael K.Chu
�R David E.Hale
Lu n g h a rd A P�r jessiona(Cnrpwution
Donald G.Slater
LLP Richard K.Kikuchi
Cc�r'11f1E'c! Public�lccouittunts Retired
Robert C.Lance
19141994
Richard C.Soll
Fred.1.Lunghard,Jr.
l92&199Y
INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, the discretely presented component unit, each major fund and the aggregate remaining fund
information of the City of Palm Desert, California, as of and for the year ended June 30, 2007, which
collectively comprise the City's basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the City of Palm Desert's management. Our responsibility is
to express opinions on these�nancial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Gouernment Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
pertorm the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinions.
ln our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, the discretely
presented component unit, each major fund and the aggregate remaining fund information of the City of
Palm Desert as of June 30, 2007, and the respective changes in financial position and cash flows, where
applicable thereof for the year then ended in conformity with accounting principles generally accepted in
the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
November 20 2007, on our consideration of the City of Palm Desert's internal control over financial
reporting and our tests of its compliance with certain laws, regulations, contracts, grant agreements and
other matters. The purpose of that report is to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Go�emment Auditing Standards and should be considered in assessing
the results of our audit.
The managemenYs discussion and analysis and budgetary comparison information are not a required
part of the basic financial statements but are supplementary information required by the Governmental
Accounting Standards Board. We have applied certain limited procedures, which consisted principally of
inquiries of management regarding the methods of ineasurement and presentation of the required
supplementary information. However, we did not audit the information and express no opinion on it.
75 Y'EARS
,,,,�,_ .
t929 2004
Q6 FX���![C8 203 N.Brea Blvd..Suite 203 � 13rca,CA 92821-4056*{714)672-0022� Pax(714)672-0331 •�ti��v.lslcnas.com
�������6
L
�
CEAT7f/EO N911C 4CCpl/NIANIS
To the Honorable Mayor and Members of the City Council
City of Palm Desert, California
Our audit was conducted for the purpose of forming opinions on the financial statements that coliectively
comprise the City's basic financial statements. The accompanying introductory section, the combining
and individual fund statements, schedules and statistical tables are presented for purposes of additional
analysis and are not a required part of the basic financial statements. The accompanying combining and
individual nonmajor fund financial statements have been subjected to the auditing procedures applied in
the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole. The accompanying introductory section and
statistical tables have not been subjected to the auditing procedures applied in the audit of the basic
financial statements and, accordingly, we express no opinion on them.
I�� �' ��,�
� �r�� �
/C'���
November 20, 2007
CITY OF PALM DESERT
MANAGEMENT'S DISCUSSION AND ANALYSIS
Our discussion and analysis of the City of Palm Desert's financial performance for the fiscal year ended
June 30, 2007 provides a comparison of current year to prior year ending results based on the
government-wide statements; an analysis on the City's overall financial position and results of operations
to assist users in evaluating the City's financial position; a discussion of significant changes that occurred
in funds; and significant budget variances. !n addition, it describes the activities during the year for capital
assets and long-term debt. We end our discussion and analysis with a description of currently known
facts, decisions, and conditions that are expected to have a significant effect on the financial position or
results of operations. Please read it in conjunction with the transmittal letter and the City's financial
statements.
FINANCIAL HIGHLIGHTS
• The City's governmental activities net assets increased $70.76 million, and the net assets of the
business-type activities increased $.56 million.
• During the year, the City revenues were $72.99 million more than the $126.81 million expenses
recorded in its governmental activities. Compared to prior year, revenues were $80.21 million
greater than expenses.
• In the City's business-type activities, expenses were $.56 million less than the $9.27 million
generated in green fees, merchandise sales, rental income, capital contributions and other
revenues. Compared to the prior year, the business-type activities income was$1.15 million.
• The City's governmental activities program revenues and general revenues increased by $32.70
million, or 19.57 percent from prior year, while program expenses increased $39.92 miNion.
• Business-type activities revenues increased by $0.56 miltion from $8.71 million to $9.27 million.
This was due to increased rounds played at Desert Willow Golf Course and one hundred percent
occupancy at Parkview Office Complex. Expenses increased by$1.15 million from the prior year.
• The ravenues available for expenditure were $5.57 million more than budgeted for in the General
Fund. The City kept expenditures within spending limits by$4.36 million.
USING THIS ANNUAL REPORT
This annual report consists of a series of financial statements. The Statement of Net Assets and
Statement of Activities (on pages 15, 16 and 17) provide information about the activities of the City as a
whole and present a long-term view of the City's finances. Fund financial statements start on page 20.
For governmental activities, these fund statements tell how these services were financed in the short term
as well as what remains for future spending. Fund financial statements also report the City's operation in
more detail than the government-wide statements by providing information about the City's most
significant funds and other funds. The remaining fiduciary fund statement provides financial information
about activities for which the City acts solely as a trustee or agent for the benefit of those outside of the
government.
REPORTING THE CITY AS A WHOLE
The Statement of Net Assets and the Statement of Activities:
Our analysis of the City as a whole begins on page 15. One of the most important question asked about
the City's finances is, "Is the City as a whole better off or worse off as a result of the year's activities?"
The Statement of Net Assets and the Statement of Activities report information about the City as a whole
and about its activities in a way that answers this question. These statements inciude all assets and
liabilities of the City using the accrual basis of accounting, which is similar to the accounting used by most
3
private-sector companies. All of the current year's revenues and expenses are taken into account
regardless of when cash is received or paid.
These two statements report the City's net assets and changes in them. Net assets are the difference
between assets and liabilities, which is one way to measure the City's financial health, or financial
position. Over time, increases or decreases in the City's net assets are an indication of whether its
financial health is improving or deteriorating. You will need to consider other non-financial factors,
however, such as changes in the economy that could cause a decrease in consumer spending.
In the Statement of Net Assets and the Statement of Activities, we separate the City Activities as foNows:
Governmental activities — Most of the City's basic services are reported in this category, including
general administration (city manager, city clerk, finance, etc.), police and fire protection, public works,
parks, recreation and culture departments. Property taxes, sales tax, transient occupancy tax, user fees,
interest income, franchise fees, state and federal grants, contributions from other agencies, and other
revenues finance these activities.
Business-type activities—The City charges a fee to customers to cover all or most of the cost of certain
services it provides. The City's municipal golf course, Desert Willow, and the City's Parkview Office
Complex activities are reported in this category.
Component unit activities —The City includes one separate legal entity in its report —the Palm Desert
Recreation Facilities Corporation. Although legally separate, this "component uniY' is important because
the City is financially accountable for it.
REPORTING THE CITY'S MOST SIGNIFICANT FUNDS
Fund Financial Statements:
The fund financial statements provide detailed information about the most significant funds and other
funds — not the City as a whole. Some funds are required to be established by State law and by bond
covenants. However, management established many other funds to help it control and manage money
for particular purposes or to show that it is meeting legal responsibilities for using certain taxes, grants,
and other resources. The City has two types of funds: governmental and proprietary.
Govemmental funds—Most of the City's basic services are reported in governmental funds, which focus
on how money flows in and out of those funds and the balances left at year-end that are available for
spending. These funds are reported using an accounting method called modified accrual accounting,
which measures cash and all other financial assets that can readily be converted to cash. The
governmental fund statements provide a detailed short-term view of the City's general government
operations and the basic services it provides. Governmental fund information helps determine whether
there are more or fewer financial resources that can be spent in the near future to finance the City's
programs. The differences of results in the Governmental Fund financial statements to those in the
Government-Wide financial statements are explained in a reconciliation following each Governmental
Fund financial statement.
Proprietary funds — When the City charges customers for the services it provides, these services are
generally reported in proprietary funds. Proprietary funds are reported in the same way that all activities
are reported in the Statement of Net Assets and the Statement of Activities. In fact, the City's enterprise
funds are the same as the business-type activities we report in the government-wide statements but
provide more detail and additional information such as a statement of cash flows.
4
THE CITY AS TRUSTEE
Reporting the City's Fiduciary Responsibilities:
The City is the trustee, or frduciary, for certain funds held on behalf of developers and its employees
retiree service stipend fund. The City's fiduciary activities are reported in separate Statements of
Fiduciary Net Assets. We exclude these activities from the City's other financial statements because the
City cannot use these assets to finance its operations. The City is responsible for ensuring that the
assets reported in these funds are used for their intended purposes.
THE CITY AS A WHOLE
The City's combined net assets increased $71.32 million from $495.34 million to $566.66 million. A
separate review of the net change in the governmental and business-type activities is provided for the
reader. Our analysis focuses on the net assets (Table 1) and changes in net assets (Table 2)of the City's
governmental and business-type activities.
TABLE 1
NET ASSETS
(IN MILLIONS)
As of June 30, 2007 and 2006
Governmental Business Type
Activities Activities Total
2007 2006 2007 2006 2007 2006
Current and restricted assets $ 536.31 $ 342.20 $ 6.15 $ 5.35 $ 542.46 $ 347.55
Capital assets 461.39 390.80 65.14 63.40 526.53 454.20
TOTAL ASSETS 997.70 733.00 71.29 68.75 1,068.99 801.75
Long-term liabilities
outstanding 434.88 248.99 2.18 0.17 437.06 249.16
Other liabilities 64.41 56.36 0.86 0.89 6527 57.25
TOTAL LIABILITIES 499.29 305.35 3.04 1.06 502.33 306.41
Net assets:
Invested in capital
assets, net of
related debt 213.69 16623 62.95 63.23 276.64 229.46
Restricted 173.33 153.34 - - 173.33 153.34
Unrestricted 111.39 108.08 5.30 4.46 116.69 112.54
TOTAL NET
ASSETS $ 498.41 $ 427.65 68.25 67.69 $ 566.66 495.34
5
Table 1 - Graph
Total Asset 8� Liabilities
1200 � �.� �� � � ,.,� � ,r ��.
I� � s _ ��.:' �� ,� � F.
1000 ''` �" k `� ;;�
F < �� � � ,.
� � �. , �., � ,,��.
800 '� � `. � -
Dollars in Millions 600�` { � ��� � ��} ���� �. = — -- - - -
400 j� � ��`� � { `��� ��Total Assets �
�.' � � � �:"• - ,
200 � �OTotal Liabilities,
k�`, �—— —-- -
0
2007 2006 2007 2006 2007 2006
Governmental Business-Type Total
Activities Activities
Compared to prior year, net assets of the City's governmental activities increased by 16.54 percent, or
$70.76 million. The City's Net Assets are made up of three components: Investment in Capital Assets,
Net of Related Debt, Restricted Net Assets and Unrestricted Net Assets. For governmental activities,
unrestricted net assets, which represent the part of net assets that can be used to finance day-to-day
operations, accounted for 22.35 percent of the overall total net assets. It changed $3.31 million from
$108.08 million to $111.39 million. This is an indication that the City's Governmental Activities financial
position recognized growth from prior year. The City now has$3.31 million in additional unrestricted funds
that can be used to finance its operations. The increase is attributable to a higher yield on the City's
investments.
The change in restricted net assets of $19.99 million was due, in part, to the issuance of debt for public
improvements surrounding private development such as curb and gutter, streets, drainage, tra�c lights
and utilities. Repayment on the debt described above is the sole responsibility of the private developer
and or private owners.
Investment in capital assets, net of related debt increased $47.46 million. The majority of the change was
the purchase of land for future parks, low and moderate housing projects, freeway interchanges and open
space.
The net assets of the business-type activities saw an increase of $.56 million, from $67.69 million to
$68.25 million. During the previous year, the business-type activities recognized a $1.15 million increase.
Both Parkview and Desert Wiflow Golf Resort recognized a net change in their gross revenues with
minimal change in the overall expenditures. As a result, the net assets of the business-type activities
increased. The major factors driving this increase were additional sales in the pro-shop and restaurant.
The major changes in the City's governmental activities total assets were the increase in capital assets,
and the new cash that resulted from new debt issuance. Changes in capital assets were the result of
purchases of various parcels of land for future development; acquisition of an apartment complex for low
to moderate income families; and the start and completion of various street, bridge,traffic signal, drainage
and park projects. The increase in current and restricted assets reflected new debt issuance. Restricted
cash increased from $70.28 million to$240.46 miliion.
Total liabilities increased by $195.92 million. Most of the change is due to the City Redevelopment
Agency's issuance of several bonds. This liability increased from $245.00 million to $421.81 million. New
debt was used to defease the Agency's debt in order to obtain a better rate and to project funds.
6
TA81..E 2
CFMNGES!N�E7 �:ETS
(N MU,ICNSy
As d Jtsu 30,2007 and 2Q06
(�o+�rrrne�,6�1 8usirres-ry�s
Ac�vilee Elcirf fes Totef
aoor ___�oos__ � zooa zan aora�
�tt�ru�:
Rogram Re�verx,ss
Cl�r+�es br setviaes S 19.64 = 19.1d S 8.T5 � 8.30 i 28.38 i Z7A8
Operatlnp�r�ta and
aanb�utlons 7.95 193 - - 7.95 4.93
Cepibll gre►tls and
onnpibAiar� 57.i3 S1.T8 0.78 0.30 51.41 52.OB
G�rwrat R�ws:
P+rqp«ty�ptet 8,05 8.18 - - B4OS 6,16
�a�t+oemeM{�ertotRais-�hq�} 5t?.Q8 43.3t - - 50.46 4331
Sdethx 17.T5 17.71 - - 17.75 1�.71
1'rar�nlent ar.a�ertioy tax 8.63 8.03 - - 8.83 8.U3
Othertenae� 3.Aa 279 - - 3.98 2.T8
Orier rtrNlrxw� 10.78 7.42 - - 1Q.1'9 T.02
Mveatnwi a�Rt�pf i T.� 8.2A 4.24 O.i 1 17,T6 8.31
.___�... .�....
TOTAd.fiE'1tENUES t98.80 167.10 9.2T 8.71 ?09,0� 1Ts.�'t
FJCi�NS`�S:
Generai flo�verrrr�ent �.9S 34.38 - - 39.98 34.34
�safety 2A.67 2i196 - - 24.67 2t_86
PUbiic waics 37.OQ 13.89 - - 37.0�9 13.84
P�►ks.rot�!eafon and ct,ir�n 4.� d25 - • 4.98 42'S
Int6re�R On lon�t�rm debt 20.10 12.53 - - 20.t0 12.53
Golt Gbt�e-Oe�ert V1+idow - - 7.9p 6.91 7.99 8.91
O�iae Cbmpe�rPan4cview - - 0.72 Ob5 Q.T2 0.66
._._...�
TUTAL�XAEIVSES 126.81 86.8� 8.71 T.96 135 S2 94.45
NCREASE jDEC,�AS�}
IN PE'T ASSE?S 72.90 8021 0.56 1,1 S 7'3,56 81.38
�...� �..� � � r:c� �
BECaMIN('�NETASSETS �t27.86 347,56 8T.8� 86.54 496.34 414.09
RESTaTEMENT flF NET ASSETS (2.23) (0.11) - - (2.23} (0.11}
EIdIGN(3 f�ET ASSET'S t 498.41 S 427.65 S 68.25 S 87.66 $ 598.88 5 485.34
a�o..r. .o.�.�� � zm� s�
7
Table 2 -Graph
Changes in Net Assets
� 600 � � �r���,��� �����" � � ���� ,�,,�'�„�� � �
0 500 � � �;� �..' ' ' ��',� ----—— —— —
�� " ��� � �—�Beginning Net Assets�
•� f `'� 3 ip ( yt
�� � 1. 6.
400 �. k �� ;� � � ��r ' � _ ' ,� � I--f—Ending Net Assets i
5 x ,M, � �. � � �
= 300 ��� � ���,y� �; ,t� * r' _ ""� x .,� I Total Revenues �
� 200 1 ��.�:�-� .,�3 , '��;��": ��� -� �_ Total Expenses _ _I
0 ��� _' d K,�� '� �a �,� `�39t �'..� �'�L �'
7 �'.� 4 3�� ,r 9'` t�*�"��,„
� O •g_ .. ..t # . .�. ,...'' ..4�. .r. e.a� � x. x� �+i.'�j ., �w...x. .
2007 2006 2007 2006 2007 2006
Govemmental Activities Business-Type Total
Activities
Governmental Activities
Total revenue increased from $167.10 million to $199.80 million, a 19.57 percent increase. The increase
is the result of a 16.56 percent increase in tax increment or $7.17 million; a $11.32 million increase in
investment earnings; and a $5.35 million increase in capital grants and contributions. Factors that
contributed to the revenue change are as follows:
• The increase in property value provided additional tax increment;
• City earning higher yields in investment;
• Issuing of debt which increased cash balances;
• Economy remaining strong in the valley's hotel and retail businesses; and
• Increase in contributions from property owners that were used for public improvements.
Total expenses increased from $86.89 million to $126.81 million. The major factors were an increase in
the governmental activities public work functional expenses, which include the private development of
University Park, Highlands Undergrounding, and Assessment 29 improvements. In addition, interest on
long-term debt increased from $12.53 million to$20.10 million, due to the new bonds.
The following schedule represents the net cost of providing services:
Govemmental Activities
Net(Expense) Revenue
(In Millions)
2007 2006
General Government ($27.38) ($23.21)
Public Safety (15.44) (13.25)
Parks, recreation and culture 0.29 1.49
Public Works 20.54 36.50
Interest on long term debt (20.10) (12.53)
Total ($42.09} ($11.00)
8
2007 2008 �c�c��
Coverrmentaf Activities Govemmental Ac�ivit�
Net(E�ense)Rever�ue N8t(E�cpens8y Revetts�e ���'
p�ubac works
�4% 33°l6 2� t�lL ;
oo� �� I �� 2 T'f4 �Q Rarlcs,R�tlon.�+0 I
��na
.� '
259�i 18'� 429L �5% �ktMr�st on bnp-t�m tf�bt;
i
Bll�llil3!-ly���Y��bS
Bus�ness-type aCtivKies revenues increased by�-56 miifion, a 6.43 perc��cr+e�ae.An kicreaae in goif
rounda played and banquets at the dubhouse w�+e the m�or�actora a�the increase hx the busdneas-lype
activities revenues, along withh CPi adjustme+�ls in tt►e ter�Cs r�nt ai Parkvie�w Otfice Compkx.
(aperaGnp expe�es 1or buslnesa-rype a� �aneased from;7.58 m,�ion�n S8.T1 m��on, an increeae
oi t5,71 perc:ent. The rnr�ority � the �xre�ase was dhectty r�ed to ths 11 per�nt increase in tFw
rninimum waga rate, whk� �creased tfie c�st c�f lab� at DeseA WiNow Golf Resort. The oihe� changea
were normal for�e b�sk�ess er��ies ar�d their respective indus�ries.
THE CRY'S�'UNQs
�n paQe Z0, the goverrm►ernai tunds bat� sheet ia shown. The comb�ed f�d balance of $e�57.48
m�tion h�creseed from �278.31 m�,cx 95.58 pe�errt_ This t�a!��es the Ger+�al Fund balar�ce of
378.1 i m�i�o�t, vrhict� inCraased by ;1.7$ m� hom prior year. The Citys Gsnerar Fund balance has
���ved �25.19 miibn for a�v�+ces, erxaumbrancas, i�na, �bt servioe, etc. The ct�ange in fund
baJar�c+� reAeGs an increase in mve�tme.nt eamnnys c�e to higt� yietds. O�ter major funds balance
chsngee aro nated beiow,
• The Prop A F1re Ta�c Fund, fur� �alance i�eaged c�e to the change in the tax credit the dty
roceiyea from the CouM�r, arx!ths addki�at tra�aler from the generat tund.
• Tt�e RedevdapmaM/lqer►cy Financing Autt�rily Debt Servfce Fun�, fund balance increased due
co me issuanam ot�new ba�dss.
. The Rod�v�n�ent A�psricy O�t Serv�ce�unda, tund balance�ncreased due to an increase in
tax �naemeM. Ths devslo�ment in project aroas i�creaaed tt►e tax tncxement tha Agency
teoe�nred.
• The RedevelopmeM Agency Ca�ito{Prv�ects Funds, tund b�lanoe increased due to tfte issuing of
bonds tor capta!�xo�ects.
• The Redeveto�+eM Low t�come Houainq Fund, fund balartce i�creaaed due to the issuing of
new d�M w a�ssist�►tf+e cvnstruct�of hous��projects fa�low-Income housing.
• The Sec�or� 29 Assessment DtsMct Fund, this fund was created in the cuRent flscal year ta
acc�sr+t f�the constructban oost af the d�Uici projects.
More deta�led i�fonnat�on aba�t the combined fund balance resenres id preasrtted in Note 12 to the
flna�cial statements.
a
General Fund Budgetary Highlights
During the year, based upon recommendations from the City's staff, the City Council revised the City
budget several times. Adjustments were made on a monthly basis as the City's staff requested additional
appropriations to cover the cost of projects that either had change orders for additional work, or the cost
at the beginning of the project had been underestimated. At mid-year, adjustments were made as
department heads requested increases or decreases to their budgets to maintain their current level of
services. At year-end, budgets were adjusted for unanticipated expenditures. All amendments that either
increase or decrease appropriations are approved by the City Council.
For the City's general fund, actual ending revenues of$54.13 million was $5.57 million more than the final
budgeted revenues of $48.56 million. The majority of the variance was in the taxes, and in the use of
money and property categories. Both categories represented $4.91 million of the total variance. Within
the taxes category, property taxes in lieu and transient occupancy taxes accounted for$1.51 million of the
increase. The use of money accounted for$2.98 million of the increase. The City recognized better yields
on short and long-term investments.
The General Fund actual ending expenditures of $52.85 million were $4.36 million less than the final
budget of $57.21 million. There were significant changes in the original budget compared to the final
budget during the year. The original expenditure budget was $48.01 million compared to the final budget
of $57.21 million, a $9.20 million increase. The major change was the increase of $7.46 million for
transfers to other funds. The general fund transferred $7.00 million to the capital project fund to assist in
the current and future payments to Eisenhower Medical Center. The rest of the difference is mainly due
to the re-appropriations of prior year encumbrances to the fiscal year ending June 30, 2007.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
At the end of 2007, the City had $526.53 million invested in a broad range of capital assets, including
land, streets, bridges, drainage systems, traffic lights, parks, buildings, art work, vehicles and equipment
(See Table 3). This amount represents a net increase (inctuding additions and deductions) of $72.33
million, or 15.92 percent over prior year.
(0
TABLE 3
CAPITAL ASSETS AT YEAR-END
(NET OF DEPRECIATION, IN MILLIONS)
For the years ended June 30, 2007 and 2006
Governmental Business Type
Activities Activities Total
2007 2006 2007 2006 2007 2006
Land $ 110.65 $ 73.73 $ 52.51 $ 52.50 $ 163.16 $ 126.23
Construction in progress 75.63 50.87 - - 75.63 50.87
Buildings and improvements 76.89 69.85 10.07 10.15 86.96 80.00
Equipment 3.20 2.76 2.56 0.75 5.76 3.51
Infrastructure 195.02 193.59 - - 195.02 193.59
TOTALS 461.39 390.80 65.14 63.40 526.53 454.20
Table 3-Graph
Capital Assets at Year-End
(Net of Depreciation In Millions) - - - -- - - -�
I �Land
600 � ,� � . �-�-� � � �� ��� : ' �
°� � ,. ' f
500 � � � ' ' a ,� s 4 ��° �� :�' �,: �;� ! �Construction in �
g �. � � � R Progress
]tl�zn$ t .. .K'I 4 � , br� �. . I I
400 � '� �,� ` ' � , �`, a�,, a `_ �"a I �Buildings and
Dollars in ; ��,� ' '" � � Improvements I
Miilions 300 `�; � �� ��, m
° ' ;� i ❑Equipment �
200 �� ��M x °x 0. �'' � i
I �
100 � _�'� a A� � �Infrastructure
�� � I
� ti i �TOTALS �
2007 2006 2007 2006 2007 2006 , i
Governmental Business- Total
Activities Type
This year's major additions included (in millions):
Land acquisitions $ 37.79
Corporation Yard completions 5.95
Candlewood Apartments 2.96
Freedom Park 10.35
Fred Waring Project 7.06
$ 64.11
Il
The City's f�aca� yrear 2008 capital budget c�Nw 1or �t io spend an �ciditianal 581.88 mnlion ptus tt�e
con�nuin� capital projecGs spending af $90.$4 miliion �om prior y�ear, the maJority being streei
improvements.P�rojeda wi�be f�ded wittt exietlnp bond prot�ar funds th�t ttiave been designated by
an outaide pariy for apecific use. Mare deta�ed iniormation abovt the Ci�ys capttal ssaets is presented in
Note 1d and Note 5 to the f�ancl�ai st�em�ts.
D+Wt
At year-ertd, the City's govemment� ��es had �434.88 miilion in bonds. notea. c�r�cts, and
canpensated absences versus s249.00 r►��J�last year. �Increase of$185.88 m�or�, +or 74.65 percent
as st�owit in Table 4. The major cantritwtor ta the chan�e was the isauance af new redevelopmer�t
ager►cl+revenue bo�ds.
TABI.�t
OU�'STANDIN(3 OEBT,AT YEAR-E�
(IN M�I.IONS)
For the yearo onded June 3t}.20tt7 and 2006
GovemrneMal 8usinees Type
Acth�Oties I�tivlNe! Totel
2007 2006 2007 2008 2007 ZQ08
__.._.,._.�,�,
Coripensated absenoes S 2.53 S 2.4d S - $ - i 2.53 S 2.44
N�a paryrabie 0.61 0.74 - - 0.81 O.T4
CotNrect ar�d I�easss paya�le - - 2.18 Q.17 2.18 0.17
Cleima Pay�bie 0.54 - • - Q.54 -
Special a ssessmarate debt w�h
govammeM comrrEtrrrM 2.78 - • - 2.T8 -
Revenue bond�end nofas
(Dacked Dy ep��c�6c tax
and fee rcvenueat) a28.�2 245.82 - - 4Z8,4� 245.82
TC3TAl3 s 43�•88 49A0 � 2.18 �0.� 437.06 249.1T
The C�ty wea at�e Oo meet its current yea�debt obligation in a tirr►ely manner. Debts issued '+n the prior
yesr have been uaed bo finance varfous capitai pro}ects. An example of thla would be ihe purcl�ase af
�and ar�d c�sb�x.`tion oi tfie City's goN course.
The City's Dusiness-type ac�l�vKb�debt increased$2.Q1 mfiEion frvm 5�.17 mi!lion to$2.18 mitlion.D�bt k�
the business-type a�thrtties �s for capltal leasing of equipment. The C�ys Qo�lt courae uses leas�� as an
altemaUve to p�d�asir�g m�r�enanoa equipmem to rnaintain a casA Aaw tv ope�rate tfie day-to-day
acti+rities. The inp�a�ss in Uwe Clxy'a business-type activitie� debt was d�lly rdated to the new cepital
leases for ga� aourse equipment, yolf carls, and GPS tracking gdf c�ut system. Ck►iirig tfie next four
years, the debt fo�the bua�as-type activ�ies w�l decrease, a' principat payments wiN amor�ze ihe loan.
11�re deta+led informatian �brwt ths City's ��g-term liab�litles ts preserttecf 'sn NoUe 6 to the ftnanda)
staterr►ent�.
12
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS
In preparing the budget for fiscal year 2008, management looked at the following economic factors:
• Energy and fuel cost: Uncertainty lingers regarding the energy crisis in California, and the
repercussions of increased energy and fuel costs remain. The City of Palm Desert has
considered measures to reduce energy usage in the high peak period without impacting the
quantity and quality of service. The City created a new energy department whose main focus is to
implement procedures which should reduce energy usage by 30% throughout the City of Palm
Desert. In addition, the City of Palm Desert has a progressive ride-sharing program,which assists
the employees to share fuel costs by commuting together. The City's 2008 budget reflects the
increase in energy and fuel.
• In prior years, the City had unallocated reserves in its capital projects and special revenue funds.
In the five-year capital improvement program, all restricted capital funds have been allocated to
various projects. Any additional projects would require a transfer from the general fund, which
would mean that the City's unobligated general fund reserve would start to decrease.
Compared to the prior year budget, the City's general fund expenditures are projected to increase by
$4.22 million. Staff salaries and benefits increased due to the annual CPI increase, and the increase in
health care premiums. In addition, the City's contracts with the Riverside County Sheriffs Department for
police services and the contract with the Fire Department for fire protection have increased. All other
levels of support remained virtually unchanged.
The City continues to develop with new hotels, commercial and residential development, construction of a
four-year university, street improvements, park construction, and various other projects. The 2008 budget
is a reflection of the City's commitment to the residents of Palm Desert. The City's conservative approach
has provided for a consistent high level of services. The City has made a commitment to allocate
resources for pub�ic safety, cultural/social programs, and infrastructure improvements.A copy of the City's
2007-2008 financial plan can be obtained by contacting the City's finance department.
CONTACTING THE CITY'S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with
a general overview of the City's finances and to show the City's accountability for the money it receives. If
you have questions about this report or need additional financial information, contact the City's Finance
Department at the City of Palm Desert, 73-510 Fred Waring Drive, Palm Desert, California 92260-2578,
or(760) 346-0611.
13
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14
CITY OF PALM DESERT Exhibit A
STATEMENT OF NET ASSETS
JUNE 30,2007
Component Unit
Prima Government Palm Desert
Govemmen a usiness- ype Recreational
Activities Activlties Total Facilities Corp.
Assets:
Cash and investments $232,806,774 $ 6,220,750 $ 239,027,524 $ 166,014
Receivables:
Accounts 4,253,814 173,063 4,426,877 48,700
Notes 3,783,000 - 3,783.000 -
Interest 3,950,590 - 3,950,590 -
Loans 9,991,483 - 9,991,483 -
Internal balances 659,742 (659,742) - -
Prepaid costs 823,214 65,856 889,070 5,980
Inventories 45,669 218,004 263,673 31,639
Unamortized debt issuance costs 11,311,927 - 11,311,927 -
Deposits 573,890 - 573,890 -
Due from other governments 15,378,982 - 15,378,982 -
Property held for resale 11,799,806 - 11,799,806 -
Due ftom component unit 465,000 136,762 601,762 -
Restricted assets:
Cash with fiscal agent 240,467,637 - 240,467,637 -
Capital assets not being depreciated 295,982,586 52.510,900 348,493,486 -
Capital assets, net of depreciation 165,409,122 12,627,557 178,036,679 -
Total Assets 997,703,236 71,293,150 1,068,996,386 252,333
Liabllittes:
Accounts payable 16,804,898 521,309 17,326,207 38:788
Accrued liabilities 564,232 171,865 736,097 22,292
Interest payable 6,330,634 - 8,330,634 -
Uneamed revenues 198,579 137,866 336,445 42,000
Deposits payable 549,987 28,673 578,660 -
Due to primary government - - - 601,762
Amounts due under pass-through agreement 39,963,660 - 39,963,660 -
Noncurrent liabilities:
Due within one year 11,835,145 550,322 12,385,467 -
Due in more than one year 423,048,Q19 1,631,224 424,679,243 -
Total Liabilities 499,295,1 S4 3,041,259 502,336,413 704,842
Net Assets:
Invested in capital assets,
net of related debt 213,685,471 62,956,911 276,642,382 -
Restricted for:
Special projects 52,917;478 - 52,917,478 -
Capital projects 110,485,455 - 110,485,455 -
Debt service 9,932,682 - 9,932,682 -
Unrestricted (deficit) 111,386,996 5,294,980 116,681,976 (452,509)
Total Net Assets $498,408,082 568,251,891 S 566,659,973 $ (452,509)
See Notes to Financfal Statements
15
CITY OF PALM DESERT
STATEMENT OF ACTIYITIES
YEAR ENDEQ JUNE 30, 2007
Program Revenues
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
Functions/Programs
Primary Government:
Governmental Activities:
General government $ 39,956,767 $ 8,225,112 S 622,836 $ 3,729,599
Public safety 24,674,424 9,078,214 150,736 -
Parks, recreation and culture 4,996,692 1,822,685 - 3,467,912
Publicworks 37,091,512 514,838 7,178,078 49,935,231
Interest on long-term debt 20,097,198 - - -
Total Governmental Activities 126,816,593 19,640,849 7,951,6S0 57,132,742
Business-Type Activities:
Desert W;Ilow Golf Course 7,989,321 7,830,863 - 278,757
Office Complex- Parkview 716,592 915,975 - -
Total Business-Type Activities 8,705,913 8,746,838 - 2T8,757
Total Primary Government $ 135,522,506 $ 28,387,687 $ 7,951,650 S 57,411,499
Component Units:
Palm Desert Recreational FaciliUes Corp. $ 2,514,147 S 2,465,619 $ - � -
General Revenues:
Taxes:
Property taxes, levied for generat purpose
Tax increment, net of pass-throughs
Transient occupancy taxes
Sales taxes
Franchise taxes
Special assessments collected
Motor vehicle in lieu
Use of money and property
Miscellaneous
Total General Revenues
Change in Net Assets
Net Assets at Beginning of Year
Restatement of Net Assets
Net Assets at End of Year
See Notes to Financia!Statements
16
Exhibit B
Net(Expenses)Revenues and Changes in Net Assets
Prlmary Government Compone�t Unit
Palm Desert
Govemmental Business-Type Recreational
Activ(Ues Activities Total Facilities Corp.
$ (27,379,220) $ - $ {27,379,220) � -
(15,445,474) - (15,445,474) -
293,905 - 293,905 -
20,536,635 - 20,536,635 -
(20,097,198) - (20,097,198) -
(42,091,352) - (42,091,352) -
- 120,299 120,299 -
- 199,383 199,383 -
- 319,682 319,662 -
(42,091,352) 319,682 (41,771,670) -
- - - (46,528)
6,052,285 - 6,052,285 -
50,482,351 - 50,482,351 -
8,627,221 - 8,627,221 -
17,745,254 - 17,745,254 -
2,907,062 - 2,907,062 -
685,096 - 685,096 -
267,595 - 267,595 -
�7,521,600 239,290 17,760,890 -
10,790,417 - 10,790,417 -
115,078,881 239,290 115,318,171 -
72,987,529 558,972 73,546,501 (48,528}
427,648,929 67,692,919 495,341,848 (403,981)
(2,228,376) - (2,228,376) -
$ 498,408,082 3 68,251,891 $ 566,659,973 s (452,509)
See Notes to Financial Statements
17
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18
FUND FINANCIAL STATEMENTS
19
CITY OF PALM DESERT
BALANCE SHEET
GOVERNMENTAL Fl1NDS
JUNE 30,2007
3peclal Revenue Capital Prajects
Funds Funds
Prop A RDA Redevelopment
Fire Low Income Agency
General Tax Housing Assessment 29 Capital Projects
Assets:
Pooled cash and investments $52,401,509 53,106,495 $11,072,175 S 6,950,731 $ 7.539,006
Recefvables:
Accounts 1,600,023 28 369,252 - 82,263
Assessments - - - - -
Notes 3,783,000 - - - -
Interest 1,204,318 - 461,833 67,752 1,846,176
LoanS 256,004 - 7,699,&O6 - 2,000,000
Prepaid costs 803,761 - 948 - 18,435
Deposits - - 2,609 - 57�,281
Due fram other governments 3.194,082 74C,504 10,000 - -
Due fram other funds 698,97& - - - -
Advances to other funds 19,366,480 - - - -
Inventories 45,669 - - - -
Property held for resale - - 11,799.806 - -
Oue ftom component unit 465,000 - - - -
Restric2ed assets:
Cash and investments with fiscal agents - - 42,608,269 '15,419,654 122.609,528
ToWlAssets a83,818,822 53,847,027 574,024,497 S 22,438,137 S 134,686,689
Uabilitles and Fu�d Balances:
Lfabllitles:
Accounts payable $ 4,581,464 S 764.609 $ 2,835,973 $ 315.925 5 5,064,358
Accrued liabii:ties 400,295 - 13,077 - 27,428
Due to other tunds - - - - -
Uneamed revenues 15,546 2,509 2,368 - -
Advances from other funds - - - - -
Deferred revenues 2,707,118 - 281,721 - -
Amounts due under pass•through agreements - - - - -
Deposits payable - - 50o - 15,000
Total Liabilfties Y,704,423 767,118 3,133,639 315,925 b,106,788
Fu�d Bala�ces:
Reserved:
Reservedforencumbrances 466,151 10,245 5,503,224 - 5,736,831
Reservetl for inventory 45,669 - - - -
Reserved for continuing appropriation - - 13,871,742 - 27,029,782
Reserved for prepaid costs and deposits 803,761 - 3,557 - 589,T16
Reserved for reserve requirement - - - - -
Reserved for property held for resale - - 11,799,806 - -
Reserved for debt service 2,532,053 - - - -
Reserved for receivables(notes and loans) 4,039,004 - 7,699,606 - 2,000.000
Reserved for advances to other funds 17,311,480 - - - -
Unreserved:
Unreserved,reported in nonmajor:
Special revenue funds - - - - -
Capital projects`unds - - - - -
Debt service furtds - - - - -
Designated for capital outlay - - - 22,122,212 94,203,574
Designated for special revenue purposes - 3.069,664 32.012,923 - -
Designated for debt service - - - - -
Undesignated 50.916.281 - - - -
Total Fund Balances 76,114,399 3,079,909 70,890,858 22,122,212 129,559,903
Total Llabllitles and Fund Balances S 83,818,822 S 3,847,027 3 74,024,497 S 22,438,137 S 134,666,689
3ee Notes to Financial Statements
20
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THIS PAGE INTENTIONALLY LEFT BLANK
22
CITY OF PALM DESERT Exhibit D
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2007
Amounts repo►ted for governmental activities in the statement of net assets are
different because:
Fund balances of governmerttal funds $ 457,463,804
When capital assets(land, buildings, equipment, etc.)that are to be used in
govemmental activities are purchased or constructed, the cost of those
assets are reported as expenditures in governmental funds. However, the
statement of net assets includes those capital assets among the assets
of the City as a whole:
Beginning balance, net depreciation $ 389,370,184
Prior period adjustment (1,115,930)
Current year additions 85,604,515
Current year deletions (6,602,529)
Current year depreciation (7,091,380)
Transferto internal service fund (381,407)
Ending balance, net depreciation 459,783,453
Long-term debt activities and compensated absences have not been included
in the governmental fund activities:
Long-term debt (425,753,430)
Bond premium (8,326,646)
Unamortized loss on defeasance 1,728,965
Compensated absences (2,532,053)
Interest on long-term debt is not accrued in governmental funds, but rather
is recognized as an expenditure when due. (6,330,634)
Cost of issuing bonds is recognized as an expenditure in the period paid;
however, in the statement of net assets it is amortized over the life of ihe bond. 11,311,927
Because the focus of governmental funds is on sho�t-term financing, some assets
will not be available to pay for current-period expenditures. Those assets(for example,
receivables)are offset by deferred revenues in the governmental funds and,thus, are
not included in fund balance:
Palm Desert Recreational Facilities Corporation-relates to the amount
of rent owed by component unit to City's General Fund. 465,000
Communiry Development Block Grant-relates to loans given to low
to moderate income families. 35,873
Capital reimbursement from developer for work comp(eted
by the City on behalf of the developer. 1.602,769
Interest that was not paid at year-end. 373,600
Sales Tax True-up from the State. 153,619
Redevelopment Agency payable for City project. 669,9Q8
Redevelopment Agency land purchase from City. 2,055,000
5,355,769
Internal service funds are used by management to charge the costs of certain
activities, such as equipment, management and self-insurance to individual funds.
The assets and liabilities of the internal service funds must be added to the
statement of net assets. 5,706,927
Net assets of governmental activit(es a 498,408,082
See Notes to Financ(al SEatements
23
CITY OF PALM DESERT Exhibit E
STATEMENTS OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
YEAR ENDED JUNE 30,2007
Special Revenue Capital Projecta
Funds Funds
Prop A RDA Redevelopment
Fire Low Income Agency
Generel Tax Housing Asaeasment 29 Capital Projects
Revenues:
Taxes $ 40,942,143 $ 6,626,438 $ - $ - � -
Special assessments collected - - - - -
LiCenses and permiis 1,855,366 - - - -
Intergovernmental revenues 3,129,601 676,917 - - -
Rental income - - 4,020 - -
Charges for services 1,822,685 - - - -
Use of money and property 4,890,891 115,203 1,697,593 327,528 7,280,167
Fines and forfeitures 109,497 - - - -
Misce!laneous 258,299 49,120 181,896 - 767,�08
Contributions from property owners - - - 31,459,987 -
Total Revenues 53,008,482 7,46T,678 1,883,509 31,787,515 8,047,275
Expenditures:
Curcent:
General govemment 15,071,281 - 3,945,115 - 16,438.947
Pass-through agreement - - - - -
Public safety 16,488,071 7,992,434 - - -
Parks,recreation and culture 3,921,063 - - - -
Publicworks 7,380,140 - - 9,665,303 -
Capital outlay 704,553 43,491 10,276,057 - 37,291,345
Debt service:
Principal retirement - - - - -
Interest and fiscal charges - - - - -
Total Expenditures 43,565,108 8,035,925 14,221,172 9,665,303 53,730,292
Excess(Deficiency)of Revenues Over
(Under)Expenditures 9,443,374 (568,247) (12,337,663) 22,122,212 (45,683,017}
Other Fi�ancing Sources(Uses):
Transfers rn 1,122,224 1,852,000 65,805,007 - 134,749,239
Transfers out (9,282,884) - (16,275,606) - (748,057)
Bond premiums - - - - -
Bonds issued - - - - -
Payment to refunded bond escrow agent - - - - -
Sale of property - - 4,480,000 - 750,000
Totaf Other Ftnancing Sources(Uses► (8,18Q,fi60) i,852,000 54,009,401 - 134,751,18Z
Net Change in Fund Balances 1,282,714 1,283,753 41,671,736 22,122,212 89,068,165
Fund Balances, Beginning of Year, 74,350,368 1,796,156 28,737,954 - 40,49�,738
Restatements 481,317 - 481,166 - -
Fund Balances, Beginning otYear 74,831,685 1,796,156 29,219,120 - 40,491,738
Fund Balances,End of Year S 76,114,399 S 3,079,909 ; 70,890,858 $ 22,122,212 S 129,559,9a3
r-
See Notes to Financial Statements
24
W
«
a
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CITY OF PALM DESERT Exhibit F
RECOMCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30,2007
Amounts reported for governmental activities in the statement of activities are different because:
Net change in fund balances-total governmental funds $ 181,403,359
Governmental funds report capital outlays as expenditures; however,in the statement
af activities,the costs of ihose assets are allocated over their estimated useful lives
as depreciation expense. This is the amount by which capita!outlays exceeded
depreciation and deletions in the current period.
Current year additions 85,604,515
Current year deletions (6,602,529}
Current year depreciation (7,091,380) 71,910,606
Repayment of debt principal is an expenditure in the governmental funds, but the
repayment reduces long-term liabilities in the statemeni of net assets. 108,054,707
Proceeds of bonds are reported as other financing sources in governmentaf funds,
nowever,the receipts of debt increases liabilities in the statement of net assets. (287,534.894j
Costs of issuing bonds are recogr,ized as an exper,diture in the period paid; however,
in the statement oi net assets't is amortized over the life of the bond. 6,478,067
Premium on bonds is recognized as�nterest in the period received;however,
in the statement of net assets it is amortized over the life of the bond. (7,507,339)
Losses on defeased bonds are recorded in the statement of net assets as a reduction
to long-term liabilitfes and amoritized over the I�fe of the bonds. �,728,965
Some expenses reported�n the statement ot activities do not require the use of
current financial resources and,therefore,are not reported as expenditures in
governmental funds:
Net change in compensated absences`or fhe current period. (94,043)
Net change in accrued interest for the current period. (3,035,356)
Net change in claims and judgements for the current penod. (55,684)
Collection of deferred revenues is reported as revenues in governmental funds and
thus has the effect of increasing iund balances. For the City as a whole, however, the
Collection of these receipts reduces the net assets in the statement of net assets and
does not resulf in revenues in the statement of activities:
Deferred loans. (8,272}
Redevelopment expenditure offset by City receivables. 669,908
Revenues will not be collected within 60 days of the City's fiscal year-end and,
therefore,are not considered available in the governmental funds:
Rental income due from Palm Desert Recreational Facilities Corporation. 180,000
Capital reimbursement revenue related to construction completed by
the City on behalito the developer. 545,506
Interest on note issued by the City. (120,751)
Sales tax true-up from the State. ('t 73,121}
Internal service funds are used by management to charge the costs of certain
activities, such as equipment, management and self-insurance to individual funds.
The net revenues(expenses)of the internal service funds are reported with
governmental activities. 545,873
Change in net assets of governmental acUvides $ 72,987,529
See Notes to Financia(Statements
26
CITY OF PALM DESERT Exhibit G
STATEMEN7 OF NET ASSETS
PROPRIETARY FUNDS
JUNE 30,200T
Business-Type Activities
Enterprise Funds
Major Non-Major Oovernmental
Fund Fund Total Activities-
Desert Willow Office Complex Enterprise Internal
Golf Course Parkview Funds Service Fund
Assets:
Current:
Cash and investments $ 2,570,066 � 3,650,684 $ 6,220,750 � 4,103,265
Receivables:
Accounts 132,7^9 40,344 173,063 -
Prepaid costs 65,421 435 65,856 -
�nventories 218,004 - 218,004 -
Due from PbRFC 138,762 - 136,762 -
Total Current Assets 3,122,972 3,691,463 6,814,435 4,103,265
Noncurrent:
Capital assets-net of accumulaled depreciation 62,G08,216 3,130,241 65,138,457 1,608,255
Total Noncurrent Assets 62,Q08,218 3,130,241 65,138,457 1,608,255
Total Assets S 65,131,188 $ 6,821,704 S 71,952,892 $ 5,711,520
Liabilities and Net Assets:
Liabilities:
Currert
Accounts payable $ 427,912 $ 93,397 $ 521,309 $ 4,593
Accrued liab�lities 171,865 - 171,865 -
Deposits payable - 28,673 28,673 -
Unearned revenues 126,988 10,878 137,866 -
Jue to other funds 659,742 - 659,742 -
Capital leases-current portion 55C,322 - 550,322 -
Total Current Liabilities 1,936,829 132,948 2,069,777 4,593
Noncurrent:
Capital leases payable 1,631,224 - 1,631,224 -
Total Noncurrent Liabilities 1,631,224 - 1,631,224 -
Total Liabilities 3,568,053 132,948 3,701,001 4,593
Net Assets:
Invested in capital assets, net of related debt 59,826.870 3,130,241 62,956,911 1,608,255
Unrestricted 1,736,465 3,558,515 5,294,98a 4.098,672
Total Net Assets 61,563,135 6,688,756 68,251,891 5,706,927
Total Liabilities and Net Assets $ 65,131,188 $ 6,821,704 a 71,952,892 S 5,711,520
See Notes to Financial Statements
27
CITY OF PALM DESERT Exhibit H
STATEMENT OF REVENUES,EXPENSES
AND CHAN(3ES IN FUND NET ASSETS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30,2007
Business-Type Activities
Enterprise Funds
Major Non•Major Governmental
Fund Fund Total Activities-
Desert Willow Office Complex Enterprise Internal
Golf Course Parkview Funds Service Funds
Operating Revenues:
Fees and rentals $ 6,819,554 $ 915,975 $ 7,735,529 S 393,103
Merchandise sales 1,011,309 - 1,01',309 -
Total Operating Revenues 7,830,863 915,975 8,746,838 393,103
Operating Expenses:
Maintenance and operations 4,120,024 282,055 4,402,079 -
Cost of inerchandise 538,533 - 538,533 -
Generaf and administrative 2,C51,Q78 229,167 2,280,245 -
Depreciation and amortizat;on 1,157,724 205,370 1,363,094 393,103
Total Operating Expenses 7,867,359 716,592 8,583,951 393,103
Operating Income(Loss) (36,496} 199,383 162,887 -
Nonoperating Revenues(Expenses):
Interest revenue 52,672 186,618 239,290 206,054
Inte�est expense (�21,962) - (121,962) -
Gain(loss)on disposal of capital assets - - - (41,588)
Total Nonoperating
Revenues(Expenses) (89,290) 186,618 117,328 164,466
Income(Loss)Before Contribulions (105,788) 386,001 280,215 164,466
Capital Contributions 278,757 - 278.757 38',,407
Changes in Net Assets 172,97i 386,a01 558,972 545,873
Net Assets:
Beginning of Fiscal Year 61,390,164 6,302,755 67,692,919 5.161,054
End of Fiscal Year S 61,563,135 S 6,688,756 S 68,251,891 S 5,706,927
See Notes to Financial Statements
28
CITY OF PALM DESERT Exhibit I
STATEMENT O�CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2007
Business-Type Activities
Enterprise Funds
Major Non-Major Governmental
Fund Fund Total Activities-
Desert Willow Office Complex Enterprise Internal
Golt Course Parkview Funds Service Funds
Cash Flows From Operating Activities:
Receipts from customers S 7,889,769 $ 888,398 $ 8,778,167 � -
Payments to suppliers (6,815,634) (291,460) (7,107,094) -
Internal activity-payments to other funds - (145,127) (145,127) -
Receipts from interfund services - - - 393,103
Net Cash Provided(Used)by Operating Activities 1,074,135 451,811 1,325,946 393,103
Cash Flows From Capital and Related
Financing Activifies:
Purchases of capital assets (67,191) (130,504) (197,695) (227,616)
Principal paid on leases (610,474) - (610,474) -
Interest paid on leases (121,962} - (121:962) -
Net Cash Provided(Used)by Capital and
Related Financing Activities (799,627) (130,504) (930,131) (227,616)
Cash Flows From Investing Activities:
Interest and dividends 52,672 186,618 239,290 206,054
Net Cash Provided (Used)by Investing Activities 52,672 186,618 239,290 206,054
Net Increase(Decrease) in Cash and
Cash Equivalents 327,180 507,925 835,105 371,541
Cash and Cash Equivalents-Beginning of Year 2,242,886 3,142,759 5,385,645 3,731,724
Cash and Cash Equivalents-End of Year g 2,570,066 $ 3,650,684 5 6,220,750 S 4,103,265
Reconciliation of Operating Income(Loss)to Net -
Cash Provided(Used)by Operating Activities:
Operating income(loss) $ (36,496j � 199,383 $ 162,887 � -
Adjustments to reconcile operating income(loss)
to net cash provided(used)by operating activities:
Depreciation and amortization expense 1,157,724 205,370 1,363,094 393,103
Changes in assets and liabilities:
Receivables, net 27,461 (32,773) (5,312) -
Prepaids and deposits 23,940 (130) 23,810 -
Inventory 10,894 - 10,894 -
Accounts, accrued liabilities and deposits
payables (140,833) 75,714 (65,119) -
Unearned revenue 31,445 4,247 35,692 -
Net Cash Provided (Used)by Operating Activities $ 1,074,135 $ 451,811 $ 1,525,946 $ 393,103
Noncash items included$278,757 and$381,407(net value)of capital assets contributed by the City of Palm Desert to Desert
Willow Golf Course and the internal service fund, respective'.y.
See Notes to Financial Statements
29
CITY OF PALM DESERT Exhibit J
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS—AGENCY
JUNE 30,2007
Assets:
Cash and investments $ 19,078,455
Receivables(net of allowance for uncollectibles):
Accounts 119,146,524
Interest 56,410
Restricted Assets:
Cash with fiscal agent 13,383,596
Total Assets $ 181,664,985
Liabilities:
Deposits S 151,664,985
Total Liabilities $ 151,664,985
See Notes to Financial Statements
30
CITY OF PALM DESERT
NOTES TO BASIC FINANCIAL STA7EMENTS
JUNE 30,2007
Note 1: Summary of Significant Accounting Policies
a. Description of the Reporting Entity
The City of Palm Desert was originally incorporated on November 26, 1973, as a General
Law City. In December 1997, the voters in the City passed Measure LL, which adopted a
City Gharter. The City operates under a Council-Manager form of government and
provides the following services: public safety (police and fire), highways and streets,
sanitation, public improvements, community development (planning, building and zoning)
and general administrative services.
The City has defined its reporting entity in accordance with accounting principles generally
accepted in the United States of America which provides guidance for determining which
governmental activities, organizations and functions should be included in the reporting
entity. The Basic Financial Statements present information on the activities of the
reporting entity, which include the City of Palm Desert (the primary government} and its
component units, entities for which the government is considered financially accountable.
Accounting principles generally accepted in the United States of America require that the
component units be separated into blended or discretely presented units for reporting
purposes. The following criteria were used in determination of blended component units:
appointment of the governing board and fiscal dependence. Although legally separate
entities, blended component units are, in substance, part of the City's operations.
Therefore, they are reported as part of the primary government. Discretely presented
component units are reported in a separate column in the basic financial statements to
emphasize that they are legally separate from the City.
Blended Component Units
Following are descriptions of legally separate component units for which the City is
financially accountable that are blended with the Primary Government. The governing
bodies of these component units are substantially the same as the City.
The Palm Dese�t Redevelopment Agency (Agency} was established
October 24, 1974, pursuant to California Health and Safety Code Section 33000
entitled "Community Redevelopment Law." The purpose of the Agency is to prepare
and execute plans for the improvement, rehabilitation and redevelopment of blighted
areas within the limits of the Ciry. The Agency's transaciions are reported in the
governmental fund financial statements as special revenue, debt service, and capital
projects funds.
The Palm Desert Housing Authority {Housing Authority) was established by the City
Council in January 1998, and is pa►tly responsible for the administration of providing
affordable housing in the City. The Housing Authority transactions are reported in fhe
governmental fund financial statements under other governmental funds.
The City Council of Palm Desert is the governing body for the Agency and Housing
Authority.
31
City of Palm Desert
Notes to Financial Statements(Continued)
Note 1: Summary of Significant Accounting Policies(Continued}
The Palm Desert Financing Authority (Financing Authority) was formed on
January 26, 1989. The purpose of the Financing Authority is to issue debt and loan
the proceeds to the City and Agency. The Financing Authority's capital related
transactions are reported in the governmental fund financial statements in the capital
projects funds, and the collection of assessments and payments of debt service is
recorded in the fiduciary funds.
The financial statements of the Agency can be obtained at the administrative offices
of the City. Separate flnancial statements are not issued for the Housing Authority and
Financing Authority.
Discretely Presented Component Unit
The Palm Desert Recreational Facilities Corporation (Corporation) was incorporated
on February 25, 1997. The purpose of the Corporation is to iease, operate and
manage a restaurant and bar in the Desert Willow Golf Course in Palm Desert,
California. The Board of Directors of the Corporation appoints an executive director to
administer operations.
The Corporation is in a separate column to emphasize that it is legally separate from
the City and is financially accountable to the City. The two-member board goveming
the Corporation is appointed by the City Council, and the City has authority to control
the Corporation's budget.
Complete financial statements of the Component Unit can be obtained from the City's
administrative offices.
b. Basis of Presentation
Government-Wide Financial Statements
The govemment-wide financial statements (i.e., the statement of net assets and the
sfatement of activities) report information on aN of the nortfduciary activrties of the
primary government and its component units. For the most part, the effect of interfund
activity has been removed from these statements. Governmental activities, which
normally are supported by taxes and intergovernmental revenues, are reported
separately from business-type activfties, which rely to a significant extent on fees and
charges for support. Likewise, the primary government is reported separately from
certain legally separate component units for which the primary government is
financially accountable.
The statement of activities demonstrates the degree to which the direct and indirect
expenses of a given function or segment are offset by program revenues. Direct
expenses are those that are clearly identifiable with a specific function or segment.
Program revenues include: 1) charges to customers or applicants who purchase, use
or directly benefit from goods, services or privileges provided by a given function or
segment, and 2) grants and contributions that are restricted to meeting the
operational or capit2l requirements of a particular function or segment. Taxes and
other items not properly included among program revenues are reported instead as
general revenues. Expenses reported for functional activities include allocated
indirect expenses.
32
City of Palm Desert
Notes to Financial Statements(Continued)
Note 1: Summary of Significant Accounting Policies(Continued}
Separate financial statements are provided for governmental funds, proprietary funds
and fiduciary funds, even though the latter are excluded from the government-wide
financial statements. Major individual governmental funds and major individual
enterprise funds are reported as separate columns in the fund financial statements.
Fund Financial Statements
The accounting system of the City is organized and operated on the basis of separate
funds, each of which is considered to be a separate accounting entity. Each fund is
accounted for by providing a separate set of self-balancing accounts that constitute its
assets, liabilities, fund equity, revenues and expenditures/expenses. Funds are
organized into three major categories: governmental, proprietary and fiduciary. An
emphasis is placed on major funds within the governmental and proprietary
categories. A fund is considered major if it is the primary operation fund of the Ciry or
meets the following criteria:
a, Total assets, liabilities, revenues or expenditures/expenses of that individual
governmental or enterprise fund are at least 10%of the corresponding total for all
funds of that category or type; and
b. Total assets, liabilities, revenues or expenditures/expenses of the individual
governmental fund or enterprise fund are at least 5% of the corresponding total
for all governmental and enterprise funds combined.
c. The government has determined that a fund is important to the financial
statement user.
The funds of the financial reporting entity are described below:
Governmental Fund Types
• General Fund - The 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.
• Sqecial Revenue Funds - Special Revenue Funds are used to account for the
proceeds of specific revenue resources (other than major capital projects) that are
legally restricted to expenditures for specified purposes.
• Debt Service Funds- Debt Service Funds are used to account for the accumulation of
resources for, and the payment of, general long-term obligation principal, interest and
related costs.
• Capital Projects Funds - Capital Projects Funds are used to account for financial
resources to be used for the acquisition or construction of major capital facilities.
Proprietary Fund Types
• Enterprise Funds - The Enterprise Funds account for operations that are financed
and operated in a manner similar to private business enterprises, where the intent of
the City Council is that the costs (expenses including depreciation)of providing goods
and services to the general public on a continuing basis be financed or recovered
primarily through user charges.
33
City of Palm Desert
Notes to Financial Statements(Continued)
Note 1: Summary of Significant Accounting Policies(Continued)
The Primary GovernmenYs Enterprise funds consist of the Parkview Office Complex
and the Desert Willow Golf Course, which are operated by a management company.
The Component Unit's Enterprise fund consists of the Palm Desert Recreational
Facilities Corporation.
• Internal Service Funds -The Internal Service Fund accounts for financial transactions
related to replacement of City-owned vehicles and equipment. These services are
provided to other departments or agencies of the City on a cosf reimbursement basis.
Fiduciary Fund Type
• Aqency Funds - These funds are used to account for assets held by the City in a
custodial capacity as a trustee or as an agent. These assets include deposits placed
with the City by developers, individuals and groups to obtain future servlces, as well
as deposifs from assessment districYs property owners. 7hese deposits are reduced
by payments and/or refunds ta individuals or entities at some future time. The City's
Retiree Service Stipend Fund is used to account for assets held to pay for the retiree
service stipend. Agency funds are custodial in nature and do not involve
measurement of results of operations.
The major funds are as follows:
Governmental Funds
• The 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.
• The Prop A Fire Tax S�ecial Revenue Fund is used to account for all revenues
derived from tax collected within the City for upgrading fire protection and prevention.
Its use is restricted to obtaining, furnishing, operating and maintaining fire protection
and prevention services (currently under contract with Riverside County Fire
Department)equipment or apparatus.
• The RDA Low Income Housinq Special Revenue Fund is used to account for the tax
increment set aside to be spent on projects that benefit Iow and moderate income
families.
• The Assessment 29 Capita! Proiects Fund is used to account for the construction of
public improvement from proceeds resulting from the creafion of this District.
• The Redevelopment Aqencv Capital Proiects Fund is used to account for the fiscal
activities of the Palm Oesert Redevelopment Agency.
• The Redevelopment Agency Financinq Authoritv Debt Service Fund is used to
account for the resources and payment of the debt issued by the Palm Desert
Financing Authority and loaned to the Redevelopment Agency.
• The Redevelopment AqencV Debt Service Fund is used to account for resources and
payments of debt issued by the Redevelopment Agency.
34
City of Palm Desert
Notes to Financial Statements(Continued)
Note 1: Summary of Significant Accounting Policies(Continued)
Proprietary Fund
• The Desert Willow Golf Course Fund is used to account for the fees collected and
expenses incurred in connection with operating the municipal golf course in the City of
Palm Desert.
c. Measurement Focus and Basis of Accounting
Measurement focus is a term used to describe which transactions are recorded within the
various financial statements. Basis of accounting refers to when transactions are
recorded regardless of the measurement focus applied.
Measurement Focus
On the government-wide Statement of Net Assets and the Statement of Activities,
both governmental and business-like activities are presented using the economic
resources measurement focus. The accounting objectives of the economic
measurement focus are the determination of operating income, changes in net assets
(or cost recovery), financial position and cash flows. All assets and liabilities (whether
current or noncurrent)associated with their activities are reported.
In the fund financial statements, the "current financial resources" measurement focus
or the"economic resources"measurement focus is used as appropriate:
1. All governmental funds utilize a "current financial resources" measurement focus.
Only current financial assets and liabilities are generally included on their balance
sheets. Their operating statements present sources and uses of available
spendable financial resources during a given period. These funds use fund
balance as their measure of avaiiable spendable financial resources at the end of
the period.
2. The proprietary fund utilizes an "economic resources" measurement focus.
Proprietary fund equity is classified as net assets.
3. Agency funds are not involved in the measurement of results of operations;
there`ore, measurement focus is not applicable to them.
Basis of Accounting
In the government-wide Statement of Net Assets and Statement of Activities, both
governmental and business-like activities are presented using the accrual basis of
accounting. Under the accrual basis of accounting, revenues are recognized when
earned and expenses are recorded when the liability is incurred or economic asset
used. Revenues, expenses, gains, losses, assets and liabilities resulting from
exchange and exchange-like transactions are recognized when the exchange takes
place.
In the fund financial statements, governmental funds are presented on the modified
accrual basis of accounting, Under this modifred accrual basis of accounting,
revenues are recognized when "measurable and available." Measurable means
knowing or being able to reasonably estimate the amount. Available means collectible
within the current period or soon enough thereafter to pay current liabilities.
35
City of Palm Desert
Notes to Financial Statements(Cont(nued)
Note 1: Summary of Significant Account(ng Policies(Continued)
Revenues that are susceptible to accrual include property taxes and special
assessments that are levied for and due for the fiscal year and collected within
60 days after year-end. Licenses, permits, fines, forfeits, charges for services and
miscellaneous revenues are recorded as governmental fund type revenues when
received in cash because they are not generally measurable untif actuafly received.
Revenue from taxpayer assessed taxes, such as sales taxes, are recognized in the
accounting period in which they became both measurable and available to finance
expenditures of the fiscal period. Grant funds and reimbursements of expenses under
contractual agreements are reported in governmental fund types and are recorded as
a receivable when earned rather than when susceptible to accrual. Generally this
occurs when authorized expenditures are made under the grant program or
contractuai agreement. Expenditures are recognized when the fund liability is
incurred, i' measurable, except for unmatured interest on long-term debt, which is
recognized when due.
Intertund activity in the amount of$11,014,145 has been eliminated from the general
government function for the government-wide financial statements except for charges
between the governmenYs Desert Willow Golf Course and Parkview Office Complex
funds and various other functions of the government. Elimination of these charges
would distort the direct costs and program revenues for the various functions
considered.
The accrual basis of accounting is followed by the proprietary fund and fiduciary
funds. Under the accrual basis of accounting, revenues are recognized when earned
and expenses are recorded v✓hen the liability is incurred or economic assets are
used.
Proprietary funds distinguish operating revenues and expenses from nonoperating
items. Operating revenues and expenses generally result from providing goods and
services in connection with a proprietary fund's principal ongoing operations. The
principal revenue of the Desert Willow Golf Course and Parkview Office Complex
Enterprise Funds are charges to customers for use of the golf course and rental fees.
Operating expenses for enterprise funds include the cost of sales and services,
administrative expenses and depreciation on capital assets. All revenues and
expenses not meeting this definition are reported as nonoperating revenues and
expenses.
Private-sector standards of accounting and financial reporting issued prior to
December 1989, generally are followed in both the government-wide and proprietary
fur,d financial statements to the extent that those standards do not conflict with or
contradict guidance of the Governmental Accounting Standards Board. Governments
also have the option of following subsequent private-sector guidance for their
business-type activities and enterprise funds, subject to this same limitation. The
government has elected not to foUow subsequent private-sector guidance.
When both restricted and unrestricted resources are availabfe for use, it is the
governmenYs policy to use restricted resources first, and then unrestricted resources
as they are needed.
36
City of Palm Desert
Notes to Financial Statements (Continued)
Note 1: Summary of Significant Accounting Policies (Continued)
d. Capital Assets and Depreciation
Capital assets, which include property, plant, equipment and infrastructure assets
(e.g., roads, traffic signals, drainage systems and similar items), are reported in the
applicable governmental or business-type activities column in the government-wide
financial statements. Capital assets are defined by the City as assets with an initial cost of
more than $500 and an estimated life in excess of one year. Such assets are recorded at
historical cost or estimated historical cost if purchased or constructed. Donated capital
assets are recorded at estimated fair market value at the date of donation.
In accordance wifh GASB Statement No. 34, the City has reported general infrastructure
assets acquired in prior and current years.
The cost of normal maintenance and repairs that do not add to the value of the asset or
materially extend asset lives are not capitalized.
Property, plant and equipment of the primary government, as well as the component
units, are depreciated using the straight-line method over the following estimated useful
lives:
�lssets Years
Buildings 40
Improvements other than buildings 20
Machinery and equipment 5-8
Infrastructure 20-75
e. Budget and Budgetary Accounting
The City uses the following procedures in establishing the budgetary data reported in the
financial statements:
1. Before the beginning of the fiscal year, the City Manager submits to the City Council a
proposed budget for the year commencing the following July 1.
2. Public hearings are conducted to obtain taxpayer comments.
3. The budget is subsequently adopted through passage of a resolution.
4. Expenditures for the General Fund cannot exceed amounts budgeted at the
departmental level,which is the legal level of control.
For other funds, expenditures cannot exceed the total amount budgeted for each
fund, which is the legal level of control. The City Manager is authorized to transfer
appropriations (without council approval) between an object of a General Fund
Department. The City Council approves all other changes. Annual appropriation
amounts lapse at year-end.
5. Encumbrances and continuing appropriations are rebudgeted as of July 1, by Council
action.
37
City of Palm Desert
Notes to Financial Statements(Continued)
Note 1: Summary of Significant Accounting Policies(Continued)
6. Annual budgets are adopted on a basis consistent with accounting principles
generally accepted in the United States of America for all governmental funds except
for certain special revenue funds and capital projects funds, which adopt
project-length budgets and debt service funds that are not budgeted as effectively
budgetary control is achieved through debt indenture provisions. The following special
revenue funds had legally adopted budgets during the current fiscal year;
. Prop A Fire Tax
• Traffic Safety
• Gas Tax
• Housing Mitigation Fees
• Community Development Block Grant
• EI Paseo Assessment District
• City-Wide Business License
• Landscape and Lighting Districts No. 1 — 15
f. Appropriatio�s Limit
Under Article XIII-B of the California Constitution (the Gann Spending Limitation Initiative),
the City is restricted as to the amount of annual appropriations from the proceeds of
taxes, and if proceeds of taxes exceed allowed appropriations, the excess must either be
refunded to the State Controller or returned to the taxpayers through revised tax rates,
revised fee schedules or other refund arrangements. For the fiscal year ended
June 30,2007, proceeds of taxes did not exceed appropriations.
g. Investments
Investments are stated at fair value (quoted market price or the best available estimate
thereof).
h. Cash and Investments
For purposes of the statement of cash flows, the City has defined cash and investments
to include cash on hand, demand deposits, investments held in various instruments, and
investments held in the Caiifornia Local Agency Investment Fund (LAIF) and California
Asset Managemeni Program (CAMP).
i. Employee Compensated Absences
It is the governmenYs policy to permit employees to accumulate earned but unused
vacation and sick leave(compensated absences).Vacation pay and sick leave,which are
expected to be liquidafeci with expendable available resources, are reported as
expenditure and liability of the governmental fund that will pay it only if they have matured,
for example, as a result of employee resignations or retirements. Compensated absences
in the amount of $2,532,053, which are not expected to be liquidated with expendable
available financial resources, are reported in long-term debt.
j. Property Held for Resale
The Agency purchased land within the Agency's project area. The land held for resale is
recorded in the Redevelopment Agency Special Revenue Fund as property held for resale
at the lower of acquisition cost or net realizable value. At June 30, 2007, the cost of the
properry held for resale for various housing properties in Palm Desert totaled
$11,799,806.
38 �
City of Palm Desert
Notes to Financial Statements(Continued)
Note 1: Summary of Significant Accounting Policies(Continued)
k. Inventories, Prepaid Costs and Deposits
Inventory in the amount of $218,004 and �31,639 for the Desert Willow Golf Course
Enterprise Fund (Primary Government) and Palm Desert Recreational Facilities
Corporation (Component Unit), respectively, are stated at lower of cost or market with
cost determined using the weighted average cost method. Inventory in the amount of
$45,669 in the general fund is stated at cost. Inventory is recorded as an expenditure
when consumed rather than purchased.
Certain payments to vendors that reflect costs applicable to future accounting periods are
recorded as prepaid costs in the government-wide and fund financial statements.
The Agency has a �571,281 deposit with Coachella Valley Water Distr:ct for future sewer
connection charges at the Indian Springs Mobile Home Park, $1,025 deposited in escrow
to purchase various properties, and $1,584 in deposits for HOA dues related to the Falcon
Crest Housing Project.
I. Property Tax Calendar
Property taxes are assessed and collected each fiscal year according to the following
property tax calendar:
Lien date January 1
Levy date July 1 to June 30
Due date November 1 - 1st Installment, March 1 -2nd installment
Delinquent date December 10- 1 st Installment,April 10 - 2nd installment
Under California law, properry taxes are assessed and collected by the counties up to 1%
of assessed value, plus other increases approved by the voters. 7he property taxes go
into a pool and are then allocated to the cities based on complex formulas prescribed by
state statutes. The City accrues only those taxes, which are received within 60 days after
the year-end. The City is a participant in the Teeter Plan under the California Revenue
and Taxation Code. The County of Riverside has responsibility for the collection of
delinquent taxes and the City receives 100%of the levy.
m. Restricted Assets
Certain proceeds of debt issues, as well as certain resources set aside for their
repayment, are classified as restricted assets on the balance sheet because they are
maintained in separate trustee bank accounts and their use is limited to applicable bond
covenants. In addition, funds have been restricted for future capital improvements by City
resolution.
39
City of Palm Desert
Notes to Financial Statements{Continued)
Note 2: Cash and Investments
As of June 30,2007,cash and investments were reported in the accompanying financial
statements as follows:
Governmental activities � 473,274,411
Business-type activities 6,220,750
Component unit 166,014
Fiduciary funds 32,462,051
Total Cash and Investments $ 512,123,226
The City of Palm Desert maintains a cash and investment pool that is available for use for all
funds. Each fund type's position in the pool is reported on the combined balance sheet as
cash and investments. The City has adopted an investment policy, which authorizes it to
invest in various investments.
Deposits
At Jur,e 30, 2007, the carrying amount of the City's deposits was $4,223,190, and the bank
ba�ance was�5,792,063.The$1,568,873 difference represents outstanding checks and other
reconciling items.
The Califomia Government Code requires California banks and savings and loan associations
to secure an Entity's deposits by pledging government securities with a value of 110°/a of an
Entity's deposits.California law also allows financial institutions to secure deposits by pledging
first trust deed mortgage notes having a value of 150% of total deposits. The City Treasurer
may waive the collateral requirement for deposits that are fully insured up to �100,000 by the
FDIC. The collateral for deposits in federal and state chartered banks is held in safekeeping
by an aut�orized Agent of Depository recognized by the State of California Department of
Banking. The collateral for deposits with savings and loan associations is generally held in
safekeeping by the Federal Home Loan Bank in San Francisco, California as an Agent of
Depository. These securities are physically held in an undivided pool for all California public
agency depositors. Under Government Code Section 53655,the placement of securities by a
bank or savings and loan association with an Agent of Depository has the effect of perfecting
the security interest in the name of the local governmentat agency. Accordingly, all collateral
held by California Agents of Depository are considered to be held for, and in the name of,the
local governmental agency.
Investments
Under provision of the City's investment policy and in accordance with the California
Government Code, the following investments are authorized:
• United States Treasury bills,notes,bonds or certiflcates of indebtedness
• Federal Agency or United States government-sponsored enterprise obligations,
participations or other instruments
• Banker's Acceptances issued by commercial banks
• Commercial Paper issued by general corporations
• Negotiable Certificates of Deposits, issued by a nationally or state-chartered bank, a
savings association, a federal association or by a state-licensed branch of a foreign bank
40
City of Palm Desert
Notes to Financial Statements(Continued)
Note 2: Cash and Investments(Continued)
• Time Certificates of Deposit issued by qualified public depositories.
• Repurchase Agreements sold by authorized brokers
• Medium-Term Notes issued by corporations organized and operating in the United States,
or by depository institutions operating in the United States and licensed by the United
States or by any state
• Money Market Mutual Funds that are registered with the SEC under the Investment Act of
1940
• State of California Local Agency Investment Fund (IAIF) that is managed by the State
Treasurer's Office
• Structured IJotes in :he form of callable securities or "STRIPS" issued by the United
States Treasury, Federal Agencies or government-sponsored enterprises
• Asset-Backed Commercial Paper issued by special purpose corporations,trusts or limited
liability companies
• Local Government Investment Pools
GASB Statement No. 31
7he City adopted GASB Statement No.31,Accounting and Financial Reporting for Certain
Investments and for External Investment Pools, as of July 1, 1997. GASB Statement
No. 31 establishes fair value standards for investments in participating interest earning
investment contracts, external investment pools, equity securities, option contracts, stock
warrants and stock rights that have readily determinable fair values.
Credit Risk
The City Treasurer is authorized under state and municipal law to invest in various types
of securities that mset specified credit qualiry standards, based upon credit risk ratings
assigned by Standard and Poors (S&P) or by Moody's Investor Services (Moody's}.
Permissible Ciry investments include medium-term notes that are rated "A" or higher at
time of p�rchase; commercial paper that is rated"A-1+" or the equivalent; money market
mutual funds that are rated "AAA"; and U.S. Government and Federal Agency securities
that are rated"AAA" (the quality of U.S.Treasury securities is not analyzed since they are
not deemed to have credit risk).
AS of June 30, 2007, the City's investments included medium-term notes and shares in
money market mutual funds, reflecting a variety of issuers. All securities were
"investment grade", and were legally acquired under state and municipal law. The City's
Federal Agency holdings and money market mutual fund holdings were rated"AAA." The
City's medium-term note holdings were rated "A+" or higher by S&P. As of
June 30,2007, the City's holdings also included shares in two local government
investment pools: 1)the State of California Local Agency Investment Fund (LAIF),which
was unrated; and 2) the California Asset Management Fund (CAMP), which was rated
"AAA"by S&P.
Custodial Credit Risk
The custodial credit risk for deposits is the risk that, in the event of the failure of a
depository financial institution, a government will not be able to recover deposits or will not
be able to recover collateral securities that are in the possession of an outside party. The
custodial credit risk for the investments is the risk that, in the event of the failure of the
counterparty to a transaction, a government will not be able to recover the value of
investment or collateral securities that are in the possession of an outside party.
41
City of Palm Desert
Notes to Financial Statements(Continued)
Note 2: Cash and Investments(Continued)
As of June 30, 2007,none of the City's deposits or investments was exposed to custodial
credit risk.
Concentration of Credit Risk
The City's investment policy imposes restrictions on the percentage the City can invest in
certain types of investments, which the Ciiy is in compliance. As of June 30, 2007, in
accordance with GASB Statement No.40,if the City has invested more than 5%of its total
investments in any one issuer then they are exposed to concentration of credit risk. 7he
following investments are considered to be exposed to concentration credit risk.
ISSUER AMOUNT
Federal Home Loan Bank(FHLB) $ 54,894,740
Federal Home loan Nortgage Corooration(FHLMC) $ 74,166,972
Investments guaranteed by the U.S. government, investments in mutual funds and
externai investment pools are excluded from this requirement.
The City's Investment policy imposes the following restrictions on the maximum
percentage it can invest in a single type of investment.
Single
Portfolio Issuer
Investment Type Maximum Maximum
United States Treasure Bills,Notes, Bonds 100% N/A
Federal Agency Notes 100% 30%
Banker's Acceptances 40% 30%
Commercial Paper 25% 10%
Negotiable CD's 30% N/A
Time CD's 15% N/A
Repurchase Agreements 20°/a N!A
Medium-term Notes 30% 15%
Money Market Funds 20% N/A
LAIF �40M/Acct N/A
Structured Nofes 20% NIA
Asset-backed Commercial Paper 25% N/A
Local Government Investment Pools 30% NIA
The City's policy is more conservative than state law, which has no issuer concentration
limits on federal agency debt. The federal agency debt that the City purchases has
implied credit ratings of"AAA/Aaa."
Interest Rate Risk
The C�ty's investment policy limits investment maturities as a mear,s of managing its
exposure to fair value losses arising from increasing interest rates. The City's investment
policy states that the City shatl not invest in securities with maturities exceeding five years
and 1he weighted-average maturity of the City portfolio shall not exceed 540 days.The City
has elected to use the segmented time distribution method of disclosure for its interest
�ate risk.
42
City of Palm Desert
Notes to Financial Statements{Continued)
Note 2: Cash and Investments(Coniinued)
As of June 30, 2007,the City had the following investments and maturities:
Investment Maturities(in Years)
Less 6 months- 1 year- 3 years- Fair
than 6 months 1 year 3 years 5 years Value
Money market mutual funds-held by
fiscal agent $ 246,237,506 $ - $ - � - $ 246,237,506
California Local Agency Investment Fund- -
held by fiscal agent 7,287,115 - - - 7,287,115
Califomia Local Agency Investment Fund 6,505,215 - - - 6,505,215
California Asset Management Program 42,781,107 - - - 42,751,107
Federal Agencies 62,201,021 43,606,906 43,433,144 3,953,750 153,194,821
Medium-Term Corporate Notes 9,946,939 10,880,211 24,903,506 6,163,616 51,894,272
$ 374,958,903 $ 54,487,117 $ 68,336,650 $ 10,117,366 $ 507,900,036
Note 3: Receivables
Primary GovernmenYs Governmental Funds
Notes and Loans Receivable
The City has a note for �1,000,000 to Friends of the Desert Mountains for the sale of
land. Friends of the Desert Mountains agreed to repay the note within 36 months from
the date of issue, January 9, 2006,with interest accruing at 5.0% per annum.
On August 8, 2006, the City Palm Desert issued $3,165,000 of Limited Obligation
Bonds. The proceeds of the Bonds will be used to finance the construction of the
utility undergrounding and pay the cost of issuance.The debt serviCe on the bonds is
to be paid by assessments secured on the property tax rolls of those properties
benefiting from the improvements. Bond maturities begin September 2, 2007, and
continue annually through 2036. The interest rates of the bonds range from 3.85% to
5.15%. The City of Palm Desert is the only bondholder on record for the bonds and
reports a receivable in the general fund that corresponds to the outstanding principal
on the bonds. As of June 30,2007, the receivable balance was$2,783,000
The City entered into several individuai loan agreements with residents of the
Highlands Utility Undergrounding Assessment Disirict No. 04-01. The loans were
issued by the City to payoff the principal of the respective properties assessment. In
turn, the residents agreed to pay to the City the full cost of the loan amount plus any
accrued interest at a rate of 5.35%. The full amount of the loan along with all accrued
interest is due and payable at the earliest of September 2, 2036 or any change in
ownership of the property. At June 30, 2007 the total receivable from the Highlands
Deferral Loan Program is$256,004.
On April 21, 2003,the Agency entered into a loan agreement w�th The Regents of the
University of Californ�a, on behalf of its Riverside Campus, to loan various amounts
over a period of time, not to exceed an aggregate amount of$2,000,000. Proceeds of
the loan are to be used for capital improvements at the University's Riverside
Campus. The outstanding principal baiance and interest on the note is due in five
annual payments beginning on a future date yet to be determined. As of
June 30, 2Q07, the amount outstanding on the loan is$2,000,000.
43
City of Palm Desert
Notes to Financial Statements(Continued)
Note 3: Receivables(Continued)
The Agency has loaned �18,862 in below market loans, secured by deeds of trust, to
eligible low-income households. Monthly payments of interest and principal are due
over a period of 30 years uniess the homes are sold, in which case the entire loan
balance is due and payable.
The Ciry has $35,873 and the Agency has $21,307 in home improvement loans.
Payments of interest and principal are due monthly on these loans.
A loan receivable for the construction of a multi-family affordable housing
development dated June 14, 2001,with a balance of$7,659,437 is due from the Paim
Desert Development Company. The loan is secured by a Deed of Trust with
assignment to property, rent and fixtures on the housing development located in Palm
Desert. Interest is earned and due annually at a rate of 1% per annum from the date
on which the final certificate of occupancy is issued. Principal on the loan is based on
the applicabie agency's percentage of positive net cash flow derived from the
operations of the Development.
The Agency has issued loans for several other projects, all of which are secured by a
deed of trust. A valuation allowance equal to the loan balance has been recognized
whe�e there is a significant possibili.ty that these loans eithe�become uncollectible or
forgiven by the Agency at a future date if all the terms of the loans have been met.
Detailed information for these loans is as follows:
Loan
Balance Interest Maturty
Project Name Outstanding Rate Date Secured By Special Provisions of Loan
Self-Help $ 429,000 7.25% 30 years Deed of Trust Loan baiance and interest
Housing Program or 2024 due upon maturity,unpa�d
balance of loan or interest
will bear an interest rate of
12%.
Home fmprovement 73,375 N/A N/A Deed of Trust Loan is payable upon
Loans change or'ransfer of title,
refinancing or upon the
death of the horrower.
Portola Palms 213,875 3 00% 30 years Deed of Trust Loan balance and interest
Mobilehome Park from date will be forgiven a2 maturity
of loan if debtor does not breach
the terms and conditions
of either the unit regulatory
agreement or note.
Desert Rose 2,176,49Q 3.00% 30 years Deed of Trust Loan w'll be f�rgiven at
from date maturty unless the debtor
of loan s in violation of the unit
regulatory agreement or
the deed of trust.
Falcon Crest 552,289 3.00% 45 years Deed o`Trust Loan is payable uoon
from date change or transfer of litle,
of loan refinancing or upon ihe
death of the borrcwer.
Acquisition, $ 190,510 3.00% 30 years Deed of Trust Loan balance and interest
Rehabil�tation, from date Assignment of wi�.l be forglven at maturity
Resale of loan Rent if debtor does not breach
tne terms and conditions
of either the unit regulatory
agreement or note
44
City of Palm DeseR
Notes to Financial Statements(Continued)
Note 4: Intertund Receivables, Payables and Transfers
The composition of interfund balances as of June 30, 2007,was as follows:
Due To/From Other Funds
Due to Other Funds:
Desert Willow Nonmajor
Funds Golf Course Funds Total
Due From Other Funds
General $ 659,742 $ 39,234 S 698,976
The General Furd receivable loaned $659,742 to the Desert Willow Golf Course and $39,234
to the New Construction Tax Fund to provide temporary funds for operations.
Advances To/From Other Funds
Advances To Other Funds
Other
Govemmental
Funds General Fund Funds Total
Advances From Other Funds:
RDA Debt Service S 19,366,480 $ 13,419,000 $ 32,785,480
Total $ 19,366,480 $ 13,419,000 $ 32,785,480
The advances from the General Fund and Other Governmental Funds were made to the
Redevelopment Agency and Other Governmental Funds for capital improvements.
Due To/From Primary Government and Component Unit
Due to Primary
Government
Funds PDRFC
Due From Component Unit
General Fund $ 465,000
Desert Wiliow Golf Course 136,762
Total $ 601,762
The receivable by the General Fund is for rent owed by the PDRFC, and the receivable by the
Desert Willow Golf Course represents funds loaned to PDRFC for operations.
45
City of Palm Desert
Notes to Financial Statements (Continued)
Note 4: Interfund Receivables, Payables and Transfers(Continued)
Interfund Transfers
Transfers f n:
RDA
Prop A �� RDA RDA Other
Fire Income Finandng Capital Governmental
General Tax Housing Authority Projects Furxis Total
Transfers Out
Generaf S - $ 1,852,000 $ - $ - $ - S 7,430,884 $ 9.282,884
RDALowlnaomeHousing - - - 4,250,498 484,407 11,540,701 16,275,606
RDAFinandngAuthority - - 49,000,427 8,400 123,019,292 - 172,028,119
RDA Debt Service - - 16,573,4&7 18,424,368 10,728,935 - 45,726,770
RDACapihal Projects - - 231,113 339 516,605 - 748,057
Other Govemmental Funds 1,122,224 - - - - 4,066,187 5,188,411
$ 1,�22,224 S 1,852,000 S 65,805,007 $ 22,683,605 5 134,749,239 $ 23,037,772 S 249,249,847
Transfers are used to:
1. Move receipts restricted to debt service from the funds collecting the receipts to the
debt service funds as debt service payments �ecome due,
2. Transfer 20°/a of tax increment received by RDA debt service funds to the low and
moderate income housing special revenue fund,
3. Transfer allocation of administrative expenses,
4. Transfer revenues to provide for capital projects, and
5. Transfer revenues to provide for additional resources to pay for expenditures.
46
City of Palm Desert
Notes to Financial Statements(Continued)
Note 5: Capital Assets
A summary of changes in Capital Assets at June 30, 2007,was as foliows:
Primary Government
Aojusted
Balance at Balance at Balance at
July 1,2006 Adjustments('} July 1,2006 7ransters AddiUons Deletions June 30,2007
Govemmen:al Actihties:
Capdai assets,nol being deprecVated
Land S 73,727.C69 S (481,186) E 73,245,903 S - f 37,781,733 E (375,715) S �10.657,921
R�ght-of-Way 109,694,446 - 109,694,448 - - - 109,694,d46
ConsiruC.ion-in-progress 50,865.541 (634,764) 50,230,777 (17.681,189) d3,308,825 (8,228,t94) 75,630219
7otal Capita�Assets Not
BaingDeprecated 234,287056 (1,115,930) 233,171.126 (11.681,189) 81,094,558 (6,607.909) 295.982.566
Capdal assets,being depreciated:
Bui'dings 81.180,294 - 81,160,294 6,444.60t 2843118 (28.553) 90,419.563
�mprovements olher
;han huildings Z7,104.336 - 2a,104,338 7,279.051 '9,048 - 28,402,435
Machineryandequipment 6,726,839 - 6,726,839 (438,398) 10�7.576 (66.771) 7241,248
Infrastructure 132,782.785 - 132,782,785 3957,534 630,115 - 137,370434
Equipment-In;emalServiceFuntl 4.179,288 - 4,179.288 436,398 232,208 ('85.532) 4,662,343
Total Capitai Assets
Being Depreaaletl 257.953,522 - 248,953,522 11 681,189 4,742,166 l,280,8561 266.096,021
Less accumulated depreciatbn fa
Butldings (28,685,047) - (28,685,047) - �2.113,279) 28,553 (30,769,773)
Improvements olher
thanbuddnge (9,734,035) - (9.734,035) - (1,a26.103) - (11,160.138i
Machineryandequipme�t (5.390.297) - (5.390,297) 54,991 (384,777) 66,t51 (5,683.932)
In(2structure (48,887]47) - (48,887,747) - (3,157,22i) - (52,038968)
Equipment-In;ernalServiaFund (2,749,938) - (2,749,938) (54,99�) (393,�03) '�43,944 (3.054,088)
Total Accumuiated
De;.reaation (95,441,064) - (95.447,064) • (7,484,463) 238.848 (102 688,899)
Net Capi[al Assets
Being Depredatetl 158.512,458 - 753,512,458 11,681,789 (2,742,317) (280.BSB) 165,409,122
Net Cap�tat Assets
GovemmentalActivities E 380,799,514 3 (1,775,930) 5 389,683,584 S • S 78,352,241 5 (6,844117 5 461391,708
Basiness-7yve Activities
Capita assets,not bemg depreciated
Land 5 52 F03,366 5 - S 52.503,366 5 S 7.534 S - 3 52,570,900
Total Capitai Assets Not
Being DeFreciatetl 52.503,566 - 52,503.308 7,534 52.5'0,900
Capitai assets.being depreciated:
Bwldings 12,917,984 - 72.917.994 - 267.585 (141,638) 13,043,921
Mach�neryanaeqwpment 4.207.140 - 4,207.140 - 3063.196 (1,437,173} 5,833,165
To!al Cap�tal Assets Being
Depreaatetl 17.t25.13a - 77125.134 - 3.330.763 (1,57B,817) 16,E77,088
Less acamulated tlepreaation for
Buddngs (2.785,637) - (2.765.637) - (347,242) 141.638 (2.871.241J
Machinery and equipment (3,459,291) - (3,458,291) (1 015,852} 1,�96,855 (3,278.288�
Tolal Accumulat2d
Depreciat�on (6.224,928) - (8.224,928) - (1.363,094) 1.338,493 (6249,529)
Net Capda Assets
Being DepreGated 10,900,208 - 10,900,208 - I 987,658 (240,3t8) 12.627.557
Net Capftal Assets,
Busmess-Type Activities E 63,403,572 S - E 83,a03 572 5 - S �975,203 S (240.318) 3 65.138,457
(') Adjustments relate to prior year acquisitions and disposals not recorded and changes in the accounting treatment for
property held for resale.
47
City of Palm Desert
Notes to Finan�fal Statements(Continued)
Note 5: Capital Assets(Continued)
Depreciation expense was charged to functions/programs of the primary government as
follows:
Govemmental Activities:
General government 3 2,360,759
Public safety 134,910
Public works 3,427,283
Parks,recreation and culture 1,168,428
Depreciation expense for internal service funds is charges ,
to various functions based on usage of capital assets 393,103
Totai Deprecia'.ion Expense-
. Governmental Activities S 7,484,483
eusiness-Type Activities
Golf course-Desert Willow $ 1,157,724
Office complex-Parkview 205,370
Tot�l Depreciation c�ense-
Business-TypeActivities $ 1,363,094
Note 6: Long-Term Liabilities
The following is a summary of long-term liability transactions of the City for the year ended
June 30, 2007:
Primary Government
8alance at Balance at Due Within
July 1,2006 Adjustments(') Additions ReCuction June 30,2007 One Year
Governmental Activities:
Compensated absences payable S 2,438,010 $ - $ 1,699,603 S 1,605,560 S 2,532,053 $ 700,000
Speciai assessment debt
with government commitment S - � - $ 3,165,000 $ 382,000 2,783,000 35,000
Taxallocationbonds 245,000,000 - 284,369,894 107,550,000 (1) 421,819,894 10,577,438
Notes payable 736,242 - - 122,707 613,535 122,707
Claims and judgments payable - 481,317 367,479 311,795 537,001 400,000
S 248,174,252 S 481,317 S 289,601,976 $ 109,972,062 $428,285,483 S 11.835,145
Add: Unamortized bond premium 819,307 - 7,785,375 278,036 8,326,646
Less: Unamortized gainlloss on
defeasance - - 1,811,501 82,536 1,728,965
Total S 434,883,164
Debt service payments for governmentai activities are;nade from debt service funtls:
Business-Type Activities:
Capitalleases S 170,493 $ - S 2,621,527 $ 610,474 S 2,181,546 $ 55�,322
{')Claims and judgments payable were reported in the General Fund in prior years. Due to their long-term nature,
they are now reported with the general governmental long-term liabilities.
(1)$99,845,000 of the total represent defeasances of bonds and$7,705,000 represent annual repayments.
48
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-Term Liabilities (Continued)
Governmental Activities
a. Compensated Absences Payable
There is no flxed payment schedule to pay the governmental fund types' outstanding
liability of$2,532,053 for compensated absences earned at June 30, 2007. Compensated
absences are generally liquidated by the General Fund.
b. Claims and Judgments Payable
Estimates for all warkers'compensation and general liabilities up to the self-insured levels
have been recorded as long-term liabilities. At June 30, 2007, total estimated workers'
compensation and general liabiliry claims payable, including a provision for incurred but
not reported ciaims, were$326,692 and$210:309, respectively.
Changes in claims liabilities during the past two years are as follows:
June 30,2006 June 30,2007
Claims payable-Beginning ofYe� $ 659,906 $ 481,317
I narred d aims(including I BNR)
andchangesinestimafe 193,366 367,479
Claims payments (371,955) (311,795)
Claimspayable-EndofYear $ 481,317 $ 537,001
c. Special Assessment Debt with Government Commitment
Highlands Undergrounding Assessment District No. 04-01, Limited Obligation
Improvement Bonds, Series 2006
On August 8, 2006, the City Palm Desert issued 53,165,000 of Limited Obligation
Bonds. The proceeds of the Bonds will be used to finance the construction of the
utility undergrounding and pay the cost of issuance. The debt service on the bonds is
to be paid by assessments secured on the property tax rolls of those properties
benefiting from the improvements. In the event that assessment collections are
insufficient to pay the debt service, the City has a potential obligation to provide
additional funds to pay the debt service, therefore these bonds are reported as
special assessment debt with govemment commitment. Bond maturities begin
September 2, 2007, and continue annually through 2036. The interest rates of the
bonds range from 3.85% to 5.�5%. The City of Palm Desert is the only bondholder on
record of the bonds.
49
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-Term Liabilities(Continued)
The future debt service requirements on the Highlands Undergrour�ding Assessment
District No. 04-01, Limited Obligation Improvement Bonds, Series 2006
are as foilows:
Year Ending
June 30, Prindpal Interest Total
2008 � 35,000 $ 137,758 $ 172,758
2009 46,000 136,187 182,187
2010 48,000 134,306 182,306
2011 50,000 132,259 182,259
2012 52,000 130,065 182,065
2013-2017 297,000 611,954 908,954
2018-2022 375,000 531,562 906,562
2023-2027 479,000 424,330 903,330
2028-2032 614,000 284,792 898,792
2033-2037 787,000 105,445 892,445
� 2,783,000 $ 2,628,658 $ 5,411,658
d. Tax Allocation Bonds
Tax Allocation bonds are special obligations of the Agency and the Financing Authority
(a component unit of the Agency) and are secured by an irrevocable pledge of tax
revenues and other funds as provided under the Bond Resolution. The bonds and any
interest thereon are not a debt of the City, the State of California or any of its political
subdivisions, and neither the City, the State of California nor any of its political
subdivisions is liable on the bonds, nor in any event shall the bonds and interest thereon
be payable out of any funds or properties other than those provided under the Bond
Resolution.
1995 Series Tax Allocation Revenue Bonds (Project Area No. 2)
In June 1995, the Palm Desert Financing Authority issued $4,090,000 of Tax
Allocation Bonds, (Project Area No. 2) 1995 Series. The Palm Desert Financing
Authority loaned the bond proceeds to the Palm Desert Redevelopment Agency to
fund various redevelopment capital projects of the Agency in Project Area No. 2.
Interest rates on the bonds vary from 4.40% to 5.95% per annum payable semi-
annually on February 1 and August 1,with principal maturing annually on August 1. In
July 2006, the remaining outstanding balance was advance refunded by the issuance
of Project Area No. 2 Tax Allocation Refunding Revenue Bonds 2006 Series A. See
Note 10 for more information.
50
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-Term Liabilities(Continuedj
1995 Series A Tax Allocation Revenue Refunding Bonds
In August 1995, the Palm Desert Financing AutF�ority issued $6,305,000 in Tax
Allocation Revenue Refunding Bonds 1995 Series A. The proceeds from the bonds
were loaned to the Palm Dese�t Redeve;opment Agency to provide funds to refund in
advance 56,430,000 of the 1988 Tax Allocation Bonds. Interest rates on the bonds
vary from 3.80% to 5.55% with interest payable semi-annually on March 1 and
September 1,with principal maturing annually on September 1.
The future debt service requiremenis on the 1995 Series A Tax Allocation Revenue
Refunding Bonds are as follows:
Year Ending
June 30, Principal Irrterest Totaf
2008 600,000 51,593 651,593
2009 635,OQ0 17,621 652,621
Total $ 1,235,000 $ 69,214 $ 1,304,214
1997 Series Tax AI!ocation Refunding Revenue Bonds
On July 24, 1997, the Palm Desert Financing Authority issued $71,955,000 in Tax
Allocation Refunding Revenue Bonds (Project Area No. 1 as Amended) 1997 Series.
The proceeds from the bonds were loaned to the Palm Desert Redevelopment
Agency to provide funds to refund in advance a portion of the 1992 Series A Tax
Allocation Revenue Bonds. Interest rates on the bonds vary from 4.100% to 5.625%
with interest payable semi-annually on April 9 and October 1, with principal maturing
annually on April 1. In July 2006, $23,595,000 of the outstanding balance was
advance refunded by the issuance of Tax Allocation Refunding Revenue Bonds
(Project Area No. 1, as Amended) 2006 Series B (Taxable) and in January 2007,
$31,855,000 was advance refunded by the issuance of Tax Allocation Refunding
Revenue Bonds (Project Area No, 1, as amended)2007 Series A. The total advance
refunded amount was $55,450,000. As of June 30, 2007, all these bonds are
redeemed or defeased. See Note 10 for more information.
51
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-Term Liabilities(Continued)
1998 Series Tax Allocation (Housing Set-Aside) Revenue Bonds
In January 1998, the Palm Desert Financing Authoriry issued $48,760,000 in Tax
Allocation (Housing Set-Aside) Revenue Bonds. The proceeds from the bonds were
loaned to the Palm Desert Redevelopment Agency to finance the acquisition of seven
apartment complexes consisting of 725 rental units from the Housing Authority of the
County of Riverside. Interest rates on the bonds vary from 4.0% to 5.1% per annum
payable semi-annually on Apnl 1 and October 1, with principal maturing annualiy on
October 1. In February 2007, $38,740,000 of the outstanding balance was advance
refunded by the issuance of Tax Allocation (Housing Set-Aside) Refunding Revenue
Bonds Series 2007. See Note 10 for more information.
The fut�.�re debt service requirements on the 1998 Series Tax Allocation (Housing
Set-Aside) Revenue Bonds(after defeasance)are as follows:
Year Ending
June 30, Prindpal I�est Total
2008 655,000 262,281 917,281
2009 685,000 233,806 918,806
2010 1,390,000 184,500 1,574,500
2011 1,460,000 113,250 1,573,250
2012 1,535,000 38,375 1,573,375
Total � 5,725,000 � 832,212 $ 6,557,212
1998 Series Tax Allocation Revenue Bonds(Project Area No.4)
On March 1, 1998, the Palm Desert Financing Authority issued $11,020,000 of 7ax
Allocation Revenue Bonds (Project Area No. 4) 1998 Series. 7he proceeds from the
bonds were loaned to the Palm Desert Redevelopment Agercy to fund various
redevelopment capital projects of the Agency in Project Area No. 4. Interest rates on
the bonds vary from 4.0% to 5.2% per annum payable semi-annually on April 1 and
October 1, with principal maturing annually on October 1. In July 2006, $1,785,000 of
the outstanding balance was advance refunded by the issuance of Tax Allocation
Refunding Revenue Bonds (Project Area No. 4) 2006 Series A. See Note 10 for
more information.
The future debt service requirements on the 1998 Series Tax Allocation Revenue
Bonds(Project Area No.4)(after defeasance}are as follows:
52
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-Term Liabilities(Continued)
Year Ending
June 30, Prindpal Interest Total
2008 - 429,590 429,590
2009 - 429,590 429,590
2010 - 429,589 429,589
2011 130,000 426,665 556,665
2012 135,000 420,635 555,635
2013-2017 1,420,000 1,949,773 3,369,773
2U1&2022 2,285,000 1,449,975 3,734,975
2023-2027 2,970,000 769,340 3,739,340
2028-20 32 1,415,000 74,490 1,489,490
Total $ 8,355,000 $ 6,379,647 $ 14,734,647
2001 Series Tax Allocation Revenue Bonds(Project Area No.4)
In November 2001, the Palm Desert Financing Authority issued �15,695,000 of Tax
Allocation Revenue Bonds (Project Area No. 4) 2001 Series. The proceeds from the
bonds were loaned to the Palm Desert Redevelopment Agency to fund various
redevelopment capital projects of the Agency in Project Area No. 4. Interest rates on
the bonds vary from 3.5% to 4.9% per annum payable semi-annually on April 1 and
October 1,with princip2l maturing annually on October 1.
7he future debt service requirements on the 2001 Series Tax Allocation Revenue
Bonds(Project Area No.4)are as follows:
Year Ending
June 30, Principal InUerest Total
2008 285,000 673,013 958,013
2009 310,000 662,313 972,313
2010 305,000 651,251 956,251
2011 320,000 639,910 959,910
2012 325,000 628,012 953,012
2013-20'17 1,875,000 29,158,904 4,790,904
2018-2022 2,380,000 2,443,182 4,803,182
2023-2027 2,915,000 1,826,259 4,741,259
2028-2032 6,100,000 867,600 6,967,600
Total $ 14,795,000 � 37,550,4d4 $ 26,102,444
53
Cfty of Palm Desert
Notes to Financial Statements(Continued)
Note 8: Long-Term Liabilities(Continued)
2002 Series A Tax Allocation Refunding Revenue Bonds (Project Area No. 1, as
amended)
In March 2002, the Palm Desert Financing Authority issued $22,070,000 of Tax
Allocation Refunding Revenue Bonds (Project Area No. 1, as amended) 2002 Series
A. The proceeds from the bonds were loaned to the Palm Desert Redevetopment
Agency. A portion of the proceeds of the loan was used to prepay the prior loan,
which affected the current refunding of a like portion of the prior bonds. The
remainder was used to fund various redevelopment capital projects of the Agency in
Project Area No. 4. The bonds consist of $10,905,000 term bonds at 5.00% due
Aprll 1, 2025, and �11,165,000 term bonds at 5.10% due April 1, 2030. Interest is
payable semi-annually on April 1 and October 1. Mandatory sinking fund redemptions
begin April 1, 2024.
The future debt service requirements on the 2002 Series A 7ax Allocation Refunding
Revenue Bonds (Project Area No. 1, as amended)are as follows:
Year Ending
June 30, Principal Interest Total
2008 - 1,114,664 1,114,664
2009 - 1,114,665 1,114,665
2010 - 1,114,665 1,114,665
2011 - 1,114,665 1,114,665
2012 - 1,114,665 1,114,665
2013-2017 - 5,573,324 5,573,324
2018-2022 - 5,573,326 5,573,326
2023-2027 15,040,000 4,141,059 19,181,059
2028-2032 7,030,000 728,790 7,758,790
Total $ 22,070,000 $ 21,589,823 S 43,659,823
2002 Series A Tax Allocation Refunding Revenue Bonds (Project Area No. 2)
In July 2002, the Palm Desert Financing Authority issued $17,310,000 of Tax
Allocation Refunding Revenue Bonds (Project Area No. 2) 2002 Series A. The Palm
Desert Financing Authority loaned the bond proceeds to the Palm Desert
Redevelopmenf Agency to prepay outstanding indebtedness and to fund various
redevelopment capital projects within or of benefit to the project area. Interest rates
on the bonds vary from 3.0% to 5.0% per annum payable semi-annually on
� February 1 and August 1.
The future debt service requirements on the 2002 Series A Tax Allocation Refunding
Revenue Bonds (Project Area No. 2)are as follows:
54
City of Palm Desert
Notes to Financial Statements (Continued)
Note 6: Long-Term Liabilities{Continued)
Year Ending
June30, Prindpal Interest Totai
2008 650,000 653,078 1,303,078
2009 675,000 631,853 1,306,853
2010 695,000 607,868 1:302,868
2011 720,00 0 581,498 1,301,498
2012 760,000 548,638 1,308,638
2013-2017 4,365,000 2,171,020 6,536,020
209 8-2022 5,535,00 Q 1,030,196 6,565,196
2023-2027 1,280,000 32,000 1,312,000
Total �14,680,000 $ 6,256,151 �20,936,151
2002 Series Tax Allocat�on (Housing Set-Aside) Revenue Bonds
In August 2002, the Palm Desert Financing Authority issued $12,100,000 of Tax
Allocation (Housing Sef-Aside) Revenue Bonds 2002 Series. The Palm Desert
Financing Authority loaned the bond proceeds to the Palm Desert Redevelopment
Agency to fund various low and moderate housing capital projects of the Agency and
to finance costs of issuance of the bonds. Interest rates on the $6,555,000 serial
bonds vary from 2.0% to 4.9% per annum payable semi-annually on March 1 and
October 1. Annual principal payments began October 1, 2003. The $5,545,000 term
bonds bear an interest rate of 5.0% per annum and mature October 1, 2031.
The future debt service requirements on the 2002 Series Tax Allocation (Housing
Set-Aside}Revenue Bonds are as follows:
Year Ending
June30, Prinapal Interest Total
2008 255,Q00 508,449 763,449
2009 265,000 500,573 765,573
2010 275,OG0 491,454 766,454
2011 285,000 481,298 766,298
2012 295,000 470,201 765,201
2�12-2016 1,660,000 2,160,069 3,820,069
2017-2021 2,075,000 1,755,359 3,830,359
2022-2026 2,635,000 1,188,638 3,823,638
2027-2031 3,385,000 439,875 3,824;875
Total S 11,130,000 $ 7,995,916 $19,125,916
55
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-7erm Liabilities(Continued)
2003 Series Tax Allocation Revenue Bonds(Project Area No. 2)
In March 2003, the Palm Desert Financing Authority issued 515,745,000 of Tax
Allocation Revenue Bonds (Project Area No. 2) 2003 Series. The Palm Desert
Financing Authority loaned the bond proceeds to the Palm Desert Redevelopment
Agency to fund various redevelopment capital projects of the Agency in Project Area
No.2. Interest rates on the bonds vary from 4.5% to 5.0% per annum payable
semi-annually on February 1 and August 1,with principal maturing as follows:
$ 875.000 Serial Bonds August 1,2023
910,000 Serial Bonds August 1,2024
2.485,000 Term Bonds August 1,2026
"1.475.000 Term Bonds August 1,2033
The future debt service requirements on the 2003 Series Tax Allocation Revenue
Bonds(Project Area No.2)are as follows:
Year End�ng
June30, Principal Interest Total
2008 - 769,006 769,006
2009 - 769,006 769,006
20�0 - 769,006 769,006
2011 - 769,006 769,006
2012 - 769,006 769,006
2013-2017 - 3,845,030 3,845,030
2018-2022 - 3,845,030 3,845,030
2023-2027 4,270,000 3,494,421 7,764,421
2028-2032 7,775,000 1,935,625 9,710,625
2032-2034 3,700,000 187,250 3,8 87,250
Total $ 15.745,000 3 17,152,386 $ 32,897,386
2003 Series Tax Ailocation Revenue Bonds (Project Area No. 1)
In July 2003, the Financing Authority issued $19,000,000 Tax Allocation Revenue
eonds (Project Area No. 1, as amended) 2003 Series. The proceeds of the bonds
were disbursed to make a loan to the Redevetopment Agency. The Agency will use
the proceeds of the loan to fund various redevelopment capital projects of the Agency
and to finance costs of issuance of the bonds. The bonds bear interest at 5.0%. They
consist of$7,050,000 seriai bonds with principal payments due in 2026 and 2027,and
$11,950,000 term bonds due in 2030. Interest will be payable on April 1 and
October 1, of each year beginning April 1, 2004. Principa! payments will be on April 1
of the years stated above.
56
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-Term Liabilities (Continued)
The future debt service requirements on the 2003 Series Tax Allocation Revenue
Bonds(Project Area No. 1)are as follows:
Year Ending
Ju ne 30, Prinapal I nterest Tobl
2008 - 950,001 950,001
2009 - 950,001 950,001
2010 - 950,001 950,001
2011 - 950,001 950,001
2012 - 950,001 950,001
2013-2017 - 4,750,005 4,750,005
2018-2022 - 4,750,005 4,750,005
2023-2027 7,050,000 4,578,005 11,628,005
2028-2032 11,950,000 1,214,501 13,164,501
Tota I $19,000,000 $20,042,521 $39,042,521
2003 Series Tax Allocation Revenue Bonds (Project Area No. 3)
In July 2003, the Financing Autr�ority issued $4,745,000 of Tax Allocation Revenue
Bonds (Project Area No. 3) 2003 Series. The proceeds of the bonds were disbursed
to make a loan to the Redevelopment Agency. The Agency will use the proceeds of
the loan to fund various redevelopment capital projects within or of benefit to the
project area and to finance costs of issuance of the bonds. The bonds bear interest at
rates ranging from 3.000% to 5.125%. Principal maturities for the serial bonds of
�2,475,000 began April 1, 2004, and continue through October 1, 2031. The term
bonds in the amount of$2,270,Q00 are due in 2033.
The future debt service requirements on the 2003 Series Tax Allocation Revenue
Bonds (Project Area No. 3)are as follows:
Year Ending
Ju ne 30, Prinapal I nterest Total
2008 95,000 198,748 293,748
2009 100,000 195,898 295,898
2010 100,000 193,048 293,048
2011 105,000 189,848 294,848
2012 110,000 186,225 296,225
2013-2017 610,000 865,310 1,475,310
2018-2022 755,000 726,033 1,481,033
2023-2027 950,000 532,193 1,482,193
2028-2032 1,210,000 263,681 1,473,681
2033 280,000 14,350 294,350
Tota I $ 4,315,000 $ 3,365,334 $ 7,680,334
57
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-Term Liabilitfes(Continued�
2004 Series A Tax Allocation Refunding Revenue Bonds (Project Area No. 1, as
amended)
In June 2004, the Palm Desert Financing Authority issued �24,945,000 of Tax
Allocation Refunding Revenue Bonds (Project Area No. 1, as amended)
2004 Series A. 7he proceeds from the bonds were loaned to the Palm Desert
Redevelopment Agency to refinance a portion of the Agency's obligations from 1995,
and to fund various redevelopment capital projects within or of benefit to the pro}ect
area. Interest rates on the bonds vary from 3.0°/a to 5.0% per annum payable
semi-annually on April 1 and October 1. Principal payments will be made annually
beginning April 1, 2005.
The future debt service requirements on the 2004 Series A Tax Allocation Revenue
Bonds (Project Area No. 1, as amended)are as follows:
Year Ending
June 30, Principal Interest Total
2008 85a,000 1,059,813 1,909,813
2009 1,030,000 1,025,813 2,055,813
2010 945,OQ0 974,313 1,919,313
2011 1,130,000 927,063 2,057,063
2012 1,050,000 876,213 1,926;213
2013-2017 6,215,000 3,629,138 9,844,138
2018-2022 7,715,000 2,087,675 9,802,675
2023-2027 3,720,000 424,750 4,144,750
Total $ 22,655,000 $ 11,004,778 $ 33,659,778
Tax Allocation Revenue Bonds (Project Area No. 1, as Amended) 2006 Series A and
Series B (Taxable)
On July 6, 2006, the Palm Desert Financing Authoriry issued $37,780,000 of Tax
Allocation Revenue Bonds (Project Area No. 1, as Amended) 2006 Series A and
$24,540,000 of Tax Allocation Refunding Revenue Bonds (Project Area No. 1, as
Amended) 2006 Series B (Taxable). The Palm Desert Financing Authoriry loaned the
bond proceeds to the Palm Desert Redevelopment Agency. The proceeds of the
Series A loan will be used to assist the Agency to fund various redevelopment capital
projects within or of benefit to Project Area No. 1, as Amended, pay costs of issuance
and pay the premium on a Reserve Fund surety bond. The proceeds of the Series B
loan will be used to refinance the Agency's obligations incurred under a foan
agreement entered into in 1997, pay costs of issuance and pay the premium on a
Reserve Fund surety bond. The Series A bonds consist of $26,415,000 Serial Bonds
with interest rates ranging from 4.70% to 5.25% payable semiannually on October 1
and April 1. Bond maturities begin April 1, 2017, and continue annually through 2030.
Term bonds in the amount of$11,365,000 carry an interest rate of 5.00% and mature
April 1, 2022. The Series B bonds consist of $13,220,OOQ Serial Bonds with interest
rates ranging from 5.56% to 5.77% payable semiannually on October 1 and April 1.
Bond maturities begin April 1, 2007, and continue annually through 2012. Term bonds
in the amount of$11,320,000 carry an interest rate of 5.82%and mature April 1, 2016.
58
City of Palm Desert
Notes to Financlal Statements(Continued)
Note 6: Long-Term Liabilities(Continued)
The future debt service requirements on the 2006 Series A and Series B Tax
Allocation Revenue Bonds(Project Area No. 1, as amended)are as follows:
Year Ending
June 30, Principal Interest Totai
2008 1,965,000 3,203,349 5,168,349
2009 2,075,000 3,092,327 5,167,327
2010 2,195,000 2,974,259 5,169,259
2011 2,320,000 2,848,266 5,168,266
2012 2,450,000 2,714,634 5,164,634
2013-2017 12,320,000 11,265,845 23,585,845
2018-2022 22,720,000 7,481,513 30,201,513
2 023-2027 13,235,000 1,551,538 14,786,538
2028-2030 825,000 79:670 904,670
Total $ 60,105,000 $ 35,211,401 $ 95,316,401
Project Area No. 2 Tax Allocation Refunding Revenue Bonds 2006 Series A, Tax
Allocation Revenue Capital Appreciation Bonds 2006 Series B, Revenue Bonds 2006
Series C and Subordinate Tax Allocation Revenue Capital Appreciation Bonds 2006
Series D
On July 25, 2006, the Palm Desert Financing Authority issued its Project Area No. 2
$41,340,000 Tax Allocation Refunding Revenue Bonds 2006 Series A, $1,567,118 Tax
Allocation Revenue Capital Appreciation Bonds 2006 Series B, $7,775,000 Tax
Aliocation Revenue Bonds 2006 Series C and$16,936,095 Subordinate Tax Allocation
Revenue Capital Appreciation Bonds 2006 Series D. The Palm Desert Financing
Authority loaned the bond proceeds to the Palm Desert Redevelopment Agency. The
proceeds of the Series A, B and C Bonds will be used to make three loans to refinance
the Agency's obligations incurred under a loan agreement entered into in 1995, fund
various redevelopment capital projects within or of benefit to its Project Area No. 2
Reserve Fund surety and pay costs of issuance of the bonds. The Agency will use
the proceeds of the Series D Bonds to fund variaus redevelopment capital projects
within or of benefit to the Project Area, fund a debt service reserve fund and pay cost
of issuance of the bonds. The Series A bonds consist of $16,250,000 Serial Bonds
with interest rates ranging from 4.00% to 5.00% payable semiannually on August 1
and February 1. Bond maturities begin August 1, 2007, and continue annually through
2026. Term bonds in the amount of $8,225,000 carry an inte�est rate of 4.90% and
mature August 1, 2031. Term bonds in the amount of $16,865,000 carry an interest
rate of 5.125%and mature August 1, 2036. The Series B bonds consist of$9,567,118
Capital Appreciation Bonds with a reoffering yield ranging from 3.85°/a to 4.08%. Bond
maturitfes begin April 1, 2007, and continue annually through 2010. The Series C
bonds consist of $3,950,000 Serial Bonds with interest rates ranging from 3.90% to
4.90% payable semiannually on August 1 and February 1. Bond maturities begin
August 1, 2010, and continue annually through 2026. Term bonds in the amount of
$1,910,000 carry an inte�est rate of 4.90% and mature August 1, 2031. Term bonds in
the amount of$1,915,000 carry an interest rate of 5.00% and mature August 1, 2035.
The Series D bonds consist of $16,936,095 Capital Appreciation Bonds with a
reoffering yield ranging from 4.65% to 6.10%. Bond maturities begin August 1, 2007,
and continue annually through 2035. Each year the outstanding balance is increased
for the accretion of interest associated with the bonds. The accreted interest at
June 30, 2007 is$936,067.
59
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-Term Liabilities(Continued)
The future debt service requirements on the 2006 Series A and Series D Tax
Allocation Revenue Bonds(Project Area No. 2)are as follows:
Year Ending
J une 30, Principal Interest Total
2008 907,438 2,404,240 3,311,678
2009 1,221,594 2,463,783 3,685,377
2010 1,777,789 2,595,139 4,372,928
2011 1,547,001 2,589,956 4,136,957
2012 1,647,818 2,561,720 4,209,538
2013-2017 8,355,111 12,861,088 21,216,199
2018-2022 8,328,548 13,033,747 21,362,295
2023-2027 11,792,431 14,650,037 26,442,468
202&2032 11,933,707 11,401,991 23,335,698
2033-2037 20,106,776 8,385,929 28,4 92,705
Total $ 67,61$,213 $ 72,947,630 $ 140,565,843
Project Area No. 3 Tax Allocation Revenue Bonds 2006 Series A, Tax Allocation Revenue
Capital Appreciation Bonds 2006 Series B and Subordinate 7ax Allocation Revenue
Capital Appreciation Bonds 2006 Series C
On July 25, 2006, the Palm Desert Financirtg Authority issued its Project Area No. 3
$11,915,000 Tax Allocation Revenue Bonds 2006 Series A, S383,660 Tax Allocation
Revenue Capital Appreciation Bonds 2006 Series B and $2,760,866 Subordinate Tax
Allocation Revenue Capital Appreciation Bonds 2006 Series C. The Palm Desert
Financing Authority loaned the bond proceeds to the Palm Desert Redevelopment
Agency. The proceeds of the Series A and B Bonds will be used to make two loans to
fund various redevelopment capital projects within or of benefit to its Project Area
No. 3, purchase a Reserve Fund surety policy and pay the costs of issuance of the
bonds. The Agency will loan the proceeds of the Series C 8onds to fund various
redevelopment capital projects within or of benefit to the Project Area, fund a debt
service reserve fund and pay the costs of issuance of the bonds. The Series A bonds
consist of �2,980,000 Serial Bonds with interest rates ranging from 4.00% to 4.75%
payable semiannually on April 1 and October 1. Bond maturities begin April 1, 2007,
and continue annually through 2025. Term bonds in the amount of �4,465,000 carry
an interest rate of 4.75% and mature April 1, 2036. Term bonds in the amount of
$4,470,000 carry an interest rate of 5.00% and mature April 1, 2041. The Series B
bonds consist of$383,660 Capital Appreciation Bonds with a yield ranging from 5.31%
to 5.54%. Bond maturities are April 1, 2020, 2021, 2027 and 2028. The Series C
bonds consist of $2,760,866 Capital Appreciation Bonds with a yield ranging from
4.80% to 6.10%. Bond maturities begin April 1, 2009, and continue annually through
2034. Each year the outstanding balance is increased for the accretion of interest
associated with the bonds. The accreted interest at June 30, 2007 is S172,082.
60
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-Term Liabilities(Continued)
The future debt service requirements on the 2006 Series A and Series C Tax
Allocation Revenue Bonds(Project Area No. 3) are as follows:
Year Ending
June 30, Principal Interest Total
2008 - 564,275 564,275
2009 22,012 567,263 589,275
2010 126,100 573,175 699,275
20'1 160,871 570,204 731,075
2012 198,934 562,141 761,075
2013-2017 1,408,132 2,902,793 4,310,925
2018-2022 1,633,916 3,562,841 5,196,757
2023-2027 1,933,039 3,894,643 5,827,682
2028-2032 2,238,021 4,050,891 6,288,912
2033-2037 3,638,501 2,395,537 &,034,038
2038-2042 3,660,000 468,750 4,128,750
Total $ 15,Q19,526 $ 20,112,513 $ 35,132,039
Tax Allocation Refunding Revenue Bonds (Project Area No. 4) 2006 Series A and Tax
Allocation Revenue Capital Appreciation Bonds(Project Area No. 4) Series B
On July 25, 2006, the Palm Desert Financing Authority issued $14,610,000 of Tax
Allocation Refunding Revenue Bonds (Project Area No. 4) 2006 Series A and
$4,663,089 of Tax Allocation Revenue Capital Appreciation Bonds(Project Area No.4}
2006 Series B. The Palm Desert Financing Authority loaned the bond proceeds to the
Palm Desert Redevelopment Agency. The proceeds of the Series A and B Bonds will
be used to make two loans to refinance a portion of the outstanding obligations of the
Redevelopment Agency under a Ioan agreement dated March 1, 1998, fund various
redevelopment capital projects within or of benefit to its Project Area No. 3, purchase a
Reserve Fund surety policy and pay the costs of issuance of the bonds. The Series A
bonds consist of $8,155,000 Serial Bonds with interest rates ranging from 4.40% to
5.00% payable semiannually on October 1 and April 1. Bond maturties begin
October 1, 2008, and continue annually through 2026. Term bonds in the amount of
$2,200,000 carry an interest rate of 5.00% and mature October 1, 2029. Term bonds
in the amount of $4,255,000 carry an interest rate of 5.00% and mature
October 1, 2034. The Series B bonds consist of $4,663,089 Capital Appreciation
Bonds with a yield ranging from 4.14% to 5.56%. Bond maturities begin
October 1, 2009, and continue annually through 2034. Each year the outstandirg
balance rs increased for the accretion of rnterest associated with the bonds. The
accreted interest at June 30, 2007 is$235,917.
61
City of Palm Desert
Notes to Financial Statements (Continued)
Note 6: Long-Term Liabilities (Continued)
The future debt service requirements on the 2006 Series A and Series B Tax
Allocation Revenue Bonds(Project Area No.4) are as follows:
Year Ending
June 30, Principal Interest Total
2008 - 699,445 699,445
2009 200,000 694,944 894,944
2010 439,497 686,948 1,126,445
2011 435,000 662,657 1,097,657
2012 554,233 657,612 1,211,845
2013-2017 2,892,639 2,979,947 5,872,586
2018-2022 1,432,356 2,910,818 4,343,174
2023-2027 3,724,640 2,933,752 6,658,392
2028-2032 4,152,069 4,848,681 9,OQ0,750
2033-2035 5,442,655 6,245,719 11,688,374
Total $ 19,273,089 $ 23,320,523 $ 42,593,612
Tax Allocation Refunding Revenue Bonds (Project Area No. 1, as amended) 2007
Series A
On January 9, 2007, the Palm Desert Financing Authority issued �32,600,000 Tax
Allocation Refunding Revenue Bonds (Project Area No. 1, as amended) 2007 Series
A. The Palm Desert Financing Authority loaned the bond proceeds to the Palm Desert
Redevelopment Agency. The proceeds of the 2007 Loan will be used to refinance a
portion of the outstanding obligations of the Redevelopment Agency, fund various
redevelopment capital projects within the Palm Desert Redevelopment Agency Project
Area No. 1, as amended, and pay the costs associated with the issuance of the bonds.
The Series A bonds consist of $32,600,000 Serial Bonds with interest rates ranging
from 3.50°/a to 5.00% payable semiannually on October 1 and April 1. Bond maturities
begin April 1, 2008, and continue annually through 2018.
The future debt service requirements on the 2007 Series A Tax Allocation Refunding
Revenue Bonds (Project Area No. 1, as amended)are as follows:
Year Ending
June 30, Principal Interest Total
2008 2,130,000 1,844,154 3,974,154
2009 2,410,000 1,4�6,826 3,826,826
2010 2,64Q,000 1,320,425 3,960,425
2011 2,625,000 1,201,625 3,826,625
2012 2,870,000 1,083,500 3,953,500
2013-2017 16,245,000 3,315,003 19,560,003
2018 3,680,000 184,001 3,864,001
Total S 32,600,000 $ 10,365,534 $ 42,965,534
62
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-Term Liabilities(Continued)
Tax Allocation (Housing Set-Aside) Refunding Revenue Bonds Series 2007
On February 7, 2007, the Palm Desert Financing Authority issued �86,155,000 Tax
Allocation (Housing Set-Aside) Refunding Revenue Bonds Series 2007. The Palm
Desert Financing Authority loaned the proceeds to the Palm Desert Redevelopment
Agency. The proceeds of the 2007 Loan will be used to finance the deve(opment of
low and moderate income housing by the Redevelopment Agency, refinance a portion
of the outstanding obligations of the Redevelopment Agency, purchase a debt service
surety bond for deposit in the Reserve Fund, and pay certain costs associated with the
issuance of the bonds. The Series 2007 bonds consist of $86,155,000 Serial Bonds
with interest ranging from 4.00% to 5,00% payable semiannually on October 1 and
Apnl 1. Bond maturities begin October 1, 2007, and continue annually through 2027.
The future debt service requirements on the Tax Allocation (Housing Set-Aside)
Refunding Revenue Bonds Series 2007 are as follows:
Year Ending
June 30, Principal Interest Total
2008 2,185,000 4,564,307 6,749,307
2009 2,880,000 3,861,963 6,741,963
2010 3,005,000 3,736,750 6,741,750
2011 3,135,000 3,606,438 6,741,438
2012 3,265,000 3,478,438 6,743,438
2013-2017 27,615,000 13,974,538 41,589,538
2018-2022 25,355,000 6,670,156 32,025,156
2023-2027 15,240,000 2,461,281 17,701,281
2028 3,475,000 73,844 3,548,844
Total $ 86,155,000 $42,427,715 S 128,582,715
63
City of Palm Desert
Notes to Financial Statements(Continued)
Note 6: Long-Term Liabifities(Continued)
Below is a summary of the changes in Tax A�location Bonds:
Balanoe at Balanoe at
July 1,2006 Additions Repayments Defeasances June30, 2007
1995 Series Tax Allocation
Revenue Bonds(Project Area
No.2-Original Issue$4,090,000) S 3,870,000 $ - � - $ 3,870,000 $ -
1995 Series A Tax Alloration
Revenue Refunding Bonds
(Originallssue�6,305,000) 1,820,000 - 585,000 - 1,235,000
1997 Series Tax Allocati on
Refunding Re�enue Bonds
(Original lssue$71,955,000) 57,515,000 I - 2,065,000 55,450,000 -
1998 Series Tax Allocati on
(Housing Set-Aside Revenue
Bonds-Original Issue 548,760,000) 45,080,000 - 615,000 38,740,000 5,725,000
1998 Series TaxAllocation
Revenue Bonds(Prqect Area
No.4-Original Issue$11,020,000) 10,140,000 - - 1,785,p00 8,355,000
2001 Series Tax Allocation
Revenue Bonds(Project Area
RevenueBonds(ProjectArea No.4) i5,065,000 - 270,000 - 14,795,000
2002 Series A Tau ANocation
Refunding RevenueBonds
(ProjedArea No.1,as amended) 22,070,000 - - - 22,070,000
2002 Senes A Tax Allocation
Refunding Revenue Bonds
(Projed Area No.2) 15,310,000 - 630,000 - 14:680.Q00
2002 Series Tax Allocati on
(Housing Set-Aside)Revenue
(Housing Set-Aside)RevenueBonds 11,380,000 - 250,p00 - 11,130,000
2003 Series Tax Allocati an
Revenue Bonds(Projed Area No.2) 15,745,000 - - - 15,745,000
2003 Series Tax Allocati on
Revenue Bonds(Projeci Area No.1) 19,000,000 - - - 19.000,000
2003 Senes Tax A�IocaOon
Revenue Bonds(Projed Area No.3) 4,410,000 - 95,000 - 4,315,000
2004 Series A Tax Albc-ation
R�unding RevenueBonds
{Projed Area No.1,as amended) 23,595,000 - 940,000 - 22,655,000
2006 Series A&B Tax Allocation
Refunding RevenueBonds
(ProjectArea No.1,asamended) - 62,320,000 2,215,000 - 60,105,000
2007 Series A Tax Allocation
Refunding RevenueBonds
(ProjedArea No.1,as amended) - 32,600,000 - - 32,6qp,ppp
2006 Senes A-D Tax Allocation
Refunding ReNenueBonds
(ProjedArea No.2) - 68,554,280 - - 68,554,280
2006 Senes A-C Tax Allocation
RevenueBonds(ProjectArea No.3) - 15,231,608 40,000 - 15,191,608
2006 Series A and B Tax Allocation
Refunding Reven ue Bonds
{Projed Area No.4) - 19,509,006 - - 19,509,006
2007 Series Tax Allocati on(Housing
Set Aside)Refunding Reuenue Bonds - 86,155,000 - - 86,155,000
Total $ 245,000,000 $ 284,369,894 $ 7,705,000 $ 99,845,000 $ 421,819,894
64
City of Palm Desert
Notes to Financial Statements (Continued)
Note 6: Long-Term Liabilities (Continued)
e. Notes Payable
County of Riverside
The Agency entered into a cooperation agreement with the County of Riverside on
December 15, 1987, regarding +he adoption of the Agency's Project Area No. 2. The
agreement states that the Agency was to retain 50°/a of the County's share of tax
increment. This was based on the County's share of tax increment being what would
be allocated to the County in the absence of a redevelopment project area being
adopted.
This agreement called for the Agency to retain 50% of the County's share until the
gross increment reached $3,500,000. The agreement further states that when gross
increment reaches $10,000,000, the Agency would repay the 50% of the retained
County's share of increment in equal payments over a 10-year period.
The gross increment reached the 53,500,000 limit in fiscal year 1991-1992. The
Agency reached the $10,000,000 limit in fiscal year 2002-2003. The total amount
owed to the County at June 30, 2007, was $613,535. Annual payments on the note
are$122,707.
Future debt service payments are as foilows:
Year Ending
June 30, Principal Interest Total
2008 122,707 - 122,707
2009 922,707 - 122,707
2010 122,707 - 122,707
2011 122,707 - 122,707
2012 122,707 - 122,707
Total $ 613,535 $ - $ 613,535
65
City of Palm Desert
Notes to Financial Statements (Continued)
Note 6: Long•Term Liabilities(Continued)
Business-Type Activities
Obiigations under capital leases are as follows:
Pure Planet Water, Inc.
The present value of the minimum lease payment on water purification equipment
was capitalized at$2,802 using an interest rate of 4.94%. Lease is payable in 60
monthly installments of$53 beginning May 15, 2005. $ 1,672
Pure Planet Water, Inc.
The present value of the minimum lease payment on water purification equipment
was capitalized at$10,752 using an interest rate of 5.15%. Lease is payable in
60 monthly installments of$204 beginning September 1, 2005. 6,953
Commerca Leasing Corporation
The present value of the minimum lease payment on the Uplink GPS system was
capitalized at $569,046 using an interest rate of 6.00%. Lease is payable in 48
monthly installments of$13,364 beginning September 15, 2006. 450,402
Citicapital Commercial Corporation
The present value of the minimum lease payment on the Club Car Golf Carts was
capitalized at$663,256 using an interest rate of 5.220%. Lease is payable in 48
monthly installments of $12,249 beginning October 1, 2006. There is a balloon
payment at the end of the lease of $165,300, which will be paid on October 1,
2010. 567,760
Wells Fargo Financial Leasing, Inc.
The present value of the minimum lease payment on new golf course equipment
(Greens Mowers) was capitalized at $63292 using an interest rate of 6.00%.
Lease is payable in 37 monthly installments of$1,915 beginning July 1,2006. 39,820
Wells Fargo Financial Leasing, Inc.
The present value of the minimum lease payment on new golf course equipment
was capitalized at $1,325,933 using an interest rate of 3.72%. Lease is payable
in 48 monthly installments of$29,680 beginning December 15,2006. 1,114,939
Present value of net minimum lease payments 2,181,546
Less: Current Portion (550,322)
$ 1,631,224
66
City of Palm Desert
Notes to Financial Statements (Continued)
Note 6: Long-Term Liabilities(Continued)
The following is a schedule by year, of future minimum lease payments and present value
of the net minimum iease payments for capital leases as of June 30, 2007:
Minimum Less:Amounts Present Value of
Year Ending Lease Representing Net Minimum Lease
June 30, Payments Interest Payments
2008 $ 632,390 S 82,068 $ 550,322
2009 689,594 64,214 625,380
2010 666,498 33,326 633,172
2011 420,758 48,086 372,672
Total $ 2,409,24Q $ 227,694 $ 2,181,546
The assets acquired through capital lease are as follows:
Assets:
Machinery and equipment $ 3,350,248
Less: accmulated depreciation (982,092)
Total $ 2,368,156
Note 7: Deferred Compensation Plan
The City offers its employees a deferred compensation plan created in accordance with
Internal Revenue Code Section 457. The plan, available to all Ciry employees, permits them
to defer a portion of their salary until future years. The deferred compensation is not available
to employees until termination, retirement, death or unforeseeable emergency. Pursuant to
changes in August 1996, of IRC Section 457, in January 1997, the City established a trust in
which all assets held by Nationwide Retirement Solutions, Inc. {NRS) and ICMA Retirement
Corporation (ICMA) were placed. The City does not have fiduciary responsibility for the plan
assets held by NRS and ICMA. The assets, all property and rights purchased with such
amounts and all income attributable to such amounts are held in trust for the exclusive benefit
of the participants and the beneficiaries. The assets are no longer the property of the City, and
as such, are no longer subject to the claims of the City's general creditors. As a result, the
assets in the amount of$9,189,788 held by NRS and ICMA of the 457 Plan are not reflected
in the City's financial statements.
Note 8: Amounts Due t)nder Redevelopment Agency Pass-7hrough Agreements
Property taxes related to the incremental increase in assessed values after the adoption of
the Redevelopment Plan are, except where otherwise provided by specific agreement,
af(ocated to the Agency. All taxes on the "frozen" assessed valuation of the property are
allocated to the City and other taxing agencies. The Agency has entered into various pass-
through agreements with other tax agencies to allocate their tax increment resulting from the
increase in assessed values after the adoption of the Redevelopment Plan. At June 30, 2007,
the Agency was holding $39,963,660 in trust on behalf of other taxing agencies related to
specific pass-through agreements as detailed below:
67
City of Palm Desert
Notes to Financial Statements (Continued)
Note 8: Amounts Due Under Redevelopment Agency Pass-Through Agreements (Continued)
Balance at Balance at
Entity July 1,2006 Additions Payments June 30,2007
Riverside County-
Capital Improvement $ 16,782,118 " $ 15,126,564 $ 17,321,383 $ 14,587,299
Riverside County-Schools 662,312 733,097 662,311 733,098
Riverside County-Library 3,872,795 ' 1,811,887 5,684,682
Riverside County-Fire 2,767,317 2,990,357 2,767,317 2,990,357
Coachella Valley Mosquito
Abatement District 538,456 596,686 538,456 596,686
Coachella Valley Water
District 5,303,147 1,382,674 36,571 6,649,250
Desert Community College
District 1,134,708 ` 1,263,533 1,134,708 1,263,533
Desert Sands Unified
School District 4,935,073 * 5,584,906 5,109,897 5,410,082
Coachella Valley Recreation
and Park District 427,435 467,479 427,435 467,479
Coachella Valley
Resources�istrict 4,433 4,474 4,132 4,475
Palm Springs Unified
Schoal District 187,429 270,470 187,428 270,471
County Juvenile Health
District 556,727 1,350,905 1,180,618 727,014
Other Deposits 610,829 173,136 204,731 579,234
$ 37,782,479 S 31,756,168 $ 29,574,987 5 39,963,660
'The Redevelopment Agency has used bond proceeds for the construction of capital
improvements, which benefit these entities. These entities have agreements with the
Redevelopment Agency, which will allow it to use a portion of these amounts to offset debt
service costs.
Note 9: Bond Reserve Requirements
At June 30, 2007, the fund balance reserve requirements and actual reserve balances are
presented as follows:
Requirement Actual
1995 Refunding Tax Allocation Bonds �a 123,500 $ 641;207
Total Reserve Requirement � 123,500 � 641,207
68
City of Palm Desert
Notes ta Financial Statements (Continued)
Note 10: Defeased Obligations
In July 2006, the Agency issued $41,340,000 Tax Allocation Refunding Revenue Bonds
(Project Area No. 2) 2006 Series A. A portion of the proceeds were used to advance refund
$3,870,000 of outstanding Tax Allocation Revenue Bonds 1995 Series A. The net proceeds of
$4,021,993 (after paying certain issuance costs and depositing moneys in the project fund)
were used to purchase U.S. government securities. Those securities were deposited in an
irrevocable trust with an escrow agent to provide for alf future debt service payments on the
1995 bonds. As a result, $3,870,000 of the 1995 bonds are considered to be defeased and
the liability for these bonds has been removed from the statement of net assets. The Agency
advanced refunded the 1995 bonds to reduce its total debt service payments over the next
20 years by$232,698 and to obtain an economic gain (difference between the present values
of the debt service payments on the old and new debt)of$232,274.
In July 2006, the Agency issued $24,540,000 Tax Allocation Refunding Revenue Bonds
(Project Area No. 1, as amended) 2006 Series B (Taxable) and in January 2007, the Agency
issued $32,600,000 Tax Allocation Refunding Revenue Bonds (Project Area No. 1, as
amended) 2007 Series A to advance refund S55,450,000 of outstanding Tax Allocation
Revenue Bonds 1997 Series. The net proceeds of$56,098,000 (after paying certain issuance
costs and depositing moneys in !he project fund) were used to purchase U.S. government
securities. Those securities were deposited in an irrevocable trust with an escrow agent to
provide for all future debt service payments on the 1997 bonds. As a result, $55,450,000 of
the 1997 bonds are considered to be defeased and the liability for these bonds has been
removed from the statement of net assets. The Agency advanced refunded the 1997 bonds
to reduce its total debt service payments over the next 16 years by$12,140,000 and to obtain
an economic gain (difference between the present values of the debt service payments on the
old and new debt)of$482,757.
In Juiy 2006, the Agency issued $14,610,000 Tax Allocation Refunding Revenue Bonds
(Project Area No. 4) 2006 Series A. A portion of the proceeds were used to advance refund
$1,785,000 of outstanding Tax Allocation Revenue Bonds 1998 Series. The net proceeds of
$1,829,693 (after paying certain issuance costs and depositing moneys in the project fund)
were used to purchase U.S. government securities. Those securities were deposited in an
irrevocable trust with an escrow agent to provide for all future debt service payments on the
1998 bonds. As a result, $1,785,000 of the 1998 bonds are considered to be defeased and
the liability for these bonds has been removed from the statement of net assets. The Agency
advanced refunded the 1998 bonds to increase its total debt service payments over the next
6 years by�36,508 and to obtain an economic loss (difference between the present values of
the debt service payments on the oid and new debt)of$28,o88.
In February 2007, the Agency issued $86,155,000 Tax Allocation (Housing Set-Aside)
Refunding Revenue Bonds Series 2007. A portion of the proceeds were used to advance
refund S38,740,000 of outstanding Tax Allocation (Housing Set-Aside) Revenue Bonds 1998
Series. The net proceeds of$39,706,946 (after �aying certain issuance cosfs and depositing
moneys in the project fund) were used to purchase U.S. government securities, Those
securities were deposited in an irrevocable trust with an escrow agent to provide for all future
debt service payments on the 1998 bonds. As a result, $38,740,000 of the 1998 bonds are
considered to be defeased and the liability for these bonds has been removed from the
statement of net assets. The Agency advanced refunded the 1998 bonds to reduce its total
debt service payments over the next 20 years by$2,222,075 and to obtain an economic gain
(difference between the present values of the debt service payments on the old and new debt)
of$1,334,840.
69
City of Palm Desert
Notes to Financial Statements(Continued)
Note 11: Pension Plan
a. Plan Description
The City of Palm Desert contributes to the California Public Employees Retirement
System (PERS), an agent multiple-employer public employee defined benefit pension
plan. PERS provides retirement and disability benefits, annc�al cost-of-living adjustments
and death benefits to plan members and beneficiaries. PERS acts as a common
investment and administrative agent for participating public entities within the State of
California. Benefit provisions and all other requirements are established by state statute
and city ordinance. Copies of PERS' annuai financial report may be obtained from their
executive office:400 Q Street, Sacramento, CA 95814.
b. Funding Policy
Participants are required to contribute 8% of their annual covered salary. The City
contributes 7% of the required employee contribution on their behalf and the employee
contributes the remaining 1%. The City is required to contribute at an actuarially
determined rate; the rate for fiscal year 2006-2007, was 17.356% for non-safety
employees of annual covered payroll. The contribution requirements of plan members
and the City are established and may be amended by PERS.
c. Annual Pension Cost
For 2007, the City's annual pension cost of�3,321,061 for PERS was equal to the City's
required and actual contributions. The required contribution was determined as part of the
June 30, 2006, actuar!al valuation using the entry age normal actuarial cost method. The
actuarial assumptions included: a) 7.75% investment rate of return (net of administrative
expenses), b) projected annual salary increases of 3.25% to 14.45% depending on age,
service and type of employment, and c) 3.25% per year cost-of-living adjustments. Both
a} and bj included an inflatian component of 3.00%. The actuarial value of PERS' assets
was determined using techniques that smooth the effects of short-term volatility in the
market value of investments over a three-year period (smoothed market value). PERS'
unfunded actuarial accrued liability is being amortized as a level percentage of projected
payroll on a closed basis that depends on the plan's entry into PERS. The remaining
amortization period at June 30, 2007, was 20 years.
d. Three-Year Trend Information for PERS
Fiscal Annual Pension Percentage Net Pension
Year Cost (APC) APC Corrtributed Obligation
6/30/2005 S 2,020,934 100% $ -
6/30/2006 2,646,409 100°/a -
6/30/2007 3,321,061 100% -
70
City of Palm Desert
Notes to Financial Statements (Continued)
Note 11: Pension Plan (Continued)
e. Schedule of Funding Progress for PERS
Ach�arial
Pccrued UAAL as
Liability Actuarial Unfunded a%of
Aduarial (AAL)Entry Vafueof AAL Excess Cooered Cooered
Valuation Age Assets Assets Funded Payroll Payroll
Qate (A) (B) {A-B) Ratio B/A (C) [(A-B)/CJ
6/302004 $ 39,172,557 $ 32,540,472 $ 6,632,085 83.1% $ 9,237,548 71.8%
6/302005 43,479,283 36,087,558 7,391,725 83.0% 9,403,830 78.6%
6/30200 6 52,739,452 40,523,105 12,216,347 76.8% 11,845,746 103.1%
Note 12: Fund Equity
a. Reserves of Fund Balance
In the fund financial statements, reserves segregate portions of fund balances that are
either not avai(able or have been earmarked for specific purposes. The various reserves
established as of June 30, 2007, were as follows:
RDA RDA RDA
Prop A Low Financing Capital Other
General Fre Income Authority D�bt Projecls Govemmental
Fund 7ax Housing Fund Fund Funds Totals
Encumbrances $ 466,151 S 10,245 $ 5,503,224 $ - $ 5,736,831 $ 12,584,440 $ 24,300,891
I nventory 45,669 - - - - - 45,669
Continu�ng appropriations - - 13,871,742 - 27,029,782 33,388,4&9 74,289,993
Prepaidoostsanddeposits 803,761 - 3,557 - 589,716 70 1,397,104
Reserverequirement - - - - - 9,000 9,000
Property heldforresale - - 11,799,806 - - - 11,799,806
Debtservioe 2,532,053 - - 123,500 - - 2,655,553
Loans and notes reoeivable 4,039,004 - 7,699,606 - 2,000,000 - 13,738,610
Advanoes(1) 17,311,48Q - - - - �3,419,000 30,730,480
Total $ 25,198,118 $ 1 Q,245 $ 38,877,935 $ 123,500 $ 35,356,329 $ 59,400,979 $ 158,967,106
��� In the general fund,fund balance for advances to other funds in the amount of y2,055,000 is not reserved
as the revenue related to the sale of land has been deferred(see Note 14).
71
City of Palm pesert
Notes to Financial Statements(Continued)
Note 12: Fund Equlty(Continued)
Reserved for Encumbrances - These reserves represent the portion of purchase orders
awarded for which the goods or services had not yet been received at June 30, 2007.
Although all appropriations lapse at year-end, even if encumbered, the City intends either
to honor the contracts in progress or to cancel them. Reserve for encumbrances is
rebudgeted on July 1, by Council action.
Reserved for Inventory - This reserve is to restrict fund balance so that it will not be
considered as current funds available.
Reserved for Continuinc Appropriations -These reserves are for appropriations for capital
projects, which are unexpended as of June 30, 2007, and are carried forward as
continuing appropriations to be expended in 2007-2008.
Reserved for Pre�aid Costs and Deposits - These reserves represent contractual
obligations for cash payments made before June 30, 2007, but not recognized as an
expenditure until after July 1,2007, and noncurrent portions of deposits.
Reserved for Reserve Reauirement - These reserves are set up for the maintenance
requirements for the housing apartments.
Reserved for Propertv Held for Resale - This reserve is for property held for resale and
has been set aside to indicate that these funds are not available to finance current
expenditures.
Reserved for Debt Service - These reserves for Debt Service represent reserves
accumulated by the City and the Redevelopment Agency that are legally restricted to the
payment of long-term debt principal and interest amounts that mature in future years and
for compensated absences.
Reserved for Loans and Notes Receivables - These reserves are set up to reflect the
noncurrent portion of receivables so that they will not be considered as current funds
available.
Reserved for Advances - These reserves are set up to reflect the advances to the
Redevelopment Agency so that they will not be considered as current funds available.
b. Fund Balance and Net Asset Restatements
Fund Balances have been restated as follows:
Rec�assification of debt(see Note 6) 5 481,317
Reclassification of capital assets(see Note 5) 481,166
Prior year revenue adjustment (1,212,205)
Tota� Fund Balance Restatements � (249,722)
Net assets have been restated as follows:
Fund Balance Restatement(above) $ (249,722)
Capital asset adjustments(see Note 5) (1,497,337)
Long-Term debt adjustmenfs(see Note 6} �481,317)
Tota!Net Asset Restatements $ (2,228,376)
72
City of Palm Desert
Notes to Financial Statements(Continued)
Note 13: Risk Management
a. Description af Self-Insurance Pool Pursuant to Joint Powers Agreement
The City is a member of the California Joint Powers Insurance Authority (the Authority).
The Authority is composed of 114 California public entities and is organized under a joint
powers agreement pursuant to California Government Code §6500 et seq. The purpose
of the Authority is to arrange and administer programs for the pooling of self-insured
losses, to purchase excess insurance or reinsurance, and to arrar,ge for group-purchased
insurance for property and other coverage. The Authoriry's pool began covering claims of
its members in 1978. Each member government has an elected official as its
representative on the Board of Directors. The Board operates through a nine member
Executive Committee.
b. Self-Insurance Programs of the Authority
Generaf Liability
Each member government pays a primary deposit to cover estimated losses for a fiscal
year (claims year). Six months after the close of a frscal year, outstanding claims are
valued. A retrospective deposit computation is then made for each open claims year.
Claims are pooled separately between police and non-police. Costs are spread to
members as follows; the first $30,000 of each occurrence is charged directly to the
member's primary deposit; costs from $30,000 to $750,000 and the loss development
reserves associated with losses up to $750,000 are pooled based on the member's share
of losses under $30,000. Losses from $750,000 to $10,000,000, $18,000,000 to
$23,000,000, and $45,000,000 to 550,000,000 and the associated loss development
reserves are pooled based on payroll. Costs of covered claims from �u10,000,000 to
$18,000,000 and $23,000,000 to �45,000,000 are currently paid by excess insurance.
Costs of covered claims for subsidence losses from $15,000,000 to $25,000,000 are paid
by excess insurance. The protection for each member is S50,000,000 per occurrence
and $50,000,000 annual aggregate. Administrative expenses are paid from the
Authority's investment earnings.
Workers'Compensation
The City of Palm Desert also participates in the workers'compensation pool administered
by the Authority, Each member pays a primary deposit to cover estimated losses for a
fiscal year (claims year). Six months after the close of a fiscal year, outstanding claims
are valued. A retrospective deposit computation is then made for each open claims year.
Claims are pooled separately between public safety and non-public safety. Each member
has a retention level of$50,OOQ for each loss and this is charged directly to the member's
primary deposit. Losses from $50,000 to $100,000 and the loss development reserve
associated with losses up to $100,000 are pooled based on the member's share of losses
under $50,000. Losses from $100,000 to $2,OOQ,000 and loss development reserves
associated with those losses are pooled based on payroll. Losses from $2,000,000 to
�5,000,000 are pooled with California State Association of Counties - Excess Insurance
Authority members. Costs from S2,000,000 to $200,000,000 are transferred to
reinsurance carriers. Costs in excess of $200,000,000 are pooled among the Members
based on payroll. Protection is provided per statutory liability under California Workers'
Compensation law. Administrative expenses are paid from the Authority's investment
earnings.
73
City of Palm Desert
Notes to Financial Statements(Continued)
Note 13: Risk Management(Continued}
c. Purchased Insurance
Property Insurance
The Ciry of Palm Desert participates in the all-risk property protection program of the
Authority. This insurance protection is underwritten by severa! insurance companies.The
City of Palm Desert property is currently insured according to a schedule of covered
property submitted by the City of Palm Desert to the Authoriry. Total all-risk property
insurance coverage is �129,477,524. There is a�5,000 deductible per occurrence except
for non-emergency vehicle i�surance which has $1,000 deductible. Premiums for the
coverage are paid annually and are not subject to retroactive adjustments.
Crime Insurance
The City of Palm Desert purchases crime insurance coverage in the amount of
�10,000,000 with $2,500 deductible. The fidelity coverage is provided through the
Authority. Premiums are paid annually and are not subject to retroactive adjustments.
d. Adequacy of Protection
During the past three fiscal (claims)years, none of the above programs of protection have
had settlements or judgments that exceeded pooled or insured coverage. There have
been no signiflcant reductions in pooled or insured liability coverage from coverage in the
prior year.
Note 14: Deferred Revenues and Unearned Revenues
Governmental Activities
Major Funds
General Fund
On March 13, 1997, the Redevelopment Agency (Agency) purchased land from
the City for the purpose of developing a second golf course financed by a note in
the amount of $2,055,000. The note has no specific due date and carries an
interest rate that equa:es the rate of return the City receives on its investment
with the l.ocal Agency Investment Fund (5.25% at June 30, 2007). Recognition of
the revenue from the sale has been deferred until it becomes available.
On March 13, 1997, the City entered into an agreement; along with amendments
on June 4, 1997 and May 18, 2004; with the Palm Desert Recreational Facilities
Corporation (Corporation)for the use of property at the Citys Golf Resort(Desert
Willow). Payment is due when the Corporation's revenues exceed its expenses.
At June 30, 2007, the Corporation owed the City rent totaling 5465,000,which will
be recognized as revenue by the City when the rent is paid by the Corporation.
On January 9, 2007, a promissory note for $1,000,000 was issued from the City
to the Friends of the Desert Mountains. Any unpaid principal accrues interest at a
rate of 5% per annum. The entire balance of principal and accrued interest is due
within thirty-six months of issuance. As of June 30, 2007, $24,658 in interest has
been accrued. Recognition of the interest revenue has been deferred until it
becomes due.
74
City of Palm Desert
Notes to Financiai Statements(Continuedj
Note 14: Deferred Revenues and Unearned Revenues(Continued)
The City entered into several individual loan agreements with residents of the
Highlands Utility Undergrounding Assessment District No. 04-01. The residents
agreed to pay to the City the full cost of the loan amount plus any accrued interest
at a rate of 5.35%. The full amount of the loan along with all accrued interest is
due and payable at the earliest of September 2, 2036, or any change in
ownership of the property. As of June 30, 2007, �8,841 in interest has been
accrued. Recognition of the interest revenue has been deferred until it becomes
due.
The State of California collects taxes and fees for the City and makes payments
to the City at various times. Due to the City's policy of recognizing revenue, the
amounts of�153,619 for sales tax has been deferred.
Other amounts reported as unearned revenues include $15,546 in miscellaneous
rents.
Prop A Fire Tax
$2,509 of grant funds are deemed unearned until expenditures are incurred in the
Prop A Fire Tax Fund.
RDA Low Income Housing
$281,721 of uncollected interest due from the Palm Desert Development
Company in the Low Income Housing Fund of the Agency has been deferred.
Other amounts reported as unearned revenues include $2,368 in miscellaneous
rents.
Other Governmental Funds
Special Revenue Funds
Measure A fund has $26,222 of unearned revenue representing a deposit from a
developer for street improvements and 56,603 of deferred revenue for work done
on behalf of developer, however payment has not been received.
Loans receivable in the amount of S35,873 for home improvement loans are
recorded as deferred in the Community Development Block Grant Fund.
S25,660 of grant funds are deemed unearned until expenditures are incurred in
The Recycling Fund.
Prepaid rents in the amount of $17,873 from the eight apartment complexes
operated by the Palm Desert Housing Authority will be recognized as revenue
when earned.
75
City of Palm Desert
Notes to Financial Statements(Continued)
Note 14: Deferred Revenues and Unearned Revenues (Continued)
Debt Service Funds
Assessment receivables in the amount of $2,896,146 represents future
assessments to be received from property owners in Highlands Undergrounding
Assessment Districts 04-1 to pay for long-term obligations incurred in making
capital improvements in the Assessment District. Recognition of the revenue from
the assessments has been deferred until it becomes available. Once received,
the monies will be used to make annual debt service payments.
Capital Project Funds
52,266,074 has been deferred for capital reimbursements due from developers
and other agencies for work completed by the City on their behalf.
On August 24, 2000, the City entered into a Reimbursement Agreement with
Sunrise Desert Partners. The agreement calls for reimbursement to the City by
the Developer for the amount of total costs incurred plus accrued interest of 6.0%
per annum beginning two years from the final payment date of February 6, 2004.
The entire balance of principal and accrued interest is due by February 6, 2009.
As of June 30, 2007, $58,380 in interest has been accrued. Recognition of the
interest revenue has been deferred until it becomes due.
�108,401 of unearned revenue represents a deposit from developers for street
improvements.
Business-Type Activities
The balance of $137,866 represents the unused po�tions of prepaid golf fees, value of
unredeemed gift certificates and unearned rent.
Component Unit
The balance of$42,000 represents the unused portions of prepaid banquets.
Note 15: Other Post-Employment Benefits
Plan Description
The City offers the Public Employee Retirement Systems (PERS) Health Care Program to
its retirees. The City contributes $81 per month to PERS on behalf of each retiree eligible
for PERS. In addition, the City will make an additional contribution towards certain
retirees' premiums under a program calied the Retiree Service Stipend.
A retiree will be eligible for the Retiree Service Stipend if:
1. retirement occurs from the City and from PERS simultaneously;
2. the retiree has attained age 50 and has completed 10 or more years of continuous
service with the City;and
3. the retiree meets any other requirements as specified in the Retiree Service Stipend.
The City provides continued coverage for eligible retirees for the further lifetime of retirees
and their spouses and/or eligible dependents, provided the above eligibility criteria are
met. Spousal and dependent coverage is provided during the retiree's lifetime only.
76
City of Palm Desert
Notes to Financial Statements(Continued)
Note 15: Other Post-Employment Benefits(Continued)
The percentage of the premium paid by the City on behalf of an eligible retiree is
according to the following schedule, based on years of continuous service with the City:
Years of Service City Percent
Less than 10 0%
10 50%
11 55%
12 60%
13 65%
14 70%
15 or more 75%
Accounting and Funding
The Retiree Service Stipend is not actuarially funded. The assets for the retiree service
stipend are accounted for in an agency fund. There were 25 participants in the plan. The
premiums paid amounted to$147,679. An actuarial valuaiion completed for the plan as of
July 1, 2005, indicated the amount of the actuarial liability to current and future liabilities to
be�12,193,207,
Note 16: Special Assessment Debt
Below is a summary of the changes in the Special Assessmert Bonds Payable:
Balance at Payments and Balance at
July 1,2006 Additions Reduction June 30,2007
1995 Revenue Bonds $ 315,000 $ - � 95,000 $ 220,000
1997 Reven�e Bonds 18,225,000 - 960,000 17,265,000
2003 Assessment Revenue Bonds 3,980,000 - 215,000 3,765,000
AD 98-1 Limited Obligation Refunding Bonds 1.335,000 - 320,000 1,015,000
CFD 2005-1 Special Tax Bonds-Series 2006A 50,000,000 17,915,000 - 67,915,000
AD 20C4-2 Limited Obligation�mprovement Bonds - 29,430,000 - 29,430,000
$ 73,855,000 $ 47,345,000 $ 1,590,000 $ 119,610,000
The City has Special Assessment Bonds Payable issued under the 1911 and 1915, Special
Improvement Acts and the 1982 Mello-Roos Communiry Facilities Act (1982 Bonds). The City
has no liability to 1911 Act bondholders until assessments have been cotlected from the
property owner. Such liability is then recorded in the Agency Funds. Therefore, the
1911 Bonds are not recorded as liabilities in the accompanying financiaf statements.
The City also has no liabdity to the 1915 Act bondholders or the bondholders of bonds issued
under the 1982 Mello-Roos Community Facilities Act until assessments are coliected on the
tax rolls. However, the City may take certain actions to assume secondary liability for all or
part of 1915 Act Bonds and the 1982 Bonds until such time as foreclosure proceedings are
consummated.
77
City af Palm Desert
Notes to Financial Statements (Continued)
Note 16: Special Assessment Debt(Continuedj
Special assessment bonds payable, as described below, and are not recorded as long-term
liabilities, as these obligations do not constitute a debt or obligation of the Ciry.
1995 Revenue Bonds
In September 1995, the Palm Desert Financing Authority issued 57,540,000 of
1995 f2evenue Bonds. The proceeds from the revenue bonds were loaned to the
Assessment bistricts to provide funds to refund in advance $900,000 in Assessment
District No. 83-1 Bonds, $5,575,000 in Assessment District 84-1 Refunding Bonds and
$3,200,000 in Assessment District No. 87-1 Bonds. These bonds were issued under the
1915 Act to provide funds for capital improvements in the respective assessment districts.
Interest rates on the Bonds are paid at a rate of 6.0%with interest payable semi-annually
on March 2 and September 2, with principal maturing annually on September 1.
Debt Service requirements to maturity are as follows:
Year Ending
June 30, Pnncipal Interest Total
2008 105,000 10,050 115,050
2009 115,000 3,450 118,450
Total $ 220,000 $ 13,500 $ 233,500
As of June 30, 2007, the principa! amount to be repaid by each assessment district to pay
off the loans from the Financing Authority are as follows:
Assessmer�t Distrid 87-1 $ 285,000
Total $ 285,000
1997 Revenue Bonds
In December 1997, the Palm Desert Financing Authority issued $30,915,000 in
1997 Revenue Bonds. The proceeds were loaned to the Assessment Districts to refund in
advance $2,298,980 in Assessment District No. 92-1 Bonds, $11,870,Ofl0 in Community
Facilities District No. 91-1 (1992 Bonds), �6,945,000 in Assessment District No. 94-1
Bonds and �12,835,000 in Community Facilities District No. 91-1 (1995 Bonds). These
bonds were issued under the 1915 Act or the 1982 Mello-Roos Community Facilities Act
to provide funds for capital improvements in the respective assessment districts.
78
City of Palm Desert
Notes to Financial Statements(Continued)
Note 16: Special Assessment Debt(Continued)
Debt service requirements to maturity are as follows:
Year Ending
June 30, Principal Interest Total
2008 1,005,000 975,204 1,980,204
2009 1,060,000 919,951 1,979,951
2010 1,115,000 860,669 1,975,669
2011 1,180,000 796,966 1,976,966
2092 1,245,000 728,911 1,973,911
2013-2017 7,335,000 2,433,360 9,768,360
2018-2021 4,325,000 439,650 4,764,650
Tota! $ 17,265,000 $ 7,154,711 $ 24,419,711
As of June 30, 2007, the principal amount to be repaid by each assessment district to pay
off the loans from the Financing Authority are as follows:
Assessment District 91-1 $ 16,867,000
Total $ 16,867,000
2003 Assessment Revenue Bonds
In June 2003, the Palm Dese�t Financing Authority issued �4,423,000 in
2003 Assessment Revenue Bonds. The proceeds were used to purchase three series of
limited obiigation improvement bonds issued by the City in connection with the financing
and refinancing of certain improvements of benefit to prope�ty within the City's
Assessment District No. 94-2 (Sunterrace), Assessment District No. 94-3 (Merano} and
Silver Spur Ranch Utility Undergrounding Assessment District No. 01-01. These bonds
were issued under the 1915 Improvement Bond Act to provide funds for public
improvements in the respective assessment districts.
Debt service requ?rements to maturity are as follows:
Year Enaing
June 30, Principal Interest Total
2008 180,000 176,600 356,600
2009 190,000 169,775 359,775
2010 195,000 162,312 357,312
2011 205,000 154,312 359,312
2012 215,000 145,697 360,697
2013-2017 1,020,000 576,900 1,596,900
2018-2022 825,000 350,770 1,175,770
2023-2027 630,000 169,554 799,554
2028-2029 305,OQ0 16,526 321,526
� 3,765,000 $ 1,922,446 � 5,687,446
79
City of Palm Desert
Notes to Flnancial Statements�Continued)
Note 16: Special Assessment Debt(Continued)
As of June 30, 2007,the principal amount to be repaid by each assessment district to pay
off the loans from the Financing Authority are as follows:
Assessment District 94-2 $ 635,000
Assessment District 94-3 1,010,000
Assessment District 01-1 2,120,000
Total $ 3,765,000
Assessment District 98-1 Limited Obligation Refunding Improvement Bonds
The bonds were issued in an original amount of$2,955,000 in February 2004, to redeem
and defease the outstanding limited obligation improvement bonds of Assessment District
No. 98-1, which were issued in 1998. The bonds are secured by unpaid assessments on
parcels within the District.
Under the 1915 Act, annual assessments on the unpaid assessments sufficient to meet
the scheduled debt service requirements are to be included on the regular county tax bills
for the assessed parcels for which there are unpaid assessments. Interest rates vary from
1.5% to 5.1°/a with interest payable semi-annually on March 2 and September 2, with
principal maturing annually on September 2.
Debt service requirements to maturity are as foNows:
Year Ending
June 30. Principal Interest Total
Z008 70,000 42,388 112,388
2009 70,000 40,306 110,306
2010 75,000 37,891 112,891
2011 75,000 35,172 110,172
2012 80,000 32,166 112,166
2013-2017 440,000 105,339 545,339
2018-2021 205,000 10,534 215,534
$ 1,015,000 $ 303,796 $ 1,318,796
Commu�ity Facilities District No. 2005-1
The bonds were issued in an original amount of $50,000,000 in May 2006, to construct
and acquire certain public facilities of benefit to the District, provide for the establishment
of a reserve account, provide capitalized interest, and pay the costs of issuance of the
bonds. The bonds are secured by and payable from a pledge of net taxes derived from
special taxes to be levied by the District on real properties within the boundaries of the
District from the net proceeds of any foreclosure actions brought following delinquency in
the payment of the special taxes, and from amounts held in ce�tain funds under the
indenture. Interest rates vary from 4.0% to 5.5% with interest payable semi-annually on
March 1 and September 1;with principal maturing annually on September 1.
80
City of Palm Desert
Notes to Financial Statements (Continuedj
Note 16: Special Assessment Debt(Continued)
In May 2007, the 2007 Bonds were issued in the amount of$17,915,000 pursuant to the
Bond Indenture in May 2006, as supplemented by a First supplemental Indenture in
May 2007, to provide construct and acquire certain public facilities of benefit to the
District, provide capitalized interest, and pay the costs of issuance of the 2007 Bonds.
The bonds are secured by and payable, on parity with the bonds issued in May 2006 for
�5�,000,000, from a pledge of net taxes derived from special taxes to be levied by the
District on real properties within the boundaries of the District from the net proceeds of
any foreclosure actions brought following delinquency in the payment of the speciai taxes,
and from amounts held in ce�tain funds under the indenture. Interest rates vary from
3.875% to 5.20% with interest payable semi-annually on March 1 and September 1, with
principal maturing annually on September 1.
Debt service requirements to maturity are as foflows:
Year Ending
June 30, Principal Interest Total
2008 $ - $ 3,275,836 $ 3,275,836
2009 825,000 3,462,258 4,287,258
2010 1,165,000 3,422,219 4,587,219
2a11 1,210,000 3,373,361 4,583,361
2012 1,260,000 3,320,817 4,580,817
2013-2017 7,180,000 15,682,307 22,862,307
2018-2022 9,075,000 13,737,626 22,812,626
2023-2027 11,605,000 11,126,668 22,731,668
2028-2032 14,995,000 7,638,235 22,633,235
2033-2037 19,465,000 3,044,174 22,5Q9,174
2038 1,135,QQO 29,510 1,164,510
3 67,915,000 $ 68,113,011 $136,028,011
Section 29 Assessment District (No 2004-02), Limited Obligation Improvement Bonds, Series
2007
In March 2007, the City of Palm Desert issued $29,430,000 Limited Obligation
Improvement Bonds. The proceeds of the Bonds will be used to finance certain
infrastructure improvements within the City's Section 29 Assessment District (No. 2004-
02). The debt service on the bonds is to be paid by assessments secured on the property
tax rolls of those properties benefiting from the improvements. The bonds consist of
Serial Bonds in the amount of $6,870,000 with interest ranging from 4.00% to 4.70%
payable semiannually on March 2 and September 2. Bond maturities begin
September 2, 2009, and continue annually through 2019. Term bonds in the amount of
$2,525,000 carry an rnterest rate of 4.75% and mature September 2, 2022. Term bonds
in the amount of $5,110,000 carry an interest rate of 5.05% and mature
September 2, 2027. Term bonds in the amount of $14,925,000 carry an interest rate of
5.10% and mature September 2, 2037.
81
City of Palm Desert
Notes to Financial Statements (Continued)
Note 16: Special Assessment Debt(Continued)
Debt service requirements to maturity are as follows:
Year Ending
June 30, Principal Interest Total
2008 $ - $ 559,168 $ 559,168
2009 - 1,437,860 1,437,860
2010 505,000 1,437,860 1,942,860
2011 525,000 1,417,660 1,942,660
2012 545,000 1,396,660 1,941,660
2013-2017 3,090,000 6,625,210 9,715,210
201&2022 3,850,Q00 5,866,725 9,716,725
2023-2027 4,865,000 4,848,333 9,713,333
2028-2032 6,220,000 3,489,113 9,709,113
2033-2037 7,980;000 1,733,490 9,713,490
2038 1,850,000 94,350 1,944,350
$ 29,430,000 $ 2$,906,429 $ 58,336,429
Bond Reserve Requirements:
At June 30, 2007, the fund aalance reserve requirements and actual reserve balances
were as follows:
Requirement Actual
Assessment District 98-1 $ 114,204 $ 144,567
1995 Financing Authority Revenue Bonds 142,500 158,896
1997 Financing Authority Revenue Bonds(1) 2,000,106 1,864,602
2003 Financing Authority Revenue Bonds 329,430 339,149
CFD 200r1 Special Tax Bonds 4,587,219 4,801,081
Assessment District 29 1,945,358 1,958,997
(1)�he City will fund the deficit in the reserve funds with interest eamings.
Note 17: Conduit Debt Obligations
2003 Series A -522,310,000 Lease Revenue Bonds
In December 2003, the Palm Desert Financing Authority (Authority) issued S22,310,000 in
Lease Revenue Bonds. The proceeds of the Bonds were used to: a) finance the construction
of a County anima! shelter and related facilities located in the unincorporated area of
Thousand Palms, California; b) finance construction of certain County medical clinic facilities
located in Mecca, California; c) refund the Palm Desert Financing Authority Lease Revenue
Bonds Series 1996; d) acquire a debt service reserve insurance policy; e) fund capitalized
interest on the bonds; and� pay costs of issuance of the bonds. The Authority will lease sites
relating to each project from the County of Riverside (County) pursuant to a Site Lease dated
as of December 1, 2Q03, and will lease back to the County the Sites and the Facilities
pursuant to a Facilities Lease dated December 1, 2003. Under the Lease, the County will pay
to the Trustee Base Rental Payments in the amount equal to the scheduled debt service of
the Bonds. The Authority will assign its right to receive the Base Rental Payments to the
82
City of Palm Desert
Notes to Financial Statements(Continued)
Mote 17: Conduit Debt Obligations (Continued)
Trustee for the benefrt of the owners of the bonds. The debt service on the bonds is to be paid
solely from lease payments made by the County. The Authority has no obligation to make the
debt service payments in the event that the County is not able to make the required base
rental payments. As of June 30, 2007, the outstanding amount was S20,940,000.
Note 18: Other Disclosures
The Palm Desert Recreational Facilities Corporation has a net asset deficit of $452,509,
which will be eliminated by increasing revenues through banquet reservations.
Note 19: Construction and Other Significant Commitments
Construction Commitments
Remaining
Praject Spent to Date Commitment
Parks $ 2,787,346 $ 180,230
Low Income Housing 15,930,435 12,335,874
Building Construction 4,439,284 4,306,613
Street Improvements 8,364,356 1,363,522
Freeway On-ramp Improvements 823,129 735,194
Bridge Construction 8,096,835 2,117,390
Residential Street Construction - 667,246
Sewer Construction 513,841 78,449
Parking Lot Construction 1,572,547 631,555
$ 42,527,773 $ 22,416,073
Note 20: Contingencies
The City is a defendant in several pend(ng lawsuits of a nature common to many similar
jurisdictions. City managernent estimates that the potential claims against the City not
covered by insurance resulting from such litigation would not materially affect the financial
position of the Ciry.
The City incurs various costs under federal and stafe grant reimbursement programs and
records the related revenue and receivables for grant claims. Such grant claims are subject to
final audit by federal and state agencies.
83
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84
CITY OF PALM DESERT SCHEDULE 1
BUDGETARY COMPARISON SCHEDULE
GENERALFUND
YEAR ENDED JUNE 30,2007
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance,July 1 � 74,831,685 $ 74,831,685 $ 74,831,685 � -
Resources(Inflows):
Taxes 38,400,000 39,009,000 40,942,143 1,933,143
Licenses and permits 2,070,000 1,470,000 1,855,366 385,366
Intergovernmental revenues 2,795,000 2,795,000 3,129,601 334,60�
Charges for services 892,000 1,492,000 1,822,685 330,685
Fines and forteitures 160,000 160,000 109,497 (50,503)
Use of money and property 1,915,000 1,915,000 4,890,891 2,975,891
Miscellaneous 629,000 520,000 258,299 (261,701)
Transfersfromotherfunds 1,200,000 1,200,000 1,122,224 (77,776)
Amounts Available for Appropriation 122,892,685 123,392,685 128,962,391 5,569,706
Charges to Appropriation(Outflow):
General government 13,996,874 16,052,171 15,071,281 980,890
Public safety 18,604,959 17,208,087 16,488,071 720,016
Public works 8,258,832 8,515,993 7,380,140 1,135,853
Parks, recreation and culture 4,702,772 4,822,152 3,921,063 901,089
Capital outlay - 704,553 704,553 -
Transfers to otherfunds 2,448,000 9,905,025 9,282,884 622,141
Total Charges to Appropriation 48,011,437 57,207,981 52,847,992 4,359,989
Budgetary Fund Balance,June 30 5 74,881,248 5 66,184,704 S 76,114,399 $ 9,929,695
85
CITY OF PALM DESERT SCHEDULE 2
BUDGETARY COMPARISON SCHEDULE
PROP A FIRE TAX—SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2007
Variance with
Final Budget
Budget Amounts Actual Posftive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 1,796,156 $ 1,796,156 $ 1,796,156 $ -
Resources(Inflows):
Taxes 5,762,000 5,762,000 6,626,438 864,438
Intergovernmental revenues 712,000 702,268 676,917 (25,351 j
Use of money and property - 50,000 115,203 65,203
Miscetlaneous - - 49,120 49,120
Transfers from otherfunds 1,852,000 9,852,000 1,852,000 -
Amounts Available for Appropriation 10,122,156 1�,162,424 11,115,834 953,410
Charges to Appropriation(Outflow):
Public safety 8,586,576 8,755,843 7,992,434 763,409
Capital outlay - 43,500 43,491 9
Total Charges to Approprlation 8,586,576 8,799,343 8,035,925 763,418
Budgetary Fund Balance,June 30 5 1,535,580 $ 1,363,081 $ 3,079,909 $ 1,716,828
86
CITY OF PALM DESERT
Note to Required Supplemer�tary Information
June 30, 2007
Budgets and Budgetary Accounting
The City uses the following procedures in establishing the budgetary data reported in the financial
statements:
1. Before the beginning of the fiscal year, the City Manager submits to the City Council a
proposed budget for the year commencing the foflowing July 1.
2. Public hearings are conducted to obtain taxpayer comments.
3. The budget is subsequently adopted through passage of a resolution.
4. Expenditures for the General Fund cannot exceed amounts budgeted at the departmental
level,which is the legal level of control.
For other funds, expenditures cannot exceed the total amount budgeted for each fund,
which is the legal level of control. The City Manager is authorized to transfer
appropriations (without council approval) between an object of a General Fund
Department. The City Council approves all other changes.Annual appropriation amounts
lapse at year-end.
5. Encumbrances and continuing appropriations are rebudgeted as of July 1, by Council
action.
6. Annua! budgets are adopted on a basis consistent with accounting principles generafly
accepted in the United States of America for all governmental funds except for certain
special revenue funds and capital projects funds, which adopt project-length budgets and
debt service funds that are not budgeted as etfectively budgetary control is achieved
through debt indenture provisions. The following special revenue funds had legally
adopted budgets during the current fiscal year:
Prop A Fire Tax
Tra�c Safety
Gas Tax
Housing Mitigation Fees
Community Development Block Grani
EI Paseo Assessment District
City-Wide Business License
Landscape and Lighting Districts No. 1 - 15
87
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88
GENERALFUND
The General Fund is used to account for all financial resources traditionally associated with government,
except those required to be accounted for in another fund. It is the primary operating fund that includes
the operating budgets for all the departments and the majority of the City's tax revenues.
89
CITY OF PALM DESERT SCHEDULE 3
BUDGETARY COMPARISON SCHEDULE BY DEPARTMENT
GENERALFUND
YEAR ENDED JUNE 30,2007
Varfance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negatfve)
Budgetary Fund Balance,July 1 S 74,831,665 $ 74,831,685 $ 74,831,685 $ -
Resources(Inflows):
Taxes:
Property taxes 4,600,000 5,138,000 5,380,479 242,479
Property transfer tax 700,000 700,000 671,806 (28,194)
Property tax in lieu 2,550,000 2,550,000 3,334,089 784,089
Timeshare mitigation fee 600,000 600,000 782,739 182,739
Sales tax 18,200,000 18,200,000 17,918,375 {281,625)
Business license tax 1,200,000 1,200,000 1,231,587 31,587
.iob valuation fees - 36,Q00 62,879 26,879
Translent occupancy tax 7,90Q,000 7,90Q,000 8,627,221 727,221
Franchises 2,650,000 2,650,OQ0 2,907,062 257,062
Penallies and interest on taxes - 35,Q00 25,906 (9,094)
Total Taxes 38,400,000 39,009,000 40,942,143 1,933,943
Licenses and Permlts:
Building permits 2,070,000 '.,400,000 1,476,091 76,091
Grading permits - - 199 199
Valet parking permits - - 275 275
Encroachment permits - � 2gg,gqg Zgg,g4g
Miscellaneous permits - - 8,529 8,529
3usiness regulatory permits - 70,000 70,623 623
Total Licenses and Permits 2,070,000 1,470,000 1,855,366 385,366
Intergovernmental Revenues:
Federal grants - - 372,685 372,685
State grants - - 4,642 4,642
Motorvehicle in-I�eu fees 1,300,000 1,300,000 267,595 (1,032,405)
Monthly parking bail - - 1g,g94 �.g,g94
Reimbursement RDA costs 1,200,000 1,200,000 1,490,859 290,859
Other reimbursements 295,000 295,000 974,826 679,826
Total Intergovernmental Revenues 2,795,000 2,795,000 3,129,601 334,601
Charges for Services:
Subdiv�sion fees - 600,000 531,207 (68,793)
Zoning fees - - 164,608 �64,608
Plan check fees 800,000 800,000 617,999 (182,001)
Sale of maps and publications - - 28,357 28,357
Microfilm fees - - 34,594 34,594
Other fees 92,000 92,000 445,920 353,920
Total Charges for Servlces 892,000 1,492,000 1,822,665 330,685
Fines and Forfeftures:
Vehicle code fines 75,000 75,000 50,580 (24,420)
Municipal courl fines 85,000 85,000 58,917 (26,083)
Totat Flnes ar�d Forteitures 160,000 160,000 109,497 (50,503)
90
CITY OF PALM DESERT SCHEDULE 3
BUDGETARY COMPARISON SCHEDULE BY DEPARTMENT
GENERAL FUND
YEAR ENDED JUNE 30,2007
Varlance with
Final Budget
Budget Amounts Actual Positive
Orlglnal Final Amounta (Negative)
Use of Money and Property:
Interest income $ 1,800,000 $ 1,800,000 � 3,104,804 $ 1,304,804
Interestonadvances - - 1,292,053 1,292,053
Interest on notes receivable 115,000 115,000 494,034 379,034
Total Use of Money and Property 1,915,OQ0 1,915,�00 4,890,89'1 2,975,891
Mlscellaneous Revenues:
Code compliance - - 3,350 3,350
Slrong motion instrument fee - - 26,911 26,911
Special investigation fee - - 3,731 3,731
Certificate of compliance fee - - 2,100 2,i00
Nuisance abatement tax - - 23,021 23,02�
Abandoned vehicle abatement - - 69,355 69,355
Rental income 400,000 400,000 70,537 (329,463)
Olher revenue 229,000 120,000 59,294 (60,706)
Total Miscellaneous Revenuas 629,000 520,000 258,299 (261,701)
Transfersfromotherfunds 1,200,000 1,200,000 1,122;224 (77.776)
Amounts Availabls for Approprlation 122,892,685 123,392,685 128,962,391 5,569,706
Charges to Appropriatlon (Outflow):
General Government-Departmental:
City council 290,700 289,177 242,950 46,227
City clerk 527,600 543,249 543,056 193
'�egislative advocacy 63,000 63,000 40,7i4 22,286
E(ections 51,90Q 51,900 49,864 2,036
City attorney 144,000 150,000 150,000 -
Legal special services 345,000 631,000 603,650 27,350
Citymanager 641,600 750,968 740,035 10,933
Community services 1,617,400 1,665,275 1,665,275 -
Finance 1,631,100 1,697,100 1,696,645 455
Auditing 70,000 74,640 51,075 23,525
Human resources 684,3Q0 700,967 669,224 31,743
General services 463,100 644,467 556,572 87,895
Data processing 1,285,050 1,265,919 1,160,379 105,540
Unemployment insurance 8,000 8,00o 5,953 2,047
'nsurance 620,000 620,000 412,949 207,051
Community promofions 2,071,500 2,682,052 2,402,435 279,617
Community development 997,650 1,130,321 1,128,362 1,959
Office of energy management 3�7,300 346,775 319,020 27,755
Marketing 1,181,120 1,640,847 1,629,842 11,005
Total General Government-Departmental 13,050,320 14,955,617 14,068,000 887,617
General Government-Nondepartmental:
Contributions to other agencies 946,554 1,096,554 1,0o3,281 93,273
91
CITY OF PALM DESERT SCHEDULE 3
BUDGETARY COMPARISON SCHEDULE BY DEPARTMENT
GENERAL FUND
YEAR ENDED JUNE 30,2007
Varlance with
Flnal Budget
Budget Amounts Actual Positive
Orig(nal Flnal Amounts (Negative)
Pub�ic Safety:
Police services $ 13,755,100 $ 12,140,675 $ 12,035,439 $ 105,236
An�mal regulation 240,000 240,000 151,295 88,705
Traffic safety 613,000 636,334 339,006 297,328
Development services 997,299 992,316 878,316 114,000
Buiiding and safety 2,999,560 3,198,762 3,084,015 114,747
Total Pubilc Safety 18,604,959 17,208,087 16,488,071 720,016
Public Works;
Administration 2,963,824 3,199,237 3,014,583 184,654
Street maintenance 2,128,558 1,970,230 1,968,849 1,381
S!reet resurfacing 1,3Q0,000 1,303,042 1,192,629 110.413
Curb and gutter 2Q0,000 201,176 3,962 197,214
Parking iot 100,000 168,377 62,141 106,236
Storm drain 100,000 100,000 1,620 98,380
Stripping 150,000 314,956 149,960 164,996
Corporate yard 166,500 99,105 73,972 25,"33
Equipment 366,000 378,000 286,494 91,506
Building maintenance 646,400 649,466 524,395 125,071
Portola community center 85,550 82,404 72,139 10,265
Storm water permit 50,000 50,000 29,396 20,604
Total Public Works 8,258,832 8,515,993 7,380,140 1,135,853
Parks, Recreation and Culture:
Park maintenance 1,262,415 1,150,343 759,377 390,966
Civic center park 1,107,500 1,288,899 1,163,579 125,320
Landscape service 1,693,757 1,736,190 1,352,748 383,442
Visitors center 639,100 646,720 645,359 1,381
Total Parks, Recreatton and Culture 4,702,772 4,822,152 3,921,063 90'l,089
Capital Outlay:
Departmental capital outlay - 704,553 704,553 -
Total Capital Ouilay - 704,553 704,553 -
Transfers to other funds 2,448,000 9,905,025 9,282,884 622,141
Total Charges to Approprlaf(on 48,011,437 57,207,981 52,847,992 4,359,989
Budgetary Fund Balance,June 30 � 74,881,248 s 86,184,704 a 76,114,399 S 9,929,695
92
Other Governmental Funds
93
CITY OF PALM DESERT SCHEDULE 4
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
JUNE 30,2007
Total
Other
Special Debt Capital Governmental
Revenue Service Projects Funds
Assets:
Pooled cash and investments $ 41,302,435 $ 88,019 $ 22,840,777 $ 64,231,231
Receivables:
Accounts 157,122 - 689,586 846,7d8
Assessments - 2,896,146 - 2,896,146
Interest 60,127 - 258,911 319,038
Loans 35,873 - - 35,873
Prepaid costs 20 - 50 70
Due from other governments 3,477,544 8,609 10,492,298 13,978,451
Advances to other funds 654,000 - 12,765,000 13,419,000
Restrided assets:
Cash and investments with
fiscal agents 320,871 - 47,287,712 47,608,583
Total Assets and Other Debits 5 46,007,992 ; 2,992,774 S 94,334,334 a 143,335,100
Liabilities and Fund Balances:
Liabilities:
Accourrts payable $ 1,349,148 $ - $ 4,432,883 � 5,782,031
Accrued liabilities 120,904 - 2,528 123,432
Due to other funds 39,234 - - 39,234
Unearned revenues 69,755 - 108,401 178,156
Defened revenues 42,476 2,896,146 2,324,454 5,263,076
Deposits payable 320,871 - 213,616 534,487
Total Liabilities 1,942,388 2,896,146 7,081,882 11,920,41B
Fund Balances:
Reserved:
Reserved for encumbrances 8,178,922 - 4,405,518 12,584,440
Reserved forcontinuing appropriation 22,074,802 - 11,313,667 33,388,469
Reserved for prepaid costs and deposits 20 - 50 70
Reserved for reserve requirement 9,000 - - 9,000
Reserved for advances to other funds 654,000 - 12,765,000 13,419,000
Unreserved:
Designated for capital outlay - - 58,768,217 58,768,217
Designated for special revenue purposes 13,148,860 - - 13,148,860
Designated for debt service - 96,628 - 96,628
Total Fund Balances 44,065,604 96,628 87,252,452 131,414,684
Total Liabilities and Fund Balances S 46,007,992 $ 2,992,774 S 94,334,334 S 143,335,100
94
CITY OF PALM DESERT SCHEDULE 5
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2007
Total
Other
Special Debt Capital Governmental
Revenue Service Projects Funds
Revenues:
Taxes $ 7,836,536 $ - $ - $ 7,836,536
Special assessments collected 244,252 569,211 915,885 929,348
Licenses and permits - - 836,120 836,120
In2ergovernmental revenues 6,965,152 - 12,728,267 19,693,419
Rental income 4,509,126 - - 4,509,126
Use of money and property 2,018,032 68 4,029,860 6,047,960
Fines and forfeitures 164,868 - - 164,868
Miscellaneous 768,882 - 22,649 791,531
Contributions from property owners - 14,546,305 14,546,305
Total Revenues 22,506,848 5fi9,279 32,279,086 55,355,293
Expenditures:
Current:
Genera!government 8,514,222 - 583,726 9,097,948
Public safery 69,926 - - 69,926
Publicworks 1,126,551 - 15,753,629 16,880,180
Capital outlay 15,914,592 - 21,374,477 37,289,069
Debt service:
Principal retirement - 382,000 - 382,000
Interest and fiscal charges - 189,464 - 189,464
Total Expenditures 25,625,291 571,464 37,711,832 63,908,587
Excess(Deficiency)of Revenues
Over(Under) Expenditures (3,118,443) (2,185) (5,432,746) (8,553,374)
Other F(nancing Sources(Uses►:
Transfers in 12,636.585 - 10,401,187 23,037,772
Transfers out (2,122,224) (3,066,187) - (5,188,411)
Bonds issued - 3,165,000 - 3,165,000
Total Other Financirtg Sources
(Uses) 10,514,361 98,813 10,401,187 21,014,361
Net Change in Fund Balances 7,395,918 96,628 4,968,441 12,460,987
Fund Balances, Beginning of Year 36,669,686 - 83,496,216 120,165,902
Restatements - - (1,212,2�5) (1,212,205)
Fund Balances, Beginning of Year, as Restated 36,669,686 - 82,284,011 118,953,697
Fand Balances, End of Year � 44,065,604 $ 96,628 � 87,252,452 S 131,414,684
95
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96
OTHER GOVERNMENTAL FUNDS -SPECIAL REVENUE
Special Revenue Funds are used to account for proceeds of specific reven�e sources other than
expendable trust that are legally restricted to expenditures for specific purposes.
Traffic Safetv Fund -Traffic and court fines are collected in these funds. A transfer from this Fund
to the General Fund is made at the end of the fiscal year by council action to be applied toward
the eligible expenditures permitted by law.
Gas Tax Fund- Portions of the tax rate per gallon levied by the State of California on all gasoiine
purchases are allocated to cities throughout the State. These funds are restricted to expenditure
for transit and street-related purposes.
Measure A Fund - in 1988, Riverside County voters approved a half-cent sales tax, known as
Measure A, to fund a variety of highway improvements, local street and road maintenance,
commuter assistance and specialized transit projects. This fund is used to collect this tax, and
pursuant to the provision of Measure A (Ordinance No. 88-1 of the County of Riverside} it is
restricted for local street and road expenditures only.
HousinQ Mitiqation Fee Fund-This fund is used to account for fees collected from construction of
commercial and office buildings for iow and moderate income mitigation purposes to be used
strictly for projects and programs that benefit the low and moderate income households.
CommunitY Development Block Grant Fund - This fund is used to account for the receipts and
expendifures of CDBG funds received from the U.S. Department of Fiousing and Urban
Development.
New Construction Tax Fund - This fund is used to account for tax collected upon application to
the City for a building permit from every person/entity for the construction of any new buiiding,
addition or trailer space in the city according to a fee schedu(e. Its use is restricted for the
acquisition and development of public facilities such as parks, playgrounds and public structures.
Planned brainaCe Fund - This fund is used to account for off-site drainage fees based on an
established fee schedule collected prior to approval of the final map in the case of land being
subdivided or prior to the issuance of a building permit in the case of construction or improvement
of subdivided land.
Park and Recreation Facilities Fund - This fund is used to account for fees colleCted for
residential and subdivision developments collected either at the time grading permits are paid or
pr�or to the approval of the final map. Its use is restricted for expenditures related to park
development, maintenance and equipment.
Traffic Siqnais Fund - This fund is used to account for fees coNected for residential, commercial
and industrial developments either at the time grading permits are paid or prior to the approval of
the final map. Its use is restricted for expenditures related to the acquisition and maintenance of
traffic signals.
RecYcling Fund - This fund is used to account for resources resulting from lower landfill tipping
fees of $8.50 per ton, which took effect in July 1996. Due to limited landfill resources, it will be
used for the implementatian of appropriate long-range plans to be determined by the City Council
for municipal solid waste disposal.
Public Safetv Police Grants Fund -This fund is used to account for grants received from the lJ.S.
Department of Justice under the Loca( Law Enforcement Block Grants Program for the purpose of
purchasing equipment related to public safety.
97
OTHER GOVERNMENTAL FUNDS -SPECIAL REVENUE
(CONTINUED)
EI Paseo Assessment District Fund - This fund is used to collect assessments on all business
establishments located within the boundaries set for the EI Paseo parking and business
improvement area based on a fee schedule established for the various types of businesses.
Collections are made in the same manner and at the same time as the City business license fees.
Proceeds from all charges are used for the promotion of business activities in the area.
Air Qualitv Manaqement Fund - This fund accounts for receipts from South Coast Air Quality
Management District, one-third of which is disbursed to the Coachefla Valley Association of
Governments. The remaining two-thirds are spent for programs that promote the goal of attaining
Federal and State air quality standards.
City-Wide Business License Fund - This fund accounfs for receipts received from the Cotlege of
the Desert Alumni Association Fair collected from all street fair vendors at$2.00 per day for each
space. Fifty percent of the proceeds are spent for city-wide business promotion and the other fifty
percert is transferred to the General Fund for partial business licensing cost recovery.
Landscaqe and Liqhtinq District Funds - These funds are used to account for expenditures and
receipts of property taxes and service fees levied to the property owners in the various
landscaping and lighting districts, which were formed to provide landscaping and street lighting
rnaintenance. Individual landscaping and lighting funds are set up for Districts No. 1 through 15.
AIPP Maintenance Fund - This fund is used to account for monies set aside to maintain the
artwork in the City of Palm Desert.
Child Care Proqram Fund - This fund is used to collect funds from developers for the purpose of
providing chHd care programs.
Golf Course Maintenance Fund - This fund is used to offset the cost of capital improvements,
equipment purchases, perimeter maintenance, pay off assessments and other nonrecurring costs
that will arise as a result of the Desert Willow Golf Course Resort. Funding sources for the Golf
Course Maintenance Fund are collections from the IROC and Starwood time-share project.
Fire Facilities Restoration Fund - Tf�is fund is used to collect funds from developers for the
purpose of construction, restoration and purchase of equipment for fire stations within the City.
Redevelopment Ag.en� Housinq AuthoritYFund - This fund is used to account for revenues and
expenditures related to rental units owned by the Housing Authority.
98
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99
CITY OF PALM DESERT
COMBINING BALANCE SHEET
NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30,2007
Housing
Mitigatlon
Traffic Safety Gas Tax Measure A Fae
Assets:
Pooled cash and investments $ - $ - � 8,693,953 S 859,619
Receivables'
Accounts - - - -
Interest - - - -
Loans - - - -
Prepaid costs - - - -
Due from other governments 9,710 86,149 2,419,930 780,000
Advances to other funds - - - -
Restncted assets:
Cash and investments with
fiscal agents - - - -
7otal Assets a 9,710 b 86,149 S 11,113,883 S 1,639,619
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ - $ - S 58,682 � -
Accrued liabilities - - - -
Due to other funds - - - -
Unearned revenues - - 26,222 -
Deferred revenues - - 6,603 -
Deposits payable - - - _
Total Liabilities - - 91,507 -
Fund Balances:
Reserved
Reserved for encumbrances - - 733,373 -
Reserved for continuing appropriation - - 10,277,550 1,639,619
Reserved for prepaid costs and deposiis - - - -
Reserved lo reserve requirement - - - -
Reserved for advances to other funds - - - -
Unreserved:
Oesignaied for special revenue purposes 9,710 86,'49 11,453 -
Undesignated - - - -
Total Fund Balances 9,710 88,149 11,022,376 1,639,619
Total Liabilities and Fund Balances 3 9,710 � 86,149 $ 11,113,883 a 1,639,619
100
SCHEDULE 6
Community New Park and Public
Development Construction Planned Recreation Traffic Safety Police
Block Grant Tax Drainage Facil(ties Signals Recycling Grants
� 85,389 � - $ 5,606,939 $ 3,245,443 $ 1,316,490 $ 5,602,509 � 11,125
_ - - - - 147,734 3,421
35,873 - - - - - -
125,067 - - - - 25,472 166
- 654,000 - - - - -
5 246,329 a 654,000 $ 5,606,939 a 3,245,443 $ 1,316,490 S 5,775,T15 � 14,712
$ 78,662 $ 16,450 $ 77,617 $ 107,289 $ - S 47,703 $ 3,633
- - - - - 1,326 -
- 39,234 - - - - -
- - - - - 25,660 -
35,873 - - - - - -
114,535 55,684 77,617 107,289 - 74,689 3,633
114,691 191,665 76,944 - - 62,947 -
- - 4,297,132 2,440,208 255,000 480,000 -
- 654,000 - - - - -
17,103 - 1,155,246 697,946 1,051,490 5,158,079 11,079
- (247,349) - - - - -
131,794 598,316 '�,529,322 3,138,154 1,316,490 5,701,026 11,079
S 246,329 $ 654,000 a 5,606,939 S 3,245,443 $ 1,316,490 a 5,775,715 $ 14,712
101
CITY OF PALM DESERT
COMBINING BALANCE SHEET
NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30,2007
Ei Paseo Air City Wide Landscape
Assessment Qualiry Business and Lighting
District Management License Districts No. 1-15
Assets:
Pooled cash and investments $ 41,460 $ 166,343 $ 143,585 $ 543,590
Receivables:
Accounts - - 1,852 -
Interest - - - -
�oans - - - -
Prepaid cosis 20 - - -
Due from oiher governments - 15,466 - 15,584
Advances to other funds - - - -
Restricted assets:
Cash and invesiments with
fiscal agents - - - -
Total Assets a 41,480 $ 181,809 a 145,437 S 559,274
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ 14,458 $ 13,724 S - � 43,852
Accrued liabilities - - - -
Due to other funds - - - -
lJnearned revenues - - - -
Deferred revenues - - - -
Deposits payabie - - - -
Total Liabilities 14,458 13,724 - 43,852
Fund 8alances:
Reserved:
Reserved for encumbrances - - - 5,122
Reserved for continuing appropriation - 80,000 - -
Reserved for prepaid costs and deposits 20 - - -
Reserved to reserve requirement - - - -
Reserved for advances to other funds - - - -
Unreserved:
Designated forspecial revenue purposes 27,002 88,085 145,437 51o,300
Undesignated - - - -
Total Fund Balances 27,022 168,085 145,437 515,422
Total Liabilities and Fund Balances a 41,480 a 181,809 � 145,437 S 559,274
102
SCHEDULE6
Redevelopment Total
Agency Non-Major
AIPP Child Care Golf Course Fire Facilities Housing Special Revenue
Maintenance Program Maintenance Restoration Authority Funds
$ 84,988 $ 1,029,356 $ 3,160,028 $ 365,972 $ 10,345,546 $ 41,302,435
- - - - 4,115 157,122
- - - - 60,127 60,127
- - - - - 35,873
- - - - - 20
- - - - - 3,477,54�4
- - - - - 654,000
- - - - 320,871 320,871
$ 84,988 � 1,029,356 $ 3,160,028 a 365,972 a 10,730,659 S 46,007,992
� - $ - $ 78,116 $ - $ 808,962 $ 1,349,148
- - - - 119,578 120,904
- - - - - 39,234
- - - - 17,873 69,755
- - - - - 42,476
- - - - 320,871 320,871
- - 78,116 - 1,267,284 1,942,388
- 32,500 102,598 - 6,859,082 8,178,922
- - - - 2,595,293 22,074,802
- - - - - 20
- - - - 9.000 9,000
- - - - - 654,000
84,988 996,856 2,979,314 365,972 - 13,396,209
- - - - - (247.349)
84,988 1,029,356 3,081,912 365,972 9,463,375 44,065,604
$ 84,988 $ 1,029,358 S 3,160,Q28 a 365,972 S 10,730,659 S 46,OU7,992
103
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30,2007
Housing
Mitfgation
Traffic Safety Gas Tax Measure A Fee
Revenues:
Taxes $ - $ - $ 2,726,096 $ 517,306
Special assessments co�lected - - - -
Intergovernmental revenues - 1,247,382 4,109,966 780,000
Rental income - - - -
Use of money and property 2,806 32,493 444,714 67,438
Fines and forfeitures 164,868 - - -
Miscellaneous - - - -
Tota! Revenues 167,674 1,279,875 7,280,776 1,364,744
Expend(tures:
Current:
General government - - - 780,000
Public safety - - - -
Public works - 390,669 - -
Capital outlay - - 4,085,052 -
Total Expenditures - 390,669 4,085,052 780,000
Excess(Deficiency)of Revenues
Over(Under) Expenditures 167,674 889,206 3,195,724 584,744
Other Financing Sources(Uses):
Transfers in - - - -
Transfers out (170,797) (951,427) - -
Total Other Financing Sources
(Uses) (170,797) (951,427) - -
Net Change in Fund Balances (3,123) (62,221) 3,195,724 584,744
Fund Balances, Beginning of Year 12,833 148,370 7,826,652 1,054,875
Fund Balances,End ofYear $ 9,710 $ 86,149 $11,022,376 $ 1,639,619
104
SCHEDULET
Community New Park and Public
Development Constructlon Planned Recreation Traffic Safety Police
Block Grant Tax Drainage Facifities Signais Recycting Grants
$ - $ 543,349 $ 88,975 3 1,669,109 $ 134,252 $ - $ -
498,888 - - - 53,782 104,181 110,927
6,419 53,746 306,229 227,795 72,612 290,151 1,616
58,019 - - - 114.166 596,697 -
563,326 597,095 395,204 1,896,904 374,812 991,029 112,543
553,131 - - - - 407,577 -
- - - - - - 69,926
- 2,310 172,559 18,885 - - -
- 686,994 284,229 4,575,552 221,588 - 42,859
553,131 689,304 456,788 4,594,437 221,588 407,577 112,785
10,195 (92,209) (61,584) (2,697,533) 153,224 583,452 (242)
10,195 (92,209) (61,584) (2,697,533} 153,224 583,452 (242)
121,599 690,525 5,590,906 5,835,687 1,163,266 5,117,574 11,321
S 131,794 $ 598,316 $ 5,529,322 5 3,138,154 $ '1,316,490 3 5,701,026 5 11,079
105
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
YEAR ENDED JUNE 30,2007
EI Paseo Air City Wide Landscape
Assessment Qualtty Business and Lighting
Distr(ct Management Llcense Districts No.1-15
Revenues:
Taxes $ - $ - $ 46,734 $ 504,815
Special assessments collected 244,252 - - -
Intergovemmental revenues - 60,026 - -
Rental income - - - -
Use of money and properry - 7,756 6,670 9,824
Fines and forfeitures - - - -
Miscellaneous - - - -
Total Revenues 244,252 67,782 53,404 514,639
Expenditures:
Current:
General govemment 253,097 27,d12 - -
Public safety - - - -
Public works - - - 542,128
Capital outlay - - - -
Total Expanditures 253,097 27,012 - 542,128
Excess(Deficiency)of Revenues
Over(Under)Expenditures (8,845) 40,770 53,404 (27,489)
Other Financing Sources(Uses):
Transfers in - - - 95,884
Transfers out - - - -
Total Other Financing Sources
(Uses) • - - 95,884
Net Change in Fund Balances (8,845) 40,770 53,404 68,395
Fund Balances,Beginning of Year 35,867 127,315 92,033 447,027
Fund Balances, End of Year 3 27,022 S 168,085 S 145,437 E 515,422
106
SCHEDULE 7
Redevelopment Total
Agency Non-Major
AIPP Child Care Golf Course Fire Facillties Housing Special Revenue
Maintenance Program Maintenance Restoration Authority Funda
$ - $ 735,136 $ 646,970 $ 223,794 $ - $ 7,836,536
- - - - - 244,252
- - - - - 6,965,152
- - - - 4,509,126 4,509,126
7,203 31,454 157,448 11,810 279,848 2,018,032
- - - - - 164,868
- - - - - 768,882
7,203 766,590 804,418 235,604 4,788,974 22,506,848
77,332 7,242 436,259 - 5,972,572 8,514,222
- - - - - 69,926
- - - - - 1,126,551
- - - - 6,018,318 15,914,592
77,332 7,242 436,2S9 - 11,990,890 25,625,291
(70,129) 759,348 368,159 235,604 (7,201,916) (3,118,443)
- - - - 12,540,701 12,636,585
- - - - (1,000,000) (2,122,224)
- - - - 11,540,701 10,514,361
(70,129) 759,348 368,159 235,604 4,338,785 7,395,918
155,117 270,Q08 2,713,753 130,368 5,124,590 36,669,686
$ 84,988 S 1,029,356 $ 3,081,912 S 365,972 $ 9,463,375 $ 44,065,604
107
CITY OF PALM DESERT SCHEDULE 8-A
BUDGETARY COMPARISON SCHEDULE
TRAFFIC SAFETY
YEAR ENDED JUNE 30,2007
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 12,833 $ 12,833 $ 12,833 $ -
Resources(Inflows):
Use of money and property 5,000 5,000 2,806 (2,194)
Fines and forfeitures 200,000 200,000 164,868 (35,132)
Amounts Available for Appropriation 217,833 217,833 180,507 (37,326)
Charges to Appropriation (Outflowi:
Transfers to other funds 205,000 205,000 170,797 34,203
Total Charges to Appropriation 205,000 205,000 170,797 34,203
Budgetary Fund Balance,June 30 � 12,833 $ 12,833 � 9,710 E (3,123)
108
C{TY OF PALM DESERT SCHEDULE 8-B
BUDGETARY COMPARISON SCHEDULE
GAS TAX
YEAR ENDED JUNE 30, 2007
Variance with
Flnal 8udget
Budget Amounts Actual Positive
Orlgina! Flnal Amounts (Negative)
Budgetary Fund Balance, July 1 $ 148,370 $ 148,370 $ 148,370 $ -
Resources(Inflows):
Intergovernmental revenues 908,000 1,235,000 1,247,382 12,382
Use of money and property 14,000 14,000 32,493 18,493
Amounts Available for Appropriation 1,065,370 1,397,370 1,428,245 30,875
Charges to Appropriation(Outflow):
Public works - 390,670 390,669 1
Transfers to other funds 920,000 952,000 951,427 573
Total Charges to Approprfatlon 920,000 1,342,670 1,342,096 574
Budgetary Fund Balance,June 30 S 148,370 a 54,700 $ 86,149 y 31,449
109
CITY OF PALM DESERT SCHEDULE 6-C
BUDGETARY COMPARISON SCHEDULE
HOUSING MITIGATION FEES
YEAR ENDED JUNE 30, 2007
Variance with
Final Budget
Budget Amounts Actual Positive
Original Finai Amounts (Negative)
Budgetary Fund Balance, July 1 $ 1,054,875 $ 1,054,875 $ 1,054,875 $ -
Resources(Inflows):
Taxes 200,000 200,000 517,306 317,3Q6
Intergovernmental revenues - - 780,000 780,000
Use of money and property 2,500 2,500 67,438 64,938
Amounts Available for Appropriation 1,257,375 1,257,375 2,418,619 1,162,244
Charges to Appropriation (Outflow):
General government - 2,790,000 780,000 2,010,000
Transfers to other funds 202,500 202,500 - 202,500
Total Charges to Appropriatfon 202,500 2,992,500 780,000 2,212,500
Budgetary Fund Balance,June 30 a 1,054,875 a(1,735,125) $ 1,639,619 $ 3,374,744
110
CITY OF PALM DESERT SCHEDULE 8-D
BUDGETARY COMPARISON SCHEDULE
COMMUNI7Y DEVELOPMENT SLOCK GRANT
YEAR ENDED JUNE 30, 2007
Varfance with
Flnal Budget
Budget Amounts Actual Positive
Orlginal Final Amounts (Negative)
Budgetary Fund Balance,July 1 $ 121,�99 $ 121,b99 � 121,b99 $ -
Resources(Inflowsj:
Intergovemmental revenues 400,000 400,000 498,888 98,888
Use of money and property 7,000 7,000 6,419 (581)
Miscellaneous 25,000 25,000 58,019 33,019
Amounts Available for Appropriatfon 553,599 553,599 684,925 131,326
Charges to Appropriation (Outflow�:
General government 502,500 841,615 553,131 288,484
7otal Charges to Appropriation 502,500 841,615 553,131 288,484
Budgetary Fund Balance,June 3U $ 51,099 $ (288,016) 5 131,794 $ 419,810
111
CITY OF PALM DESERT SCHEDULE 8-E
BUDGETARY COMPARISON SCHEDULE
EL PASEO ASSESSMENT DISTRICT
YEAR ENDED JUNE 30,2007
Variance with
Final Budget
Budget Amounts Actual Positive
Or(ginal Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 35,867 5 35,867 $ 35,867 $ -
Resources(Inflowsj:
Special assessments collected 230,000 230,000 244,252 14,252
Amounts Available for Appropriation 265,867 265,867 280,119 14,252
Charges to Appropriatlon(Outflow):
General government 230,000 265,000 253,097 11,903
Total Charges to Appropriation 230,000 265,000 253,097 11,903
Budgetary Fund Balance,June 30 $ 35,867 $ 867 g 27,022 S 26,155
�-----
112
CITY OF PALM DESERT SCHEDULE 8-F
BUDGETARY COMPARISON SCHEDULE
CITY-WIDE BUSINESS LICENSE
YEAR ENDED JUNE 30,2007
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance,July 1 S 92,033 $ 92,033 $ 92,033 $ -
Resources(Inflows):
Taxes 50,000 50,000 46,734 (3,266}
Use of money and property 1,000 1,OOQ 6,&7Q 5,670
Amounts Ava(lable for Appropriation 143,033 143,033 145,437 2,404
Charges to Appropriation (Outflow):
General govemment 51,000 51,000 - 51,000
Total Cha�ges to Appropriation 51,000 51,000 - 51,000
Budgetary Fund Balance,June 30 5 92,033 a 92,033 S 145,437 $ 53,4Q4
113
CITY OF PALM DESERT SCHEDULE 8-G
BUDGETARY COMPARISON SCHEDULE
LANDSCAPE AND LIGHTING DISTRICTS NO. 1-15
YEAR ENDED JUNE 30,2007
Variance with
Final Budget
' Budget Amounts Actual Positive
Original Final Amounts (Negative}
Budgetary Fund Balance,July 1 $ 447,027 $ 447,027 $ 447,027 $ -
Resources(Inflows):
Taxes 505,983 505,983 504,815 (1,168)
Use of money and property - - 9,824 9,824
Transfers from other funds 56,906 56,906 95,884 38,978
Amounts Available for Appropriation 1,009,916 1,009,916 1,057,550 47,634
Charges to Appropriation(Outflow):
Public works 562,399 566,169 542,128 24,041
Total Charges to Appropriatlon 562,399 566,169 542,128 24,041
Budgetary Fund Balance,June 30 5 447,517 5 443,747 S 515,422 5 71,675
114
OTHER GOVERNMENTAL FUNDS—DEBT SERVICE
City Highlands UnderQroundinc�Fund - This fund is used to account for the resources and
payment for debt related to Highlands Undergrounding.
115
CITY OF PALM DESERT Schedule 9
COMBINING BALANCE SHEET
NOMMAJOR DEBT SERVICE FUND
JUNE 30,2007
Total
City Non-Major
Highlands Debt Service
Undergrounding Funds
Assets:
Pooled cash and investments $ 88,019 $ 88,019
Receivables:
Assessments 2,896,146 2,896,146
Due from other govemments 8,609 8,609
Total Assets and Other Debtts $ 2,992,T74 a 2,992,774
Liabilittes and Fund Balances:
Liabfl(ties:
Deferred revenues 2,896,146 2,896,146
Total Liabilities 2,896,146 2,896,146
Fund Balances:
Unreserved:
Designated for debt service 96,628 96,628
Total Fund Balances 96,628 96,628
Total Liabilities and Fund ealances $ 2,992,774 3 2,992,T74
116
CITY OF PALM DESERT Schedule 10
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALAMCES
NONMAJOR DEBT SERVICE FUND
YEAR ENDED JUNE 30,2007
Total
City Non-Major
Highlands Debt Service
Undergrounding Funds
Revenues:
Special assessments collected S 569,211 $ 569,211
Use of money and property 68 68
7otal Revenuas 569,279 569,279
Expenditures:
Debt service:
Principal retirement 382,000 382,000
Interest and fiscal charges 189,464 169,464
Total Expenditures 571,464 571,464
Excess(Deficiency)of Revenues
Over Expenditures (2,185) (2,185)
Other F(nancing Sources(Usesj:
Transfers out (3,066,187) (3,066,187)
Bonds issued 3,165,000 3,165,000
Total Other Financing Sources
(Uses) 98,813 98,813
Net Change in Fund Balances 96,628 96,628
Fund Balances, Beginning of Year - _
Fund Balances,End of Year $ 96,628 $ 96,628
117
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118
OTHER GOVERNMENTAL FUNDS -CAPITAL PROJECTS
Capital Projects Funds are used to account for the acquisition and construction of major capital
facilities, except for those financed by certain Special Revenue and Enterprise funds.
Arts in Public Places Fund - This fund is used to account for fees collected from residential,
commercial and public facilities development except for street and drainage projects. Its use is
restricted for acquisition, installation, improvement and maintenance of artwork to be displayed in
the City, the administration of the program and community public art education programs.
Caqital Proiects Reserve Fund - This fund is used to account for resources and expenditures for
capital improvement projects that are related to the acquisition and deve!opment of public
facilities, infrastructure and equipment.
Draina4e Facilities Fund - This fund is used to account for resources and expenditures for
planned capitai improvement projects that are under the Master Drafnage Plan.
Park and Recreational Facilities Fund - This fund is used to account for resources and
expenditures for capital improveme�t proiects that are related to park development, maintenance
and equipment.
Siqnalization Fund - This fund is used to account for resources and expenditures for capital
�mprovement projects that are related to the acquisition and maintenance of traffic signals.
BuildinQs Fund - This fund is used to account for resources and expenditures for capital
improvement projects that are related to the improvement and maintenance of public facilities and
struciures.
Library Fund - This fund is used to account for resources and expenditures for capital
improvement projects that are related to the purchase of library resources for the Multi-Agency
Library.
CFD Indian Ridqe Fund-This fund is used to account for the construction of public improvements
from bond proceeds Series A resulting from the creation of this District.
Special Assessment bistrict Funds - This fund is used to account for the construction of public
improvements ftom proceeds resulting from the creation of various assessment Districts.
Assessment District No. 94-3 Merano
Assessment District No. 98-1 Bighorn
Town Center Parkinq Lot - This Fund is used to account for resources and expenditures for
construction of a two-story parking lot at the Westfield Shopping Center.
Silver Squr Ranch Fund - This fund is used to account `or the construction of public
improvements from bond proceeds resulting from the creation of this District.
Hiqhlands Underqroundinq-This fund is used to account for the construcfion of public
improvements from bond proceeds resulting from the creation of this District.
CFD Universitv- This fund is used to account for the construction of public improvements from
proceeds resulting from the creation of this District.
119
CITY OF PALM DESERT
COMBINING BALANCE SHEET
NONMAJOR CAPITAL PROJECTS FUNOS
JUNE 30,2U07
Arts In Capital Parks and
Pubiic Projects Drainage Recreation
Places Reserve Facilities Facilities
Assets:
Pooled cash and investments $ 2,597,730 $ 10,303,548 $ 3,115,522 $ 1,130,641
Receivables:
Accounts - 689,586 - -
I nterest - 58,380 - -
Prepaid costs 50 - - -
Due from other governments - 10,492,298 - -
Advances to other funds - 8,000,000 - 4,765,000
Restricted assets:
Cash and investments with
fiscal agents - 561,841 - -
Total Assets � 2,597,780 S 30,105,653 � 3,115,522 a 5,895,641
Liabilities and Fund Balances:
Liabilities:
Accounts payabie $ 268 $ 4,059,777 $ - $ 20,640
Accrued liabilities 2,528 - - -
Unearned revenues - 108,401 - -
Deferred revenues - 2,324,454 - -
Deposits payable 213,616 - - -
Total Liabilities 216,412 6,492,632 - 20,640
Fund Balances:
Reserved:
Reserved for encumbrances 177,676 3,740,884 - 12,570
Reserved for continuing appropriation 391,000 9,381,673 262,810 1,086,498
Reserved for prepaid costs and deposits 50 - - -
Reserved for advances to other funds - 8,000,000 - 4,765,000
Unreserved:
Designated for capital outlay 1,812,642 2,490,464 2,852,712 10,933
Total Fund Balances 2,381,368 23,613,021 3,115,522 5,875,001
Total Liabilities and Fund Balances � 2,597,780 S 30,105,653 $ 3,115,522 a 5,895,641
120
SCHEQULE 11
CFD Assessment
Indian District No.94-3
Signatization Buildings Library Ridge Merano
$ 323,334 $ 3,517,723 $ 389,791 $ 143 $ -
- - - 21,212 758
- - - 5,034,041 170,426
a 323,334 a 3,517,723 � 389,791 $ 5,055,396 5 171,184
$ - � - $ 37,348 - $ -
- - 37,348 - -
191,686 - - - -
131,648 3,517,723 352,443 5,055,396 171,184
323,334 3,517,723 352,443 5,055,396 171,184
$ 323,334 � 3,517,723 � 389,791 $ 5,055,396 5 171,184
121
CITY OF PALM DESERT
COMBINING BALANCE SHEET
NONMAJOR CAPITAL PROJECTS FUNDS
JUNE 30,2007
Assessment
District No. 98-1 Town Center Silver
Bighorn Parking Lot Spur Ranch
Assets:
Pooled cash and investments $ - $ 220,556 � 539
Receivables:
Accounts - - -
Interest - - -
Prepaid costs - - -
Due from other governments - - -
Advances to other funds - - -
Restricted assets:
Cash and investments with
fiscal agents - - -
Total Assets a • $ 220,556 � 539
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ - $ 220,556 $ -
Accrued liabilities - - -
Unearned revenues - - -
Deferred revenues - - -
Deposits payable - - -
Total Liabilities - 22Q,556 -
Fund Balances:
Reserved:
Reserved for encumbrances - - -
Reserved for continuing appropriation - - -
Reserved for prepaid costs and deposits - - -
Reserved for advances to other funds - - -
Unreserved:
Designated for capital outlay - - 539
Total Fund Balances - - 539
Total Liabilities and Fund Balances $ - � 220,556 � 539
122
SCHEDULE 11
Total
Non•Major
Highlands CFD Capital Projects
Undergrounding University Funds
$ 1,241,250 $ - $ 22,840,777
- - 689,586
- 178,561 258,911
- - 50
- - 10,492,298
- - 12,765,000
- 41,521,404 47,287,712
a 1,241,250 S 41,698,965 $ 94,334,334
$ 94,294 $ - $ 4,432,883
- - 2,528
- - 108,401
- - 2,324,454
- - 213,616
94,294 - 7,081,882
474,388 - 4,405,518
- - 11,313,667
- - 50
- - 12,765,000
672,568 41,699,965 58,768,217
1,146,956 41,699,965 87,252,452
a 1,241,250 $ 41,699,965 � 94,334,334
123
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR CAPITAL PROJECTS FUNDS
YEAR ENDED JUNE 30,2007
Arts In Capital Parks and
Public Projects Drainage Recreation
Places Reserve Facilities Facilities
Revenues:
Special assessments collected S - S - $ - $ -
Licenses and permits 836,120 - - -
Intergovemmental revenues - 12,728,267 - -
Use of money and property 132,595 926,927 166,013 313,907
Miscellaneous 3,590 - - 14,972
Contributions from properry owners - - - -
Total Revenaes 972,305 13,655,194 16fi,013 328,879
Expenditures:
Current:
General government 321,818 - - -
Public works - 652,724 - 55,830
Capital outlay 204,866 16,614,829 - 408,490
Total Expenditures 526,684 17,267,553 - 464,320
Excess(Deficiency)of Revenues
Over(Under)Expenditures 445,621 (3,612,359) 166,013 (135,441)
Other Financing Sources (Uses):
Transfers in - 7,000,000 - -
Total Other Financing Sources
(Uses) - 7,000,000 - -
Net Change in �und Balances 445,621 3,387,641 166,013 (135,441)
Fund Balances, Beginning of Year 1,935,747 21,437,585 2,949,509 6,010,442
Restatements - (1,212,205) - -
Fund Balances, Beginning of Year, as Restated 1,935,747 20,225,380 2,949,509 6,010,442
Fund Balances, End of Year S 2,381,368 $ 23,613,021 $ 3,115,522 S 5,875,001
124
SCHEDULE 12
CFD Assessment
Indian District No.94-3
Signalization Buildings Llhrary Ridge Merano
� - � - � - $ - 3 -
17,229 187,445 - 251,599 16,508
17,229 187,445 - 251,599 16,508
- - 261,908 - -
- - - - 7,342
- - - - 160,578
- - 261,908 - 167,920
17,229 187,445 (261,908) 251,599 (�51,412)
- - 335,000 - -
- - 335,000 - -
17,229 187,445 73,092 251,599 (151,412)
306,105 3,330,278 279,351 4,803,797 322,596
306,105 3,330,278 279,351 4,803,797 322,596
$ 323,334 3 3,517,723 3 352,443 S 5,055,396 S 171,184
125
CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR CAPITA�PROJECTS FUNDS
YEAR ENDED JUNE 30,2007
Assessment
District No.98-1 Town Center Silver
Bighorn Parking Lot Spur Ranch
Revenues:
Special assessments collected $ - � - $ -
Licenses and permits - - -
Intergovemmental revenues - - -
Use of money and property - - 31
Miscellaneous - - -
Contributions from property owners - - -
Total Revenues - - 31
Expenditures:
Current:
General government - - -
Public works 5 - -
Capital outlay - - -
Total Expenditures 5 - -
Excess(Deficiency)of Revenues
Over(Under)Expenditures (5) - 31
Other Financing Sources(Uses):
Transfers in - - -
Total Other Financing Sources
(Usesj - - -
Net Change in Fund Balances (5) - 31
Fund Balances, Beginning of Year 5 - 508
Restatements - - -
Fund Balances. Beginning of Year,as Restated 5 - 508
Fund Balances, End of Year $ - $ - $ 539
126
SCHEDULE12
Total
Non-MaJor
Hfghlands CFD Capital Projects
Undergroanding University Funds
$ 115,885 $ - �v 115,885
- - 836,120
- - 12,728,267
77,124 1,940,48Z 4,029,860
- 4,087 22,649
- 14,546,305 14,546,305
193,009 16,490,874 32,279,086
- - 583,726
2,123,890 12,913,838 15,753,629
- 3,985,714 21,374,477
2,123,890 '16,899,552 37,711,832
(1,930,881) (408,678) (5,432,746)
3,066,187 - 10,401,187
3,066,187 • 10,401,187
1,135,306 (408,678) 4,968,441
11,650 42,108,643 83,496,216
- (1,212,205)
11,650 42,108,643 82,284,011
$ 1,146,956 $ 41,699,965 S 87>252,452
127
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128
AGENCYFUNDS
Agency Funds are used to account for assets held by the city as an agent for individuals, private
organizations, other governments artd/or funds.
Aqencv Fund - This fund is used to account for deposits piaced with the City by developers,
individuals and groups to obtain future services. Deposits are reduced by disbursements andlor
refunds to the depositors when the cost of services is determined.
Treasurers 1911 Bond Act - This fund is used to account for the assets held on behalf of the
assessment districYs property owners until they are remitted to the bondholders.
Retiree Service Stipend Fund - This fund is used to account for assets hefd to pay for the retiree
service stipend.
Special Assessment Funds - These funds are used to account for the collection of special
assessments and the future payment of debt service related to bonds issued.
129
CITY OF PALM DESERT SCHEDULE 13
COMBINING BALANCE SHEET
ALL AGENCY FUNDS
JUNE 20, 2007
Treasurers Retiree Special
1991 Bond Service Assessment
Agency Act Stipend Fund Funds Totals
Assets:
Cash and investments � 4,094,108 $ 274,514 $ 10,119,163 $ 4,590,670 $ 19,078,455
Receivabfes(net of aiowance
for uncollectibles):
Accounts - - - 119,146,524 119,146,524
Interest - - - 56,410 56,410
Restricted Assets:
Cash With fiscal agent - - - 13,383,596 13,383,596
Total Assets $ 4,094,108 $ 274,514 $ 10,119,163 $137,177,200 $151,664,985
Liabilities:
Deposits $ 4,094,108 $ 274,514 $ 10,119,163 $137,177,200 $151,664,985
Total Liabilfties $ 4,094,108 $ 274,514 $ 10,119,163 $137,177,200 $151,664,985
130
CITY OF PALM DESERT SCHEDULE 14
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
YEAR ENDED JUNE 3a, 2007
Balance Balance
July 1, 2006 Additions Deletions June 30, 2007
Agency
Assets:
Cash and investments � 3,946,611 $ 4,647,379 $ 4,499,882 $ 4,094,108
Total Assets S 3,946,611 $ 4,647,379 $ 4,499,882 $ 4,094,108
Llabilities:
Deposits $ 3,946,611 $ 4,647,379 $ 4,499,882 $ 4,094,108
Total Llabllitles $ 3,946,611 � 4,647,379 $ 4,499,882 $ 4,094,108
Treasurers 19'11 Bond Act
Assets:
Cash and investments $ 274,514 $ - $ - $ 274,514
Total Assets $ 274,514 a - $ - S 274,514
Liabilities:
Deposits $ 274,514 $ - $ - $ 274,514
Total Lfabilities a 274,514 S - $ - 3 274,514
Retiree Service Stipend Fund
Assets:
Cash and investments $ 3,252,804 $ 7,102,038 $ 235,679 $ 10,119,163
Receivables(net of allowance
for uncollectibles):
Interest 16,319 - 16,319 -
Restricted Assets:
Cash with fiscal agent 5,786,000 - 5,786,000 -
Total Assets $ 9,055,123 S 7,102,038 S 6,037,998 $ 90,119,163
Liabilities:
Deposits $ 9,055,123 $ 7,102,038 $ 6,037,998 $ 10,119,163
Total Liabilitfes $ 9,055,123 $ 7,102,038 $ 6,037,998 S 10,119,163
131
CITY OF PALM DESERT SCHEDULE 14
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
YEAR ENDED JUNE 30, 2007
Balance Balance
July 1, 2006 Addttions Deletions June 30, 2007
Special Assessment Funds
Assets:
Cash and investments $ 3,364,076 $10,126,195 $ 8,899,601 $ 4,590,670
Receivables(net of allowance
for uncollectibles):
Accounts 73,274,012 47,546,347 1,673,835 119,146,524
Interest 33,996 56,410 33,996 56,410
Restricied Assets:
Cash with fiscal agent 8,546,730 8,296,122 3,459,256 13;383,596
Total Assets $85,218,814 S 66,025,074 314,066,688 $ 137,177,200
Liabilities:
Deposits 85,218,814 66,025,074 14,066,688 137,177,200
Total Liabilities $85,218,814 S 66,025,074 $94,066,688 $ 137,177,200
Totals-All Agency Funds
Assets:
Cash and investments $10,838,005 $21,875,612 $13,635,162 $ 19,078,455
Receivables(net of allowance
far uncollectibles)�
Accounis 73,274,012 47,546,347 1,673,835 119,146,524
Interest 50,315 56,410 50,315 56,410
Restricted Assets:
Cash with fiscal agent 14,332,730 8,296,122 9,245,256 13,383,596
Total Assets a 98,495,062 $77,774,491 $24,604,568 S 151,664,985
Liabflifies:
Deposits 98,495,062 77,774,491 24,604,568 151,664,985
Total Liabilities a 98,495,062 �77,7T4,491 S 24,604,568 $ 151,664,985
132
Statistical Section
This part of fhe City of Statistical's comprehensive annual financial report
presents detailed information as a context for understanding what the information
in fhe financial statements, note disclosures, and required supplementary
information says about the city's overall financial health.
Contents
Financial Trends
These schedules contain trend information to help the reader understand
how the city's financial performance and well-being have changed over
time.
Revenue Capacity
These schedules contain information to help the reader assess the city's
most significant local revenue source, the property tax.
Debt Capacity
These schedules present information fo help the reader assess the
affordability of the city's current levels of outstanding debt and the city's
ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the
reader understand the environment within which the city's financial
activities take place.
Operating Information
These schedules contain servrce and infrastructure data to help the reader
understand how the information in the city's financial report relates to the
services the city provides and the activities it performs.
Sources: Unless otherwise noted, the information in fhese schedules is derived
from the comprehensive annual financial reports for the relevant year. The city
implemented GASB Statement 34 in 2001; schedules presentrng government-
wide information include information beginning in that year.
133
City of Palm Desert
Net Assets by Component
Last Seven Fiscal Years
(�iccrual Basis of:lccounting)
� >� �' :4 ��� �` �?"`' �'��' � �, �
`� 213,685,471 166,229,783 147,410,323 141,303,283 143,448,973 44,179,223
. �a F ; %�� � ° ` j 173,335,615 �z) 153,342,045 ��� 103,701,569 100,268,597 99,313,317 78,732,876
p} j � �`;� 111,386,996 108,077,101 96,445,212 79,075,507 80,229,689 88,266,933
� � ..
� � ° � � 498 408 082 427 648,829 347 557,104 320,647 387 322 991 979 211 179,032
:w
+
�';�'. "�; �s v=,'.�` �' =�„ _ .
��� ' '� ����� . K :�. �- , ;."�." �,`i� .�«...�.—�::::�-...
62 956,9141 63 233,079 63 588,616 63,857 424 64 269,694 64,085 563
�e :. � � � � ,,. -r ,} - - � - - -
�
� ;y 'T � �, 5,294,980 4,459,840 2.948,910 1,830,204 1,288,488 1,494,726
: '` 68 2b1,891 67,692,919 66,537,b26 65,687 628 66 658,182 65 580,289
:. '.:�t . .. -:. ' k4�,�,. , - z ,x.'.�. �
� - ,. „ �v� •� '�z_'_,,.. _. ..� �a xa.�....� ;^::; s>r�,..; . ,:'3'�:...:.
� 276,642,382 � 229,462,862 210,998,939 205,160 707 207 718,667 108,264,786
r �� Y�" �`� 173,335,615 153,342,045 103,701,569 100,268,597 99 313,317 78,732,876
¢ ,.,,
� 3 e.c �� ' ' ...; 116,681,976 112,536,941 99,394,122 80,905,711 81,518,177 89,761,659
�.t!1� ""� 5 6 6 6 5 9,97 3 4 9 b 3 4 1,8 4 8 4 1 4,0 9 4 6 3 0 3 8 6,3 3 5,0 1 5 3 8 8,5 5 0,1 6 1 2 7 6,7 b 9,3 2 1
�' ,-;: 2A01
� -
� . �� 41,332,088
R g �F �' c� � 72,610,266
� �' ��
,� r 80,007103
T 193,949,457
��. � � .
� � 64.702,174
� ' �
�;,;;; �
�J ,�,�;:' F �F: z`. R � ' 1,419,665
'�i!!� � 66121,839
,, �
": �'< �-�" �'��;`'.
I , id? 106 034,262
, � � , ` `.� 72,610,266
t1�,. , -�.� ' 81,426,768
T �A' � ��'' 260.071.296
I l�7'he increace Jbr l�}'ZINl6�c chre rn�.c�uunc r o1!hslnc(Hund,sre nnre l,.
l2/7'Ac u�crcacr frn F}'1lM7-a dur�u nsunnc c uJ!)cc�nct BnnJ..rcr nu�r��6.
.Vnle: 1 hr('iry�J Pulm De.cer��nrp(��mrn�ed G:1,ti8 3a/irr rhe.li.��cu!yrar endrd June 30.100/.
.�chedule�pre..enhn�;Xorernmen�-�ridc uJbrnrnuun�ndudu inJorniartun hr��rounx in rhar rrur.
134
CiN af Palm Desert
Changes in Vet Assets
Last Seven Fiscal 1'ears
(Acuval Basis of.�ccounting)
F�N��� ;a�-� �_� •y;, * �-,�.a�, �� ? .�.'�„- � n�� _';p� �
.:.:. ... *� �?� � .. ,, -: ;� _ .. � „ . , m., ry.. ., , ; .
� � ��� 39.956 767� µ34 36 850� 27.144,038 28 402 902 21�,055,957 �� 20 830 544�� 18 625,329x
y s ".� 24.6)4.424 21856.311 18.743.083 �5.420.�51 15.601.833 14.547.981 12744.434
4.996.692 4.243.119 4,043.034 3.977.447 3.480.264 19.686,164 3.542.671
r� 37.091.5�2 13.894.980 10.428.219 13,046.864 23.009.640 3.775.417 15.595.997
�' 20.097.198 12,526.964 12.749.188 14.124.371 14.443.467 15,271.200 16.224.248
� �� ' # ��� 126,816 693 88,88I,224 73,107,682 74,971 736 77,591 181 74/11,308 88 732,679
� � � t �;_ +.'. � ����ik.._. .. ,-s- _'�s,.�;:� .' �,."` `�:��.�a �.�5: '� �c,�:"�-�: €,x :.,��`<. _ ...� '�'�. -,:
7.989,321 6913,517 6636.889 6657220 6.653,242 6,629.866 6,901.576
� 716,592 646,769 609,298 570,135 511.272 534.865 1481,938
� ,..� 8.705.913 7,560.2% 7.246.187 7.227.355 7.164.514 7,164.731 8383.514
, ,.
.�.�'"��' - �.�, r ::x �-: ,;
7qi" r � 136,622 SOB 94 444,610 80,365,749 82,189 090 84�766 876 81 278 037 76 118 183
�y � > �` ����'' � � "� � i:� : �;m� �; x ..
'� �a ^
,�` "`�'r�..-i�'� .�. �.,:'�,,:_ �r% 3s�::'�. '. �.... .., w ' d ,`"� �. �
` * � � .,q 19,640.849� 19�80498. 12.987,130 10.837.634 10.666.717 �10423.855 10.288.381��
�, t ��..� 7.95�.650 4.930.120 4.800.413 4.632.297 6.249,955 5.568.966 4.607.448
57.132.742 51,780,22� 5,166.856 7.134,158 4.325,033 4,434,722 5,300,829
'�� ;`, "�'. I ' ' �N 90,83� 22,964 2�1�24� YO 427 60.7�20198,668
84 726,241 76 8 ,399 22 604 089 06
xi� . � � .,� � ,�. � .�:.
r ,:::s
� � ��,�-�>� � �. � '.�° � -� � '�� - =�,._�. ., r �`•
,�,� '�"�' �, 7,830863 7,442,330 68�4,638 6.237,087 5,824.079 5,753,581�' S,B82.813
-� t 915,975 864,447 898.884 851.763 843,812 861,405 943,895
� ;�.�-� "� ��� 278.757 295.304 338.478 267.951 414.967 8.�95 543.303
� �' 9,025,595 8.602.087 8,052.000 7,356,801 7,082.858 6,623.181 7.370.0�1
�.,.
TpdF � 93,760 838 84,492,920 31,006,398 29 960 890 28,32166J 27 060 724 27 666,668
�'� �``"' iM; s ��� �`" `��.�� �� � .� � � ��,' .� '�` �����` '::
, � '�'x' �` _ � '��s � �-" �
�� (42.091 352) (47.837.446�.. (80 336.571) (76,418 938) (78.490 293) (71 417 934) (60 853 995)
�(�j� y � ,,f '_ . . 319.682 1,041,795 805,813 129446 81656 541550 7013503
� (41,Tl1670) (4879b,651) (78,530,768) (78289492) (76,289,492) (71968484) (81887,488)
� �,. �'� "�-fu�„�'.<n;� � :i���t� '`�a ;;��+ ��°�;,-r
.. . :'. a x � J -. , . . .. H�.� e5 '��� f ��,. � . .'_,+
-� , .�-.�:- �,��:�-�~ ...'• . . .._ . . , . . .:� ,�' .�.�: �-..;�i:. .
T ��=' 86.766.BG4 114 B26.3B7 96.926.134 87.551 146 81.297 385 73 257 210 66 975.636
% (J� � ': 17,521,600 6,197,595 4,240.360 2,985463 3,3fiG.548 466,193 924,3�4
.:.pp � - - 17 459 1.852.229 (984.837) 166 840 4.328.656
�,�,� 10.790.417 7,025.216 6.347,396 8.706.206 3.997.338 10.930.974 14.163.877
� � �' � ,� � � 7,8784J� 84,821,217 88,392,483
� ... ,., • .-.,,. . �: �. . ., . , . . .
, : y �: 116,078,881�128�,0�9,198 107 531 N349� 83,68��8: ._. % ��: .�%Y;� ::
�R
F:� 239 290 113.598 43.831 11 718..
.�� 254 47.831
�� �'� 239.290 113.598 44.085 - 59.549 - -
��� 11b,318,171 128,162,788 107,576,454 BS,882.BS2 87,736,983 84.821,217 88,382,48J
. �, `,'
x.,. .�.r ; . ..
,. , . � . � �� � �'�i�� 72.558.972 .:: 0.25�5,393 27.849.898 �1� �� .��; :..„�� �. •�:%,:,:
� �" .'x' � w" �` .�.-�;;. , .
. .. 3.694 �9.186 141 13 403.283 25 538.48�
� � 9,446 22,107 541,550 1.013,503
���
j � „F-'. � ��� 73,b46 501 81,387 14b 28 044,678 7 193 140 9 164 03� 1T,861 733 24 624 986
lli lhe lncrease.lri�hY?�1n6 is dur ru HonJ/�imJ.r recenrd fr�r cnpiml improcemeni oi rhr fh�inn knuun as Fmversilv Pnrk miJ.4necssmen�?9 .Cec nore.-:lR
�'Me: lht(ln�aJl'olm/lercn implomenred��A.1'H 3J In dic fiscal rearo���d.4ine 30.100!
.CJrrdiJes prrorru�ng Xurernmcnr-�r�do ui/ormmiun im luJe infnrmnpnn Fe.4�mm�%ui tl�a�rra�
135
Ciri of Palm Desert
Fund Balances of Governmental Funds
Last Seven Fiscal Years
(�IodiTied��ccrual Basis of.4ccounting►
' s�.�. ..Y, . a .. . .
. £ . . . .,
Y �. -: <:..�e,:�, ..�R�;� ��z�:
. ,
,
. _ �., � �.
�.. . , � � , . :. . „ .R �. .,�
r� `} $� X:, � �' � ;� 25,198,118 26,345,859 26,505,414 27,838,819 25,701,984 27,506,623 22,951,643
� � � ; 76,114,399 74,350,368 63,298,784 55,458,419 �713,284 23,827,558 24,419,570
+ 50,916,281 48,004,509 36,793,370 27,619,600 23,
, �+� . ; . `', ,,,. ,21
�; 816 268 51 334181 47,371 3
' � � .�' � .-:� �. - � ;< � �� . �� � -
` � ` d:� ,� � , x �.. �,- x ��:
ffi '� � 133 768 988 115 924,400 96,349 160 83,603,140 86,423 841 89 223,387 77 271 685
+ ,� g > , a : � � ,�: , �P"�'�
� � .-�.�.�-�:.'> �:., , '�r�'. , ;. �� '�::;.�. '. s� , �:'y;�:;�,
�' a 48,231,447 19,944,227 25,991,171 32,614,358 24,709,698 24,222,615 15,521,068
°' � '^.;i 175,094,003 55,995,596 34,196,750 40,652,793 48,976,239 46,630,038 53,720,744
� , e�6 � ^' '�,� �. 24,254,967 10,095,576 8,430,170 12,899,972 11,641,650 5,803,153 6,744,244
��� � !" 381,349,405 201 959,799 164 967,251 169,770,263 171 751 428 165,879,193 1b3 2b7 741
.'�'ote: "1'he('�ty oJ Pnlm l)e.rerl miplemen(ed GA,S/3 3a f�r Ihe li.�cul i�enr rndrd June 30.200/.
Schc Jule.c pre.centur�;Kovernmrnr-Nade�n/orniauon urd«de ui%urmuhnn he�;�nnm�ui ihu(ycur
136
THIS PAGE INTENTIONALLY LEFT BLANK
137
lin ni i'alin Ikxn
(bangn in Fund Bdanm of Gavernmmtyl Fund�
I.y�t tierm Fi+cal Ycan
�\IoJiMd.�nnJ il�.l.nf.lc..untlnp,l
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w:� ' �,� , .uaxsez� �i�o�w r.ne�i ois�ave soe>>:x +e».im ia�n�ae
q � :, 4 �.�, aewsis xvaix n.nm� �!9]J1D) xe�rin i>�saeee �.uorn
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t� f •?�ri)�2.ts tfl u� 1fo.�Mw U�MMs ww � a� �l.�w o).�ol)�f
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5 �p `.� ;OilSlfOti . . Hl90000 SU6[},J6J )l.MSIXp �
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, .. , _..� ,s � .�':� xix a�r u.w.
� . ...,. ii;.. ' • , ��.1% �6 W T b% f�M
138
City of Palm Desert
Graphs-Changes in F und Balances of Go�•ernmentals Funds
Last Seven Fiscal Years
(Malitied Accrual L�asis of Accounting)
�— —— -- — — ` — — — -- — — ——Catal Revenues
� `';s��x�� --' ~—� ❑Combined other(I)
I s;oo.000.000
;
S�c�,p�,ppp � �Miscellaneous other
� � l'-)
� S2IX1.IX7(1.000
-��+ ❑Imcrgovcmmental
I SI50.0(N).000
rz�enues
I SIOO.OW,OW i
■Licenses&�xrtnits
Ss0.IX7�.W0
i
ISO
8 � g � g � $ ■Taxes K Special
i � � � � + � Assessmentx
�
I Total tixpenditures
E35o.�U.000 �------...—.__.— _ ..._...-----.-- ._.—._._.....__.__�
� ■ParAs,rccrcalion&
Iculture
I E3o0.�xx).000 �
0 Pass-through-
I 5250.W0,000 i agrcement
I ❑Debt I:xpendirurcs(+)
� 520n.OW/100
� SISO.W0,000 ... �, I ❑Capitalouday
I ,,,y- ?
51 W.000.000 ❑Publ�c works
I 550.000.000 � ❑Public sa(cty
� �
3 � � � � � 8 ■(ieneral Govemmem
I � r � � � � �
('nmAintJ Uihrr(l/is a c��nbumuon uJ rrnfal incumr.�ur�f m�mcry X proptrrv.ard dmrgrs/or scmcr�.
.4fiurl(anruua U�hrr/]/n n comb�nunnn q[linrs anJ.f�r��r�n�rrs.m�xcr!laimaus nnd conrnhrrtr„nrfr�m pro�t�rryoHnerr
UrAi lCqxnJunrrsl3l u n�omhuram+n..J uuert•sr�x�i/Jmrgr.r�mJ pnnn�xil renrrm.•ni
.Ynte:Ihr(1/r o/Pnlm Ih+rrt impfrmr�ued G.dSH 3a 1���rhr�.+cn!�ror.•ndrd.hinr 30.100l.
139
City of Palm Desert
Supplemental - Historical General Fund Revenues
(Including Transfers In)
Last Tcn I�iscal Ycars
� , ,
:
.
, , ,
,
� �;<� ,� � ;���.., ' �=� -�`�. �> ��
,.. . , ,.
, � �: ;
�; 2�., .�.��.�.
a� f � . �� R. _
��� �� ���; $ 17,918,375 $ 17,776,928 $ I 5,453.I 4R $ i 5,I 38,424 $ 13,463,i 97
�:�`:,; 8.627,221 8.026.101 7J15.624 7.6C0,831 6.816,682
�R' .3� a 8.714.568 8,261.944 4.003.585 3,369,711 3.078,047
;.� •��� . , �' �'": 4,890,891 2.636.OSU 1,4R6.830 1.135.952 1,573.165
'� p � ,T�; 1.122,224 IO83,�89 IJ30.231 1,092,475 2A50,600
„ `' � ; `,�� , ` 2,907.062 2.580 917 2,439.134 2.417.R56 2.198,663
.„ ' _. . , .% ,
. ..
` �,. . : `�; 267.545 358.954 3,712,256 2.020.�83 2.634,949
" ;� .�'- 1,476,290 1,963,733 1.446.524 970.826 876,372
�, �-`
� _'�' ��.� � �;: 2,465,685 I,yR2,846 1,83Q2y5 L547,862 1,367.303
- � . ,-,� 1,231.587 1,242.721 1.154,143 955,501 961.675
'�jq� ` �'`% a`�� •'�. 782,739 661,187 526,271 392.988 262,403
`� • �''. 617,999 702.857 701.215 459,04(i 472.356
p � 3' .� 671,8c� 1.030,412 1.099,665 8'I0.415 689,147
t � � � � 2,436,664 2,606.760 2,019,035 1,144,752 1,A45.700
;� �',:' S SJ,I30,706 S 50,914.999 S J�,717,J56 S 39,177.222 S 38,690,259
���- v � �.,,�:-��: °�'��� ;�� ��� �� �Z00$� �,i�=� 3� 1�9�''.
; � ,�; • . . �
+E- � �.:
�;' $ 13.027.395 $ 13,61y.607 $ 13.203.564 3 1QR77,715 $ y,594.560
7,(�3,454 7.385.707 7,280.625 6,725,876 6,135,811
s, =',�.,3 *= x 2,765,556 2,466,7ig 2,393.368 2,417,572 2,306.753
_ ., � ��, ' 2.379,764 3,147.544 2.6R8,963 2.169.894 2.168,056
., �.':� 870,624 934.039 957.817 1,026,956 1,04R,970
`� 2,131,820 1,981,697 1,837,R06 1,612,054 1,540,656
$ `�.:,, �.�;- 2,555.811 2.262.535 1,991.034 1,679,519 1,494.346
$yj - � ' �� � 1.064.097 1,101.743 1.182.392 1.517,286 1,339,825
. :..,; ,. , � ,.
,���,�� �;;--:'. 1,036.133 2,125.784 958,858 830.Iv8 730,772
�� K„ � -���" 898,113 826.591 749,831 744,444 684,601
��"��
" ,` ' •� � -; 158,302 265.350 553,800 476.050 d58.9(�
� ` ��'*�' 612,845 623 936 538,.590 86fi,757 660,307
, ,��,a,,� •,�:, 497,967 578.23R 69A,934 516,513 436,631
�,�� �` 1.116,608 711,438 1,255,K60 1,142,810 1,004,590
3'p�l F � k% �_ , A". S 36,ISR,189 S 38.030,967 S 36,291,�2 S 32,603,644 S 29.604.77R
(/)Slute Subven�ions is arry cnmbinutron ojtruiler conch fees,molor vehrcle und off-hrghtivnv rn-lieus,and
suhven�ions from sture.
(7)Other Xevenues rs anv combrnation of miscel/uneous penalties und rn�erest,permrls,grunls,parkmg barLs,fees,
sules ojmcrps and pub/rcations, vehicle and court fines und o�her revenues.
(3) 7he S�ate of Culrfornru reprogramed moror vehicle Jees,�he Crry now recerves rhrs as properry�uxes.
140
City of Palm Desert
Supplemental Graph - Historical General Fund Revenues
(Including Transfers In)
Last Ten Fiscal Years
�
$70,o0Q00o
�
I $60,000,000
� $50,000,000 �Combined Other
I �1�
I S4Q000,000 ■Interest
� ; :.
I
„ �. 1,
� �30,000,000 ■Property 1'ar
I �..
I $20.000,000 �
I ❑"I'ransient
I Occupancy TaK
� $I0,000,000 (
� ❑Sales 7'ax
�
� S�
Io o' o' o 0 0 0 o m oO/+
i N �V N N fV fV N lV � �-
LL LL LL LL � � LL LL LL �
(1)Combined Od:er i.r any combinution of transfers,franc•hises,state subventions*, huilding and grading
permits, reimhursement.r, business license tares, [rmesltare mitigation fees,plan check fees.property
transJer tuxes. /t ulso may rncfude any combinatinn nfmiseellnneous haiLs,Jees,Jines,Krants.
rncomes.penalties,permits,sales und taxes.
*S�ate Suhventions is anv combinution of trnrler coueh fees, mntor velricle nnd o/'%highwav in-lieus.und
suhvenlinns from stute.
141
City of Palm Desert
Supplemental- Historical General Fund Expenditures
(Including"Cransfers Out}
l.ast'rcn Piscal Years
� `'�� � �4�� � z ' � � '� s,�: . � �� �,�' � �`
�� ��r, ` '-�� .�'�� ��'� "�'. -
��. F ���: "d.
. y �e� , �, �.,
k � � � �"%''��;' $ 13,404.056 $ 12,323,448 $ 12,135.671 $ 11.432,803 $ 10.R69,991
j� `�«,� ` A.588,341 A,410,706 7,196,081 5999,228 6.573,351
�f ��, ��: 3,014,583 2,823,359 2,5(X�.6A8 2.270,854 1.�37,184
t�Ot�lgltiA�y � �"���,�°°�` 2,402435 1.687,148 1,616,071 1,420,717 1,654,768
��"'���, 1.96R,849 1,681,583 I,5>8,970 I.d11,018 1.323.955
�;,, c��a .���� 3,084.015 2.695.R89 2,'_97.814 1.620,160 L�35,427
$ ` "� '�'� �'��� 1,192,629 1,277.�54 1.375,409 897,153 2,078,218
� �_
���i'z -��� • '��q� �'� I.204.079 1,l 17 417 934.821 676.�05 I,007,637
� ����g�:�,.; U,489,005 7.846,31 1 7,2�6,066 6,805,633 14,22A,641
�'0���� �.Y�'��.. S 52,847,942 S 39,fi63.415 S 36.877 591 S 32 534,Q71 S �1,209,172
.�. . �� �. �� ��
�� �''���;°Y '�2'll��� � ��li��� .� �: �� '� ��.��,�
� ��s
�.i�����:`��� '��.�i� , _ .
������� �� $ 10.732.159 $ 9,489;368 $ 8,841.693 $ 7,932,755 $ 7.6(�.456
� -°�-,•. `; 6,461.706 4,972,9A1 4.617,682 4,375.R51 3.966.163
� .. ,
'`� 1,745,513 1.764,947 1,673,434 1,607,836 1,649,970
^e�� %� `V Ef�qg�,'���� 2.262.129 2,052.2A I 1.676,995 1.677?82 1,683.191
;�_�, � 1.37A,(Xi4 1,4�5.268 1,4�1,917 I,S15,287 1,097J82
�;a�����" °� l.3A6.988 1,201,R02 1,134,696 1,424,124 1.257.45R
� . �`.
�
� w ;��� 608,616 1,422.637 1,028.3�d 861.490 I90,003
, ,� � �`� .. � 880,295 918,�75 1,035,644 934,744 719,501
,� �.�:��� � �.�.
'�,�� �:� 7,052,549 R,398,27A 11,503,�52 6,161,641 9,664,696
.�a �- . - , ,.��; r
� % � � ��� �� S 32,508,019 S 31,G76,237 S 32,963,967 S 26,491,010 S 27,829,220
/I)Puhlic Safety cs uny combinatron oJ annnu!regulatron,developmenl services,nuisance uhalement,po/ice
sen�ices,demnlilion,nnd trnffre sufetv expenditures.
/2)C'iry.9dminisirutinn is a��y combinntron of ndministra�rve services,uudrting,City attornev,clerk,council und
manuKer,du�n pr��ces.rinR,elections.finnnce,Reneral services,human resources, insurunce, legal specin!services.
legrstlutiti�e udvocacv and unempl��vment insurnnce erpenditures.
/3)Other Expendilures is any comhinution of aquisiiinns, cenrers,comnri�tees,contrrbutions,communi�y
development, !/uutline,ne�vsletter,henith and welfare, interjund transjers,parks,recreution und cul[ure,
und code enforcement.
142
City of Palm Descrt
Supplemental Graph-Historical General Fund Eapcnditures
(Including Transfers Ouf}
Last Ten Pival Yeazs
i ��_ _�____�..�_
�
sc�.Wo,c�o i
I i ❑Combined Other(I)
� SSo,(X10,IX10 j
�
� � ❑Community
.SJo.OW.(� � 1'romotions
I
I
� S3o,uc�,Oc� � ❑k'��blic Works
� Adminisirahon
i
i 5�q�,�p i ■CityAdministration
i � (z1
S I�000.000 �
� �Public Sat'ery(3)
i
i SO '
� � � � � � "s 8 � � �
N N N N N N fV N � �
� T 'ir i� i' y %'� y T' Y Y
.L i 4. i {i �i i
�
(l�"('omhmed llihrr"ia ur�v camhinuaun uJ crrerr mu�nrrnance,huddur�suJe�y,��reei rrearJnnng�urd pubDc
Hr,rkc limq�'nL�oheuyurcttrrne.c,c��n�er.c,ennrmrueec,cnnrrihu�ron.s,cummiinuyderelupmrnr,
!luurlrite,hra(�J�and welfurr,rn�rrfund 1rnraJi•rc,park mu�nrrnuncr,r�Jund.c,und cude rnJirrcrmrnt.
12/"('ir}Adnunr.cn•unnn"�.s ar�v romhrnuuun njadnun��rranre ser�•�cec,nuJuinX.(lry arrumey.cfcrk.cnunnl und
mnnu�rr,datu proc escin�;.linance.�;rnrra!�ervicrs,hwnan recaurce.e.inaurnnce.le�;nl sprnul serv�cee.
lrgidnrn•r udrocacy nn�l unempluvment insurunce rxpr�id+rures.
lj�„Puh(ic Su/rry`e�uny cumbinuuon ujanmiul rr�,n�lurrnn,rr�k ma�ruKrmen�.nucruiice uha�emrnt,poAce
cerr�ces,anJlru/Jic saji��v r.rpe�ndrlurei'.
143
City of Palm Desert
Supplemental Historical General Revenue and Expenditures Per Capita
I,ast 7'en Fiscal Ycars
��,���y �.ffi���� �t �'✓ q � � �+ ����- x_�a S�M'�� � _�Y.. � ��4.
k� -� 84��� .�d �y 4�a�'� �'.� ;� �r
.mxi.: ., • r�. e,_ :
� ' ' �''�,; $ 53,OOS,d82 $ 49.R31,410 $ 43,587,725 $ 38,084,747 S 36.239,659
�
�� � �� ,
� �.�'��`�€";;�' 49.752 49.539 49.280 44,812 43�)17
j ?Y, '�4..�� "..�..:
� '�- $ 1,065 S 1,006 S 884 S $SO $ 825
�_ ?t;> � ���`
�`.,� ���N� ��-�� �':. � ��z � .� � ���:� �:,..�,'� �� �I..?�: �; �� �� .
�s< �'� .:�- '�: �:�. �'� � � ��`� � �,
�z.__
T�> � l ',�����; $ 3�,287,865 $ 37,096>928 $ 35.333,625 $ 31,576,688 $ 2$,�55.808
P �' � ` �. '���;�` � 42,R63 42,334 37,634 36.287 35.162
x
� . § �'� " �.�'t
V sl�it�'A;e����t-:�, S R23 S 876 S 939 S 870 S 812
� � :�;� ���`� *� � � ;3� `�' 30��*..� -�:�n�, g,-'°
. �
�q , .
,
: �
. , ,� � � ��,� �� '� �� > � . n:.� �
� � ��Z� , $ 43.565,108 $ 38,488,367 S 35,426,268 5 31.674,743 $ 34,935,591
�� 49,752 49.539 49,280 44,812 43,917
� ����
��Y- - _ ��,',� � � S R76 S 777 S 719 $ 707 S 79$
.. �,. . . . . :� � A.
, . � �,
�.g�;� �_� , �
. .
°�
.
.
� ''��� �<��E��� . � ��;:��. ��'�ra �13�9` �•:�
�
„ � �. � , , p ..
'P'p�� `�'��' $ 30,941,156 $ 28�)02,706 $ 26,343,720 $ 25,059,899 $ 21,933.107
�
�.y ;�F���,��'�� 42,863 4Z.334 37,634 36,287 35.162
�, .. �� .
�x,q�� � 6�•-.� �.s�M; S 722 S 683 S 700 S 691 S 624
(1 j Popularion figures are a.r of Junuary slur!r�jfrscnl year.
(2)!nlerfund"Irnnsjers In Uut are nol rncluded in totnl.
Sources: Population figures from State Department of Finance
144
THIS PAGE INTENTIONALLY LEFT BLANK
145
City of Palm ncsert
Assessed�'alue and Estimated.4ctual 1'elue of Taxable Property
l.ast Seven Fiscal 1'ears
$
.. , .
, , �;
.:.
.
, .
�� -� �'.�` ' ����`� , �'�:` tr+a�.���r '�
; �r���.. : x"�, .<° . , � .. , � ��v.r��b"��
". �. . � ;
�� � 8.931,447,9'10 1 884.439.737 �143634.398 839.825.947 (248.095.775) 13.057.672.383 1.00000 '11.653.797.089
' �� >�" 7,9'13.843.803 1,388.1'16,067 '165,117456 483.558.265 (247,678.185) 11,794,160.029 100000 10,503,193,237
_.�� .�t �,��.
�,
8,775,427,147 1084,068,343 135.508.543 385,678,161 (239.745,884) 10,423,734.072 1.00000 9,28'I,B48.679
� � 8.061.078.589 1,308,579.384 108.881.615 372,012.186 (199.618,295) 9.073.467.947 1.00000 8.704.132.380
3� ���p�� 5.360.80'1.928 1,200,779.538 88.013.166 328.049,073 (184.027.529) 8.001.1g6.907 100000 8.066.795481
.. � � :.�� 4,808,079.288 1,069,623.656 79.499.056 332.450.596 4173,452,485) 7.227.186.868 1 00000 7.291.094.312
�4 ' ' �� 4.153.891,19p 838.518,4Q8 70,951,558 296,708,514 ('161,253,540) 645Q�41.599 1.00000 6,51'IJ73,110
� �
/li h:�amuredAcniul 1i�xoh(r�'ah�r .Yrr IiuuAlc Vu4m
A}kee�:Proprrn�/"ores m Rrvrrndr['nunn�urr suh�rr�ru�hr.1Yurr a!('uLJ��mrds Prn�x,��nnn 13../an��.-Gurrn lmrrmive wh�ch allnw�rr.ipprmnal<<�l nal prn�n•rn�onit�
w hrn rherr�s n ch�nrgr m aw-nrr�hip nr nrM-c�in.m¢�mn�nkes�rincr Pi�rther ihr prupn.rin��n lunnr pm��rtr�uxrs>mrnr incrrn+r io no more th✓n i�n!?'%/�'rcrn!
annnnllv Yrn�x•nr rc as,cssrdut utte hunulred percrrtr/IINY'/�ul)rs Jnv morkri ivlur u�dve•nmr r,Nrrw�.nminicnnn nr chun,C�'in uanrrJup
lIre rax rure ia nnr/l%y prrrenr ol7he asse.srd vnL�r
!hr(Lru/Po/m pe,rr�chorr!o�mpkmrnr rhis rdir<hde rerr,xar��whybr�hr/nr!�r.a�n�x•oc+ Gnvernnrrnn me enrm.r�,�rd hui nm reyaved lo�mplemrnt rrv�tirrrvrA�
I'(umarelr.�hr.�sched�Jr�dl rnc6�dr ren�.ran
.knrre e Nnor.�de(bsnn.4 urxsnr�hn�H!)l.(S,rrn�G(bne
146
City of Palm Descrt
Historical Net Assessed Taxable Values Citywide
Graph-Assessed Valuation Growth
Last Seven Fiscal Years
� -� - --�- -- -- -- -�-- - - --- - ----. _. ..- -- - - --
• I
i Net Assessed Valuation - Historical Comparison ,
� Value in Millions FY 2001 to FY 2007 i
� $15,000 �
� � �
! $10,000 �
i fi
I
i $5,000 '
� i
� $-
i 2001 2002 2003 2004 2005 2006 2007 �
�- -- - - - - - - - - - -- ---- - - - - - - - - - -�- - ---- �
�- -- - - - - - - --- - - - -- - - - - - - - - - - -- �
� Percent Increase in Assessed Valuation �
i FY 2001 to FY 2007 i
�
� 30.00% — . o ^. 27.71% �
i 25.00% ...._..-••---•------• ------•-19:38°!0•-•--•--•-•--...2�.57°/4•• --- �
20.00% --•--•--••------- ---------- -----.._.15.06°l0--._. �
-•-•-----•
I 15.00% 2.76% ... 11,97° _...---••---••---•----•----•
...--'••-----•-----• I
i �
�
10.00% -•------•---•.•------•-•--•------------------•-----...-----------
5.00% -•---•--•-----••---------------•-•------•----••-•--•-------------: �
� 0.00% .
' 2001 2002 2003 2004 2005 2006 2007 I
I
'-- - - - - -- - - - - - -- - - - - - - - - - - -- - - - - -
Historical Major Additions
Annexations FY Retall Centers FY
Cook Street Area 88/89 Town Center Mall 83/84
Country Club#28 93/94 Desert Springs Marriott 86/87
Price Club/Costco 93/94 One Eleven Town Ctr 88/89
Palm Desert CC#29 94/95 Mervyn's Center 92/93
Palm Oesert Greens 04/05 Desert Crossing 95l96
Suncrest 04/05 Lucky's/AlbeRson Deep Canyon 96/97
Remodel 111 Town Ctr(Best Buy) 97/98
Gardens on EI Paseo 98/99
Remodel Wes�eld Mall(Sears,Barnes&Noble) 04/05
Sears Automotive 04/05
Lowes Home Improvement 05/O6
Walmart/Sams Supercenters 05/06
147
('ity of Paim Desert
Supplemental FY 2007 and 2006 Breakdown of Basic I% Property Tax Rate
Not [n Redevelopment Project Area
�. � '�`� �.;
���'��� ��b'7� 1 «qE '}��' �,M.: °�,.��.�'T«Z°� � '�i�. y''.
', ,. n b ,x�� .. ,., ' y
?� .�
��� � ��`���"�-�� 28.177327% 28.177327%
`�� �� �-�,_'���
�"�^ � ' " �, °��' �?�;s;��;,
����� � �� 2.728242% 2.728242%
��Y .d. �F::
y'p � ��'�':�' S.873086% S.R73086%
�. � ;��, `_� �
��"�� ������ ��� � 0.000000% OAU0000%
��� ,�"'�-�'
_; �� =; �� 36.221587% 36.221587%
�� ;�, �
�: � 3 v � �� �.
����n r������;.�,�;�� 7.�26714% 7.526714%
�V� i���;.,� ' z����• 0.426231% Q426231%
� ���,
F'�`� +�',����� � �� 4.094919% 4.094919%
�
&� tl �,'�, ��:�,'�����¢ �. 1.996808% 1.996808%
�- r�"�, �,
:� " ;. , ;
��� �` ,���.� � 0.339927% 0.339927%
�k�fp� a���� � �?��,'� 2.071624% 2.07162d%
` � ,'�f�z �� �:�,� 1.369698% 1.369h98%
� �
C �'��a � - � �� 2.736607% 2.736607%
�. t ��F �` . ,��
�b�[A'�ilt �W � �>;" 2.97290G% 2.972906%
� ' s � .�� �Y� ,.
�p�ppj�� � 3.464324% 3.46432�%
� �. '�"• ��i �'�i� ` 100.000000% 100.000000%
G�� � �;',, ���,��..�,
(/)(1R ojPulm I)e.rerr�.c u:L'u-Low Prupertv 1 rtr('rry und the'%reprecenLs µ�hul 1he sYale ullnru/e.c ro:'v'r�-Lnx 1'roperty
1ux(7ues.
.G�ure'e:('uunly n(krver.wde.Yraperry'I'aY A!lurunun Perceniugrs, 7�1L9 OIX�O�l.
148
Ciry of Palm Uescrt
Property'taz Rates
Direct and Overlapping Property 7'ax Rates
Last Seven Fiscal l'ears
� . .:. ,, . �. .
,
�
_
� r � •� ^ :� ., ° �.::�.� �
�Y �b{� �? ', ������� r:,� �� x• � ;•
�`=-;
�:: � '' . 2���'�.:�.�-,�..; , ma�..':�, � .'' ���� l..'�'£t,�31,. .y°.,..�r.����"�;�-:�. �a .m� �`� �-.
. . I O�WO 100(� 07%10 OOI995 04f000 000_'30
� � � `
���� .� 1(M1000 I 00000 0 07674 0 01'K)5 0 0'_O80 0 025'_0
...�, �a
�;���- 1 IX)000 1 OOWO 0 09581 0 01 X)4 0 02080 0 0:690
'z:�"w�� I(p0o0 I oOIXH) 0 0')750 0 Oo000 0 0'Ori0 0 02370
`-,.�. :." 1 OOINxI I W(AA1 0(�750 0 OOWO 0 OZO80 0 Oi(MO
�
Y:.�'j,�"� I OOIN� I WIX10 0 Ov750 0 W(k� 0 0'_O80 0 0)WO
`��3��._.'�:.� I U0000 I 01N100 0 09750 0 000p0 0 0�080 0(MOGO
:4blcs: Pro�xwuon l3 Gm�n N�r ohd�R�o/ihr cuy�o rauc ihe pnqx•rp��ar raic.
Ihr('uv�J Palm/)eser�chu�r m�mpkmr�f��hce.udre•Julc rr�rvxic�n�rl1:fi�r ihr fuxl.uarn�rors.
(iovcrnmrntc an rncoe�rn};eJ,hat rtm�Ly���reJ.�o miplem�•m rr�rnacurely. Ultuna�elt�,dac scheJede�rd(mduJe ten}�ears.
.Gn�rcr:('aGLlum Swnxncs Inc
149
Ciri of Palm Dcscrt
Principal Property Taxpayers
Current Year and Nine Years Ago
, _ : , : . ���s ,. < �� ��; �; ���� �, �,
_� : �
'',;:'�, d��';���_�� � - , , q m ���,.� �;, '. ;. �^, a�'„f:�. �W�..i�,;''�� �
,.�4�.� �;..
�. � �,;. � � . �,� ���' r'���.��s �g�s �' ;
� $(
.� �,f���itsSX�<� f _ * �,`
r � �� . : ; ��..�': �.r
�`��:��'�� �� ,.���, ���, �� e� '�` �; '� �
�;.': y"'
-= $ 186,325,797 1 2.21%
�,, �.;,p*' 134,700,043 2 1.65%
.�.
Pt1t��t- �:
L��,�7, � ,D��, 83.199,845 3 1.02%
��-`���, �' 74,205,979 4 0.67%
�� � "� -� 82,179,670 5 0.82%
�t�,�BiNi�d�.-� 35,075,881 6 0.38%
1i�3l�4�.�L88�`„� 3Q872,845 7 0.37%
� s
l�jflC�ry��il�15A�1� � 28,205,234 8 0.35%
� ��.. �F,
�� ,��� 27.844,332 9 0.33%
�it�ile�
�� "� 27,862.225 10 0.31%
�:��.'� � ��'�' . E 710�471,851 8.11%
//�77ir u�/i�rmnuonJi�r l J9x�a nnt urndubl�
:Ytrte:1lie esumaled proprrn�iaY revenue sWred nbm�e ic hused upnn ne��uruhle rulue.c,rar runns and huce yeur vahres'rhu�in�puct�he rerrnur
cafc uluuon.�is a resu(�./wrcel.c Nvdt d�r.cumr a.rse.cecd�alue 1ha!arr u.rslAneJ rn diJJerrnllar ra�e meaa mqv cunnihurr di.ecm�dur amounec
nJ tnta!rerenu�l��!he(�ity�and kedrvelopmen�AXenev.
Source:lldL('oren R�('nne lhn�Riv�r.ade('aunty Assessnr Ofi 07('umh�ned%ar Kn/h'
150
(�iN Of I'alm U;xrt
Property 7'ax I.evies anJ Collections
I.ast Se��en Fiscal Years
-r�,.,:.� � . ,�'°�,':�� `? �' � '� '�s�'� +�"
�„��"�T � ��������` 1�.'� „,� ��n��"�` � ';
-� '�
�, ���,„�': ��; ��..'�°.�..:�: �.��@3�.�ta�r�iao�i�ir;:w�►iirrr��.�
,.. .
�+.as� ;-�' r�►. �.•���=���'`�;��� ��, �
_��i ia'..� �i+ � aur�w.. w�, � r�
1001 Z126,E12 2,387,760 98.39% 39,052 5 2.126.812 10000%
2002 2 603 WJ 2175.308 95.07% 128,]]5 S 2 60J 613 100.00%
2007 3.273.7J0 2,723,33fi 8319% 550.391 5 1,273,7J0 1D0.00%
7D0� J,080122 3,007 652 97 6!% 72.770 S 3.080122 100 0045
2005 S,I688% ],501,T18 92.91% 267.178 S J,768896 700.00%
2006 1.J188E0 �,2t3,595 9826% 75.285 S ♦.318.880 10000%
1007 1820583 l575.157 9�.91% - 4,575.158 9a 91%
��,t lm oJ Pu�m nr..•.r n on oir..I�..rc,r•�m�-�,ih Uk��„unn�ofx„rn,d..nm fi..,i�+nm.ni w w
n�e��.�J�n thr f unl�.�r 19Y?91
.�:'�n��,/Y�lmfk�ert�*u"\'o.ln4�1'r�rrrn-TarllM1�'.P.np.,,�nonlJrollydrhr��imnFu<4rnl�l'i
wli���h�.whrn�hr t'�n-o/1'.,lm l�r..•ri 1n�,rM,ruir�l mxl ihr Pr�,�rn�T,n.ure�w-rrc uro
Ru+e,!„n vn i�r��rr/�n-rRr<'„ n�ullxor��.' .�/iArl'a r. rrJ�nL.e+����Hn+rHe�'inlr«ilv
Hr�lr.rlopmenr1lKrr�n-���uunn�rrir f�ix�ull�earlYv:viMutllu�lnl�ra.lnnrrnrrhrl-of.owrurtt
-t.P',.c�!l�r�r/vvA v'l�ialmnJcnikrad nrNurkr Npv.mrcnl.k�r 1'o-/mr pm�x�.n
� „�llen�„r�./run�pno.�i�un ni,,,l�l.��l M ih,•�'r,unn�.,/N��r.+�,lr )hr�'wnn-:.fiu.rcJ Uu•y�nmr�ii ro
rh:�'rrt r�/Vulm Ik�rrl'F1'/Yti5 uR,/„r Ihr wmr�ouan��/Palni lk+rrt�'oun�rv<'I�rF
,ti'ae:7he[',n�olPalm li��r.�r/rnv�o����Icnirni rh�,.�hrAule nnox�rn.�h/n.Jie In<r,nr.��e�,..
t„��rmnirnn arr rrr�nur,�r�l fwt nol rcqu�rr�l.lo�mfltn���n(rrlrt�ue:lrvrll' I';limulrll.1/r�r,cht�lule.�ll ulf/u.k trn�tnr,
w,,.rcr xnr,.�J.�',n,nn�.b,✓,a�.<�„�,nollr.uperm�,It�,n�nJP�ImOnr.r
151
City oi Palm DeaeR
Supptemental Top 25 Sales Tax Ge�eratoro
Graph-Historical Sales Tax Trenda
Jwe 30.2007
Top 26 Sales Tex Genentors(t) Primrry Economic Category
ALBERTSON'S FOOD CENTERS FOOD MARKETS
ARCO AM/PM SERVICE STATIONS
BARNES 8 N08LE BOOKSELLER MISCELlANEOUS RETAIL
BED BA7M 8 BEYOND MISCELLANEOUS RETAIL
BES7 BUY STORES LP FURNITURElAPPLIANCE
CIRCUIT CITY STORES FURNITURE/APPIIANCE
COSTCO WHOLESALE COMPANY DEPARTMENTSTORES
DESERT ELECTRIC SUPPLY BLDG.MATLSWHSLE
DESERT PIPE 8 SUPPLY BLDG MATLSWHSLE
DESERT SPRINGS RESORT 8 SPA RESTAURANTS
HIGH TECH IRRIGATION SPECIAL MATLSWHSLE
J.C.PENNV COMPANY INC DEPARTMENT STORES
�EED'S 8 SONS JEWELER'S MISCELLANEOUS RETAIL
LEGACY HOME FURNISNINGS FURNITURE/APPLIANCE
LOWE'S HOME IMPROVEMENT BLDG MATLSWHSLE
MACY'S DEPARTMEN7 STORES DEPARTMENT STORES
MARSHALLS OF CA APPAREISTORES
MERWN'S STORE APPAREISTORES
MOBIL GAS SERVICE STATIONS
PETE CARISONS GOLF 8 TENNIS RECREATION PRODUCTS
SAKS FIFTH AVENUE DEPARTMENT STORES
SEARS-ROEBUCK AND CO DEPARTMENT STORES
TARGET STORE DEPARTMENT S70RES
TOMMV BAHAMA RESTAURANTS
WAL-MARTSUPERCENTER DEPAR7MENTSTORES
�:i i:.i�a��:v�naixi��a�u�a��
I Sales and Use Tax Trentls FY 2001- 2007 I
I %•%C�anpa Irom Prior Year I
Millions
�szoo T--.__._ ___--.. _ .___ __._. . .____. __... _._ _ _.______ ___. , _ _. I
___... .._. _.,
, i
s,so ,s� oa„ �
�a�ao �
I s�za �
isiso ,�,,, �o. �
E t 5 o i�ua�•
�5�40 a�x .sx �2°` ,�,: :�: I
I 513.0 �� � � ., � ��--� �
�
I512.0 %' :�� � .¢ � �
E11 0 �
�E10.0 : :.. _ :� _. '. — ' " �
� N v� � —T m m � �
MwM. o 0 0 0 0 0 0
I ���� N N N N N N N �
I
� 13.620 13.027 13.183 15.13! 15.l53 17.778 17.815 �
I
- - - - --- — - --- -- - — - - - -- - — -- -- — — �
�vde t'u.,ort�nhl�rninlnwpr„luhn,prcxlunu,noli.w/n,Juulmauq;�.����,,,��.,�,�.p�.�,K,r��,„�6,�rr,��n,,,�,.�«u„
,,,6,•��„n,,,�.�rk.ri,..�,,,f��,��,�,�,,,/,�munorr w hrch r.p�»�rco-Ahr 1�»u.e,i J,,,i„�.•e
• n,<<r�,r.,�i��n/,�n��,•«iw„�;rd.w�r,ru:e�,Y�„c.��xr.,,�.•,n«t�•�ri,���,,.��„�,��,.�,���•.�r��k�,,,��,,,��,i.����.��,.d��n„��.,«i��hAa
snvre Sfa�FUam.�lun�.6�n,�nlLt' l��L�r�,e�.•,���,�rn/.�„m�rarrtN.IFP.�,prrn7nro.r'm�,lP„ImDr,nr
152
Cin�of 1'alm Desert
Supplemental Taxable Sales by Category
Last Seven Calendar Years
���<���t"��'�=��d�_� � ���.��A.���.��.���;�� �xf�f . .;;
i . �
� � : � ��� $ 155,859�$ 141.510 $ 132,831 $ 108,829 $ 97.924 $ 93,792 $ 92,192
�$ ' ' ��� 392,738 362,512 340,277 307,186 278,583 272.856 269,776
� �� � � 53,870 50,556 47,455 52,461 51,738 52,282 55,817
`�� � :. , �=°i
' = 184,954 178,248 167,315 152,508 148,228 155,911 153,970
D �� ����,�y�
� � 161,997 166,109 155,921 135,694 128,623 125,130 128,899
�'°'� .� `� ���. �
B�;W{8�-1�10fb88F4�� ; 69,773 73,228 68,737 56,180 54,111 64,251 57,865
�' ��� "�` :� 6,121 6,245 5,862 8,211 6,904 $825 8,108
�a`� � �',�..�
S�MiC�S �"»= 59,401 48,564 45,585 39,146 23,930 22,633 25,807
�. .: ,�. ���
O�M�� � z� � 295,830 281,388 264,129 243.474 228,286 220,252 227,591
. : `�,�' �`E��, a '�
1��{});:,� � �� 222.177 218,591 205,184 193,041 190,058 195,137 197,961
Amounts in millions
Totals S 1,602,720 $1,526.951 31,433,296 $1,296,730 $1,208,385 $1,211,069 $1,217,986
City direct sales tax rate 1.00% 1.00% 1.00% 1.00% 1.00% 1.00°/a 1.00%
/f/.�i,n-re(culum a nru uJmunujuclurers,die7rthurar.s,bui(drrs�uiJpr.fi�cvnnals ce!lm�;dvrc�rn cun.cumcr.c.
Note: The combmed sa(es tax rule jor the('ity nf Palm Desert�s 7.75%,tirhich represen(s the S�ate of Califi�rnru munduted iax rate
oj7.25%and 0.5%uddiliona!sa/es!cix rmposed by the County•of Rirerside.
7he City ojPalm Desert rererr•es l%ujall sales�ax generated x•i�hrn the city limits.
.lbxrrc:licunanrirs und Pnlil�c:c/nc v�n('al�fi�rnm.ti�ute/lrx�rd oJliyunlr_unun
153
('ity of Palm D�:sen
Supplemental Prinicipal Sales'Cax Remitters
Current and Seven Calendar Years Ago�i>
� ' � �.� �'.�,�'�,���� � �B.=S�- .� .�x P .�,i'�-'$�.' ,." �".*�-i�' -� '� a �, _,�;,�:� ;u;�a
�� ����� �. �Maw �. �� �re � �:T =� : arnk . ° �.
� �� � � `�' E 392.738 1 24 50% 5 269.800 7 22 15%
� �i'� ���
(�IILf ��� 3�'�.;. 295.830 2 18.46% 227,600 2 18.69%
�,�-�' �' �.�,
y �' � 222.177 3 �386� 198.000 3 16.26%
�Y� -
R ' .�:�A�' :�. 184.954 d 11 54% 'I54.000 4 12.64%
V�.� ' �:,,�:.
-�
Fu�Ap�i(r� <,� is�9s� s �o>>% i2e.soo s io ss%
�
�
-�. :�#,;� � �" 155.859 8 9 72% 92.200 6 7.57%
�; � � � �
F� ��,,� 69,773 7 4 35% 57.870 7 4.75%
�" �
.����'�,�*`'�q� 59.401 8 371% 25,800 9 2.12%
���� � '� 53.870 9 3.36% 55.800 8 4 58%
�_�� � ����r �:
.......� '��� � �,:. 6.121 10 038% 8.100 10 066%
Totals $ 1.602,720 $ 1218,070
ilI A'nn-r.rnrl orr u rmz a1 nranrda��nv;rc drsrrtAutnes b�nfJrrs an,1 prole.s�onnl..�ellin.q dvecr w�nn+umers
i=1(1r��nrr/r/w.�rhr lav.�nrn�.rara al mlarmunun✓vadnMr
,\'Mc:(lvrrnr(�nld��rnro loM�pruh�hn�pnxha���nn u/mdnvdm�l mx minrniuhnn as an cl�on n�n ro inlnn�;r rnr prupn.rurr
�nlormauun.ihrrr(rr�onAdemiol inl��nnunnn w h�ch rs prar.�creJ b��lu�.�s mx J�.�c(osrd
S,ivcr liconnmic<und Pu(�ncc lnc��m('ol�lomru Smtc lA�ard nl P.yunlieunnn
154
City of Palm llesert
Ratios of Outstanding Debt by Type
Last Seven Fiscal Years
Y��� � (�� �� � ���� � �. %� _ "� � �',.�'''�.m.���ac�r��Pf � �-� ��2
��� �. �� � ��� `�� �`��3= `'� � q����'^
� ° . .
. �
, s .., � , � < ,�� '� ,� � ,� �;. ��
� , -. ,;.
.�. , ,�� . _, �,_�
����
.Y� �a..�r. . .
2001 193,015,000 48,415,000 - 373,556 241,803,556 13.90% 5,712
2002 207,990,000 43,145,000 - 106,373 251,241,373 15.96% 5,861
2003 234,464,000 40,528,000 1,104,363 1,146,582 277,242,945 16.73� 6,313
2004 256,000,000 28,623,000 981.656 833,358 286,438,014 i6.16% 6,392
2005 250,485,000 26,050,000 858,949 509,755 277,903,704 13.45%` 5,639
2006 245,000,000 73,855,000 736,242 170,493 319,025,493 15.21%` 6,440
2007 ' 421,819,894 122,393,000 613,535 2,181,546 547,007,975 2565°�` 10,995
:ViHe.x:/)���od+rc,�urdm�rhe nn�'s omsrund�tt�JeM cun hc(o�md m thr nores ro rhe fin�naal s7u�emenrs.
7he('uv o�Pabn f)r.+en cha+e ru implrmrnt rhu sched�de re�rvwc�n•elvJin�he las!seren yean�.
Gorernmcnl.s un rncn�rroKrJ,htir not n�ye�veJ.rn�mplrmen�rru�w��rn•uly-. f'lnmurelv.rhie�schedulr�rdl include rrn yrun.
-7he ruy�u�ued SSII.i l�mlhon u�cpecml ucsr.+�+menr hur�Js�in%iccul t�eur end'011'ulloca�ed�u�hrcr srparo�e a+�+�essment dn�mcts.ln u�Lhun rRe C 7q�'s
K�•Je��elupmrnt.lgency�es.sued 5_',YJ 3'm hun�l�'oJ���h�ch 5/X3.lS�rus neir Jrht
°-1'rr<<�r�al mcnme.populauan unJ per cnpnu inJbrmanon prnwJe hy�John F_Nusing,Ph.D.Ecnnumies&Pnlitics,/ne.. ('aA�irn�a!)eparimenf njl•inunre.
unJ U S('en.w�s Burrae�.
`-Prrs��n�//ncame�cumarJ hased�,n�n�era�;r Xro��rh rate u/pre�vo�is fi�ur yran.lhe�rrnvrh ra�e Jactur i�sed�raa l.S%./nc��me dn�u xd/M1e u�lareJ once
rhr ocn�ul Jum i+urndahle
155
City of Palm Dcscrt
Ratios of General Bonded Debt Outstanding
Last Seven Fiscal Years
� .P ��_ �, -,: ���� � - . �° ,� , -;�°,��ti.� .�-��, ��
�� � �_� �� . ; �,�- � . .
,
: � . ..
„
�� � °�.� ��� � �� ``, ����� ��M ,�; � �.;� �.� �,�,
����'�'���-.V p'"; '� ��,�x�-��
�.�"� � ,� � �BA�.' � �� <� '�`" �. ���
2001 193,015,000 2.990% $ 4,559
2002 207,990,000 2.880% $ 4,852
2003 234,464,000 2.930% $ 5,339
2004 256,000,000 2.820% $ 5,713
2005 250,485,000 2.400% $ 5,083
2006 245,000,000 2.080% $ 4,946
2007 421,819,894 2,783,000 3.250% $ 8,478
Notes: Details regarding rhe city's owstunding deb(cun be found in the nutes�o the finunciul stulements.
7he Crty ojPalm Uesert chnse io rmplement rhis srheAule rerroaciii�ely f�r the/us(ser•ett yeurs.
Gorernmenls ure encouruged bu!noI requ�red,tn inip/emen!ren•oac•In•e/y. L'/trmate/yt lhis schedule ticrl/mclude ten yeurs.
- C'ounty•njRirerside.Cnunty;l udiior Controller..assesseA�"aluutinns
�'-Population injormanon provided b}•John E.Husing.Ph.U.L•�ronomics&Pnlilics,/nc.. Cu1r'fr�rnia Depar•tmenr ojFinunce..
und U.S Census Bureau.
156
City of Palm Desert
SupplementalSpecial:lssesment Information
June 10.:007
1995C 200301-01 200301-01 =�301-01 ZppaR-Bonds
Dietrict M1amt\DncripOon MarkrRoos Pool Rerenue Bonds 94 Revenue Bonds Re.rnue Bond�Silvrr 9&�
87-I 2 Sunhrratt 3 Mereoo 5����Mh Can ona:a Bi orn
( ) UI{lity CndeRroundinx y �
Bond Issue Date �n�2G,95 INv23;0i n�,25,u? �K✓?5 O7 u��I��W
final Matunry Daie ��'ro=�nt �r�o2'N allo22o ir�;n2;2x irru2�ix
H�ehrst Interest Rate 5 70°:, t xo% 5 25°a 5 37S i �IirPo
FkmdlssueAmount IJ73n�x� 93olKM� I,ISi!NMl 2,i�01NN1 2As5.a�U
Ma[urzd Pnncipal I.�RII_UIM) 275.1NN1 I1i.UW 2101MIU %')11.01N)
CelledPnncipal }vs,a�n i�s.a�u - liu.aw i.i��S�xHi
(hnstandmg0onds13) - ixq�MN� iplqax� 1.u?u.aMi �7u.inw
Rcdempnon Premmm d 2y�; 3�Nl°�, J ou°6 }a�o 3�Nir
Onymal Parcels 1.317 71 2nl 25o 77
acnveParcels i��3 rt� i�i iv� �?
R�StrVeReqwrement(5) E o f SZ�MM1 b '1(+lxM� f IGn,125 S 112.x91
RYerveRalance06io7(I) 5 o f 'h�.lav 3 77xn S ie��.i2S f 112,77?
Pnnapal Due 07'US(21 o es iNa su a�xr 6���Mx� 7o ixr�
Pnnopal Levied W�07131 16x.t«� 71 k71 54urK� 51x2G 7?]�N
Inrerest Uue 07�08 R) u 25.7ix 1a.37N IMJ27 J2.lws
Inte�estl.e.�ied06'07�3) I��.aS�� ?Klr�s �7?x3 Ia5,5o7 �3�,?u
O6'o7 Delmyumq Rate I w°� '_ i 5e°; a)r,�;, ��us°-a
ArbntagefnstallmentComputanon �µ�,�i2y�� �re:n�•tr� �r�o2�tr� iLl7�tut IL�iaox
Date Xl°�u Rtbe�e Due
ArbntageYialdRaze SKiv�°% ��nFev6 �,r,r_°�, !Is�r� 5x.aw,�,
Arbntage-Amoimt Owed - - - � -
ConnnwngUisclosure LastRtport �,,�?.2iKw 12%12-�onr� i�I�^_aN� 12�12•?INN� i_-�ZxuiR
Issued
f.ummunitr Yxiltip ?UOJ-I
1997 Bonde .Iqi-1 P�Im Dnen
91-1 an�'�t:Vo.20Dt1 Sertion29 HiRhland�
District NamelDearription Indi�n Nid�e (�nirmiry Parle) A�ste�mrnl Dietdcl �nde�roundin¢
1992�1 R Spccial Tai&imN LimiltJ ODIiaRtbe �hn 21MK
Scrie�200bA Impro�cmcnt&�nd�
Bond Issue Date I211•97 US•Uv.�N� 329:2fM17 x R•:�N�G
Final Matuntv Da�c lu�oi,?o �vi�ub7�� a.2�2��37 221n3r,
H�ghm Inicrat Rate c,xar^, 5 371°-0 5 lar'-o n uaPs
dondlssueAmounl 23.�fT),IMNI t�'�.e15�Nq 2v�3����i ?J6Six�u
�taturcd Prmapal 6.!x2�Ka - - �
Called Prmcipal �������x� - . 3x2�Km
Ou4stand�ng Bonds(3) ib.xb7�x�U h7.91$,iNq �v.�3u.�NN7 ?.7%7 clwl
Redempuon Premwm 7 uo^� 3 ai°�o ?uu^o ?on^%,
OngmalParcels 1.151 )� i�>> i�1
r\CII�YPNCC�< I11(J 2G IU] I}5
R serve Rcywrement(S) S I,5`�?,yai S 4.!x7.?Iv f 19151c,5 �.4
Resen�e flalance U6Fo7�I) 5 I.xxx.7�K S a r,31�'_'� 5 i r»<.3sx �q
PnnupalDuc07�O8f2) 9�?,IMIO - . 15.IMI11
PnnapalLevicJOG,07�31 ���7.u�Nr - - aSt�xl
Intert5t Uue OTp8(2) i!�-'1372 3175%?S - I17.7,V
InterestLeriedUG�07(3) Iu51.3��5 33'�?.�rR - u�,��r,l
06.07 Uelmquenc��Rate I��2^�� I I 2�� u un: r,2s°�
Arbntagelns7allmmtCumpmanon �r�:�u.m n5:�rall m�ri:l2 nx�ox.�il
Ua�e QO°'o Rebate Due
Arbneage Yield Rate S($%j"-o $35?/"�e 5 ul la°-e 5 ur,v�•,,
Arbneege-Amuunt(hved - • - -
ConnnuinK Ihsclosure I.aa Repun
12'lu?aN, IL'11�2aH, Uucfll 13�21p% `A
Issued
�Ii Hecrn�e Hnlnrk-r�arc n,uf U 30 0'.,horrfnll�rdl M1r rc<<n�rrcdhv a�4lmonnl lrn.anAmrr.ry rnm�ne+srr 4innnnnLStn�rm�om.4brr!�
�'i.Am��unf�rprr<rni.pr�nripal�md iniere�i�u hr c-ollr�rcJ un�hr l�Y fX,n'rn>�rdl(,r fleh�4rvie�r P�nnirni iMr�n!�1'0'Qv
!?�/.er�rd nmu�mn.rOrri ml�u���men�x(ur ronctn�ctmrtli�nds.re�rr r liunlr..o,k�npo..n li�nd+�w+Aolhr�mLuslmrnli�
i�i Hrpr,>:�rt�(h.�•�nnJin.q N�,nA�nlfrr.tirpt��mher_.'W'principul pm rn�
�5�Ne.rn�r Hrquvrmrn�nv nJ'I d o'
157
City of Palm Desert
Direct and(h�erlapping Government:lciti�•ities 1)ebt
JUNF.30,2W7
2006�07.Assesscd Valuation: S I I,A90,486,528
Redeeclopment Incremental Valuation: 7,G19,033,976
Adjasted Assessed Valuation: S 1.271,452,552
City''s Share of
DIRfC'IAVUOVfRLAPPIKGT.4�CASSESS1i11G\TDFt1T: TotalDebt6i30i07 9b:�pplicablc(I) Debt6;30i07
Descrt('ommunity College Dishict S 63,OOG,88G IJ.OR6% S R,875,150
Iksert Sands l'nified School District(ieneral Obiigation I3onds 236.664,277 29b90°i 70,�66,21 S
Uesert Sands Cnified School District Lease Tax Obligauons 16,625,OW 2G.690% 4,935.963
Palm Spnngs Uni(ied School Distnct 201.OIS,O(� 1.44R4o 2,910.697
('oachclla Vallcy Counry Warer Distnct,ID Xo.51 3,S65,W0 (,3 898% 2,277,9(r1
Coachella Valley County��'ater Uistnct.ID�o-SS 4,995.e�0 6536°0 326,J73
Coachella�'allcy Counry Water District.ID No SR 2.355 OW 35 2U8°�o 825,G28
fily of Palm Desert 0 100 00(W/o 0
fity of Palm Denert 191,5 pcl Ronds 37,630,OW 100.OW°6 37.G30,W0
City of Pelm Deaert Communily Facilities District No.91-I IG,927,W0 100000°0 16,927,W0
<'ity'of Pilm Desert Community Facilities District tio.200i1 679,150,0(Hl I W.000°'0 67,915.OW
l OTAL DIRECT AtiD OVERLAPPIVG'fAX AVD ASSLSSMF.V'I'DEf37' S 212,R90,093
O�'FRLAPPING GF:VI?RAI.FCKD OBIJG:�TIOK DEBT:
Riversidc Countq(icncral Fund Obligations S (rl?,021,333 2.8�7°o S 18,242.515
Ricenide Counry Pensions Obli�ations ?9?,890,W0 2.R37% I 1,146,289
Rivcrsidc County Board of Lducation Ccaificare o(Panicipation 10,?75Ac>0 2 83790 '_91.502
Desen Sands Unified School District('ertificates of Participation 13,220,000 �9.690% 3,925,018
Coachrlla Valle}-Recreation and Park Distnct('ettificates of Participation 2,%S.WO ?3.8574% GI I�732
Palm Desert N'ater Srrvices District('ertificates o(Participation(3) I I5,000 I1�0 000% I I5,000
('oachella Valley County V.'ater Uistrict.IU Ko 71('ehificate o(Participauon 7,d85,0(Nl 20.534% 1.53G,970
TOTALGROSSOVERLAPPIVGGGtif:RAI.FU\DOBI.IGA7'IOVDI?I3T S 35,g69,226
Less Riccrside County Administrative('cntcr Amhority 527,I56
Pxim Desert Warer Services Distnct(�ertificates of Parricipation(3) I I5,000
TO'IAI.\ET OVIiRLAPPIVG GEKERAL PI;VI)OBLIGAIIOV DEf1T S 35,227,070
GROSS COMI3IKP.I)TOTAL DIiBT 24R,759,319 (2)
\Ifi COMt31 Xtl>7'OTA L DliHl' 24R,I 17,163
(I)Perccmagc of ovedapping ageny s assessed valuation locatcd within bondanes of ciry
(2)Gxcludes tas revenue amicipation noted,enterpnse re��enue,mortage recenue and tax allocauon bonds and non-bonded
capital lcase obligations
(3)Palm Descrt Water Scrviees District('O.P.was assumed by('oachella Valky�4'ater Distnct
Ratios to 200(r07 Assessed Valualtions:
Direct Uebt O.W%
�iotal Direct and Orrdapping'Pax and:�ssrssment Uebt 1.7'P/o
Ratios to_4d�usted Valuations
Gross Combincd�(�otal Uebt 5.824'0
�'et C ombmrd Total Dcbt 5 8l°/
S I'Al'1:SCHWL E3l;II.UTAG:\ID REPAY:�BLf:AS OF G/30i07 S 0
Source-(�alifomia 1�iunicipal Statistics,Inc.,San Francisw
158
C11��J i'alm Ihn•rt
I.egal Dcb1 Narpn InformHion
LaSt Sevrn Fival Yeus
LpN Ord MaryN Gku�atbn b�Fncal Vwr]00]
WpWM�1l�illlt`'"�.� dRq �".�Z.� ��+� ��,'l� '�3 1t990485aE
❑M����-�fi r�#: �' 1.]B]5]]919
e� � �4
�s;,' � ������ �'� z.rs�+.oao
.'�g'� �r�'� � '�
,� �� .� ��� � _
y�.$�'s�. W T°�a �� \i
rw6w � �����
,,���'�,
+�ira�i' '�'� . �.s�. ��� �-�s ,.,.o.,�n.
nsca vEu�
iooi �oo: mw ma xw� ma xoo�
��g `' ���K ^ �� � 98).]Z1N0 t'JBIO)BOJO 1]OO.�i9.5]6 t]UB.ab)S) tJ8).301a8B i50259?519 1�]5]].9)i
Tq1f� ���^�.. � �': . . . . . . 2 re��aC
��ra;y+�;�.��a�� '.g �� 96157t.�1C tpg10)807C i.XID'�95J8 t.JpEa]5Ti) t]G).]01�86 'SB158�516 t)Bp)899)S
. , '�,`�'' �'+
Ta�'N1rt 1i1M!!�' �� �'
MF MNM�, „ .:'$ An.� ox o% �x 0% o% ox Ci6x
��w�r t-�':n.r"..•..t.,..�_n,...�.....:r...,m,n.,..�.�.n.:.,.�.,.,.::�-r:�i...�.��.��..,.,,�...�
159
Ciry of Palm Dcsen
Pledged-Re��enue Coverage
I.ast Se�en Fiscal ti'ears
� ���� a ;`>� �8 ,>� '-t � i� � � � � '�-a� ����x�''� � �� � .��
�a ! i..,.� .r�.�::.�l�n—:
� �'�� "�` ����� � �d��"�,""y�.�+��-���� �� "�e
, . ,�'. ,.
�Q � ������ .hWt�, •� � GbMiatlais;'� � '���.�
2001 5,471,643 2485,000 3,436,552 09240 14,gg3,156 3.895,000 10,610473 103
2002 4.623.412 2.295.000 2.730.780 0.9199 16.294.794 3.960.000 10.538.582 112
2003 4,495.603 1,930.000 2.451.363 10261 18,496.636 4,195.000 10,960.525 122
2004 4.606,935 1.790,000 2,161.283 1,1659 20,344,776 4,800,000 11,748,004 123
2005 2,878,134 2.0)3.000 1.483245 08093 23.585,980 5260,000 12,366,733 1.34
2006 ' 2.788,698 1,645,000 1,378,548 09223 24,065,285 5,485.000 12409,968 734
2007 ' 4,444.967 1,972,000 3,464,355 0 8776 28,675,094 7,704,000 16,434,841 1.19
,vaa:Au�nla rrx�.dmg rhe nn'r�,m��anJm.q�•M�nn hr(wnJm rhe nora�ro rh.•lrnanaa!�rnlemenu
1 hr('q��ul Pnlm Uexrn ch�ese in mir�lement rhis schedufe rrtnx�ettvrlr/or d�e l�ivr+r�Yn�rars
(iuvrrnmeM�arc rnrau�oged hrn nni reyinreJ tu�mplrmenl rev�inn�vtiv L(nmatch�.Iher sdiedide p rU�nclude!en vrnrs
-%h��nn�nsued S?0 s/md6nn o(yt•rm/n.scessmrm hunda�n/iecul rcur cnd JN/'1'hr IU)4 r�+aeJ 5]NJ 3"nx!lion n)deM ol MhiJ:S/N 7/S Nu+m�+Jrh!
-lru mrremeN hunds ure b.icked hv prn�x•rrr inx�narrmcnt h�acd nn calrulauon pruvrJcd hr�he Pover��dr('ounry'mx n.�sciror olTce
AJJm��wl�Normunann on iax�n�rrmem can helnuvl m�he nur�cr�o ihc linnncin!�fammen�s
160
Cit}•of Palm Ucsert
Demographic& Economic Statistics
Last Seveo Fiscal Years
'��� � �'�"�r � P•. : „� :��; �
�._ ����'� � ��,:_ c - ^�_ - ��
,,. m � � � .��" .�, .�-` �^4�°� �
2007 49,752� 0.4°k $2,132,710,348 $ 42,867 2,031,625 4.01% 3.7%
2006 49,539 0.5°k 3 2,097,434,084 3 42.339 1,953,330 4.07% 2.8%
2005 49,280 10.0% 2,066,437,521 41,933 1,877,000 5.64% 2.9°k
2004 44,812 2.0% 1,772,405,266 39,552 1,776,743 5.00°h 3.3%
2003 43,917 2.5% 1,657,414,199 37.740 1,692,187 2.91% 3.7%
2002 42,863 L2% 1,573,J96,241 36,717 1,644,341 3.06% 3J%
2001 42,334 12.5°k 1,739,444,000 41,089 1,595,576 5.73% 3.1%
2000 37,634 3.7% 1,713,352,340 45,527 1,509,114 2.43% 3.1%
:VMe: 7'hr('ur oJ l'a/m!)ecen cl�aer rn mrp(emenr ihi.t schrJ�Je rvrbnacnrrlvfr�r tlre la.0 serrn yxue+�.
(:orrrrfmrnrs ure rncuara�;rJ,h�ii nni rryi�vrd.io implemrnr reirnaci�relv. ('lum�lel��.(hu�uheJtdr�n//�nclude ien rears.
n-Nerconul m<ome.pupidauun and per capr�a rn(ormauuri pr�,oidrJ b�•Jo6n F/lusing.PB.p.Economias&Polines/ne.,
('u(�/i�rnu/)r�wr�mrm uj/�'inancn.onJ l;:S('atcus R��retru.
A-Nersonal b�cumr esummrJ based un nrera�;r xro����h rare u/prerioia j,ur yean�.l'he,�rrnrrh rwe jurror usrd���ac l.Si.Incumr darn���dl Fr
u�nlaled oncr rhe acum/dara���urmlohle.
� -Cnrmplo�mrnt nnr(�r ficcal vr�r Oh 0'es hasrd un Junr 30.200',timir n/('al j,rma limpin��men�!)erelnpmcnf l)epanmen�
Luhnr,Llurkel ln(�rmat�on hm�sion/nnt.i�ea.cunulf}�adjiec�edj
Sources:.ti"�wc Drpahmenr o(l�inonce.('..5.hrpr fLahur.John F..Ifrecnr,�.Ph!),�z��nomre.s cY�Pnlx+cs.l��c..Sla�e Lmplqrmenl Uerel���mem/)e�wnmrnr
161
Ciry of Palm Desert
Principal Employers
Current and Nine Years Ago
; . � _ . �
� ,� � a�,� ,�,����'_� ��. " � .� �_� � �� � � �`` '�;
) �;�' % �� - r ; . !:��'.'� g� �.�q, �s s, �.z
�� 9:� p��h . !�� � �0 �� �
�. - " .�.^� C�� ��� ' fr.y' ..�L S �'�
' g` � ,�•�'� E�''. � � � ;��4.`1++�+. `�
� � ��� � ��,' �� �.� ,� q�..
� � � �y�,: � � ,� ��
�
� , � � i
�*� ' �'��, 1,300 1 4.09% & � ;�� ��
� 1. .�
� � �: �
��; ' � j 700 2 2.20% °��� �� �'>
� p����,�' � � ' � ��
�� �?��%��`�`t 630 3 1.98% � �'�' ��
` �- ���<� `� :� �;°�
� � � ~ 500 4 1.57% � '�g;°� `
� .
s c.'.- _ r V�� � �� '
K
� � .� r� � �� � 500 5 1.57% � �..a
:' • w. '�` '���
, � �* '� � � �s' ��y.�
�� � ',��r-�� 400 6 1.26% � ' ' �
� �'; � : �=�,�'„�; �'.� ��
y� �
_ � �_' � 300 7 0.94% 7� ��� �' ��
.� � N� � �����
���,� � � ,�
� s� �":_�� 250 8 0.79% � �����
� � � �,�� =,, z� ' � �*d
� 236 9 0.74% � �a�^ � �;
� � . � � �' � � `� �, � �"'.�
��_.� sa���. � � 220 10 0.69% °�' '�a..:�.���
Totals 5,036 16% Totals - 0%
ll�77ir ujnnnunon fi�r lJ)8 ie not arnduhle
i1�.a.5�,j.luuury l.do0,'
.Suurces:b18/A:iluni-Srrv�crs rhru,-Imertru'c Luhur,t,lurker lnJonnu�ton.5j<rlem/.-!!.d/!S/.
162
City of Palm Desert
Supplemental Miscellaneous Statistics
June 30, 2007
Cityl Municipal Government
Fortn of Gorvernment: Council-City Manager/Charter City
Date of Incorporation: November 26, 1973
Number of Employees 167 Full Time Employees
Size of City 25.5 Square Miles
Geographic Location: Located 117 miles east of Los Angeles and 515 miles
south of San Francisco.
Streets 157 paved street miles
Number of Business Licenses 10,573 active business licenses
CONTRACT SERVICES:
Police Department Contract with Riverside County Sheriff-73 positions plus 18 support staff
Fire Department Contract with Riverside County/State Fire 38 positions
Animal Control Riverside County Animal Services
Water 8 Sewer: Coachella Valley Water District
Trash Collection Burrtec-Waste Management
Electric Southern Calif. Edison
Gas Southern California Gas
Telephone Verizon
Airport Palm Springs international Airport
Public Education
Elementary School(grades K-5) 3
Middle School (grades 6-8) 1
High School (grades 9-12) 1
Community College 1
CSUSB-Palm Desert Campus 1
Insurance Coveraqe
General Liability Coverage Calif.Joint Powers Insurance Authority 50 MillioNEvent
(Excludes Earthquake&Flood) Excess Coverage:American Guarantee&Liab. Insurance
Special Events Calif.Joint Powers Insurance Authority 1 Million
Workers Compensation Calif.Joint Powers Insurance 5 Million
Property Insurance Robert Driver Based on Prop.Value
Health Insurance
Medical Califomia PERS;choice of PPO, HMO
Dental Delta Dental
Vision Vision Service Plan
Disability Insurance Disability-Standard Insurance Company
Life Standard Insurance Company
Retirement California PERS-Public Employers Retirement System
Source:City oJPafm Deserl
163
�m�of Palm Desert
Full-time F.quiva{ent('ity(:overnment P:mployee's by Function/Pr»gram
Last Seven Fiscal Ycars
, , > x.z� � .�'.�, '.::�� �.,.,.. �, g��' - �.. 9us �..;.,� .� ... e�
�� � � z,�. �
F �
�,�.���' '��,������� 51 53 52 51 51 48 45
19 19 19 18 18 15 11
�1 a� � , n � `,.
�'��� 35 28 28 28 32 30 31
�P0�' �"a�� . � ' 143 129 123 123 126 126 125
� • � �.!
Ppb�C � ��"�� � � 44 49 39 39 39 36 �5
�
.�y,,q����:,�.� � 18 11 16 16 16 16 14
� ^`�
Totale 310 289 277 275 282 271 267
NI 77�r['m�oprrmr.ar„"��,nrrae�i nn"nuL:rng.pnmarrh nX•r�meni u�ih orhrr,¢o�ernmrrmJ rnarir+pnvm.�(rm.nnAmdn�iJi�al+
��,�.,,�•,��r« ��.,
['o ,rcvrdsenn.�rrncluJr P�.1�«•nndhirrp�arninnibir»ighd�e('mmq-n/Hnrrs�elr nnunnfcnnnul.healrh.,rn�cr�.
Ie,X�lr�eM1Yi i�O�e/I�L)�(�[ll�h'mt�l�lf�0/IaC
A'�ur:lIm(lh�n/Palm Ao..n ehnx�„rmp(emrm rhir�ch.�hdo rrvnnnrve(c./r rhe Inv.rrrn irnr.
Gun•rnmrnn�mr.ncaurnged.hur nu�.ryiand.io unplrmen�revondnrh (9ummah-.rhi..chedule w-J/mc6iak rrn yr,rrr
Gnvcr[7n�u(P�ilm/lr,rn f innncm!Phm.(1 J�/brnrn/h•pnrrmrnr n/Pbrrs�n-unAh�r�•/4urr�ru.n.Hnrrvrk•(bi�nn.1brr//,D�•pwmreni
164
City of Palm Desert
Operating Indicators by Function/Program
Last Two Fiscal Years
�a� �,;�-. �m -.z �<��� � . .»,«�._;.�a .,;
,F� � � .>.'- � �� ��'.�'`�
� : � , � � �:�'���°:�.`�.� :�. .� ��.. "��y s
� ' �,Q����, 447 420
�y� s' 3 k.. m �dd`*� �';� �_ ��'�:' e
� �„ ,�.�'a..��,�,°:��.� � � ��� �
� � _ '� �,�
`'��, R �� „ �;r t� 127,256 123,263
� � - � ��� � �,�-�*�u�� 39 468 41 352
� � �
'�' ���' � ��. =�. �'� � � �
t+Y � � ��:��� � � .�.� ���� � .� � � �,`:� ��
,� �.� �z�,�.°� t�;� 1,430 543
.
, . „ :. � ., ,
��- ��"� '� � '�ri 694 1,374
,�v �, ^:� �`r�� ���"•�� 6,875 4,527
,�� � ��:� 6,785 6,600
���_�w '�; � ���� �:� �� 241 928
�
.�F�7I�' ��.� � � �i� �; �'s� 5,934 1,845
,� . �� � � � ��� 5,813 5,683
� ,, �� �� 33,215 29,925
� .� � ,.� �� �,
f
s ^
P�1A�St���' F�� � �� ,� �'�:� � �,�b�=�� `�. � ��'.�'� �� �,k 1
� � �°: +� ': �',� � �`�', 9 '�1 x.
p'�tc�,� � `_ � �`�� � �`��,�`� � .�<� ��' � � ��'��$ ��,����
�=�' .� � �� 4.510 2.967
�°� 1�11�O�i �.��;;� 84 81
. _ c
`,���!�' R' � �-��� �:�`:; 97,339 92,083
,. a '.� �':�`�,':_. _,a ,a�Y�s..�-�',�.�`�'�� '�`�.- � ��s� . `�-�_,� � .� �
(!1 The Crt}�nperates us a"contruct cily"u�ili=rng.prm�arily.ugreement wi�h other gm•ernmenral entities,priru(e frrms and inc(iriduals
to provide sen•lces.
('ontruc�ed sen•rces include:Police und Fire pro�ection through the C'ounty ojRirerside.unrmu!control,health services,
legu!sen•ices und landscape muinienUnce.
Nole: 7he('ity nf/'alm Deser�chase to implemenr this scltedufe retroucti�•ely.
Gorernments are encouroged,but no1 reyuired.J�implement reh•oacrii•ely. L%hin�arely,rhis schedule wilf rnclude ren}•enrs.
Soaace.s:Hrr•ersiAe C.'ounry Sheri/Js Dept.Cul jnrnia Smte Depurtmenr ojl�orestry K l'ire Prorecrion,
C�ity of Pnlm Drser�,Coachellu['ulley Recreut�on&Park Urstric�.Burrtec Was�e
165
('�.1���f i'alm(kxrt
Capiul Asxt Statis6�s 6y FuncNon/Protnm
ls�l'I'w�o Fixal\�ean
i��' '� � , �._ . ... , �
. � � � �� � �;!
s e � .�w..rfi�.
�, '� ; '� . . . , .
� � ��' ��,�`�z'� s � � � �c,„+� '�� � ��,,�
� 61 ]t
*�}��'�� � � �.�qv.' �'3����.�':�: �'.. ....�.,� �"k` ,_x. _ , �,°s�..���._ .. 3?�
:�- . v��,` I . �-� .
} I. r
' 2 1
k " �' d" .� ���._� zs ze
� - . �� ��: � � .. " .. .. .. . ......�ra�:���.-�� v���-� , .::,�:..,.a:�. .. �.,�;-��:�+_�._.. .
.�"Yy t �� i J J
... �' L� � ����� ��.�1� a qus 2 Reer�.ea �d�e 1 Rea.rvea
; e J d 'B�eath�p SWpM 3 plu�1&aartin Suppat
.. ;..# ti ���� a� � �� , . . �.3Y6` 3'�.��..� ..�.� > �"�'-r�s'�°'��'.��x..&'.��..,Y<:::ss
� " �_����.�.�� _� � � �15�11 � 15a11
: B7 QS
� �;������.,`� `. �'•� �. � �„r,� �. _ ._ �, �.� ��. . �<.�.
x'�.� _ '-�
`� � �
, �
'� .�:� �; �-��'���.::� 8 '�
� � �% �. ��� „ 8
� �� � � x 7 5
�-�' �":�. ��.'��� � ' '-� 10 B
.� �0 8
� ���J� �� �> ����� 2 1
'���� ,� � 6<as' �'„� i� �=: �.?� �' ip .� 8"� `�'s`��°�z F p � r'�a �`�a
. .,. � .�� �.�s .��-� t� �..�, �,��:::'£_._..�.� . :.,s�>-<z.��,E����:�����»��1
*��. '�.�� .. � � a4`,� �50.373 503Y1
.���� ��^'� v� A �� � , .. .s.e.�.., �- � .,f ... �. .. '��'b;�_Q7�
1
fi �
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166
THIS PAGE INTENTIONALLY LEFT BLANK
167
Supplemental Redevelopment Agency Statistical Section
City of Palm Desert, California
Note: This section is not required by GASB No.44, however, City believes that statistical
information is beneficial to the reader.
168
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City of Palm Desert
RDA Project Area#1 and 1982 Annez
FY 2007 Top'�wenty Property 1'axpayers
� � �� ��
� � . � ; �., k � A k''��� �K' � ����'.
"_3 ^f"��. {+4' �' ,�t� i F '�' a���`C � � k$.:
' k� �r.�.S�'�' � fi: � , iMlf�f 5
tl "h #,�4' ,.,y��x.•� �? �1.. � � .�"
�' +•: �. "s�:.
,� ,,�.w 3 . �,� �" .� . .�� <.;� �: �"�`, � -�
� � , 800,000 sq.ft.Retail Shopping Mall Wes�ield
�jt� �� ' �� $ 133,312,398 23.8/0
� .>� � Shopping Town
� ,7., ,' ��„ _: '��.� o
�' $ 83,199,845 14 9/o Major Commercial/Retail Buildings
,�+ � � .•; , Garden's at EI Paseo up-scale retail shopping
� � ����� $ 74,205,979 13.3/o Center.
. �` .
����� - � $ 34,572,988 6.2°/a Recreational!Residential Land Developer
� �.• `%�' � Mix Commercial Buildings One-Eleven Town
` � � .; $ 28,205,234 5.0%Center Shopping Center
�jr�i115� �� . b� �, $ 24,317,885 4 3°/a Retail Store in Wesneld Mall(RobinsonlMay)
� �� �
.F : '
-'. $ 20,470,211 37% 198 SuRe Hotel
�� , � �T� $ 19.190,602 3.4% Retail Store in Westfield Mall(Sears)
g�� � ` : $ 13,881,605 2.5% Vacant Commercial Land(Village Court)
.�
�
(„(,�� `� ' ���;,' $ 12,704,715 2.3% Residential Land Bighom Development
� %� S 12,345,701 22% Commercial Shopping Center&Parking lot
�,� �: $ 12,300,000 22% Commercial Shopping Center&Parking lot
���
'" J�.���` $ 12,241,801 22% Assissted Living Center
'� ` Commercial Center Palms to Pines
3b�k ��
�' $ �z'��2'6�8 22%Ralphs/Washington Mutual
Qj� �� � I ���� $ 11,676,110 2.�%y�/esCommerciallRestaurant Buildings EI Paseo
��'':�
T� � ,�� � �. $ 11,661,940 2 13'o Commercial Shopping Center/C O.D.College
� � � F ��" $ 10,908,404 2.0% Residential Development
�-.,
" }���';- $ 10,697,678 1.9% Commercial Shopping Center&Parking lot
�����:� t"� ��. „ $ 10,672,236 1 9% Comercial Shopping Center-Trader Joe's
� _ -:
�p�;, ' ����,�. ��� �. $ 10,664,100 1.9% Private SFD
�..-,u _..:>• ..., ,.,� ,::;
s m, �, � �, . � �'� -�w ,
ri.;�'��' �; , .�:; `�';`� � � ��w� �''� ��'`
1' y'� � ,',��� : S 559,402.110 100/0 �°
_� '��'�- ;��o- ;�.� � �� ��� ��'��, ,,�,,..��'�€�M �
�
/I j('um�dau�•e represen[s nnle N�e!op I�ren(i prapeilnc+.
Saurce: HJI.('on•n&('��nr aiu/Hi�•rn��dc(�ounl��.asce+:cor?Ou6?Oo'('omhmeJ liu Rnl/e
170
City of Palm Desert
RDA Project Area N2
FY 2007 7'op'I'weoty Property'iaxpaycrs
�� . , $ e� , _ . :r� �i�v �rn � .�. �-, �� ��2 � �� c;e� .v�x-��=�
���>'$ ���� � �.�� �x � �� ,ap.�v�A'$�r��r�x����� �k � � � �.
� C,� �� ���.^.. �'�` } � �� � .�!h �'K � `"�x $`�_�'
��x� �':�.�� '�� "��-�'-� � .� ��:�`�`��.��' ;����;'�.��'�
° s���.
Q� � i �,, $ 186,325,797 39.7% MaRiott Desert Springs ReSoR 895 room Hotel
��.� $ 48J62,014 10.4% Time Share CondosNillas(Shadow Ridge&
a� •::. , .„ ;-. ._:..;:. _ ' Desert Springs Villas)
� :� ' = " Marriott Courtyard 151 Room and Residence Inn
�,,�'����'� S 30,872,845 6.58% �30 Room Hoteis
. �,
� !��'� $ 27,844,332 5.93% Desert Springs Golf Course
����. _�'e��'' $ 26,048,980 5.55%Vacant Commercial/Residential Land
''%:�;y •,- $ 23,309,825 4.97% Mixed Use shopping Center(Ralphs/Walgreens)
_�,_
i�'--� ,� .
�
PY� �l�: �*�,-x��'�? $ 20,275,910 4.32%Vacant CommerCial Land
�. � :
� �5�� ' x��; $ 14,367,414 3.06%Vacant Commercial Land
�
� ��� �.'�� � „ $ 11,143,500 2.37%Vacant Commercial Land
, . _ '�
„,�,,R �� :
;::.. r
�� $ 10,362,178 2 21% Private Golf Course&Homes
� ` (� x,�� $ 9,381,206 2.00%Golf Course Timeshares Condominiums
~�.�L�`. S 8,916,808 1.90%Assissted Living Center
, � .. . . ,
��� '.��.��. $ 7,892,825 1.68% Desert Springs Golf Course
� � � ' ' $ 7,547,192 1.61%Golf Course Timeshares Land
�5
� �,'� „'� ,�;�; $ 7,140,000 1.52%Vacant Commercial Land
.�
� .;
� L§ � .� � S 6,501,000 1.39%Once Buildings/Vacant Commercial Land
w �?.
3� t�{���� ., S 6,060,633 1 29%Vacant Residential Land
µ � '�� � � $ 5,882,303 1 25% Hampton Inn 88 Room Hotel&Sudes
� �;�.
Ittl�t. ��:���;Y $ 5,355,346 1.14%Golf Course Timeshares Land
� � �'r . � ��
(�M . �'���`� .` $ 5,232,880 1.12%Office Buildings
- .. _ � �
„� � ���4��,w�� K �� � �` '� �- ��g�f �_;� a�"�" � .�
��� '� � S 469,222,988 100% � � ,;� �* ,��� �,� ��W� �. �g'
�.� �;,,�.��"s�'�"` ..� ��''� `�� �.�� -��" �� ,� ,�:
/lj(�umulu(me reprncen/s anlp Jic Iup pcenl�-pinpeiltrs.
.Gnm�e HdL('orrn R�<'nne a�rd Kn�erstJr('ounq•.4+�e+snr?006 lnll'('umhmed/�ar Ro/Is
't 71
City of Palm Desert
RDA Project Area#3
2007 'I'op'�wenty Pruperty'�axpayers
�
�� �."���'�'+� �- �� ���, � ��' �- "�� `�'� � � � �'��; ,��� � �r��„'���
� `� � �,� - ,� t • -��� ,�&����� � - � ���
��.�. � � � �,� �: x �� � � c.��� � ,.�� ���'��.' ����` _�� `� �.��.-�
� �_���� `�,�'��' $ 31,584,699 19 6% Multi Family Dwelling (Canterra Apts&Vacant land)
�
I�iff " � " $ 28,434,901 17.6% Senior Citizens Assisted Living Center(The Fountains)
. , ,
� � �"�; $ 16,200,285 10.0% Cable 0
� u .,, perator(Commercial Office Buildings)
�P�'►t ,^ �;� �.�•, $ 8,195.751 5.1% IndusVial/Commercial Business Park
„_�� �=';�'t.�Y,�, $ 7,308,497 4.5% IndusVial/Commercial Business Park
�, �
f�,'�` �� � �.�F $ 6,032,280 3.7% IndusVial/Commercial Business Park
�` �:�,`;� �:
:�(�„����� ra �._ $ 5,949,846 3.7% Business/Commercial Offices
"�� -"� ��� $ 5,848,494 3.6% Industrial Business/Commercial Offices
,�
f
D� (� ��' $ 5,678,629 3 5% Industrial Offices 8 Parking Lot
l�tt� r .n,. �
t�t '�,'�t $ 5,565,943 3.4% Refuse CollecUon Base/Industrial Offices
. �
�R �;. {�; $ 5,513,053 3.4% Business/Commercial Offices
� ��;. - $ 5,202,595 3.2% Mix Use Industrial/Commercial Buildings/Stores
V ��; � ��;,� �;' $ 4,907,662 3 0% Business/Commercial Offices(Corner of Cook/Hovley St)
�� � ��'�= $ 4,080,000 2.5% Industrial/Commercial Business Park
s.
�F
�-�� $ 3,974,320 2.5% Multi Family Dwellings (Rancho Vista Apts)
R
51Df�(COt��� '� - $ 3,714,249 2.3% Storage Facility(Stor-n-Lock)
� � ]� ,,�f� $ 3,589,380 2.2% Business/Commercial Offices
�X1(I� ' ������=��� $ 3,556,015 2.2%Vacant Commercial Land
�� � � .'
�` � $ 3.026,263 1.9% Industrial Stora e Facili
�� '�+�;�� s cv
� . �
�, � � �� �`, $ 3,000,000 1.9% Business/Commercial Offices
. r ,..
1Ct�l':blit�►�Y�tt�.�x: S 161,362,862 100% f"�` �' '.� � ��°.� � .� �;�� ��,':.� � ,�R��
. , �
� � �. � . �.
/l�('umvlaure rcprecrn(s unlv(hr(op nrrntp pruperntc
\'uurcr: NdL('oren K('unc und Rn•ers�de('u��n�y�Asse+cor 2006 IOq?('ombmed Iar Hnlls
172
City of Palm Desert
RDA Project Area N4
2007'I'op Twenty Property 7'axpayers
� � �. �"� :�r� `g ,�"� y��?. �a . �'� � h��:.� `� �� �+����;� �g4�� P�.�-
x
x
Y �s ^,'��
. � w � ��� � % ���� v'Y�� 4
, .� . � � � .F � ; � 4
;;���� ,�;�� � �x� -�a � b �.,�.r.�
s � �; ...-:
-; $ 29,132,518 20.4%Indian Ridge Golf Course&Homes(Private)
"��� . ��.; $ 27,532,100 19.3%Multi-Family Dwellings(Desert OasisApts)
r
���z�r , �.,�
�` '' �� $ 12,484,799 8.8% Storage Facility(Sure Save Storage)
.� x -
p���, ������` $ 11,806,053 8 3% Multi-Family Dwellings(Palm Desert Apts)
�
� e� '`�;� $ 10,408,684 7.3%Multi-Family Dwellings(Royal Palms Apts)
� �,. .
��, �����.�; $ 7,603,927 5.3% Multi-Family Dwellings(Villas on th Green,SS�Apts)
y.�, ?
$ 7,247,805 5.1%Woodhaven Golf Course
����`°�'.� $ 5,075,478 3 6°/a Palm Desert Resort Golf Course&Clubhouse
F►is� �8t1f�... V't(� .` $ 3,493,683 z 4%Business/Commercial Offices(Comer of Fred
& � .
Warin &Washin ton St
EdWBt�b�R,,� � ` S 3,393,188 2.4%Single Family Residence(Indian Ridge C.0)
R, -.
� <
`�Y� $ 3,253,966 2.3°/, Palm Desert C.C.Golf Course&Clubhouse
� _•''�„. S 2,725,044 1.9%2 Single Family Residences(Indian Ridge C.0)
�:
�G� �� "��' $ 2,621,400 1.8%3 Single Family Residence(Indian Ridge C.0)
" $ 2,591,887 1.8%Single Family Residence(Indian Ridge C.C.j
�: '9 :.
� �,,�. ' $ 2,544,235 1.8%2 Single Family Residences(Indian Ridge C.C.)
� � �'�� ;: 8 2,244,000 f.6°/a Single Family Residences(Indian Ridge C.C.)
�
�
�r� � � �''� $ 2,161,380 1.5%Single Family Residences Qndian Ridge C.C.)
If����' :� -�?.;•�`.x $ 2,124,127 1.5%2 Single Family Residences(Indian Ridge C C.)
�:
` Mobil Service/Gas Station 8 Adjacent Commercial
� � �x,�e� $ 2,107,872 1.5% Land
�` " Single Family Residences Qndian Ridge
�X, �' ��..' '� $ 2,101,200 1.5%
��. � � � C.0/Whftehawk
� �' ��_:, �� � :, • � � �:. �•, ,�
'1`O�M� Y�1R �•�� - S 142,653,346 100°h �r � � '�` � �o`'w�`� ,�!.� ;� ''�.
llj('tmtulam�e rrpre�rnt+unly�(he iup nrrnti'pm�xr(ws.
.\'ource: NdL('uren&('onr unJ Poi•rrs�Je['uuntc.i.c+resor 1006?00'('omhurcJ 7hr RolLs
173
City of Palm Desert
Project Area Statistics
June 30,2007
, � . . � � �;� � � � �� � t�� ra ; ��
� � ,
� :. ,, �
;� � $
. _ �=
.
r e � .
• �"��. � �� �`����� ,�� ` �� � �:� � �`� $
.
. -, . , ,�,
�� � � y 07/16/75 1I/25/81 07/IS/87 07/l7/91 07/19/93
� � 02/27/03 02/27/03 02/27/03 02/26/04 02/26/04
�.�
���� �` :P.
-�'� �� 5� � � `
�' �
�,��' 7/16/2026 1 U25/2032 7/15/2038 7/17/2042 7/19/2044
���� � ;� �=� 7/lfi/2016 1 U25/2022 7/15/2028 7/17/2032 7/19/2034
�� .. ,�'.�:
,� ; �� ,� �S,�x '- Kepealed Rrpealed Kepealed Repealed Repealed
��,i�tn�i5�.i �.'��•� nonc $ 200A00,000 $ 150.U00,000 $ 1 OO.00Q.000 $ 135,000.000
,'��ld�e�l�., ` �j� $ 758.000,000 $ SOOAOO.00U $ 800AOU.000 $ 360.000,000 $ 600.000>000
tt� .: ; R.C,P R.C.P R.C.P.O R. f.C.Y R.1,C.P
�'� ��,:
������ ��� 580 5,240 2,927 764 2,260
R= Residential, C=Commercial, P=Public Facilities, I= Industrial, 0=Other
(I) Figures are unadjusted and should be annually adjusted by Consumers Price Index set by
the Bureau of Labor Statistics for RDA 2 (Adjusted Limit at S1,�1-12,330,763 through 2006).
Source: Palm Desert Redevelopment Agency
174
City o1 Palm Desert
Redevelopment Agency
Tax Allocation Bond Iasue Iniortnatlon
June 30,2007
. �., x .. ,,.., . . _. � ,
.�:�- �,� .' „,< � �. . , -
� �, ��:� '�*a � _ �� 'T ��.
- h � 25 �28 27 21 24 11
'� " 07i24/97 03�13/02 OB�OS103 O6124/04 07/66l06 07l09/07
04/01l23 O4/O1f30 04l01130 04lOV25 04/01/30 04/O1/78
�`:�'"��- 5625% 5700% 5000% 5.000% 5820% 5.000°/
;> :. .
�. S 71.955,000 5 22,070,000 S 19,000.000 S 24,9d5000 S 62,320,000 S 32,600,000
' ����--zs`���. S - S 22,070,000 E 19,000,000 E 22.655.000 S 60.105,000 E 32,600.000
- 0-200% 0-200% 000% 0.00% 000% 000%
� "� ' ' ' ��� MBIA MBIA MBIA AMBAC MBIA MBIA
:: ��..'.� - 2.804.344 950.000 2.430,750 13.117 662 13.116.979
(t) �1 �) (7) (�) (�)
'�'• S 55,450,000 5 S S E f
850,000 1,965.000 2,130,000
1,114,665 950.001 1,059,813 3.203,349 1,844.154
5.4584% 5.2939% 4 8571% 47961% 4 7182% 3.8374%
��F�`�Iy� � 04/Ot/07 04113/07 OB/OS/OB 06/Tarp9 07/p6/i1 01r09/12
° � ���, � � T , ..� sa
�IP�It �;�� 7oi �rsAb�tlon +,�t
30 20 30 30 30 35
O6l01/95 07l77l02 03/26l03 07/25/06 08/05/03 07/15/06
fk�I Ob/07/25 08107f22 08/01/33 08/01/36 04/Ot/33 04/011at
-�-`-�.�::--� 5 20% 5 000% 5.00% 6.10% 5.13% 6 10%
'� 3 4,090.000 5 17.310.000 S 15,745.000 5 67,618213 S a.745.000 E 15ASQ526
"-r. 5 E 14,680,000 5 15,745.000 5 67618,213 E 4.315000 f 15.019.526
�`.� c: 0-2 00% 0-2 00% 1-2.00% 0.00% 2 00% 0.00%
MBIA MBIA MBIA AMBAC MBIA MBIA
R 1.324,750 769,006 5.309.825 297.953 1.034250
R t .:I (� (�) � (�) (�) �
�.� S 3,870,000 S S S 5
�.'.�;" 650,000 907.439 95.000
1 653,078 769.006 2 404.240 198.748 564.275
���� 6 0485% 4 7043% 4.9502% 5 2580� 4.9358% 5 3626%
�A�f�� 0&O7/O6 07/77/07 03/26/OB 07/25111 OB/OS/OB 07/25/11
: .: � :. . . . � �, c-�x. . :
x � 5�� � „� .�;� �� . .
��`, ��'2. ��� � ti0ndi� � � b� �. �i�l�,
. � F 30 � . 30 .., % 28 � 13 30 30 20
03/01/98 11/28/01 0725/06 08/01/95 01/01/98 09/OS/OZ 02/07/07
10l01l28 10/01/31 10l01/3d 09/01/08 10/01127 10/01/31 10/Ol/27
500% 480% 5.56% 5.55% 510% 4.90% 500%
� "����..: '������,-�• 5 t t o20 000 S t 5 695 000 E 19 273 089 E 6 305 000 E 46 760 000 S 12 100.000 5 86.155 000
--� �-�� `� ""- E 8 355 000 S 14 795 000 S 19 273.089 S 1 235 000 S 5 725 000 S 7�130 000 S 86 155 000
�S. � r ' �,', 0-2.00% 0-200% 000% 0-2.00% 0-200� 1-2.00°0 000%
` "<�: MBIA MBIA MBIA MBIA MBIA MBIA MBIA
768 020 482 890 3 740 843 123 500 572.500 767 625 7 0B7 224
1 1 1 123 500 1 1 1
:." E 105.000 S S S S f 5
285.000 600.000 655 D00 255 000 2 185 000
429 590 6�3.013 699 445 51 593 262 281 508.449 4 564 307
5 2271% 4 9464� 5 1111% 5 2231% 5 1343Mo 4.8290� 4.1B30%
' ' ' ' _ '
_ �kl1��'-`, 10/01/02 1128/O6 0725/11 09/01/04 70/01/02 09/OS/07 02/07/12
(1}A surery bona was iswed by MBIA Inwrance,future reserve balance's will pe zero.
Source.City of Pelm Desert and Redevelopment Ayency
175
City of Palm Desert
FY 2006/2007
Breakdown of Basic 1% Property Tax Levy Rates
Redevelopment Project Areas
. <
� � � � � , � t � p� .�,. : �
,�.:, w��� �,,'�,��' 1�'�� �,�� � :� w�� �,�` � � �.,�.,� �„�
� � �:� �: sw �, � -:� �
�;.. � �s. m. _ , . . .
,� ..` . -> . . ;. l 28.39398952°/a 28.34582124% 26.80613791% 25.5700272% 21.91511365%
�n�- � �� �`� �' ��': 2.74920745% 2.88202988% 2.92965458% 2.8158844% 2.82907980%
�'� �';-=� �..;`
��� 5.91822367% 6.20415189% 6.30666782% 6.0617613% 6.09016166%
� � �, 0.00000000% 0.00000648% 0.00000000% 0.00000000% O.00D00000%
� � �' ° 0.00007649% 0.00000000% 0.00000000% 0.00000000%
��,�'"�;��°'� 0.00000000/o
:�' '� �' � 0.00000000% 2.09755769% 4.29226363% 4.2475712% 8.67523886%
� ,� ��:�.�°�•
�� �'' ` 0.00000000% 0.01501569% 0.00000000% 0.00000000% 0.00000000%
y � � �-_,�•
� � � �'� 0.00000000% 0.03232434% 0.00000000% 0.00000000% 0.00000000%
� ���`:�
OMbl���11��`��: 36.49999492% 36.93316599% 25.03348593% 37.3852475% 37.56038331%
< .>� � .:
P�m � kJt�I6�i � 0.00000000% 0.00000000% 10.09174046% 0.00000000% 0.00000000%
„��
�
�
� ' � ` ��� �,� 7.58456209% 8.02456048% 8.08237633% 7J685152% 7.80491035%
�$�j(.�1l11[!�lfl�eq��t�, n �" 4.12638892% 4.36577188% 4.39722728% 4.2264688% 4.24627300%
� ��� �' 0.42948437% 0.42993275% 0.40548825% 0.3867829% 0.44198354%
- `'�,. . ::. �":':� '�-�.
I�Y1�'fD"� i�f�9l�F�" 0.00000000% 0.00000000% 0.00000000% 0.0000000% 0.00000000%
�
C� a� � -�:F 0.34253414% 0.30450886% 023492969% 0.3508408% 0.35248910%
� ��
. _��;�9i 0.00000000% 0.02663440% 0.05984340% 0.0000000% 0.00000000%
,�
�.<-
. . , � �.
IkflN��''�� � ' ` �;�., 2.01215094% 1.31737707% 1.76123919% 1.1161325% 0.00000000%
�� -�..' 1.38022037% 1.46029250% 1.47081510% 1.4136949% 1.42032164%
� �
�� � � `
C0�'V#�pjt,, � ` i' 2.08754242% 1.85578985% 1.43174167% 2.1381713% 2.14819230%
�
�V�iyf�� �� " 275763645% 2.91665750% 2.93863696% 2.8245179% 2.88466264%
�' ��'
C.�d1oqlC�i'�� ��� �'-• 0.00000000% 1.00288344% 0.03767411% 0.0869858% 0.03637902%
` �i �`�, 2.22711694% 0.02023367% 0.0000000% 0.0317847% 0.00244282%
�� �'�' �' 3.49094780% 1.76520792% 3J2007772% 3.5756137% 3.59236830%
��1�,g�t°�`:� :�,:'� �'� 0.00000000% 0.00000000% 0.00000000% 0.00000000% 0.00000000%
�u�R� '�:�`�� 100.00000000% 100.Q0000000% 100.00000000% 100.00000000% 100.00000000%
Source:Palm Oesert Redeveiopment Agency,Tax Increment Calculations 8 County of Riverside
176
City of Palm Desert
Historical Tax Increment Summary
Redevelopment Project Area#I -Original
Last"Ccn Fiscal Years
FY 2007 2006 2005 2004 2003
Secured/Unsecured � 8,6I8,586 $ 7,996,533 S 7,406,602 $ 6,934.754 S 6,503,515
Supplemental 255,077 R17.902 200,879 151,075 49,849
SBE(Utility) 358.243 280,I 31 300,931 297,098 288,489
Totai Gross Increment 9,231,907 9,094,566 7,908,412 7,3R2,927 6,&11,853
Low/Mod Housing Set Aside (1,829,832) (1,803,116) (1,561,352) (1,455,810) (1,348,011)
Tax Increment Less Low/Mod 7,302,075 7,291.450 6,347,OS9 5,927,117 5,493,t342
Total Pass-Throughs (724,021) (830,846� (279,854) (316,366) (696.4�i3)
SB2557Chazges (82,749) (78,987) (IOI,653) (I03,R77} (101,797)
Net Tax Increment Agency(2) S 6,595,305 S 6,3t31,617 S 5,965,552 5 5,506,874 S 4,695,G02
F� 2002 2001 21100 1999 1998
Secured/Unsecured $ 6,360.760 $ G,199.196 � 5,549,207 $ 5.4R4.253 � 5,341.708
SUpplemetttal 104,267 140,667 58,949 0 205,722
SBE(Utility) 285,323 292,520 332.579 322,956 331,955
Total Gross[nCrement 6,750,350 6,632,383 5,940,736 5,807,2(KJ S,g74,386
Low/ModHousingSetAside {1,328.643) (1,305,693� (1,168,457) (1,161A42) (1,293,465)
Tax Increment Less Low/Mod 5,421,707 5,326,690 a,772,279 J,645,767 4,SA5,921
Total Pass-Throughs(1) (922,984) 0 0 0 0
SB 2557 Charges (107.137) (103 919) (98,451) (l Od,4R5) (62 O56)
Net Tax Increment Agency(1) S 4,391,SR6 S 5,222,771 S 4,673,82R S 4,5�11,282 S 4,523,SGS
i - - -- - -- - - - - -- - - - - - - - - - - - - - - - - - - - - - - - -i
� Percentage represents change from prior year. !
i
; I
I
$9.00O.000 �
$7.Sn0.On0 3.3�% 6.97% $33% i
� $6.000,000 �z2s�ro �92°o i
i 54.500,000 i
i 53.000,000 �
� $1.500,000 '
$0 , �
i 2007 2006 2005 2004 2003 '
- - -- — — — — — — -- ---- — - - — - - — -- - -- - - - - — - - — , J
(I)KDA Project Area 1 does not have'Cotal Pass-T'hroughs with the exception of FY 1991/92.
(2)Net"I'ar Increment Agency does ni�t include Debt Service payments.
Sources:Ciry of Palm Uesert,7�ar Increment Calculations&County of Riverside
177
City of Palm Desert
Historical Tax Increment Summary
Redevclopment Project Arca# 1 -Amended
Last'Cen Fiscal Ycars
F 2007 2006 2005 2004 2003
Secured/Unsecured $ 36,24Q089 $ 31.237,R32 $ 27,77R,894 $ 25,247J94 $ 22967.677
Supplemental 3,587,825 5644,432 I,502.I90 886,�54 91Q786
SBE(Utility) 255,476 167.752 142,166 144,829 136,296
'Ibtal Gross Increment 40,083,39U 37,OSO,Ql6 29,423,250 26,27R,477 24,014,759
Low/Mod Housing Set Aside (7,949,224) (7,350.269) (5,811.(�2) (5,1 R2,761) (4,�33,721)
Taa Increment Less Low/111od 32,134,166 29,699,746 23,612,248 21,095,716 19,281,038
Total Pass-�[lvoughs (I 8,869,733) (17,382,a80) (13,463,639) (1 1.74Q.730) {10,523,374)
SB 2557 Charges (337,271) (298,669) (36R,240) (364,672) (346,1>5)
Net Tax Increment Agency(1) S 12.927,162 S 12,018,598 S 9,7R0,369 S 8,99(1,3I4 S 8,411,509
F 2002 200( 2000 1999 1998
Secured/Cinsecured $ 19.826,224 $ IS,y69,36� $ 12,683,176 $ 11,791,667 $ II?83,027
Supplemental 2,011,351 1,352.695 R79,432 91A71 37,518
SBE(Utility) 134,804 138.207 152,108 142.885 14b,R70
Total Gross Incremeot 21,972,379 U,J60,268 13,71J,716 12,025,622 11,467,415
Low/Mad Housing Set ASide (4,330,166) (3,d40,490) (2,699,974) (2,405.124) (2.293,d83)
Tax Ineremeot Less Low/Mod 17,642.213 1�,O19,778 11A14,'I42 9,620,498 9,U3,932
TotalPass=1'hroughs (y.583,416} (7.339,195) (4,598,001) (3966,585) (3.732.310)
SB2557Charges (321.SS1) (257.820) (214,847) (214,426) (123,390)
Net Taz Increment Agency(1) S 7,73'I,217 S 6,422,763 S 6,201,894 S 5,439,dR7 S 5,318,232
� — - -- — -- — — --- - — - - -- --- — --- — - - — — - - - -- --
i Percentage represents change t�om prior year. '
i $14.000.000 �5�'°�° I
22 88% I
I $12.000,000 '
$I O.00OA00 �7`���" t�Sx°io �
� 8 71% �
$8A00.000 '
i $6.000,000 �
�
i �d,000,000 i
� $2.000,000 I
� $0 '
� 2007 2006 2005 2U04 2Q03 �
�
-- -- - - - - - --- ----- - -- - --- � — - — '
(1)!�Iet Tax Increment Agency dces not include Debt Service paymcnts.
Sourccs:City of P�Im Desert, Cax Increment Calculations l�'orksheets&County of Riverside
178
City of Palm Desert
Historical Tax Increment Summary
Redevclopment Project Arca k 2
Last 1�en Fiscal Years
F 2007 2006 2U05 2004 ZO(13
Secured/Unsecured $ 15,816,298 $ 13.756,558 $ 12,629,958 S 11,717,R69 $ 10,422,746
Supplemental 1.332,272 I,553,145 698,023 R 12,847 548,517
SBE(Utility) 70,380 39,774 23,747 25,689 22,768
Total Gross Iocrement 17,218,950 15,349,478 13,351,728 12,556,405 10,994,031
Low/Mod Housing Set Aside (3,414,421) (3,043,663) (2.636,969} (2,477,550) (2,167,507)
Tax Increment Less LowMod 13,804,529 I2,305,815 10,714,759 10,078,855 8,826,524
Total Pass-Throughs (6,846.307) (6,072,950) (5,459,600) (4,683.769) (4,320,158)
SB2557Charges (146,A45) (131,163) (166,884) (I68,655i (156,494)
Yet Tax Increment Agency(1) S 6,811,376 S 6,IO1,702 S 5,088,275 S 5,226,431 S 4,349,872
Fti 2002 2001 2M?0 1999 1998
Secured/Unsecured $ 8,575,348 $ 7,816,649 $ 7,120,210 $ 6.330.A82 $ 5.899.166
Supplemental 257,R96 391,i97 244.912 312,878 187,G27
SE3E(Utility} 22,519 23,088 25,187 21.385 21,982
TotalGrosslncrement 8,8.55,763 R,230,934 7,390,309 6,66S,14S 6,108,77�
Low/Mod Housing Set Aside (I,743,4Sd) (1,621,09 i{ (1.454,l�i 1) (1,333.OZ9) (1,221,7_55)
Tax Increment Less LowlMod 7,l 12,309 6,609,843 5,936,168 5,332,116 4,887,019
TotalPass-Throughs (3.296,575) (2,790.025) (2.423,U5) (2,152,320) (1,913,246)
SB 2557 Chazges (I 38,491) (I ZS.�IAZ} (t 19,606i (1 14,107) (80,229)
:Yet Taa Increment:1�ency(1) $ 3,677,242 S 3,694,336 S 3,393,387 S 3,065,689 S 2,893,544
� Percentage represents changc from prior year. �
i '
' $7.500.000 11.63% ` �
19.92% �
� $6,000.000 -z.63°io 20 �5°io :
1829% �
�i.5(?0,000
�
� $3.000,000 �
i $I,500,000 i
� �0 �
� 2007 2006 2005 2004 2003 �
i
i �
(1)Net 1'ar Increment Agency does not include Uebt Service payments.
Sources:City o(I'alm Chsert,Tax Increment Calculations Workshects
179
City of Palm Desert
Historical Tax Increment Summary
Rede�elopment Yroject Arca�3
Last 7�cn Fiscal Years
FY 2007 2006 Z005 2004 2003
Secured/Unsecured $ 3,402,301 $ 2.858.91A $ 2,137,750 $ 2.040,874 $ 1,359,556
Supplemental 185,346 b07.7(Xi 261,674 150,716 79,744
SEiE(UUlity) 6910 3,147 763 l,(x)I 731
Total Gross Increment 3,594,557 3,469,772 2,400,187 2,192,591 1,440,031
[_ow/Mod Housing Set Aside (712,606) (688,513) (474,397) (432,653) (283,930)
Taz Increment Less Low/Mod 2,ti81,951 2,781,259 1,925,790 �,759,938 1,156,101
"CotalPass=Chroughs (1,806,3d0) (1,750,650) (1.197,599) (899,766) (44R,489)
SB 2557 Charges(1} (31,526) (27,2Q7) (28,204) (29,324) (20,379)
lYet Tax[ncrement Agency S 1.0�34,084 S 1,003,402 S 699,987 � A30,848 S 687,233
FY 2002 2001 2000 1999 1998
Secured/Unsecured $ 1?04.009 $ 1,02A,201 � 854,991 $ 677,494 $ 610,i97
Supplemental I30,497 d7,444 15,963 37,(Xr3 6.959
SBE(Utility) 723 742 908 53A 553
Total Gross Increment I,335,229 1,076,387 871,862 715,U96 617,709
Low/ModHoasingSetAside (263,165) (ziI,984) (I7I,507) (143A19) (I23,542)
�tax Increment Less Low/1�Iod 1,072,064 864,J03 700,355 S72,U77 �94,167
Total Pass-Throughs (183,986) (54A,192) (519,921) (660,139) (642.855)
SB2557Charges(1) (19,405) (16,4(i9) (i4,327) (12,I81) (7,329)
Net Taz[ncrement Agency(Z) S 868,673 S 299,7�2 S I66J07 5 (100,243) S (156,017)
• Percentage represents change trom prior ycar. '
I —�-----���_ ---------.1 i
, $1,400.000 �
� $1.200,000
4.0�% �
� 4335% i
� �1.000,000 �
20 90%
I $�nU•nUn -15 75% -�n A9% �
� � ;x � i
i $6O0.O00 �
� i
i $400,000 < , �- �
7; I
I .DZUl/.Q\/� � � �
I I
� $0 - i
, 2007 2006 2005 20Q4 2003 �
� �
(1)Uata for S[3 2557 Charges is available from FY 1993/94. f
(2}Negative fax Increment for FY 1997/98 and FY 1998/99 due to Regional Access Project pass through.prior year tax
incremcnt used to cover deficit.
Sources:Cit}�of'Palm llesert, Cax Increment Calculations Workshects
180
City of Palm Desert
Historical Tax Increment Summary
Rcdevelopment 1'roject Area#4
I.ast Ten Fiscal Years
F 2007 2006 2005 2004 2003
Secured/CJnsecured $ 12,117.535 $ 10,483,4A4 � 9,017,457 $ A,044541 $ 7,?75,223
Supplemental 1,296,818 2,197,486 694,864 318307 4I1,994
SBE(U[ility) 34 914 15,009 2,036 3,641 1,952
Total Gross Inerement 13,449,266 12,695,978 9,714,357 8,366,489 7,689,169
Low/Mod I Iousing Set Aside (2,667.385) (2,519,237) (I.9I9,08 i) (i.650,t 81) (1,516,029)
1�ax tecrement Less LowMod 10,781,881 ]0,176,742 7,795,276 6,716,308 6,173,140
Tota►Pass-Tluoughs (7,426,842) (6,77R,536) (5,145.220) (3,569,212) (3,A63.556)
SB2557Charges(1) (112,342) (99,794) (118,954) (115,583) (109,024)
Net�I'ax Increment Agency S 3,242,697 S 3,298,411 S 2,531,102 S 3,031,513 S 2,200,560
FY 2002 20(Il 2000 1999 1998
Secured/Unsecured $ 6,205.401 $ 4.612.165 $ 3.293,d18 $ 1.981,390 � 1,427.671
Supplemental 854,021 829,389 1,027,462 a5>,457 80.639
SBF(Uti(ity) 1,930 1.979 2,1 l7 1,044 ].073
Total Gross lncrement 7,061,353 5,443,533 4,322,99'7 2,437,892 1,509,383
[,ow/Mod Housing Set Aside (1,392,274) (I,073,936} (853.567) (487.578) (301,877)
Tax Incremeot L.ess Low/Mod 5,669,078 4,369,597 3,�69,431 1,950,314 1,207,506
TotalPass�I'hroughs (3.747,180) (3.640,563) (2,856,325) (I,312,022) (8II,613}
SB 2557 Chazges(i) (99,981) (73.853) (SS,164) (35,617) (20.230)
tiet Tax Increment Agency S 1,821,91'I S 655,tA2 S 557,941 S 602,675 S 375,663
� - -- - -- - -- --- Percentage represents change from prior year. - - - - - - - -- - - -- - �
� $4.00b>000 �
-I.69% �
i $3.500,000 3032% o �
3Z76/o
I $3.UUn.O�n -�b.��"/o �
i $2,50(?>000 20J8%
i $2.000.000 �
� $1.500.000 �
�
! $].000>000
�
� $500.000 `V i
i $� ..� ��E i
i ,
i 2007 2006 2005 2004 2003 i
� - - - - - - - -- - - -- - - - - - - - - - -- - -- - - - - - - -- - - - - - - I
(t)Data for SB 2557 Charges is available from FY !995/96.
Source:Palm Desert Redevelopment Agency,Tax Increment Calculations&County of Riversidc
181
City of Palm Desert
Historical Net Assessed Taxable Values
Rcdevelopmcnt Projcct Area# I -Original
Last Ten Fiscal Ycazs
�� � ;��� � = � �x � - � q
_ �
,.� .. �
�., -s� . '� �.,�;�, ,.�,��"� �', `.�O�c�t� ;�,"���' ��� `�'� �_`�' �b�
°, �' �� '' :'�
� :i� � >:� �' �° " � �
.'��`'��'�:�� ���� � �����'�•� .
' � ' , � ' $ 216.759,847 S 209,1)51.600 S 193,066.855 S t80,571.588 S 175.028.1�4
- .
,, :. . . � �., � �;_;
g�- � ;•'�:. �:.�"�: . 552.(�4.613 515 O92.610 J68.555.559 430.563,506 403,984.613
- �.:�-�.�_��';�:., G.825.265 7,a20.69G 4 909,559 2 970,OOR ?.290.180
��, ,�` : k,, _�<`� �,��,�� :� 0 0 0 0 0
�r';��� ,�r'�;� ' (760.295) (610.3?A) (730,777) (1001 0
�[":T �6'�,�:` .,�� �"���I, . ,`� (70.0001 (70.000) 170.000) (77(�Ol 1�5.(�)
�;.: �;::�_�` �", � ''� 0 0 0 0 0
� � ` �` 775.359,430 730,Nti�.568 665.731.196 614.028.002 582.227,837
'1�s�isb�e S�ir� �,,,����.
a�.. . � -. � � .
� Y � �: ,-
� �����'� ��� �:..:.
; _.
_, ✓; � �� �.. � a�_�'.:x = � ��" I,Z20 396 156.701 174.1?8 201.461
"a, ,:xx �+x � ,. �':�"^.` :' "-,. 56,Sz6.96? 48.736.±06 51.133.704 52.581,364 aR.91G.)29
�' . :.�i; -�� �,;'�: �„d.' S7 404,440 47.a80A0? 51 093.465 54.158.601 46.472.846
��I=_ �' a.:- � ����.' 0 0 0 0 0
�'�,`
` �` =?�-'`��- '"�; �`�e , (32.652) (32,5731 139.0431 (i7.R42) 157J2U
�,
A���'�'��IEIJ`�I�`���IMI� ���, I13.909.971 96.i8�i.S31 102,344.A27 1(16.856.25! 95.533.915
, 5_ .
7'et�l s���i�s�1�.���,�`�� ���-: S RS39,269.101 S 827.069.099 S 768.076.023 S 720.l384.253 5 677.761.752
rr . . a��:� z� :�.� � � �. �. . . . , , j.'
� �-�b����:�� � � �.������y„�:' �"�; . ,� ;�� ,.� .�.� '�9�Y1:� � � � � �„� ��x �; � � ���
� �: � , � � � � �.�.� > , ., , . �
�°�y �°� ��"�'� �;��� ��.-� � ��♦� $ ]71.A40.095 S IG7.254,GIR S 157.749.660 S 1>8,23�.158 b 152.7G0.197
'' `r ' ��`��'� 389,716.686 381.16R.647 342.Oa8.52i 335,a87.546 331.532.SA3
j� � '�-�� l,R2J.39? a,621.105 ;.958.876 4.2RJ.839 1,805,45?
� � ;,'�, ' �' ::�:.�.�, �::� :.�;" 2.536 Gl.`)38 2-�.969 55.034 7.011
,.: ,� .:�..�� _',�,�R.'� f t 0 - 0 0 0 0
��.�:�_ �a'�i�- . � � 17Q000) (49.000) 156.0001 (35.0001 (2S.(�01
r� � �» :�<•.� F,�.;� 0 0 0 0 0
. � �
� '�� � `x �� 4�°` %4,913.710 553.057,30A 503.726.030 398,025,577 4A7,b77.7.13
����'.. � � �.�"� �"��C��'��'�':- .'
�`� , „�, r,�� �"�' 229.626 191 925 211.902 225,314 50,747
'`� •� �.:.��'�' S2.531,594 �7.281.799 4a.481.799 a3.1983R9 37,357.SR8
" ; ;.; � .�°,::;;.. ' �' �^��,�,;'' .34.331.125 44.R47.382 �3.234.(�4 33.519,839 35.834,33A
� , ,:,;� =� a� �`'' 1.592.7p1) 2.089,7G8 735.012 738.R51 76G.21�
s �,� � '`',� `; .;i , ,� �'�s `.; �; (58.570) 161.394) {3R.283) (69,264) 158.0721
� �° � ,�� .
TO��.�1l����'��°�:. �, ��'� 98.628,475 94,339.4ftU 78.62�,524 77.623.t29 73.95(I.i{3�
� . ��� �-����.z".� ...
��Il��'�16�Y��` S 663.4i2.185 S 647,�06.788 S 582,350.55.1 S 575,6-i8.706 S 561.628.577
� �.
(I)Sccumd values mclude State assessed data.
Source:Coumy of Rivcrside,Counn Auditor Controller,Assessed Valuations
182
Ciry of Palm Dese�t
Change in Taxable Values
Redevelopment Project Area# 1 -Original
2007 versus 2006
� � � � �,� �
� �Y� �:'°��. .�;,� `� �;���� �.����: .� ��.� ,���� �.�, ���'��;
� , --
�
���� ', 7 � � �t� '�,"�; � �:�^, �a
i:'�; t�$ �,,;' ;�`�' ,,... ��� , �` $ 216.759_847 $ 209.051,600 3.7%
8
' � MI ' °' " $ 552,604.613 $ 515.092,610 7.3%
�: ����" ;�`
w` �;. '�'�.� ,_, ;' ��'-, ,. -�`i ;, S 6.825.265 $ 7,420.696 -S.0%
�€,:. '�� .,, ` :,;.�_�: . � ,;.r '.�` ,'`�r ,�,�`<� $ 0 S 0 0.0%
` :.;�. ', ` ,_ �.. , _: .° : `:�, :_�" „"�.�'�_`;�".F $ (760.295) $ (610.338) 24.6%
� ;r�.fa8& #x��` �"�,.,: "r ��' $ (70.000) $ 17Q000) 0.0%
� ..:
,.: . � ,�„
.. v ':. r=' j �'
zI�! . 'T��7t� e� , �;W S 775,359.430 S 730,884,568 6.1%
�� �:;.
�
� ��d�; f� � � � `�°:�� �<� ����� �;.�_.
m � �.�_' > ` ;: .. . �� ,> . • - ,•�' S 1.220 $ 396 208.1%
�- �� �u�� �, ,�, $ 56.536.963 $ 48.736.306 16.0%
�.'�:� �-��. s - ,_ '�=��,.: ,.'; ; a': $ 57.404.440 $ �7.480.402 20.9%
��.� �x'rc� ��,� t �..���,�:'i�;'. $ 0 $ 0 0.0°%
�'�. :(� � C� . .,� � �'�:�� ;�=�,"" $ {32,6�2) $ (32.57.i) 0.2%
����� � ��4�=� �� �g�g��;
�"'��Yj A�� . . �,� S 113,909,971 5 96,184,531 18.�%
T��, �fii� ,�`� �� ��"�,�� "� - S 889.269,401 S 827,069,099 7.5%
E �:� � ��;�
(!)Secured values include State assessed data.
Source: County of Riverside,County Auditor Controller,Assessed Valuations
183
City of Palm Desert
Historical Net Assessed Taxable Values
Redevelopment Project Arca= l-Amended
L�st Ten Fisc�l Yc;us
. � .,
: , ,
� , �. . F � ' �. 3 �,�
'� �'�''�' ��.� a��r:� ��' -�;:��,`�° <�� �f� � � ��� �� '°, ,� �'�,
� � ���. �.�;����;���'Y s iaoass3.iaz s i,z�i.si�siv s i.ov��v�asoa s 1,037,831.77� S 96a�a�.i�s
, y�
. :_.. :: '. . . -. '....� .-'..:';� �'�� �� �.SA8,708.294 2.54R1)789d6 2.322.285.503 Z,I(N),457.533 I?(,6.U�4,i(b
S,I SU 912 5 081,062 3,OR0,748 ,1,7Z2,255 4 R22.R0�
} ` '.��:� 0 0 0 0 0
- (71,117324) (7S,'_I^_,6'_6) (72,3S667R) (50,011055) (50'S1,4711
?� �. (30�41.1431 (30.'�0^_.5461 (71.114.156) (30.81y.292) I'-8.ri'�8.^_12)
�.��: �"�- `�� 0 0 0 0
D:. •
�i1� �.. �-��� �f�'�.���-`...., 4.1%,692.7R2 3.669.762,655 3,312,869.821 3.070.191,212 2.R.S6.320.t73
� ; � a �.:
:��� � ,:� z�.,��`,� � �t�,.
,�"�- � 781 0 1,44v 9,SR1 135,778
.>-:. . ., �.
�' -�- '� , '� :�.. : � .."� )R.'77.529 33.710.842 33.165.394 ?'_,0879}3 2�i`)b005'
` �;�� 57.326,1?3 51,77�),(W9 53,'34,50: 56,477.588 46,150,607
. ; , •
, ,; . . �:., � ,.�..,. r � ..z� .${.,, 0 0 0 0 0
��=�`t �x• (7_161,4101 (6.3(X.859) (6A30.R36) (8.791.155) (NG1:.4�4)
L� �-.��iyl�,^'..� �',-,. 92.340.023 79.183.032 79.970 509 79.7A3.947 67.61 J.013
'�'q1�JV��f�.,�f11M,� � �`a.�'��. ' .;'.' S 4,249,132.805 S 3.7�18.945.687 S 3.�02.&{0.330 S 3.1J9.%5.159 S 2.923.93J.S.f6
�' �
�' �� , '`����.:�'��-�` �'-'��# 6.'� ��� � �°�_���. � :� �.9'��� r�°.�:i��' ;.���
�
°(� � � � �_ � � _, ..
'� ,'� . � ' a�- _. •�-��� ��. S 837J97.1°4 S 796.195.135 S 631.896.282 $ 607,32H.GI8 S $oR.056.(N�
� . �,� .�.��y -�'.,' 1.732,735361 1 1�)i�iG.Ra(, i.'-'L'.074.218 1�30.571.559 1.194.367.177
PMg[� ,��.�«.. - 4.(H�94'_ 3._'GG.563 1,9fkt.406 1 h3?,3?R 1.581.739
' �'�,�:� i 31�N9 159,145 37.717 SJ.377 �b.y}i7
... .. . ,... .�. _.
.� � .. . ' .. , ,:�.,. .�_:;, (55.711;720) (47,4U7.077) (46013.6')2) (i4.78191I1 (43.778.024)
�,� .".�,., , .�. -�-.. .' ... . . . . . ..
I'_8025997) 1''783R.1^_vl (27;764,7R7) 128.I35BC�01 f^_SAZ7.OW)
.�'' '�,; "�<, .���.., 0 0 0 0 6
-�, "� - , < . �..
� �.�� � �� �_�$�f� ��'��,�"�,�, 2.�50.SW6.512 2.167.�12.iA3 1.852.S1J.13S 1,766,669.111 1,721.R26.619
�:,°," �`i�-�,� '�a-��:�r � �� �s .�.
. � ' .� � 14i.ri5S �=.42'_ J6.48? I6�.654 77R.00I
2697(,720 27,217.IR1 :QS(l,Rl3 U.'_6_.873 14,561,Oi6
; �, 12.134.507 50.1�4.'_iR 2y9G7.514 26.531112 23.R04139
" '�`' ' �_' 4')4.h12 673j65 181.234 5�2.SA3 41U,531
�f� , ;� ' - . � �. - `, �:: (9613.037) 110.31hA1')� (G.33536.i) 11.377,1731 15,3°8.83:)
� . .. �,�,, ...
T�,���� ,�... ���.;' 60.136.657 5�.770,9A'I 4J.�23.681 J1.180,3�hi 34.234.IA2
��-
1`01�(�I�.d�p�l�,��:�' ��,:....� �R.� 5 2.610.483.t69 S 1.225.183.�70 S 1.896.937,ffi5 S 1.807.839,155 S 1.756.O60.SU1
(I 1 S��cured values includc State asusxd data.
Sourcr: ('ounty of Rivcrside,('ounry,luditor Controllar,As.essed�'aluations
184
City of Palm Desert
Change in Taxabie Value
Redevelopment Project Area# 1 - Amended
2007 versus 2006
_� � :� � . s d�;.� ,� ,�� ;;��.
�� � � � � � '�� ���. � � � �:� �°�,� `��� „��`� °��
� :.• �� � � �S'E' -� .. �.�-�;� b�,_ � �
h " .��« R-� $��.�� ��;� ���':� �R �
��•�� r ���:, 8's'�.&�- '�'r����� ���;�.��,�,�.;:�� � 1.404.883.142 � �.ZZ�,��7.g�9 �5.��%
;
-_4.�- , 4... „
, ,� -�.� X �- ;'�.��.� $ 2.848.708,294 $ 2.54A,978.946 11.8°/a
- �-;-_ � ',,:�a°���� � � ��a $ 5.159.912 $ 5,081,062 1.6%
'��.,"��:�w'�� �:- $ � � 0 0.0%
;� . ` , �>�;'; , .•r.� �. ^' $ (71.117.424) $ (75.212.626} -S.d%
� _,��.� �_�� ,;= s - � '����.:� $ (30.941.142) $ (30.902.546) 0.1%
, ,��� �`:� �� �'� ��°�'�:
A���, �� �� � ��� �'� $ 4,156,692,7A2 S 3,669,762,655 13.3%
�
� �.� '� ,'� ��,��.�
� � '�=�� � � . ���� � �� � �'.��. � �s t s o a.o�io
r�� R
��` ' � .�;;����-�� - :� .;�,� $ 38.277.529 $ 33,710.842 13.5°/a
,".�;_�� ;�f,��~y : _ :�� �:.$� �' " $ 57.326,123 $ 51.779.049 10.7%
":� . „��''-����F � �� �: '-� �::�� -:�:�' $ 0 $ 0 0.0%
�; £. . ���, ;�,, , , S (3>164,�10) S (6,306.859) -49.8%
� ��� �' ��y� _� �j�', �,:�,� �� �<- S 92,440.023 S 79,183,032 1G.7%
g
�'��•`- �' x� �y� �����.'� � �`�` S 4,249,132,805 S 3,748,945,687 13.3%
:.:.
�` � KK. ..
" �� .. �.
(1)Secured values include State assessed data.
Sourcr. County of Riverside,County Auditor Controller,Assessed Valuations
185
City of Palm Desert
Historical Net Assessed Taxable Values
Rcdevelopment Project Arca#2
Last Ten Piscal Years
, .
� „� � �-� ,� ���'�� �',��� ''�� ��,t�, . , '� � g.�.�.z: ;a
� s �� �
� � a�,�� .'L �.�,
>.. � . �_ , � . .. . .4 :. , e.,
�, � � � '��'� '�?��;.�,`�'�,';�>.
� � S 521,340l103 S 414,08R,670 S 377,500.739 S 338.504 943 5 '_95,852,366
1,137,488,315 1,043,76ri,419 9Cvi.730.831 `)15,3130"I(i 830A36.695
. . , . ,
6.59�.802 693Uy07 8.309�)69 7.13G.Si5 7.53�98R
-�'�-�'`�'�;.��- 0 6 0 0
� ;�;� �'�����' (7.655.384) (i,2��'_A24) (3.I33.357) (2,')79.597) (Z.8'3,135)
-� e� � ���""� 13.75?.000) (3,752 Of10) (3,[�89 000) 13.316,600) (2.853.900)
��'jt � �. �::� „� 0 0 0 0 0
'JI,Q��,'�'���� ���.f;��', 1,654,013.736 1,157,713.972 1.343.719J82 1.254.658.357 1.131.IC2,71J
�Lld11�..� �'��� � ..• - � �.
� . ::�,� �.`-� �� ��, �A �';.
-�> �� -�',� o 0 0 o n
•'�%; � �,�a.�u.�, a.'-i s.ove a,i s�r�z 3.ss�,�s� J 48�615 �.�e�,sas
',z�.�t6� ���' ,�,�e.��`� 19,806,A18 12.1_9,847 13.$y1.10S 11186.746 7.(?6t�01)
�`._. �-'. '�:_���, • .;.. v..,..:.�� :.�� 0 0 0 0 0
'��''j� �y�;''�`���.'��,,� �x'�": 26.021.317 I6,317,319 17.735.052 15.969.361 10.426.H5
'F'¢������,'}�j�:j��,� �.: �"� -:'�: S 1,680,035,253 S I.J73.061191 5 1.361.46S.23i S 1,270,627.718 5 1.141.578.859
w. �.a"'
`-� : �� �=-�",`� � �:� ;q',-,�. � , �,�: � �
� �� � § �'�-�''� :. .��;..�38�' :a�� "� �� �, . 20�,��' !� y �98�'°�,:
���� "���.� �,�"'��,�` ,.:;
��� � � F:;� . �, ..,�• . ' �' '��,�'�'-' S '_a8.7W 07C> 5 254,3i3 60: S 211.Sb'_�63 $ '_'1.877 005 5
?IO.iR7�22
,���.:� :� �:.�-�° G75;S55.19R 61S_751.57G 557,262.592 502°84327 569�21627
, �-��° 6.8�0.�30 6.545,1'_1 10.601.177 6.563.588 7699.R=8
=�„�z c:��:� 0 0 7 S.37I 0
�.- �.� -.'�,� �2,767.�81) U.^_13.51'_) (1.189.719) (1.168,077) (I.Z45.I74�
� '�' I�F39.Opo1 12.623.60p1 12.5^_=.8001 (7303,6001 (°.219op0i
,-, ... �r... . . �_,� � . ;� .k ��,.....__. 0 0 0 0 0
��'������� �q��.��;���.. 9y5.589.023 872,813A90 ROc.716.213 727,228.i13 683,645.203
V�������r�'��.� �'�'-��.�.�}'�;
� � -�;,_ ,�.�., -. , �, ...�- 0 D U 0 0
"-?� � ' �-�:�``� 2.910.J7Z ?4U,234 1,877117 I 860,5(5 �049,0�5
a� .... . � .��. �.
.";�k �.� � �-.��:�a';,: 8.13ri.055 5.921.587 7 984,295 3.363.61� 4,1'_6.'_2'>
�,- �� :�":'� ���' .. �%°���::;�,%; 115.676 36J58 77730 57.Sj7 31.546
�:
'�0�.}� �, . ��'? IIA64.2W R,3R5,279 5,939.i42 6.282.039 6.209.800
. �,�.
'�'p 4t ��.� �,�'�'�''-'"�. S 957,p53,226 S SAIJ98,769 $ A11,655,655 S �33,SIO,�S3 S 689,855,003
�, . -s.,� ,...., , � x:
.�. �,,,� �°f°�::
(1)Secured values include State aucssed data.
Source:Palm Desert Kedevelopmcnt Agency,Tax Incrrment Calculations&Counry of Riverside
�as
City of Palm Desert
Change in Taxable Value
Redevelopment Project Area#2
2007 versus 2006
� � ' � �_� � ���������r ,��� '" �� � a � . ?�� ���� '+�r :;� �� ;� � �y'
µ" . q �
� �"•'��:�p� ;:�� ��-�'��:�-, �'�;�r��,� '����'�; �� � ��. � ��'�
�:��`' � �r�
�����•� � � ` �`� �=��
��� ��:�������;��� ��.
°"� .� �`� `�y , �'� �'� � �x ' $ 521,340.003 $ 414.088.670 25.9%
��`'�s C�lli�*;�`��� :�,;� `�`,�'�,���:«,� �,c;. $ 1,137,488.315 $ 1.U43.768.419 9.0%
��'-•;;'�� '�� � �"` �', ;;- *, �,�; $ 6.592.A02 $ 6.930.907 -4.9%
'� � ��������=��,�'�, $ 0 $ 0 0.0°io
�.�' . � ��'� ` : ,_ ,`,F : ;� $ (7.65>.384) $ (3.292,024) 132.5%
�� � ��,;. $ (3J52.000) $ (3.752.000) 0.0%
�:�� �< .��
.. ,. �,:, ;
�"
`'� �,�� $ 0 $ 0 0.0%
� ��` �'� �'� ��� � �&. '�'� s�-�°� ���.a. o
�.�'��'��'�� s. ��•� � 1.654.O13J3Cr I.�f57,7�3.972 13.5/0
-�- � �.
�� ����� �a�����„��;��� •�� �"r� � $ 0 $ 0 0.0%
���'
� ,� , s ,"
7 ' �='����'�� x $ 6.215.099 $ 4.187,472 48.4%
�E�=�
� � `-�a �:"��`�r�''� '�;�,�;' � :� $ 19.A06.318 $ 12,129,847 63.3%
� � ' " ��,, ':�' , .�., , ,� �'�z��� �;�ta� $ 0 � 0 0.0%
� �-� � �" �. a� �� �� �:
`��,��id'E��"��1.`� � . ,���„���,; 26,021.517 16,317,319 .59.5%
T� �.� ���� �
1�R���I, , �����`,��'`°� � �`&�.?` S I.680,035.253 S 1.374.OG1,291 1�.0%
(I)Securcd values include Statc asscssed data.
Source: County of Rivcrsidc,Count}�Auditor Contrc>Ilcr,Asscsscd Valuations
187
City of Palm Desert
Historical Net Assessed Taxable Values
Rcdnclopmrnt Prqc,�Arra a 3
Las�l�cn F�xal ti'csx
. y > * . ,
, . �
<� .��. '� _i�''���,g- . ."?��� o �.�.',_,:`�•' ,x `a:`"YI�T�-a� ,-,s�., �.��:, ,�., ,a�� ,�. _� -� ,`:�p"
;. �,�:a� � �;;�'' � ,'�:�,����,. x..� -
.b . 5 II-1?:il-t1 S Illt.�w�.<5� 5 11.:'i<.�S S Nl,<.IIU.I"_'l S -(.:1'_:IMI
.: ` x:. . . . e
,_�. ... '.� .:. .� . ...� . ill tJ-.IM1I _IN,I'�'.:%� _Ji.l l�l>ic' �`I.+•rl�rli I'./�•)'_1,in_
.. � , r, ;.<,.,. ,� .�' '�:. .'. i%•��/)`I 1.R'Ki.Wi 115'_.�'! I S%I%K�� I_:I,:e.0
U
11 �1 �
� � '�'- � 11'�.i�l.`IUI 11.'S1.1'xll ,I'�IMI��: l?.I-1'�1t41 '��'I:
. - b<. _ �_,�
� , •• , .1 • • .'. ('�i/..�u�Ul :2�r11.Mt�i� I't'-I��MI) 11�I'!Ui) Ii."nt��.i�
���E�,`•„y'' « skP��� � J79.9'tJ93 51U.284�I1 J16..III.�Ii 301,+11.2J0 3N.NI].K3
��x:�'�.�.,.��:y���� �.�:�`�� ��.
' �' i'!i ?.IIN '.i1k ;._'ll
u i u
_ - ��.f ' �I�r�,<�: I`..�'-:ux� �.t„i!,�IS I\'-lill_ Q,RI{-�!
. �
.. ., '.:-• r' --. - a. :'.'�. . . . ��kr�XW t.v.irvl,'ill t 'U�.'�. �.,����ri. _t��K,li�xU
.. . ..n , �-' ,�x . . . :: .a �.., :i �� U rl il
�.' � IA4:�A?� IJ«lilll IJ��1�'ill IJSYf.•nl
.������.. .�^I.J90 SQpll:81 JJ,912.NI� �9.YR'/.OS! JJ.AB�.S'8
.���'if�R�.����$�d�.� '�f ... .
:_•�t�. f iN'/.46.9R2 f 1U.MX.Sv' S 361J3;2M S J51.69tl.I65 S 287,]2tl,Mp
><-.�,t � ''�: �'..�,��n,.�'"s4.�� �.��.. .�M-�.�`� '.'�'b3";��i£y'4 ,�:e.�:.,x�'.�^.".� °.,}� �,'�::_ :".,-x� � � ,� � :���y',;
tP « �
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188
City of Palm Desert
Change in Taxable Values
Redevelopment Project Area#3
2007 versus 2006
_�;� � �:�.
�.� � � �.��:���� ���:,�� ,�".�.>��.�'��-=��: . ��`�-„������ y ��:;d�r, ,��•�.�yk �y`y���'_
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. ,.�-�-`��� �.��' ����'����3�,', .
�'. �° �x�� ���`���-;����°¢� � �.� $ 114.253.170 $ 103,496.559 10.4%
�,
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�; ' ;� . `�-.: ,�t,< �; $ 333,347.161 $ 298,197.384 1LA%
�. �� ,R ' �.�'`� �-�:��'�°�'�'�,���'� . $ 3.893.071 � 3.890,560 0.1%
r. ��: ��,:�.���,��:���: ;':�� ,�, $ 0 $ 0 0.0%
,� ,, ��`r,�,�`.�,�i�' .�„ , $ (�9.311,510) $ (2d,251.190} -4.6%
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, �;.. ��`�`
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T�����y"� °'��:�� .� 429.975.d92 383.286 513 12.2%
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b �' � �`r� .���.`��.�r g�,e �:z > $ 13.109.332 $ 12.424.085 5.5"/0
�;," .��""�:"�"�� �' �z;;;�,� °�'�' $ 44.R99.8A4 $ 38.091.911 17.9%
�� " �'�.:�-,�.*�� $ 0 $ 0 0.0%
� ,x �.. � �� �� � � $ (437.726) $ (J34,582} OJ%
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��
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�� ' ,',���'��'� S 487 546.982 S 433.368.297 12.5%
(1)Secured values include State assessed data.
Source: County of Riverside,County Auditor Controller.Assessed Valuations
189
City of Palm Desert
Nistorical IYet Assessed Taxable Values
Redevelopment Project Area a 4
Last'fen I�iscal Years
^� � . � �'�� '�� t�'a�°-�`�'� r..r�a� �� ��.:�lAf���.� �'���"�,,k '��,� "�$� '��.'�•�s
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�,�i:�� "'�';':�''":�>�` 1._'S3.230.590 1.145.3A3.698 L060.291.'_61 1.000,4)2�90 943,61U.7p7
� -�"°�`� �.. ,�. ' ` �... �.� '�:x. 895.558 1.037.306 1.03y,548 903.523 1.17G.1t}M1
"°' 0 0
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. � ,�_��� (�814'�3) ('.`�8R923) (2.213.136) (2.236.SN8) ('_.ODS,RSS)
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�� ���{(��� '"% �;; 1,773,592.947 1.607.782.216 1.a66.171,386 1,371,002.021 1,29I.151.080
u ���r"�-�A.:,��'!��, �"���� �'��� 0 0 0 0 �
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�Af�t�::l�jpl/(�.�f!'���l� �.�I�..���'�-. 5 i.783.1J8.101 S 1.619.666,000 S ].J72.854.7i5 S 1J'75.613,549 5 1,299,552.i96
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a„�,r'� ' �::�. _ '�-.., 91(�75 ?2.666 Slyl l 52.'>11
� '> `"�` -*: (I y24780) (1.240.153) (1.125.349� (945.874) (1.106�789}
�`� �''_:�' �'�� :'�`c (15,60.1.R00) (14263.^_(10) (1361Q8W1 (13.367.^_(N)) (IZ.851.8W1
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,: .. . . , . _ , . . .,..., .
1.183.125.i57 1,02J.023.927 892.728.079 77J.0�9.2i7 713.913,�12
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� ''`9:.,' "'}. ^ .,� I 87R.576 �.018.3J7 I,fi74.135 G24 y79 9:i J-19
. . .. . ::... .-�; ` . ',�:`: 8 053 Ol4 8p71:�3 R.292.670 I.671 OZ6 I.152,303
.,sr. .���..;.
�'�-- . :�`,' ��..' 70.5�5 il.'_R3 '_8.J76 '_8751 71710
.�,;: ��..� a �- �.
_��, . '���. _ ��.'�';.� 10.002.I05 10.121.620 10.195,i81 2.326.746 3.191.d14
VI�1VlR�. ��'i'l' �1�Idlii��•'�^'p � :-�� S 1.193.127.562 5 1.03�4.145.Sq7 S 9112.923,260 5 776,385,993 5 717.IOS.5S6
(I)Secured�alues include State assessed data.
190
City of Palm Desert
Change in Taxable Values
Redevelopment Project Area#4
2007 vcrsus 2006
`��p�, �;��� ;��� ,��x��^�� �.,,�;�� �' �� �,� ��� � �;��-��° .�� �� �„ � ,�,�.���
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? � ������-��'��'� �`��° ��� .
�,..
` 3� � �.r - �`���P .,. ��' $ 538.079.392 $ 480,?fi4,736 12.0%
�' ���„ . n�-�'?�'�. � � o
�; '�• �a<. � $ L_53,�3Q590 $ 1,145,3d3,698 94/0
���.�.'�� '^: �`�'-��-� � "; $ 895.��8 $ 1.037,306 -13.7%
�,� ""'� :�.'�� � - "��`�°�: � a�'�.,�` $ 0 $ 0 00%
��.s.��' ����°"'.�e���:������ "�`, $ (2,814.993) $ (�,988.924) -5_8%
�, .� . �� �- ,,�•�"��� $
'� (I5,797.600) $ (1�,874.600) -0.5%
�,� . ::�1P...�,. ��?��''�`�"Ti„', "'::�'�.�;�i.. �.� �: $ n � U U.()%
dH
-� .:;.�,� ' ' "� �«z�.' �--� �. . .,,
�� ,. �,� ,E�'1�0 �tll���''� �'�' 1.773.592,947 I,607,782,216 10.3%
_ � x�� f.,
jj C�;'�� ���i � ,�;�� .�����.
.� � � � �C� ��-�.�'�,�'�'"P.� �;��<,�°����-r
�' ; <T.���S��,�� � �`. �'� � �`�: °�.�a�;;�� �' $ 0 $ 0 0.0%
r. � �. _� �';,�"��`� `�:��-#�': ` '' $ I.58L231 $ 1,606.970 -1.6%
� ' .�,�=�"� ��`� �°' ��: $ 7,973,923 $ 10,276,814 _224%
.- �qw��.�.��''��� t:�,�=,��'-�� � $ 0 $ 0 00%
, r:, ��y� �,. � � �
�0�� # g" ,� * �112���, ��,` 9,S55,154 11.883.784 -19.6%
Q�`��"������������:� � $ 1,7R3.148,101 S 1,619,666.000 IU.1%
191