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Home My WebLink AboutComplete CAFR 2007 COMPREHENSIVE ANNUAL FINANCIAL REPORT of the CITY OF PALM DESERT, CALIFORNIA For the Fiscal Year Ended JUNE 30, 2007 Prepared by the Finance Department City Treasurer/Director of Finance Paul S. Gibson Assistant Finance Director Jose Luis Espinoza, CPA Finance Staff (in alphabetical order by positions and names) Accounting Technician II James Bounds Accounting Technician II Horacio Celaya Accounting Technician Sharon Christiansen Accounting Technician II Diana Leal Accounting Technician II Barbara Wright Administrative Secretary Niamh Ortega Business License Technician Rob Bishop Deputy City Treasurer Thomas Jeffrey Director of Information Systems Doug Van Gelder G.I.S. Coordinator Robert Riches G.I.S. Technician John Urkov Information Systems Analyst Clay von Helf Information Systems Technician Troy Kulas Information Systems Technician Ray Santos Management Analyst Jenny Barnes Office Assistant Vedrana Spasojevic Office Assistant I Cherie Thompson Senior Financial Analyst Anthony Hernandez Sr. Office Assistant Claudia Jaime i 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 Flows - Proprietary Funds 29 Exhibit J - Statement of Fiduciary Net Assets - Fiduciary Funds - Agency 30 Notes to Basic Financial Statements 31 ii 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 - Combining 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 - Nonmajor Special 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. El Paseo Assessment District 112 F. City-Wide Business License 113 G. Landscape and Lighting Districts No. 1-15 114 Other Governmental Funds - Nonmajor 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 - Nonmajor Capital Projects: 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 Agency Funds: Schedule 13 - Combining Balance Sheet - All Agency Funds 130 Schedule 14 - Combining Statement of Changes in Assets and Liabilities - All Agency Funds 131 iii 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 Capacity 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 Capacity 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 Pledged-Revenue Coverage 160 Demographic and Economic Information Demographic and Economic Statistics 161 Principal Employers 162 Supplemental Miscellaneous Statistics 163 iv Page Number Operating 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 Twenty Property Taxpayers Project Area No. 1 and 1982 Annex 170 Project Area No. 2 171 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 No. 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 Taxable Values Redevelopment Project Area No. 2 187 Historical Net Assessed Taxable Values v 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 vii viii ix x xi xiii FUNCTIONAL ORGANIZATION CHART xi v City Attorney Litigation / Advise City Dept. on Legal Matters Corporate Secretary to : City Council Redevelopment Agency Board Housing Authority Board Prepare Agendas & Minutes Legal Notices Ordinances & Resolutions Public Records, Contracts, Deeds Legislative Historic Documents Proclamations & Certificates Summons & Subponenas Application & Appointments Records Maintenance Legislative Tracking Library Oversight Administration Local Filing Officer Conflicet of Interest Campaign Statements Fair Political Practices Duties Municipal Elections Oaths of Office Initiative/Other Petitions Elections City Clerk General Training Employee Relations New Employee Orientation Benefits & Compensation Employee Assistance Program New Hires(application/interview/testing) Perfomance Appraisals Discipline/Grievances Complianance with State/Federal Laws COBRA Class/Comp. Surveys Workers Compensation Claims Retirements Human Resources Special Events Franchise Contract Oversight City Special Events Summer Concerts Promote City Tourism Commuinty Calendar Promotions & Advertising Art in Public Places Visitor Information Center Community Services Assistant City Manager Special Events Cadet/Explorer Program P.A.C.T. Program Motorcycle Patrol Canine Narcotics Task Force Special Investigation Gang Suppression Forensic Services Crime Prevention Homicides & Assaults Domestic Violence Dispatch Operations D.A.R.E Progrom Accident Investigation Traffic Patrol Police Department Fire Prevention Fire Marshall Building Review & Inspections Paramedics Search & Rescue Volunteer Fire Fighters Training Special Events Children Safety Programs Dispatch Fire Department Police & FireDepartment Contracted with County Sheriff Contracted with County Fire/State C.D.F. Annual Financial Statement General Ledget Reconciliation Grants Receivables and Control Redevelopment Project Accounting CDBG and Housing Accounting Golf Course and Office Complex Accounting Accounting Purchasing Accounts Payables Process Police & Fire Purchase Orders/Payments Process Vendor Payments Audit Payment Process Centralized Supplies Telephone Payments Copier Repair/Maintenance/ Payments City-wide Dues to Organizations General Services Cash Receipts Accounts Receivables Trust Deposits Investments Banking Services Business License Collection Trancient Occuppancy Tax Collection Bank Accounts Reconciliation Treasury & Cash Management Analyze needs & Specify Systems Assist with PC Hardware & Software Support Local Area Networks (LANs) Support & Run City Computer Business System Support City Telephone System Support Golf Course Computers/Telephone Support Library, Fire & Police Computers/Software Administer Internet Systems (Electronic mail, web site) Geographical Information System Mapping (G.I.S.) Information Services City Payroll Preparation & Distribution City Internal Audits Annual City & Agency Budget Preparation Revenue & Expenditure Monitoring Financial Forecasting Administer Outside Agency Committee Administer Finance/Investment Committee Management & Support Finance Director/Treasurer Financing of Projects Redevelopment Implementation Specific Five Year Plans Acquisition & Development Construction Management Public Parking Lots Development Agreements Infrastructure Improvements Housing Development Renovation of Apartment Units Adaptive Reuse for Existing Structures Business Outreach/Development Business Attraction & Retention Industry/Demographic Research & Analysis Bus. Loan Improvement Program Economic Development Redevelopment Agency Rental Assistance Acquistion & Development Affordable Monitoring Neighborhood Clean-ups Self Help Housing Rehab Loans Relocation Assistance Property Management Mobile Home Rentals Emergency Shelter Grants Housing Authority Redevelopment/Housing/Economic Assistant City Manager Planning Counter Environmental Review Development Review Zoning Review Planning Commission Administration Architect Review Commission Admin. General & Specific Plan Coordination Future Use Planning Planning Division Create Parks Administer contracts New Walking & BikeTrails Park & Recreation Committee Parks & Recreation Community Development Public Safety Commitee Diaster Prepareness Coordinator Cal-OSHA Compliance Safety Programs Liability Claims Crossing Guards Coordinator Facilities/Equip. Inspection Risk Management Building Maintenance Building Permit Counter Structural Plan Check Disabled Accessibility State Building Code Compliance Construction Inspections Occupancy Inspections Plumbing & Mechancial Plan Check Electrical Plan Check Dangerous & Abandoned Buildings Substandard Housing Complaint Response Animal Control Commercial Code Enforcement Sign Code Enforcement Abandoned Vehicles Nuisance Abatement Recreation Vehicle & illegal Parking Golf Cart Inspection Program County Health Department Issues Business License Enforcement Code Enforcement Building & Safety Public Works Development Services Assistant City Manager City Manager RDA Executive Dir. Operations Overview/ Project Overview/Energy Management Personnel/Budget/Policy Development/Citizen & Business Inquiries Committee and Commissions Planning Commission / Architect Review Commission Public Safety / Technology / Legislative / Rent Review / Investment Golf Course / Landscape / Park & Recreation / RDA Project Area / Housing MAYOR and CITY COUNCIL RESIDENTS OF THE CITY OF PALM DESERT FUNCTIONAL ORGANIZATION CHART xv Building Maint. Janitorial Maint. Vehicle Maintenance Fueling Tracking Maintenance Acquisition/replacement of City vehicles Fleet Maint Review of plans & specifications of public projects for constructability Survey services Inspection of all projects in public right-of-way Contract administration of construction contracts Construction Engineering Flood control & storm water runoff Property management Street abandonments Right of way acquisition Define deferred & preventative maint. Needs Prepare plans & spec for CIP Contract administration of design consultants Develop project scope & budget Design Engineering Arterial neighborhood traffic plans Traffic signal design & operation Detours & striping plan check Review traffic studies & reports Traffic Engineering Engineering Training of City & private landscape crew Special projects (Earth Day, Arbor Day) Water Conservation Programs Tree Trimming Review New Capital Projects design & construction Review of Landscape Medians Landscape Guidelines Landscape Services Utilities Safety Cones & Barricades Street Lighting Traffic Signals Street & Regulatory Signs Painted Curbs Raised Pavement Markers Painted Striping Traffic Signals Tennis Court Maintenance Civic Center Maintenance Restrooms Medians & Parkways Maintenance of water and sewer Water pumps Lagoon Maintenance Sprinklers Overseeding Irrigation Repairs Park Maintenance Parks City-owned vacant parcel maintenance Emergency response Hazardous waste Weed abatement Painting Grafitti removal Environmental Sanitation Storm drain/channel cleaning Cross gutter repairs Curb & gutter repairs Slurry seals Overlays Crack sealing Sidewalk repairs Pothole repair Street repair Street sweeping Roadway Maintenance Tree staking Pesticide & fungicide Tree trimming, planting, removal, watering, fertilization Street Trees Streets Maintenance Represent City on regional transportation issues at CVAG, SCAG & RCTC Advocate & promote City’s position on regional transportation CIP Coordinate & monitor CIP implementation Transportation Services Review environmental impact reports Issue street work permits Analyze & condition development projects Provide map and plan checking Development Services General Administrative Support Grants/Contract Tracking Purchasing Radio Dispatch Clerical Support Administration Public Works Development Services Brandon W. Burrows Donald L. Parker Michael K. Chu David E. Hale A Professional Corporation Donald G. Slater Richard K. Kikuchi Certified Public Accountants Retired Robert C. Lance 1914-1994 Richard C. Soll Fred J. Lunghard, Jr. 1928-1999 203 N. Brea Blvd., Suite 2 203 N. Brea Blvd., Suite 203 ● Brea, CA 92821-4056 ● (714) 672-0022 ● Fax (714) 672-0331 ● www.lslcpas.com 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 financial 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 Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In 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 Government Auditing Standards and should be considered in assessing the results of our audit. The management's 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 measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. 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 collectively 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. November 20, 2007 3 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. In 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 million. • Business-type activities revenues increased by $0.56 million 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 revenues 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 include all assets and liabilities of the City using the accrual basis of accounting, which is similar to the accounting used by most 4 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 follows: 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 unit” 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. Governmental 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. 5 THE CITY AS TRUSTEE Reporting the City’s Fiduciary Responsibilities: The City is the trustee, or fiduciary, 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 $566.66 million. A separate review of the net change in the governmental and business-type activities is provided for the reader. Our analysis focuses on the net assets (Table 1) and changes in net assets (Table 2) of the City’s governmental and business-type activities. 2007 2006 2007 2006 2007 2006 Current and restricted assets 536.31$ 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 65.27 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 213.69 166.23 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$ TABLE 1 NET ASSETS As of June 30, 2007 and 2006 TotalActivities Business TypeGovernmental Activities (IN MILLIONS) 6 0 200 400 600 800 1000 1200 Dollars in Millions 2007 2006 2007 2006 2007 2006 Governmental Activities Business-Type Activities Total Table 1 - Graph Total Asset & Liabilities Total Assets Total Liabilities 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, traffic 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 Willow 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 million. 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. 8 Table 2 - Graph Changes in Net Assets 0 100 200 300 400 500 600 2007 2006 2007 2006 2007 2006 Governmental Activities Business-Type Activities Total Do l l a r s i n M i l l i o n s Beginning Net Assets Ending Net Assets Total Revenues Total Expenses 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: Governmental 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) 10 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 (including additions and deductions) of $72.33 million, or 15.92 percent over prior year. 11 2007 2006 2007 2006 2007 2006 Land 110.65$ 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 CAPITAL ASSETS AT YEAR-END For the years ended June 30, 2007 and 2006 TotalActivities Business TypeGovernmental Activities (NET OF DEPRECIATION, IN MILLIONS) 0 100 200 300 400 500 600 Dollars in Millions 2007 2006 2007 2006 2007 2006 Governmental Activities Business- Type Total Table 3 - Graph Capital Assets at Year-End (Net of Depreciation in Millions)Land Construction in Progress Buildings and Improvements Equipment Infrastructure TOTALS 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 13 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 Sheriff’s 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 public 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. 14 THIS PAGE INTENTIONALLY LEFT BLANK 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 Statistical Section This part of the City of Statistical’s comprehensive annual financial report presents detailed information as a context for understanding what the information in the 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 to 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 service 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 these schedules is derived from the comprehensive annual financial reports for the relevant year. The city implemented GASB Statement 34 in 2001; schedules presenting government- wide information include information beginning in that year. 133 City of Palm Desert Net Assets by Component Last Seven Fiscal Years (Accrual Basis of Accounting) Governmental Activities 2007 2006 2005 2004 2003 2002 Invested in capital assets, net of related debt 213,685,471 166,229,783 147,410,323 141,303,283 143,448,973 44,179,223 Restricted 173,335,615 (2) 153,342,045 (1) 103,701,569 100,268,597 99,313,317 78,732,876 Unrestricted 111,386,996 108,077,101 96,445,212 79,075,507 80,229,689 88,266,933 Total Governmental Activities Net Assets 498,408,082 427,648,929 347,557,104 320,647,387 322,991,979 211,179,032 Business-Type Activities Invested in capital assets, net of related debt 62,956,911 63,233,079 63,588,616 63,857,424 64,269,694 64,085,563 Restricted - - - - - - Unrestricted 5,294,980 4,459,840 2,948,910 1,830,204 1,288,488 1,494,726 Total Business-type Activities Net Assets 68,251,891 67,692,919 66,537,526 65,687,628 65,558,182 65,580,289 Primary Government Invested in capital assets, net of related debt 276,642,382 229,462,862 210,998,939 205,160,707 207,718,667 108,264,786 Restricted 173,335,615 153,342,045 103,701,569 100,268,597 99,313,317 78,732,876 Unrestricted 116,681,976 112,536,941 99,394,122 80,905,711 81,518,177 89,761,659 Total Primary Government Net Assets 566,659,973 495,341,848 414,094,630 386,335,015 388,550,161 276,759,321 Governmental Activities 2001 Invested in capital assets, net of related debt 41,332,088 Restricted 72,610,266 Unrestricted 80,007,103 Total Governmental Activities Net Assets 193,949,457 Business-Type Activities Invested in capital assets, net of related debt 64,702,174 Restricted Unrestricted 1,419,665 Total Business-type Activities Net Assets 66,121,839 Primary Government Invested in capital assets, net of related debt 106,034,262 Restricted 72,610,266 Unrestricted 81,426,768 Total Primary Government Net Assets 260,071,296 (1)The increase for FY 2006 is due to issuance of District Bond, see note #6. (2)The increase for FY 2007 is due to issuance of District Bond, see note #6. Note: The City of Palm Desert implemented GASB 34 for the fiscal year ended June 30, 2001. Schedules presenting government-wide information include information beginning in that year. 134 134 City of Palm Desert Changes in Net Assets Last Seven Fiscal Years (Accrual Basis of Accounting) Governmental Activities: General government 39,956,767 34,362,850 27,144,038 28,402,902 21,055,957 20,830,544 18,625,329 Public safety 24,674,424 21,856,311 18,743,083 15,420,151 15,601,833 14,547,981 12,744,434 Parks, recreation and culture 4,996,692 4,243,119 4,043,034 3,977,447 3,480,264 19,686,164 3,542,671 Public works 37,091,512 13,894,980 10,428,219 13,046,864 23,009,640 3,775,417 15,595,997 Interest on long term debt 20,097,198 12,526,964 12,749,188 14,124,371 14,443,467 15,271,200 16,224,248 Total Governmental Activites Expenses 126,816,593 86,884,224 73,107,562 74,971,735 77,591,161 74,111,306 66,732,679 Business-Type Activities: Desert Willow Golf Course 7,989,321 6,913,517 6,636,889 6,657,220 6,653,242 6,629,866 6,901,576 Office Complex - Parkview 716,592 646,769 609,298 570,135 511,272 534,865 1,481,938 Total Business-Type Activities 8,705,913 7,560,286 7,246,187 7,227,355 7,164,514 7,164,731 8,383,514 Total primary government expenses 135,522,506 94,444,510 80,353,749 82,199,090 84,755,675 81,276,037 75,116,193 Program Revenues Governmental Activities Charges for services 19,640,849 19,180,498 12,987,130 10,837,634 10,666,717 10,423,855 10,288,381 Operating grants & contributions 7,951,650 4,930,120 4,800,413 4,632,297 6,249,955 5,568,966 4,607,448 Capital grants & contributions (1)57,132,742 51,780,221 5,166,856 7,134,158 4,325,033 4,434,722 5,300,829 Total Governmental Activites Program Revenues 84,725,241 75,890,839 22,954,399 22,604,089 21,241,705 20,427,543 20,196,658 Business-Type Activities Charges for Service: Desert Willow Golf Course 7,830,863 7,442,330 6,814,638 6,237,087 5,824,079 5,753,581 5,882,813 Office Complex - Parkview 915,975 864,447 898,884 851,763 843,812 861,405 943,895 Capital grants & contributions 278,757 295,304 338,478 267,951 414,967 8,195 543,303 Total Business-type activites program revenue 9,025,595 8,602,081 8,052,000 7,356,801 7,082,858 6,623,181 7,370,011 Total Primary Government program revenue 93,750,836 84,492,920 31,006,399 29,960,890 28,324,563 27,050,724 27,566,669 Net (Expense) / Revenue Governmental Activites (42,091,352) (47,837,446) (80,336,571) (76,418,938) (78,490,293) (71,417,934) (60,853,995) Business-type activites 319,682 1,041,795 805,813 129,446 (81,656) (541,550) (1,013,503) Total Primary Government Net Expense (41,771,670) (46,795,651) (79,530,758) (76,289,492) (76,289,492) (71,959,484) (61,867,498) General Revenues & Other Changes in Net Assets Governmental Activities: Taxes: (Combined/Net Pass-through)86,766,864 114,826,387 96,926,134 87,551,146 81,297,385 73,257,210 66,975,636 Use of money and property 17,521,600 6,197,595 4,240,360 2,985,463 3,366,548 466,193 924,314 Gain(loss) on sales of assets - - 17,459 1,852,229 (984,837) 166,840 4,328,656 Miscellaneous 10,790,417 7,025,216 6,347,396 (8,706,206) 3,997,338 10,930,974 14,163,877 Total Governmental Activites Net Revenues 115,078,881 128,049,198 107,531,349 83,682,632 87,676,434 84,821,217 86,392,483 Business-Type Activities: Use of money and property 239,290 113,598 43,831 - 11,718 - - Gain(loss) on sales of assets - - 254 - 47,831 - - Total Business-type activites 239,290 113,598 44,085 - 59,549 - - Total primary government 115,318,171 128,162,796 107,575,434 83,682,632 87,735,983 84,821,217 86,392,483 Change in Net Assets Governmental Activities: 72,987,529 80,211,752 27,194,778 7,263,694 9,186,141 13,403,283 25,538,488 Business-Type Activities:558,972 1,155,393 849,898 129,446 (22,107) (541,550) (1,013,503) Total primary government 73,546,501 81,367,145 28,044,676 7,393,140 9,164,034 12,861,733 24,524,985 (1) The Increase for FY 2006 is due to Bond Funds received for capital improvement at the District known as University Park and Assessment 29. See note #16 Note: The City of Palm Desert implemented GASB 34 for the fiscal year ended June 30, 2001. Schedules presenting government-wide information include information beginning in that year. Expenses 2007 2006 20012005 2004 2003 2002 135 135 City of Palm Desert Fund Balances of Governmental Funds Last Seven Fiscal Years (Modified Accrual Basis of Accounting) General Fund:2007 2006 2005 2004 2003 2002 2001 Reserved 25,198,118 26,345,859 26,505,414 27,838,819 25,701,984 27,506,623 22,951,643 Unreserved 50,916,281 48,004,509 36,793,370 27,619,600 23,113,284 23,827,558 24,419,570 Total General Fund 76,114,399 74,350,368 63,298,784 55,458,419 48,815,268 51,334,181 47,371,213 All other Governmental Funds: Reserved 133,768,988 115,924,400 96,349,160 83,603,140 86,423,841 89,223,387 77,271,685 Unreserved, reported in: Special revenue funds 48,231,447 19,944,227 25,991,171 32,614,358 24,709,698 24,222,615 15,521,068 Capital projects funds 175,094,003 55,995,596 34,196,750 40,652,793 48,976,239 46,630,038 53,720,744 Debt service funds 24,254,967 10,095,576 8,430,170 12,899,972 11,641,650 5,803,153 6,744,244 Total all other Governmental Funds 381,349,405 201,959,799 164,967,251 169,770,263 171,751,428 165,879,193 153,257,741 Note: The City of Palm Desert implemented GASB 34 for the fiscal year ended June 30, 2001. Schedules presenting government-wide information include information beginning in that year. 136 136 THIS PAGE INTENTIONALLY LEFT BLANK 137 137 City of Palm Desert Changes in Fund Balances of Governmental Funds Last Seven Fiscal Years (Modified Accrual Basis of Accounting) Revenues:2007 2006 2005 2004 2003 2002 2001 Taxes 138,272,454 131,303,483 102,020,742 93,948,185 83,762,760 78,631,363 72,173,943 Special assessments collected (2)929,348 269,036 227,848 214,950 5,818,624 6,684,402 12,884,346 Licenses & permits 2,691,486 2,685,415 2,056,554 1,316,669 1,286,262 1,417,012 1,511,652 Intergovernmental revenues 23,499,937 11,095,613 11,064,037 6,067,555 11,488,993 10,581,051 6,463,484 Rental income 4,513,146 4,737,861 4,430,915 4,494,098 4,115,892 4,186,607 3,943,706 Charges for services 1,822,685 1,994,163 1,463,850 1,052,467 873,605 975,841 845,097 Use of money & property 23,985,001 9,351,716 5,654,986 3,322,733 5,035,799 7,671,358 15,114,698 Fines & forfeitures 274,365 310,868 323,775 306,630 367,903 305,197 238,872 Miscellaneous 2,847,802 2,470,623 3,232,825 4,179,567 2,443,684 1,405,298 11,037,622 Contributions from property owners (1)46,006,292 42,979,973 - - - - - Total Revenues 244,842,516 207,198,751 130,475,532 114,902,854 115,193,522 111,858,129 124,213,420 Expenditures: General government 44,587,985 34,506,987 26,112,125 27,122,532 20,034,295 19,194,096 17,286,613 Pass-through-agreement 35,719,075 36,844,061 30,183,408 24,051,292 22,140,837 17,734,171 14,317,974 Public safety 24,550,431 21,715,373 18,567,736 15,290,696 15,410,711 14,368,399 12,598,263 Parks, recreation & culture 3,921,063 3,304,867 2,889,789 2,638,386 2,656,809 2,580,841 2,434,884 Public works 33,925,623 11,103,943 7,306,791 10,153,096 20,631,322 17,657,120 13,167,046 Capital outlay 85,604,515 35,359,139 22,409,057 18,927,787 36,687,223 17,159,885 14,330,725 Debt service: Principal retirement 8,209,707 5,607,707 9,788,423 28,372,707 25,975,000 28,360,000 16,820,000 Interest and fiscal charges 25,814,526 14,072,572 13,537,219 16,643,049 17,071,421 17,062,974 16,452,210 Total Expenditures 262,332,925 162,514,649 130,794,548 143,199,545 160,607,618 134,117,486 107,407,715 Excess(deficiency of Revenues over(under) expenditures Other financing sources (uses) Transfers in 249,249,847 50,225,747 48,697,604 68,236,264 87,390,536 60,894,943 37,122,796 Transfers out (249,249,847) (50,225,747) (48,697,604) (68,236,264) (90,285,014) (60,894,943) (37,122,796) Bond Premiums (3)7,785,375 - - 915,773 - - - Bonds issued (3)287,534,894 - - 48,690,000 50,682,363 37,765,000 - Payment refunded bond escrow agent (101,656,501) - - - - - - Sale of property (3)5,230,000 3,360,030 3,356,369 1,728,522 979,533 766,279 767,500 Total Other financing sources (uses)198,893,768 3,360,030 3,356,369 51,334,295 48,767,418 38,531,279 767,500 Net Change In Fund Balance 181,403,359 48,044,132 3,037,353 14,334,398 3,353,322 16,271,922 17,573,205 (1)Bond was issued in FY 2006 and FY 2007. See note #16 for further explanation. (2) Prior to 2004, the City was recording Assessment District Property Taxes in its debt service funds, city has since removed these from its debt service funds. (3) See Note #6 of the Financial Statemet Note: The City of Palm Desert implemented GASB 34 for the fiscal year ended June 30, 2001. 16,805,705 35.8% Debt service as a percentage of noncapital expenditures 15.5%21.5%19.3% (22,259,357) 44,684,102 (319,016) (27,377,918) (45,414,096) (17,490,409) 34.7%38.8%36.2% 138 138 City of Palm Desert Graphs - Changes in Fund Balances of Governmentals Funds Last Seven Fiscal Years (Modified Accrual Basis of Accounting) Combined Other(1) is a combination of rental income, use of money & property, and charges for services. Miscellaneous Other(2) is a combination of fines and forefeitures, miscellaneous and contributions from property owners Debt Expenditures(3) is a combination of interest/fiscal charges and principal retirement Note: The City of Palm Desert implemented GASB 34 for the fiscal year ended June 30, 2001. Total Revenues $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 $350,000,000 FY 2 0 0 7 FY 2 0 0 6 FY 2 0 0 5 FY 2 0 0 4 FY 2 0 0 3 FY 2 0 0 2 FY 2 0 0 1 Combined other (1) Miscellaneous other (2) Intergovernmental revenues Licenses & permits Taxes & Special Assessments Total Expenditures $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 $350,000,000 FY 2 0 0 7 FY 2 0 0 6 FY 2 0 0 5 FY 2 0 0 4 FY 2 0 0 3 FY 2 0 0 2 FY 2 0 0 1 Parks, recreation & culture Pass-through- agreement Debt Expenditures (3) Capital outlay Public works Public safety General Government 139 139 City of Palm Desert Supplemental - Historical General Fund Revenues (Including Transfers In) Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Revenue Type: Sales Tax 17,918,375$ 17,776,928$ 15,453,148$ 15,138,424$ 13,463,197$ Transient Occupancy Tax 8,627,221 8,026,101 7,715,624 7,660,831 6,816,682 Property Tax (3)8,714,568 8,261,944 4,003,585 3,369,711 3,078,047 Interest 4,890,891 2,636,050 1,486,830 1,135,952 1,573,165 Transfer In 1,122,224 1,083,589 1,130,231 1,092,475 2,450,600 Franchises 2,907,062 2,580,917 2,439,134 2,417,856 2,198,663 State Subventions (1) (3)267,595 358,954 3,712,256 2,020,583 2,634,949 Building & Grading Permits 1,476,290 1,963,733 1,446,524 970,826 876,372 Reimbursments 2,465,685 1,982,846 1,830,295 1,547,862 1,367,303 Business License Tax 1,231,587 1,242,721 1,154,143 955,501 961,675 Timeshare Mitigation Fee 782,739 661,187 526,271 392,988 262,403 Plan Check Fees 617,999 702,857 701,215 459,046 472,356 Property Transfer Tax 671,806 1,030,412 1,099,665 870,415 689,147 Other Revenues (2)2,436,664 2,606,760 2,019,035 1,144,752 1,845,700 Total General Revenue 54,130,706$ 50,914,999$ 44,717,956$ 39,177,222$ 38,690,259$ FY 2002 2001 2000 1999 1998 Revenue Type: Sales Tax 13,027,395$ 13,619,607$ 13,203,564$ 10,877,715$ 9,594,560$ Transient Occupancy Tax 7,043,454 7,385,707 7,280,625 6,725,876 6,135,811 Property Tax 2,765,556 2,466,758 2,393,368 2,417,572 2,306,753 Interest 2,379,764 3,147,544 2,688,963 2,169,894 2,168,056 Transfer In 870,624 934,039 957,817 1,026,956 1,048,970 Franchises 2,131,820 1,981,697 1,837,806 1,612,054 1,540,656 State Subventions (1)2,555,811 2,262,535 1,991,034 1,679,519 1,494,346 Building & Grading Permits 1,064,097 1,101,743 1,182,392 1,517,286 1,339,825 Reimbursments 1,036,133 2,125,784 958,858 830,198 730,772 Business License Tax 898,113 826,591 749,831 744,444 684,601 Timeshare Mitigation Fee 158,302 265,350 553,800 476,050 458,900 Plan Check Fees 612,845 623,936 538,590 866,757 660,307 Property Transfer Tax 497,967 578,238 698,934 516,513 436,631 Other Revenues (2)1,116,608 711,438 1,255,860 1,142,810 1,004,590 Total General Revenue 36,158,489$ 38,030,967$ 36,291,442$ 32,603,644$ 29,604,778$ (1) State Subventions is any combination of trailer coach fees, motor vehicle and off-highway in-lieus, and subventions from state. (2) Other Revenues is any combination of miscellaneous penalties and interest, permits, grants, parking bails, fees, sales of maps and publications, vehicle and court fines and other revenues. (3) The State of California reprogramed motor vehicle fees, the City now receives this as property taxes. 140 140 City of Palm Desert Supplemental Graph - Historical General Fund Revenues (Including Transfers In) Last Ten Fiscal Years (1) Combined Other is any combination of transfers, franchises, state subventions*, building and grading permits, reimbursements, business license taxes, timeshare mitigation fees, plan check fees, property transfer taxes. It also may include any combination of miscellaneous bails, fees, fines, grants, incomes, penalties, permits, sales and taxes. *State Subventions is any combination of trailer coach fees, motor vehicle and off-highway in-lieus, and subventions from state. $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 FY 2 0 0 7 FY 2 0 0 6 FY 2 0 0 5 FY 2 0 0 4 FY 2 0 0 3 FY 2 0 0 2 FY 2 0 0 1 FY 2 0 0 0 FY 1 9 9 9 FY 1 9 9 8 Combined Other (1) Interest Property Tax Transient Occupancy Tax Sales Tax 141 141 City of Palm Desert Supplemental - Historical General Fund Expenditures (Including Transfers Out) Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Expenditure: Public Safety (1)13,404,056$ 12,323,448$ 12,135,671$ 11,432,803$ 10,869,991$ City Administration (2)8,588,341 8,410,706 7,196,081 5,999,228 6,573,351 Public Works Administration 3,014,583 2,823,359 2,506,688 2,270,854 1,937,184 Community Promotions 2,402,435 1,687,148 1,616,071 1,420,717 1,654,768 Street Maintenance 1,968,849 1,681,583 1,558,970 1,411,018 1,323,955 Building Safety 3,084,015 2,695,889 2,297,814 1,620,160 1,535,427 Street Resurfacing 1,192,629 1,277,554 1,375,409 897,153 2,078,218 Public Works 1,204,079 1,117,417 934,821 676,505 1,007,637 Other Expenditures (3)17,989,005 7,846,311 7,256,066 6,805,633 14,228,641 Total Expenditures 52,847,992$ 39,863,415$ 36,877,591$ 32,534,071$ 41,209,172$ FY 2002 2001 2000 1999 1998 Expenditure: Public Safety (1)10,732,159$ 9,489,468$ 8,841,693$ 7,932,755$ 7,600,456$ City Administration (2)6,461,706 4,972,981 4,617,682 4,375,851 3,966,163 Public Works Administration 1,745,513 1,764,947 1,673,434 1,607,836 1,649,970 Community Promotions 2,262,129 2,052,281 1,676,995 1,677,282 1,683,191 Street Maintenance 1,378,064 1,455,268 1,451,917 1,515,287 1,097,782 Building Safety 1,386,988 1,201,802 1,134,696 1,424,124 1,257,458 Street Resurfacing 608,616 1,422,637 1,028,354 861,490 190,003 Public Works 880,295 918,575 1,035,644 934,744 719,501 Other Expenditures (3)7,052,549 8,398,278 11,503,552 6,161,641 9,664,696 Total Expenditures 32,508,019$ 31,676,237$ 32,963,967$ 26,491,010$ 27,829,220$ (1) Public Safety is any combination of animal regulation, development services, nuisance abatement, police services, demolition, and traffic safety expenditures. (2) City Administration is any combination of administrative services, auditing, City attorney, clerk, council and manager, data processing, elections, finance, general services, human resources, insurance, legal special services, legistlative advocacy and unemployment insurance expenditures. (3) Other Expenditures is any combination of aquisitions, centers, committees, contributions, community development, Hautline, newsletter, health and welfare, interfund transfers, parks, recreation and culture, and code enforcement. 142 142 City of Palm Desert Supplemental Graph - Historical General Fund Expenditures (Including Transfers Out) Last Ten Fiscal Years (1) "Combined Other" is any combination of street maintenance, building safety, street resurfacing and public works. It may also be aquisitions, centers, committees, contributions, community development, Hautline, health and welfare, interfund transfers, park maintenance, refunds, and code enforcement. (2) "City Administration" is any combination of administrative services, auditing, City attorney, clerk, council and manager, data processing, finance, general services, human resources, insurance, legal special services, legislative advocacy and unemployment insurance expenditures. (3) "Public Safety" is any combination of animal regulation, risk management, nuisance abatement, police services, and traffic safety expenditures. $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 FY 2 0 0 7 FY 2 0 0 6 FY 2 0 0 5 FY 2 0 0 4 FY 2 0 0 3 FY 2 0 0 2 FY 2 0 0 1 FY 2 0 0 0 FY 1 9 9 9 FY 1 9 9 8 Combined Other (1) Community Promotions Public Works Administration City Administration (2) Public Safety (3) 143 143 City of Palm Desert Supplemental Historical General Revenue and Expenditures Per Capita Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Total General Revenue (2)53,008,482$ 49,831,410$ 43,587,725$ 38,084,747$ 36,239,659$ Population (1)49,752 49,539 49,280 44,812 43,917 General Revenue Per Capita 1,065$ 1,006$ 884$ 850$ 825$ FY 2002 2001 2000 1999 1998 Total General Revenue (2)35,287,865$ 37,096,928$ 35,333,625$ 31,576,688$ 28,555,808$ Population (1)42,863 42,334 37,634 36,287 35,162 General Revenue Per Capita 823$ 876$ 939$ 870$ 812$ FY 2007 2006 2005 2004 2003 Total General Expenditures (2)43,565,108$ 38,488,367$ 35,426,268$ 31,674,743$ 34,935,591$ Population (1)49,752 49,539 49,280 44,812 43,917 General Expenditures Per Capita 876$ 777$ 719$ 707$ 795$ FY 2002 2001 2000 1999 1998 Total General Expenditures (2)30,941,156$ 28,902,706$ 26,343,720$ 25,059,899$ 21,933,107$ Population (1)42,863 42,334 37,634 36,287 35,162 General Expenditures Per Capita 722$ 683$ 700$ 691$ 624$ (1) Population figures are as of January start of fiscal year. (2) Interfund Transfers In/Out are not included in total. Sources: Population figures from State Department of Finance 144 144 THIS PAGE INTENTIONALLY LEFT BLANK 145 145 City of Palm Desert Assessed Value and Estimated Actual Value of Taxable Property Last Seven Fiscal Years Fiscal Year Ended June 30 Residential Property Commercial Industrial Property Institutional Property Vacant Land Less: Tax Exempt Total Taxable Assessed Value Total Direct Tax Rate Estimated Actual Taxable Value (1) 2007 8,931,447,910 1,684,439,737 143,634,396 639,825,947 (248,095,775) 13,057,672,383 1.00000 11,853,797,089 2006 7,913,843,803 1,368,116,067 165,117,456 483,558,265 (247,676,185) 11,794,104,029 1.00000 10,503,193,237 2005 6,775,427,147 1,084,068,343 135,508,543 385,678,161 (239,745,884) 10,423,734,072 1.00000 9,281,846,679 2004 6,061,076,589 1,306,579,384 108,881,615 372,012,186 (199,616,295) 9,073,467,947 1.00000 8,704,132,380 2003 5,360,801,928 1,200,179,536 88,013,166 328,049,073 (184,027,529) 8,001,196,907 1.00000 8,066,795,481 2002 4,806,079,266 1,069,623,656 79,499,056 332,450,596 (173,452,485) 7,227,186,866 1.00000 7,291,094,312 2001 4,153,891,190 838,518,408 70,951,558 296,706,514 (161,253,540) 6,450,141,599 1.00000 6,511,773,110 (1) Estimated Actual Taxable Value = Net Taxable Value Notes: Property Taxes in Riverside County are subject to the State of California's Proposition 13, Jarvis-Gann Initiative which allows reappraisals of real property only when there is a change in ownership or new construction takes place. Further, the proposition limits property assessment increase to no more than two(2%) percent annually. Property is assessed at one hundred percent (100%) of its fair market value at the time of new construction or change in ownership. The tax rate is one (1%) percent of the assessed value. The City of Palm Desert chose to implement this schedule retroactively for the last seven years. Governments are encouraged, but not required, to implement retroactively. Ultimately, this schedule will include ten years. Source: Riverside County Assessor thru HDL Coren & Cone 146 146 City of Palm Desert Historical Net Assessed Taxable Values Citywide Graph - Assessed Valuation Growth Last Seven Fiscal Years Historical Major Additions Annexations FY Retail 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 Desert Greens 04/05 Desert Crossing 95/96 Suncrest 04/05 Lucky's/Albertson Deep Canyon 96/97 Remodel 111 Town Ctr (Best Buy) 97/98 Gardens on El Paseo 98/99 Remodel Westfield Mall (Sears, Barnes & Noble) 04/05 Sears Automotive 04/05 Lowes Home Improvement 05/06 Walmart / Sams Supercenters 05/06 Percent Increase in Assessed Valuation FY 2001 to FY 2007 11.97% 20.67% 15.06% 19.38% 23.88% 12.76% 27.71% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 2001 2002 2003 2004 2005 2006 2007 Net Assessed Valuation - Historical Comparison FY 2001 to FY 2007 $- $5,000 $10,000 $15,000 2001 2002 2003 2004 2005 2006 2007 Value in Millions 147 147 City of Palm Desert Supplemental FY 2007 and 2006 Breakdown of Basic 1% Property Tax Rate Not In Redevelopment Project Area Taxing Agency FY 2007 Rate FY 2006 Rate County General 28.177327%28.177327% County Free Library 2.728242%2.728242% County Structure Fire Protection 5.873086%5.873086% City of Palm Desert (1)0.000000%0.000000% Desert Sands Unified School District 36.221587%36.221587% Desert Community College 7.526714%7.526714% Riverside County Reg. Park & Open Space 0.426231%0.426231% Riverside County Office of Education 4.094919%4.094919% Desert Hospital 1.996808%1.996808% Coachella Valley Public Cemetary 0.339927%0.339927% Coachella Valley Recreation & Park 2.071624%2.071624% Coachella Valley Mosquito & Vector Control 1.369698%1.369698% Coachella Valley County Water 2.736607%2.736607% Coachella Valley County Water Imp. District 80 2.972906%2.972906% Coachella Valley County Water Storm Water Unit 3.464324%3.464324% General Purpose Basic 1%100.000000%100.000000% (1) City of Palm Desert is a No-Low Property Tax City and the 7% represents what the state allocates to No-Low Property Tax Cities. Source: County of Riverside, Property Tax Allocation Percentages, TRA 018-041. 148 148 City of Palm Desert Property Tax Rates Direct and Overlapping Property Tax Rates Last Seven Fiscal Years Fiscal Year Basic County- wide Levy Total Direct Tax Rate Desert Sands Unified School District Desert Community College Dist. Coachella Valley Water District Coachella Valley Water District I.D. 58 2007 1.00000 1.00000 0.75610 0.01995 0.04000 0.00230 2006 1.00000 1.00000 0.07674 0.01995 0.02080 0.02520 2005 1.00000 1.00000 0.09581 0.01994 0.02080 0.02690 2004 1.00000 1.00000 0.09750 0.00000 0.02080 0.02870 2003 1.00000 1.00000 0.09750 0.00000 0.02080 0.03060 2002 1.00000 1.00000 0.09750 0.00000 0.02080 0.03060 2001 1.00000 1.00000 0.09750 0.00000 0.02080 0.04060 Notes:Proposition 13 limits the ability of the city to raise the property tax rate. The City of Palm Desert chose to implement this schedule retroactively for the last seven years. Governments are encouraged, but not required, to implement retroactively. Ultimately, this schedule will include ten years. Source: CalMuni Statistics Inc City Direct Overlapping Rates 149 149 City of Palm Desert Principal Property Taxpayers Current Year and Nine Years Ago 2007 Taxpayer Taxable Assessed Value Rank Percentage of Total City Tax Assessed Value Taxable Assessed Value Rank Percentage of Total City Tax Assessed Value Marriott Desert Springs 186,325,797$ 1 2.21% WEA Palm Desert 134,700,043 2 1.65% Pru of Desert Crossing II LLC 83,199,845 3 1.02% Gardens SPE II 74,205,979 4 0.67% Marriott Ownership Resorts Inc 82,179,670 5 0.82% Big Horn Development 35,075,881 6 0.38% RST4 Tenant Lessee 30,872,845 7 0.37% Harsch Investment Realty 28,205,234 8 0.35% Desert Springs Marriott Limited Partnership 27,844,332 9 0.33% Time Warner Entertainement 27,862,225 10 0.31% Total 710,471,851$ 8.11% (1) The information for 1998 is not available Note:The estimated property tax revenue stated above is based upon net taxable values, tax ratios and base year values that impact the revenue calculation. As a result, parcels with the same assessed value that are assigned to different tax rate areas may contribute dissimilar amounts of total revenue to the City and Redevelopment Agency. Source: HdL Coren & Cone thru Riverside County Assessor 06/07 Combined Tax Rolls 1998 1 150 150 City of Palm Desert Property Tax Levies and Collections Last Seven Fiscal Years Fiscal Year Taxes Levied Collections Ended for the Percentage in Subsequent Percentage June 30,Fiscal Year Amount of Levy Years Amount of Levy 2001 2,426,812 2,387,760 98.39%39,052 2,426,812$ 100.00% 2002 2,603,643 2,475,308 95.07%128,335 2,603,643$ 100.00% 2003 3,273,730 2,723,336 83.19%550,394 3,273,730$ 100.00% 2004 3,080,422 3,007,652 97.64%72,770 3,080,422$ 100.00% 2005 3,768,896 3,501,718 92.91%267,178 3,768,896$ 100.00% 2006 4,318,880 4,243,595 98.26%75,285 4,318,880$ 100.00% 2007 4,820,583 4,575,158 94.91%- 4,575,158 94.91% (1) City of Palm Desert is on the "Teeter Plan" with the County of Riverside. The first payment was received in the fiscal year 1993/94. (2) City of Palm Desert is a "No-Low Property Tax City". Proposition 13 rolled the tax rates back to 1973 which is when the City of Palm Desert Incorporated and the Property Tax rates were zero. Based on current state law the County allocates 7% of the 1% assessed values within the City less the Redevelopment Agency tax increment. Fiscal Year 1992/93 was the first year to receive the No/Low taxes. (3) Fiscal Year 1996/97 final total collected includes adjustments for No-Low property tax collections from prior years modified by the County of Riverside. The County adjusted the payment to the City of Palm Desert (FY 1995/96) for the annexation of Palm Desert Country Club. Note: The City of Palm Desert chose to implement this schedule retroactively for the last seven years. Governments are encouraged, but not required, to implement retroactively. Ultimately, this schedule will include ten years. Source: Riverside County Auditor Controller Office and City of Palm Desert Collected within the Fiscal Year of the Levy (1) (2) (3) Total Collections to Date 151 151 City of Palm Desert Supplemental Top 25 Sales Tax Generators Graph - Historical Sales Tax Trends June 30, 2007 Top 25 Sales Tax Generators (1)Primary Economic Category ALBERTSON'S FOOD CENTERS FOOD MARKETS ARCO AM/PM SERVICE STATIONS BARNES & NOBLE BOOKSELLER MISCELLANEOUS RETAIL BED BATH & BEYOND MISCELLANEOUS RETAIL BEST BUY STORES LP FURNITURE/APPLIANCE CIRCUIT CITY STORES FURNITURE/APPLIANCE COSTCO WHOLESALE COMPANY DEPARTMENT STORES DESERT ELECTRIC SUPPLY BLDG.MATLS-WHSLE DESERT PIPE & SUPPLY BLDG.MATLS-WHSLE DESERT SPRINGS RESORT & SPA RESTAURANTS HIGH TECH IRRIGATION SPECIAL MATLS-WHSLE J.C.PENNY COMPANY INC DEPARTMENT STORES LEED' S & SONS JEWELER'S MISCELLANEOUS RETAIL LEGACY HOME FURNISHINGS FURNITURE/APPLIANCE LOWE'S HOME IMPROVEMENT BLDG.MATLS-WHSLE MACY'S DEPARTMENT STORES DEPARTMENT STORES MARSHALLS OF CA APPAREL STORES MERVYN'S STORE APPAREL STORES MOBIL GAS SERVICE STATIONS PETE CARLSONS GOLF & TENNIS RECREATION PRODUCTS SAKS FIFTH AVENUE DEPARTMENT STORES SEARS-ROEBUCK AND CO DEPARTMENT STORES TARGET STORE DEPARTMENT STORES TOMMY BAHAMA RESTAURANTS WAL-MART SUPERCENTER DEPARTMENT STORES (1) Listed in Alphabetical Order Note : Current California law prohibits production of individual tax information as an effort not to infringe on proprietary information, therefore confidential information which is protected by law is not disclosed. * The State of California exchanged Sales Tax Revenue with Property taxes, this amount represents the portion of sales tax that were exchanged. Source: SBOE Data, MuniServices LLC. In Lieu given to city from State ERAF Property Taxes, City of Palm Desert Sales and Use Tax Trends FY 2001 - 2007 $10.0 $11.0 $12.0 $13.0 $14.0 $15.0 $16.0 $17.0 $18.0 $19.0 $20.0 20 0 1 20 0 2 20 0 3 20 0 4 20 0 5 20 0 6 20 0 7 Millions 0.8% Amounts in Millions % = % Change from Prior Year 2.0% 15.0% 13.620 13.027 13.463 15.138 15.453 17.776 17.918 -4.5% 3.1%3.2% 11.1% -In Lieu * 152 152 City of Palm Desert Supplemental Taxable Sales by Category Last Seven Calendar Years 2006 2005 2004 2003 2002 2001 2000 Apparel Stores 155,859$ 141,510$ 132,831$ 108,829$ 97,924$ 93,792$ 92,192$ General Merchandise 392,738 362,512 340,277 307,186 278,583 272,856 269,776 Food Markets 53,870 50,556 47,455 52,461 51,738 52,282 55,817 Restaurants 184,954 178,248 167,315 152,508 148,228 155,911 153,970 Furniture/Appliance 161,997 166,109 155,921 135,694 128,623 125,130 128,899 Bldg.Matls-Wholesale 69,773 73,228 68,737 56,180 54,111 64,251 57,865 Automotive 6,121 6,245 5,862 8,211 6,904 8,825 8,108 Service Stations 59,401 48,564 45,585 39,146 23,930 22,633 25,807 Other Retail 295,830 281,388 264,129 243,474 228,286 220,252 227,591 Non-Retail (1)222,177 218,591 205,184 193,041 190,058 195,137 197,961 Amounts in millions Totals 1,602,720$ 1,526,951$ 1,433,296$ 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% 1.00% (1) Non-retail are a mix of manufacturers, distributors, builders and professionals selling direct to consumers. Note: The combined sales tax rate for the City of Palm Desert is 7.75%, which represents the State of California mandated tax rate of 7.25% and 0.5% additional sales tax imposed by the County of Riverside. The City of Palm Desert receives 1% of all sales tax generated within the city limits. Source: Economics and Politics Inc via California State Board of Equalization 153 153 City of Palm Desert Supplemental Prinicipal Sales Tax Remitters Current and Seven Calendar Years Ago ( 2) Tax Amount Rank Percentage Tax Amount Rank Percentage General Merchandise 392,738$ 1 24.50%269,800$ 1 22.15% Other Retail 295,830 2 18.46%227,600 2 18.69% Non-Retail (1)222,177 3 13.86%198,000 3 16.26% Restaurants 184,954 4 11.54%154,000 4 12.64% Furniture/Appliance 161,997 5 10.11%128,900 5 10.58% Apparel Stores 155,859 6 9.72%92,200 6 7.57% Bldg.Matls-Wholesale 69,773 7 4.35%57,870 7 4.75% Service Stations 59,401 8 3.71%25,800 9 2.12% Food Markets 53,870 9 3.36%55,800 8 4.58% Automotive 6,121 10 0.38%8,100 10 0.66% Totals 1,602,720$ 1,218,070$ (1) Non-retail are a mix of manufacturers, distributors, builders and professionals selling direct to consumers. (2) City only has the last seven years of information available. Note: Current California law prohibits production of individual tax information as an effort not to infringe on proprietary information, therefore confidential information which is protected by law is not disclosed. Source: Economics and Politics Inc via California State Board of Equalization 2006 2000Industry 154 154 City of Palm Desert Ratios of Outstanding Debt by Type Last Seven Fiscal Years Business Type Activities Special Total Percentage Fiscal Redevelopment Assessment Note Capital Primary of Personal Per Year Bonds Bonds d Payable Leases Government Income b Capita b 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 16.16% 6,392 2005 250,485,000 26,050,000 858,949 509,755 277,903,704 13.45%C 5,639 2006 245,000,000 73,855,000 736,242 170,493 319,025,493 15.21%C 6,440 2007 a 421,819,894 122,393,000 613,535 2,181,546 547,007,975 25.65%C 10,995 Notes: Details regarding the city's outstanding debt can be found in the notes to the financial statements. The City of Palm Desert chose to implement this schedule retroactively for the last seven years. Governments are encouraged, but not required, to implement retroactively. Ultimately, this schedule will include ten years. a - The city issued $50.51 million of special assessment bonds in fiscal year end 2007 allocated to three separate assessment districts. In addition the City's Redevelopment Agency issued $284.37 in bonds of which $183.15 was new debt. b - Personal income, population and per capita information provide by John E. Husing, Ph.D. Economics & Politics, Inc ., California Department of Finance, and U.S Census Bureau. c - Personal Income estimated based on average growth rate of previous four years. The growth rate factor used was 1.5%. Income data will be updated once the actual data is available. Governmental Activities 155 155 City of Palm Desert Ratios of General Bonded Debt Outstanding Last Seven Fiscal Years Percentage of Actual Fiscal Redevelopment Special Assessment Taxable Value of Per Year Bonds Bonds Property a Capita b 2001 193,015,000 2.990%4,559$ 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 the city's outstanding debt can be found in the notes to the financial statements. The City of Palm Desert chose to implement this schedule retroactively for the last seven years. Governments are encouraged, but not required, to implement retroactively. Ultimately, this schedule will include ten years. a - County of Riverside, County Auditor Controller, Assessed Valuations b - Population information provided by John E. Husing , Ph.D. Economics & Politics, Inc., California Department of Finance., and U.S Census Bureau. General Bonded Debt Outstanding 156 156 City of Palm Desert Supplemental Special Assesment Information June 30, 2007 District Name\Description 1995 C Marks-Roos Pool (87-1) 2003 01-01 Revenue Bonds 94- 2 Sunterrace 2003 01-01 Revenue Bonds 94- 3 Merano 2003 01-01 Revenue Bonds Silver Spur Ranch Utility Undergrounding 2004 R-Bonds 98-1 Canyons @ Bighorn Bond Issue Date 09/26/95 06/25/03 06/25/03 06/25/03 02/19/04 Final Maturity Date 09/02/08 09/02/14 09/02/20 09/02/28 09/02/18 Highest Interest Rate 5.70%4.80%5.25%5.375%5.100% Bond Issue Amount 1,775,000 930,000 1,153,000 2,340,000 2,955,000 Matured Principal 1,280,000 275,000 143,000 210,000 890,000 Called Principal 495,000 175,000 - 110,000 1,195,000 Outstanding Bonds (4)- 480,000 1,010,000 2,020,000 870,000 Redemption Premium 3.25%3.00%3.00%3.00%3.00% Original Parcels 1,317 71 201 250 73 Active Parcels 193 66 121 197 23 Reserve Requirement (5)0$ 57,000$ 96,000$ 166,125$ 112,891$ Reserve Balance 06/07 (1)0$ 90,189$ 77,847$ 166,125$ 142,772$ Principal Due 07/08 (2)0 65,000 50,000 60,000 70,000 Principal Levied 06/07 (3)168,359 71,831 50,000 57,826 72,793 Interest Due 07/08 (2)0 25,738 46,378 104,727 42,388 Interest Levied 06/07 (3)19,459 28,995 47,285 105,507 45,630 06/07 Delinquency Rate 1.64%2.25%1.59%4.36%9.05% Arbritage Installment Computation Date: 90% Rebate Due 09/02/10 09/02/09 09/02/09 12/17/08 12/16/08 Arbritage Yield Rate 5.8194%7.9769%6.672%5.1577%5.8386% Arbritage-Amount Owed - - - - - Continuing Disclosure Last Report Issued:12/12/2006 12/12/2006 12/12/2006 12/12/2006 12/12/2006 District Name\Description 1997 Bonds 91-1 Indian Ridge 1992A R Community Facilties District No. 2005-1 (University Park) Special Tax Bonds Series 2006A 2004-2 Section 29 Assessment District Limited Obliagtion Improvement Bonds 2004-1 Palm Desert Highlands Undergrounding Series 2006 Bond Issue Date 12/11/97 05/09/06 3/29/2007 8/8/2006 Final Maturity Date 10/01/20 09/01/36 9/2/2037 9/2/2036 Highest Interest Rate 6.800%5.371%5.100%0.000% Bond Issue Amount 23,509,000 67,915,000 29,430,000 3,165,000 Matured Principal 6,582,000 - - - Called Principal 60,000 - - 382,000 Outstanding Bonds (4)16,867,000 67,915,000 29,430,000 2,783,000 Redemption Premium 3.00%3.00%3.00%3.00% Original Parcels 1,154 37 167 172 Active Parcels 1,063 26 167 135 Reserve Requirement (5)1,592,400$ 4,587,219$ 1,945,265$ NA Reserve Balance 06/07 (1)1,888,748$ 4,631,429$ 1,945,358$ NA Principal Due 07/08 (2)943,000 - - 35,000 Principal Levied 06/07 (3)943,000 - - 45,681 Interest Due 07/08 (2)1,024,372 3,275,835 - 137,757 Interest Levied 06/07 (3)1,051,365 3,392,992 - 136,961 06/07 Delinquency Rate 1.62%11.27%0.00%6.26% Arbritage Installment Computation Date: 90% Rebate Due 09/30/07 05/09/11 03/29/12 08/08/11 Arbritage Yield Rate 5.6882%5.3599%5.0134%5.0691% Arbritage-Amount Owed - --- Continuing Disclosure Last Report Issued:12/12/2006 12/12/2006 Due 01/15/2008 NA (1) Reserve Balances are as of 9/30/07, shortfall will be recovered by additional levy, and interest earnings see Financial Statements Note 10 (2) Amount represents principal and interest to be collected on the FY 06/07 tax roll for Debt Service Payment due in FY 07/08. (3) Levied amounts reflect adjustments for construction funds, reserve funds, redemption funds and other adjustments. (4) Represents Outstanding Bonds after September 2, 2007 principal payment. (5) Reserve Requirement as of 9/2/07 Source: Muni Financial Annual Report 157 157 City of Palm Desert Direct and Overlapping Government Acitivities Debt JUNE 30, 2007 2006/07 Assessed Valuation:11,890,486,528$ Redevelopment Incremental Valuation:7,619,033,976 Adjusted Assessed Valuation:4,271,452,552$ City's Share of DIRECT AND OVERLAPPING TAX ASSESSEMENT DEBT:Total Debt 6/30/07 % Applicable (1) Debt 6/30/07 Desert Community College District 63,006,886$ 14.086%8,875,150$ Desert Sands Unified School District General Obligation Bonds 236,666,277 29.690% 70,266,218 Desert Sands Unified School District Lease Tax Obligations 16,625,000 26.690%4,935,963 Palm Springs Unified School District 201,015,000 1.448%2,910,697 Coachella Valley County Water District, ID No. 54 3,565,000 63.898%2,277,964 Coachella Valley County Water District, ID No. 55 4,995,000 6.536%326,473 Coachella Valley County Water District, ID No. 58 2,345,000 35.208%825,628 City of Palm Desert 0 100.000%0 City of Palm Desert 1915 Act Bonds 37,630,000 100.000% 37,630,000 City of Palm Desert Community Facilities District No. 91-1 16,927,000 100.000% 16,927,000 City of Palm Desert Community Facilities District No. 2005-1 679,150,000 100.000% 67,915,000 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT 212,890,093$ OVERLAPPING GENERAL FUND OBLIGATION DEBT: Riverside County General Fund Obligations 643,021,333$ 2.837% 18,242,515$ Riverside County Pensions Obligations 392,890,000 2.837% 11,146,289 Riverside County Board of Education Certificate of Participation 10,275,000 2.837%291,502 Desert Sands Unified School District Certificates of Participation 13,220,000 29.690%3,925,018 Coachella Valley Recreation and Park District Certificates of Participation 2,565,000 23.857%611,932 Palm Desert Water Services District Certificates of Participation (3)115,000 100.000%115,000 Coachella Valley County Water District, ID No. 71 Certificate of Participation 7,485,000 20.534%1,536,970 TOTAL GROSS OVERLAPPING GENERAL FUND OBLIGATION DEBT 35,869,226$ Less: Riverside County Administrative Center Authority 527,156 Palm Desert Water Services District Certificates of Participation (3)115,000 TOTAL NET OVERLAPPING GENERAL FUND OBLIGATION DEBT 35,227,070$ GROSS COMBINED TOTAL DEBT 248,759,319 (2) NET COMBINED TOTAL DEBT 248,117,163 (1) Percentage of overlapping ageny's assessed valuation located within bondaries of city (2) Excludes tax revenue anticipation noted, enterprise revenue, mortage revenue and tax allocation bonds and non-bonded capital lease obligations (3) Palm Desert Water Services District C.O.P. was assumed by Coachella Valley Water District Ratios to 2006-07 Assessed Valualtions: Direct Debt 0.00% Total Direct and Overlapping Tax and Assessment Debt 1.79% Ratios to Adjusted Valuations Gross Combined Total Debt 5.82% Net Combined Total Debt 5.81% STATE SCHOOL BUILDING AID REPAYABLE AS OF 6/30/07 0$ Source: California Municipal Statistics, Inc., San Francisco 158158 City of Palm Desert Legal Debt Margin Information Last Seven Fiscal Years Assessed Value 11,890,486,528$ Debt Limit (15% of Assessed Value) (1)1,783,572,979 Debt Applicable to Limit: General Obligation Bonds 2,783,000 Less: Amount set aside for repayment of general obligation debt - Total Debt Applicable to Limit 2,783,000 Legal debt margin 1,780,789,979$ 2001 2002 2003 2004 2005 2006 2007 Debt Limit 967,521,240 1,084,078,030 1,200,179,536 1,306,436,757 1,397,304,489 1,582,592,579 1,783,572,979 Total Net debt applicable to limit - - - - - - 2,783,000 Legal debt margin 967,521,240 1,084,078,030 1,200,179,536 1,306,436,757 1,397,304,489 1,582,592,579 1,780,789,979 Total net debt applicable to the limit as a percentage of debt limit 0% 0% 0% 0% 0% 0% 0.16% (1) Section 43605 of the California Government Code. Note: The City of Palm Desert chose to implement this schedule retroactively for the last seven years. Governments are encouraged, but not required, to implement retroactively. Ultimately, this schedule will include ten years. Source: California Municipal Statistic, Inc. San Francisco FISCAL YEAR Legal Debt Margin Calculation for Fiscal Year 2007 159 159 City of Palm Desert Pledged-Revenue Coverage Last Seven Fiscal Years Special Special Fiscal Assessment Assessment Year Collections Principal Interest Coverage Collections Principal Interest Coverage 2001 5,471,643 2,485,000 3,436,552 0.9240 14,993,158 3,895,000 10,610,473 1.03 2002 4,623,412 2,295,000 2,730,780 0.9199 16,294,794 3,960,000 10,538,582 1.12 2003 4,495,603 1,930,000 2,451,363 1.0261 18,496,636 4,195,000 10,960,525 1.22 2004 4,606,935 1,790,000 2,161,283 1.1659 20,344,776 4,800,000 11,748,004 1.23 2005 2,878,134 2,073,000 1,483,245 0.8093 23,585,980 5,260,000 12,366,733 1.34 2006 a 2,788,698 1,645,000 1,378,548 0.9223 24,065,285 5,485,000 12,409,968 1.34 2007 a 4,444,967 1,972,000 3,464,355 0.8176 28,675,094 7,704,000 16,434,841 1.19 Notes: Details regarding the city's outstanding debt can be found in the notes to the financial statements. The City of Palm Desert chose to implement this schedule retroactively for the last seven years. Governments are encouraged, but not required, to implement retroactively. Ultimately, this schedule will include ten years. a - The city issued $50.51 million of special assessment bonds in fiscal year end 2007. The RDA issued $284.37 million of debt of which $183.15 was new debt. b - Tax increment bonds are backed by property tax increment based on calculation provided by the Riverside County tax assessor office. Additional informantion on tax increment can be found in the notes to the financial statements. Tax Increment b Debt ServiceDebt Service Special Assessment Bonds 160 160 Last Seven Fiscal Years Fiscal Percentage Per Capita Riverside Percentage Year Increase Personal Personal County Increase Unemployment End Population (Decrease)Income CY a b Income CY Population (Decrease)Rate c 2007 49,752 0.4% 2,132,710,348$ 42,867$ 2,031,625 4.01% 3.7% 2006 49,539 0.5% 2,097,434,084$ 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% 2004 44,812 2.0% 1,772,405,266 39,552 1,776,743 5.00% 3.3% 2003 43,917 2.5% 1,657,414,199 37,740 1,692,187 2.91% 3.7% 2002 42,863 1.2% 1,573,796,241 36,717 1,644,341 3.06% 3.7% 2001 42,334 12.5% 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% Note: The City of Palm Desert chose to implement this schedule retroactively for the last seven years. Governments are encouraged, but not required, to implement retroactively. Ultimately, this schedule will include ten years. a - Personal income, population and per capita information provided by John E. Husing, Ph.D. Economics & Politics Inc ., Californa Department of Finance., and U.S. Census Bureau. b - Personal Income estimated based on average growth rate of previous four years. The growth rate factor used was 1.5%. Income data will be updated once the actual data is available. c - Unemployment rate for fiscal year 06/07 is based on June 30, 2007 State of California Employment Development Department Labor Market Information Division (not seasonally adjusted) Sources: State Department of Finance, U.S. Dept of Labor, John E. Husing, PhD, Economics & Politics, Inc, State Employment Development Department City of Palm Desert Demographic & Economic Statistics 161 161 City of Palm Desert Principal Employers Current and Nine Years Ago Employer Employees Rank Percentage of Total City Employment Employer Employees Rank Percentage of Total City Employment JW Marriot-Desert Springs Resort 1,300 1 4.09% Securitas-Security Service USA 700 2 2.20% College of the Desert 630 3 1.98% Marriott's Desert Spa Villas 500 4 1.57% Sunshine Landscape San Val Corp 500 5 1.57% Desert Valley Industries 400 6 1.26% Marriott Ownership Resorts 300 7 0.94% Sunrise Colony Co.250 8 0.79% Foundation for the Retarded 236 9 0.74% Time Warner Cable 220 10 0.69% Totals 5,036 16%Totals - 0% (1) The information for 1998 is not available (2) As of Jauary 1, 2007 Sources: MBIA Muni-Services thru America's Labor Market Information System (ALMIS). 2007 2 1998 1 162162 City of Palm Desert Supplemental Miscellaneous Statistics 1-Jun June 30, 2007 City/ Municipal Government Form 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 & 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 Coverage General Liability Coverage Calif. Joint Powers Insurance Authority 50 Million/Event (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 California 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 of Palm Desert 163 163 City of Palm Desert Full-time Equivalent City Government Employee's by Function / Program Last Seven Fiscal Years Function / Program 2007 2006 2005 2004 2003 2002 2001 General Government City 51 53 52 51 51 48 45 Redevelopment Agency 19 19 19 18 18 15 11 Public Safety 35 28 28 28 32 30 31 Police & Fire (1)143 129 123 123 126 126 125 Public Works 44 49 39 39 39 36 35 Parks, recreation & culture 18 11 16 16 16 16 14 Totals 310 289 277 275 282 271 261 (1) The City operates as a "contract city" utilizing, primarily, agreement 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. Note: The City of Palm Desert chose to implement this schedule retroactively, for the last seven years. Governments are encouraged, but not required, to implement retroactively. Ultimately, this schedule will include ten years. Source: City of Palm Desert Financial Plan, California Department of Forestry and Fire Protection, Riverside County Sheriffs Department 164 164 City of Palm Desert Operating Indicators by Function / Program Last Two Fiscal Years Function / Program 2007 2006 General Government Business License Inspections 447 420 Contracted Services - Burrtec Waste (1) Refuse Collected (tons)127,256 123,263 Recyclables Collected 39,468 41,352 Public Safety Physical Arrests 1,430 543 Parking Violations 694 1,374 Traffic Violations 6,875 4,527 Emergency Responses-Fire Department 6,785 6,600 Fires Extinguished 241 928 Fire Inspections 5,934 1,845 Building Permits Issued 5,813 5,683 Building Inspections Conducted 33,215 29,925 Public Works Street Resurfacing (miles)9 11 Parks, recreation & culture Athletic Field Permits Issued 4,510 2,967 Amphitheater / Pavilions Permits Issued 84 81 Community Center Admissions 97,339 92,083 (1) The City operates as a "contract city" utilizing, primarily, agreement 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. Note: The City of Palm Desert chose to implement this schedule retroactively. Governments are encouraged, but not required, to implement retroactively. Ultimately, this schedule will include ten years. Sources: Riverside County Sheriffs Dept., California State Department of Forestry & Fire Protection, City of Palm Desert, Coachella Valley Recreation & Park District, Burrtec Waste 165165 City of Palm Desert Capital Asset Statistics by Function / Program Last Two Fiscal Years Function / Program 2007 2006 General Government Contracted Services (1) Collection trucks 61 71 Public Safety - Police & Fire Police Stations 1 1 Police Sub Stations 2 2 Patrol Units-Cars 29 28 Patrol Units-Motorcycles 5 4 Fire Stations 3 3 Fire Trucks 4 plus 2 Reserved 4 plus 2 Reserved Ambulance 3 plus 1 Breathing Support 3 plus 1 Breathing Support Fire Prevention Pick-ups 3 3 Public Works Streets (miles)154.11 154.11 Traffic Signals 87 85 Parks, recreation & culture Acreage 200 200 Total Parks 13 11 Playgrounds 8 7 Baseball/softball diamonds 11 8 Soccer/football fields 7 5 Basketball Courts 9 6 Tennis Courts 10 8 Volleyball Courts 10 6 Community Centers 2 2 Skateboard Park 2 1 Commercial Office Space (Parkview Office Complex) Leaseable Space (square feet)50,322 50,322 Occupancy Rate 100%100% Number of Tenants by Type Government (State, local regional)10 9 Non-Profit 6 6 Private 8 8 Square Footage lease by tenant Government (State, local regional)33,298 32,457 Non-Profit 5,708 5,708 Private 11,316 10,836 Vacant 0 1,321 Municipal Golf Course (Desert Willow Golf Resort) Courses - Fire Cliff and Mountain View 2 2 Holes 36 36 Golf Carts 160 160 Clubhouse square footage 33,000 33,000 Rounds per Course Fire Cliff 47,263 46,602 Mountain View 41,182 43,725 Total Annual Rounds 88,445 90,327 (1) The City operates as a "contract city" utilizing, primarily, agreement 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. Note: The City of Palm Desert chose to implement this schedule retroactively. Governments are encouraged, but not required, to implement retroactively. Ultimately, this schedule will include ten years. Sources: Riverside County Sheriffs Dept., California State Department of Forestry & Fire Protection, City of Palm Desert, Coachella Valley Recreation & Park District, Burrtec Waste 166 166 THIS PAGE INTENTIONALLY LEFT BLANK 167 167 Note: This section is not required by GASB No. 44, however, City believes that statistical information is beneficial to the reader. Supplemental Redevelopment Agency Statistical Section City of Palm Desert, California 168 168 Redevelopment Agency Project Areas : AÌ AÌ A¦ !"`$ !"`$ !"`$ AÌ A¦ CO O K S T MO N TE R E Y A V E FRED WARING DR PORT OLA A VE HOVLEY LN E STATE HWY 111 STAT E H WY 7 4 FRANK SINATRA DR EL PASEO GERALD FORD DR WASH I N G TO N S T ELDO RA D O D R WARN E R T RL HOVLEY LN W OA S I S C LU B D R TAMARISK ROW DR CALIFORNIA AVE SAN P A B L O A V E PARK VIEW DR MESA VIEW DR DE E P C AN Y O N R D MAGNESIA FALLS DR DINAH SHORE DR CO O K S T HAYSTACK RD TO WN CE N T E R WAY MO N TE R E Y A V E PORTOLA AVE PORT OLA A VE GRAPEVINE ST SHADOW MOUNTAIN DR FAIRWAY DR HOVLEY LN EPORT OLA A VE FRED WARING DR COUNTRY CLUB DR FRANK SINATRA DR PORT OLA A VE COUNTRY CLUB DR MO N TE R E Y A V E CO O K S T INTER S T ATE HWY 10 INTER S T ATE HWY 10 Project Area No. 1Original1975 Project Area No. 1Added Territory1982 Project Area No. 31991 Project Area No. 21987 Project Area No. 41993 0 1 20.5 Miles Project Area No. 1 - Original (1975) Project Area No. 1 - Added Territory (1982) Project Area No. 2 (1987) Project Area No. 3 (1991) Project Area No. 4 (1993) City Limits City of Palm Desert November, 2007 169 City of Palm Desert RDA Project Area #1 and 1982 Annex FY 2007 Top Twenty Property Taxpayers Owner (Number of Parcels) Assessed Value $ Cumulative % (1) Business Description WEA Palm Desert (7)133,312,398$ 23.8% 800,000 sq. ft. Retail Shopping Mall Westfield Shopping Town Pru of Desert Crossing II LLC(11)83,199,845$ 14.9% Major Commercial / Retail Buildings Gardens SPE II (1)74,205,979$ 13.3% Garden's at El Paseo up-scale retail shopping Center. Big Horn Development (99)34,572,988$ 6.2% Recreational / Residential Land Developer Harsch Investment Realty LLC(11)28,205,234$ 5.0% Mix Commercial Buildings One-Eleven Town Center Shopping Center May Department Stores Co (1)24,317,885$ 4.3% Retail Store in Westfield Mall (Robinson/May) Shamrock Hostmark Palm Desert (6) 20,470,211$ 3.7% 198 Suite Hotel Sears Roebuck & Company (1)19,190,602$ 3.4% Retail Store in Westfield Mall (Sears) Bernard Jacques Debonne Trust (6) 13,881,605$ 2.5% Vacant Commercial Land (Village Court) L. Lee Bosley Trust (2)12,704,715$ 2.3% Residential Land Bighorn Development Dayton Hudson Corporation (1)12,345,701$ 2.2% Commercial Shopping Center & Parking lot El Paseo Land Company (2)12,300,000$ 2.2% Commercial Shopping Center & Parking lot Nationwide Health Properties Inc. (1) 12,241,801$ 2.2% Assissted Living Center 26 Del Sure Palms LLC (3)12,172,678$ 2.2% Commercial Center Palms to Pines Ralphs/Washington Mutual One El Paseo (6)11,676,110$ 2.1% MIx Commercial/Restaurant Buildings El Paseo West Time Warner Entertainment Advance(2)11,661,940$ 2.1% Commercial Shopping Center / C.O.D. College Summit Cable Services of Georgia (1) 10,908,404$ 2.0% Residential Development American Stores Properties Inc (4)10,697,678$ 1.9% Commercial Shopping Center & Parking lot Town Center Plaza (1)10,672,236$ 1.9% Comercial Shopping Center-Trader Joe's Orin C. Smith Trust (1)10,664,100$ 1.9% Private SFD Total Net Assessed Value 559,402,110$ 100% (1) Cumulative represents only the top twenty properties. Source: HdL Coren & Cone and Riverside County Assessor 2006/2007 Combined Tax Rolls 170170 City of Palm Desert RDA Project Area #2 FY 2007 Top Twenty Property Taxpayers Owner (Number of Parcels) Assessed Value $ Cumulative % (1) Business Description Desert Springs Hotel (1)186,325,797$ 39.7% Marriott Desert Springs Resort 895 room Hotel Marriot Owership Resort Inc (5491)48,762,014$ 10.4% Time Share Condos/Villas (Shadow Ridge & Desert Springs Villas) RST4 Tenant, Lessee (1)30,872,845$ 6.58% Marriott Courtyard 151 Room and Residence Inn 130 Room Hotels Desert Springs Hotel Services (10)27,844,332$ 5.93% Desert Springs Golf Course Palm Desert Funding Company (6)26,048,980$ 5.55% Vacant Commercial/Residential Land Sanderson J. Ray Desert Springs Partnership (13)23,309,825$ 4.97% Mixed Use shopping Center (Ralphs/ Walgreens) Palm Desert North 80 (2)20,275,910$ 4.32% Vacant Commercial Land Desert Wells 237 (7)14,367,414$ 3.06% Vacant Commercial Land Sinatra & Cook Project (1)11,143,500$ 2.37% Vacant Commercial Land Desert Falls Country Club Inc (6)10,362,178$ 2.21% Private Golf Course & Homes BNY Western Company Trust (48)9,381,206$ 2.00% Golf Course Timeshares Condominiums Manor Healthcare Corporation (1)8,916,808$ 1.90% Assissted Living Center Host Marriott Corporation (1)7,892,825$ 1.68% Desert Springs Golf Course WVC Rancho Mirage Inc. (15)7,547,192$ 1.61% Golf Course Timeshares Land Obed Enterprises Inc (2)7,140,000$ 1.52% Vacant Commercial Land University Plaza Corporation (5)6,501,000$ 1.39% Office Buildings / Vacant Commercial Land Palm Desert Terracina LLC (9)6,060,633$ 1.29% Vacant Residential Land Dutt Hospitality Group Inc, (2)5,882,303$ 1.25% Hampton Inn 88 Room Hotel & Suites Resort Ventures (32)5,355,346$ 1.14% Golf Course Timeshares Land Wilow View (1)5,232,880$ 1.12% Office Buildings Total Net Assessed Value 469,222,988$ 100% (1) Cumulative represents only the top twenty properties. Source: HdL Coren & Cone and Riverside County Assessor 2006/2007 Combined Tax Rolls 171171 City of Palm Desert RDA Project Area #3 2007 Top Twenty Property Taxpayers Owner (Number of Parcels) Assessed Value $ Cumulative % (1) Business Description PR XIV (1)31,584,699$ 19.6% Multi Family Dwelling (Canterra Apts & Vacant land) Sunrise IV Carlotta SL (2)28,434,901$ 17.6% Senior Citizens Assisted Living Center(The Fountains) Time Warner Entertainment Advance (4)16,200,285$ 10.0% Cable Operator (Commercial Office Buildings) SAG Palm Desert (1)8,195,751$ 5.1% Industrial / Commercial Business Park Northern Trust Bank of California (8) 7,308,497$ 4.5% Industrial / Commercial Business Park Roy T. Eddleman Trust (1)6,032,280$ 3.7% Industrial / Commercial Business Park SMG 17 (1)5,949,846$ 3.7% Business / Commercial Offices H. N. & Frances Berger Foundation (3)5,848,494$ 3.6% Industrial Business / Commercial Offices Desert Properties LLC (4)5,678,629$ 3.5% Industrial Offices & Parking Lot Waste Management Inc. (3)5,565,943$ 3.4% Refuse Collection Base / Industrial Offices Guthy Renker Corporation (2) 5,513,053$ 3.4% Business / Commercial Offices Lakeside Investment Properties (5)5,202,595$ 3.2% Mix Use Industrial/Commercial Buildings/Stores Cook St. Office (1)4,907,662$ 3.0% Business / Commercial Offices (Corner of Cook/Hovley St) Desert Art Properties (1)4,080,000$ 2.5% Industrial / Commercial Business Park VPM Rancho Vista (7)3,974,320$ 2.5% Multi Family Dwellings (Rancho Vista Apts) Stor N Lock Partners 16 (1)3,714,249$ 2.3% Storage Facility (Stor-n-Lock) Eclectic Associates (1)3,589,380$ 2.2% Business / Commercial Offices WR XVII (1)3,556,015$ 2.2% Vacant Commercial Land Bruce Alan Kaplan Trust (1)3,026,263$ 1.9% Industrial Storage Facility Suresh Shah (1)3,000,000$ 1.9% Business / Commercial Offices Total Net Assessed Value 161,362,862$ 100% (1) Cumulative represents only the top twenty properties. Source: HdL Coren & Cone and Riverside County Assessor 2006/2007 Combined Tax Rolls 172172 City of Palm Desert RDA Project Area #4 2007 Top Twenty Property Taxpayers Owner (Number of Parcels) Assessed Value $ Cumulative % (1) Business Description Indian Ridge Country Club Inc. (38) 29,132,518$ 20.4% Indian Ridge Golf Course & Homes (Private) Ashford Park Holdings (1)27,532,100$ 19.3% Multi-Family Dwellings (Desert Oasis Apts) Cherokee Investment (2)12,484,799$ 8.8% Storage Facility (Sure Save Storage) Palm Desert SPE (4)11,806,053$ 8.3% Multi-Family Dwellings (Palm Desert Apts) Royal Palms Realty LLC (86)10,408,684$ 7.3% Multi-Family Dwellings (Royal Palms Apts) PD Villas on the Green (1)7,603,927$ 5.3% Multi-Family Dwellings (Villas on th Green, 55+Apts) Woodhaven Developers Inc (14)7,247,805$ 5.1% Woodhaven Golf Course SR Mutual Investment Corp. (6)5,075,478$ 3.6% Palm Desert Resort Golf Course & Clubhouse First Interstate Bank of California (1) 3,493,683$ 2.4%Business / Commercial Offices (Corner of Fred Waring & Washington St) Edward R. Chiuminatta (2)3,393,188$ 2.4% Single Family Residence (Indian Ridge C.C.) PDCC Development LLC (14)3,253,966$ 2.3% Palm Desert C.C. Golf Course & Clubhouse Sharon Minor(2)2,725,044$ 1.9% 2 Single Family Residences (Indian Ridge C.C.) Fusco Properties (3)2,621,400$ 1.8% 3 Single Family Residence (Indian Ridge C.C.) Toscana Limited LP (1)2,591,887$ 1.8% Single Family Residence (Indian Ridge C.C.) Peggy M. Hoffman Trust (2)2,544,235$ 1.8% 2 Single Family Residences (Indian Ridge C.C.) John W. McKenna (1)2,244,000$ 1.6% Single Family Residences (Indian Ridge C.C.) John Kaufmann (1)2,161,380$ 1.5% Single Family Residences (Indian Ridge C.C.) Michael A. Kahn (2)2,124,127$ 1.5% 2 Single Family Residences (Indian Ridge C.C.) Mobil Oil Corporation (2)2,107,872$ 1.5%Mobil Service/Gas Station & Adjacent Commercial Land Norman L. Jacobs Trust (1)2,101,200$ 1.5%Single Family Residences (Indian Ridge C.C./Whitehawk) Total Net Assessed Value 142,653,346$ 100% (1) Cumulative represents only the top twenty properties. Source: HdL Coren & Cone and Riverside County Assessor 2006/2007 Combined Tax Rolls 173 173 City of Palm Desert Project Area Statistics June 30, 2007 Description RDA 1 Original RDA 1 1982 Annex RDA 2 RDA 3 RDA 4 Date Project Area was Established 07/16/75 11/25/81 07/15/87 07/17/91 07/19/93 Most Recent Amendment Date 02/27/03 02/27/03 02/27/03 02/26/04 02/26/04 Established Time Limits: -Repayment of Indebtedness 7/16/2026 11/25/2032 7/15/2038 7/17/2042 7/19/2044 -Project Duration 7/16/2016 11/25/2022 7/15/2028 7/17/2032 7/19/2034 -Last Date to incur indebtedness Repealed Repealed Repealed Repealed Repealed Debt Limits none 200,000,000$ 150,000,000$ 100,000,000$ 135,000,000$ Tax Increment Limit (1) 758,000,000$ 500,000,000$ 800,000,000$ 360,000,000$ 600,000,000$ Types of Area in Project R, C, P R, C, P R, C, P, O R, I, C, P R, I, C, P Acreage Size of Project Area 580 5,240 2,927 764 2,260 R = Residential, C= Commercial, P= Public Facilities, I= Industrial, O= Other (1) 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 $1,442,330,763 through 2006 ). Source: Palm Desert Redevelopment Agency 174174 City of Palm Desert Redevelopment Agency Tax Allocation Bond Issue Information June 30, 2007 DESCRIPTION $71,955,000 Tax Allocation Bonds $22,070,000 Tax Allocation Bonds $19,000,000 Tax Allocation Bonds $24,945,000 Tax Allocation Bonds $62,300,000 Tax Allocation Revenue $32,600,000 Tax Allocation Revenue Years 25 28 27 21 24 11 Bond Issue Date 07/24/97 03/13/02 08/05/03 06/24/04 07/06/06 01/09/07 Final Maturity Date 04/01/23 04/01/30 04/01/30 04/01/25 04/01/30 04/01/18 Highest Interest Rate 5.625% 5.100%5.000% 5.000% 5.820% 5.000% Bond Issue Amount 71,955,000$ 22,070,000$ 19,000,000$ 24,945,000$ 62,320,000$ 32,600,000$ Outstanding Bond Amount -$ 22,070,000$ 19,000,000$ 22,655,000$ 60,105,000$ 32,600,000$ Call Premium 0 - 2.00% 0 - 2.00% 0.00%0.00%0.00%0.00% Bond Insurer MBIA MBIA MBIA AMBAC MBIA MBIA Reserve Requirement (1)- 2,804,344 950,000 2,430,750 13,117,662 13,116,979 Reserve Balance (1)(1) (1) (1) (1) (1) (1) Called Bonds 55,450,000$ -$ -$ -$ -$ -$ Principle due 07/08 - - 850,000 1,965,000 2,130,000 Interest Due 07/08 - 1,114,665 950,001 1,059,813 3,203,349 1,844,154 Arbritage Yield Rate 5.4584% 5.2939% 4.8571% 4.7961% 4.7182% 3.8374% Arbritage-Amount Owed - - - - - - Arbritage Five Year Due Date:04/01/07 04/13/07 08/05/08 06/24/09 07/06/11 01/09/12 DESCRIPTION $4,090,000 Tax Allocation Revenue Bonds $17,310,000 Tax Allocation Revenue Bonds $15,745,000 Tax Allocation Revenue Bonds $67,600,000 Tax Allocation Revenue Bonds $4,745,000 Tax Allocation Bonds $15,050,000 Tax Allocation Revenue Years 30 20 30 30 30 35 Bond Issue Date 06/01/95 07/17/02 03/26/03 07/25/06 08/05/03 07/25/06 Final Maturity Date 08/01/25 08/01/22 08/01/33 08/01/36 04/01/33 04/01/41 Highest Interest Rate 5.20% 5.000%5.00% 6.10%5.13%6.10% Bond Issue Amount 4,090,000$ 17,310,000$ 15,745,000$ 67,618,213$ 4,745,000$ 15,059,526$ Outstanding Bond Amount -$ 14,680,000$ 15,745,000$ 67,618,213$ 4,315,000$ 15,019,526$ Call Premium 0 - 2.00% 0 - 2.00% 1 - 2.00% 0.00%2.00%0.00% Bond Insurer MBIA MBIA MBIA AMBAC MBIA MBIA Reserve Requirement (1)- 1,324,750 769,006 5,309,825 297,953 1,034,250 Reserve Balance (1)(1) (1) (1) (1) (1) (1) Called Bonds 3,870,000$ -$ -$ -$ -$ Principle due 07/08 - 650,000 - 907,438 95,000 - Interest Due 07/08 - 653,078 769,006 2,404,240 198,748 564,275 Arbritage Yield Rate 6.0485% 4.7043% 4.9502% 5.2580% 4.9358% 5.3626% Arbritage-Amount Owed - - - - - - Arbritage Five Year Due Date:08/01/06 07/17/07 03/26/08 07/25/11 08/05/08 07/25/11 DESCRIPTION $11,020,000 Tax Allocation Revenue Bonds $15,695,000 Tax Allocation Revenue Bonds $19,200,000 Tax Allocation Revenue $6,305,000 Tax Allocation Revenue Bonds $48,760,000 Tax Allocation Revenue Bonds $12,100,000 Tax Allocation Revenue Bonds $86,155,000 Tax Allocation Revenue Years 30 30 28 13 30 30 20 Bond Issue Date 03/01/98 11/28/01 07/25/06 08/01/95 01/01/98 09/05/02 02/07/07 Final Maturity Date 10/01/28 10/01/31 10/01/34 09/01/08 10/01/27 10/01/31 10/01/27 Highest Interest Rate 5.00% 4.80%5.56% 5.55%5.10%4.90% 5.00% Bond Issue Amount 11,020,000$ 15,695,000$ 19,273,089$ 6,305,000$ 48,760,000$ 12,100,000$ 86,155,000$ Outstanding Bond Amount 8,355,000$ 14,795,000$ 19,273,089$ 1,235,000$ 5,725,000$ 11,130,000$ 86,155,000$ Call Premium 0 - 2.00% 0 - 2.00% 0.00% 0 - 2.00% 0 - 2.00% 1 - 2.00% 0.00% Bond Insurer MBIA MBIA MBIA MBIA MBIA MBIA MBIA Reserve Requirement (1)768,020 482,890 3,740,843 123,500 572,500 767,625 7,887,224 Reserve Balance (1)(1) (1) (1) 123,500 (1) (1) (1) Called Bonds 105,000$ -$ -$ -$ -$ -$ -$ Principle due 07/08 - 285,000 600,000 655,000 255,000 2,185,000 Interest Due 07/08 429,590 673,013 699,445 51,593 262,281 508,449 4,564,307 Arbritage Yield Rate 5.2271% 4.9464% 5.1111% 5.2231% 5.1343% 4.8290% 4.1830% Arbritage-Amount Owed - - - - - - - Arbritage Five Year Due Date:10/01/02 11/28/06 07/25/11 09/01/04 10/01/02 09/05/07 02/07/12 (1) A surety bond was issued by MBIA Insurance, future reserve balance's will be zero. Source: City of Palm Desert and Redevelopment Agency PROJECT AREA #4 PROJECT AREA #1 PROJECT AREA #2 PROJECT AREA #3 HOUSING FUND 175175 City of Palm Desert FY 2006/2007 Breakdown of Basic 1% Property Tax Levy Rates Redevelopment Project Areas Rate Taxing Agency RDA 1 Original RDA 1 1982 Annex RDA 2 RDA 3 RDA 4 County General 28.39398952% 28.34582124% 26.80613791% 25.5700272% 21.91511365% County Library 2.74920745% 2.88202988% 2.92965458% 2.8158844% 2.82907980% County Fire 5.91822367% 6.20415189% 6.30666782% 6.0617613% 6.09016166% City of Indian Wells Annex 0.00000000%0.00000648%0.00000000% 0.00000000% 0.00000000% Supervisor Road District 4 0.00000000% 0.00007649% 0.00000000% 0.00000000% 0.00000000% City of Palm Desert 0.00000000% 2.09755769% 4.29226363% 4.2475712% 8.67523886% Rancho Mirage Library 0.00000000% 0.01501569% 0.00000000% 0.00000000% 0.00000000% Rancho Mirage Fire Asmt.0.00000000% 0.03232434% 0.00000000% 0.00000000% 0.00000000% Desert Sands Unified School District 36.49999492% 36.93316599% 25.03348593% 37.3852475% 37.56038331% Palm Springs Unified School District 0.00000000% 0.00000000% 10.09174046% 0.00000000% 0.00000000% Desert Community College 7.58456209% 8.02456048% 8.08237633% 7.7685152% 7.80491035% County Superintendent of Schools 4.12638892% 4.36577188% 4.39722726% 4.2264688% 4.24627300% Riverside County Reg Park & Open Space 0.42948437% 0.42993275% 0.40548825% 0.3867829% 0.44198354% Rancho Mirage Community Service 0.00000000% 0.00000000% 0.00000000% 0.0000000% 0.00000000% Coachella Valley Public Cemetary 0.34253414% 0.30450886% 0.23492969% 0.3508408% 0.35248910% Palm Springs Public Cemetary 0.00000000% 0.02663440% 0.05984340% 0.0000000% 0.00000000% Desert Hospital 2.01215094% 1.31737707% 1.76123919% 1.1161325% 0.00000000% Coachella Valley Mosquito & Vector Control 1.38022037% 1.46029250% 1.47081510% 1.4136949% 1.42032164% Coachella Valley Recreation & Park 2.08754242% 1.85578985% 1.43174167% 2.1381713% 2.14819230% Coachella Valley Water District 2.75763645% 2.91665750% 2.93863696% 2.8245179% 2.88466264% Coachella Valley Resource Cons.0.00000000% 1.00288344% 0.03767411% 0.0869858% 0.03637902% Coachella Valley Imp District 80 2.22711694% 0.02023367% 0.0000000% 0.0317847% 0.00244282% Coachella Valley Water District Storm Water Unit 3.49094780% 1.76520792% 3.72007772% 3.5756137% 3.59236830% ERAF RDV 0.00000000% 0.00000000% 0.00000000% 0.00000000% 0.00000000% General Purpose Basic 1% Rate 100.00000000% 100.00000000% 100.00000000% 100.00000000% 100.00000000% Source: Palm Desert Redevelopment Agency, Tax Increment Calculations & County of Riverside 176 176 City of Palm Desert Historical Tax Increment Summary Redevelopment Project Area #1 - Original Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Secured/Unsecured 8,618,586$ 7,996,533$ 7,406,602$ 6,934,754$ 6,503,515$ Supplemental 255,077 817,902 200,879 151,075 49,849 SBE (Utility)358,243 280,131 300,931 297,098 288,489 Total Gross Increment 9,231,907 9,094,566 7,908,412 7,382,927 6,841,853 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 7,402,075 7,291,450 6,347,059 5,927,117 5,493,842 Total Pass-Throughs (724,021) (830,846) (279,854) (316,366) (696,443) SB 2557 Charges (82,749) (78,987) (101,653) (103,877) (101,797) Net Tax Increment Agency (2)6,595,305$ 6,381,617$ 5,965,552$ 5,506,874$ 4,695,602$ FY 2002 2001 2000 1999 1998 Secured/Unsecured 6,360,760$ 6,199,196$ 5,549,207$ 5,484,253$ 5,341,708$ Supplemental 104,267 140,667 58,949 0 205,722 SBE (Utility)285,323 292,520 332,579 322,956 331,955 Total Gross Increment 6,750,350 6,632,383 5,940,736 5,807,209 5,879,386 Low/Mod Housing Set Aside (1,328,643) (1,305,693) (1,168,457) (1,161,442) (1,293,465) Tax Increment Less Low/Mod 5,421,707 5,326,690 4,772,279 4,645,767 4,585,921 Total Pass-Throughs (1)(922,984) 0 0 0 0 SB 2557 Charges (107,137) (103,919) (98,451) (104,485) (62,056) Net Tax Increment Agency (2)4,391,586$ 5,222,771$ 4,673,828$ 4,541,282$ 4,523,865$ (1) RDA Project Area 1 does not have Total Pass-Throughs with the exception of FY 1991/92. (2) Net Tax Increment Agency does not include Debt Service payments. Sources: City of Palm Desert, Tax Increment Calculations & County of Riverside $0 $1,500,000 $3,000,000 $4,500,000 $6,000,000 $7,500,000 $9,000,000 2007 2006 2005 2004 2003 17.28%6.92% Percentage represents change from prior year. 8.33%6.97%3.35% 177177 City of Palm Desert Historical Tax Increment Summary Redevelopment Project Area # 1 - Amended Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Secured/Unsecured 36,240,089$ 31,237,832$ 27,778,894$ 25,247,194$ 22,967,677$ Supplemental 3,587,825 5,644,432 1,502,190 886,454 910,786 SBE (Utility)255,476 167,752 142,166 144,829 136,296 Total Gross Increment 40,083,390 37,050,016 29,423,250 26,278,477 24,014,759 Low/Mod Housing Set Aside (7,949,224) (7,350,269) (5,811,002) (5,182,761) (4,733,721) Tax Increment Less Low/Mod 32,134,166 29,699,746 23,612,248 21,095,716 19,281,038 Total Pass-Throughs (18,869,733) (17,382,480) (13,463,639) (11,740,730) (10,523,374) SB 2557 Charges (337,271) (298,669) (368,240) (364,672) (346,155) Net Tax Increment Agency (1)12,927,162$ 12,018,598$ 9,780,369$ 8,990,314$ 8,411,509$ FY 2002 2001 2000 1999 1998 Secured/Unsecured 19,826,224$ 15,969,365$ 12,683,176$ 11,791,667$ 11,283,027$ Supplemental 2,011,351 1,352,695 879,432 91,071 37,518 SBE (Utility)134,804 138,207 152,108 142,885 146,870 Total Gross Increment 21,972,379 17,460,268 13,714,716 12,025,622 11,467,415 Low/Mod Housing Set Aside (4,330,166) (3,440,490) (2,699,974) (2,405,124) (2,293,483) Tax Increment Less Low/Mod 17,642,213 14,019,778 11,014,742 9,620,498 9,173,932 Total Pass-Throughs (9,583,446) (7,339,195) (4,598,001) (3,966,585) (3,732,310) SB 2557 Charges (321,551) (257,820) (214,847) (214,426) (123,390) Net Tax Increment Agency (1)7,737,217$ 6,422,763$ 6,201,894$ 5,439,487$ 5,318,232$ (1) Data for SB 2557 Charges is available from FY 1990/91. (1) Net Tax Increment Agency does not include Debt Service payments. Sources: City of Palm Desert, Tax Increment Calculations Worksheets & County of Riverside $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 2007 2006 2005 2004 2003 Percentage represents change from prior year. 6.88% 8.71% 8.79% 22.88% 7.56% 178178 City of Palm Desert Historical Tax Increment Summary Redevelopment Project Area # 2 Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Secured/Unsecured 15,816,298$ 13,756,558$ 12,629,958$ 11,717,869$ 10,422,746$ Supplemental 1,332,272 1,553,145 698,023 812,847 548,517 SBE (Utility)70,380 39,774 23,747 25,689 22,768 Total Gross Increment 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 Low/Mod 13,804,529 12,305,815 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) SB 2557 Charges (146,845) (131,163) (166,884) (168,655) (156,494) Net Tax Increment Agency (1)6,811,376$ 6,101,702$ 5,088,275$ 5,226,431$ 4,349,872$ FY 2002 2001 2000 1999 1998 Secured/Unsecured 8,575,348$ 7,816,649$ 7,120,210$ 6,330,882$ 5,899,166$ Supplemental 257,896 391,197 244,912 312,878 187,627 SBE (Utility)22,519 23,088 25,187 21,385 21,982 Total Gross Increment 8,855,763 8,230,934 7,390,309 6,665,145 6,108,774 Low/Mod Housing Set Aside (1,743,454) (1,621,091) (1,454,141) (1,333,029) (1,221,755) Tax Increment Less Low/Mod 7,112,309 6,609,843 5,936,168 5,332,116 4,887,019 Total Pass-Throughs (3,296,575) (2,790,025) (2,423,175) (2,152,320) (1,913,246) SB 2557 Charges (138,491) (125,482) (119,606) (114,107) (80,229) Net Tax Increment Agency (1)3,677,242$ 3,694,336$ 3,393,387$ 3,065,689$ 2,893,544$ (1) Net Tax Increment Agency does not include Debt Service payments. Sources: City of Palm Desert, Tax Increment Calculations Worksheets $0 $1,500,000 $3,000,000 $4,500,000 $6,000,000 $7,500,000 2007 2006 2005 2004 2003 Percentage represents change from prior year. 20.15%-2.64%18.29% 19.92% 11.63% 179 179 City of Palm Desert Historical Tax Increment Summary Redevelopment Project Area #3 Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Secured/Unsecured 3,402,301$ 2,858,918$ 2,137,750$ 2,040,874$ 1,359,556$ Supplemental 185,346 607,706 261,674 150,716 79,744 SBE (Utility)6,910 3,147 763 1,001 731 Total Gross Increment 3,594,557 3,469,772 2,400,187 2,192,591 1,440,031 Low/Mod Housing Set Aside (712,606) (688,513) (474,397) (432,653) (283,930) Tax Increment Less Low/Mod 2,881,951 2,781,259 1,925,790 1,759,938 1,156,101 Total Pass-Throughs (1,806,340) (1,750,650) (1,197,599) (899,766) (448,489) SB 2557 Charges (1)(31,526) (27,207) (28,204) (29,324) (20,379) Net Tax Increment Agency 1,044,084$ 1,003,402$ 699,987$ 830,848$ 687,233$ FY 2002 2001 2000 1999 1998 Secured/Unsecured 1,204,009$ 1,028,201$ 854,991$ 677,494$ 610,197$ Supplemental 130,497 47,444 15,963 37,064 6,959 SBE (Utility)723 742 908 538 553 Total Gross Increment 1,335,229 1,076,387 871,862 715,096 617,709 Low/Mod Housing Set Aside (263,165) (211,984) (171,507) (143,019) (123,542) Tax Increment Less Low/Mod 1,072,064 864,403 700,355 572,077 494,167 Total Pass-Throughs (183,986) (548,192) (519,921) (660,139) (642,855) SB 2557 Charges (1)(19,405) (16,469) (14,327) (12,181) (7,329) Net Tax Increment Agency (2)868,673$ 299,742$ 166,107$ (100,243)$ (156,017)$ (1) Data for SB 2557 Charges is available from FY 1993/94. Sources: City of Palm Desert, Tax Increment Calculations Worksheets (2) Negative Tax Increment for FY 1997/98 and FY 1998/99 due to Regional Access Project pass through, prior year tax increment used to cover deficit. $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 2007 2006 2005 2004 2003 Percentage represents change from prior year. 20.90 % -20.89%-15.75% 43.35% 4.05% 180 180 City of Palm Desert Historical Tax Increment Summary Redevelopment Project Area # 4 Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Secured/Unsecured 12,117,535$ 10,483,484$ 9,017,457$ 8,044,541$ 7,275,223$ Supplemental 1,296,818 2,197,486 694,864 318,307 411,994 SBE (Utility)34,914 15,009 2,036 3,641 1,952 Total Gross Increment 13,449,266 12,695,978 9,714,357 8,366,489 7,689,169 Low/Mod Housing Set Aside (2,667,385) (2,519,237) (1,919,081) (1,650,181) (1,516,029) Tax Increment Less Low/Mod 10,781,881 10,176,742 7,795,276 6,716,308 6,173,140 Total Pass-Throughs (7,426,842) (6,778,536) (5,145,220) (3,569,212) (3,863,556) SB 2557 Charges (1)(112,342) (99,794) (118,954) (115,583) (109,024) Net Tax Increment Agency 3,242,697$ 3,298,411$ 2,531,102$ 3,031,513$ 2,200,560$ FY 2002 2001 2000 1999 1998 Secured/Unsecured 6,205,401$ 4,612,165$ 3,293,418$ 1,981,390$ 1,427,671$ Supplemental 854,021 829,389 1,027,462 455,457 80,639 SBE (Utility)1,930 1,979 2,117 1,044 1,073 Total Gross Increment 7,061,353 5,443,533 4,322,997 2,437,892 1,509,383 Low/Mod Housing Set Aside (1,392,274) (1,073,936) (853,567) (487,578) (301,877) Tax Increment Less Low/Mod 5,669,078 4,369,597 3,469,431 1,950,314 1,207,506 Total Pass-Throughs (3,747,180) (3,640,563) (2,856,325) (1,312,022) (811,613) SB 2557 Charges (1)(99,981) (73,853) (55,164) (35,617) (20,230) Net Tax Increment Agency 1,821,917$ 655,182$ 557,941$ 602,675$ 375,663$ (1) Data for SB 2557 Charges is available from FY 1995/96. Source: Palm Desert Redevelopment Agency, Tax Increment Calculations & County of Riverside $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 2007 2006 2005 2004 2003 Percentage represents change from prior year. 37.76% 20.78%-16.51% 30.32%-1.69% 181181 City of Palm Desert Historical Net Assessed Taxable Values Redevelopment Project Area # 1 - Original Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Secured: (1) Land 216,759,847$ 209,051,600$ 193,066,855$ 180,571,588$ 175,028,644$ Improvements 552,604,613 515,092,610 468,555,559 430,563,506 403,984,613 Personal Property 6,825,265 7,420,696 4,909,559 2,970,008 3,290,180 Penalty 0 0 0 0 0 Less Other Exempt (760,295) (610,338) (730,777) (100) 0 Less Home Owner Value (70,000) (70,000) (70,000) (77,000) (75,600) Less B Inv. Value 0 0 0 0 0 Total Net Assessed Taxable Secured Value 775,359,430 730,884,568 665,731,196 614,028,002 582,227,837 Unsecured: Land 1,220 396 156,701 174,128 201,461 Improvements 56,536,963 48,736,306 51,133,704 52,581,364 48,916,729 Personal Property 57,404,440 47,480,402 51,093,465 54,158,601 46,472,846 Penalty 0 0 0 0 0 Less Other Exempt (32,652) (32,573) (39,043) (57,842) (57,121) Total Net Assessed Taxable Unsecured Value 113,909,971 96,184,531 102,344,827 106,856,251 95,533,915 Total Net Assessed Taxable Value 889,269,401$ 827,069,099$ 768,076,023$ 720,884,253$ 677,761,752$ FY 2002 2001 2000 1999 1998 Secured: (1) Land 171,440,095$ 167,254,618$ 157,749,660$ 158,233,158$ 152,360,397$ Improvements 389,716,686 381,168,647 342,048,525 335,487,546 331,532,883 Personal Property 3,824,393 4,621,105 3,958,876 4,284,839 3,805,452 Penalty 2,536 61,938 24,969 55,034 7,011 Less Other Exempt 0 0 0 0 0 Less Home Owner Value (70,000) (49,000) (56,000) (35,000) (28,000) Less B Inv. Value 0 0 0 0 0 Total Net Assessed Taxable Secured Value 564,913,710 553,057,308 503,726,030 498,025,577 487,677,743 Unsecured: Land 229,626 191,925 211,902 225,314 50,747 Improvements 52,533,594 47,281,799 44,481,799 43,198,389 37,357,588 Personal Property 44,331,125 44,847,382 33,234,094 33,519,839 35,834,338 Penalty 1,592,700 2,089,768 735,012 748,851 766,233 Less Other Exempt (58,570) (61,394) (38,283) (69,264) (58,072) Total Net Assessed Taxable Unsecured Value 98,628,475 94,349,480 78,624,524 77,623,129 73,950,834 Total Net Assessed Taxable Value 663,542,185$ 647,406,788$ 582,350,554$ 575,648,706$ 561,628,577$ (1) Secured values include State assessed data. Source: County of Riverside, County Auditor Controller, Assessed Valuations 182182 City of Palm Desert Change in Taxable Values Redevelopment Project Area # 1 - Original 2007 versus 2006 FY 2007 2006 % Change Secured: (1) Land 216,759,847$ 209,051,600$ 3.7% Improvements 552,604,613$ 515,092,610$ 7.3% Personal Property 6,825,265$ 7,420,696$ -8.0% Penalty 0$ 0$ 0.0% Less Other Exempt (760,295)$ (610,338)$ 24.6% Less Home Owner Value (70,000)$ (70,000)$ 0.0% Total Net Assessed Taxable Secured Value 775,359,430$ 730,884,568$ 6.1% Unsecured: Land 1,220$ 396$ 208.1% Improvements 56,536,963$ 48,736,306$ 16.0% Personal Property 57,404,440$ 47,480,402$ 20.9% Penalty 0$ 0$ 0.0% Less Other Exempt (32,652)$ (32,573)$ 0.2% Total Net Assessed Taxable Unsecured Value 113,909,971$ 96,184,531$ 18.4% Total Net Assessed Taxable Value 889,269,401$ 827,069,099$ 7.5% (1) Secured values include State assessed data. Source: County of Riverside, County Auditor Controller, Assessed Valuations 183183 City of Palm Desert Historical Net Assessed Taxable Values Redevelopment Project Area # 1 - Amended Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Secured: (1) Land 1,404,883,142$ 1,221,817,819$ 1,099,974,404$ 1,037,831,772$ 964,043,115$ Improvements 2,848,708,294 2,548,978,946 2,322,285,503 2,109,457,532 1,966,604,300 Personal Property 5,159,912 5,081,062 4,080,748 3,722,255 4,822,804 Penalty 0 0 0 0 0 Less Other Exempt (71,117,424) (75,212,626) (72,356,678) (50,011,055) (50,251,474) Less Home Owner Value (30,941,142) (30,902,546) (31,114,156) (30,819,292) (28,898,212) Less B Inv. Value 0 0 0 0 Total Net Assessed Taxable Secured Value 4,156,692,782 3,669,762,655 3,322,869,821 3,070,181,212 2,856,320,533 Unsecured: Land 781 0 1,449 9,581 135,778 Improvements 38,277,529 33,710,842 33,165,394 32,087,933 29,960,052 Personal Property 57,326,123 51,779,049 53,234,502 56,477,588 46,150,607 Penalty 0 0 0 0 0 Less Other Exempt (3,164,410) (6,306,859) (6,430,836) (8,791,155) (8,632,424) Total Net Assessed Taxable Unsecured Value 92,440,023 79,183,032 79,970,509 79,783,947 67,614,013 Total Net Assessed Taxable Value 4,249,132,805$ 3,748,945,687$ 3,402,840,330$ 3,149,965,159$ 2,923,934,546$ 2002 2001 2000 1999 1998 Secured: (1) Land 887,797,124$ 746,195,135$ 631,896,282$ 607,328,618$ 598,056,040$ Improvements 1,742,745,364 1,493,036,846 1,292,074,218 1,230,571,559 1,194,367,177 Personal Property 4,009,942 3,266,563 1,984,406 1,632,328 1,581,739 Penalty 31,999 159,145 37,717 54,377 26,687 Less Other Exempt (55,711,920) (47,407,077) (46,013,692) (44,781,911) (43,778,024) Less Home Owner Value (28,025,997) (27,838,129) (27,464,787) (28,135,860) (28,427,000) Less B Inv. Value 0 0 0 0 0 Total Net Assessed Taxable Secured Value 2,550,846,512 2,167,412,483 1,852,514,144 1,766,669,111 1,721,826,619 Unsecured: Land 143,855 52,422 46,483 169,654 778,001 Improvements 26,976,720 27,217,181 20,563,813 15,262,873 14,561,036 Personal Property 42,134,507 40,144,238 29,967,514 26,532,412 23,804,436 Penalty 494,612 673,565 181,234 592,583 419,541 Less Other Exempt (9,613,037) (10,316,419) (6,335,363) (1,377,178) (5,328,832) Total Net Assessed Taxable Unsecured Value 60,136,657 57,770,987 44,423,681 41,180,344 34,234,182 Total Net Assessed Taxable Value 2,610,983,169$ 2,225,183,470$ 1,896,937,825$ 1,807,849,455$ 1,756,060,801$ (1) Secured values include State assessed data. Source: County of Riverside, County Auditor Controller, Assessed Valuations 184184 City of Palm Desert Change in Taxable Value Redevelopment Project Area # 1 - Amended 2007 versus 2006 FY 2007 2006 % Change Secured: (1) Land 1,404,883,142$ 1,221,817,819$ 15.0% Improvements 2,848,708,294$ 2,548,978,946$ 11.8% Personal Property 5,159,912$ 5,081,062$ 1.6% Penalty 0$ 0$ 0.0% Less Other Exempt (71,117,424)$ (75,212,626)$ -5.4% Less Home Owner Value (30,941,142)$ (30,902,546)$ 0.1% Total Net Assessed Taxable Secured Value 4,156,692,782$ 3,669,762,655$ 13.3% Unsecured: Land 781$ 0$ 0.0% Improvements 38,277,529$ 33,710,842$ 13.5% Personal Property 57,326,123$ 51,779,049$ 10.7% Penalty 0$ 0$ 0.0% Less Other Exempt (3,164,410)$ (6,306,859)$ -49.8% Total Net Assessed Taxable Unsecured Value 92,440,023$ 79,183,032$ 16.7% Total Net Assessed Taxable Value 4,249,132,805$ 3,748,945,687$ 13.3% (1) Secured values include State assessed data. Source: County of Riverside, County Auditor Controller, Assessed Valuations 185185 City of Palm Desert Historical Net Assessed Taxable Values Redevelopment Project Area # 2 Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Secured: (1) Land 521,340,003$ 414,088,670$ 377,500,739$ 338,504,943$ 298,852,366$ Improvements 1,137,488,315 1,043,768,419 964,730,831 915,313,076 830,436,695 Personal Property 6,592,802 6,930,907 8,309,969 7,136,535 7,539,988 Penalty (2)0 0 0 0 Less Other Exempt (7,655,384) (3,292,024) (3,133,357) (2,979,597) (2,823,135) Less Home Owner Value (3,752,000) (3,752,000) (3,689,000) (3,316,600) (2,853,200) Less B Inv. Value 0 0 0 0 0 Total Net Assessed Taxable Secured Value 1,654,013,736 1,457,743,972 1,343,719,182 1,254,658,357 1,131,152,714 Unsecured: Land 0 0 0 0 0 Improvements 6,215,099 4,187,472 3,853,947 4,482,615 2,799,545 Personal Property 19,806,418 12,129,847 13,891,105 11,486,746 7,626,600 Penalty 0 0 0 0 0 Total Net Assessed Taxable Unsecured Value 26,021,517 16,317,319 17,745,052 15,969,361 10,426,145 Total Net Assessed Taxable Value 1,680,035,253$ 1,474,061,291$ 1,361,464,234$ 1,270,627,718$ 1,141,578,859$ FY 2002 2001 2000 1999 1998 Secured: (1) Land 268,700,076$ 254,353,602$ 241,562,963$ 221,877,005$ 210,387,922$ Improvements 675,455,198 615,751,576 557,262,592 502,284,327 469,021,627 Personal Property 6,840,530 6,545,424 10,603,177 6,563,588 7,699,828 Penalty (2)0 0 75,371 0 Less Other Exempt (2,767,781) (1,213,512) (1,189,719) (1,168,077) (1,245,174) Less Home Owner Value (2,639,000) (2,623,600) (2,522,800) (2,403,800) (2,219,000) Less B Inv. Value 0 0 0 0 0 Total Net Assessed Taxable Secured Value 945,589,023 872,813,490 805,716,213 727,228,414 683,645,203 Unsecured: Land 0 0 0 0 0 Improvements 2,910,472 2,417,234 1,877,417 1,860,565 2,049,025 Personal Property 8,438,055 5,921,587 3,984,295 4,363,617 4,126,229 Penalty 115,676 46,458 77,730 57,857 34,546 Total Net Assessed Taxable Unsecured Value 11,464,203 8,385,279 5,939,442 6,282,039 6,209,800 Total Net Assessed Taxable Value 957,053,226$ 881,198,769$ 811,655,655$ 733,510,453$ 689,855,003$ (1) Secured values include State assessed data. Source: Palm Desert Redevelopment Agency, Tax Increment Calculations & County of Riverside 186186 City of Palm Desert Change in Taxable Value Redevelopment Project Area # 2 2007 versus 2006 FY 2007 2006 % Change Secured: (1) Land 521,340,003$ 414,088,670$ 25.9% Improvements 1,137,488,315$ 1,043,768,419$ 9.0% Personal Property 6,592,802$ 6,930,907$ -4.9% Penalty 0$ 0$ 0.0% Less Other Exempt (7,655,384)$ (3,292,024)$ 132.5% Less Home Owner Value (3,752,000)$ (3,752,000)$ 0.0% Less B Inv. Value 0$ 0$ 0.0% Total Net Assessed Taxable Secured Value 1,654,013,736 1,457,743,972 13.5% Unsecured: Land 0$ 0$ 0.0% Improvements 6,215,099$ 4,187,472$ 48.4% Personal Property 19,806,418$ 12,129,847$ 63.3% Penalty 0$ 0$ 0.0% Total Net Assessed Taxable Unsecured Value 26,021,517 16,317,319 59.5% Total Net Assessed Taxable Value 1,680,035,253$ 1,474,061,291$ 14.0% (1) Secured values include State assessed data. Source: County of Riverside, County Auditor Controller, Assessed Valuations 187187 City of Palm Desert Historical Net Assessed Taxable Values Redevelopment Project Area # 3 Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Secured: (1) Land 114,253,170$ 103,496,559$ 91,523,675$ 83,600,129$ 76,423,641$ Improvements 333,347,161 298,197,384 243,139,587 221,590,995 176,923,362 Personal Property 3,893,071 3,890,560 3,152,374 1,581,880 1,224,360 Penalty 0 0 0 0 0 Less Other Exempt (19,311,510) (20,251,190) (19,430,222) (3,149,364) (2,977,801) Less Home Owner Value (2,206,400) (2,046,800) (1,974,000) (1,912,400) (1,750,000) Total Net Assessed Taxable Secured Value 429,975,492 383,286,513 316,411,414 301,711,240 249,843,562 Unsecured: Land 0 370 2,138 2,138 2,213 Improvements 13,109,332 12,424,085 9,635,015 13,245,112 8,281,641 Personal Property 44,899,884 38,091,911 35,730,772 37,209,995 26,061,080 Penalty 0 0 0 0 0 Less Other Exempt (437,726) (434,582) (455,101) (470,220) (459,656) Total Net Assessed Taxable Unsecured Value 57,571,490 50,081,784 44,912,824 49,987,025 33,885,278 Total Net Assessed Taxable Value 487,546,982$ 433,368,297$ 361,324,238$ 351,698,265$ 283,728,840$ FY 2002 2001 2000 1999 1998 Secured: (1) Land 70,984,182$ 67,042,691$ 62,879,457$ 62,465,266$ 62,899,697$ Improvements 167,824,429 149,512,375 142,889,361 143,323,854 143,172,549 Personal Property 1,221,819 1,739,556 4,247,032 4,474,127 3,388,041 Penalty 255 40,255 0 2,295 2,295 Less Other Exempt (2,868,530) (2,651,190) (2,429,452) (19,068,851) (18,623,087) Less Home Owner Value (1,687,000) (1,762,600) (1,789,200) (1,807,400) (1,743,000) Total Net Assessed Taxable Secured Value 235,475,155 213,921,087 205,797,198 189,389,291 189,096,495 Unsecured: Land 29,325 29,992 31,781 29,656 29,703 Improvements 11,021,570 11,069,151 8,832,767 8,843,353 5,998,073 Personal Property 21,453,363 24,808,691 18,345,262 18,062,689 13,493,827 Penalty 904,695 1,176,179 625,647 711,922 554,243 Less Other Exempt (646,953) (424,328) (399,507) (341,825) (372,400) Total Net Assessed Taxable Unsecured Value 32,762,000 36,659,685 27,435,950 27,305,795 19,703,446 Total Net Assessed Taxable Value 268,237,155$ 250,580,772$ 233,233,148$ 216,695,086$ 208,799,941$ (1) Secured values include State assessed data. Source: Palm Desert Redevelopment Agency, Tax Increment Calculations & County of Riverside 188188 City of Palm Desert Change in Taxable Values Redevelopment Project Area # 3 2007 versus 2006 FY 2007 2006 % Change Secured: (1) Land 114,253,170$ 103,496,559$ 10.4% Improvements 333,347,161$ 298,197,384$ 11.8% Personal Property 3,893,071$ 3,890,560$ 0.1% Penalty 0$ 0$ 0.0% Less Other Exempt (19,311,510)$ (20,251,190)$ -4.6% Less Home Owner Value (2,206,400)$ (2,046,800)$ 7.8% Total Net Assessed Taxable Secured Value 429,975,492 383,286,513 12.2% Unsecured: Land 0$ 370$ 0.0% Improvements 13,109,332$ 12,424,085$ 5.5% Personal Property 44,899,884$ 38,091,911$ 17.9% Penalty 0$ 0$ 0.0% Less Other Exempt (437,726)$ (434,582)$ 0.7% Total Net Assessed Taxable Unsecured Value 57,571,490 50,081,784 15.0% Total Net Assessed Taxable Value 487,546,982$ 433,368,297$ 12.5% (1) Secured values include State assessed data. Source: County of Riverside, County Auditor Controller, Assessed Valuations 189189 City of Palm Desert Historical Net Assessed Taxable Values Redevelopment Project Area # 4 Last Ten Fiscal Years FY 2007 2006 2005 2004 2003 Secured: (1) Land 538,079,392$ 480,264,736$ 423,136,913$ 387,894,896$ 363,532,124$ Improvements 1,253,230,590 1,145,343,698 1,060,291,261 1,000,472,990 943,610,707 Personal Property 895,558 1,037,306 1,039,548 903,523 1,176,104 Penalty (2)0 0 0 0 0 Less Other Exempt (2,814,993) (2,988,924) (2,213,136) (2,236,588) (2,005,855) Less Home Owner Value (15,797,600) (15,874,600) (16,083,200) (16,032,800) (15,162,000) Less B Inv. Value 0 0 Total Net Assessed Taxable Secured Value 1,773,592,947 1,607,782,216 1,466,171,386 1,371,002,021 1,291,151,080 Unsecured: Land 0 0 0 0 0 Improvements 1,581,231 1,606,970 2,043,627 1,172,618 1,610,760 Personal Property 7,973,923 10,276,814 4,639,732 3,438,910 6,790,656 Penalty (2)0 0 0 0 0 Total Net Assessed Taxable Unsecured Value 9,555,154 11,883,784 6,683,359 4,611,528 8,401,416 Total Net Assessed Taxable Value 1,783,148,101$ 1,619,666,000$ 1,472,854,745$ 1,375,613,549$ 1,299,552,496$ FY 2002 2001 2000 1999 1998 Secured: (1) Land 336,601,532$ 295,636,937$ 266,431,690$ 241,556,658$ 239,474,265$ Improvements 861,691,896 742,772,488 639,902,284 543,450,593 487,317,734 Personal Property 1,269,934 1,085,189 1,130,254 3,312,159 1,030,391 Penalty (2)91,675 32,666 52,911 52,911 Less Other Exempt (1,924,780) (1,240,153) (1,125,349) (945,874) (1,106,989) Less Home Owner Value (14,604,800) (14,263,200) (13,610,800) (13,367,200) (12,854,800) Less B Inv. Value 0 0 0 0 0 Total Net Assessed Taxable Secured Value 1,183,125,457 1,024,023,927 892,728,079 774,059,247 713,913,512 Unsecured: Land 0 0 0 0 41,582 Improvements 1,878,576 2,018,343 1,874,135 624,979 923,449 Personal Property 8,053,034 8,071,994 8,292,670 1,673,026 2,152,303 Penalty (2)70,495 31,283 28,376 28,741 73,710 Total Net Assessed Taxable Unsecured Value 10,002,105 10,121,620 10,195,181 2,326,746 3,191,044 Total Net Assessed Taxable Value 1,193,127,562$ 1,034,145,547$ 902,923,260$ 776,385,993$ 717,104,556$ (1) Secured values include State assessed data. 190190 City of Palm Desert Change in Taxable Values Redevelopment Project Area # 4 2007 versus 2006 FY 2007 2006 % Change Secured: (1) Land 538,079,392$ 480,264,736$ 12.0% Improvements 1,253,230,590$ 1,145,343,698$ 9.4% Personal Property 895,558$ 1,037,306$ -13.7% Penalty 0$ 0$ 0.0% Less Other Exempt (2,814,993)$ (2,988,924)$ -5.8% Less Home Owner Value (15,797,600)$ (15,874,600)$ -0.5% Less B Inv. Value 0$ 0$ 0.0% Total Net Assessed Taxable Secured Value 1,773,592,947 1,607,782,216 10.3% Unsecured: Land 0$ 0$ 0.0% Improvements 1,581,231$ 1,606,970$ -1.6% Personal Property 7,973,923$ 10,276,814$ -22.4% Penalty 0$ 0$ 0.0% Total Net Assessed Taxable Unsecured Value 9,555,154 11,883,784 -19.6% Total Net Assessed Taxable Value 1,783,148,101$ 1,619,666,000$ 10.1% 191191