HomeMy WebLinkAboutI Internal Service FundsINTERNAL SERVICE FUNDS
Internal Service Funds are used to account for services provided to other departments or agencies of the
City on a cost reimbursement basis.
Equipment Replacement – This fund is used to account for financial transactions related to replacement
of City-owned vehicles and equipment.
Compensation Benefits Fund – This fund is used to account for funding of compensated absences.
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CITY OF PALM DESERT
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2018
Total
ASSETS:
CURRENT ASSETS:
Cash and investments 8,616,983$ 2,441,387$ 11,058,370$
Prepaid costs 36,949 - 36,949
TOTAL CURRENT ASSETS 8,653,932 2,441,387 11,095,319
CAPITAL ASSETS:
Nondepreciable 224,011 - 224,011
Depreciable, net 1,930,487 - 1,930,487
CAPITAL ASSETS, NET 2,154,498 - 2,154,498
TOTAL ASSETS 10,808,430$ 2,441,387$ 13,249,817$
LIABILITIES:
CURRENT LIABILITIES:
Accounts payable 49,430$ -$ 49,430$
Compensated absences - 300,000 300,000
TOTAL CURRENT LIABILITIES 49,430 300,000 349,430
NONCURRENT LIABILITIES:
Compensated absences - 2,086,772 2,086,772
TOTAL NONCURRENT LIABILITIES:- 2,086,772 2,086,772
TOTAL LIABILITIES 49,430 2,386,772 2,436,202
NET POSITION:
Invested in capital assets 2,154,498 - 2,154,498
Unrestricted 8,604,502 54,615 8,659,117
TOTAL NET POSITION 10,759,000$ 54,615$ 10,813,615$
Equipment
Replacement
Compensation
Benefits
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CITY OF PALM DESERT
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2018
Total
OPERATING EXPENSES:
Maintenance and operations 78,934$ -$ 78,934$
Depreciation and amortization 453,019 - 453,019
TOTAL OPERATING EXPENSES 531,953 - 531,953
OPERATING LOSS (531,953) - (531,953)
NONOPERATING REVENUES:
Interest revenue 105,819 33,588 139,407
Gain on disposal of capital assets 17,274 - 17,274
TOTAL NONOPERATING REVENUES 123,093 33,588 156,681
CHANGE IN NET POSITION (408,860) 33,588 (375,272)
NET POSITION - BEGINNING OF YEAR 11,167,860 21,027 11,188,887
NET POSITION - END OF YEAR 10,759,000$ 54,615$ 10,813,615$
Equipment
Replacement
Compensation
Benefits
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CITY OF PALM DESERT
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2018
Total
CASH FLOWS FROM OPERATING ACTIVITIES:
Payments to suppliers (59,181)$ -$ (59,181)$
Cash paid to employees for services -(196,947) (196,947)
NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES (59,181) (196,947) (256,128)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Purchases of capital assets (496,066) - (496,066)
Proceeds from sales of assets 17,819 - 17,819
NET CASH USED BY CAPITAL AND
RELATED FINANCING ACTIVITIES (478,247) - (478,247)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest and dividends 105,819 33,588 139,407
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (431,609) (163,359) (594,968)
CASH AND CASH EQUIVALENTS -
BEGINNING OF YEAR 9,048,592 2,604,746 11,653,338
CASH AND CASH EQUIVALENTS - 8,616,983$ 2,441,387$ 11,058,370$
END OF YEAR
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES:
Operating income (loss)(531,953)$ -$ (531,953)$
Adjustments to reconcile operating loss to net
cash provided (used) by operating activities:
Depreciation and amortization 453,019 - 453,019
(Increase) decrease in prepaid expense (13,269) - (13,269)
Increase (decrease) in accounts payable 33,022 - 33,022
Increase (decrease) in compensated absences -(196,947) (196,947)
Total Adjustments 472,772 (196,947) 275,825
NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES (59,181)$ (196,947)$ (256,128)$
Equipment
Replacement
Compensation
Benefits
172