CITY OF INDIAN WELLS, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 30, 2014 CITY OF INDIAN WELLS, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 30, 2014 Prepared by the Finance Director Kevin McCarthy, Finance Director Susan Leong, Senior Accountant Norma Rojo, Accounting Technician III/Payroll Amy Dallosta, Accounting Technician II Daisy Amezcua, Accounting Technician I 44-950 Eldorado Drive, Indian Wells, California 92210-7497 Telephone: 760-346-2489 – Fax: 760-346-0407 www.cityofindianwells.org THIS PAGE INTENTIONALLY LEFT BLANK CITY OF INDIAN WELLS FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2014 TABLE OF CONTENTS Page Number INTRODUCTORY SECTION Letter of Transmittal ............................................................................................................................ i GFOA Certificate of Achievement for Excellence in Financial Reporting........................................... xi Organization Chart ............................................................................................................................. xii List of Principal Officials ..................................................................................................................... xiii FINANCIAL SECTION Independent Auditors’ Report ................................................................................................................... 1 Management's Discussion and Analysis ................................................................................................... 5 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Position ............................................................................................................ 21 Statement of Activities .................................................................................................................. 22 Fund Financial Statements: Balance Sheet - Governmental Funds ......................................................................................... 24 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ............................................................... 27 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds ........................................................................................ 28 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ................................................................................................................................... 31 Statement of Net Position - Proprietary Funds ............................................................................ 32 Statement of Revenues, Expenses and Changes in Fund Net Position- Proprietary Funds ......................................................................................................................... 33 Statement of Cash Flows - Proprietary Funds ............................................................................. 34 Statement of Net Position - Fiduciary Funds ............................................................................... 35 Statement of Changes in Net Position - Fiduciary Funds ............................................................ 36 Notes to Financial Statements ............................................................................................................ 37 CITY OF INDIAN WELLS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2014 TABLE OF CONTENTS Page Number REQUIRED SUPPLEMENTARY INFORMATION Budgetary Comparison Schedules General Fund ............................................................................................................................... 70 Golf Resort Operations ................................................................................................................ 71 Housing Authority ......................................................................................................................... 72 Notes to Required Supplementary Information ............................................................................ 73 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES Combining Balance Sheet – Nonmajor Governmental Funds ........................................................... 78 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds ................................................... 86 Budgetary Comparison Schedules - Special Revenue Funds Traffic Safety ................................................................................................................................ 95 Public Safety ½% Tax .................................................................................................................. 96 Measure “A” Transportation ......................................................................................................... 97 Fire Access Maintenance District No. 1 ....................................................................................... 98 South Coast AQMD Vehicle Registration .................................................................................... 99 Citizens Option for Public Safety Program................................................................................... 100 Gas Tax ........................................................................................................................................ 101 Emergency Services Upgrade ..................................................................................................... 102 AB 939 Recycling ......................................................................................................................... 103 Solid Waste .................................................................................................................................. 104 Consolidated LLMD ...................................................................................................................... 105 Street Lighting District 2001-1 ...................................................................................................... 106 Affordable Housing Operations .................................................................................................... 107 Cooperative Marketing ................................................................................................................. 108 Budgetary Comparison Schedules – Capital Projects Funds Highway 111 Circulation Improvement ........................................................................................ 109 Park Facilities In Lieu ................................................................................................................... 110 Capital Improvements .................................................................................................................. 111 Citywide Public Improvement ....................................................................................................... 112 Art in Public Places ...................................................................................................................... 113 Infrastructure ................................................................................................................................ 114 FF&E and Rolling Stock ............................................................................................................... 115 Golf Course Capital Replacement ............................................................................................... 116 Housing Villas Capital Replacement ............................................................................................ 117 Facilities Capital Replacement ..................................................................................................... 118 CITY OF INDIAN WELLS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2014 TABLE OF CONTENTS Page Number COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES Combining Statement of Net Position – Internal Service Funds ........................................................ 119 Combining Statement of Revenues, Expenses and Changes in Fund Net Position - Internal Service Funds ................................................................................................................. 120 Combining Statement of Cash Flows – Internal Service Funds ......................................................... 121 STATISTICAL SECTION Net Position by Component – Last Ten Fiscal Years ......................................................................... 124 Changes in Net Position – Last Ten Fiscal Years .............................................................................. 126 Fund Balances of Governmental Funds – Last Ten Fiscal Years ...................................................... 128 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years ......................................................................................................................... 130 Tax Revenues by Source – Governmental Funds- Last Ten Fiscal Years ........................................ 132 Assessed Value and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years ........................................................................................................................