The current year excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing sources (uses) is
presented below:
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
(amounts expressed in thousands)
Major Funds Nonmajor Funds
Special Debt Capital
General Revenue Service Projects
Fund Fund Fund Funds Total
Revenues 1,987,660 $ 353,850 39,334 31,186 2,412,030
Expenditures (2,071,452) (343,409) (218,717) (88,398) (2,721,976)
Proprietary funds. The County’s proprietary funds provide the same type of information found in the government-wide financial statements,
but in more detail. At the end of the fiscal year, the unrestricted net assets for the Airport were $119,896, Solid Waste $32,420, Water Agency
$56,060, Parking Enterprise $204 and County Transit $946. The internal service funds that are used to account for certain governmental
activities had unrestricted net assets of $13,634.
The Airport System’s total net assets increased by $25,365 during fiscal year ended June 30, 2009 primarily due to a combination of increases
in concession revenue; $2,184; building rent $18,231; and decreases in services and supplies, $4,396.
14
The table below shows actual revenues, expenses and results of operations for the current fiscal year:
Statement of Revenues, Expenses and Changes in Fund Net Assets
Proprietary Funds
(amounts expressed in thousands)
Major Funds Non-Major Funds Internal
Water Parking County Service
Airport Solid Waste Agency Enterprise Transit Totals Funds
Operating revenues $ 118,991 61,653 41,836 2,990 146 225,616 419,865
Operating expens es (109,127) (61,673) (26,148) (10,037) (1,946) (208,931) (417,580)
GENERAL FUND BUDGETARY HIGHLIGHTS
Differences between the Original Budget and the Final Budget resulted in a $1,797 million increase in appropriations and are briefly
summarized as follows:
General Government: The budget for General Government decreased by $18.6 million. Budgets for central finance functions decreased by
$14.8 million during the fiscal year as a result of economic conditions and lower interest expense due to reduced Tax Revenue Anticipation
Notes. Additionally, the Board of Supervisors, Clerk of the Board, County Counsel, Voter Registration and Neighborhood Services
departments were decreased due to reduced local revenues resulting from economic conditions.
Public Assistance: The budget for Public Assistance decreased $6.7 million due to reduced local revenues resulting from economic conditions.
Public Protection: The Public Defender and Conflict Criminal Defender budgets were increased by $5.2 million due to workload issues. The
particularly toward the end of the fiscal year. Reduced local resources resulted in reduced federal and State reimbursement revenues. Also,
reduced demand for public services resulted in reduced revenue collection from charges for sales and services.
Actual expenditures were $91,151 million less than budgetary estimates, primarily due to the accumulation of vacant positions in anticipation
of reductions in the next fiscal year. Also the expenditures in Interagency Procurement (Fund 030) for actual project costs were much less than
had been originally budgeted through the Fixed Asset Acquisition Fund. In addition, caseloads for health, human assistance and in-home
supportive services were less than budgeted.
16
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital assets
Capital assets for the governmental and business-type activities are presented below to illustrate changes from the prior year:
Schedule of Capital Assets
(amounts expressed in thousands)
Increase/
Governmental activities Bus ines s-type activities Total (Decrease)
Percent
2009 2008 2009 2008 2009 2008 of Change
Land 113,113 $ 110,377 $ 84,439 82,911 197,552 193,288 2.21%
Buildings and improvements * 354,406 307,852 561,526 533,988 915,932 841,840 8.80%
Water facility rights 20,335 11,073 20,335 11,073 83.64%
*2008 balance has been adjusted due to Water Utilities GASB 34 prior year contributed capital increasing Infrastructure ($225,156) and
decreasing Buildings and improvements ($10)
The following provides an explanation of significant changes in capital assets:
•
Buildings and improvements – increase is due to Airports Remain Overnight Concrete Aircraft Parking Pad ($12.3). Kiefer Landfill
Liner ($15.3), Carmichael Library ($7.1), Warren E. Thornton Youth Center ($15.3), Juvenile Hall Phase I Expansion ($8.7), and New
Equipment Shop Fleet Services ($12.8).
Additional information on the County’s capital assets can be found in Note 6 on pages 62 – 63.
17
Debt Administration
At June 30, 2009, the County’s governmental activities had long-term obligations, totaling $1.762 billion. County debt issued by the Public
Facilities Financing Corporation included and currently outstanding, $28 million in Refunding Certificates of Participation, Main Jail Detention
Facility, $33 million in Juvenile Courthouse Project Certificates of Participation, $14 million of Certificates of Participation for 2003 ADA
Projects, $6 million of Certificates of Participation for Cherry Island Golf Course, $67 million of Certificates of Participation for
Other significant long-term obligations include $50 million in loan agreements to fund the alternative method of distributing property taxes
(Teeter Plan), and $376 million in bonds issued to eliminate the unfunded pension obligation at July 5, 1995, $97 million in bonds issued to
eliminate unfunded pension obligation at July 15, 2003, $62 million in bonds issued to eliminate the unfunded pension obligation at July 1,
2004, $359 million in bonds issued to eliminate the unfunded pension obligation at March 28, 2008, and $50 million in bonds issued to
eliminate the unfunded pension obligation at June 12, 2009 existing between the County and the Sacramento County Employees’ Retirement
System. The remaining represents various other debt obligations.
The County’s current short-term ratings with Moody’s Investors Services and Standard and Poor’s are MIG-1 and SP1, respectively. The
County currently has no long-term general obligations outstanding. The County does have various long-term (revenue-based) debt obligations,
and the rating of each of these issues is specifically related to the security of the individual issues. Additional information regarding the
County’s long-term debt can be found in Note 10 on pages 71 – 85.
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Economic Factors and Next Year’s Budget and Rates
•
Four major sources of revenue generated from the performance of the economy are:
¾
Property tax revenues decreased by $38.9 million in the Fiscal Year 2009-10 budget, a 10.1 percent decrease. This projection is based
on the Assessor’s experience with the assessed property value roll and appeals to those values by homeowners.
•
The Fiscal Year 2009-10 budget includes an increase in salaries of 2.9 percent for employees represented by employee organizations.
Unrepresented employees received no salary increase and were furloughed one day per month.
•
The Fiscal Year 2009-10 General Fund budget included reductions of $195.0 million. Positions were reduced by approximately 1,600,
resulting in 724 employee layoffs.
•
An unaudited General Fund balance/carryover of $11.6 million was included in the budget. Of this amount, the General Purpose Financing
net improvement was approximately $9.1 million. The remainder was year-end carryover improvements in departmental operations.
Request for Information
19
Intentionally Blank
21
COUNTY OF SACRAMENTO
GOVERNMENT-WIDE
STATEMENT OF NET ASSETS
JUNE 30, 2009
(amounts expressed in thousands)
Page 1 of 2
Asset s:
Current assets:
Cash and investments
Restricted cash and investments
Receivables, net of allowance for uncollectibles:
Noncurrent assets:
Restricted assets
Long-term receivables
Deferred charges
Pension asset
Capital assets:
Primary Government
Governmental
Activities
Business-t ype
Activities Total
1,234,245 $ 268,391
57,612
1,502,636
57,612
192,172
28,464
1,036,635
394,172
18,323
394,172
192,172
46,787
1,036,635
The notes to the basic financial statements are an integral part of this statement.
COUNTY OF SACRAMENTO
GOVERNMENT-WIDE
STATEMENT OF NET ASSETS
JUNE 30, 2009
(amounts expressed in thousands)
Page 2 of 2
Liabilities:
Current liabilities:
Warrants payable
Accrued liabilities
Tax and revenue anticipation notes
Noncurrent liabilities:
Insurance claims payable
Accreted interest
Long-term debt obligations
Compensated absences
Other post employment benefits
Long-term advances from other funds
Endowments:
Expendable
Nonexpendable
Fire protection
Primary Government
Governmental
Activities
Business-type
Activities Total
17,869 $
111,968
440,000
15,702
21,279
33,571
133,247
440,000
120,542
325,640
1,596,800
99,601
5,334
(491)
1,013,857
5,939
405
491
120,542
325,640
2,610,657
105,540
5,739
63
2,000
63
2,000
1,544
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COUNTY OF SACRAMENTO
GOVERNMENT-WIDE
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2009
(amounts expressed in thousands)
Net (Expense) Revenue and Changes in Net Assets
Program Revenues Primary Government
Charges Operating Capital Business–
for Grants and Grants and Governmental Type
Functions/Programs Expenses Services Contributions Contributions Activit ies Act ivities T ot al
Primary government:
Governmental activities:
Public ways and facilities 123,999 53,711 34,352 25,584 (10,352) (10,352)
Recreation and culture 41,194 17,312 9 1,621 (22,252) (22,252)
Education 24,161 298 (23,863) (23,863)
General revenues:
Taxes:
Property 475,629 475,629
Sales / use 69,225 483 69,708
Transient occupancy 5,311 5,311
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COUNTY OF SACRAMENTO
GOVERNMENTAL FUNDS
BALANCE SHEET
JUNE 30, 2009
(amounts expressed in thousands)
Nonmajor
Go v er n m en t a l
Gen er al Funds Total
Assets:
Cash and investments $ 504,016 549,181 1,053,197
Receivables:
Due from other funds 26,200 16,298 42,498
Inventories 603 603
Long-term advances to other funds 23,306 23,306
Long-term receivables 54,178 137,612 191,790
Total assets $ 785,206 756,718 1,541,924
Fund balances:
Reserved for:
Encumbrances 8,107 112,971 121,078
Capital asset acquisitions 26,856 26,856
Assets not available 25,958 54,294 80,252
Total liabilities and fund balances $ 785,206 756,718 1,541,924
The notes to the basic financial statements are an integral part of this statement.
25
COUNTY OF SACRAMENTO
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2009
(amounts expressed in thousands)
Fund balances – total governmental funds $ 586,174
Amounts reported for governmental activities in the statement of net assets
are different because:
Long-term liabilities, including bonds payable, are not due and payable
in the current period and therefore are not reported in the funds. (2,122,351)
Other long-term assets are not available to pay for current-period expenditures
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2009
(amounts expressed in thousands)
Nonmajor
Governmental
Gen er al Funds T otal
Revenues:
Taxes 469,111 $ 81,054 550,165
Miscellaneous 66,911 38,634 105,545
Total revenues 1,987,660 424,370 2,412,030
Expenditures:
Current:
Bond issuance costs 335 335
Interest and fiscal charges 89,150 89,150
Total expenditures 2,071,452 650,524 2,721,976
Excess (deficiency) of revenues over (under) expenditures (83,792) (226,154) (309,946)
Other financing sources (uses):
Fund balances – beginning, as restated 148,135 649,179 797,314
Fund balances – ending 19,388 $ 566,786 586,174
The notes to the basic financial statements are an integral part of this statement.
27
COUNTY OF SACRAMENTO
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2009
(amounts expressed in thousands)
Net change in fund balances – total governmental funds $ (211,140)
Governmental funds report the effect of the pension asset when first paid, whereas the amount is
deferred and amortized in the statement of activities. This is the amortization during the year. (934)
The issuance of long-term debt provides current financial resources to governmental funds, while
repayment of the principal of long-term debt consumes the current financial resources of governmental
funds. Neither transaction, however, has any effect on net assets. Also, governmental funds report
the effect of issuance costs, premiums, discounts, and similar items when debt is first issued, whereas
these amounts are deferred and amortized in the statement of activities. This amount is the net effect of
these differences in the treatment of long-term debt and related items. 49,239
Change in net assets of governmental activities $ (187,438)
The notes to the basic financial statements are an integral part of this statement.
28
Intentionally Blank
29
COUNTY OF SACRAMENTO
GENERAL FUND
STATEMENT OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2009
(amounts expressed in thousands)
Variance with
Final Budget–
Page 1 of 2
Positive
Original Budget Final Budget Actual (Negative)
Reven ues :
Taxes $ 487,906 481,543 469,111 (12,432)
Use of money and property 27,692 21,010 21,394 384
Licenses and permits 11,848 11,848 10,744 (1,104)
Counsel 6,285 5,995 4,827 1,168
Human resources 17,004 16,965 14,791 2,174
Elections 11,228 10,872 8,883 1,989
Other 18,669 17,562 17,176 386
Total general government 138,029 119,466 100,962 18,504
COUNTY OF SACRAMENTO
GENERAL FUND
STATEMENT OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2009
(amounts expressed in thousands)
Page 2 of 2
Variance with
Health and sanitation 645,670 663,201 637,795 25,406
Public ways and facilities 67 67 67
Recreation and culture 11,640 11,668 11,077 591
Education 398 417 386 31
Total expenditures 2,160,806 2,162,603 2,071,452 91,151
COUNTY OF SACRAMENTO
PROPRIETARY FUNDS
STATEMENT OF NET ASSETS
JUNE 30, 2009
(amounts expressed in thousands)
Page 1 of 2
Intergovernmental 11,717 281 1,255 13,253 1,330
Due from other funds 368 215 123 47 753 55,052
Prepaid expenses 12,878 12,878
Inventories 231 231 1,786
Total current assets 239,190 58,505 81,972 1,803 381,470 242,982