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Brea, CA 92821
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The Woodlands, TX 77380
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Sacramento, CA 95833
(916) 503-9691
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Laguna Hills, CA 92653
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SKRQHRUHPDLO)LQDQFH0DLO#UHGRQGRRUJ 6 CITY OF REDONDO BEACH
STATEMENT OF NET POSITION
ENTERPRISE FUNDS
JUNE 30, 2022
Assets:
Current:
Cash and investments $ 12,515,348 $ 3,102,693 $ 20,791,150 $ 1,580,171 Receivables:
Accounts 351,466 333,942 19,313 146,146
Taxes - - 137,783 115,969
Accrued interest 96,928 36,849 60,025 -
Leases 46,974,983 24,050,512 - -
Prepaid costs 30,000 - - -
Due from other governments - - - -
Due from other funds 234,297 - - -
Restricted:
Cash with fiscal agent 926 450 616 194
Total Current Assets 60,203,948 27,524,446 21,008,887 1,842,480 Noncurrent:
Capital assets - net of accumulated depreciation 20,718,761 23,546,410 19,982,081 17,522 Total Noncurrent Assets 20,718,761 23,546,410 19,982,081 17,522 Total Assets 80,922,709 51,070,856 40,990,968 1,860,002 Deferred Outflows of Resources:
Deferred charge on refunding - - 308,493 -
Deferred pension related items 10,010,548 3,415,604 3,293,414 1,285,469 Deferred OPEB related items 83,882 183,781 62,595 30,610 Total Deferred Outflows of Resources 10,194,329 3,499,486 3,664,502 1,316,079 Liabilities:
Current:
Accounts payable 377,766 55,433 267,553 67,441
Accrued interest 39,427 13,082 13,263 5,087
Unearned revenues - - - 42,218
Deposits payable 142,879 82,755 - -
Due to other funds 544,986 - - -
Accrued compensated absences 56,182 2,504 18,879 11,321 Long-term debt - due within one year 326,802 108,432 434,938 42,168 Total Current Liabilities 1,488,042 262,206 734,633 168,235 Noncurrent:
Accrued compensated absences 168,547 7,514 56,637 33,961 Long-term debt - due in more than one year 9,489,410 3,148,560 8,242,360 1,224,440 Net pension liability 7,227,438 3,179,774 1,628,384 811,799 Net OPEB Liability 552,728 252,277 188,255 92,059
Total Noncurrent Liabilities 17,438,123 6,588,125 10,115,636 2,162,259 Total Liabilities 18,926,165 6,850,331 10,850,269 2,330,494 Deferred Inflows of Resources:
Deferred pension related items 2,459,231 1,208,691 776,728 387,223 Deferred OPEB related items 162,494 356,019 121,258 59,296 Deferred lease related items 46,690,613 23,870,549 - -
Total Deferred Inflows of Resources 49,505,863 25,241,734 897,986 446,519 Net Position:
Net investment in capital assets 20,718,761 23,546,410 14,915,504 17,522 Unrestricted (1, 1,966,249 17, 068,133) 991,711 381,546 Total Net Position $ 22,685,010 $ 22,478,277 $ 32,907,215 $ 399,068 Harbor
Tidelands
Harbor
Uplands Wastewater Solid Waste
See Notes to Financial Statements.
7 CITY OF REDONDO BEACH
STATEMENT OF NET POSITION
ENTERPRISE FUNDS
JUNE 30, 2022
Assets:
Current:
Cash and investments
Receivables:
Accounts
Taxes
Accrued interest
Leases
Prepaid costs
Due from other governments
Due from other funds
Restricted:
Cash with fiscal agent
Total Current Assets
Noncurrent:
Capital assets - net of accumulated depreciation
Total Noncurrent Assets
Total Assets
Deferred Outflows of Resources:
Deferred charge on refunding
Deferred pension related items
Deferred OPEB related items
Total Deferred Outflows of Resources
Liabilities:
Current:
Accounts payable
Accrued interest
Unearned revenues
Deposits payable
Due to other funds
Accrued compensated absences
Long-term debt - due within one year
Total Current Liabilities
Noncurrent:
Accrued compensated absences
Long-term debt - due in more than one year
Net pension liability
Net OPEB Liability
Total Noncurrent Liabilities
Total Liabilities
Deferred Inflows of Resources:
Deferred pension related items
Deferred OPEB related items
Deferred lease related items
Total Deferred Inflows of Resources
Net Position:
Net investment in capital assets
Unrestricted
Total Net Position
Totals
$ 37,989,362 - $
- 850,867
- 253,752
- 193,802
71,025,495 -
30,000 -
581,056 581,056
- 234,297
2,498 312
111, 581,368 161,129
1,242,959 65,507,733
65,507,733 1,242,959
176, 1,824,327 668,862
- 308,493
19,092,968 1,087,933
26,036 386,904
19,788,365 1,113,969
1, 624,394 392,587
75,310 4,451
45,799 3,581
- 225,634
37,755 582,741
24,873 113,759
36,897 949,237
3, 731,951 385,067
74,614 341,273
23,176,155 1,071,385
13,247,510 400,115
1, 78,304 163,623
37,928,561 1,624,418
41,313,628 2,356,369
5, 190,852 022,725
50,437 749,504
70,561,162 -
76,333,391 241,289
60,441,156 1,242,959
(902,321) 18,369,052
$ 78,810,208 340,638 $
Transit
See Notes to Financial Statements.
8 CITY OF REDONDO BEACH
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
ENTERPRISE FUNDS
YEAR ENDED JUNE 30, 2022
Operating Revenues:
Sales and service charges $ 821,759 $ 2,165,448 $ 5,417,916 $ 5,273,286 Harbor rentals 6,778,041 4,036,761 - -
Miscellaneous 37,275 11,843 - 276,141
Total Operating Revenues 7,611,643 6,239,484 5,417,916 5,549,427 Operating Expenses:
Administration and general 648,975 585,424 310,858 52,181 Personnel services 4,591,622 2,780,378 708,422 690,497
Contractual services 650,497 426,748 459,791 4,133,366
Internal service charges 989,999 1,283,922 538,353 351,248 Depreciation expense 425,708 499,709 419,108 6,367
Total Operating Expenses 7,306,801 5,576,181 2,436,532 5,233,659 Operating Income (Loss) 304,842 663,303 2,981,384 315,768 Nonoperating Revenues (Expenses):
Intergovernmental 1, - - 000,000 26,067
Interest revenue (43,110) 133,131 (666,571) -
Interest expense (286,754) (95,003) (329,761) (36,926)
Total Nonoperating
Revenues (Expenses) (329,864) 1, ( 038,128 ( 996,332) 10,859) Income (Loss) Before Transfers (25,022) 1,701,431 1,985,052 304,909 and Special Item
Transfers in - - - 4,000
Transfers out (1,651,397) (98,223) - -
Changes in Net Position (123,245) 50,034 1,985,052 308,909 Net Position:
Beginning of Fiscal Year 22,808,255 22,428,243 30,922,163 90,159 End of Fiscal Year $ 22,685,010 $ 22,478,277 $ 32,907,215 $ 399,068 Harbor
Tidelands
Harbor
Uplands Wastewater Solid Waste
See Notes to Financial Statements.
9 CITY OF REDONDO BEACH
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
ENTERPRISE FUNDS
YEAR ENDED JUNE 30, 2022
Operating Revenues:
Sales and service charges
Harbor rentals
Miscellaneous
Total Operating Revenues
Operating Expenses:
Administration and general
Personnel services
Contractual services
Internal service charges
Depreciation expense
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Intergovernmental
Interest revenue
Interest expense
Total Nonoperating
Revenues (Expenses)
Income (Loss) Before Transfers
and Special Item
Transfers in
Transfers out
Changes in Net Position
Net Position:
Beginning of Fiscal Year
End of Fiscal Year
Totals
$ 255 $ 13,678,664
- 10,814,802
25 325,284
280 24,818,750
2, 503,047 100,485
8, 154,292 925,211
8, 3,310,313 980,715
3, 299,918 463,440
1, 137,507 488,399
24, 4,405,077 958,250
(4,404,797) (139,500)
4, 3,265,558 291,625
( - 576,550)
( (32,168) 780,612)
2, 3,233,390 934,463
(1,171,407) 2,794,963
1, 1,512,045 516,045
(1, - 749,620)
2, 340,638 561,388
- 76,248,820
$ 340,638 $ 78,810,208
Transit
See Notes to Financial Statements.
10 CITY OF REDONDO BEACH
STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
YEAR ENDED JUNE 30, 2022
Cash Flows from Operating Activities:
Cash received from customers and users $ 5,854,799 7,319,750 $ 5,393,968 $ $ 5,506,653 Cash paid to suppliers for goods and services (2,495,843) (2,423,728) (1, 804,055) (5,121,223) Cash paid to employees for services (12,639,448) (4,487,799) (4,451,889) (1,830,093) Net Cash Provided (Used) by Operating Activities (7,743,426) (1,128,843) (861,976) (1,444,663) Cash Flows from Non-Capital
Financing Activities:
Cash transfers out (1,651,397) (98,223) - -
Cash transfers in - - - 4,000
Repayment received from other funds - (127,461) - -
Payment made to other funds - - - -
Proceeds from non-capital debt issued 3,256,992 9,816,212 3,302,228 1,266,608 Interest paid on non-capital debt (81,921) (247,327) ( 108,616) (31,839) Cash received from other governments 1,000,000 - - 26,067 Net Cash Provided (Used) by
Non-Capital Financing Activities 9,343,201 2,523,674 3,193,612 1,264,836 Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets (75,909) (743,438) (1, 464,747) - Principal paid on capital debt - - ( 310,000) -
Interest paid on capital debt - - ( 208,431) -
Net Cash Provided (Used) by
Capital and Related Financing Activities (743,438) (75,909) (1,983,178) - Cash Flows from Investing Activities:
Interest received (99,843) ( 100,418 652,507) -
Net Cash Provided (Used) by
Investing Activities (99,843) 100,418 (652,507) -
Net Increase (Decrease) in Cash
and Cash Equivalents 756,494 1,419,340 (304,049) (179,827) Cash and Cash Equivalents at Beginning of Year 11,759,780 1,683,803 21,095,815 1,760,192 Cash and Cash Equivalents at End of Year $ 12,516,274 $ 3,103,143 $ 20,791,766 $ 1,580,365 Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss) $ 304,842 $ 663,303 $ 2,981,384 $ 315,768 Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 425,708 499,709 419,108 6,367
(Increase) decrease in accounts receivable ( (5,768) 6,184 204,122) (42,774) (Increase) decrease in taxes receivable - - (30,132) -
(Increase) decrease in leases receivable (46,974,983) (24,050,512) - - (Increase) decrease in deferred outflow pension related items (3,002,029) (8,785,217) (2, 866,411) (1,122,255) (Increase) decrease in deferred outflow OPEB related items 6,318 2,255 4,702 748 Increase (decrease) in accounts payable (35,164) 172,794 ( 372,290) (531,562) Increase (decrease) in deposits payable ( (1,755) - 600) - Increase (decrease) in unearned revenue - - - -
Increase (decrease) in net pension liability (1,876,451) (1, 103,327 552,378) (403,988) Increase (decrease) in OPEB liability ( (307,051) ( 164,585) 122,763) (52,866) Increase (decrease) in deferred inflow pension related items 1,186,897 2,422,667 742,858 374,277 Increase (decrease) in deferred inflow OPEB related items 78,669 183,128 58,716 30,153 Increase (decrease) in deferred inflow lease related items 23,870,549 46,690,613 - - Increase (decrease) in compensated absences (80,603) 5,792 ( 130,954) (18,531) Total Adjustments (8,048,268) (1,792,146) (3,843,360) (1,760,431) Net Cash Provided (Used) by
Operating Activities $ (7,743,426) $ (1,128,843) $ (861,976) $ (1,444,663) Non-Cash Investing, Capital, and Financing Activities:
Net Amortization of Premium and Deferred Loss $ - - $ 549 $ - $ Harbor
Tidelands
Harbor
Uplands Wastewater Solid Waste
See Notes to Financial Statements.
11 CITY OF REDONDO BEACH
STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
YEAR ENDED JUNE 30, 2022
Cash Flows from Operating Activities:
Cash received from customers and users
Cash paid to suppliers for goods and services
Cash paid to employees for services
Net Cash Provided (Used) by Operating Activities
Cash Flows from Non-Capital
Financing Activities:
Cash transfers out
Cash transfers in
Repayment received from other funds
Payment made to other funds
Proceeds from non-capital debt issued
Interest paid on non-capital debt
Cash received from other governments
Net Cash Provided (Used) by
Non-Capital Financing Activities
Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets
Principal paid on capital debt
Interest paid on capital debt
Net Cash Provided (Used) by
Capital and Related Financing Activities
Cash Flows from Investing Activities:
Interest received
Net Cash Provided (Used) by
Investing Activities
Net Increase (Decrease) in Cash
and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss)
Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation
(Increase) decrease in accounts receivable
(Increase) decrease in taxes receivable
(Increase) decrease in leases receivable
(Increase) decrease in deferred outflow pension related items (Increase) decrease in deferred outflow OPEB related items Increase (decrease) in accounts payable
Increase (decrease) in deposits payable
Increase (decrease) in unearned revenue
Increase (decrease) in net pension liability
Increase (decrease) in OPEB liability
Increase (decrease) in deferred inflow pension related items Increase (decrease) in deferred inflow OPEB related items Increase (decrease) in deferred inflow lease related items Increase (decrease) in compensated absences
Total Adjustments
Net Cash Provided (Used) by
Operating Activities
Non-Cash Investing, Capital, and Financing Activities:
Net Amortization of Premium and Deferred Loss
Totals
$ (17,010) $ 24,058,160
(4,084,258) (15,929,107)
(1,565,266) (24,974,495)
(5,666,534) (16,845,442)
- (1,749,620)
1,512,045 1,516,045
- (127,461)
37,755 37,755
1,108,282 18,750,322
(27,717) (497,420)
2,796,175 3,822,242
21,751,863 5,426,540
- (2,284,094)
- (310,000)
- (208,431)
(2, - 802,525)
- (651,932)
( - 651,932)
1, (239,994) 451,964
36,539,896 240,306
$ 37,991,860 312 $
$ (4,404,797) $ (139,500)
1, 137,507 488,399
- (246,480)
- (30,132)
- (71,025,495)
(945,010) (16,720,922)
37 14,060
71,215 (695,007)
- (2,355)
(17,290) (17,290)
(664,520) (4,394,010)
(42,195) (689,460)
179,515 4,906,214
26,206 376,872
- 70,561,162
(7,202) (231,498)
(1,261,737) (16,705,942)
$ (5,666,534) $ (16,845,442)
$ 549 - $
Transit
See Notes to Financial Statements.
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