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Brea, CA 92821
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The Woodlands, TX 77380
(936) 828-4587
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Sacramento, CA 95833
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Laguna Hills, CA 92653
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6 CITY OF REDONDO BEACH
STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2022
Assets:
Current:
Cash and investments $ 9,888,396 $ 2,805,031 $ 3,047,302 $ 14,372,513 Receivables:
Accounts 51,530 - - -
Prepaid costs - - 6,995 -
Restricted:
Cash with fiscal agent 194 467 248 (13)
Total Current Assets 9,940,120 2,805,498 3,054,545 14,372,500 Noncurrent:
Capital assets - net of accumulated depreciation 5,717,416 146,836 908,410 45,361 Total Noncurrent Assets 5,717,416 146,836 908,410 45,361 Total Assets 15,657,536 2,952,334 3,962,955 14,417,861
Deferred Outflows of Resources:
Deferred pension related items 1,266,701 2,651,317 2,612,598 191,045 Deferred OPEB related items 53,411 25,459 54,945 4,000
Total Deferred Outflows of Resources 1,292,160 2,704,728 2,667,543 195,045 Liabilities:
Current:
Accounts payable 140,923 486,675 128,741 1,162,891
Accrued interest 5,087 10,538 10,447 727
Accrued compensated absences 6,644 7,545 36,657 374
Accrued claims and judgments - - - 919,969
Long-term debt - due within one year 42,168 87,348 86,595 6,024 Total Current Liabilities 194,822 592,106 262,440 2,089,985 Noncurrent:
Accrued compensated absences 19,931 22,636 109,972 1,122 Accrued claims and judgments - - - 23,318,210
Long-term debt - due in more than one year 1,224,440 2,536,340 2,514,475 174,920 Net pension liability 653,827 1,585,301 1,438,100 178,316 Net OPEB Liability 76,570 160,634 165,249 12,031
Total Noncurrent Liabilities 1,974,768 4,304,911 4,227,796 23,684,599 Total Liabilities 2,169,590 4,897,017 4,490,236 25,774,584 Deferred Inflows of Resources:
Deferred pension related items 311,871 756,177 685,964 85,055 Deferred OPEB related items 103,467 49,320 106,439 7,750 Total Deferred Inflows of Resources 361,191 859,644 792,403 92,805 Net Position:
Net investment in capital assets 5,717,416 146,836 908,410 45,361 Unrestricted 8,701,499 (246,435) 439,449 (11,299,844)
Total Net Position $ 14,418,915 $ (99,599) $ 1,347,859 $ (11,254,483) Vehicle
Replacement
Building
Occupancy
Information
Technology
Self-Insurance
Program
7 CITY OF REDONDO BEACH
STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2022
Assets:
Current:
Cash and investments
Receivables:
Accounts
Prepaid costs
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 pension related items
Deferred OPEB related items
Total Deferred Outflows of Resources
Liabilities:
Current:
Accounts payable
Accrued interest
Accrued compensated absences
Accrued claims and judgments
Long-term debt - due within one year
Total Current Liabilities
Noncurrent:
Accrued compensated absences
Accrued claims and judgments
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
Total Deferred Inflows of Resources
Net Position:
Net investment in capital assets
Unrestricted
Total Net Position
Totals
$ 982,828 5,278,703 $ 36,374,773 $
- - 51,530
- - 6,995
- 22,938 23,834
982,828 5,301,641 36,457,132
430,343 1,393,224 8,641,590
430,343 1,393,224 8,641,590
1,413,171 6,694,865 45,098,722
- 3,528,825 10,250,486
- 60,073 197,888
- 3,588,898 10,448,374
4,182 32,771 1,956,183
- 14,535 41,334
- 22,604 73,824
- - 919,969
- 120,480 342,615
4,182 190,390 3,333,925
- 67,811 221,472
- - 23,318,210
- 3,498,400 9,948,575
- 1,438,674 5,294,218
- 180,670 595,154
- 5,185,555 39,377,629
4,182 5,375,945 42,711,554
- 402,800 2,241,867
- 116,372 383,348
- 519,172 2,625,215
430,343 1,393,224 8,641,590
978,646 2,995,422 1,568,737
$ 1,408,989 4,388,646 $ 10,210,327 $
Emergency
Communications
Major Facilities
Repair
8 CITY OF REDONDO BEACH
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2022
Operating Revenues:
Sales and service charges $ 3,177,861 $ 3,110,802 $ 4,252,623 $ 6,496,993 Miscellaneous 209,065 - 1,206 -
Total Operating Revenues 3,386,926 3,110,802 4,253,829 6,496,993 Operating Expenses:
Administration and general 1,164,162 1,386,593 583,569 7,987,599 Personnel services 378,700 1,142,993 903,813 195,121
Contractual services 137,289 297,133 1,210,822 272,082
Internal service charges 500,104 261,931 218,348 300,359 Depreciation expense 11,750 1,247,308 58,016 -
Total Operating Expenses 3,189,390 3,338,573 2,974,568 8,755,161 Operating Income (Loss) 197,536 (227,771) 1,279,261 (2,258,168) Nonoperating Revenues (Expenses):
Interest expense (36,925) (76,424) (75,980) (5,316)
Gain (loss) on disposal of capital assets 57,180 - - -
Total Nonoperating
Revenues (Expenses) 20,255 (76,424) ( ( 75,980) 5,316)
Changes in Net Position 217,791 (304,195) 1,203,281 (2,263,484) Net Position:
Beginning of Year 14,201,124 204,596 144,578 (8,990,999) End of Fiscal Year $ 14,418,915 $ (99,599) $ 1,347,859 $ (11,254,483) Vehicle
Replacement
Building
Occupancy
Information
Technology
Self-Insurance
Program
9 CITY OF REDONDO BEACH
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2022
Operating Revenues:
Sales and service charges
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):
Interest expense
Gain (loss) on disposal of capital assets
Total Nonoperating
Revenues (Expenses)
Changes in Net Position
Net Position:
Beginning of Year
End of Fiscal Year
Totals
$ 4,148,630 $ 21,293,982 107,073 $
- - 210,271
4,148,630 21,504,253 107,073
- 44,487 11,166,410
- 465,267 3,085,894
- 379,466 2,296,792
- 540,518 1,821,260
22,691 231,628 1,571,393
1,661,366 22,691 19,941,749
2,487,264 84,382 1,562,504
- (105,164) ( 299,809)
- - 57,180
- (105,164) ( 242,629)
2,382,100 84,382 1,319,875
1,324,607 2,006,546 8,890,452
$ 4,388,646 $ 1,408,989 $ 10,210,327
Emergency
Communications
Major Facilities
Repair
10 CITY OF REDONDO BEACH
STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2022
Cash Flows from Operating Activities:
Cash received from customers and users $ 3,350,015 $ 3,110,802 $ 4,253,829 $ 6,496,993 Cash paid to suppliers for goods and services (2,149,285) (1,930,030) (2, 211,683) (7,278,167) Cash paid to employees for services (3,657,391) (1,727,830) (3, 552,216) (550,157) Net Cash Provided (Used) by Operating Activities (307,845) (2,695,874) (1,510,070) (1,331,331) Cash Flows from Non-Capital
Financing Activities:
Proceed from non-capital debt issued 1,266,608 2,623,688 2,601,070 180,944 Interest paid on non-capital debt (65,886) (31,838) (62,192) (4,589) Net Cash Provided (Used) by
Non-Capital Financing Activities 1,234,770 2,557,802 2,538,878 176,355 Cash Flows from Capital
and Related Financing Activities:
Acquisition and construction of capital assets - (257,577) (39,468) - Principal paid on capital debt - - (96,652) -
Interest paid on capital debt - - (3,341) -
Proceeds from sale of capital assets - 61,695 - -
Net Cash Provided (Used) by
Capital and Related Financing Activities (195,882) - (139,461) - Net Increase (Decrease) in Cash
and Cash Equivalents 731,043 (138,072) 889,347 (1,154,976) Cash and Cash Equivalents at Beginning of Year 9,157,547 2,943,570 2,158,203 15,527,476 Cash and Cash Equivalents at End of Year $ 9,888,590 $ 2,805,498 $ 3,047,550 $ 14,372,500 Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities:
Operating income (loss) $ 197,536 $ (227,771) $ 1,279,261 $ (2,258,168) Adjustments to reconcile operating income (loss)
net cash provided (used) by operating activities:
Depreciation 1,247,308 11,750 58,016 -
(Increase) decrease in accounts receivable - (36,911) - - (Increase) decrease in deferred outflow pension related items (2,311,655) (1,102,605) (2, 274,701) (167,225) (Increase) decrease in deferred outflow OPEB related items ( 967 (1,036) 560) (124) (Increase) decrease in prepaid expense - - 691 -
Increase (decrease) in accounts payable (321,090) ( 118,166 115,744) 246,035 Increase (decrease) in claims and judgments - - - 769,637 Increase (decrease) in net pension liability (944,851) (568,532) (1, 078,908) 877 Increase (decrease) in net OPEB liability (83,621) (45,558) (83,891) (5,881) Increase (decrease) in deferred inflow pension related items 298,855 659,162 729,235 83,167 Increase (decrease) in deferred inflow OPEB related items 54,350 24,762 56,340 4,148 Increase (decrease) in compensated absences (40,917) (2,577) (9,260) (3,797) Total Adjustments (505,381) (2,468,103) (2,789,331) 926,837 Net Cash Provided (Used) by
Operating Activities $ (307,845) $ (2,695,874) $ (1,510,070) $ (1,331,331) Self-Insurance
Program
Vehicle
Replacement
Building
Occupancy
Information
Technology
11 CITY OF REDONDO BEACH
STATEMENT OF CASH FLOWS
INTERNAL SERVICE 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:
Proceed from non-capital debt issued
Interest paid on non-capital debt
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
Proceeds from sale of capital assets
Net Cash Provided (Used) by
Capital and Related Financing 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 deferred outflow pension related items (Increase) decrease in deferred outflow OPEB related items (Increase) decrease in prepaid expense
Increase (decrease) in accounts payable
Increase (decrease) in claims and judgments
Increase (decrease) in net pension liability
Increase (decrease) in net OPEB liability
Increase (decrease) in deferred inflow pension related items Increase (decrease) in deferred inflow OPEB related items Increase (decrease) in compensated absences
Total Adjustments
Net Cash Provided (Used) by
Operating Activities
Totals
$ 4,148,630 $ 107,073 $ 21,467,342
4,182 (1,129,172) (14,694,155)
- (5,175,700) (14,663,294)
(2,156,242) (7, 111,255 890,107)
3,618,880 - 10,291,190
- (90,629) (255,134)
3,528,251 - 10,036,056
( - 4,182) (301,227)
- - (96,652)
- - (3,341)
- - 61,695
( - ( 4,182) 339,525)
1,372,009 1,806,424 107,073
3,929,632 34,592,183 875,755
$ 5,301,641 $ 36,398,607 982,828 $
$ 2,487,264 $ 84,382 $ 1,562,504
22,691 231,628 1,571,393
- - (36,911)
- (3,064,560) (8,920,746)
- 11,100 10,347
- - 691
4,182 (16,441) (84,892)
- - 769,637
- (2,017,947) (4,609,361)
- (148,260) (367,211)
- 370,324 2,140,743
- 50,229 189,829
- (59,579) (116,130)
26,873 (4,643,506) (9, 452,611)
$ (2,156,242) $ (7, 111,255 $ 890,107)
Emergency
Communications
Major Facilities
Repair
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