Audit
reports are dry documents, packed with numbers and written in a
legalese certified public accountants learn in graduate school, so a
look at Yorba Linda's latest finance statements can be a
mind-numbing experience for a layman.
But
within the 80-plus pages of the annual audit of the city's financial
reports for the most recently completed fiscal year are nuggets of
information that many who've paid the taxes and fees that have kept
this city humming for 47 years might find interesting.
The
current audit, conducted by Moss, Levy and Hartzheim, was viewed by
the City Council at a March 3 meeting. The firm found this city's
statements “fairly presented in conformity with generally accepted
accounting principles,” noted city Finance Director Dave Christian.
Here
are some highlights from the audit for the fiscal year ending last
June 30:
--Add
up cash, investments, receivables and capital assets and the city has
more than half a billion dollars worth, $503,897,141 to be exact.
But subtracting liabilities that total $13.9 mill-ion leaves the city
with a total net position less than the half-billion, $489,980,468 to
be exact.
The
largest component of this city's monetary worth is capital assets –
property, plants, equipment and infrastructure, such as roads,
bridges, sidewalks and similar items – valued at more than
one-third of a billion dollars ($376,278,483).
--A
biennial physical condition assessment of one key capital asset –
paved streets – is required by the county Transportation Authority
and was most recently completed June 2014.
“Using
a scale of 0 to 100 with 0 being a badly deteriorated street with
virtually no remaining life, and 100 being a brand new street, it has
been determined that the expenditure required to maintain the overall
condition of the city's streets in 'very good' condition is
approximately $6.6 million per year,” the audit stated.
The
city spent $4.5 million on streets in 2013-14 and earned an
evaluation in the “good” range, which set the current average
pavement condition at 76 out of the 100 maximum.
--The
city has three funds for business-type activities: Black Gold Golf
Club ($5.8 million revenues, $6.1 million expenses); waste disposal
($5.3 million revenues, $5.2 million expenses); and Black
Gold-Community Center catering ($102,000 revenues, $157,000
expenses).
Payoff
of Black Gold construction bonds to save future interest payments
cost the city $14.1 million, with the audit noting the Club “will
eventually pay back the advance… (but) currently, there is no
repayment schedule in place.”
--As
a former independent special district, the library collects separate
property taxes, more than $4.6 million last fiscal year. Add other
income, including rents, fines and contributions, and revenue
approached $5 million. Expenses totaled $3.7 million, and reserves
now stand at $15.1 million to help pay for a new facility.