HomeMy WebLinkAboutCity of Moreno Valley - Public Financial Reportfinancial
REPORT
popular annual
MORENO VALLEY,CALIFORNIA
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City of Moreno Valley
FINANCIAL & MANAGEMENT SERVICES
about
THIS REPORT
The City of Moreno Valley is pleased to present
the Popular Annual Financial Report (PAFR) for
the fiscal year ended June 30, 2021. This is a
user-friendly annual companion to the Annual
Comprehensive Financial Report (ACFR), making
the City’s finances increasingly transparent and
accessible to all Moreno Valley Residents. As the
second largest city in Riverside County, Moreno
Valley remains as one of the most desirable places
to live in the Inland Empire.
The PAFR is a summary of the financial activities
of the City of Moreno Valley and is drawn
from information found in the 2021 ACFR. Both
reports are available online at www.moval.org.
It is important to note that the financial data in
this report is unaudited, includes information
exclusively on primary government funds and is
presented on a non-GAAP (Generally Accepted
Accounting Principles) basis. This means
that it excludes discrete component unit and
fiduciary fund information, contains condensed
financial information and does not provide all
of the necessary financial statements and note
disclosures required by GAAP standards which
are contained in the ACFR. However, we believe
that the information presented in this PAFR is a
balanced and fair summary of the audited ACFR,
providing our citizens with a good understanding
of the financial health of our city. We thank you for
taking the time to learn about your City’s finances
and your shared commitment to the success and
vibrancy of our growing community and invite
you to access our audited financial statements
and completed ACFR online for more detailed
information on your City’s finances.
We welcome your questions, comments and
suggestions regarding the information of this
report. Contact us at the City of Moreno Valley,
Financial & Mangement Services Department, at
14177 Frederick Street, Moreno Valley, CA 92552-
0805, Tel. 951.413.3021.
City Organization..........................................................................................................3
GFOA Award ......................................................................................................................4
About Moreno Valley ...............................................................................................5
General Fund Reserves & Unassigned Fund Balance ........7
General Fund Revenues ......................................................................................8
Property Tax & Sales Tax .......................................................................................9
General Fund Expenditures ..........................................................................10
Change in Net Position ........................................................................................11
Community Services District ........................................................................12
Moreno Valley Electric Utility ........................................................................13
Long Term Debt .........................................................................................................14
Glossary ................................................................................................................................15
Popular Annual Financial Report | 2
table ofCONTENTS
popular annual
FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2021
CITY OF MORENO VALLEY
FINANCIAL & MANAGEMENT SERVICES
14177 Frederick Street.
Moreno Valley, CA 92552-0805
951.413.3021 | www.moval.org
Los Angeles
MorenoValley
San Francisco
San Diego
vision
To transform our young City into a mature community
that offers its residents and businesses an
unsurpassed quality of life featuring abundant
recreation, desirable private and public services,
varied residential living choices, and well-paying
employment opportunities.
Victoria Baca
MAYOR PRO TEM
DISTRICT 1
Dr. Yxstian A.Gutierrez
MAYOR
Vacant
DISTRICT 2
DavidMarquez
DISTRICT 3
UlisesCabrera
DISTRICT 4
City Manager | City Attorney | City Clerk | Community Development
Economic Development | Financial & Management Services | Fire
Parks & Community Services | Police | Public Works
City of Moreno Valley | 3
city
ORGANIZATION
moreno valley,
CALIFORNIA
RESIDENTS
CITY COUNCIL
CITY DEPARTMENTS
CITY COUNCIL DISTRICTS
The Government Finance Officers Association of
the United States and Canada (GFOA) has given
an Award of Outstanding Achievement in Popular
Annual Financial Reporting to Moreno Valley,
California for its Popular Annual Financial Report
(PAFR) for the fiscal year ended June 30, 2020.
The Award for Outstanding Achievement in Popular
Annual Financial Reporting is a prestigious national
award recognizing conformance with the highest
standards for preparation of state and local
government popular reports.
In order to receive an Award for Outstanding
Achievement in Popular Annual Financial Reporting, a
governmental unit must publish a PAFR, the contents
of which conform to program standards of creativity,
presentation, understandability, and reader appeal.
An Award for Outstanding Achievement in Popular
Annual Financial Reporting is valid for a period of
one year. We believe this report for the fiscal year
ended June 30, 2021 also conforms to the Popular
Annual Financial Reporting requirements, and we
are submitting it to the GFOA for review.
Government Finance Officers Association
Award for Outstanding
Achievement in Popular Annual Financial Reporting
Presented to
City of Moreno Valley
California
For its Annual Financial Report
for the Fiscal Year Ended
2020
Executive Director/CEO
Popular Annual Financial Report | 4
gfoaAWARD
Amazon Fulfillment | March Air Reserve Base
Riverside County Regional Medical Center
Moreno Valley Unified School District | Ross Distribution Center
Harbor Freight Tools | Kaiser Permanente
United Natural Foods (UNFI) | Val Verde Unified School District
Procter and Gamble
Total Residential Connections
6,349
Total Commercial Connections
767
Number of Street Lights
12,252
City of Moreno Valley | 5
animal services
shelter visitors
3,784
principal
employers
population
209,426
median household
INCOME
$71,372
median housing
values
$349,306
participants in
recreation programs
15,464
moreno valley
utility
parks
ACRES
593
lane miles of
streets
1,122
number of
parks
34
aboutMORENO VALLEY
ge
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Number of Building Permits Issued
*Unemployment rate as of 6.30.20. Reflects impacts due to COVID-19.
Building Permits Values
FY
1
9
/
2
0
FY
1
8
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1
9
FY
1
7
/
1
8
FY
1
6
/
1
7
FY
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2
1
FY 19/20
$411,979,489
FY 18/19
$994,631,591
FY 17/18
$904,324,684
FY 16/17
$198,183,426
FY 20/21
$423,162,812
Popular Annual Financial Report | 6
building &
safety
4,149
FY 19/20*
14.9%
FY 18/19
4.7%
FY 17/18
4.8%
FY 16/17
6.0%
FY 20/21
8.8%
4,499 4,369 2,8234,723
unemployment
RATES
aboutMORENO VALLEY
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*Unemployment rate as of 6.30.20. Reflects impacts due to COVID-19.
44%Unassigned
26%OtherCategories
16%Operating ReserveStabilization
14%EconomicUncertaintyReserve
Economic Uncertainty Reserve $11,904,874
Operating Reserve Stabilization $14,285,848
Unassigned $38,201,342
Other Categories $22,193,290
Total Fund Balance $86,585,354
Moreno Valley has been previously ranked as one of
the most fiscally strong cities in the nation. This is due
in part to the adoption of a comprehensive financial
reserve policy. Financial reserves protect against
future economic downturns, which bring unpredictable
shortfalls in tax revenue, and better prepare the City, its
residents and its businesses for a catastrophic natural
disaster.
The General Fund had $38.2 million in unassigned fund
balance, an increase of $12.6 million in comparison
with the prior year. This was primarily due to a delay
in spending related to capital outlay and contractual
services as a result of the pandemic.
GENERAL FUND RESERVES
& UNASSIGNED FUND BALANCE
Economic Uncertainty Reserve - These funds are to be
used during times of severe economic distress such as
recessionary periods, State raids on local resources, or
other impactful unforeseen events which greatly diminish
the financial ability of the City to deliver core services.
Operating Reserve Stabilization- established for the
purpose of providing funds for an urgent catastrophic
event or major disaster that affects the safety of
residents, employees, or property (e.g. earthquake,
wildfires, terrorist attack, etc.)
Unassigned – Established to protect against cash flow
shortfalls related to timing of projected revenue receipts
and to maintain budgeted level of services.
City of Moreno Valley | 7
reserves & unassignedFUND BALANCE
terms FY20/21 FUND BALANCE
34%Property Tax 21%SalesTax
13%UtilityUserTax
13%Other Taxes
10%Charges forServices
9%OtherRevenues
Property Tax $41,211,702
Sales Tax $25,723,709
Utility User Tax $16,361,233
Other Taxes $15,448,743
Charges for Services $12,676,206
Other Revenues* $10,582,906
Total General Fund Revenues $122,004,499* Includes Transfers In
The General Fund is used to account for all financial resources of the City
traditionally associated with government operations that are not required
legally or by sound financial management to be accounted for in another
fund.
The City of Moreno Valley strives to provide our citizens with the very
best value for their dollars while offering the level of services our Citizens
deserve. The Financial and Management Services department is committed
to exceeding these expectations while ensuring the long-term financial
stability and sustainability of the City government. The City’s fiscal year is
July 1 through June 30.
The three largest and most important revenue sources
for the City are Property, Sales, and Utility User Taxes.
These vital taxes represent a relatively stable source
of revenue for the City, which enables it to effectively
manage and provide for critical public services. The
largest revenue source for the City was property taxes
at $41.2 million, which is a 7.2% increase over FY19/20.
Sales taxes provided $25.7 million in revenue, which is a
25.5% increase from the prior year; and Utility User Taxes
generated $16.4 million, a 5.6% increase from the prior
year.
The rest of the City’s general fund revenues came from
a mixture of charges for services and other taxes and
revenues (including transfers in from other funds). Charges
for services are charges and fees collected by the City for
services such as developer services, inspections, animal
services, etc. Charges for services generated $12.7 million,
a 6.1% increase over FY 19/20. Other taxes and fees
include the Transient Occupancy Tax, franchise fees, and
business license gross receipts. Other taxes generated
$15.4 million, a 19.1% increase over last year. The last piece
of general fund revenues include monies collected from
licenses, permits, fines, forfeitures, transfer in, etc. These
revenues generated $10.6 million, which was a 27.7%
decrease from last year primarily driven by a decrease in
use of money and property.
Overall, total general fund revenues reported an increase
of 7% as compared to the prior year, primarily due to
increases in property and sales taxes as well as charges
for other services indicating increased development and
citizens investing in their community.
fy 2020/2021 revenues: $122,004,499
Popular Annual Financial Report | 8
general fundREVENUES
FY 20/21 FUND REVENUES
property TAX
The City’s most significant source of revenue is property tax paid by its residents and businesses.
Property taxes are largely determined by the State of California but also include local (voter
approved) special taxes and any other county or city assessments. The County of Riverside
collects property taxes and disseminates the revenues to various taxing agencies.
how are PROPERTY TAXES DETERMINED?
The County Assessor first determines the value of your property, which is based upon the cash or
market value of your home at the time of purchase. By law, this value increases no more than 2%
per year until the property is sold or any new construction is completed, at which time it must be
reassessed. After the Assessor has determined the property value, the County Auditor-Controller
applies the appropriate tax rates. A typical California property tax bill consists of many taxes and
charges, of which is a 1% general tax levy charged uniformly across the State.
sales TAX
Sales tax collections generated the City’s second highest revenue source in FY 20/21 at $25.7 million.
why shopping locally IS IMPORTANT
Sales tax is a vital source of revenue for the City, used to pay for many critical public services, such
as emergency responders, law enforcement, infrastructure improvements and other government
programs and services. Shopping locally helps keep your tax dollars in your community, and
ensures those dollars are reinvested many times over in everything from police and roads to
trash pick-up and community programs.
where does my SALES TAX GO?
The sales tax rate inside the City limits of Moreno Valley is 7.75% of eligible sales. Of the 7.75%,
6.00% goes to the State of California, with approximately 4% going to the State’s General Fund
and 2% going to State managed funds that support local programs. The remaining 1.75% stays
local, with 1% supporting the City’s General Fund and .75% supporting County of Riverside
transportation funds.
$10
$0
$20
$30
$40
$41$31 $33 $35 $38
FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21FY 2016/17
MI
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$10
$15
$20
$25
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$26$18 $19 $21 $20
City of Moreno Valley | 9
property tax&SALES TAX
PROPERTY TAX REVENUES
SALES TAX REVENUES
STATE GENERAL FUND - 50%Supports a wide variety of programs, including K-12 education, higher education, health and criminal justice programs.
COUNTY TRANSPORTATION FUNDS - 10%Supports traffic congestion relief, traffic safety, and air quality improvement programs. STATE LOCAL REVENUE FUND - 20%Supports various health and social service programs such as probation, mental health, drug and alcohol, and foster care programs.STATE LOCAL PUBLIC SAFETY FUNDS - 7%Supports local public safety programs.
MORENO VALLEY GENERAL FUND - 13%Supports critical local services including public safety and infrastructure.
60%PublicSafety
15%GeneralGovernment
10%CommunityDevelopment9%Other,includingTransfers
6%PublicWorks
Public Safety $63,601,268
General Government $16,044,563
Community Development $10,123,013
Public Works $6,706,293
Other* $9,637,895
Total General Fund Expenditures $106,113,032
* Includes Transfers Out
A total of 60 percent of the City’s expenditures ($63.6 million) went
to public safety which represents a 0.5% decrease from FY 19/20.
Expenditures for other city services included General Government
expenditures of $16 million (12.1% decrease), Community Development
expenditures of $10.1 million (15.1% decrease), Public Works
expenditures at $6.7 million (14.2% decrease) and other expenditures
at $9.6 million (31% increase).
Total expenditures decreased 2.9% to $106.1 million in FY 20/21. This was
largely attributed to a decrease in Community Development, Public Works
and General Government expenditures due to a delay in spending related to
capital outlay and contractual services as a result of the pandemic.
Net position may serve over time as a useful indicator
of a government’s financial position. It is a snapshot of
the City’s entire resources and obligations, or net worth,
at the close of the fiscal year. In the case of the City of
Moreno Valley, net position as a whole increased by 4.3%
from prior year.
Accounting for 76.6% of the City’s net position is its
net investment in capital assets (e.g. land, buildings,
machinery, and equipment). The City uses these capital
assets to provide services to residents; consequently,
these assets are not available for future spending.
Although the City’s net investment in its capital assets is
reported net of related debt, it should be noted that the
resources needed to repay this debt must be provided
from other sources, since capital assets themselves
cannot be used to liquidate the liabilities.
Popular Annual Financial Report | 10
general fundEXPENDITURES
FUND EXPENDITURES
change inNET POSITION
-10.00%
-5.00%
0
5.00%
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FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21FY 2016/17
CITY OF MORENO VALLEY’S NET POSITION (in $000’s)
PERCENTAGE CHANGE IN NET POSITION
GOVERNMENTAL ACTIVITIES BUSINESS-TYPE ACTIVITES TOTAL PRIMARY GOVERNMENT
FY 19/20 FY 20/21 FY 19/20 FY 20/21 FY 19/20 FY 20/21
Current and Other Assets $297,292 $363,441 $36,363 $42,813 $333,655 $406,254
Capital Assets $854,741 $859,793 $74,677 $78,573 $929,418 $938,366
Total Assets $1,152,033 $1,223,234 $111,040 $121,386 $1,263,073 $1,344,620
Deferred Outflows of Resources $12,500 $17,216 $5,440 $5,343 $17,940 $22,559
Current Liabilities $29,994 $68,078 $6,167 $7,375 $36,161 $75,453
Long-Term Liabilities $127,598 $133,016 $58,196 $56,125 $185,794 $189,141
Total Liabilities $157,592 $201,094 $ 64,363 $63,500 $221,955 $264,594
Deferred Inflows of Resources $2,662 $596 $34 $23 $2,696 $619
Net Investment In Capital Assets $807,821 $815,231 $25,754 $29,351 $833,575 $844,582
Restricted $160,920 $170,821 $5,049 $6,070 $165,969 $176,891
Unrestricted $35,538 $52,708 $21,280 $27,785 $56,818 $80,493
Total Net Position $1,004,279 $1,038,760 $52,083 $63,206 $1,056,362 $1,101,966
City of Moreno Valley | 11
CITY OF MORENO VALLEY NET POSITION (IN $000’S)
change inNET POSITION
$10
$0
$20
$30
$35
FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21FY 2016/17
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66%PropertyTax
24%ChargesFor Services
10%Other
CSD REVENUES FY 18/19 FY 19/20 FY 20/21Taxes $11,999 $12,607 $13,097Charges for Services $5,430 $5,148 $4,772 Other* $2,771 $2,878 $2,005
Total Revenues $20,200 $20,633 $19,874 CSD EXPENDITURES FY 18/19 FY 19/20 FY 20/21Community and Cultural $12,779 $12,510 $12,364Public Works $5,932 $6,158 $6,852Other* $88 $383 $70
Total Expenditures $18,799 $19,051 $19,286 Change in Fund Balance $1,401 $1,582 $588
Total Fund Balance $20,268 $21,850 $22,438
* Includes Transfers In/Out
Community Services District (CSD): Is a group of funds
that are used to account for the revenues expended on
various Community Services and is a component unit of
the City of Moreno Valley.
Popular Annual Financial Report | 12
community servicesDISTRICT
Zone A – Parks and Community Services: Provides
citywide park maintenance and recreation
programming.
Landscape Maintenance District (LMD) 2014-
02: Provides funding for the maintenance of public
landscaping throughout the City.
Zone D – Standard Landscaping: Provides
landscaping for residential developments throughout
the City.
Zone E- Extensive Landscaping: Provides
landscaping in major developments within the City.
Zone L – Library Services: Provides library services
to City residents.
Zone C – Arterial Street Lighting: Provides citywide
street lighting on major arterial streets.
Lighting Maintenance District (LMD) 2014-01:
Residential Street Lighting provides the funding
for the operation and maintenance of residential
subdivision street lighting.
Zone M – Medians: Provides maintenance of medians
within the City.
Community Facilities District (CFD) #1:
Provides maintenance of new parks, trails and class
1 bikeways.
Zone S – Sunnymead Boulevard
Maintenance: Provides maintenance of extensive
landscape services for certain improvements
constructed along Sunnnymead Boulevard.
COMMUNITY SERVICES DISTRICT REVENUE
AND EXPENDITURES (IN $000’S)
FY 20/21 REVENUE BY SOURCE
TOTAL NET POSITION
major funds
non-major funds
$20
$0
$40
$60
FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21FY 2016/17
MI
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$63$30 $39 $44 $52
50%OtherExpenses 42%ElectricityPurchased
8%Interest Expense
*Includes “other” revenues such as Interest Revenue, and Contributed Capital
**Includes interest expense and loss on disposal of capital assets
CSD REVENUES FY 18/19 FY 19/20 FY 20/21Taxes $11,999 $12,607 $13,097Charges for Services $5,430 $5,148 $4,772 Other* $2,771 $2,878 $2,005
Total Revenues $20,200 $20,633 $19,874 CSD EXPENDITURES FY 18/19 FY 19/20 FY 20/21Community and Cultural $12,779 $12,510 $12,364Public Works $5,932 $6,158 $6,852Other* $88 $383 $70
Total Expenditures $18,799 $19,051 $19,286 Change in Fund Balance $1,401 $1,582 $588
Total Fund Balance $20,268 $21,850 $22,438
* Includes Transfers In/Out
MVU REVENUES FY 18/19 FY 19/20 FY 20/21
Sales and Service Charges $30,768 $35,475 $39,507
Miscellaneous* $3,538 $3,122 $4,478
Total Revenues $34,306 $38,597 $43,985
MVU EXPENDITURES FY 18/19 FY 19/20 FY 20/21
Electricity Purchased $12,400 $11,707 $13,933
Other Expenses** $14,098 $16,099 $16,465
Interest Expense $2,248 $2,856 $2,464
Total Expenditures $28,746 $30,662 $32,862
Change in Net Position $5,560 $7,935 $11,123
Moreno Valley Electric Utility (MVU): This fund is
an Enterprise Fund which is used to account for
the operations of MVU, with a mission to provide
safe, reliable, and economical electric service to
consumers in the City’s newly developed areas
under the “Greenfield” concept. The City began
serving its first customers in February 2004.
As an Enterprise Fund, MVU generates most of
its revenues from charges for services provided,
much like a business. As such, the primary source
of revenue for MVU is sales and service charges
which saw an 11.4% increase over the prior year.
In total, MVU revenues increased 14.0% to $44.0
million.
Electricity purchases, MVU’s largest expense,
experienced a 19.0% increase over the prior
year. Other operating expenses include cost of
services, depreciation, services and supplies,
and distribution share expenses. These expenses
increased 2.3%, while interest expense saw a
decrease of 13.7%. In total, MVU expenditures
increased 7.2% to $32.9 million.
The Net Position for MVU indicates a positive
percentage change of 21.4% from FY 19/20.
Positive percentage changes in Net Position
indicate that the financial position of the
Moreno Valley Electric Utility has improved.
MVU on the rise
City of Moreno Valley | 13
FY 20/21 ELECTRIC UTILITY EXPENSES
moreno valleyELECTRIC UTILITY MORENO VALLEY UTILITY CHANGES IN NET
POSITION (IN $000’S)
TOTAL NET POSITION
At year-end, the City’s governmental activities had
$140.8 million in bonds, certificates of participation,
compensated absences, Pension and Other Post-
Employment Benefits (OPEB) liability and self-insurance
claims and judgments. FY 20/21 is the fifth year of
recognizing OPEB liability as a result of implementing
GASB 75 in fiscal year 16/17.
In September 2021 the City’s credit rating was upgraded
from A+ to AA- by Standard & Poor’s. A key factor in
achieving and maintaining the strong rating is the
action of City Council and the City Manager to balance
the City’s General Fund budget.
For more information on the City’s debt program, visit
the Investor Relations page on the City’s website.
GovernmentalActivities Business Type ActivitiesOUTSTANDING DEBT FOR THE YEAR ENDED JUNE 30, 2021
$200
$0
$400
$600
FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21FY 2016/17
MI
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$489$439 $422 $518 $500
Direct Placements
Private Placement $649,000 $ -
Capital Leases - 7,120,146
Other Debt
Lease revenue bonds 26,682,981 48,075,413
Certificates of participation 19,830,000 -
Compensated absences 6,762,735 284,022
Net Pension and OPEB liability 84,170,126 2,468,815
Self insurance claims and judgments 2,661,000 -
$140,755,842 $57,948,396
Governments, just like businesses and individuals,
must finance certain purchases with debt. The key is to
match the life of the assets being purchased, with the
term of the debt payments. Accordingly, the City’s debt
is predominantly related to long-lived capital assets.
Local governments issue bonds to pay for large,
expensive, and long-lived capital projects, including
roads and electric utilities. Without issuing debt, these
important infrastructure needs would be unmet. While
local governments can sometimes pay for capital
investments with current revenues, borrowing allows
them to spread the costs across multiple generations
due to their long-term benefit.
why does theCITY BORROW
Popular Annual Financial Report | 14
long termDEBT
DEBT PER CAPITA
gl
o
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a
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y
Direct Placements
Private Placement $649,000 $ -
Capital Leases - 7,120,146
Other Debt
Lease revenue bonds 26,682,981 48,075,413
Certificates of participation 19,830,000 -
Compensated absences 6,762,735 284,022
Net Pension and OPEB liability 84,170,126 2,468,815
Self insurance claims and judgments 2,661,000 -
$140,755,842 $57,948,396
CAPITAL ASSETS – Non-Current Assets that are used in the operation
of the City and have an initial useful life in excess of one year. Examples
of capital assets are buildings, computer equipment, machinery, and
vehicles.
CURRENT ASSETS – Liquid assets of the City such as cash or
receivables; assets that can be liquidated within a short period of time,
usually one year.
CURRENT LIABILITIES – City’s debt and obligations that are due within
a year such as accounts payable, payroll taxes, matured principal
payments, and the likes.
DEFERRED INFLOW (OUTFLOW) OF RESOURCES – Like revenues
and expenses, deferrals represent flows of resources into and out of
a government during the fiscal year. However, unlike revenues and
expenses which are inflows and outflows of resources related to the
period in which they occur, deferrals are related to future periods.
DEPRECIATION - A reduction in the value of an asset with the passage
of time, due in particular to wear and tear.
FUND BALANCE: is the excess of total assets as compared to total
liabilities in a governmental fund and are listed under five categories:
1) Non-spendable: Amounts that cannot be spent because
they are either not in the spendable form or are legally and
contractually required to be maintained intact.
2) Restricted: Amounts that are constrained on the use of
resources by external creditors, grantors, contributors, or
laws or regulations of other governments; or, by law through
constitutional provisions or enabling legislature.
3) Committed: Amounts that can be used only for the specific
purposes pursuant to constraints imposed by formal action
of the government’s highest authority, City Council.
4) Assigned: Amounts that are constrained by the government’s
intent to be used for specific purposes, but are neither
restricted nor committed.
5) Unassigned: the residual amounts that have not been
restricted, committed, or assigned to specific purposes.
GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) - A
collection of commonly-followed accounting rules and standards for
financial reporting.
LONG-TERM DEBT/NON-CURRENT LIABILITIES – Debt and obligations
that are due usually in more than one-year such as bonds payable,
claims payable, landfill post closure, and the likes.
MEDIAN VS. AVERAGE - The median of a set of numbers is that number
where half the numbers are lower and half the numbers are higher. In
the case of real estate, that means that the median is the price where
half the homes sold in any given area that month were less expensive,
and half were more expensive than the median. The average of a set of
numbers is the total of those numbers divided by the number of items
in that set.
NON-CURRENT ASSETS – Assets that cannot be converted to cash
or liquidated in a short period of time such as fixed/capital assets,
inventory, restricted assets, deferred charges, and the likes.
RECEIVABLE(S) - amounts owed from a business, regarded as assets.
City of Moreno Valley | 15
FINANCIAL & MANAGEMENT SERVICES
14177 Frederick Street
Moreno Valley, CA 92552-0805
951.413.3021 | www.moval.org
city of moreno valley
WEBSITEwww.MoVal.org
FACEBOOK cityofmorenovalley INSTAGRAM @cityofmorenovalley
TWITTER@MoValCityHall YOUTUBEmvtv3morenovalley NEXTDOOR.COMThe City of Moreno Valley NIXLE.COMThe City of Moreno Valley
Where to Find the FY 2020/21 PAFR
www.moval.org/2021PAFR