Consent Agenda Item No. 2.

A

CITY OF PACIFIC GROVE
300 Forest Avenue, Pacific Grove, California 93950

AGENDA REPORT

TO: FROM: MEETING DATE:

SUBJECT:

CEQA:

HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL CHARLENE WISEMAN, INTERIM CITY MANAGER JIM BECKLENBERG, DIRECTOR OF MANAGEMENT AND BUDGET JANUARY 14, 2009 RECEIVE THE CAPITAL ASSETS REPORT FOR FISCAL YEAR ENDED JUNE 30, 2008 Section 2.14.010 of the Pacific Grove Municipal Code requires the City Manager to present a report to the City Council showing an inventory of the fixed assets of the city each year as of the beginning of the fiscal year. THIS DOES NOT CONSTITUTE A “PROJECT” UNDER CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA) GUIDELINES

RECOMMENDATION: Receive the report. DISCUSSION: Section 2.14.010 of the Pacific Grove Municipal Code (PGMC) requires the City Manager to present a report to the City Council showing an inventory of the fixed assets of the city each year as of the beginning of the fiscal year. PGMC Section 2.14.020 specifies the assets required to be included in the inventory. Criteria include: Such of the following as have a useful life of at least three years, shall be carried, reported and valued on the inventory required by Section 2.14.010: (a) Real property held in fee title by the city, other than structures and improvements thereon and other than land currently used for street and road purposes; (b) Any structures or improvements upon land which have a value of $2,500.00 or more, except for appurtenances to streets and roads; (c) Fixtures which are attached to structures, which are not intended to be removed and which have a value of $2,500.00 or more; (d) Each item of equipment, such as furniture, machines, tools and vehicles constituting movable personal property having a value of $2,500.00 or more; (e) Any replacement of any unit of a structure or improvement to real property which results in an improvement of at least $1,000.00 or twenty percent of the recorded value of the asset, whichever is lower; (f) Any replacement of any unit of any equipment which results in an improvement of at
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Consent Agenda Item No. 2.A

least $2,500.00 of its recorded value; (g) Real property held in fee title by the city upon vacation of any street or road. The fixed asset report also includes assets that Cities have been required to disclose due to the issuance of Statement 34 by the Governmental Accounting Standards Board (GASB) in June 1999 which established new financial reporting requirements for all state and local governments throughout the United States. One major requirement of GASB 34 was to determine the extent to which the City has invested in capital assets such as roads, bridges, and other infrastructure assets. An estimate based upon guidelines established by GASB 34 has been used to determine the amount the City has invested in Infrastructure since 1980. This estimate is recorded in the column labeled “GASB 34 Adjustment.” The City of Pacific Grove was required to be fully compliant with this pronouncement by the close of Fiscal Year 2008. Staff accomplished this goal. The report attached is summarized in the format in which it will be presented in the City’s annual Comprehensive Annual Financial Report (CAFR).

FISCAL IMPACT: None

ATTACHMENTS: Report Attached

RESPECTFULLY SUBMITTED:

REVIEWED BY:

_____________________________________ Jim Becklenberg DIRECTOR OF MANAGEMENT AND BUDGET

_____________________________ Charlene Wiseman INTERIM CITY MANAGER

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Consent Agenda Item No. 2.A

City of Pacific Grove Schedule of Fixed Assets in GASB 34 Format For Fiscal Year Ended June 30, 2008
Balance July 1, 2007 Governmental Activities Capital Assets, not being depreciated Land Construction in Progress Total Capital Assets, Not being depreciated Capital Assets, being depreciated Infrastructure Buildings Improvements Machinery and Equipment Total Capital Assets, being depreciated Less accumulated depreciation for: Infrastructure Improvements Buildings Machinery and Equipment Total Accumulated Depreciation Total Capital Assets, being depreciated, net Governmental Activites capital assets, net Business-Type Activities Capital Assets, not being depreciated Land Total Capital Assets, Not being depreciated Capital Assets, being depreciated Buildings Improvements Machinery and Equipment Sewer Lines Total Capital Assets, being depreciated Less accumulated depreciation for: Buildings Improvements Machinery and Equipment Sewer Lines Total Accumulated Depreciation Total Capital Assets, being depreciated, net Business-Type activities capital assets, net GASB 34 Adjustment Additions/ Adjustments Retirements/ Deletions Balance June 30, 2008

$ 2,338,270 2,338,270

$

-

237,305 237,305

-

2,338,270 237,305 2,575,575

1,931,547 10,988,836 240,692 3,413,712 16,574,787 19,366 63,285 5,589,592 2,230,317 7,902,560 8,672,227 $ 11,010,497

17,263,966 17,263,966 6,658,958 6,658,958 10,605,008 $ 10,605,008 $

38,676 181,493 1,500 134,948 356,617 270,091 11,620 107,456 251,833 641,000 (284,383) (47,078) $

(218,350) (52,983) (271,333) (271,333) (271,333)

19,015,839 11,117,346 242,192 3,548,660 33,924,037 6,948,415 74,905 5,697,048 2,482,150 15,202,518 18,721,519 $ 21,297,094

$

362,973 362,973

-

-

-

362,973 362,973

6,093,799 2,824,748 1,450,797 4,848,853 15,218,197 709,847 1,102,458 1,211,263 636,814 3,660,382 11,557,815 $ 11,920,788 $

$

101,141 145,636 263,931 510,708 83,433 182,793 153,899 123,334 543,459 (32,751) (32,751) $

-

6,093,799 2,925,889 1,596,433 5,112,784 15,728,905 793,280 1,285,251 1,365,162 760,148 4,203,841 11,525,064 $ 11,888,037

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