Page 15 - 2021 Popular Annual Financial Report
P. 15

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
 Direct Placements   a government  during the fiscal year. However, unlike revenues and
 Private Placement   $649,000    $   -     expenses which are inflows and outflows of resources related to the
 Capital Leases   -      7,120,146   period in which they occur, deferrals are related to future periods.
 Other Debt
 Lease revenue bonds    26,682,981    48,075,413   DEPRECIATION - A reduction in the value of an asset with the passage
 Certificates of participation     19,830,000       -     of time, due in particular to wear and tear.
 Compensated absences    6,762,735    284,022
 Net Pension and OPEB liability     84,170,126    2,468,815   FUND BALANCE: is the excess of total assets as compared to total
 Self insurance claims and judgments    2,661,000       -    liabilities in a governmental fund and are listed under five categories:  glossary
 $140,755,842  $57,948,396  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.
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