2006-1 Facilities Acquisition Fund acquisition and/or construction of – certain public improvements for the Community Facilities District No. 2006-1. C. Budgetary Basis of Accounting Budgets are adopted bi-annually by the City Council and are prepared for each fund in accordance with its basis of accounting (generally modified accrual). The City Manager is responsible for preparing the budget and for its implementation after adoption. All appropriations lapse at year end. The City Council has the authority to amend the budget during the year. The City maintains budgetary controls to ensure compliance with provisions embodied in the appropriated budget approved by the City Council. The level of budgetary control is established by function and activity within each fund. The City Manager has the authority to transfer appropriations from one function or activity to another within the same fund without Council approval provided such changes would neither have a significant policy impact, nor affect budgeted year-end fund balances. D. Federal, State and Local Assistance The City receives financial assistance from state and federal programs which vary from year to year. Accordingly, compliance with the Single Audit Act of 1984 and implementing regulations issued by the United States Office of Management and Budget (OMB) Circular A-128 will be required in certain years. E. Pension Plan The City is a member of the California Public Employees Retirement System (CalPERS), an agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for cities and school districts in California. Commencing with the valuation of June 30, 2003, mandatory pooling was established for plans with less than 100 active members. As a result, the City was required to participate in a risk pool of other agencies with less than 100 employees. The valuation report as of June 30, 2011, contained two sections: 1) the specific information of the plan including the development of the pooled contribution rate, and 2) the report of the Risk Pool Actuarial Valuation as of June 30, 2011. The City participates in the 2% at 55 pool. F. Long-term Debt The City's long-term debt consists of vested amounts due to employees pursuant to the City's comprehensive annual leave program. G. Community Facilities District Bonds
2006-1 Facilities Acquisition Fund – acquisition and/or construction of certain public improvements for the Community Facilities District No. 2006-1. C. Budgetary Basis of Accounting Budgets are adopted bi-annually by the City Council and are prepared for each fund in accordance with its basis of accounting (generally modified accrual). The City Manager is responsible for preparing the budget and for its implementation after adoption. All appropriations lapse at year end. The City Council has the authority to amend the budget during the year. The City maintains budgetary controls to ensure compliance with provisions embodied in the appropriated budget approved by the City Council. The level of budgetary control is established by function and activity within each fund. The City Manager has the authority to transfer appropriations from one function or activity to another within the same fund without Council approval provided such changes would neither have a significant policy impact, nor affect budgeted year-end fund balances. D. Federal, State and Local Assistance The City receives financial assistance from state and federal programs which vary from year to year. Accordingly, compliance with the Single Audit Act of 1984 and implementing regulations issued by the United States Office of Management and Budget (OMB) Circular A-128 will be required in certain years. E. Pension Plan The City is a member of the California Public Employees Retirement System (CalPERS), an agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for cities and school districts in California. Commencing with the valuation of June 30, 2003, mandatory pooling was established for plans with less than 100 active members. As a result, the City was required to participate in a risk pool of other agencies with less than 100 employees. The valuation report as of June 30, 2011, contained two sections: 1) the specific information of the plan including the development of the pooled contribution rate, and 2) the report of the Risk Pool Actuarial Valuation as of June 30, 2011. The City participates in the 2% at 55 pool. F. Long-term Debt The City's long-term debt consists of vested amounts due to employees pursuant to the City's comprehensive annual leave program. G. Community Facilities District Bonds
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