County of Ventura, California
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
YEAR ENDED JUNE 30, 2009
County Auditor-Controller’s Office
CHRISTINE L. COHEN, Auditor-Controller
THIS PAGE LEFT BLANK INTENTIONALLY
COUNTY OF VENTURA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended June 30, 2009
TABLE OF CONTENTS
INTRODUCTORY SECTION
PAGE
L..e..t.t.e..r.. .o..f. .T..r..a.n..s..m...i.t.t..a.l........................................................................................................................................5..............................................................................................................................C...e.r..t.i.f.i.c..a..t.e.. .o..f. .A...c..h..i.e..v..e..m...e.n..t.. .f.o..r. .E...x..c..e.l.l..e.n..c..e.. .i.n.. .F..i.n..a..n..c..i.a..l. .R...e.p..o..r..t.i.n..g.................................................................1..1..............................................................................................................................L..i..s.t.i.n..g.. .o..f.. .P..r.i.n..c..i.p..a..l. .O...f.f..i.c..i.a..l.s...........................................................................................................................1..2..............................................................................................................................O...r.g..a..n..i.z..a..t.i.o..n.. .C..h..a..r..t.........................................................................................................................................1..3..............................................................................................................................FINANCIAL SECTION
I.n..d..e..p..e..n..d..e..n..t. .A...u..d..i.t.o..r.’..s. .R...e..p..o..r.t. ........................................................................................................................1..5..............................................................................................................................M...a..n..a..g..e..m...e..n..t.’.s.. .D...i.s.c..u..s..s.i.o..n.. .a..n..d.. .A...n..a..l.y..s.i.s.. .(.M....D...&...A... .-. .U...n..a..u..d..i.t.e..d..).....................................................................1..7..............................................................................................................................BASIC FINANCIAL STATEMENTS:
Government-wide Financial Statements:
....S..t.a..t.e..m...e..n..t. .o..f. .N...e..t. .A...s.s..e..t.s..............................................................................................................................3..5..................................................................................................................................S..t.a..t.e..m...e..n..t. .o..f. .A...c..t.i.v..i.t.i.e..s................................................................................................................................3..6..............................................................................................................................Fund Financial Statements:
Governmental Funds:
........B..a..l.a..n..c..e.. .S..h..e..e.t..........................................................................................................................................3..8..............................................................................................................................Reconciliation of the Governmental Funds Balance Sheet to the
............G...o..v..e.r..n..m...e..n..t.-.w...i.d..e.. .S..t.a..t.e..m...e..n..t. .o..f. .N...e..t. .A...s.s..e..t.s. .-.. .G..o..v..e..r..n..m...e.n..t..a.l. .A...c..t.i.v..i.t.i..e.s...............................................4..0......................................................................................................................................S..t.a..t.e..m...e..n..t. .o..f. .R...e..v..e.n..u..e..s..,. .E..x..p..e..n..d..i.t.u..r.e..s..,. .a..n..d.. .C..h..a..n..g..e..s. .i.n.. .F...u..n..d.. .B..a..l.a..n..c..e..s..................................................4..2..............................................................................................................................Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances
............t.o.. .t.h..e.. .G...o..v..e.r..n..m...e..n..t.-.w...i.d..e.. .S..t.a..t.e..m...e..n..t. .o..f. .A...c..t.i.v..i.t.i.e..s.. .-. .G...o..v..e..r.n..m...e..n..t.a..l. .A...c.t..i.v..i.t.i.e..s......................................4..4..............................................................................................................................Proprietary Funds:
........S..t.a..t.e..m...e..n..t. .o..f. .N...e..t. .A...s.s..e..t.s...........................................................................................................................4..5......................................................................................................................................S..t.a..t.e..m...e..n..t. .o..f. .R...e..v..e.n..u..e..s..,. .E..x..p..e..n..s.e..s..,. .a..n..d.. .C..h..a..n..g..e..s. .i.n.. .F...u..n..d.. .N...e.t. .A...s..s.e..t.s......................................................4..6......................................................................................................................................S..t.a..t.e..m...e..n..t. .o..f. .C...a..s.h.. .F..l.o..w...s..........................................................................................................................4..7..............................................................................................................................Fiduciary Funds:
........S..t.a..t.e..m...e..n..t. .o..f. .F..i.d..u..c..i.a..r.y.. .N...e..t. .A...s..s.e..t.s...........................................................................................................4..9......................................................................................................................................S..t.a..t.e..m...e..n..t. .o..f. .C...h..a..n..g..e.s.. .i.n.. .F..i.d..u..c..i.a..r.y.. .N...e..t. .A...s..s.e..t.s........................................................................................5..0..............................................................................................................................Notes to the Basic Financial Statements:
....1.... .S..u..m...m...a..r.y.. .o..f.. .S..i.g..n..i.f..i.c.a..n..t. .A...c..c..o..u..n..t.i.n..g.. .P..o..l.i.c..i.e..s..........................................................................................5..1..................................................................................................................................2.... .C..a..s..h.. .a..n..d.. .I.n..v..e..s.t.m...e..n..t.s..............................................................................................................................5..9..................................................................................................................................3.... .P..r.o..p..e..r..t.y.. .T..a..x..e..s........................................................................................................................................6..4..................................................................................................................................4.... .R...e.c..e..i.v..a..b..l.e..s.............................................................................................................................................6..5..................................................................................................................................5.... .I.n..t.e..r.f..u..n..d.. .T..r..a.n..s..a..c.t..i.o..n..s.............................................................................................................................6..5..................................................................................................................................6.... .C...a.p..i.t..a.l. .A...s..s.e..t.s..........................................................................................................................................6..9..................................................................................................................................7.... .A...c..c.r..u..e.d.. .L...i.a..b..i.l.i.t.i.e..s..................................................................................................................................7..3..............................................................................................................................1
COUNTY OF VENTURA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended June 30, 2009
Table of Contents (Continued)
FINANCIAL SECTION (Cont’d)
PAGE
Notes to the Basic Financial Statements (Cont’d)
.... . .8.... .L..e..a..s.e..s....................................................................................................................................................7..3.................................................................................................................................. . .9.... .L..o..n..g..-..T..e..r.m... .L...i.a..b..i.l.i.t.i.e..s............................................................................................................................7..5..................................................................................................................................1..0.... .N...e..t. .A...s.s..e.t..s./.F..u..n..d.. .B...a..l.a..n..c..e.s......................................................................................................................8..4..................................................................................................................................1..1.... .M...e..d..i.c..a..r.e.. .a..n..d.. .M...e..d..i.-.C...a..l. .P..r..o..g..r.a..m...s.........................................................................................................8..6..................................................................................................................................1..2.... .P..e..n..s.i..o..n.. .P..l.a..n..s........................................................................................................................................8..7..................................................................................................................................1..3.... .O...t.h..e..r. .P..o..s..t.e..m...p..l.o..y..m...e..n..t. .B..e..n..e..f.i.t..s. .(.O...P...E..B...)..............................................................................................9..5..................................................................................................................................1..4.... .T..a..x.. .a..n..d.. .R...e.v..e..n..u..e.. .A...n..t.i.c..i.p..a..t.i.o..n.. .N...o..t.e..s. .P..a..y..a..b..l.e.......................................................................................9..7..................................................................................................................................1..5.... .R..i..s.k.. .M....a.n..a..g..e..m...e..n..t.................................................................................................................................9..7..................................................................................................................................1..6.... .C...o..n..t.i.n..g..e..n..c.i.e..s........................................................................................................................................9..9..................................................................................................................................1..7.... .S..u..b..s..e.q..u..e..n..t. .E...v..e..n..t.s................................................................................................................................9..9..............................................................................................................................REQUIRED SUPPLEMENTARY INFORMATION (OTHER THAN MD&A - Unaudited):
....S..c..h..e..d..u..l.e.. o..f.. .F..u..n..d..i.n..g.. .P..r..o..g..r.e..s.s.. .-. .V...C...E..R...A... .P..l.a..n............................................................................................1..0..1..................................................................................................................................S..c..h..e..d..u..l.e.. .o..f. .F..u..n..d..i.n..g.. .P..r..o..g..r.e..s.s.. .-. .S...u..p..p..l.e.m....e.n..t.a..l. .R...e..t.i.r.e..m...e..n..t. .P..l.a..n.................................................................1..0..2..................................................................................................................................S..c..h..e..d..u..l.e.. .o..f. .E..m...p..l..o..y..e.r.. .C..o..n..t.r..i.b..u..t.i.o..n..s.. .-. .S..u..p..p..l.e..m...e..n..t.a..l. .R...e.t..i.r.e..m...e..n..t. .P..l.a..n......................................................1..0..3..................................................................................................................................S..c..h..e..d..u..l.e.. .o..f. .F..u..n..d..i.n..g.. .P..r..o..g..r.e..s.s.. .-. .M....a..n..a.g..e..m...e..n..t. .R...e..t.i.r.e..e.. .H...e.a..l.t.h.. .B...e..n..e..f.i.t.s.. .P..r.o..g..r..a.m.........................................1..0..4..................................................................................................................................S..c..h..e..d..u..l.e.. .o..f. .F..u..n..d..i.n..g.. .P..r..o..g..r.e..s.s.. .-. .S...u..b..s.i.d..i.z..e..d.. .R...e.t.i..r.e..e. .H...e..a..l.t.h.. .B...e..n..e.f..i.t.s. .P...r.o..g..r.a..m............................................1..0..4..................................................................................................................................B...u..d..g..e.t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e.. .-. .G...e..n..e.r..a..l. .F..u..n..d.......................................................................................1..0..5..................................................................................................................................B...u..d..g..e.t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e.. .-. .R...o..a.d..s.. .F..u..n..d..........................................................................................1..0..6..................................................................................................................................B...u..d..g..e.t.a..r..y.. .C..o..m...p..a..r.i..s.o..n.. .S..c..h..e..d..u..l.e.. .-. .W....a..t.e..r.s.h..e..d.. .P..r..o..t.e..c.t..i.o..n.. .D...i.s.t.r..i.c..t.s. .F..u..n..d...................................................1..0..7..................................................................................................................................B...u..d..g..e.t.a..r..y.. .C..o..m...p..a..r.i..s.o..n.. .S..c..h..e..d..u..l.e.. .-. .F..i.r..e.. .P..r.o..t.e..c..t.i.o..n.. .D...i.s..t.r.i.c..t. .F..u..n..d...............................................................1..0..8..................................................................................................................................N...o..t.e.. .t.o.. .R..e..q..u..i.r..e.d.. .S...u..p..p..l.e.m....e.n..t.a..r..y.. .I.n..f.o..r.m....a.t.i..o..n.. .-. .B...u..d..g..e.t.a..r..y.. .I.n..f.o..r..m...a.t..i.o..n....................................................1..0..9..............................................................................................................................SUPPLEMENTARY INFORMATION:
Combining and Individual Fund Statements and Schedules:
Non-Major Governmental Funds:
........C..o..m....b..i.n..i.n..g.. .B..a..l.a..n..c..e.. .S..h..e..e.t.......................................................................................................................1..1..1......................................................................................................................................C..o..m....b..i.n..i.n..g.. .S..t.a..t.e..m...e..n..t. .o..f. .R...e..v..e.n..u..e..s..,. .E..x..p..e..n..d..i.t.u..r.e..s..,. .a..n..d.. .C..h..a..n..g..e..s. .i.n.. .F...u..n..d.. .B..a..l.a..n..c..e..s..............................1..1..2..............................................................................................................................Non-Major Special Revenue Funds:
............F..u..n..d.. .D...e..s.c..r.i.p..t..i.o..n..s..............................................................................................................................1..1..4..........................................................................................................................................C..o..m...b..i..n..i.n..g.. .B..a..l.a..n..c..e.. .S..h..e..e.t...................................................................................................................1..1..6..........................................................................................................................................C..o..m...b..i..n..i.n..g.. .S..t.a..t.e..m...e..n..t. .o..f. .R...e.v..e..n..u..e..s..,. .E..x..p..e..n..d..i.t.u..r.e..s..,. .a.n..d.. .C...h..a..n..g..e..s. .i.n.. .F...u..n..d.. .B..a..l.a..n..c..e.s...........................1..2..0..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .C..o..u..n..t..y.. .L..i.b..r.a..r..y.. .F..u..n..d...................................................................1..2..4..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .H.... .U.... .D... .G...r..a.n..t..s. .F..u..n..d...................................................................1..2..5..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .L..o..a..n.. .F..u..n..d....................................................................................1..2..6..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .F..i.s..h.. .a.n..d.. .G...a..m...e.. .F..u..n..d....................................................................1..2..7..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .D...o..m...e..s.t.i.c.. .V...i.o..l.e..n..c..e.. .P..r.o..g..r.a..m... .F...u..n..d..............................................1..2..8..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .C..o..u..n..t..y.. .S..e..r.v..i.c..e.. .A..r..e..a.s..................................................................1..2..9..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .W....o..r.k..f.o..r..c.e.. .D...e..v..e..l.o..p..m...e..n..t. .F..u..n..d....................................................1..3..0..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .S..p..a..y../.N...e..u..t.e.r.. .P..r.o..g..r..a.m....................................................................1..3..1..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .I.n..m...a..t.e.. .W....e.l..f.a..r.e.. .F..u..n..d...................................................................1..3..2..............................................................................................................................2
COUNTY OF VENTURA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended June 30, 2009
Table of Contents (Continued)
FINANCIAL SECTION (Cont’d)
PAGE
............B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .R..e..d..e..v..e..l.o..p..m...e..n..t. .A...g..e..n..c.y.. .-.. .P..i.r.u.. .P..r..o..j.e..c.t........................................1..3..3..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .I.n..-.H...o..m...e.. .S..u..p..p..o..r..t.i.v..e.. .S..e..r.v..i.c..e..s. .-.. .P..u..b..l.i.c.. .A...u..t.h..o..r.i.t.y........................1..3..4..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e.. .-. .D...e..p..a.r..t.m...e..n..t. .o..f. .C...h..i.l.d.. .S..u..p..p..o..r..t. .S..e..r.v..i.c..e..s.......................................1..3..5..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .S..t.o..r.m....w..a..t.e..r.-..U...n..i.n..c..o..r.p..o..r.a..t.e..d........................................................1..3..6..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e.. .-. .M...e..n..t.a..l. .H...e..a..l.t.h.. .S..e..r.v..i.c..e..s. .A...c..t........................................................1..3..7..............................................................................................................................Non-Major Debt Service Funds:
............F..u..n..d.. .D...e..s.c..r.i.p..t..i.o..n..s..............................................................................................................................1..3..9..........................................................................................................................................C..o..m...b..i..n..i.n..g.. .B..a..l.a..n..c..e.. .S..h..e..e.t...................................................................................................................1..4..0..........................................................................................................................................C..o..m...b..i..n..i.n..g.. .S..t.a..t.e..m...e..n..t. .o..f. .R...e.v..e..n..u..e..s..,. .E..x..p..e..n..d..i.t.u..r.e..s..,. .a.n..d.. .C...h..a..n..g..e..s. .i.n.. .F...u..n..d.. .B..a..l.a..n..c..e.s...........................1..4..1..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .R..e..d..e..v..e..l.o..p..m...e..n..t. .A...g..e..n..c.y.. .-.. .P..i.r.u.. .P..r..o..j.e..c.t........................................1..4..2..............................................................................................................................Non-Major Capital Projects Funds:
............F..u..n..d.. .D...e..s.c..r.i.p..t..i.o..n..s. ..............................................................................................................................1..4..3..........................................................................................................................................C..o..m...b..i..n..i.n..g.. .B..a..l.a..n..c..e.. .S..h..e..e.t. ..................................................................................................................1..4..4..........................................................................................................................................C..o..m...b..i..n..i.n..g.. .S..t.a..t.e..m...e..n..t. .o..f. .R...e.v..e..n..u..e..s..,. .E..x..p..e..n..d..i.t.u..r.e..s..,. .a.n..d.. .C...h..a..n..g..e..s. .i.n.. .F...u..n..d.. .B..a..l.a..n..c..e.s.. .........................1..4..5..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e. .-.. .R..e..d..e..v..e..l.o..p..m...e..n..t. .A...g..e..n..c.y.. .-.. .P..i.r.u.. .P..r..o..j.e..c.t........................................1..4..6..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e.. .-. .J.u..v..e..n..i.l.e.. .J..u..s.t.i..c.e.. .C...o..m...p..l.e..x............................................................1..4..7..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e.. .-. .J.u..v..e..n..i.l.e.. .J..u..s.t.i..c.e.. .C...o..m...p..l.e..x.. .-. .C...o..u..r.t.h..o..u..s..e......................................1..4..8..........................................................................................................................................B..u..d..g..e..t.a..r.y.. .C...o..m...p..a..r.i.s..o..n.. .S..c..h..e..d..u..l.e.. .-. .S..a..n..t.a.. .R..o..s..a.. .R..o..a..d.. .A...s..s.e..s..s.m...e..n..t. .D...i.s..t.r.i.c..t........................................1..4..9..............................................................................................................................Non-Major Permanent Fund:
............F..u..n..d.. .D...e..s.c..r.i.p..t..i.o..n................................................................................................................................1..5..1.........................................................................................................................................B...u..d.g..e..t.a..r.y.. .C..o..m...p.a..r.i.s..o..n. .S..c..h..e.d..u..l.e.. .-. .G...e.o..r.g..e.. .D.... .L..y..o..n.. .B..o..o..k.. .F..u.n..d....................................................1..5..2..............................................................................................................................Non-Major Enterprise Funds:
........F..u..n..d.. .D...e..s.c..r.i.p..t..i.o..n..s..................................................................................................................................1..5..3......................................................................................................................................C..o..m....b..i.n..i.n..g.. .S..t.a..t.e..m...e..n..t. .o..f. .N...e..t. .A...s.s..e..t.s. ......................................................................................................1..5..4......................................................................................................................................C..o..m....b..i.n..i.n..g.. .S..t.a..t.e..m...e..n..t. .o..f. .R...e..v..e.n..u..e..s..,. .E..x..p..e..n..s.e..s..,. .a..n..d. .C...h..a..n..g..e..s. .i.n.. .F...u..n..d.. .N..e..t. .A...s..s.e..t.s.. ................................1..5..5......................................................................................................................................C..o..m....b..i.n..i.n..g.. .S..t.a..t.e..m...e..n..t. .o..f. .C...a.s..h.. .F..l.o..w...s.. ....................................................................................................1..5..6..............................................................................................................................Internal Service Funds:
........F..u..n..d.. .D...e..s.c..r.i.p..t..i.o..n..s. .................................................................................................................................1..5..7......................................................................................................................................C..o..m....b..i.n..i.n..g.. .S..t.a..t.e..m...e..n..t. .o..f. .N...e..t. .A...s.s..e..t.s.......................................................................................................1..5..8......................................................................................................................................C..o..m....b..i.n..i.n..g.. .S..t.a..t.e..m...e..n..t. .o..f. .R...e..v..e.n..u..e..s..,. .E..x..p..e..n..s.e..s..,. .a..n..d. .C...h..a..n..g..e..s. .i.n.. .F...u..n..d.. .N..e..t. .A...s..s.e..t.s.. ................................1..6..0......................................................................................................................................C..o..m....b..i.n..i.n..g.. .S..t.a..t.e..m...e..n..t. .o..f. .C...a.s..h.. .F..l.o..w...s.. ....................................................................................................1..6..2..............................................................................................................................Fiduciary Funds:
........F..u..n..d.. .D...e..s.c..r.i.p..t..i.o..n..s. .................................................................................................................................1..6..5..............................................................................................................................Investment Trust Fund:
............S..c..h..e.d..u..l..e. .o..f.. .F..i.d..u..c..i.a..r.y.. .N...e..t. .A...s.s..e..t.s.......................................................................................................1..6..6..........................................................................................................................................S..c..h..e.d..u..l..e. .o..f.. .C..h..a..n..g..e..s. .i..n.. .F..i.d..u..c..i.a..r.y.. .N...e..t. .A...s.s..e..t.s....................................................................................1..6..7..............................................................................................................................Agency Funds:
............S..c..h..e.d..u..l..e. .o..f.. .C..h..a..n..g..e..s.. .i.n.. .A...s.s..e.t..s. .a..n..d.. .L..i.a..b..i.l.i..t.i.e..s...................................................................................1..6..8..................................................................................................................................C...a.p..i.t..a.l. .A...s..s.e..t.s.. .U...s.e..d.. .i.n.. .t.h..e.. .O...p..e..r.a..t.i.o..n.. .o..f. .G...o..v..e..r.n..m....e.n..t..a.l. .F...u..n..d..s..................................................................1..6..9......................................................................................................................................S..c..h..e..d..u..l.e. .b..y.. .S...o..u..r.c..e................................................................................................................................1..7..0......................................................................................................................................S..c..h..e..d..u..l.e. .b..y.. .F...u..n..c.t..i.o..n.. .a.n..d.. .A...c..t.i.v..i.t..y.. .......................................................................................................1..7..1......................................................................................................................................S..c..h..e..d..u..l.e. .o..f.. .C..h..a..n..g..e..s.. .b..y.. .F..u..n..c..t.i.o..n.. .a..n..d.. .A..c..t.i.v..i..t.y......................................................................................1..7..2..............................................................................................................................3
COUNTY OF VENTURA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended June 30, 2009
Table of Contents (Continued)
STATISTICAL SECTION (Unaudited)
PAGE
....N...a.r..r.a..t.i.v..e.. .S..u..m...m...a..r.y.. ...................................................................................................................................1..7..3..............................................................................................................................Financial Trends:
........N...e.t.. .A..s..s..e.t.s.. .b..y.. .C...o..m...p..o..n..e.n..t.. .....................................................................................................................1..7..4......................................................................................................................................C..h..a..n..g..e..s.. .i.n.. .N...e.t. .A...s..s.e..t.s.. ...........................................................................................................................1..7..6......................................................................................................................................F..u..n..d.. .B...a.l..a.n..c..e..s.,. .G...o..v..e..r.n..m....e.n..t.a..l. .F...u..n..d..s.....................................................................................................1..8..0......................................................................................................................................C..h..a..n..g..e..s.. .i.n.. .F..u..n..d.. .B...a.l.a..n..c..e..s.,. .G...o..v..e..r.n..m...e..n..t.a..l. .F..u..n..d..s.. .................................................................................1..8..2..............................................................................................................................Revenue Capacity:
........A...s.s..e..s.s..e.d.. .V...a..l.u..e.. .a..n..d.. .A...c..t.u..a.l.. .V..a..l.u..e.. .o..f. .T...a..x..a..b..l.e. .P...r.o..p..e..r.t.y.. ........................................................................1..8..4......................................................................................................................................D...i.r.e..c..t. .a..n..d.. .O..v..e..r..l.a.p..p..i..n..g.. .P..r.o..p..e..r.t.y.. .T...a..x.. .R..a..t.e..s...........................................................................................1..8..5......................................................................................................................................P..r.i.n..c..i.p..a..l. .P..r..o..p..e..r.t.y.. .T..a..x.. .P...a.y..e..r.s.................................................................................................................1..8..6......................................................................................................................................P..r.o..p..e..r.t..y.. .T..a..x.. .L..e..v..i.e..s. .a..n..d.. .C...o..l.l.e..c..t.i.o..n..s......................................................................................................1..8..7..............................................................................................................................Debt Capacity:
........R..a..t.i.o..s.. .o..f. .O...u..t.s..t.a..n..d..i.n..g.. .D...e..b..t. .b..y.. .T..y..p..e.......................................................................................................1..8..8......................................................................................................................................L..e..g..a..l. .D...e..b..t. .M...a..r.g..i.n.. .I..n..f.o..r.m...a..t.i.o..n...............................................................................................................1..8..9......................................................................................................................................D...e.b..t../.R..e..v..e..n..u..e.. .C..o..v..e..r.a..g..e..........................................................................................................................1..9..0..............................................................................................................................Demographic and Economic Information:
........D...e.m....o..g..r.a..p..h..i.c.. .a.n..d.. .E...c..o..n..o..m...i.c.. .S..t.a..t.i.s.t..i.c.s....................................................................................................1..9..2......................................................................................................................................P..r.i.n..c..i.p..a..l. .E...m...p..l.o..y..e..r.s...............................................................................................................................1..9..3..............................................................................................................................Operating Information:
........F..u..l.l.-..T..i.m...e.. .E..m...p..l..o..y..e.e..s.. .b..y.. .F..u..n..c..t.i.o..n..........................................................................................................1..9..4......................................................................................................................................O...p..e.r..a..t.i.n..g.. .I.n..d..i.c..a..t.o..r.s.. .b..y.. .F..u..n..c..t.i.o..n../.P..r..o..g..r.a..m..............................................................................................1..9..6......................................................................................................................................C..a..p..i.t.a..l. .A...s..s.e..t. .S...t.a.t..i.s.t.i.c..s.. .b..y.. .F..u..n..c..t.i.o..n........................................................................................................1..9..8..............................................................................................................................4
November 30, 2009
To the Citizens of Ventura County:
The Comprehensive Annual Financial Report (CAFR) of the County of Ventura (County) for the fiscal year
ended June 30, 2009, is hereby submitted in compliance with Sections 25250 and 25253 of the Government
Code of the State of California.
Management assumes full responsibility for the completeness and reliability of the information contained in
this report, based upon a comprehensive framework of internal control that it has established for this purpose.
Because the cost of internal control should not exceed anticipated benefits, the objective is to provide
reasonable, rather than absolute, assurance that the financial statements are free of any material
misstatements.
Vavrinek, Trine, Day & Co., LLP has issued an unqualified (“clean”) opinion on the County of Ventura’s
financial statements for the year ended June 30, 2009. The independent auditor’s report is located at the front
of the financial section of this report.
Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s report and
provides a narrative introduction, overview, and analysis of the basic financial statements. The MD&A
complements this letter of transmittal and should be read in conjunction with it.
Profile of the Government
The County of Ventura (County), approved by the State Legislature on March 22, 1872, effective January 1,
1873, was created out of the southeasterly portion of Santa Barbara County and covers an area of 1,873 square
miles. It is bordered on the north by Kern County, on the northwest by Santa Barbara County, on the east by
Los Angeles County, and on the south and southwest by the Pacific Ocean along 42 miles of coastline. There
are ten incorporated cities within its borders: Ventura, Ojai, Oxnard, Port Hueneme, Camarillo, Santa Paula,
Fillmore, Thousand Oaks, Moorpark and Simi Valley with a combined population including the
unincorporated area of 836,080. The largest employment segments comprising over 80 percent of the total
employment distribution include service industries, retail, government, manufacturing, and agriculture and
food production. With its mild climate, geographical diversity including beaches and pristine and rugged
wilderness, year-round recreational and cultural opportunities, and a reputation as one of the safest populated
areas in the country, the County is a popular tourist destination.
The County is a General Law County with policymaking, budget approval, and legislative authority, vested in
a five-member Board of Supervisors. The supervisors are elected on a nonpartisan basis by geographic
districts for four-year staggered terms. Two or three supervisors are elected in alternating two year elections.
5
The Board appoints the County Executive Officer who generally appoints the non-elected department heads
that are not otherwise appointed by law. The County’s elected department heads are the Assessor, Auditor-
Controller, Clerk and Recorder, District Attorney, Sheriff, and Treasurer-Tax Collector. An organization
chart and a listing of elected and appointed department heads are provided in the introductory section of this
report.
With 7,822 full-time employees in June 2009, the County provides a full range of services, including general
government (administration, central services, elections, and plant acquisition), public protection, (law
enforcement, fire protection, watershed protection, County portion of judicial, and detention), public ways and
facilities (construction and maintenance of roads), health and sanitation (public, behavioral, and
environmental health), public assistance, and education (libraries). In addition, enterprise funds account for
the operations of the Medical Center, Health Care Plan, two airports, Channel Islands Harbor, Waterworks
Districts (sanitation and water services), and Parks (recreational activities). The financial reporting entity
includes all funds of the primary government (County of Ventura as legally defined), as well as all of its
legally separate component units. The component units are reported as blended when they are in substance
part of the primary government or discretely presented in a separate column on the government-wide financial
statements to emphasize that they are legally separate from the primary government. Note 1 of the Notes to
the Basic Financial Statements provides more information on the reporting entity.
As required by state law, the County adopts a final budget no later than August 20 each year, generally in
June. This annual budget serves as the foundation for the County’s financial planning and control. Budgets
are adopted for governmental and proprietary funds. The legal level of budgetary control is maintained at the
department/budget unit and object level of expenditures, except capital assets which are controlled at the sub-object
level. Appropriation transfers between departments must be approved by the Board. Supplemental
appropriations normally financed by unanticipated revenues during the year must also be approved by the
Board. The Board has delegated authority to the County Executive Officer to approve appropriation transfers
between object levels within the same department.
Unencumbered and unexpended appropriations lapse at the end of each fiscal year and become available to
finance the next year’s budget. Encumbered appropriations are re-appropriated in the next year’s budget.
Encumbrances outstanding at year-end are recorded as reservations of fund balance in the governmental
funds.
Local Economy
Historically, Ventura County has been closely allied with the economy of Southern California, and, for the
calendar year 2009, the outlook for growth is sluggish. The County’s traditional economic strength in
agriculture, food processing, and mineral production is supplemented by the prominence of the service
industry, small manufacturing businesses, the electronics industry, tourism, the biotechnology giant, Amgen,
and the military presence of the Naval Base Ventura County at Port Hueneme and Point Mugu.
 Commercial and Agricultural Activity
Retail sales for 2007-08 increased 5.4 percent over the prior year with an outlook that is not promising.
Numerous projects are in various stages of planning and development in all areas of the County but have
not yet broken ground. These include hotels, big box stores and related shopping centers. Of the 21.6
million square feet of retail space available in Ventura County about 2.2 million square feet or 10.2
percent is vacant. Available retail space increased only about 500,000 square feet in the last year. The
Camarillo Promenade expansion opened in April 2009 and added 250,000 square feet of new retail and
restaurant space to the Camarillo Outlet Center. A slow down in home construction in the RiverPark
Development and delays in the related retail center are the results of continuing difficulties in the housing
6
market and general economic conditions. A recent decertifying of levees protecting a portion of the
RiverPark development has also contributed to the slowdown.
The Port of Hueneme saw annual revenues fall roughly 20 percent last year because of its reliance on
vehicle imports. Vehicles account for 48 percent of the port's revenue. The district projected operating
revenue for the 2008-2009 fiscal year to be $10 million and revenue projections to be flat through 2012.
The region’s crop totals exceeded $1.613 billion in 2008. The leading crops of strawberries and nursery
stock with sales of $393.5 and $298.7 million, respectively, far exceeded traditional crops of lemons and
celery with sales of $250.7 and $160.7 million, respectively.
 Academic Activity
California State University, Channel Islands (CSUCI) opened in 2002 and is accredited by the Western
Association of Schools and Colleges. Located on 833 acres it is one of the largest campuses in land size
in the 23 campus California State University System. CSUCI offers undergraduate degrees in 22 areas of
study, teacher credentials in six disciplines and graduate degrees in six areas of study. The University had
over 4,400 students, faculty and staff for fall term 2008. The John Spoor Broome Library has 137,000
square feet of space, 75,000 bound volumes, more than 180,000 electronic books and can accommodate
1,800 users at one time. Construction of a University Student Union broke ground in November 2008.
The three Ventura County Community College campuses have a current enrollment of 37,435 students,
over 3,000 courses in 100 majors available in day, evening, weekend and online classes.
 Income and Unemployment
According to the University of California, Santa Barbara report for Ventura County, median family
income for 2009 was projected at $83,600, a decrease of 0.4 percent from the prior year.
The county’s unemployment rate in June 2009 of 10.3 percent was up from 6.6 percent in the prior year
and compares with California and the nation at 12.1 percent and 9.7 percent, respectively. Information
about the county’s principal employers and workforce sizes is provided in the statistical section of this
report.
 Real Estate
The number of sales rose and prices have decreased when comparing June 2009 to June 2008. The
number of June sales rose by 10.0 percent from 767 a year ago to 844 in June of 2009. The composite
median sales price for new and existing homes and condominiums of $365,000, in June 2009, reflects a
loss of 13.0 percent, compared to the loss of 27.8 percent in June 2008. The median sales price in
California and the nation in June 2009 were $274,740 and $174,100, respectively.
Housing affordability for the second quarter of 2009 was 59 percent, an improvement from 50 percent in
June 2008. Despite this improvement, availability of affordable housing continues to be a critical
economic factor which may impact future job growth. Some mitigating factors are the desirability of
living in Ventura County due to its strong public safety presence, quality of life, climate, relatively clean
air, and proximity to the Los Angeles metropolitan area.
7
Major Initiatives
 The FY 2009-10 State Budget was signed by Governor Schwarzenegger on July 28, 2009. The budget of
$86.6 billion in expenditures included $489 million in line item expenditure reductions, resulting in a total
$18.8 billion decrease from the prior year’s budget, although the State still has a number of outstanding
issues with budgetary implications that need to be resolved. The Legislative Analyst’s Office forecast
shows that the State must address a $20.7 billion problem between now and the time the Legislature
enacts a 2010-11 State budget plan. The County will continue to monitor developments at the State level,
making budgetary adjustments as needed.
 The assessed value of taxable property in the County fell by more than 2.3 percent in the last year. The
2009-2010 assessment role contains $104.35 billion of taxable property value, a $2.5 billion decrease
from last year’s total of $106.85 billion, with reduced assessments on more than 64,000 properties.
 One of the financial and operational issues faced by the County is the projected increase in the retirement
contribution rate. The current economic decline resulted in significant losses in the market value of assets
in the retirement plan as of June 30, 2009. Declines in asset values increase the actuarial cost of the
retirement plan, thereby increasing contribution rates. It is anticipated that retirement contributions may
increase by $20 million next fiscal year. Negotiations are underway to mitigate the effects of the
increased contribution rate.
 The American Recovery and Reinvestment Act (ARRA) of 2009 was signed into law by President Obama
on February 17, 2009. The $787 billion stimulus package was designed to strengthen the economy, create
jobs, and fund a variety of local and regional projects. As of September 30, 2009, $48 million was
awarded to Ventura County Agencies, including $14 million in grants and loans for the Piru Wastewater
Treatment Plant, $8 million for the El Rio Sewer Project, $7.7 million of Workforce Investment Act
funding and $5.2 million for Transportation projects. Additional information can be found at
Recovery.CountyofVentura.org.
 In June of 2008, the County instituted the Service Excellence Program, a county-wide initiative for
business process improvement utilizing the Lean Six Sigma methodology. Lean Six Sigma is a
recognized state-of-the-art method to maximize value by eliminating waste and reducing variation. The
Service Excellence Council, comprised of various agency amd department heads, provides oversight, acts
as a coordinating body and identifies county-wide service areas and processes for improvement. The
completion of over 70 process improvement actions during fiscal year 2008-09 resulted in over $1.4
million in value.
 The Federal Emergency Management Agency (FEMA) is in the process of producing Flood Insurance
Study reports (FIS) and Digital Flood Insurance Rate Maps (FIRMs) for communities across the nation as
part of the National Flood Insurance Program Map Modernization Program. In 2005, FEMA also initiated
congressionally mandated efforts nationwide to require local levee owners and operators, such as the
Ventura County Watershed Protection District (District), to certify that any of their levees depicted on the
current effective FIRMs as providing adequate protection against a 1 percent annual chance flood
(formerly known as a 100-year flood) continue to provide such flood-protection. The District has been
working closely and collaboratively with FEMA and United States Army Corps of Engineers to inventory,
classify, assess and ultimately correct the deficiencies on levees within its jurisdiction. The District's
planning-level cost estimate of attaining full compliance with the Federal levee certification requirements
8
found in 44 CFR 65.10 for all eleven of its levees subject to these requirements is in excess of $132
million. The District's infrastructure investment of Federal-State-Local funds in this amount will help
avoid $589 million in projected flood damages, thereby achieving a minimum of Return-on-Infrastructure
Investment (Rofl2) of 4:1.
 Effective September 30, 2008, the County executed Transfer of Responsibility Agreements with the
Administrative Office of the Courts for the Hall of Justice and the East County Courthouse, capping the
County’s financial obligation to provide court facilities. Going forward, the County will only be
responsible for ongoing maintenance of effort payments to the State based on historical costs of operation.
Long-term Planning
 General Fund reserves and designations in the 2009-10 adopted budget totaled $125.9 million, an increase
of $22.4 million from the prior year adopted budget, including an increase in the Designation for
Subsequent Year Financing of $26.0 million, based on estimated year-end fund balance. Reserves and
designations play an important role in preserving the County's overall financial health including;
strengthening the County's overall financial position including cash with an emphasis toward upgrading
our debt rating and consequently lowering our borrowing costs, preparing the County for future capital
needs, establishing the ability to fund expenses such as litigation costs and audit disallowances without
affecting operations; and shield the County against extraordinary events and significant fluctuations in
revenue.
 The 2009-10 Five-Year Capital Improvement Plan (Plan) was updated through a process involving the
review by all County departments of capital and major equipment needs and includes five high priority
project requests pending identification of funding sources. Requests are submitted to the Capital Planning
Committee for review and prioritization as noted below. Projects are prioritized by a ranking system that
uses various criteria such as life and safety concerns, compliance with legal or regulatory requirements,
and preservation of existing assets. Among the projects included in the Plan are the expansion of the
Todd Road Jail to relieve overcrowding, the Juvenile Justice Center Office Complex to co-locate service
delivery for County functions related to the juvenile courts and the Ventura County Medical Center/Santa
Paula Hospital Seismic Retrofit. In addition, studies will be continued on the viability of certain IT
infrastructure improvement projects. The Plan is available on-line:
http://portal.countyofventura.org/pls/portal/docs/PAGE/PUBLIC_WORKS/CENTRALSERVICES/
CIP%202009-2014.PDF
Relevant Financial Policies
 The Board of Supervisors approved a Capital Planning Policy and Five-Year Capital Improvement Plan
which includes evaluation of plans for acquisition, maintenance, replacement, and retirement of capital
assets and serves as the basis for long-range planning to meet the County’s capital asset needs. A Capital
Planning Committee comprised of the County Executive Officer, Auditor-Controller, General Services
Agency Director, and Public Works Agency Director, is responsible for evaluating capital planning
matters and providing recommendations to the Board of Supervisors regarding the prioritization of capital
projects, major equipment purchases, long-term lease administration, lease versus purchase options, and
other capital planning and expenditure issues.
9
 The Financial Planning Committee of the County, comprised of the Chair and Vice Chair of the Board of
Supervisors, Auditor-Controller, County Treasurer, County Executive Officer, and County Counsel,
reviews all financial planning matters. The Committee provides recommendations to the Board regarding
levels of debt service, debt balances, financing of planned capital asset acquisitions, and any proposal
utilizing public finance methods.
 The Information Technology Committee is responsible for planning and reviewing project proposals to
ensure consistency with the goals, guidelines and policies of the County’s technology strategy,
compatibility with other systems and infrastructure, and conformance with other County priorities.
Awards and Acknowledgments
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence
in Financial Reporting to the County for its Comprehensive Annual Financial Report (CAFR) for the fiscal
year ended June 30, 2008. This was the twenty-fifth consecutive year that the County has received this
prestigious award. In order to be awarded a Certificate of Achievement, the County had to publish an easily
readable and efficiently organized CAFR that satisfied both generally accepted accounting principles and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the
GFOA to determine its eligibility for another certificate.
The preparation of this report would not have been possible without the efficient and dedicated services of the
staff of the Auditor-Controller’s Office. I wish to express my appreciation to the members of the Auditor-
Controller’s Office and our independent auditors, Vavrinek, Trine, Day & Co., LLP, who assisted in and
contributed to the preparation of this report. I also thank the Board of Supervisors and the County Executive
Office for their interest and support in planning and conducting the financial operations of the County in a
responsive and effective manner.
Respectfully submitted,
CHRISTINE L. COHEN
Auditor-Controller
10
11
COUNTY OF VENTURA
LISTING OF PRINCIPAL OFFICIALS
JUNE 30, 2009
ELECTED OFFICIALS
Board of Supervisors
District #1 Steve Bennett
District #2 Linda Parks
District #3 Kathy I. Long
District #4 Peter C. Foy
District #5 John C. Zaragoza
Other Elected Officials
Assessor Dan Goodwin
Auditor-Controller Christine L. Cohen
Clerk and Recorder Vacant*
District Attorney Gregory D. Totten
Sheriff Bob Brooks
Treasurer-Tax Collector Lawrence Matheney
APPOINTED OFFICIALS
Agricultural Commissioner Henry S. Gonzales
Animal Regulation Department Monica Nolan
Area Agency on Aging Victoria Jump
County Counsel Noel A. Klebaum
County Executive Office Marty Robinson
Department of Airports Todd L. McNamee
Department of Child Support Services C. Stanley Trom
Farm Advisor Rose Hayden-Smith
Fire Protection District Bob Roper
General Services Agency Paul S. Grossgold
Harbor Department Lyn Krieger
Health Care Agency Michael Powers
Human Services Agency Barry L. Zimmerman
Information Technology Services Department Richard D. Jackson
Library Services Agency Jackie Y. Griffin
Probation Agency Karen J. Staples
Public Defender Duane A. Dammeyer
Public Works Agency Jeff Pratt
Resource Management Agency Christopher Stephens
* James B. Becker, Assistant County Clerk and Recorder
12
13
THIS PAGE LEFT BLANK INTENTIONALLY
14
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Certified Public Accountants
VALUE THE DIFFERENCE
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8270 Aspen Street Rancho Cucamonga, CA 91730 Tel: 909.466.4410 Fax: 909.466.4431 www.vtdcpa.com
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Unaudited)
This section of the County of Ventura’s (County) Comprehensive Annual Financial Report (CAFR) presents a
discussion and analysis of the County’s financial performance during the fiscal year ended June 30, 2009.
Please read it in conjunction with the transmittal letter at the front of this report and the County’s basic
financial statements following this section.
FINANCIAL HIGHLIGHTS
 The government-wide assets of the County (governmental and business-type) exceeded liabilities at the
close of the 2008-09 fiscal year by $1,713,546,000 (net assets). Of this amount, $449,880,000
(unrestricted net assets) may be used to meet ongoing obligations to citizens and creditors, $106,493,000
is restricted for specific purposes (restricted net assets), and $1,157,173,000 is invested in capital assets,
net of related debt.
 The government’s total net assets increased by $76,428,000 during fiscal year 2008-09, primarily from
governmental activities. Net assets invested in capital assets, net of related debt, increased by
$19,095,000. The increase represents capital acquisitions net of depreciation plus retirement of related
long-term debt. Restricted assets increased by $24,018,000 primarily due to unexpended aid from other
governmental units in the Mental Health Services Act (MHSA) Fund. Unrestricted net assets increased
by $33,315,000 principally due to unexpended property tax revenue in the Fire Protection District and in
the General Fund.
 As of June 30, 2009, the County governmental funds reported combined fund balances of $466,759,000,
an increase of $56,493,000 in comparison with the prior year. Approximately 72 percent of the combined
fund balances are available to meet the County’s current and future needs (unreserved fund balance).
 At the end of the fiscal year, unreserved fund balance for the general fund was $129,421,000, or 16
percent, of total general fund expenditures, reflecting an increase from the prior fiscal year of $10,953,000
principally due to unexpended property tax revenue.
 The County’s total long-term liabilities increased by $17,222,000 in comparison with the prior year
primarily due to increases in issuance of tax-exempt commercial paper.
OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
The Management’s Discussion and Analysis (MD&A) is intended to serve as an introduction to the County’s
basic financial statements. The County’s basic financial statements include three components:
1) Government-wide financial statements
2) Fund financial statements
3) Notes to the basic financial statements.
Required supplementary information, supplementary information, and statistical information are also included
in the CAFR.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
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The following diagram displays the interrelationships of this report:
Government-wide Financial Statements The financial statements created by Governmental Accounting
Standards Board Statement No. 34 (GASB 34) and its related Statements, GASB 37 and 38 and Interpretation
No. 6, are designed to provide readers with a broad overview of County finances, in a manner similar to a
private-sector business. The statement of net assets and statement of activities use the flow of economic
resources measurement focus and accrual basis of accounting. The focus and basis emphasize the long-term
view of the County’s finances.
The statement of net assets presents information on all County assets and liabilities, with the differences
between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful
indicator of whether the financial position of the County is improving or deteriorating.
The statement of activities presents information showing how net assets changed during the most recent fiscal
year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs,
regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for
some items that will result in cash flows in future fiscal periods (e.g. uncollected taxes and earned but unused
vacation leave).
The government-wide financial statements continue to include the following concepts:
 The government-wide statements include only those funds/entities representing resources available to the
County. Therefore, the financial information for the trust fund for Supplemental Retirement Plan (SRP)
and the external investment trust are not included in the government-wide financial statements. The
financial statements for the discretely presented component unit, Children and Families First Commission
(Commission), are provided in a separate column.
 The statement of activities distinguishes functions of the County that are principally supported by taxes
and intergovernmental revenues (governmental activities) from other functions that are intended to
recover all or a portion of their costs through user fees and charges (business-type activities).
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MANAGEMENT'S DISCUSSION AND ANALYSIS
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 In addition, the statement of activities compares the direct expenses and program revenue for each
governmental function and each segment of business-type activities. The general revenue (non-program
revenue) must then cover the net cost of the various activities. The governmental activities of the County
include general government, public protection, public ways and facilities, health and sanitation, public
assistance, and education. The business-type activities of the County include the hospital, utilities,
recreation, airports, and medical insurance.
 Because the internal service funds primarily serve the governmental funds, the internal service funds’
activity is eliminated with net balances also reported in the governmental activities column. Additional
elimination of transfers and activity occur within the governmental activities and within the business-type
activities.
 Component units are included in the basic financial statements and consist of legally separate entities for
which the County is financially accountable. Blended component units have substantially the same
governing board as the County or provide services entirely to the County and are reported on the fund
statements and, if appropriate, as governmental activities on the government-wide financial statements.
Examples include the Fire Protection District and the County’s Watershed Protection Districts (flood
control). The Commission is reported as a discretely presented component unit because the County Board
appoints the commission board members to serve at will.
The government-wide financial statements can be found on pages 35-37 of this report.
Fund Financial Statements report on groupings of related funds and accounts that are used to maintain
control over resources that have been segregated for specific activities or objectives. A fund is a separate
accounting classification with a self-balancing set of accounts. The County, like other state and local
governments, uses fund accounting to demonstrate finance-related legal compliance.
There are several new treatments on the fund financial statements since implementation of GASB 34-
emphasis on major funds, inclusion of all County agency funds within the applicable funds, and elimination of
intra-fund activity.
 The fund financial statements emphasize major funds as determined by minimum criteria set forth in
GASB Statement No. 34 with separate columns for each major fund. The non-major funds are presented
in an aggregated single column on the governmental funds financial statements. There are four major
governmental funds: the General Fund, Roads, Watershed Protection Districts, and the Fire Protection
District. There are three major enterprise funds: Medical Center, Department of Airports and
Waterworks Districts. Individual fund data for each of the non-major funds is provided in the form of
combining statements in the supplementary information section.
 The GASB 34 fund financial statements include all balances of County funds held in agency funds with
cash and other accounts recorded within the related fund. The remaining agency funds included in the
fund financial statements contain amounts due to others outside of the government, such as property taxes
to be distributed.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
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All of the funds of the County can be divided into three categories: governmental funds, proprietary funds
and fiduciary funds.
Governmental funds are used to account for essentially the same functions reported as governmental
activities in the government-wide financial statements. The governmental funds include the general fund,
special revenue funds, debt service funds, capital projects funds, and permanent fund. However, unlike the
government-wide financial statements, governmental funds financial statements use the current financial
resources measurement focus and the modified accrual basis of accounting. The focus and basis emphasize
the near-term inflows and outflows of spendable resources, as well as the balances of spendable resources
available at the end of the fiscal year. Such information may be useful in evaluating a county’s near-term
financing requirements.
The County maintains over sixty individual governmental funds in its financial system and presents them
grouped by related activities as twenty-eight separate governmental funds on this report. The equity for fund
financial statements continues to be displayed as reserved and unreserved fund balance. Purchase of capital
assets and payment of principal on debt continue to be expended on fund financial statements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it
is useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government-wide financial statements. By doing so, readers may better
understand the long-term impact of the government’s near-term financing decisions. Both the governmental
funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund
balances provide a reconciliation to facilitate this comparison between governmental funds and governmental
activities.
The governmental funds financial statements can be found on pages 38-44 of this report.
Proprietary funds are maintained in two fund types - enterprise funds and internal service funds.
Enterprise funds are used to report the same functions presented as business-type activities in the government-wide
financial statements. The County uses enterprise funds to account for the operations of the Medical
Center, Department of Airports, Waterworks Districts, Parks, Channel Islands Harbor, the Ventura County
Health Care Plan, and the Oak View District. Over twenty enterprise funds are reported in the County’s
financial system and grouped by related activities as seven enterprise funds on this report. The major funds
are presented in the proprietary fund financial statements with detail of non-major funds provided in the
combining statements in the supplementary information section.
Internal service funds are used to accumulate and allocate costs for services provided to the County’s various
departments. The County uses internal service funds to account for its public works services, heavy
equipment, transportation, general insurance (liability and workers’ compensation), information technology
services, general services, employee benefits insurance, and personnel services. Because these services
predominantly benefit governmental rather than business-type functions, they have been included within
governmental activities in the government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial statements, only in
more detail. The County’s eight internal service funds are combined into a single, aggregated presentation in
the proprietary funds financial statements. Individual fund data for the internal service funds is provided in
the combining financial statements in the supplementary information section.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
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The proprietary funds financial statements can be found on pages 45 - 48 of this report.
Fiduciary funds, including the trust and agency funds, are used to account for resources held for the benefit
of parties outside the government. Trust funds consist of the SRP pension plan and the Investment Trust Fund
which includes external users of the County’s investment pool, the primary participant being the schools.
Fiduciary funds are not reflected in the government-wide financial statements because the resources of those
funds are not available to support the County’s own programs. The accounting basis used for trust and
agency funds is accrual, much like that used for proprietary funds. Agency funds are held for others and
report only assets and liabilities.
The fiduciary funds financial statements can be found on pages 49 - 50 of this report.
Notes to the Basic Financial Statements provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. These informative
notes can be found on pages 51 - 100 of this report and are also itemized in the Table of Contents.
Required Supplementary Information includes the SRP schedules of funding progress and employer
contributions, which provide trend data on the relationship between the actuarial value of plan assets and the
related actuarial accrued liability and on the annual required contribution and the percent of annual required
contribution recognized as employer contributions in the statement of changes in plan net assets. In addition,
budgetary schedules for the major general and special revenue funds are included.
The County adopts an annual appropriated budget for its governmental funds as required by Government
Code. In the required supplementary information section, a budgetary comparison schedule is provided for all
the major general and special revenue funds to demonstrate compliance with the final budget. Due to the
large number of funds and departments, a separate Departmental Budget Report of Revenues and
Expenditures – Budget and Actual on a Budgetary Basis has been prepared. The separate report is at the
department/budget unit, function, and object level for those funds for which the County is legally required to
adopt a budget. This document is available from the Auditor-Controller’s Office, 800 South Victoria,
Ventura, CA 93009-1540.
Required supplementary information can be found on pages 101 - 110 of this report.
Supplementary Information includes the combining and individual governmental, enterprise, internal
service, and fiduciary fund statements, budgetary comparison schedules for all non-major governmental funds
for which the County is legally required to adopt a budget, and information on capital assets used in the
operation of governmental funds beginning on page 111 of this report. Statistical information is also provided
beginning on page 173 of this report.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Government-wide Summary of Net Assets
As noted earlier, net assets may serve over time as a useful indicator of a government’s financial position. In
the case of the County, assets exceeded liabilities by $1,713,546,000 at the close of the most recent fiscal
year.
A summary of net assets is as follows:
Summary of Net Assets
June 30, 2009 and 2008
(In Thousands)
Governmental Business-type
Activities Activities Total Percent
2009 2008 2009 2008 2009 2008 Change
Assets:
Current and other assets $ 976,772 $ 927,644 $ 121,986 $ 109,676 $ 1,098,758 $1,037,320 6%
Capital assets 1,054,281 1,039,055 215,605 200,115 1,269,886 1,239,170 2%
Total assets $ 2,031,053 $ 1,966,699 $ 337,591 $ 309,791 $ 2,368,644 $2,276,490 4%
Liabilities:
Current and other liabilities $ 288,249 $ 298,017 $ 39,220 $ 30,948 $ 327,469 $ 328,965 -%
Long-term liabilities 270,737 263,986 56,892 46,421 327,629 310,407 6%
Total liabilities 558,986 562,003 96,112 77,369 655,098 639,372 2%
Net assets:
Invested in capital assets,
net of related debt 980,710 966,657 176,463 171,421 1,157,173 1,138,078 2%
Restricted net assets 101,311 77,065 5,182 5,410 106,493 82,475 29%
Unrestricted net assets 390,046 360,974 59,834 55,591 449,880 416,565 8%
Total net assets 1,472,067 1,404,696 241,479 232,422 1,713,546 1,637,118 5%
Total liabilities and net assets $ 2,031,053 $ 1,966,699 $ 337,591 $ 309,791 $ 2,368,644 $2,276,490 4%
Net assets include three components: Invested in capital assets, net of related debt, restricted net assets, and
unrestricted net assets.
A significant component of the County’s net assets totaling $1,157,173,000 (68 percent) reflects the County’s
investment in capital assets net of accumulated depreciation (land, structures, and equipment), less any related
outstanding debt used to acquire those assets. The County uses these capital assets to provide services to
citizens; consequently, these assets are not available for future spending. Although the County’s 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 the capital assets themselves cannot be used to liquidate these
liabilities.
Another component of the County’s net assets, restricted net assets of $106,493,000 (6 percent) represents
resources that are subject to external restrictions on how they may be used. Trust agreements relating to long-term
debt restrict certain amounts for debt service. In addition, externally restricted funding received in
advance of expenses are also reported as restricted net assets. Therefore, these net assets are not available for
other uses by the County.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
The third portion of the County’s net assets represents unrestricted net assets of $449,880,000 (26 percent)
which may be used to meet the County’s ongoing obligations to citizens and creditors.
At the end of the current fiscal year, the County reported positive balances in all three categories of net assets,
both for the County as a whole, as well as for its separate governmental and business-type activities. The
County’s net assets increased by $76,428,000. Net assets for governmental and business-type activities
increased by $67,371,000 and $9,057,000, respectively.
General revenues for governmental activities decreased by $4,098,000, primarily from unrestricted interest
and investment earnings offset by an increase in unrestricted aid from other governmental units. Program
revenues increased by $2,612,000 from operating and capital grants and contributions offset by a decrease in
charges for services. Program expenses increased by $8,829,000, or 1 percent, with health and sanitation
services accounting for the majority of the increase.
The increase in net assets attributable to business-type activities resulted principally from net subsidies from
the General Fund to the Medical Center. Program revenues increased $20,520,000 primarily in charges for
services in the Medical Center. Program expenses increased by $16,370,000, or 5 percent, for all activities,
except for the Waterworks Districts and Channel Islands Harbor, with the Medical Center accounting for 89
percent of the increase. Additional information is provided on pages 30-31 of this report.
Government-wide Summary of Activities
The following table depicts the revenue, expenses, and changes in net assets for governmental and business-type
activities. The major changes in revenue for the County as a whole was an increase in charges for
services and decreased interest and investment earnings. Charges for services showed an increase of
$16,221,000, or 3 percent, when compared to the prior year, while interest and investment earnings decreased
by $11,659,000, or 35 percent. Additional information on major revenue streams is provided on pages 25-27.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
Summary of Activities
For the Fiscal Years Ended June 30, 2009 and 2008
(In Thousands)
Governmental Business-type Total
Activities Activities Total Percent
2009 2008 2009 2008 2009 2008 Change
Revenues:
Program revenues:
Charges for services $ 230,284 $ 233,754 $ 283,745 $ 264,054 $ 514,029 $ 497,808 3%
Operating grants and contributions 438,987 436,192 11 - 438,998 436,192 1%
Capital grants and contributions 18,180 14,893 5,581 4,763 23,761 19,656 21%
General revenues:
Property taxes 396,718 394,527 - - 396,718 394,527 1%
Other taxes 12,286 15,493 - - 12,286 15,493 (21)%
Aid from other governmental units 28,206 23,480 - - 28,206 23,480 20%
Interest and investment earnings 18,931 29,594 2,428 3,424 21,359 33,018 (35)%
Other 18,469 15,614 - - 18,469 15,614 18%
Total revenues 1,162,061 1,163,547 291,765 272,241 1,453,826 1,435,788 1%
Expenses:
General government 77,753 78,787 - - 77,753 78,787 (1)%
Public protection 577,497 577,090 - - 577,497 577,090 -%
Public ways and facilities 32,370 32,048 - - 32,370 32,048 1%
Health and sanitation services 142,191 131,159 - - 142,191 131,159 8%
Public assistance 203,658 202,340 - - 203,658 202,340 1%
Education 11,504 11,848 - - 11,504 11,848 (3)%
Interest on long-term debt 8,048 10,920 - - 8,048 10,920 (26)%
Medical Center - - 247,713 233,199 247,713 233,199 6%
Department of Airports - - 7,386 6,839 7,386 6,839 8%
Waterworks - Water and Sewer - - 23,491 24,285 23,491 24,285 (3)%
Parks Department - - 4,524 3,948 4,524 3,948 15%
Channel Islands Harbor - - 8,916 9,836 8,916 9,836 (9)%
Health Care Plan - - 32,144 29,720 32,144 29,720 8%
Oak View District - - 203 180 203 180 13%
Total expenses 1,053,021 1,044,192 324,377 308,007 1,377,398 1,352,199 2%
Excess (deficiency) before
special item and transfers 109,040 119,355 (32,612) (35,766) 76,428 83,589 (9)%
Special item - litigation settlement - - - 4,845 - 4,845 -%
Transfers (41,669) (57,063) 41,669 57,063 - - -%
Change in net assets 67,371 62,292 9,057 26,142 76,428 88,434 (14)%
Net assets - July 1, 2008 1,404,696 1,342,404 232,422 206,280 1,637,118 1,548,684 6%
Net assets - June 30, 2009 $ 1,472,067 $ 1,404,696 $ 241,479 $ 232,422 $ 1,713,546 $ 1,637,118 5%
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MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
Governmental activities. Governmental activities as reflected in the Statement of Activities increased the
County’s net assets by $67,371,000, thereby accounting for 88 percent of the total growth in the County’s net
assets. The statement of activities displays the direct expenses and the program revenues for the
governmental and business-type activities. Direct expenses are those that are specifically associated with a
program or function and, therefore, are clearly identifiable to a particular function. Program revenues include:
1) charges paid by the recipients of goods or services offered by the programs, and 2) grants and contributions
that are restricted to meeting the operational or capital requirements of a particular program. Revenues that
are not classified as program revenues, including almost all taxes, are presented as general revenues. Sales
tax and vehicle license fee monies for health and welfare realignment and public safety are defined as
program revenue.
The bar chart below depicts the relationships of the direct expenses to program revenues:
Revenues. Total revenues from governmental activities decreased slightly from the prior year.
 Operating grants and contributions are revenues earned from entities outside of the County, primarily state
and federal agencies, and are generally restricted to one or more specific programs. In 2008-09, the
County reported $438,987,000 in operating grants and contributions, representing the largest revenue
source for governmental activities. Public assistance, public protection, and health and sanitation services
received 89 percent of this funding source in fiscal year 2008-09. Operating grants and contributions
provided 64 percent of total program revenues in the current year, the same as in the prior year. All
functions increased except public protection. Among the sources resulting in the growth were increases in
MHSA revenue, public ways and facilities, and public assistance programs offset by decreases in public
protection primarily due to a decline in the half cent sales tax for public safety.
 Charges for services are revenues earned from providing goods, services, or privileges to external
customers. Fines, forfeitures, and penalties and licenses, permits, and franchises are also reported as
charges for services. Public protection generated $138,086,000, or 60 percent, of the total of
$230,284,000. Among the major sources are contracted law enforcement services provided by the
Sheriff’s Department to several cities, emergency and contract services performed by the Fire Protection
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MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
District for various governmental agencies, and various assessments generated by the Watershed
Protection Districts. Charges for services provided 33 percent of total program revenues in 2008-09,
decreasing from the prior year by 1 percent.
 Capital grants and contributions of $18,180,000 represented the smallest source of program revenues in
2008-09 at 3 percent of total program revenues.
 General revenue for governmental activities primarily consisted of taxes and unrestricted aid from other
governmental units. Property tax revenue is the largest source of general revenue with $396,718,000
reported in 2008-09, increasing less than 1 percent from 2007-08, due to declining assessed values of real
property. Unrestricted aid from other governmental units increased $4,726,000 from the prior year
comprising 6 percent of general revenues.
Expenses. Total program expenses for governmental activities were $1,053,021,000 for the current fiscal
year as compared to $1,044,192,000 for the prior fiscal year, an increase of 1 percent. Public protection at
$577,497,000 accounted for 55 percent of total expenses for governmental activities. Public assistance
expenses were $203,658,000, or 19 percent, followed by health and sanitation services at $142,191,000, or 14
percent, general government at $77,753,000, or 7 percent, and various other costs of $51,922,000, or 5
percent, of total expenses. All functions of governmental activities except general government, education, and
interest on long-term debt reported increases in expenses. The biggest single factor was an increase in health
and sanitation services of $11,032,000 primarily due to the increased cost of providing services due to
inflation and service level increases.
Business-type activities. Business-type activities increased net assets by $9,057,000, or 12 percent, of the
total growth in the County’s net assets primarily from General Fund subsidies. The bar chart below depicts
the relationships of the business-type activities direct expenses to program revenues:
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MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
Revenues. The County has three major business-type activities: the Medical Center, Department of Airports,
and Waterworks - Water and Sewer. Business-type activities recover a significant portion of their costs
through user fees and charges. For the current year, 97 percent, or $283,745,000, of total program and general
revenues were generated from charges for services, as compared to the prior year's, 97 percent, or
$264,054,000. The Medical Center accounted for 72 percent of total program revenues for business-type
activities at $208,234,000, an increase of 7 percent from the prior fiscal year. The Health Care Plan
accounted for 12 percent of total program revenues, up 11 percent from the prior fiscal year. The Waterworks
Districts’ combined water and sewer activities generated 9 percent of total program revenues, and all other
business-type activities accounted for the remaining 7 percent.
Expenses. Total expenses for business-type activities were $324,377,000 in 2008-09 compared to
$308,007,000 in 2007-08, representing an increase of about 5 percent. As in the prior year, about 76 percent
of total expenses, or $247,713,000, were incurred by the Medical Center. The Health Care Plan and
Waterworks - Water and Sewer activities, at $55,635,000, accounted for 17 percent of the total cost. The
remaining 7 percent of expenses were incurred by the Department of Airports, Parks, Channel Islands Harbor,
and the Oak View District business activities, with a combined total of $21,029,000.
Increased salaries and benefits and services and supplies were due to higher patient volumes and inflation at
the Medical Center. These costs, which rose by 9 percent from 2007-08, contributed to the Medical Center’s
increase in total expenses when compared to the prior year. The other business-type activities, except for
Waterworks and Channel Islands Harbor, also reported increases in expense.
FINANCIAL ANALYSIS OF THE COUNTY’S FUNDS
As noted earlier, the County uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements.
Governmental funds. The County’s general government functions are accounted for in the County’s general,
special revenue, debt service, capital projects, and permanent funds. Included in these funds are the special
districts governed by the Board of Supervisors (Board). The focus of the County’s governmental funds is to
provide information on near-term inflows, outflows, and balances of resources that are available for spending.
Such information is useful in assessing the County’s financing requirements. Types of major governmental
funds reported by the County include the General Fund, Roads Fund, Watershed Protection Districts, and the
Fire Protection District.
At June 30, 2009, the County’s governmental funds reported combined fund balances of $466,759,000, an
increase of $56,493,000 from the prior year. Approximately 72 percent of the combined fund balances or
$335,722,000, are unreserved and available to meet the County’s current and future needs. A significant
portion of these unreserved fund balances, $170,865,000, are designated by the Board for uses in the next
fiscal year, such as contingencies, capital asset acquisition and replacement, health care, and future year
financing needs.
Revenues for governmental functions totaled $1,168,487,000 in the year ended June 30, 2009, representing an
increase of about 1 percent from the fiscal year ended June 30, 2008, largely attributable to increases in aid
from other governmental units and charges for services, offset by decreases in other revenue and revenues
from use of money and property. Expenditures, at $1,068,939,000, decreased 1 percent from the fiscal year
ended June 30, 2008, with decreases in capital outlay and principal retirement offset by increases in the health
and sanitation and public protection functions.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
GENERAL FUND
At June 30, 2009, the General Fund, the County’s principal operating fund, had an unreserved fund balance of
$129,421,000, of which $87,503,000, or 68 percent, was designated for future years. Fund balance may be
designated for purposes beyond the current year; however, designated fund balance is available for
appropriation at any time. The most significant designations are $63,211,000 for subsequent year financing
needs, $17,600,000 for health care, $5,000,000 for other postemployment benefits, and $1,000,000 for
settlements of potential audit and other disallowances not otherwise provided for. Reserved fund balance of
$75,674,000, or 37 percent of total fund balance, represents resources that are not available for expenditure
because it is reserved for encumbrances, advances and long-term receivables, other assets, externally imposed
restrictions, and a general reserve established for legally declared emergencies.
Total fund balance was $205,095,000, increasing $15,366,000 when compared to the prior fiscal year. As a
measure of the General Fund’s liquidity, it may be useful to compare unreserved fund balance to total fund
expenditures. Unreserved fund balance represents 16 percent of total expenditures, while total fund balance
represents 26 percent of the same amount, increasing from 15 percent and 24 percent in the prior year,
respectively.
ROADS FUND - SPECIAL REVENUE FUND
This fund accounts for planning, design, construction, maintenance, and administration of County roads. It
also engages in traffic safety and other transportation planning activities. Revenues consist primarily of state
and federal grants and the County’s share of state highway use taxes and sales taxes. At June 30, 2009, this
fund had an unreserved fund balance of $36,685,000, of which $1,109,000 was designated by the Board for
future year financing needs. The reserved fund balance of $20,464,000 increased by $17,298,000 compared
to the prior fiscal year primarily due to an increase in encumbrances for expenditures related to the Lewis
Road Widening Project to accommodate increased traffic from the opening of California State University
Channel Islands. Total fund balance at June 30, 2009 was $57,149,000.
WATERSHED PROTECTION DISTRICTS - SPECIAL REVENUE FUND
The function of this fund is the control of flood and storm waters and the conservation of such waters for
beneficial public use. Unreserved fund balance at June 30, 2009 was $53,766,000, including $21,083,000
designated by the Board primarily for watershed protection projects and future year financing needs, which
decreased by $2,588,000 when compared with the prior fiscal year unreserved fund balance of $56,354,000
largely due to expenditures for new projects and additional storm-related expenditures. Reserved fund
balance of $10,362,000 increased over the prior year balance by $4,742,000 due to an increase in
encumbrances. Total fund balance at June 30, 2009 was $64,128,000.
FIRE PROTECTION DISTRICT - SPECIAL REVENUE FUND
The Fire Protection District provides fire protection to the unincorporated areas of the County as well as the
cities of Camarillo, Moorpark, Ojai, Port Hueneme, Simi Valley, and Thousand Oaks. Support is derived
principally from property taxes. This fund had an unreserved fund balance of $79,533,000, of which
$44,756,000 was designated by the Board for capital asset acquisitions and replacements and future year
financing needs. Reserved fund balance of $8,969,000 decreased by $1,641,000, primarily due to a decrease
in encumbrances related to the Simulcast Radio Equipment Project.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
NON-MAJOR GOVERNMENTAL FUNDS
Other governmental funds had unreserved fund balances totaling $36,317,000, including designated fund
balances for various projects and future year financing needs of $16,414,000.
Additional information on reserved and designated fund balances is provided in Note 10 of the Notes to the
Basic Financial Statements.
The following schedule presents a summary of revenues and other financing sources, expenditures and other
financing uses, and net changes in fund balances for the County’s major and non-major funds for the current
and previous fiscal years:
Governmental Funds
Comparative Schedule of Revenues, Expenditures, and Changes in Fund Balances
For the Fiscal Years Ended June 30, 2009 and 2008
(In Thousands)
Revenues and Expenditures and Net Change in Increase
Other Financing Sources Other Financing Uses Fund Balances (Decrease)_
2009 2008 2009 2008 2009 2008 Change
General Fund $ 869,841 $ 859,039 $ 854,475 $ 868,891 $ 15,366 $ (9,852) $ 25,218
Roads 39,927 36,769 33,217 35,403 6,710 1,366 5,344
Watershed Protection Districts 41,798 44,101 39,644 45,140 2,154 (1,039) 3,193
Fire Protection District 141,554 138,162 119,258 122,433 22,296 15,729 6,567
Non-major funds 102,686 106,774 92,719 93,162 9,967 13,612 (3,645)
Total $ 1,195,806 $ 1,184,845 $ 1,139,313 $ 1,165,029 $ 56,493 $ 19,816 $ 36,677
GENERAL FUND
Aid from other governmental units, taxes, and charges for services comprise 92 percent of total revenues.
Taxes decreased by $2,928,000, or 1 percent, primarily due to decreased retail sales tax and property transfer
tax. Aid from other governmental units increased by $9,614,000, or 3 percent, primarily due to increased
CalWorks funding and RDA passthrough revenue. Charges for services rose by $5,300,000, or 4 percent, as
the cost to provide such services increased largely due to inflation and service level related changes.
ROADS
Fund balance increased at June 30, 2009, by $6,710,000, compared with an increase in the prior year of
$1,366,000. The increase in fund balance was principally due to the receipt of federal and state disaster
reimbursement revenue. In addition to the increase in revenues and other financing sources of $3,158,000,
expenditures and other financing uses in 2008-09 decreased by $2,186,000 compared to the prior year,
primarily due to a decrease in costs for various construction projects.
29
MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
WATERSHED PROTECTION DISTRICTS
Fund balance increased by $2,154,000 in 2008-09, compared with a decrease in the prior fiscal year of
$1,039,000. Revenues and other financing sources in 2008-09 of $41,798,000 were less than revenues and
other financing sources in 2007-08 of $44,101,000 by $2,303,000, primarily due to a decrease in disaster
reimbursements related to the storms of 2005. Receivables of disaster-related revenues of $1,821,000
continue to be reported as deferred revenue in the Balance Sheet - Governmental Funds because receipt is not
expected within the County’s six-month availability period. Expenditures and other financing uses in 2008-09
of $39,644,000, decreased by $5,496,000 when compared with the prior year primarily due to decreased
capital expenditures.
FIRE PROTECTION DISTRICT
The District’s fund balance increased by $22,296,000, compared to an increase of $15,729,000 in 2007-08.
Revenues and other financing sources at June 30, 2009 totaled $141,554,000, an increase of $3,392,000 from
the prior fiscal year, primarily from increased property taxes. Expenditures and other financing uses were
$119,258,000, decreasing by $3,175,000 when compared to 2007-08, primarily due to a decrease in capital
expenditures.
NON-MAJOR GOVERNMENTAL FUNDS
Fund balances at June 30, 2009, increased by $9,967,000, compared with a prior year increase of $13,612,000.
The increase was attributable primarily to increased Mental Health Services Act revenue.
Proprietary Funds. The County’s proprietary funds provide the same type of information found in the
government-wide business-type activity financial statements, but in more detail. The table below depicts
current year and prior year Enterprise Fund actual revenues, expenses, transfers, and changes in net assets:
Summary of Revenues, Expenses, Transfers and Changes in Fund Net Assets
Enterprise Funds
For the Fiscal Year Ended June 30, 2009
(In Thousands)
Major Funds
Medical Department Waterworks Non-major
Center of Airports Districts Funds Total
Operating revenues $ 208,234 $ 5,660 $ 24,371 $ 45,444 $ 283,709
Operating expenses (247,653) (7,074) (24,123) (45,480) (324,330)
Operating income (loss) (39,419) (1,414) 248 (36) (40,621)
Non-operating revenues (expenses) and
capital grants and contributions, net (908) 1,994 3,868 921 5,875
Income (loss) before transfers (40,327) 580 4,116 885 (34,746)
Transfers 40,849 - (12) 832 41,669
Change in net assets 522 580 4,104 1,717 6,923
Net assets - beginning 48,514 45,565 100,873 39,336 234,288
Net assets - ending $ 49,036 $ 46,145 $ 104,977 $ 41,053 $ 241,211
30
MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
Summary of Revenues, Expenses, Transfers and Changes in Fund Net Assets
Enterprise Funds
For the Fiscal Year Ended June 30, 2008
(In Thousands)
Major Funds
Medical Department Waterworks Non-major
Center of Airports Districts Funds Total
Operating revenues $ 194,063 $ 5,532 $ 21,864 $ 42,507 $ 263,966
Operating expenses (230,512) (6,737) (23,680) (43,184) (304,113)
Operating income (loss) (36,449) (1,205) (1,816) (677) (40,147)
Non-operating revenues (expenses) and
capital grants and contributions, net (1,171) 1,903 1,948 3,479 6,159
Income (loss) before transfers and special item (37,620) 698 132 2,802 (33,988)
Transfers 56,278 - - 785 57,063
Special item - litigation settlement - - - 4,845 4,845
Change in net assets 18,658 698 132 8,432 27,920
Net assets - beginning 29,856 44,867 100,741 30,904 206,368
Net assets - ending $ 48,514 $ 45,565 $ 100,873 $ 39,336 $ 234,288
The net loss before transfers of $34,746,000, for all enterprise funds resulted primarily from the Medical
Center’s net loss of $40,327,000. Transfers to the Medical Center from the General Fund of $40,849,000,
down from $56,278,000, in the prior year, resulted in net income of $522,000. The increase in operating
revenues of $14,171,000, or 7 percent, from the prior year primarily resulted from an increase in patient
census. Operating expenses increased by $17,141,000, or 7 percent, from the prior year, resulting in an
increase in the operating loss of $2,970,000, or 8 percent, compared to the prior year. Salaries and benefits
increased $10,622,000, or 9 percent, primarily due to cost of living increases and increased patient census.
Other operating costs increased by $6,519,000, or 6 percent, due to increased patient census and inflation.
The change in net assets for all other enterprise funds totaled $6,401,000, down 31 percent from 2007-08.
Operating revenues and expenses were $75,475,000 and $76,677,000, up by 8 percent and 4 percent,
respectively, from the prior year.
GENERAL FUND BUDGETARY HIGHLIGHTS
Original Budget Compared to Final Budget, June 30, 2009
Appropriations for the General Fund final budget, including transfers out, exceeded the original budget by
$16,480,000. Some of the larger changes are summarized below.
Appropriations for transfers out increased by about $18,314,000. Approximately $13,100,000 related to
certain debt service costs, was budgeted in the General Fund for control purposes but reported in non-major
debt service funds, offset by decreases in debt service appropriations. In addition, $4,277,000 of the increase
was for transfers to the Information Technology Services Department for projects related to the Efficient
Ventura County Program (eVC). Final budget appropriations for salaries and benefits increased in Public
Protection primarily due to negotiated salary increases and transfers of appropriations for vacation/annual
leave buydowns. For control purposes, vacation/annual leave buydowns, a component of salaries and benefits
31
MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
expenditures, are budgeted in a general government budget unit and are transferred as related expenditures are
incurred. Over $13,000,000 was transferred during 2008-09. Services and supplies increased by $3,982,000
primarily due to increased state and federal funding for public assistance, while capital outlay increased by
$5,395,000 primarily due to the reclassification of expenditures from services and supplies to capital outlay.
Final Budget Compared to Actual Expenditures and Revenues, June 30, 2009
The final budget appropriations exceeded actual expenditures including transfers out by $72,230,000, while
the final budget estimated revenues were less than actual revenues including other financing sources by
$42,887,000. The largest component of excess appropriations over expenditures was $23,000,000, for a delay
in the Juvenile Justice Center (JJC) Office Building Project. In addition to excess appropriations for salaries
and benefits and certain services and supplies, $8,868,000, of unexpended appropriations for services and
supplies and capital outlay were encumbered for expenditure in 2009-10. The largest revenue shortfalls in
comparison with the final budget were in aid from other governmental units in the amount of $10,487,000 and
issuance of debt in the amount of $23,000,000, also for the JJC Office Building Project.
Budgetary information is included in the Required Supplementary Information (RSI) section including Notes
to the RSI.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets - Government-wide Financial Statements
The County’s investment in capital assets for its governmental and business-type activities as of June 30,
2009, (at cost) amounted to $1,739,160,000 or $1,269,886,000 (net of accumulated depreciation). This
investment in capital assets includes land and land improvements, structures and improvements, equipment,
vehicles, infrastructure, and construction in progress. The total increase in the County’s investment in capital
assets, net of related debt for the current period was 2 percent.
For government-wide financial statement presentation, all depreciable capital assets were depreciated from
acquisition date to the end of the current fiscal year. Governmental fund financial statements record capital
asset purchases as expenditures.
Capital assets for the governmental and business-type activities are presented below to illustrate changes from
the prior year (in thousands):
Governmental Business-type Total
Activities Activities Total Percent
2009 2008 2009 2008 2009 2008 Change
Land and improvements $ 241,934 $ 227,578 $ 79,494 $ 77,929 $ 321,428 $ 305,507 5.21%
Structures and improvements 431,795 429,640 187,767 185,938 619,562 615,578 0.65%
Equipment 120,406 137,114 44,158 41,759 164,564 178,873 (8.00)%
Vehicles 71,395 72,046 854 1,092 72,249 73,138 (1.22)%
Infrastructure 435,950 408,141 - - 435,950 408,141 6.81%
Construction in progress 91,083 101,670 34,324 17,160 125,407 118,830 5.53%
Total $ 1,392,563 $ 1,376,189 $ 346,597 $ 323,878 $ 1,739,160 $ 1,700,067 2.30%
32
MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
Major capital asset events during the current fiscal year included the following:
Construction in progress had a net increase of $6,577,000. Additions totaling $52,797,000,
included the El Rio Sewer Project for $7,455,000, Road construction projects for $3,204,000,
Watershed Protection projects for $5,363,000, Fire Protection District projects for $2,713,000,
Information Technology Services projects for $6,923,000, Medical Center improvements for
$13,690,000, and various other projects for $13,449,000. Construction in progress was reduced
by $46,220,000, including transfers of completed projects of $45,996,000 to structures and
improvements and equipment.
The County’s infrastructure assets for both the watershed protection network and the roads network are
recorded at historical cost in the government-wide financial statements as required by GASB 34.
Additional information on capital asset activity is provided in Note 6 of the Notes to the Basic Financial
Statements.
Debt Administration - Government-wide Financial Statements
At June 30, 2009, the County had total debt outstanding of $114,755,000, excluding capital leases,
compensated absences and other liabilities. The following table summarizes the categories of debt. During
the year, retirement of debt amounted to $13,750,000 and additions amounted to $23,639,000. The following
table summarizes the debt outstanding balances at June 30, 2009 and 2008 (in thousands):
Governmental Business-type
Activities Activities Total
2009 2008 2009 2008 2009 2008
Certificates of participation
and lease revenue bonds $ 46,870 $ 53,634 $ 15,255 $ 18,251 $ 62,125 $ 71,885
Tax-exempt commercial paper 24,005 18,627 24,095 12,273 48,100 30,900
Loans payable 3,182 623 1,348 1,458 4,530 2,081
$ 74,057 $ 72,884 $ 40,698 $ 31,982 $ 114,755 $ 104,866
For the fiscal year 2008-09, County debt limit is determined by statute at 1.25 percent of total assessed
valuation or approximately $1,353,269,000. The general obligation debt subject to the debt limit is
$114,755,000, which is under the limit by $1,238,514,000.
The County’s debt utilization policy establishes the review process by the Financial Planning Committee
before submission to the Board of Supervisors and central coordination by the County Executive Officer. The
policy outlines a fiscally conservative basis for borrowing to include short-term needs and borrowing for
certain assets with substantial economic lives. The benchmarks include County debt outstanding at less than
one percent of the assessed valuation and debt service payments not greater than six percent of total General
Fund expenditures.
The County, like other local governments, has an annual borrowing program which finances operations during
periods of low cash flows due to periodic collection dates for property taxes. On July 1, 2008, the County
issued $155,000,000 in Tax and Revenue Anticipation Notes (TRANs). Standard & Poor’s Ratings Services
and Moody’s Investors Services gave the TRANs the highest rating for short-term securities of SP-1+ and
33
MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
MIG 1, respectively. At June 30, 2009, the outstanding balance was $155,000,000 and was paid with interest
on July 1, 2009, the maturity date of the notes.
Additional information on long-term debt activity is provided in Note 9 of the Notes to the Basic Financial
Statements.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET AND RATES
 The fiscal year 2009-10 adopted budget for all County funds totals $1,751,917,000, a 3.7 percent increase
when compared to the prior year. The General Fund 2009-10 budget of $895,446,000 was structurally
balanced using projected ongoing available financing sources. Year-end fund balance is not considered
an ongoing financing source and is used to finance reserve and designation adjustments and one-time
expenditures.
 Assessed property valuations decreased by 2.3 percent for the 2009-10 fiscal year when compared with
2008-09. Property tax revenues were budgeted with a decrease of 4.5 percent.
 The 2009-10 budget includes increases in salaries and benefits of 2.7 percent as compared to the prior
year’s actual expenditures. Increases in regular salaries were offset by decreases in overtime.
Additional information is provided in Notes 16 and 17 of the Notes to the Basic Financial Statements, as well
as the transmittal letter on page 5 of this report.
REQUESTS FOR INFORMATION
County information is available on-line at www.countyofventura.org.
The financial report is designed to provide a general overview of the County’s finances for all those with an
interest in the government’s finances. Further requests for information on this report or for the separate
reports for the Public Facilities Corporation or the Public Financing Authority should be addressed to the
Auditor-Controller, 800 South Victoria Avenue, Ventura, CA 93009-1540.
Questions concerning any of the information provided in this report regarding the discretely presented
component unit, Children and Families First Commission, or requests for additional information should be
addressed to the Executive Director, 2580 East Main Street, Suite 302, Ventura, CA 93003.
Questions concerning any of the information provided in this report or requests for additional information on
the separate financial report of Ventura County Employees' Retirement Association should be addressed to the
Retirement Administrator, 1190 South Victoria Avenue, Suite 200, Ventura, CA 93003-6572.
34
COUNTY OF VENTURA
STATEMENT OF NET ASSETS
JUNE 30, 2009
(In Thousands)
Discretely
Primary Government Presented
Governmental Business-type Component
Activities Activities Total Unit
ASSETS
Cash and investments (Note 2) $ 796,261 $ 71,971 $ 868,232 $ 44,333
Receivables, net (Note 4) 124,539 63,519 188,058 2,308
Internal balances 20,728 (20,728) - -
Due from primary government - - - 19
Due from other governmental agencies 140 2 142 -
Inventories and other assets 4,422 2,174 6,596 16
Loans and other long-term receivables (Note 4) 29,464 22 29,486 -
Deferred charges 529 181 710 -
Unamortized bond discount 238 - 238 -
Restricted cash and investments (Note 2) 451 4,845 5,296 -
Capital assets (Note 6):
Nondepreciable 321,148 56,995 378,143 -
Depreciable, net 733,133 158,610 891,743 -
Total assets $ 2,031,053 $ 337,591 $ 2,368,644 $ 46,676
LIABILITIES
Accounts payable $ 34,966 $ 15,637 $ 50,603 $ 3,532
Tax and revenue anticipation notes payable (Note 14) 155,000 - 155,000 -
Accrued liabilities (Note 7) 75,363 21,997 97,360 51
Due to component unit 19 - 19 -
Due to other governmental agencies 491 - 491 -
Unearned revenue 22,410 607 23,017 50
Other liabilities - 979 979 -
Long-term liabilities (Note 9):
Due within one year 65,483 12,482 77,965 -
Due beyond one year 205,254 44,410 249,664 -
Total liabilities 558,986 96,112 655,098 3,633
NET ASSETS
Invested in capital assets, net of related debt (Notes 6 & 9) 980,710 176,463 1,157,173 -
Restricted for (Note 10):
Expendable:
Debt Service 451 3,345 3,796 -
Grants and other purposes 61,537 - 61,537 14
Enabling legislation - health and sanitation services 38,170 - 38,170 -
George D. Lyon Permanent Fund 20 - 20 -
Health Care Plan - 1,500 1,500 -
Parks Department - 337 337 -
Nonexpendable:
George D. Lyon Permanent Fund 1,133 - 1,133 -
Unrestricted 390,046 59,834 449,880 43,029
Total net assets 1,472,067 241,479 1,713,546 43,043
Total liabilities and net assets $ 2,031,053 $ 337,591 $ 2,368,644 $ 46,676
See accompanying notes to the basic financial statements
35
COUNTY OF VENTURA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2009
(In Thousands)
Program Revenues
Operating Capital
Charges for Grants and Grants and
Expenses Services Contributions Contributions
Functions/Programs
Primary government:
Governmental activities:
General government $ 77,753 $ 41,479 $ 15,661 $ 311
Public protection 577,497 138,086 112,428 5,860
Public ways and facilities 32,370 674 29,367 12,009
Health and sanitation services 142,191 48,376 89,075 -
Public assistance 203,658 805 191,174 -
Education 11,504 864 1,282 -
Interest on long-term debt 8,048 - - -
Total governmental activities 1,053,021 230,284 438,987 18,180
Business-type activities:
Medical Center 247,713 208,234 - -
Department of Airports 7,386 5,660 - 2,232
Waterworks Districts - Water 19,129 19,319 - -
Waterworks Districts - Sewer 4,362 5,052 - 2,624
Parks Department 4,524 3,036 - 544
Channel Islands Harbor 8,916 8,321 - 181
Health Care Plan 32,144 33,893 - -
Oak View District 203 230 11 -
Total business-type activities 324,377 283,745 11 5,581
Total primary government $ 1,377,398 $ 514,029 $ 438,998 $ 23,761
Component unit:
Children and Families First Commission $ 12,694 $ - $ 10,819 $ -
General revenues:
Taxes:
Property taxes
Property transfer taxes
Sales and use taxes
Unrestricted aid from other governmental units
Other
Unrestricted interest and investment earnings
Transfers
Total general revenues and transfers
Change in net assets
Net assets - July 1, 2008
Net assets - June 30, 2009
See accompanying notes to the basic financial statements
36
COUNTY OF VENTURA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2009
(In Thousands)
Net (Expenses) Revenues and
Changes in Net Assets
Primary Government Discretely
Presented
Governmental Business-type Component
Activities Activities Total Unit
Functions/Programs
Primary government:
Governmental activities:
$ (20,302) $ - $ (20,302) $ - General government
(321,123) - (321,123) - Public protection
9,680 - 9,680 - Public ways and facilities
(4,740) - (4,740) - Health and sanitation services
(11,679) - (11,679) - Public assistance
(9,358) - (9,358) - Education
(8,048) - (8,048) - Interest on long-term debt
(365,570) - (365,570) - Total governmental activities
Business-type activities:
- (39,479) (39,479) - Medical Center
- 506 506 - Department of Airports
- 190 190 - Waterworks Districts - Water
- 3,314 3,314 - Waterworks Districts - Sewer
- (944) (944) - Parks Department
- (414) (414) - Channel Islands Harbor
- 1,749 1,749 - Health Care Plan
- 38 38 - Oak View District
- (35,040) (35,040) - Total business-type activities
(365,570) (35,040) (400,610) Total primary government
Component unit:
(1,875) Children and Families First Commission
396,718 - 396,718 -
3,072 - 3,072 -
9,214 - 9,214 -
28,206 - 28,206 -
18,469 - 18,469 -
18,931 2,428 21,359 1,509
(41,669) 41,669 - -
432,941 44,097 477,038 1,509
67,371 9,057 76,428 (366)
1,404,696 232,422 1,637,118 43,409
$ 1,472,067 $ 241,479 $ 1,713,546 $ 43,043
37
COUNTY OF VENTURA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2009
(In Thousands)
Total General Fund Roads
ASSETS
Cash and investments (Note 2) $ 614,844 $ 366,533 $ 49,439
Receivables, net (Note 4) 119,761 78,055 13,420
Due from other funds (Note 5) 6,690 3,136 598
Due from other governmental agencies 42 - 34
Inventories and other assets 2,146 771 -
Loans receivable (Note 4) 2,190 1,353 -
Long-term receivables (Note 4) 27,040 23,174 1,587
Advances to other funds (Note 5) 23,700 23,700 -
Total assets $ 796,413 $ 496,722 $ 65,078
LIABILITIES
Accounts payable $ 28,708 $ 15,494 $ 3,362
Accrued liabilities (Note 7) 70,554 62,418 534
Tax and revenue anticipation notes payable (Note 14) 155,000 155,000 -
Due to other funds (Note 5) 19,641 14,032 1,884
Due to other governmental agencies 491 491 -
Due to component unit 19 19 -
Deferred revenue 49,258 44,173 2,149
Advances from other funds (Note 5) 5,983 - -
Total liabilities 329,654 291,627 7,929
FUND BALANCES
Reserved (Note 10) 131,037 75,674 20,464
Unreserved, designated reported in (Note 10):
General fund 87,503 87,503 -
Special revenue funds 83,362 - 1,109
Unreserved, undesignated reported in (Note 10):
General fund 41,918 41,918 -
Special revenue funds 116,565 - 35,576
Capital projects funds 6,354 - -
Permanent funds 20 - -
Total fund balances 466,759 205,095 57,149
Total liabilities and fund balances $ 796,413 $ 496,722 $ 65,078
See accompanying notes to the basic financial statements
38
COUNTY OF VENTURA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2009
(In Thousands)
Watershed
Protection
Districts
Fire Protection
District
Non-major
Governmental
Funds
ASSETS
$ 63,573 $ 78,287 $ 57,012 Cash and investments (Note 2)
5,803 13,017 9,466 Receivables, net (Note 4)
413 1,634 909 Due from other funds (Note 5)
- - 8 Due from other governmental agencies
7 1,329 39 Inventories and other assets
- - 837 Loans receivable (Note 4)
1,821 - 458 Long-term receivables (Note 4)
- - - Advances to other funds (Note 5)
$ 71,617 $ 94,267 $ 68,729 Total assets
LIABILITIES
$ 1,489 $ 1,064 $ 7,299 Accounts payable
1,704 4,218 1,680 Accrued liabilities (Note 7)
- - - Tax and revenue anticipation notes payable (Note 14)
1,994 448 1,283 Due to other funds (Note 5)
- - - Due to other governmental agencies
- - - Due to component unit
2,302 35 599 Deferred revenue
- - 5,983 Advances from other funds (Note 5)
7,489 5,765 16,844 Total liabilities
FUND BALANCES
10,362 8,969 15,568 Reserved (Note 10)
Unreserved, designated reported in (Note 10):
- - - General fund
21,083 44,756 16,414 Special revenue funds
Unreserved, undesignated reported in (Note 10):
- - - General fund
32,683 34,777 13,529 Special revenue funds
- - 6,354 Capital projects funds
- - 20 Permanent funds
64,128 88,502 51,885 Total fund balances
$ 71,617 $ 94,267 $ 68,729 Total liabilities and fund balances
39
COUNTY OF VENTURA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE GOVERNMENT-WIDE STATEMENT OF NET ASSETS - GOVERNMENTAL ACTIVITIES
JUNE 30, 2009
(In Thousands)
Fund balances - total governmental funds $ 466,759
Amounts reported for governmental activities in the
statement of net assets are different because:
Capital assets used in governmental activities are not financial resources
and, therefore, are not reported in the governmental funds. 1,008,440
Other long-term assets are not available to pay for current-period
expenditures and, therefore, are not reported as revenues in the
governmental funds.
Long-term receivables $ 27,243
Deferred charges 529
Unamortized bond discount 238 28,010
Internal service funds are used by management to charge the costs of
certain activities to individual funds and primarily serve governmental funds.
Consequently, the assets and liabilities of Internal Service Funds are incorporated
as part of governmental activities for purposes of government-wide financial
reporting. In addition, the internal balance resulting from the allocation
of internal service funds to business-type activities is also reported in the
Statement of Net Assets. 94,626
Long-term liabilities, including bonds payable, are not due and payable in the
current period and, therefore, are not reported in the governmental funds.
Certificates of participation (44,175)
Tax-exempt commercial paper (17,733)
Loans payable (3,182)
Compensated absences (55,602)
Other liabilities (497)
Accrued interest payable (1,140)
Accrued pension obligation (623)
Unamortized bond premium (1,200)
Accrued other postemployment benefits (OPEB) (1,616) (125,768)
Net assets of governmental activities $ 1,472,067
See accompanying notes to the basic financial statements
40
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41
COUNTY OF VENTURA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2009
(In Thousands)
Total General Fund Roads
Revenues:
Taxes $ 409,004 $ 276,346 $ 817
Licenses, permits, and franchises 19,562 18,563 316
Fines, forfeitures, and penalties 20,401 19,887 253
Revenues from use of money and property 13,575 6,023 893
Aid from other governmental units 490,312 367,763 36,324
Charges for services 182,292 152,905 57
Other 33,341 27,743 1,004
Total revenues 1,168,487 869,230 39,664
Expenditures:
Current:
General government 65,683 65,683 -
Public protection 564,840 395,111 -
Public ways and facilities 31,126 - 30,625
Health and sanitation services 142,607 128,909 -
Public assistance 203,442 184,671 -
Education 11,808 678 -
Capital outlay 32,122 6,092 967
Debt service:
Principal retirement 9,094 - -
Interest and fiscal charges 8,217 5,686 -
Total expenditures 1,068,939 786,830 31,592
Excess (deficiency) of revenues over (under)
expenditures 99,548 82,400 8,072
Other financing sources (uses):
Proceeds from sale of capital assets 232 24 -
Issuance of long-term debt 4,499 - -
Transfers in 22,588 587 263
Transfers out (70,374) (67,645) (1,625)
Total other financing sources (uses) (43,055) (67,034) (1,362)
Net change in fund balances 56,493 15,366 6,710
Fund balances - beginning 410,266 189,729 50,439
Fund balances - ending $ 466,759 $ 205,095 $ 57,149
See accompanying notes to the basic financial statements
42
COUNTY OF VENTURA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2009
(In Thousands)
Watershed
Protection
Districts
Fire Protection
District
Non-major
Governmental
Funds
Revenues:
$ 17,296 $ 104,672 $ 9,873 Taxes
88 492 103 Licenses, permits, and franchises
63 76 122 Fines, forfeitures, and penalties
2,009 2,137 2,513 Revenues from use of money and property
11,298 15,548 59,379 Aid from other governmental units
10,568 15,940 2,822 Charges for services
476 855 3,263 Other
41,798 139,720 78,075 Total revenues
Expenditures:
Current:
- - - General government
30,463 114,584 24,682 Public protection
- - 501 Public ways and facilities
- - 13,698 Health and sanitation services
- - 18,771 Public assistance
- - 11,130 Education
9,129 4,424 11,510 Capital outlay
Debt service:
- - 9,094 Principal retirement
- - 2,531 Interest and fiscal charges
39,592 119,008 91,917 Total expenditures
2,206 20,712 (13,842)
Excess (deficiency) of revenues over (under)
expenditures
Other financing sources (uses):
- 208 - Proceeds from sale of capital assets
- - 4,499 Issuance of long-term debt
- 1,626 20,112 Transfers in
(52) (250) (802) Transfers out
(52) 1,584 23,809 Total other financing sources (uses)
2,154 22,296 9,967 Net change in fund balances
61,974 66,206 41,918 Fund balances - beginning
$ 64,128 $ 88,502 $ 51,885 Fund balances - ending
43
COUNTY OF VENTURA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENT-WIDE STATEMENT OF ACTIVITIES - GOVERNMENTAL ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2009
(In Thousands)
Net change in fund balances - total governmental funds $ 56,493
Amounts reported for governmental activities in the
statement of activities are different because:
Governmental funds report capital outlay as expenditures. However,
in the statement of activities, the cost of those assets is allocated over
their estimated useful lives and reported as depreciation expense.
Expenditures for general capital assets and infrastructure $ 32,122
Less net effect of sales and dispositions (612)
Less current year depreciation (23,329) 8,181
Revenues in the statement of activities that do not provide current
financial resources are not reported as revenues in the funds. (10,967)
Bond issuance costs, discounts, and premiums are expenditures in the
governmental funds but are reported as deferred charges and unamortized
bond discounts and premiums in the statement of net assets and amortized
over the term of the bond.
Deferred charges (65)
Bond discounts (30)
Bond premiums 151 56
Repayment of debt principal is an expenditure in the governmental funds,
but the repayment reduces long-term liabilities in the statement of net assets.
Principal repayments:
Certificates of participation 6,494
Tax-exempt commercial paper 2,520
Loans payable 80 9,094
Proceeds from long-term debt are reported as other financing sources in the
governmental funds, but increase long-term liabilities in the statement of
net assets.
Loans payable (2,639)
Tax-exempt commercial paper (1,837) (4,476)
Some expenses reported in the statement of activities do not require the
use of current financial resources and, therefore, are not reported as
expenditures in governmental funds.
Accrued pension obligation (292)
Accrued interest expense 178
Change in other liabilities 283
Change in compensated absences (2,097)
Accrued other postemployment benefits (OPEB) (825) (2,753)
Internal service funds are used by management to charge the costs of certain
activities to in