HomeMy WebLinkAboutNC Comprehensive Report (Finance) (52)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
(5) Capital Assets, (Continued)
The following is a summary of changes in the capital assets for the successor agency at
June 30, 2012:
Balance at Balance at
July 1 2011 Additions Deletions June 30, 2012
Business -type activities:
Depreciable:
Buildings and improvements $ 2,450,000 2,450,000
Machinery and equipment 81,163 81.163
Total depreciable capital assets 2,531,163 2,531,163
Less accumulated depreciation
Buildings and improvements $ 2,031,666 - 2,031,666
Machinery and equipment 81,163 - 81,163
Total accumulated depreciation 2,112,829 2,112,829
Total depreciable assets, net 418,334 418,334
Non -depreciable assets:
Land - 2,050,000 2,050,000
Total non -depreciable capital assets 2,050,000 2,050,000
Capital assets, net $ 2,468,334 2,468,334
f6) Risk Management
The City is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissions; natural disasters; and workers' compensation
claims. A self-insurance (internal service) fund is used to account for the City's
insurance programs. Operating revenues of this fund represent payments from other City
funds and are based upon estimated umbrella insurance premium expenses, self-insurance
losses and other operating expenses.
The City is a member of the San Diego Pooled Insurance Program Authority (the
"Program Authority"), a joint powers authority established to provide insurance and
insurance -related services to its members. The Program Authority's governing board
consists of one member from each participating city and is responsible for the selection of
management as well as budgeting and finance. Insurance activities are financed by
charges to member cities. Each participating city has its own self -insured retention level.
The City is insured for general Liability with a self -insured retention of $150,000.
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