Preliminary Official Statement (1996)

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CITY OF SEAL BEACH Property Tax Levies and Collections Last Five Fiscal Years Percent of Current Percent of Delinquent Total Tax Fiscal Total Tax Levy Tax Total Tax Collections Year Tax Levy Collections Collected Collections Collections to Levy 1990-91 3,281,385 3,163,792 95.4 41,971 3,205,763 97.7 1991-92 3,412,851 3,222,612 94.4 117,204 3,339,816 97.9 1992-93 3,132,185 2,963,680 94.6 134,603 3,098,263 98.9 1993-94 2,793,380 2,693,054 96.4 144,220 2,837,274 101.6 1994-95 2,687,857 2,617,716 97.4 112,311 2,730,027 101.6 Source: Orange County Tax Ledger Employment. As of April 1995,the California Employment Development Department estimates that the adjusted civilian labor force for residents of the City was 10,600 of whom 10,200 were employed. The unadjusted unemployment rate as of March, 1995 was 3.3%. The US Naval Weapons Station which employs 1,100 civilians and 225 military personnel is located in the City. The station has its own docking and vessel loading facilities in a protected deep water harbor. Rockwell International Corporation currently employs approximately 2300 full-time personnel and is also located in the City. Project Improvements It is the City's intent to finance the 800 MHz improvement project along with refurbishing the beach rest rooms located under the Seal Beach Pier. Additionally, the City is looking at alternative parking which would include parking meters, automation and beautification of the two beach lots. This would include installing new light standards and replacement of existing fixtures, automated parking systems, and parking meters. Summary of Significant Accounting Policies Seal Beach's financial statements have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. B-79