Agenda packet — Finance Subcommittee, March 19, 2026

AGENDA

SPECIAL MEETING OF THE CITY COUNCIL

FINANCE SUBCOMMITTEE
Agoura Hills City Hall - City Manager's Conference Room 30001 Ladyface Court, Agoura Hills, California 91301
Thursday, March 19, 2026
4:00 PM
Please silence all cell phones and other electronic devices during the meeting.

NOTE: The Subcommittee and City staff will be participating in this meeting in-person in the City Manager's Conference Room. Members of the public have the opportunity to participate in-person in the conference room.

For public participation on items listed on this Agenda, refer to "Public Comments" below.

PUBLIC PARTICIPATION (PUBLIC COMMENT)
Option A: To provide public comments in-person at the meeting Members of the public have an opportunity to attend the meeting in-person and speak or submit a written comment on any item listed on this Agenda. Public testimony is limited to three (3) minutes per speaker; a speaker’s time may not be transferred to another speaker. Written public comments submitted at the meeting are not read aloud by staff.

To request to speak in-person at the meeting. The Subcommittee will open the floor for public comment and any in-person attendee who raises their hand will have the opportunity to speak. Public testimony is limited to three (3) minutes per speaker; a speaker's time may no be transferred to another speaker.

Option B: To submit written public comments by e-mail (prior to the meeting) Members of the public have an opportunity to submit email correspondence on any item listed on the Agenda by sending an email to: [email protected]. All public correspondence received by 3:00 p.m. on the meeting date will be provided to the Subcommittee prior to the meeting. Public comments are not read into the record. Any public comments received after 3:00 p.m. on the meeting day will not be considered as part of the Subcommittee’s deliberations or entered into the official record, but will be provided to the Subcommittee the next day.

CALL TO ORDER

ROLL CALL
Mayor Jeremy Wolf
Councilmember Penny Sylvester

APPROVAL OF AGENDA

PUBLIC COMMENTS
(This section is reserved for persons wishing to address items not listed on the Agenda that are under the subject matter jurisdiction of the City Council. Please refer to “Public Participation” above for full details on how to speak or submit written public comments under this category.)

DISCUSSION ITEMS

1. Review the City of Agoura Hills Annual Comprehensive Financial Report for the Year Ended June 30, 2025

SUBCOMMITTEE OR STAFF COMMENTS

ADJOURNMENT
Date Posted: March 12, 2026

REPORT TO FINANCE SUBCOMMITTEE
DATE: MARCH 19, 2026
TO: HONORABLE MEMBERS OF THE FINANCE SUBCOMMITTEE
FROM: NATHAN HAMBURGER, CITY MANAGER
BY: DIEGO IBANEZ, DIRECTOR OF FINANCE
SUBJECT:

REVIEW THE CITY OF AGOURA HILLS ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2025
The citywide annual audit was performed by Chavan & Associates, Certified Public Accountants for the Fiscal Year 2024-25. The Annual Comprehensive Financial Report is attached for your review. The final report will be presented as a receive and file item at the second City Council meeting in March.

Sheldon Chavan, Managing Partner will virtually attend the meeting to review the results of the audit and discuss several financial points of interest. Sheldon and staff will be available to answer any questions.

FISCAL IMPACT
Review of the Annual Comprehensive Financial Report For the Year Ended June 30, 2025, will not impact the City Council adopted 2025-26 Budget.

RECOMMENDATION
Staff respectfully recommends the Finance Subcommittee review the 2024-25 Annual Comprehensive Financial Report.

Attachments
Chauvon $ Associates Audit Letter FY 24-25.pdf
2024-25 City of Agoura Hills ACFR_C&ALLP.pdf

16450 Monterey Road, Suite #5, Morgan Hill, CA 95037
Tel: 408-217-8749 • E-Fax: 408-872-4159
[email protected] • www.cnallp.com
INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and Members of the City Council
of the City of Agoura Hills
Agoura Hills, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Agoura Hills (the “City"), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise City’s basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Agoura Hills, as of June 30, 2025, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements City management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one

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16450 Monterey Road, Suite #5, Morgan Hill, CA 95037
Tel: 408-217-8749 • E-Fax: 408-872-4159
[email protected] • www.cnallp.com
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and GAGAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and other required supplementary information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who consider it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The combining and individual fund financial statements, schedules, and other information listed in the supplementary information section of the table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements.

Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain

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16450 Monterey Road, Suite #5, Morgan Hill, CA 95037
Tel: 408-217-8749 • E-Fax: 408-872-4159
[email protected] • www.cnallp.com
additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the combining and individual fund financial statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information
Management is responsible for the other information included in the annual comprehensive financial report.

The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 9, 2026 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

Chavan & Associates, LLP
Certified Public Accountants
March 9, 2026
Morgan Hill, California

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City of Agoura Hills, CA
Annual
Comprehensive
Financial Report
For Fiscal Year Ended: June 30, 2025
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Annual Comprehensive
Financial Report (ACFR)
City of Agoura Hills
For the Fiscal Year Ended June 30, 2025
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CITY OF AGOURA HILLS

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2025

TABLE OF CONTENTS

INTRODUCTORY SECTION
Transmittal Letter .......................................................................................................................... 1 City Council................................................................................................................................... 7 City Officials .................................................................................................................................. 9 Organizational Structure............................................................................................................... 11 GFOA Certificate of Award.......................................................................................................... 12

FINANCIAL SECTION
Independent Auditor’s Report....................................................................................................... 15 Management’s Discussion and Analysis (Required Supplementary Information) ............................ 21 Basic Financial Statements:

Government-Wide Financial Statements:

Statement of Net Position .................................................................................................. 36 Statement of Activities...................................................................................................... 37 Fund Financial Statements
Governmental Funds:

Balance Sheet.............................................................................................................. 42 Reconciliation of the Government Funds Balance Sheet
to the Government-Wide Financial Statement of Net Position .................................. 43 Statement of Revenues, Expenditures and Changes in Fund Balances............................ 44 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Government-Wide Statement of Activities ........................................................................................... 45 Fiduciary Fund Financial Statements:

Statement of Fiduciary Net Position ............................................................................. 48 Statement of Changes in Fiduciary Net Position ........................................................... 49 Notes to the Basic Financial Statements .................................................................................. 52

REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual (GAAP Basis):

General Fund .................................................................................................................... 87 Other Grants Fund............................................................................................................. 88 Notes to Required Supplementary Information .............................................................................. 89 Schedule of Pension Contributions................................................................................................ 90 Schedule of Proportionate Share of Net Pension Liability.............................................................. 91 Schedule of OPEB Contributions.................................................................................................. 92 Schedule of Changes in the City’s Net OPEB Liability.................................................................. 93

SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual (GAAP Basis):

Measure R Capital Projects Fund............................................................................................................. 97 Measure M Capital Projects Fund ............................................................................................................ 98

CITY OF AGOURA HILLS

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2025

TABLE OF CONTENTS
Nonmajor Governmental Funds:

Combining Balance Sheet ....................................................................................................... 101 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ..................... 106 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual (GAAP Basis):

State Gas Tax ..................................................................................................................................... 111 Road Rehab......................................................................................................................................... 112 Traffic Safety ...................................................................................................................................... 113 Transit Tax (Prop A)........................................................................................................................... 114 Public Transit (Prop C) ....................................................................................................................... 115 Measure R ........................................................................................................................................... 116 Measure M .......................................................................................................................................... 117 Measure W.......................................................................................................................................... 118 Air Quality Management..................................................................................................................... 119 Traffic Improvement ........................................................................................................................... 120 Utility Undergrounding....................................................................................................................... 121 Supplemental Law Enforcement......................................................................................................... 122 Community Development Block Grant............................................................................................... 123 Inclusionary Housing .......................................................................................................................... 124 Other Grants........................................................................................................................................ 125 Solid Waste Management .................................................................................................................... 126 Housing Successor Agency.................................................................................................................. 127 Financing Authority Debt Service........................................................................................................ 128 Agoura Hills Improvement Authority.................................................................................................. 129 Capital Projects.................................................................................................................................... 130 Recreation Center Capital Projects Fund ............................................................................................. 131 Storm Water Capital Projects Fund...................................................................................................... 132

STATISTICAL SECTION
Summary of Contents ................................................................................................................... 135 Financial Trends
Net Position by Component..................................................................................................... 136 Changes in Net Position.......................................................................................................... 138 Program Revenues by Function/Program ................................................................................. 140 Fund Balance of Governmental Funds ..................................................................................... 142 Changes in Fund Balances, Governmental Funds ..................................................................... 144 Revenue Capacity
Tax Revenues by Source, Governmental Funds........................................................................ 146 Assessed Value and Estimated Value of Taxable Property ....................................................... 147 Direct and Overlapping Property Tax Rates............................................................................. 148 Principal Property Taxpayers .................................................................................................. 149 Secured Property Tax Levies and Collections .......................................................................... 150 Taxable Sales by Category ...................................................................................................... 151 Direct and Overlapping Sales Tax Rates.................................................................................. 152

CITY OF AGOURA HILLS

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2025

TABLE OF CONTENTS
Debt Capacity
Ratios of Outstanding Debt by Type........................................................................................ 153 Ratio of Net General Bonded Debt Outstanding....................................................................... 154 Direct and Overlapping Governmental Activities Debt............................................................. 155 Legal Debt Margin Information............................................................................................... 156 Demographic and Economic Information
Demographic and Economic Statistics..................................................................................... 158 Principal Employers................................................................................................................ 159 Operating Information
Full-time Equivalent City Government Employees by Function/Program.................................. 160 Operating Indicators by Function/Program .............................................................................. 161 Capital Asset Statistics by Function ........................................................................................ 162 Page Intentionally Left Blank

INTRODUCTORY SECTION
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CITY OF AGOURA HILLS
Letter of Transmittal
For the Year Ended June 30, 2025
March 9, 2026
Honorable Mayor and Members of the City Council
Citizens of the City of Agoura Hills, California
The City (City) of Agoura Hills is pleased to submit its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025. The ACFR represents a complete set of financial statements presented in conformity, with generally accepted accounting principles (GAAP), and audited, in accordance with generally accepted auditing standards, by a firm of licensed certified public accountants.

Responsibility for the accuracy of the data and the fairness of presentation, including all footnotes and disclosures, rests with the City. To the best of our knowledge and belief, the enclosed data are accurate in all material respects and are reported in a manner designed to present fairly the financial position and results of operations of the various funds of the City. All material, statements, and disclosures, necessary to enable the reader to gain an understanding of the City’s financial activities, have been included. To provide a reasonable basis for making these representations, management of the City has established a comprehensive internal control framework that is designed both to protect the City’s assets from loss, theft, or misuse, and to compile sufficient reliable information for the preparation of the City’s financial statements in conformity with GAAP.

Because the cost of internal controls should not outweigh their benefits, the City’s comprehensive framework of internal controls has been designed to provide reasonable, rather than absolute assurance that the financial statements will be free from material misstatement. As management, we attest that, to the best of our knowledge and belief, this financial report is complete and reliable in all material aspects.

The City’s financial statements have been audited by Chavan & Associates LLP, an accounting firm fully licensed and qualified to perform audits of state and local governments within the State of California. The independent audit involved: examining on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditors concluded, based upon the audit, that there was reasonable basis for rendering an unmodified opinion that the City of Agoura Hills’ financial statements for the fiscal year ended June 30, 2025, are fairly presented in conformity with GAAP.

The ACFR is presented in three sections: introductory, financial, and statistical. The introductory section includes this transmittal letter, the City’s organization chart, and a list of City officials. The financial section includes the independent auditor’s report, the basic financial statements, notes to the financial statements, and the combining and individual fund financial statements. The statistical section, which is unaudited, contains selected financial and demographic information, generally presented on a multi-year basis.

CITY OF AGOURA HILLS
Letter of Transmittal
For the Year Ended June 30, 2025
GAAP requires that management provide a narrative introduction, overview, and analysis, to accompany the basic financial statements in the form of Management Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the City’s MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the report of the independent auditors.

PROFILE OF THE CITY OF AGOURA HILLS
Perched on the western edge of Los Angeles
County in the foothills of the Santa Monica
Mountains, Agoura Hills is located just forty-five
minutes from busy downtown Los Angeles but is
nevertheless rich with undulating hills and
inspiring canyons. Agoura Hills was incorporated
December 8, 1982. It is 8.20 square miles in size
and has an average climate of 65 degrees
Fahrenheit. The City has an altitude of 936 feet to
2,036 feet. Agoura Hills is one of the smaller
communities in Los Angeles County, with a
population of only 20,269.

The City of Agoura Hills is governed by the City
Council/City Manager form of government. A
five-member City Council is elected by the residents to oversee City operations and to guide the future development of the community. The terms are staggered so that a measure of continuity is maintained in the transitions from one Council to the next. The mayor is selected annually by the City Council to serve a one-year term.

The City Council is responsible, among other things, for passing ordinances, adopting the budget, appointing committees, and appointing a City Manager and City Attorney.

The City Council members also serve as the governing body of the following:
 Public Facilities Corporation
 Public Financing Authority
 Parking Authority
 Improvement Authority
In addition, the City Council appoints the
members of the Planning Commission
and has representation on the following Boards:

CITY OF AGOURA HILLS
Letter of Transmittal
For the Year Ended June 30, 2025
 Las Virgenes/Malibu Council of Governments
 Santa Monica Mountains Conservancy
 Clean Power Alliance
The City provides a full range of services, some of which are contracted through outside agencies and/or firms. These services include law enforcement, highways, and roads, landscaping services, planning and zoning, building and environmental safety, emergency preparedness, and general administrative services. Certain services are provided by Public Facilities Corporation, the Public Financing Authority, and the Improvement Authority. The Agoura Hills City Council exercises financial accountability over each entity, and city staff manages the operations of each of these organizations.

These component units’ function, in essence, as departments of the City of Agoura Hills and therefore have been included as an integral part of the City of Agoura Hills financial statements. Additional information on these entities can be found in note 1.a. of these financial statements.

For many centuries, the area that would become
Agoura Hills was familiar territory for Native
Americans who wandered inland from their hunts
along the sea in search of game and other food.

The permanent arrival of the Spanish in the late
1700s banished the Indians from their homes and
introduced a ranching culture that would linger into
the early twentieth century. In the 1900s, vast cattle
and sheep ranches conceded ground to rows of
lettuce and celery, orchards, and wheat fields.

Ranching and agriculture eventually diminished in
importance. Ranchers began dividing their
property and selling individual tracts for housing.

From the outset, ranchers and farmers had worried about water supplies and the citizens of Agoura Hills into the mid-1950s shared those concerns. At that time, provision of outside sources of water helped ensure the growth of the community, aided by the new highways, which acted as a conduit for fresh faces and commercial development and contributed to the maturation of Agoura Hills.

The City is required to adopt a final budget by no later than the close of the fiscal year.

This annual budget serves as the foundation for the City’s financial planning and control.

The budget is prepared by fund and department. The City Manager has the authority to transfer between expenditure accounts within the same department, office, agency, or program activity.

CITY OF AGOURA HILLS
Letter of Transmittal
For the Year Ended June 30, 2025

AGOURA HILLS ECONOMY AND OUTLOOK
Agoura Hills entices companies to relocate to and remain in the City by charging a low business license fee. As a result, the City enjoys a strong and diverse business and retail base, both of which contribute to revenue received through sales tax.

Agoura Hills is one of the communities in California that is fortunate to have a strong quality of life. The City has a median home value of $1.21 million, compared to $960,000 in Los Angeles County. The median age of Agoura Hills’ residents in 2024 was 45.4.

The fiscal outlook for the City remains positive, with most revenues projected to be stable over the next two years, and staff prioritizing Capital Projects and Operational expenses to assist with unexpected costs. The City is currently reviewing new economic development opportunities with new and current businesses as a way to stimulate the local economy. With a stable property tax base and a reasonably diverse sales tax base, the City of Agoura Hills has a solid financial foundation. However, the fiscal impact of persistently elevated interest rates on loans and credit cards, slowing wage growth, declining household savings, and ongoing Federal Reserve policy actions continues to create economic uncertainty. Since early 2025, this uncertainty has been compounded by global geopolitical tensions—including conflicts in the Middle East that have driven energy price volatility—trade policy shifts and tariffs, weakening labor market signals in the United States, and fluctuations in global financial markets.

At the same time, inflation remains above central bank targets in many economies, forcing policymakers to balance potential rate cuts with inflation risks. These developments, combined with elevated government debt levels and geopolitical instability, have increased uncertainty around economic growth, consumer spending, and investment decisions both in the United States and globally.

Since early 2025, additional challenges have emerged, including the economic impacts of the January 2025 Southern California wildfires that affected communities throughout Los Angeles County and heightened concerns regarding wildfire risk and insurance availability in fire-prone areas. In response, the City has continued efforts to strengthen wildfire preparedness through initiatives such as the Community Wildfire Risk Assessment completed in 2025 and the development of a Community Wildfire Protection Plan to improve long-term resilience. The City’s future economic health will depend on maintaining healthy reserves through fiscally conservative budgets and policies, while continuing to pursue economic development opportunities and monitoring important economic indicators, revenue sources, and spending levels.

LONG-TERM FINANCIAL PLANNING
In addition to managing the City’s money in a manner that ensures Agoura Hills is financially stable, every year during budget season, the City Council sets, reviews, and approves City Council Goals that ensure the Council’s continued commitment to support

CITY OF AGOURA HILLS
Letter of Transmittal
For the Year Ended June 30, 2025
high quality municipal services, provide for the maintenance and expansion needs of the City’s infrastructure and facilities, and profile the City’s economic development strategy.

This annual Goal Setting Session is designed to guide the decisions of the City Council, focus on City administration, and daily work of City staff. In December 2021, the City Council adopted a 2030 Strategic Plan which focuses and values safety, diversity, community, service, and family. Since its adoption, the City continues to abide by the strategic plan as it recognizes its own diverse community and seeks ways to maintain Agoura Hills as a safe, welcoming, connected, and active city. The City of Agoura Hills is a destination City with thriving local businesses, well-maintained parks and infrastructure, and quality programming and services.

In order to sustain fiscal responsibility, the unassigned fund balance in the General Fund (seventy-one percent of total general fund expenditures and operating transfers) falls within the policy guidelines set by the Council for budgetary and planning purposes. In June 2005, the City adopted Resolution No. 05-1378, stating the City Council and City Staff will endeavor to designate an amount equal to or greater than forty percent (40%) of each year’s proposed General Fund Operating Budget as the City’s unobligated General Fund Reserve.

MAJOR INITIATIVES
In March 2024, the Agoura Hills Improvement Authority issued $14.9 million in bonds. Of this amount, $2.6 million was issued to refund the 2013 outstanding bonds. $12.3 million of bonds were issued for the Ladyface Greenway Project, an innovative transportation hub featuring outdoor recreational and community opportunities. Despite funding sources from Measure R sales tax, Measure M sales tax, and state grants, bonds were issued for cashflow purposes.

The City expended $697 thousand in Measure R Sales Tax monies for the Ladyface Greenway Project. $12.4 was spent on this project in the 2024-25 fiscal year.

Additionally, $205 thousand in Measure M Sales Tax monies were spent on street projects within the Kanan Corridor. $376 thousand was spent on Park Restroom improvements.

AWARDS AND ACKNOWLEDGEMENTS
The Government Finance Officers’ Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Agoura Hills for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2024. This was the fifteenth year that the City achieved this prestigious award. To be awarded a Certificate of Achievement, a government entity must publish an easily readable and efficiently organized ACFR. This report must satisfy 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

CITY OF AGOURA HILLS
Letter of Transmittal
For the Year Ended June 30, 2025
current ACFR continues to meet the Certificate of Achievement Program’s requirements and Finance Staff are submitting it to the GFOA to determine its eligibility for another certificate.

The preparation of this report could not have been accomplished without the efficient and dedicated services of the Finance Department staff along with all of the help from Directors and their teams. Sincere appreciation is also expressed to Nathan Hamburger, City Manager, the Mayor, and members of the City Council for their support in planning and conducting the operations of the City in a responsible and progressive manner. In addition, appreciation is extended to the City’s independent auditors, Chavan & Associates LLP, for their expertise and advice in preparing this year’s financial report.

Respectfully submitted,
J. Diego Ibanez
Director of Finance
City of Agoura Hills
City Council
Mayor
Penny Sylvester
Mayor Pro Tem
Jeremy Wolf
Councilmember
Chris Anstead
Councilmember
Deborah Klein Lopez
Councilmember
Kate Anderson
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City of Agoura Hills
City Officials
Penny Sylvester, Mayor
Jeremy Wolf, Mayor Pro Tem
Chris Anstead, Councilmember
Deborah Klein Lopez, Councilmember
Kate Anderson, Councilmember
Nathan Hamburger, City Manager
Ramiro Adeva, Assistant City Manager
Amy Brink, Community Services Director
Charmaine Yambao, Public Works Director
Diego Ibanez, Finance Director
Denice Thomas, Community Development Director
Kimberly Rodrigues, City Clerk
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Organizational Chart
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Agoura Hills
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2024
Executive Director/CEO

FINANCIAL SECTION
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In performing an audit in accordance with GAAS and GAGAS, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

Other Information
Management is responsible for the other information included in the annual comprehensive financial report.

Chavan & Associates, LLP
Certified Public Accountants
March 9, 2026
Morgan Hill, California
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MANAGEMENT’S DISCUSSION

AND ANALYSIS
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CITY OF AGOURA HILLS
Management’s Discussion and Analysis (MD&A)
For the Year Ended June 30, 2025
The following Management’s Discussion and Analysis (MD&A) is presented as a supplement to the City of Agoura Hills’ (City) financial statements. The MD&A offers an objective narrative of the City’s financial activities based upon facts, decisions, and conditions known to management as of the auditor’s report date for the fiscal year ended June 30, 2025. Readers are encouraged to utilize this report in conjunction with the information outlined in the City’s financial statements and notes to the financial statements (found on subsequent pages). A summary of the fiscal year’s financial picture immediately follows.

FINANCIAL HIGHLIGHTS
 On June 30, 2025, the City’s net position (excess of assets and deferred outflows of resources over liabilities and deferred inflows of resources) was $185.7 million. Of this amount, $33.3 million is available to meet the City’s ongoing operations to citizens and creditors.
 During the fiscal year ended June 30, 2025, the City’s total net position increased by $5.1 million.
 As of June 30, 2025, the unassigned fund balance for the General Fund was $14.0 million or 73 percent of total General Fund expenditures and operating transfers.  The City’s governmental funds reported combined ending fund balances of $51.5 million, a decrease of $7.0 million compared with the prior fiscal year.

OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City’s financial statements, which are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. The report also contains other supplementary information in addition to the basic financial statements themselves.

The basic financial statements include the City (primary government) and all legally separate entities for which the City is financially accountable. The City’s component units consist of the following: The Public Facilities Corporation, The Improvement Authority, The Parking Authority and The Public Financing Authority. These component units have been included in the basic financial statements, as an integral part of the primary government, using the blended method.

Government-Wide Financial Statements
The Government-Wide Financial Statements are designed to provide readers with a broad overview of the City of Agoura Hills finances, in a manner similar to a private-sector business. Information contained within the government-wide statements includes the entire City government (except fiduciary funds). These statements use the accrual basis of accounting with the measurement focus on that of economic resources.

The statement of net position presents information on all the City’s assets, deferred inflows/outflows of resources and liabilities, with a difference between them reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City of Agoura Hills is improving or deteriorating.

CITY OF AGOURA HILLS
Management’s Discussion and Analysis (MD&A)
For the Year Ended June 30, 2025
The Statement of Activities presents information showing how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the change’s underlying event occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods, i.e. the value earned but unused vacation leave maybe recorded as an expense in the current period, even though the actual use of the vacation time may not be until subsequent periods.

While some governmental agencies have governmental and business-type activities, the City of Agoura Hills records all activities under governmental activities. Typically, government-wide financial statements are distinguished between governmental activities which are principally supported by taxes or intergovernmental revenues and business-type activities which are intended to recover all or a significant portion of their costs through user fees and charges. The governmental activities of the City of Agoura Hills include general government, public safety, community development, community services, and public works. The City of Agoura Hills does not have any business-type activities.

Fund Financial Statements
The Fund Financial Statements provide detailed information about the City’s major funds – not the City as a whole. Some funds are required to be established by state law (i.e., Measure R & Transit Tax) and by bond covenants. However, management establishes other funds (i.e., Other Grants) to help it control and manage money for particular purposes or to show that it is meeting legal responsibilities for using certain taxes, grants, and other money.

The Fund Financial Statements include statements for governmental and fiduciary categories of activities. The governmental activities are reported using the current financial resources measurement focus and modified accrual basis of accounting. The following sections provide a more in-depth detailing of the fund groups.

Governmental funds are reported, in essentially the same way as governmental activities in the government-wide financial statements with an exception; governmental fund financial statements focus on near-term inflows and outflows of spendable resources and balances of spendable resources. This means governmental fund financial statements identify current sources and uses of money within the immediate fiscal year. Benefits derived include a detailed short-term view of the City’s general government operations and the basic services it provides, which assist in determining whether there are sufficient financial resources available to meet the City’s current needs.

Since the scope of the governmental funds is different than that of the government-wide financial statements, it is beneficial to comparatively examine information presented for the governmental funds with information presented for governmental activities in the government-wide financial statements. From this, readers gain a clearer picture of the long-term impacts current financial decisions might yield. When examined together, the governmental funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances provide the reader with a different snapshot that identifies variances between the two different methodologies of governmental activities and governmental funds.

The major governmental funds include The General Fund, the Other Grants Fund, the Measure R Capital Projects Fund, and the Measure M Capital Projects Fund, which are reported in detail in the Governmental Fund Financial Statements. All other funds are shown in the aggregate as other non-

CITY OF AGOURA HILLS
Management’s Discussion and Analysis (MD&A)
For the Year Ended June 30, 2025
major funds. Individual fund data for other non-major governmental funds is provided in the form of supplementary information elsewhere in the report.

Fiduciary Funds – the City is the trustee, or fiduciary, for certain funds held on behalf of external parties. The City’s fiduciary activities are reported in separate Statements of Fiduciary Net Position.

These activities are excluded from the City’s other financial statements because the resources of these funds are not available to support the City’s own programs. The City is responsible for ensuring that the assets reported in these funds are used for their intended purposes.

Notes to the Basic Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the Government-Wide and Fund Financial Statements.

Required Supplementary Information
In addition to the basic financial statements, this report also presents certain Required Supplementary Information, including the City’s budgetary schedules.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
Statement of Net Position
Net position is a good indicator of the City’s financial position. For the fiscal year ended June 30, 2025, net position of the City was $185.7 million, which is an increase of $5.1 million from the prior year.

Following is the condensed Statement of Net Position for the fiscal years ended June 30, 2025, and 2024.

City of Agoura Hills Net Position
As of June 30, 2025, and 2024
2025 2024
Current and other assets $ 74,197,681 $ 67,308,680
Capital assets 146,969,889 145,321,146
Total Assets 221,167,570 212,629,826
Deferred outflows 3,063,830 4,275,898
Current liabilities 7,716,820 3,859,400
Long-term liabilities outstanding 28,760,157 31,522,264 Total Liabilities 36,476,977 35,381,664
Deferred inflows 687,916 903,428
Net Position:

Net investment in capital assets 130,826,171 134,221,546 Restricted 21,581,258 17,961,573
Unrestricted 33,294,338 28,437,513
Total Net Position $ 185,701,767 $ 180,620,632

CITY OF AGOURA HILLS
Management’s Discussion and Analysis (MD&A)
For the Year Ended June 30, 2025
At June 30, 2025 the largest portion of net position (70 percent) consists of the City’s net investment in capital assets. This component portrays the amount of funds required to acquire those assets, less any related debt used for such acquisition that is still outstanding. The City uses these capital assets to provide services to citizens. The capital assets of the City are not sources of income for repayment of debt as most assets are not revenue generating and generally are not liquidated to repay debt. Therefore, debt service payments are funded from other sources available to the City.

An additional portion of the City’s net position ($21.6 million) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position ($33.3 million) may be used to meet the government’s ongoing obligations to citizens and creditors.

For the years ended June 30, 2025, and 2024 the City reported positive balances in all three of the categories of net position.
 The $3.4 million decrease the City’s net investment in capital assets was primarily related to the increase of existing assets.
 Restricted net position increased by $3.6 million which is a 20 percent increase, primarily related to the timing of Capital Project reimbursements.

The following chart shows the comparison of the three components of net position for fiscal years 2024/25 and 2023/24 (in millions).

CITY OF AGOURA HILLS
Management’s Discussion and Analysis (MD&A)
For the Year Ended June 30, 2025
Statement of Activities
The following is the condensed Statement of Activities for the fiscal years ended June 30, 2025, and 2024.

The City’s activities increased net position by $5.1 million which was a 3 percent increase from the prior fiscal year.
2025 2024
Revenues:

Program Revenues
Charges for Services $ 2,629,993 $ 1,435,360
Operating Grants and Contributions 2,579,674 3,656,355
Capital Grants and Contributions 12,774,746 2,057,084
General Revenues:

Taxes 16,402,211 16,294,633
Investment earnings 4,504,011 2,137,140
Other Revenues 569,930 555,446
Total Revenues 39,460,565 26,136,018
Expenses:

General Government 6,560,729 8,822,676
Public Safety 6,025,072 5,707,994
Public Works 7,343,283 7,071,874
Community Developent 2,755,115 2,726,821
Community Services 3,600,531 3,462,358
Interest and Fiscal Charges 809,700 871,844
Total Expenses 27,094,430 28,663,567
Special Item - Loss on Transfer of Land (7,285,000) -
Increase/(Decrease) in Net Position 5,081,135 (2,527,549) Net Position - Beginning of Year 180,620,632 183,263,181 Net Position - End of Year $ 178,416,767 $ 180,735,632
Statement of Activities Changes
For the Years Ended June 30, 2025, and 2024

CITY OF AGOURA HILLS
Management’s Discussion and Analysis (MD&A)
For the Year Ended June 30, 2025
Revenues by source are shown in the chart below:

Revenue highlights:
 Charges for services increased by 83% and represent about 7% of the overall City’s revenue stream, in fiscal year 2024/25. The City adopted a new User Fee Schedule in December of 2025 and the City should see new revenues at the end of FY 25/26.  The City continues to rely on operating grants and contributions which account for 7% of all revenue streams.
 Capital grants and contributions account for 32% of total revenues as the City recognized grant revenue for the Ladyface Greenway, Kanan Corridor, and Agoura Kanan intersection projects.
 Investment earnings increased 111% due to continued high interest rates, gain on the fair values of investments held by the City and interest from the Successor Agency loan.  Taxes continue to be the City’s top revenues streams at 42% of total revenues.

CITY OF AGOURA HILLS
Management’s Discussion and Analysis (MD&A)
For the Year Ended June 30, 2025
Expense highlights:

Total expenses for the City’s activities were $27.1 million, $1.6 million less than the prior fiscal year.

Program revenues offset total expenses as follows:
 Those who directly benefited from programs contributed $2.6 million in charges for services.
 The City was able to fund some of its programs through grants and contributions from outside sources or other governments for a total amount of $15.4 million.

Functional expenses (excluding interest on debt) for the years ended June 30, 2024, and 2025 were as follows (amount in millions):

Net (Cost)
Total Cost of Percent Revenue of Percent
Services Change Services Change
2025 2024 2024/25 2025 2024 2024/25
General Government $6.6 $8.8 -25% $5.7 $6.8 -16%
Public safety 6.0 5.7 6% 5.7 4.8 19%
Public works 7.3 7.1 3% -6.9 3.2 -315%
Community development 2.8 2.7 2% 1.1 2.4 -53%
Community services 3.6 3.5 3% 2.6 3.4 -233%
Total $26.3 $27.8 -5% $8.3 $20.6 -60%
In total, the net cost of services decreased $12.3 million. Highlights of the changes are:
 General Government decreased by 16% primarily due to timing of projects, a new fee schedule, and project priority.
 Public Safety increased by 19% due to a rise in service needs which were funded by operating grants and contributions and a decrease in charges for services.  Public Works decreased by 315% due to the timing of grant reimbursements for the Ladyface Greenway, Kanan Corridor, and Agoura Kanan intersection projects.  Community Development decreased by 53% due to an increase in operating grants and contributions.
 Community Services decreased by 233% due to an increase in charges for services and operating grants and contributions.

Financial Analysis of the City’s Funds
The City of Agoura Hills only has governmental fund types whose focus is to provide information on short-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financing requirements.

CITY OF AGOURA HILLS
Management’s Discussion and Analysis (MD&A)
For the Year Ended June 30, 2025
As of the end of 2024/25, the City’s funds reported ending fund balances of $51.5 million, a decrease of $7.0 million in comparison with the prior fiscal year. The change in fund balance primarily reflects the reimbursement of projects in the Measure M and Measure R Capital Grant projects. Of the $51.5 million in fund balances at fiscal year-end 2024/25, $27.2 million is Nonspendable because it represents prepaids and long-term receivables, and $17.7 million is Restricted, Committed or Assigned to indicate that it is not available for appropriation because it had already been restricted for a variety of purposes.

The General Fund is the chief operating fund of the City. At the end of fiscal year 2024/25, the fund balance of the General Fund was $42.1 million, with $27.2 million Nonspendable because it was for prepaids and the receivable from the Successor Agency. As a measure of the General Fund’s liquidity, it is useful to compare unassigned fund balance to total expenditures. At June 30, 2025, unassigned fund balance was 73 percent of total General Fund expenditures and operating transfers out.

In 2010/11 the General Fund received a transfer in of $30.6 million from the Redevelopment Agency to cover a reimbursement agreement for services. In January 2011 the City executed an agreement to cover the amounts that had been advanced since April of 1988. However, due to the dissolution of the Redevelopment Agency the General Fund established an allowance for the entire amount and recorded an extraordinary loss of $31.1 million in 2011/12. Subsequently in 2013/14 the Oversight Board to the Successor Agency approved OB Resolution No. 14-23 determining that the loan was for legitimate redevelopment purposes. In 2014/15 the California State Department of Finance (DOF) further recalculated the loan to have a balance of $17 million. In 2015/16, with new legislation, the DOF restated the loan to $26.2 million. For further information, see Note 9 to the Basic Financial Statements.

The Successor Housing Agency Fund is a special revenue fund to acquire affordable housing. This fund follows guidelines established by the State of California. The fund balance increased by $163,524 or 16.8% in 2024/25. To date, the City has $1,167,487 in the fund. The Measure R Capital Projects fund is established to account for Measure R grant monies received from LA METRO.

These monies are used for several capital projects, including Ladyface Greenway and Kanan Agoura Intersection. Fund balance decreased by $537,895 (14%), as project reimbursements are pending.

The fund has short-term borrowing from the General Fund and the Traffic Impact Fee Fund, to assist with cashflow needs ($3.0 million). The Measure M Capital Projects fund is established to account for Measure R grant monies received from LA METRO. These monies are used for capital projects, including Kanan Corridor. Fund balance decreased by $2.9M (8%), due to timing of project reimbursements. The fund has short-term borrowing from the General Fund to assist with cashflow needs ($1.6 million). The City anticipates receiving the reimbursement of these expenses within the next fiscal year. For further information, see Note 5 in the basic financial statements.

GENERAL FUND BUDGETARY HIGHLIGHTS
In preparing the budget, the City attempts to estimate its revenue using realistic, but conservative, methods to budget its expenditure appropriations and activities in a prudent manner. As a result, the City Council adopts budget adjustments during the course of the fiscal year to reflect both changed priorities and availability of additional revenues to allow for expansion of existing programs.

During the course of the year, the City Council amended the originally adopted budget to reappropriate prior year approved projects and expenditures and to amend the spending plan of the City.

CITY OF AGOURA HILLS
Management’s Discussion and Analysis (MD&A)
For the Year Ended June 30, 2025
In the General Fund, amendments between the original budget and the final budget resulted in an increase to revenues of $410,480, and no increased expenditures and transfers during the mid-year process. The increase in revenues primarily related to taxes, interest earnings, as well as licenses and permits. Expenditures and transfers increased primarily due to adjustments emergency incidents due to the storms and transfers out to other funds. These transfers related to planned capital projects and set-aside for facility improvements, CalPERS retirement costs, and open space.

The Successor Agency made a payment of $3,868,708 to the City which included principal of $890,050 and interest of $2,978,658. According to General Accepted Accounting Principles (GAAP) this the principal payment is applied toward the loan receivable between the City and the Successor Agency. Finally, for budgeting purposes, the City has established a Building Fund, to set-aside monies for future capital improvements; a CalPERS set-aside Fund to account for future retirement costs; and an Open Space, to set-aside monies for future opportunities to purchase parcels. GAAP considers these funds to be a part of the General fund. Therefore, a reconciliation is included to reflect the variance between the actual and final budget amounts.

CAPITAL ASSETS
Capital assets, including infrastructure of the City, are those assets that are used in the performance of the City’s functions. At June 30, 2025, net capital assets totaled $147 million.

This investment in capital assets includes land, construction in progress, buildings, machinery and equipment, vehicles, and infrastructure. The total increase in the City’s capital assets for the current fiscal year was $1.6 million. Additions of $12.3 million were offset by a land transfer of $7.3 million and depreciation of $3.4 million.

Major projects in fiscal year ended 2024/25 include:
 Construction in progress of the Ladyface Greenway Project  Construction in progress of the Morrison Park Playground Project City of Agoura Hills Capital Assets
(Net of depreciation)
2025 2024
Land $14,260,555 $21,545,555
Construction in progress 16,571,467 5,529,596
Buildings 17,668,741 17,142,158
Machinery and equipment 171,281 170,620
Vehicles 214,294 244,252
Infrastructure 98,083,551 100,688,965
Total Capital Assets $146,969,889 $145,321,146

CITY OF AGOURA HILLS
Management’s Discussion and Analysis (MD&A)
For the Year Ended June 30, 2025
Additional information on the City’s capital assets can be found in Note 5 in the basic Financial Statements.

LONG-TERM DEBT
At the end of the current fiscal year, the City of Agoura Hills had total debt outstanding of $22.5 million. The City’s long-term debt as of June 30, 2025 and 2024 were as follows:

City of Agoura Hills Outstanding Debt
2025 2024
2016 Lease Revenue Refunding Bonds $8,131,479 $8,484,8223 2024A Lease Revenue Bonds 11,683,214 12,243,697
2024B Lease Revenue Bonds 2,640,612 2,755,648
Total Outstanding Debt $22,455,305 $23,484,168
Additional information on the City’s long-term debt can be found in Note 6 of the basic Financial Statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
In preparing the budget for 2024/25 the following factors were taken into consideration:
 The City employees were given a 4.3% Cost of Living Adjustment and employees who joined CalPERS prior to January 1, 2013, were budgeted to reduce their contribution towards pension costs to 4.5%.
 Several ongoing large capital projects, including the Ladyface Greenway ($12,400,000) which will come to a conclusion during the Summer of 2026, Storm Drain Diversion ($2,500,000). Kanan Corridor ($1,000,000).

The City’s operating budget for 2024/25 reflects the use of Measure R, Measure M, and state grant funds for the Ladyface Greenway project and Measure W, IRWMP, and City funds for the Storm Drain Diversion Project.

It is anticipated that the City will remain in good financial condition throughout the fiscal year and beyond.

CITY OF AGOURA HILLS
Management’s Discussion and Analysis (MD&A)
For the Year Ended June 30, 2025

REQUEST FOR INFORMATION
This financial report is designed to provide citizens, taxpayers, customers, investors and creditors with a general overview of the City’s finances and to demonstrate the City’s accountability for the money it receives. If you have questions about this report or need additional financial information, contact the City of Agoura Hills Finance Department, 30001 Ladyface Court, Agoura Hills, California 91301 or (818) 597-7312.

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BASIC FINANCIAL

STATEMENTS
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GOVERNMENT-WIDE

FINANCIAL STATEMENTS
City of Agoura Hills
Statement of Net Position
June 30, 2025
Governmental
ASSETS Activities
Current Assets:

Cash and investments $ 23,813,019
Restricted cash and investments 6,585,809
Accounts receivable 4,191,005
Accrued interest 262,452
Due from other governments 11,866,339
Prepaid items and other 132,160
Loans receivable 269,720
Loan to Successor Agency 970,886
Total Current Assets 48,091,390
Noncurrent Assets:

Loan to Successor Agency 26,106,291
Capital Assets:

Nondepreciable 30,832,022
Depreciable, net of accumulated depreciation 116,137,867 Total Capital Assets, Net 146,969,889
Total Noncurrent Assets 173,076,180
Total Assets $ 221,167,570

DEFERRED OUTFLOWS OF RESOURCES
Pension Adjustments $ 2,484,602
OPEB Adjustments 279,076
Deferred Loss on Refunding 300,152
Total Deferred Outflows of Resources $ 3,063,830

LIABILITIES
Current Liabilities:

Accounts payable $ 6,418,287
Accrued liabilities 3,332
Accrued Interest 67,892
Deposits payable 1,227,309
Compensated absences, due within one year 334,740
Long-term debt, due within one year 1,030,000
Total Current Liabilities 9,081,560
Noncurrent Liabilities:

Net pension liability 6,823,253
Net OPEB liability 94,939
Compensated absences, due in more than one year 416,660 Long-term debt, due in more than one year 21,425,305
Total Noncurrent Liabilities 28,760,157
Total Liabilities $ 37,841,717

DEFERRED INFLOWS OF RESOURCES
Pension Adjustments $ 247,666
OPEB Adjustments 440,250
Total Deferred Inflows of Resources $ 687,916

NET POSITION
Net investment in capital assets $ 130,826,171
Restricted for:

Capital projects 17,891,978
Air quality improvement 123,623
Grant programs 1,167,487
Housing programs 111
Public safety 111,878
Transportation services 2,286,181
21,581,258
33,294,338
$ 185,701,767
Total Restricted
Unrestricted
Total Net Position
The accompanying notes are an integral part of these financial statements.

City of Agoura Hills
Statement of Activities
For the Year Ended June 30, 2025
Operating Capital
Charges for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Total Activities Primary Government:

Governmental Activities:

General Government $ 6,560,729 $ 224,247 $ 596,520 $ - $ 820,767 $ (5,739,962) Public Safety 6,025,072 80,763 242,338 - 323,101 (5,701,971) Public works 7,343,283 198,285 1,497,663 12,523,865 14,219,813 6,876,530 Community development 2,755,115 1,377,393 - 250,881 1,628,274 (1,126,841) Community services 3,600,531 749,305 243,153 - 992,458 (2,608,073) Interest expense 809,700 - - - - (809,700)
Total Governmental Activities $ 27,094,430 $ 2,629,993 $ 2,579,674 $12,774,746 $ 17,984,413 (9,110,017) General Revenues:

Taxes:

Property taxes 7,092,826
Sales taxes 4,507,704
Transient occupancy taxes 3,863,047
Franchise taxes 938,634
Total taxes 16,402,211
Interest from Successor Agency loan 2,978,658
Investment earnings 1,525,353
Other revenues 569,930
Total General Revenues 21,476,152
Special item - loss on transfer of land (7,285,000)
Total General Revenues and Transfers 14,191,152
Change in Net Position 5,081,135
Net Position - Beginning of Year 180,620,632
Net Position - End of Year $185,701,767
The accompanying notes are an integral part of these financial statements.

Program Revenues
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FUND FINANCIAL

STATEMENTS
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GOVERNMENTAL FUND FINANCIAL STATEMENTS
General Fund
The General Fund is the general operating fund of the City. It is used to account for resources traditionally associated with the government which are not required legally or by sound financial management to be accounted for in another fund. All general tax revenue and other receipts that are not allocated by law or contractual agreement to some other fund are accounted for in this fund.

Other Grants Fund
The Other Grant Fund is used to account for various state grant funds received for street improvements and park developments.

The Measure R Capital Projects Fund
The Measure R Capital Projects Fund is used to account for grant monies received from the County and restricted for specific projects within the City.

The Measure M Capital Projects Fund
The Measure M Capital Projects Fund is used to account for grant monies received from sales tax overrides adopted by Los Angeles County and restricted for various transportation projects within the City.

City of Agoura Hills
Balance Sheet
Governmental Funds
June 30, 2025
Measure R Measure M Nonmajor Total
General Other Capital Capital Governmental Governmental Fund Grants Projects Projects Funds Funds
ASSETS
Cash and investments $ 12,009,218 $ 1,824,988 $ - $ - $ 9,978,813 $ 23,813,019 Cash with fiscal agent - - - - 6,585,809 6,585,809
Accounts receivable 800,595 224,296 2,634,763 495,987 35,364 4,191,005 Accrued interest 153,802 6,976 - 2,023 99,651 262,452
Due from other governments 1,212,611 4,224,958 4,548,471 1,342,263 538,036 11,866,339 Prepaid items and other 132,160 - - - - 132,160
Loans receivable - - - - 269,720 269,720
Loans to Successor Agency 27,077,177 - - - - 27,077,177 Due from other funds 4,146,603 - - - 963,763 5,110,366
Total assets $ 45,532,166 $ 6,281,218 $ 7,183,234 $ 1,840,273 $ 18,471,156 $ 79,308,047

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable $ 1,970,489 $ 1,617,538 $ 173,686 $ 2,097,455 $ 559,119 $ 6,418,287 Accrued liabilities 3,079 - 221 32 - 3,332
Deposits payable 1,209,701 - - - 17,608 1,227,309
Due to other funds - 5,376 2,995,592 1,578,596 530,802 5,110,366 Total liabilities 3,183,269 1,622,914 3,169,499 3,676,083 1,107,529 12,759,294 Deferred Inflows of Resources:

Unavailable revenues 243,411 5,280,524 7,183,215 1,781,976 551,234 15,040,360 Total deferred inflows of resources 243,411 5,280,524 7,183,215 1,781,976 551,234 15,040,360 Fund Balances:

Nonspendable:

Prepaid items and other 132,160 - - - - 132,160
Loan to Successor Agency 27,077,177 - - - - 27,077,177
Restricted:

Capital projects - - - - 8,939,839 8,939,839
Air quality improvement - - - - 123,623 123,623
Grant programs - - - - 1,167,487 1,167,487
Housing programs - - - - 111 111
Public safety - - - - 111,878 111,878
Transportation services - - - - 2,286,181 2,286,181
Committed:

Capital projects 621,719 - - - 1,847,808 2,469,527
Waste management programs - - - - 291,585 291,585
Housing programs - - - - 2,042,660 2,042,660
CalPERS set aside 193,838 - - - - 193,838
Open space 118,456 - - - - 118,456
Assigned:

Debt service - - - - 1,221 1,221
Unassigned 13,962,136 (622,220) (3,169,480) (3,617,786) - 6,552,650 Total fund balances 42,105,486 (622,220) (3,169,480) (3,617,786) 16,812,393 51,508,393 Total liabilities, deferred inflows of
resources and fund balances $ 45,532,166 $ 6,281,218 $ 7,183,234 $ 1,840,273 $ 18,471,156 $ 79,308,047 The accompanying notes are an integral part of these financial statements.

Major Funds
City of Agoura Hills
Reconciliation of the Government Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2025
Total Fund Balances - Total Governmental Funds $ 51,508,393 Amounts reported for governmental activities in the statement of net position were different because:

Capital assets used in governmental activities were not current financial resources. Therefore, they were not reported in the Governmental Funds Balance Sheet. The capital assets were adjusted as follows:

Capital assets 222,121,808
Less: accumulated depreciation (75,151,919)
Total Capital Assets 146,969,889
Interest payable on long-term debt did not require current financial resources. Therefore, interest payable was not reported as a liability in Governmental Funds Balance Sheet. (67,892) The differences from benefit plan assumptions and estimates versus actuals are not included in the plan's actuarial study until the next fiscal year and are reported as deferred inflows or deferred outflows of resources in the statement of net position. 2,075,762 The difference between the carrying value of refunded debt and the reacquisition price is deferred and amortized over the shorter of the remaining life of the refunded debt or the refunding debt. 300,152 Liabilities were reported for certain revenues that were not available to pay current period expenditures and were reported as unearned in the fund statements. 15,040,360 Long-term obligations were not due and payable in the current period. Therefore, they were not reported in the Governmental Funds Balance Sheet. The long-term liabilities were adjusted as follows:

Long-term debt (22,455,305)
Compensated absences (751,400)
Net pension liability (6,823,253)
Net OPEB liability (94,939)
Total Long-Term Obligations (30,124,897)
Net Position of Governmental Activities $ 185,701,767
The accompanying notes are an integral part of these financial statements.

City of Agoura Hills
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds
For the Year Ended June 30, 2025
Housing Measure R Measure M Agoura Hills Nonmajor Total General Other Successor Capital Capital Improvement Governmental Governmental Fund Grants Agency Projects Projects Authority Funds Funds

REVENUES
Property taxes $ 7,092,826 $ - $ - $ - $ - $ - $ - $ 7,092,826 Sales taxes 4,507,704 - - - - - - 4,507,704
Transient occupancy taxes 3,863,047 - - - - - - 3,863,047 Franchise taxes 902,470 - - - - - 36,164 938,634
Licenses and permits 618,988 - - - - - - 618,988
Intergovernmental - 828,934 - 407,840 209,325 - 3,890,723 5,336,822 Charges for services 1,229,844 - - - - - 74,986 1,304,830 Fines and forfeitures 43,485 - - - - - 37,278 80,763
Contributions 43,248 - - - - - - 43,248
Use of money and property 4,299,027 28,349 - - 2,234 - 783,452 5,113,062 Other revenue 308,574 - - - - - 261,353 569,927
Total Revenues 22,909,213 857,283 - 407,840 211,559 - 5,083,956 29,469,851

EXPENDITURES
Current:

General government 5,661,956 45,327 - 42,895 14,390 - 45,414 5,809,982 Public safety 5,607,778 69,895 - - - - 347,399 6,025,072 Public works 1,863,584 63,120 - 124,137 41,196 - 2,382,711 4,474,748 Community development 2,539,530 - - - - - 145,498 2,685,028 Community services 3,295,532 - - - - - 161,697 3,457,229 Capital outlay 145,023 2,643,920 - 4,843,860 3,073,427 - 1,435,618 12,141,848 Debt service
Principal - - - - - - 985,000 985,000
Interest - - - - - - 851,613 851,613
Total Expenditures 19,113,403 2,822,262 - 5,010,892 3,129,013 - 6,354,950 36,430,520 Excess (Deficiency) of
Revenues over Expenditures 3,795,810 (1,964,979) - (4,603,052) (2,917,454) - (1,270,994) (6,960,669)

OTHER FINANCING SOURCES (USES)
Transfers in - 1,718,466 - 4,065,157 22,054 - 1,649,623 7,455,300 Transfers out (1,649,623) - - - - - (5,805,677) (7,455,300) Total Other Financing Sources (Uses) (1,649,623) 1,718,466 - 4,065,157 22,054 - (4,156,054) - Net Change in Fund Balances 2,146,187 (246,513) - (537,895) (2,895,400) - (5,427,048) (6,960,669) Fund Balances Beginning 39,959,299 - 998,963 (2,631,585) (722,386) 12,148,816 8,715,955 58,469,062 Restatement Major/Nonmajor Fund Reclass. - (375,707) (998,963) - - (12,148,816) 13,523,486 - Fund Balances Beginning, as Adjusted 39,959,299 (375,707) - (2,631,585) (722,386) - 22,239,441 58,469,062 Fund Balances Ending $ 42,105,486 $ (622,220) $ - $(3,169,480) $ (3,617,786) $ - $ 16,812,393 $ 51,508,393 The accompanying notes are an integral part of these financial statements.

Major Funds
City of Agoura Hills
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Government-Wide Statement of Activities
For the Year Ended June 30, 2025
Net Change in Fund Balances - Total Governmental Funds $ (6,960,669) Amounts reported for governmental activities in the Statement of Activities and Changes in net position were different because:

Governmental Funds report capital outlay as expenditures. However, in the Government-Wide Statement of Activities and Changes in net position, the cost of those assets was allocated over their estimated useful lives as depreciation expense.

Capital outlay 12,337,623
Depreciation expense (3,403,880)
Gains and losses related to capital assets in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures or special items in the governmental funds. (7,285,000)
Compensated absences not required to be paid with current financial resources are not reported in the governmental funds, but are accrued as noncurrent liabilities in the Government Wide Statement Net Position. The change from prior year accrued compensated absences is reported in the applicable (144,038) program expense.

Certain revenues were not recorded or were deferred inflows in the governmental funds because they did not meet the revenue recognition criteria of availability. However, they were included as revenue in the Government-Wide Statement of Activities under the full accrual basis. 9,990,714 The difference between the carrying value of refunded debt and the reacquisition price is deferred and amortized over the shorter of the remaining life of the refunded debt or the refunding debt. (3,486) In governmental funds, actual contributions to benefit plans are reported as expenditures in the year incurred. However, in the government-wide statement of activities, only the current year benefit expense as noted in the plans' valuation reports is reported as an expense, as adjusted for deferred inflows and outflows of resources. (480,528)
Repayment of long-term debt was an expenditure in governmental funds, but the repayment reduced long-term liabilities in the Government-Wide Statement of Net Position. 985,000 Premiums from the issuance of long-term debt are amortized over the life of the bonds in the Statement of Activities and reported as proceeds when issued in governmental funds. 43,863 Interest expense on long-term debt was reported in the Government-Wide Statement of Activities and Changes in net position, but it did not require the use of current financial resources. Therefore, interest expense was not reported as expenditures in governmental funds. The following amount represented the net change in accrued interest from from prior year. 1,536
Change in Net Position of Governmental Activities $ 5,081,135 The accompanying notes are an integral part of these financial statements.

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FIDUCIARY FUND FINANCIAL STATEMENTS
Successor Agency Private Purpose
The Successor Agency Private Purpose Trust Fund is used to account for all of the assets, liabilities, and financial activities of the Successor Agency to the City's former Redevelopment Agency that was dissolved effective February 1, 2012.

Custodial Fund
The Custodial Fund is used to account for various assets and L.A. County Fire Department fees held by the City in a trustee capacity or as a custodian for individuals, private organizations and/or other governments.

The City manages funds for the Malibu Creek TMDL Monitoring Project. The City also acts as a secretary for an organization in which the money is held in the Custodial Fund.

City of Agoura Hills
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2025
Successor
Agency
Private Purpose
Trust Custodial
Fund Fund
ASSETS
Cash and investments $ 1,001,225 $ 2,498,069
Restricted cash 683,347 -
Accounts receivable - 143,919
Accrued interest 457 -
Due from other governments - 213,062
Total assets $ 1,685,029 $ 2,855,050

LIABILITIES
Accounts payable $ - $ 234,274
Accrued liabilities 8 -
Accrued interest 85,089 -
Deposits payable - 75,162
Long-term liabilities due in one year 1,135,886 -
Long-term liabilities due in more than one year 31,251,291 - Total liabilities $ 32,472,274 $ 309,436

NET POSITION (DEFICIT)
Restricted for Successor agency $ (30,787,245) $ -
Held in trust - 2,545,614
Total Net Position (Deficit) $ (30,787,245) $ 2,545,614 The accompanying notes are an integral part of these financial statements.

City of Agoura Hills
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2025
Successor
Agency
Private Purpose
Trust Custodial
Fund Fund

ADDITIONS
Taxes 1,578,890 $ -
Interest 1,596 -
Collected for other governments - 2,188,992
Total additions 1,580,486 2,188,992

DEDUCTIONS
Administrative costs 44,979 6,345
Contractual services - 1,550,158
Passthrough to other governments - 628,192
Interest expense:

City of Agoura Hills 2,978,658 -
Bond intrerest 380,937 -
Total deductions 3,404,574 2,184,695
Change in net position (1,824,088) 4,297
Total net position - beginning (28,963,157) 2,541,317
Total net position - ending $ (30,787,245) $ 2,545,614
The accompanying notes are an integral part of these financial statements.

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NOTES TO THE BASIC

FINANCIAL STATEMENTS
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Financial Reporting Entity
The City was incorporated December 8, 1982, under the general laws of the State of California and enjoys all the rights and privileges pertaining to "General Law" cities. The City operates under a Council/Manager form of government. As required by generally accepted accounting principles, these financial statements present the government and its component units for which the government is considered financially accountable. Blended component units, although legally separate entities, are in substance, part of the City's operations and data from these units are combined with data of the City of Agoura Hills, the primary government. Each component unit has a June 30th year end.

Blended Component Units
The Agoura Hills Public Facilities Corporation, Agoura Hills Public Financing Authority, Parking Authority of the City of Agoura Hills, and the Agoura Hills Improvement Authority are legally separate entities. The Agoura Hills City Council exercises financial accountability over each entity. Financial accountability is determined on the basis of budget adoption, taxing authority, funding, and the appointment of the governing board. Additionally, City staff manages the operations of each of these organizations on a contractual or reimbursement basis. A discussion of each entity follows.

The Agoura Hills Public Facilities Corporation (Corporation) was incorporated January 5, 1988 as a notfor-profit public benefit corporation and determined to be tax exempt pursuant to Revenue and Taxation Code 23701(d) of the State of California. The sole purpose of the Corporation is to provide a financing vehicle for the construction of public facilities. The members of the City Council act as the governing board of the Corporation. No financial activity is reported as the Corporation is not active.

The Agoura Hills Public Financing Authority (Financing Authority) was organized in April 2001 under a joint exercise of power agreement to provide financing for public capital improvements for the City and the Agoura Hills Redevelopment Agency. The members of the City Council act as the governing board of the Financing Authority. The Financing Authority does not issue separate financial statements.

The Parking Authority of the City of Agoura Hills (Parking Authority) was established June 26, 2013 pursuant to California Streets and Highways Code Section 32650. The members of City Council act as the Board of Directors, the governing board of the Parking Authority. The Parking Authority is considered a blended component unit due to the financial benefit or burden relationship the Parking Authority shares with the City. The Parking Authority does not issue separate financial statements.

The Agoura Hills Improvement Authority (Improvement Authority) was established June 26, 2013 under a joint exercise of power agreement with the Parking Authority and the City. The members of City Council act as the Authority Commission, the governing board of the Improvement Authority. The Improvement Authority is considered a blended component unit due to the financial benefit or burden relationship the Improvement Authority shares with the City as its financial transactions are reported in a debt service fund.

The Improvement Authority does not issue separate financial statements.

B. Basis of Presentation, Accounting and Measurement Focus The basic financial statements of the City of Agoura Hills, California, (the City) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental agencies.

City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
The Governmental Accounting Standards Boards (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the City's accounting policies are described below.

The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund equity, revenues, and expenditures or expenses, as appropriate. These funds are established for the purpose of carrying out specific activities or certain objectives in accordance with specific regulations, restrictions, or limitations. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Government-Wide Financial Statements
The City's government-wide financial statements include a Statement of Net Position and a Statement of Activities and Changes in Net Position. These statements present summaries of governmental activities for the City. Fiduciary activities of the City are not included in these statements. Governmental activities are normally supported by taxes and intergovernmental revenues.

These statements are presented on an "economic resources" measurement focus and the accrual basis of accounting. Accordingly, all of the City's assets, deferred outflows of resources, liabilities, deferred inflows of resources, are included in the accompanying Statement of Net Position. The Statement of Activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are clearly identifiable with a specific function or segment. Certain types of transactions are reported as program revenues for the City in three categories:
 Charges for services
 Operating grants and contributions
 Capital grants and contributions
Separate financial statements are provided for governmental funds and fiduciary funds, even though the fiduciary funds are excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements.

Certain eliminations have been made as prescribed by GASB Statement No. 34 in-regards-to interfund activities, payables, and receivables. All internal balances in the Statement of Net Position have been eliminated. In the Statement of Activities, internal fund transactions have been eliminated. The following interfund activities have been eliminated:
 Due to/from other funds
 Advances to/from other funds
 Transfers in/Transfers out
The City applies all applicable GASB Pronouncements including all Interpretations currently in effect.

City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
Governmental Fund Financial Statements
Governmental fund financial statements include a Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balances for all major governmental funds and non-major funds aggregated. An accompanying schedule is presented to reconcile and explain the differences in net position as presented in these statements to the net position presented in the government-wide financial statements. The City has presented all major funds that met the applicable criteria.

All governmental funds are accounted for on a spending or "current financial resources" measurement focus and the modified accrual basis of accounting. Accordingly, only current assets, deferred outflows of resources, current liabilities, and deferred inflows of resources are included on the balance sheets. The Statement of Revenues, Expenditures and Changes in Fund Balances present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets.

Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period. The City considers all revenues reported in the governmental funds to be available if the revenues are collected within sixty days after year-end, except for sales tax revenues which are considered to be available if collected within ninety days after year-end. Expenditures generally are recorded when the related fund liability is incurred, except for principal and interest on long-term debt, claims and judgments and compensated absences, which are recognized as an expenditure to the extent they have matured. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long-term debt and acquisitions under capital leases are reported as other financing sources.

Property taxes, charges for services, intergovernmental revenues and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the government.

The City reports the following funds as major funds:

General Fund
The General Fund is the general operating fund of the City. It is used for all financial resources except those required to be accounted for in another fund.

Other Grants Fund
The Other Grant Fund is used to account for various state grant funds received for street improvements and park developments.

The Measure R Capital Projects Fund
The Measure R Capital Projects Fund is used to account for grant monies received from the County and restricted for specific projects within the City.

City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
Additionally, the City reports the following nonmajor fund types of governmental funds:

Special Revenue Funds
Special revenue funds account for and report the proceeds of specific revenue sources that are restricted, committed or assigned to specific purposes other than debt service or capital projects.

Debt Service Funds
Debt service funds are used to accumulate resources for repayment of lease arrangements.

Capital Project Funds
Capital project funds account for and report financial resources that are restricted, committed, or assigned to expenditures for capital outlays, including the acquisition or construction of capital facilities and other capital assets in governmental funds.

Fiduciary Fund Financial Statements
Fiduciary fund financial statements consist of a Statement of Fiduciary Net Position and a Statement of Changes in Fiduciary Net Position. Fiduciary funds are accounted for using the accrual basis of accounting.

The City has two types of fiduciary funds, a private-purpose trust fund and a custodial fund. Private purpose trust funds account for all other trust arrangements in which principal and income benefit individuals, private organizations, and other governments (i.e. unclaimed property/escheat property). Custodial funds are used to account for the assets held for distribution by the City as an agent for another entity for which the City has a custodial responsibility and accounts for the flow of assets. The financial activities of these funds are excluded from the Government-wide financial statements, but are presented in the separate Fiduciary Fund financial statements.

The Redevelopment Successor agency private purpose trust fund is used to account for assets, liabilities and activities of the former Redevelopment Agency of the City in a trustee capacity to pay enforceable obligations of the former Agoura Hills Redevelopment Agency. In accordance with Assembly Bill (AB) X1 26 and AB 1484, the Redevelopment Agency was dissolved February 1, 2012. The Private-Purpose Trust Fund is reported using the economic resources measurement focus and accrual basis of accounting.

The Custodial Fund is used to account for various assets and L.A. County Fire Department fees held by the City in a trustee capacity or as a custodian for individuals, private organizations and/or other governments.

The City manages funds for the Malibu Creek TMDL Monitoring Project. The City also acts as a secretary for an organization in which the money is held in the Custodial Fund.

C. Cash, Cash Equivalents and Investments
The City pools cash resources from all funds in order to facilitate the management of cash. The balance in the pooled cash account is available to meet current operating requirements. Cash in excess of current requirements is invested in various interest-bearing accounts and other investments for varying terms.

The City's cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturity of three months or less from the date of acquisition. Cash and cash equivalents are combined with investments and displayed as Cash and Investments. The City also considers all non-pooled cash and investments (consisting of cash with fiscal agent and restricted cash and City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
investments held by fiscal agent) as cash and cash equivalents because investments meet the criteria for cash equivalents defined above.

Deposit and Investment Risk Disclosures - In accordance with GASB Statement No. 40, Deposit and Investment Disclosures (Amendment of GASB Statement No. 3), certain disclosure requirements, if applicable, for Deposits and Investment Risks in the following areas: Interest Rate Risk, Overall Credit Risk, Custodial Credit Risk, Concentrations of Credit Risk, and Foreign Currency Risk.

Other disclosures are specified including use of certain methods to present deposits and investments, highly sensitive investments, credit quality at year-end and other disclosures. The City participates in an investment pool managed by the State of California titled Local Agency Investment Fund (LAIF), which has invested a portion of the pool funds in Structured Notes and Asset Backed Securities. LAIF's investments are subject to credit risk with the full faith and credit of the State of California collateralizing these investments. In addition, these Structured Notes and Asset-Backed Securities are subject to market risk as to change in interest rates.

Investments are recorded at fair value in accordance with GASB Statement No. 72, Fair Value Measurement and Application. Accordingly, the change in fair value of investments is recognized as an increase or decrease to investment assets and investment income. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction.

In determining this amount, three valuation techniques are available:
 Market approach - This approach uses prices generated for identical or similar assets or liabilities.

The most common example is an investment in a public security traded in an active exchange such as the NYSE.
 Cost approach - This technique determines the amount required to replace the current asset. This approach may be ideal for valuing donations of capital assets or historical treasures.  Income approach - This approach converts future amounts (such as cash flows) into a current discounted amount.

Each of these valuation techniques requires inputs to calculate a fair value. Observable inputs have been maximized in fair value measures, and unobservable inputs have been minimized.

D. Restricted Cash and Investments
Certain restricted cash and investments are held by fiscal agents for the redemption of bonded debt and to meet bond indenture debt reserve requirements.

E. Prepaid Items
Certain payments reflect costs applicable to future accounting periods and are recorded as prepaid items. In governmental funds, prepaid items are accounted for using the consumption method and a portion of fund balance equal to the prepaid items has been offset by nonspendable fund balance to indicate that is not available for appropriation.

City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
F. Interfund Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “due to/from other funds” or “advances to/from other funds.” Advances between funds, as reported in the fund financial statements, are offset by a fund balance reserve account in applicable government funds to indicate that they are not available for appropriation and are not expendable available financial resources.

G. Receivables
Billed, but unpaid, services provided are recorded as accounts receivable. Revenues earned but not collected by year-end are accrued. An allowance for uncollectible accounts receivable of $45,789 has been provided in the governmental funds as management has determined this to be the potential uncollectible accounts based on historical collections.

Property tax revenue is recognized when susceptible to accrual in the accounting period in which taxes are measurable and available. Property taxes are considered available by the City if they are collected within 60 days after year end. There is no allowance for uncollectible amounts. Assessed valuations are determined on an annual basis by the Los Angeles County Assessor. Taxes attach as an enforceable lien on property as of January 1, are levied on July 1, are due November 1 and February 1, and are delinquent if not paid by December 10 and April 10 of each year.

H. Loans Receivable
In the City’s Community Development Block Grant and Housing Successor Agency Fund, loans are made for housing rehabilitation and low-and-moderate-income housing. Repayments of the outstanding loans are classified as revenue.

I. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the government activities column in the government-wide financial statements. Capital assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. When applicable, intangible right-to-use assets are amortized over the shorter of the lease term or the useful life of the underlying asset, unless the lease contains a purchase option that the City has determined is reasonably certain of being exercised, then the lease asset is amortized over the useful life of the underlying asset. Intangible right-to-use subscription assets are amortized over the shorter of the subscription term or the useful life of the underlying asset.

Capitalization threshold of capital assets is based at a minimum value as follows:

Buildings and improvements $25,000
Vehicles $10,000
Machinery and Equipment $25,000
Infrastructure $25,000
Subscriptions $25,000
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
Depreciation is recorded on a straight-line basis over the useful lives of the assets as follows:

Buildings and improvements 50 Years
Vehicles 7-15 Years
Machinery 5-30 Years
Equipment 5-15 Years
Infrastructure 20-50 Years
J. Deferred Outflows/Deferred Inflows
In addition to assets, the statement of financial position or balance sheet will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.

In addition to liabilities, the statement of financial position or balance sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

K. Accrued Interest Payable
In the government-wide financial statements, accrued interest payable for long-term debt is recognized as an incurred liability for governmental fund types. In the fund financial statements, governmental fund types do not recognize the interest payable when the liability is incurred. Interest on long-term debt is recorded in the fund statements when payment is made.

L. Compensated Absences
The City recognizes a liability for compensated absences for leave time that (1) has been earned for services previously rendered by employees, (2) accumulates and is allowed to be carried over to subsequent years, and (3) is more likely than not to be used as time off or settled during or upon separation from employment.

Based on the criteria listed, two types of leave qualify for liability recognition for compensated absences – vacation and sick leave. The liability for compensated absences is reported as incurred in the governmentwide financial statements. The liability for compensated absences includes salary-related taxes and benefits, where applicable.

Vacation
The City’s policy permits employees to accumulate earned but unused vacation benefits, which are eligible for payment at the employee’s current pay rate upon separation from employment.

Sick Leave
The City’s policy permits employees to accumulate earned but unused sick leave. A liability for estimated value of sick leave that will be used by employees as time off is included in the liability for compensated absences.

City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
M. Long-Term Liabilities
In the government-wide and fiduciary fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities. Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight-line method. Bonds payable are reported net of the applicable bond premium or discount. Debt issuance costs are expensed in year incurred. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financial sources. Premiums received on debt issuance are reported as other financing sources while discounts on debt issuance reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

N. Benefit Plans
Pension Expense
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City’s California Public Employees’ Retirement System (CalPERS) plans (the Plans) and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.

For this report, the following timeframes are used:

Valuation Date June 30, 2023
Measurement Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024
Other Postemployment Benefits
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s plan (OPEB Plan) and additions to/deductions from the OPEB Plan's fiduciary net position have been determined on the same basis. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value. Generally accepted accounting principles required that the reported results must pertain to liability and asset information within certain defined timeframes.

For this report, the following timeframes are used:

Valuation Date June 30, 2023
Measurement Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
O. Fund Balances
In accordance with Government Accounting Standards Board 54, Fund Balance Reporting and Governmental Fund Type Definitions, the City classifies governmental fund balances as follows:

Nonspendable
Nonspendable fund balance represents balances set aside to indicate items that do not represent available, spendable resources even though they are a component of assets. Fund balances required to be maintained intact and assets not expected to be converted to cash, such as prepaids are included. However, if proceeds realized from the sale or collection of nonspendable assets are restricted, committed, or assigned, then Nonspendable amounts are required to be presented as a component of the applicable category.

Restricted
Restricted fund balances have external restrictions imposed by creditors, grantors, contributors, laws, regulations, or enabling legislation which requires the resources to be used only for specific purpose.

Encumbrances and nonspendable amounts subject to restrictions are included along with spendable resources.

Committed
The City Council, as the City’s highest level of decision-making authority, may commit fund balance for specific purposes pursuant to the constraints imposed by formal actions taken, such as an ordinance or resolution. These committed amounts cannot be used for any other purpose unless the City Council removes or changes the specified use through the same type of formal action taken to establish the commitment. City Council action to commit fund balance needs to occur within the fiscal reporting period; however the specific amounts can be determined subsequently.

Assigned
Assigned fund balances are amounts constrained by the City’s intent to be used for a specific purpose but are neither restricted nor committed. Intent is expressed by the City Council or its designee, the Finance Director and may be changed at the discretion of the City Council or its designee.

Unassigned
Unassigned fund balance represents residual amounts that have not been restricted, committed, or assigned.

This includes the residual general fund balance and residual fund deficits, if any, of other governmental funds.

Flow Assumption / Spending Order Policy
When expenditures are incurred for purposes for which both restricted and unrestricted fund balance is available, the City considers restricted funds to be spent first. When expenditures are incurred for which committed, assigned, or unassigned fund balances are available, the City considers amounts to be spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed, unless the City Council has directed otherwise.

Minimum Fund Balance Policy
An amount equal to or greater than 40 percent of each fiscal year’s proposed General Fund Operating Budget is to be designated as the City’s unobligated General Fund Reserve pursuant to Resolution 05-1378.

At June 30, 2025, the City reported unassigned fund balance of $13.96 million pursuant to this policy and the minimum fund balance requirement was $7.49 million.

City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
P. Net Position
In the government-wide financial statements, net position is classified in the following categories:

Net Investment in Capital Assets
This amount consists of capital assets net of accumulated depreciation and reduced by outstanding debt that are attributed to the acquisition, construction, or improvement of the assets. In addition, deferred outflows of resources and deferred inflows of resources that are attributable to the acquisition, construction, or improvement of those assets or related debt also are included in the net investment in capital assets component of net position.

Restricted Net Position
This amount is restricted by external creditors, grantors, contributors, or laws or regulations of other governments. These include developer fees received for use on capital projects, debt service requirements, and community development projects.

Unrestricted Net Position
This amount is all net position that does not meet the definition of "net investment in capital assets" or "restricted net position." The detail of amounts reported for each of the above defined net position categories is reported in the government-wide Statement of Net Position.

Use of Restricted/Unrestricted Net Position
When an expense is incurred for purposes for which both restricted and unrestricted net position are available, the City's policy is to apply restricted net position first.

Q. Interfund Transactions
Interfund services provided and used are accounted for as revenue, expenditures or expenses, as appropriate.

Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursed fund. All other interfund transactions, except for interfund services provided and used and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as transfers.

R. Budgetary Information
Annual budgets are adopted on a basis consistent with generally accepted accounting principles for all governmental funds. The City is required to adopt an annual budget resolution for the General Fund and Special Revenue Funds. All annual appropriations lapse at year end but can be carried forward at the City Manager's discretion.

The budget is prepared by fund, function and activity, and includes actual information for the past year, current year estimates and requested appropriations for the next fiscal year. The budget is a statement of the goals and objectives of the City for that fiscal year. The legal level for which expenditures are not to exceed appropriations is at the fund level for all funds except the General Fund and at the department level for the General Fund. The City Manager may authorize the transfer between expenditure accounts within the same department, office, agency or program activity. Where an appropriation requires an increase that cannot be supported by transfer guidelines, City Council authorization is required. Responsible individuals review progress against their budget each month. The City Council considers supplemental City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
budget amendment requests during the year and reviews changes at mid-year and year end.

For the year ended June 30, 2025, the City did not adopt a budget for the Financing Authority Debt Service Fund.

S. Encumbrances
Under encumbrance accounting, purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation. Encumbrance accounting is employed as an extension of formal budgetary integration in all budgeted funds.

Encumbrances outstanding at year end are reported as a restriction, commitment or assignment of fund balances since they do not constitute expenditures or liabilities and are reappropriated in the following year.

Unexpended appropriations lapse at year end and must be reappropriated in the following year.

T. Use of Estimates
The preparation of basic financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

U. Implementation of New Accounting Pronouncements
GASB Statement No. 102, Certain Risk Disclosures
This Statement requires a government to assess whether a concentration or constraint makes the primary government reporting unit or other reporting units that report a liability for revenue debt vulnerable to the risk of a substantial impact. Additionally, this Statement requires a government to assess whether an event or events associated with a concentration or constraint that could cause the substantial impact have occurred, have begun to occur, or are more likely than not to begin to occur within 12 months of the date the financial statements are issued.

If a government determines that those criteria for disclosure have been met for a concentration or constraint, it should disclose information in notes to financial statements in sufficient detail to enable users of financial statements to understand the nature of the circumstances disclosed and the government’s vulnerability to the risk of a substantial impact. The disclosure should include descriptions for (1) the concentration or constraint (2) each event associated with the concentration or constraint that could cause a substantial impact if the event had occurred or had begun to occur prior to the issuance of the financial statements (3) actions taken by the government prior to the issuance of the financial statements to mitigate the risk.

The implementation of this standard did not have a material impact on the City’s financial statements and management determined there were no were concentrations or constraints that make the City vulnerable to the risk of substantial impact.

City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
V. Upcoming New Accounting Pronouncements
The City is currently analyzing its accounting practices to identify the potential impact on the financial statements of the following GASB Statements:

GASB Statement No. 103, Financial Reporting Model Improvements This Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability.

This Statement establishes new accounting and financial reporting requirements or modifies existing requirements related to (a) Management’s discussion and analysis (MD&A) (b) Unusual or infrequent items (c) Presentation of the proprietary fund statement of revenues, expenses, and changes in fund net position (d) Information about major component units in basic financial statements (5) Budgetary comparison information (6) Financial trend information in the statistical section. The requirements of this Statement are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter.

GASB Statement No. 104, Disclosure of Certain Capital Assets This Statement requires certain types of capital assets to be disclosed separately in the capital assets note disclosures required by Statement 34. Lease assets recognized in accordance with Statement No. 87, Leases, and intangible right-to-use assets recognized in accordance with Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, should be disclosed separately by major class of underlying asset in the capital as-sets note disclosures. Subscription assets recognized in accordance with Statement No. 96, Subscription-Based Information Technology Arrangements, also should be separately disclosed. In addition, this Statement requires intangible assets other than those three types to be disclosed separately by major class.

This Statement also requires additional disclosures for capital assets held for sale. A capital asset is a capital asset held for sale if (a) the government has decided to pursue the sale of the capital asset and (b) it is probable that the sale will be finalized within one year of the financial statement date. Governments should consider relevant factors to evaluate the likelihood of the capital asset being sold within the established time frame. This Statement requires that capital assets held for sale be evaluated each reporting period.

Governments should disclose (1) the ending balance of capital assets held for sale, with separate disclosure for historical cost and accumulated depreciation by major class of asset, and (2) the carrying amount of debt for which the capital assets held for sale are pledged as collateral for each major class of asset. The requirements of this Statement are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter.

City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
NOTE 2 - CASH AND INVESTMENTS
As of June 30, 2025, cash and investments were reported in the financial statements as follows:

Cash and investments consisted of the following as of June 30, 2025:

A. Cash Deposits
The California Government Code requires California banks and savings and loan associations to secure the City's cash deposits by pledging securities as collateral. This Code states that collateral pledged in this manner shall have the effect of perfecting a security interest, and places the City ahead of general creditors of the institution. The fair value of pledged securities must equal at least 110 percent of the City's cash deposits. California law also allows institutions to secure City deposits by pledging first trust deed mortgage notes that have a value of 150 percent of the City's total cash deposits. The City has waived the collateral requirements for cash deposits which are fully insured to $250,000 by the Federal Deposit Insurance Corporation (FDIC).

The bank balances before reconciling items totaled $3,344,738 at June 30, 2025 and were different from carrying amounts due to deposits in transit and outstanding checks. The amount uninsured was $3,094,738, which was collateralized by securities held by pledging financial institutions. The City follows the practice of pooling cash and investments of all funds, except for funds required to be held by fiscal agents. Interest income earned on pooled cash and investments is allocated to the various funds based on the period-end cash and investment balances. Interest income from cash and investments with fiscal agents is credited directly to the related fund.

Governmental
Activities Total
Cash and investments $ 23,813,019 $ 3,499,294 $ 27,312,313 Restricted cash held with fiscal agent 6,585,809 683,347 7,269,156 Total cash and investments $ 30,398,828 $ 4,182,641 $ 34,581,469 Government
Wide
Statement of Net Fiduciary Funds
Statement of Net
Position
Cash on hand $ 800
Deposits with financial institutions 4,114,472
Cash with fiscal agents 7,269,156
Investments:

Local Agency Investment Fund 23,197,041
Total cash and investments $ 34,581,469
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
B. Fair Value Measurements
GASB 72 established a hierarchy of inputs to the valuation techniques with three levels:
 Level 1 inputs are quoted prices in active markets for identical assets or liabilities.  Level 2 inputs are quoted market prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other than quoted prices that are not observable
 Level 3 inputs are unobservable inputs, such as a property valuation or an appraisal.

C. Investment Policies
Investments Authorized by the California Government Code and the City's Investment Policy Under the provisions of the City's investment policy, and in accordance with California Government Code, the following investments are authorized:

The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by Code Section 16429 under the oversight of the Treasurer of the State of California. The City’s investments with LAIF at June 30, 2025 include a portion of the pool funds invested in Structured Notes and Asset-Backed Securities. These investments included structure notes and asset-backed securities described below.

Structured Notes are debt securities (other than asset-backed securities) whose cash flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or have embedded forwards or options.

Asset-Backed Securities, the bulk of which are mortgage backed securities, entitle their purchasers to receive a share of the cash flows from a pool of assets such as principal and interest repayments from a pool of mortgages (such as collateralized mortgage obligations) or credit card receivables.

The LAIF fair value factor of 1.001198310 was used to calculate the fair value of the investments in LAIF.

The City is also a voluntary participant in the Sonoma County Investment Pool (County Pool) that is regulated by the County’s Investment Policy under the oversight of the Treasury of the County. The County does not provide the City with a fair value factor, and the City’s fair value of its position in the pool is the same as the value of the pool shares.

Investment Types Authorized by State Law
Maximum
Maturity
Maximum
Percentage of
Portfolio
Maximum
Investment in
One Issuer
Local Agency Investment Fund (LAIF) N/A $75 million None U.S. Treasuries 5 years 75% 20%
Federal Agency Securities 5 Years 75% 20%
Commercial Paper 270 days 5% 5%
Negotiable Certificates of Deposit (CD) 5 Years 30% 5%
Medium-Term Corporate Notes 5 Years 5% 5%
Bank Deposits 5 Years No limit No limit
Money Market Funds None 15% 15%
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
Investments Authorized by Debt Agreements
Investment of debt proceeds held by bond trustee is governed by provisions of the debt agreements rather than the general provisions of the California Government Code or the City's investment policy. The table below identifies the general investment types that are authorized for investments held by the bond trustee.

The table also identifies certain provisions of these debt agreements that address interest rate risk and concentration of credit risk.

D. Risk Disclosures
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the term of an investment’s maturity, the greater the sensitivity to changes in market interest rates. The City's investment policy recognized the interest rate risk and therefore places maximum maturity limits (up to five years) on various types of allowable investments. At June 30, 2025, all the City’s investments have maturities dates within 12 months or less.

Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of an investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. As of June 30, 2025, the City’s investments were in compliance with the ratings required by the City’s investment policy and Government Code. As of June 30, 2025, all of the City’s investments are considered unrated.

Concentrations of Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. As of June 30, 2025, the City were in compliance with the concentration requirements of the City’s investment policy and government code.

Custodial Credit Risk
For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the City will not be able to recover the value of its investments or collateral securities that are in the Authorized Investment Type
Maximum
Maturity
Maximum
Percentage of
Portfolio
Maximum
Investment in
One Issuer
U.S. Treasury Obligations None None None
Federal Housing Administration Debentures None None None U.S. Agency Securities None None None
Unsecured CDs, time deposits, and Banker's Acceptances 30 days None None Collateralized or FDIC Insured Bank Deposits None None None Commercial Paper 270 days None None
Money Market Funds N/A None None
State Obligations None None None
Pre-funded Municipal Obligations None None None
Repurchase Agreements 270 days None None
Investment Agreements None None None
Local Agency Investment Fund (LAIF) None None None
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
possession of an outside party. The California Government Code and the City's investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for investments.

With respect to investments, custodial credit risk generally applies only to direct investments in marketable securities. Custodial credit risk does not apply to a local government's indirect investment in securities through the use of mutual funds or government investment pools (such as LAIF).

As of June 30, 2025, the City’s investments included the following:

NOTE 3 - INTERFUND TRANSACTIONS
Interfund Receivables and Payables
Amounts due to or due from other funds reflect inter-fund balances for services rendered or short-term loans expected to be repaid in the next fiscal year. Advances to or from other funds are long-term loans between funds that are to be repaid in their entirety over several years. Interfund loans between funds are long-term advances that are more formal with set repayment terms.

The following summarizes the amounts due to or due from other funds as of June 30, 2025:

Loans were made from the General Fund to the Measure R Capital Projects Fund, Measure M Capital Projects Fund, and Nonmajor Governmental funds, to cover cash deficits in operations from timing differences mostly related to grants. There also were loans from Nonmajor Governmental Funds to the Measure R Capital Projects Fund to cover cash deficits in operations.

Transfers In/Out
With Council approval resources may be transferred from one fund to another.

Transfers from the General Fund to the Debt Service Fund were to regular debt service activity of the City.

Transfers from the General Fund to other governmental funds were to provide funding for repair and replacement of infrastructure and funding for City programs.

Transfers were made from the General Fund transferred to Nonmajor Governmental Funds for Successor Agency loans to the City, capital asset acquisitions and debt service payments. Transfers were made from the Agoura Hills Improvement Authority fund to the Other Grants Fund, the Measure R Capital Projects Fund, and the Measure M Capital Projects Fund for capital projects and grant programs. 12 Months or
Less Fair Value
Fair Value
Input Levels
Min. Legal
Rating
Local Agency Investment Funds $ 23,197,041 $ 23,197,041 n/a n/a Investment Type
Due from Due to
Fund Other Funds Other Funds
General Fund $ 4,146,603 $ -
Other Grants Fund - 5,376
Measure R Capital Projects Fund - 2,995,592
Measure M Capital Projects Fund - 1,578,596
Nonmajor Governmental Funds 963,763 530,802
Total Due From/To $ 5,110,366 $ 5,110,366
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
The following summarizes transfers between funds during the fiscal year ended June 30, 2025:

NOTE 4 - ADVANCES TO SUCCESSOR AGENCY
The City previously loaned the former Redevelopment Agency funds prior to dissolution. The repayment of the advances has been approved by the California Department of Finance. See Note 10 for further details.

NOTE 5 - CAPITAL ASSETS
Capital assets for governmental activities consisted of the following as of June 30, 2025:

Depreciation and amortization expense for governmental activities during the year was as follows:

Special Item – Loss on Transfer of Land
During the year, the City completed the transfer of land that was donated to the City in fiscal year 2023-24 for the specific purpose of transferring the five parcels to the Santa Monica Mountains Conservancy. As a result, the City recognized a special item loss of $7,285,000.

Fund Transfer in Transfer out
General Fund $ - $ 1,649,623
Other Grants Fund 1,718,466 -
Measure R Capital Projects Fund 4,065,157 -
Measure M Capital Projects Fund 22,054 -
Nonmajor Governmental Funds 1,649,623 5,805,677
Total Transfers $ 7,455,300 $ 7,455,300
Balance Adjustments/ Balance
Governmental Activities June 30, 2024 Additions Transfers Deletions June 30, 2025 Non-depreciable:

Land $ 21,545,555 $ - $ - $ (7,285,000) $ 14,260,555
Construction in Progress 5,529,596 12,113,874 (1,072,004) 1 16,571,467 Total Non-Depreciable 27,075,151 12,113,874 (1,072,004) (7,284,999) 30,832,022 Depreciable and amortizable:

Buildings and improvements 23,427,357 - 1,072,004 - 24,499,361 Machinery & Equipment 246,797 - - - 246,797
Vehicles 866,145 - - 1 866,146
Infrastructure 165,453,735 223,747 - - 165,677,482
Total Depreciable and Amortizable 189,994,034 223,747 1,072,004 1 191,289,786 Less Accumulated Depreciation and
Amortization for:

Buildings and improvements (6,285,199) (520,749) - (24,672) (6,830,620) Machinery & Equipment (76,177) (6,011) - 6,672 (75,516) Vehicles (621,893) (29,742) - (217) (651,852)
Infrastructure (64,764,770) (2,847,379) - 18,218 (67,593,931) Total Accumulated Deprec. And Amort. (71,748,039) (3,403,881) - 1 (75,151,919) Total Deprec/Amort Capital Assets - Net 118,245,995 (3,180,134) 1,072,004 2 116,137,867 Total Governmental Capital Assets $ 145,321,146 $ 8,933,740 $ - $ (7,284,997) $146,969,889 General government $ 599,089
Public works 2,751,733
Community service 53,059
Total depreciation and amortization expense $ 3,403,881 City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
NOTE 6 - NONCURRENT LIABILITIES
The City's noncurrent liabilities consisted of the following as of June 30, 2025:
2016 Lease Revenue Refunding Bonds
On November 1, 2016, the Public Financing Authority issued $10.055 million in Lease Revenue Bonds with interest rates ranging from 4 to 5 percent to current refund $10.3 million of 2007 Lease Revenue outstanding bonds. The principal of the bonds is payable on their maturity date of June 1, of each year.

Interest on the bond is payable on June 1, and December 1, each year.

For both bonds, in the event of default, the bond trustee has the right, but not the obligation to (1) by mandamus or other action or proceeding or suit at law or in equity to enforce its rights against the City, in order to compel the City to carry out its duties under the law, bond agreements, and covenants; (2) by suit in equity to enjoin any acts or things which are unlawful or violate the rights of the bond trustee; and (3) by suit in equity upon the happening of an event of default to require the City to account as the trustee of an express trust. The bond trustee has no right to declare the principal or interest on the bonds to be due and payable immediately.

The following summarizes the future debt service payments:
2024A Lease Revenue Bonds
On March 1, 2024, the Improvement Authority of the City of Agoura Hills issued $12.325 million in Lease Revenue Bonds with interest rates ranging from 3.00 to 4.00 percent to fund the construction of a linear Due
Balance Adjustments/ Balance Within One
Governmental Activities Noncurrent Liabilities June 30, 2024 Additions Deletions June 30, 2025 Year 2016 Lease Revenue Refunding Bonds $ 7,980,000 $ - $ 315,000 $ 7,665,000 $ 335,000 2024A Lease Revenue Bonds 12,325,000 - 565,000 11,760,000 580,000 2024B Lease Revenue Refunding Bonds 2,575,000 - 105,000 2,470,000 115,000 Total Debt 22,880,000 - 985,000 21,895,000 1,030,000
2016 Lease Revenue Bonds Ref. Premium 504,823 - 38,344 466,479 - 2024A Lease Revenue Bonds Discount (81,303) - (4,517) (76,786) - 2024B Lease Revenue Ref. Bonds Premium 180,648 - 10,036 170,612 - Total Premiums 604,168 - 43,863 560,305 -
Total Long-Term Debt 23,484,168 - 1,028,863 22,455,305 1,030,000 Net Pension Liabilities 7,235,296 3,322,178 3,734,221 6,823,253 - Net OPEB Liability 195,438 885,293 985,792 94,939 -
Compensated Absences 607,362 144,038 - 751,400 334,740
Total Long-Term Liabilities $ 31,522,264 $ 4,351,509 $ 5,748,876 $ 30,124,897 $ 1,364,740 Year Ending Principal Interest
June 30 Payments Payments Total
2026 $ 335,000 $ 329,400 $ 664,400
2027 355,000 312,650 667,650
2028 365,000 294,900 659,900
2029 385,000 276,650 661,650
2030 410,000 257,400 667,400
2031-2035 2,330,000 988,500 3,318,500
2036-2040 2,845,000 478,200 3,323,200
2041-2045 640,000 25,600 665,600
Total $ 7,665,000 $ 2,963,300 $ 10,628,300
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
greenway known as the Ladyface Greenway project. The principal of the bonds is payable on their maturity date of June 1 of each year. Interest is payable on June 1 and December 1 each year.

The following summarizes the future debt service payments:

In the event of default, the bond trustee has the right, but not the obligation to (1) by mandamus or other action or proceeding or suit at law or in equity to enforce its rights against the City, in order to compel the City to carry out its duties under the law, bond agreements, and covenants; (2) by suit in equity to enjoin any acts or things which are unlawful or violate the rights of the bond trustee; and (3) by suit in equity upon the happening of an event of default to require the City to account as the trustee of an express trust. The bond trustee has no right to declare the principal or interest to be due and payable immediately. 2024B Lease Revenue Refunding Bonds
On March 1, 2024, the Improvement Authority of the City of Agoura Hills issued $2.575 million in Lease Revenue Refunding Bonds with an interest rate of 4.00 percent to current refund $2.930 million of 2013 Lease Revenue outstanding bonds. The principal of the bonds is payable on their maturity date of June 1 of each year. Interest is payable on June 1 and December 1 each year.

The following summarizes the future debt service payments:

In the event of default, the bond trustee has the right, but not the obligation to (1) by mandamus or other action or proceeding or suit at law or in equity to enforce its rights against the City, in order to compel the City to carry out its duties under the law, bond agreements, and covenants; (2) by suit in equity to enjoin any acts or Year Ending Principal Interest
June 30 Payments Payments Total
2026 $ 580,000 $ 386,513 $ 966,513
2027 600,000 369,113 969,113
2028 615,000 351,113 966,113
2029 635,000 332,663 967,663
2030 655,000 313,613 968,613
2031-2035 3,570,000 1,261,915 4,831,915
2036-2040 4,175,000 657,063 4,832,063
2041-2045 930,000 37,200 967,200
Total $ 11,760,000 $ 3,709,193 $ 15,469,193
Year Ending Principal Interest
June 30 Payments Payments Total
2026 $ 115,000 $ 98,800 $ 213,800
2027 120,000 94,200 214,200
2028 125,000 89,400 214,400
2029 125,000 84,400 209,400
2030 130,000 79,400 209,400
2031-2035 740,000 314,000 1,054,000
2036-2040 910,000 152,800 1,062,800
2041-2045 205,000 8,200 213,200
Total $ 2,470,000 $ 921,200 $ 3,391,200
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
things which are unlawful or violate the rights of the bond trustee; and (3) by suit in equity upon the happening of an event of default to require the City to account as the trustee of an express trust. The bond trustee has no right to declare the principal or interest to be due and payable immediately.

NOTE 7 - RETIREMENT PLANS
General Information about the Pension Plans
Plan Description
All qualified permanent and probationary employees are eligible to participate in the Public Agency CostSharing Multiple-Employer Defined Benefit Pension Plan (Plan) administered by the California Public Employees’ Retirement System (CalPERS). The Plan consists of individual rate plans (benefit tiers) within a miscellaneous risk pool. Plan assets may be used to pay benefits for any employer rate plan of the miscellaneous risk pools. Accordingly, rate plans within the miscellaneous pools are not separate plans under GASB Statement No. 68. Individual employers may sponsor more than one rate plan in the miscellaneous risk pools. The City sponsors two miscellaneous rate plans. Benefit provisions under the Plan are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.

Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employee’s Retirement Law. The general fund typically is used to liquidate pension liabilities for governmental funds.

The Plans’ provisions and benefits in effect at June 30, 2025, are summarized as follows:

Tier 1 PEPRA
Benefit formula 2% @ 55 2% @ 62
Benefit vesting schedule 5 Years 5 Years
Benefit payments Monthly for Life Monthly for Life
Retirement age 50-63 52-67
Monthly benefits as a % of eligible compensation 1.426% to 2.418% 1% to 2.5% Required employee contribution rates 7.00% 7.75%
Required employer contribution rates 11.88% 7.87%
Miscellaneous
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
Employees Covered
At June 30, 2025, the following employees were covered by the benefit terms for the Plans:

Contributions
Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions for the Plans are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rates are the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. For the year ended June 30, 2025, the City’s contributions were as follows:

Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions As of June 30, 2025, the City reported a net pension liability for its proportionate share of the net pension liability of the Plan as follows:

The City’s net pension liability for the Plans is measured as the proportionate share of the net pension liability. The net pension liability of the Plans are measured as of June 30, 2024, and the total pension liability for the Plans used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

Miscellaneous
Active 35
Transferred 12
Separated 26
Retired 38
Total 111
Miscellaneous
Contributions - employer $ 1,000,639
Miscellaneous
Proportionate Share of
Net Pension
Liability/(Asset)
$ 6,823,253
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
The City’s proportionate share of the net pension liability for the Plans as of June 30, 2024 and 2025 was as follows:

For the year ended June 30, 2025, the City recognized pension expense of $1,548,642.

At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

The City reported $1,000,639 as deferred outflows of resources related to contributions subsequent to the measurement date that will be recognized as a reduction of the net pension liability in the year ended June 30, 2026.

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Miscellaneous
Proportion - June 30, 2024 0.14473%
Proportion - June 30, 2025 0.14108%
Change - Increase/(Decrease) -0.00365%
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Changes of Assumptions $ 175,372 $ -
Differences between Expected and Actual Experience 589,933 23,019 Differences between Projected and Actual Investment Earnings 392,806 - Differences between Employer's Contributions and
Proportionate Share of Contributions 199,911 85,007
Change in Employer's Proportion 125,941 139,640
Pension Contributions Made Subsequent to Measurement Date 1,000,639 - Total $ 2,484,602 $ 247,666
$ 443,422
901,452
26,033
(134,610)
$ 1,236,297
2026
Total
2027
2028
2029
Deferred
Outflows/
(Inflows) of
Resources
Fiscal Year
Ending June 30:

City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
Actuarial Assumptions
The total pension liabilities in the June 30, 2023 actuarial valuations were determined using the following actuarial assumptions:

Discount Rate
The discount rate used to measure the total pension liability was 6.9 percent for the Plan. To determine whether the municipal bond rate should be used in the calculation of a discount rate for the Plan, CalPERS stress tested plans that would most likely result in a discount rate that would be different from the actuarially assumed discount rate. Based on the testing, none of the tested plans run out of assets. Therefore, the current

6.9 percent discount rate is adequate and the use of the municipal bond rate calculation is not necessary.

The long-term expected discount rate of 6.9 percent will be applied to all plans in the Public Employees Retirement Fund (PERF). The stress test results are presented in a detailed report that can be obtained from the CalPERS website. The long-term expected rate of return on pension plan investments was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

In determining the long-term expected rate of return, CalPERS took into account both short-term and longterm market return expectations as well as the expected pension fund cash flows. Using historical returns of all the funds’ asset classes, expected compound returns were calculated over the short-term (first 10 years) and the long-term (11-60 years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns. The expected rate of return was then set equivalent to the single equivalent rate calculated above and rounded down to the nearest one quarter of one percent.

Valuation Date June 30, 2023
Measurement Date June 30, 2024
Actuarial Cost Method Entry-Age
Normal Cost
Method
Actuarial Assumptions:

Discount Rate 6.90%
Inflation 2.30%
Payroll Growth 2.80%
Projected Salary Increase (1)
Investment Rate of Return 6.8% (2)
Mortality (3)
(1) Varies by entry age and service
(2) Net of pension plan investment expenses, including inflation (3) Derived using CalPERS' membership data for all funds City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
The table below reflects the long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation.

These rates of return are net of administrative expenses.

Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the City’s proportionate share of the net pension liability for the Plans, calculated using the discount rate for the Plans, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point higher than the current rate:

Pension Plan Fiduciary Net Position
Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports. See https://www.calpers.ca.gov/page/investments/about-investmentoffice/investment-financial-reports?stream=top.

Assumed Long-Term
Asset Expected Real
Asset Class (a) Allocation Return (1)(2)
Global Equity Cap Weighted 30.00% 4.54%
Global Equity NonCap Weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed Securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
Total 100.00%
(1) An expected inflation of 2.3% used for this period. (2) Figures are based on the 2021-22 Asset Liability Study.

Miscellaneous
1% Decrease 5.90%
Net Pension Liability $ 11,081,171
Current 6.90%
Net Pension Liability $ 6,823,253
1% Increase 7.90%
Net Pension Liability $ 3,318,359
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
NOTE 8 - OTHER POSTEMPLOYMENT BENEFITS
Plan Description
The City provides post-retirement health care benefits to all full-time employees in accordance with the City's contract with the Public Employees' Retirement System (PERS) for participation in the State of California Public Employees' Medical and Hospital Care Act (PEMHCA). The plan is an agent, multipleemployer plan administered by CalPERS through the California Employers’ Retiree Benefit Trust (CERBT).

Benefits Provided
The City's contribution for each retiree is the same as full-time employees. Additionally, the City contributes longevity pay to a Retirement Health Savings (RHS) Trust plan of up to $500 for those retirees with 10 years of service with the City of Agoura Hills, enrolled in a CalPERS health plan. The total of the PEMHCA minimum employer contribution and the additional benefit will not exceed $500 per month. The RHS contribution may only be used to reimburse medical premiums. In the event of the retiree's death, the CalPERS eligible surviving spouse has the right to $300 per month to pay for medical premiums for a maximum of 12 months. After 12 months surviving spouses will still be eligible to receive the PEMHCA minimum employer contribution.

Employees Covered by Benefit Terms
At June 30, 2023 (the valuation date), the benefit terms covered the following employees:

Contributions
The City makes contributions based on a pay-as-you go basis as approved by the authority of the City’s Council. Total benefit payments included in the measurement period were $119,472. The City contributed $136,831 during the year which was 3.04% of covered employee payroll. Employees are not required to contribute to the OPEB Plan. Assets have been accumulated in a trust to provide for the benefits of this OPEB Plan.

Actuarial Assumptions
The following summarized the actuarial assumptions for the OPEB plan included in this fiscal year:

Active employees 38
Inactive employees 20
Total employees 58
Valuation Date: June 30, 2023
Measurement Date: June 30, 2024
Actuarial Cost Method: Entry-Age Normal
Amortization Period: 15 years
Asset Valuation Method:

Actuarial Assumptions:

Discount Rate 6.25%
Inflation 2.50%
Salary Increases 2.75%
Investment Rate of Return
Healthcare Trend Rate
Mortality
Level percentage of payroll, closed

6.25%
CalPERS 2000-2019 Experience Study
Non-Medicare - 8.50% for 2025, decreasing to an ultimate rate of 3.45% in 2076 Medicare (Non-Kaiser) - 7.50% for 2025, decreasing to an ultimate rate of 3.45% in 2076 Medicare (Kaiser) - 6.25% for 2025, decreasing to an ultimate rate of 3.45% in 2076 City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
Discount Rate
The discount rate was based on the Bond Buyer 20-bond General Obligation Index.

Changes in the Net OPEB Liability
The following summarizes the changes in the net OPEB liability during the year ended June 30, 2025:

Deferred Inflows and Outflows of Resources
At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
(Asset)
Balance at June 30, 2024 $ 2,974,688 $ 2,779,250 $ 195,438 Service cost 121,854 - 121,854
Interest in Total OPEB Liability 189,800 - 189,800
Employer contributions - 100,517 (100,517)
Actual investment income - 313,388 (313,388)
Administrative expenses - (1,752) 1,752
Benefit payments (119,472) (119,472) -
Net changes 192,182 292,681 (100,499)
Balance at June 30, 2025 $ 3,166,870 $ 3,071,931 $ 94,939 Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between actual and expected experience $ - $ 381,095 Difference between actual and expected earnings 38,410 - Change in assumptions 103,835 59,155
OPEB contribution subsequent to measurement date 136,831 - Totals $ 279,076 $ 440,250
Year Ended June 30,
2026 $ (116,699)
2027 8,371
2028 (91,773)
2029 (57,701)
2030 (30,926)
Thereafter (9,277)
Total $ (298,005)
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
Rate of Return
The long-term expected rate of return on OPEB plan investments was determined using a building- block method in which expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the table below.

OPEB Expense
The following summarizes the OPEB expense by source during the year ended June 30, 2025:

The following summarizes changes in the net OPEB liability as reconciled to OPEB expense during the year ended June 30, 2025:

Asset Class
Percentage of
Portfolio
Long-Term
Expected Rate of
Return
All Commodities 3.00% 1.22%
Fixed Income 23.00% 1.56%
All Equity 49.00% 4.56%
Real Estate Investment Trusts (REITs) 20.00% 4.06%
Treasury Inflation-Protected Securities (TIPS) 5.00% -0.08% Total 100.00%
Service cost $ 121,854
Interest in TOL 189,800
Expected investment income (179,517)
Other adjustments 37,975
Difference between actual and expected experience (142,880) Difference between actual and expected earnings 13,274
Change in assumptions 26,747
Administrative expenses 1,752
OPEB Expense $ 69,005
$ 94,939
(195,438)
(100,499)
Changes in deferred outflows 188,790
Changes in deferred inflows (156,117)
Employer contributions and implicit subsidy 136,831
OPEB Expense $ 69,005
Net OPEB liability ending
Net OPEB liability beginning
Change in net OPEB liability
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
Sensitivity to Changes in the Municipal Bond Rate
The net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using a municipal bond rate (used to determine the discount rate) that is one percentage point lower or one percentage point higher, is as follows:

Sensitivity to Changes in the Healthcare Cost Trend Rates The net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are one percentage point lower or one percentage point higher than current healthcare cost trend rates, is as follows:

NOTE 9 - STEWARDSHIP, ACCOUNTABILITY, AND COMPLIANCE
The following funds reported deficit fund balance as of June 30, 2025:

NOTE 9 - REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY

ACTIVITIES
A. The Dissolution Process
On December 29, 2011, the California Supreme Court upheld AB 1X 26 that provides for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City of Agoura Hills that previously had reported a redevelopment agency as a blended component unit.

The City Council elected to become the Successor Agency for the former redevelopment agency.

Successor agencies are only allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations as approved by the Successor Agency Oversight Board and the California Department of Finance.

The Bill directed the State Controller of the State of California to review the propriety of any transfers of assets between redevelopment agencies and other public bodies that occurred after January 1, 2011. If the public body that received such transfers is not contractually committed to a third party for the expenditure or encumbrance of those assets, the State Controller is required to order the available assets to be transferred to the public body designated as the successor agency by the Bill. (1% Decrease ) 6.25% (1% Increase )
Net OPEB Liability $ 497,215 $ 94,939 $ (239,418)
Discount Rate
(1% Decrease ) Current (1% Increase )
Net OPEB Liability $ (39,024) $ 94,939 $ 241,914
Trend Rate
Deficit
Other Grants $ 622,220
Measure R Capital Projects 3,169,480
Measure M Capital Projects 3,617,786
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
B. Long-Term Liabilities
The following summarizes the Successor Agency’s long-term liabilities as of June 30, 2025:
2008 Housing Set-Aside Tax Allocation Bonds
On June 5, 2008, the Redevelopment Agency issued $10,000,000 in Housing Set-Aside Tax Allocation Bonds to finance low- and moderate-income housing of the Agoura Hills Redevelopment Agency. During fiscal year ended June 30, 2013, the Successor Agency defeased $8,200,000 of this debt for a remaining bond balance of $1,195,000 and interest rates ranging from 4.0 to 5.0 percent. The principal of the bonds is payable on their maturity date of October 1, of each year. Interest on the bond is payable on October 1, and April 1, each year. The bond is insured against events of default and acceleration of maturities, so long as the City is in compliance with the terms of the bond insurance policy. As of June 30, 2025, the City has complied with the terms of the bond insurance policy.

The following summarizes the future debt service requirements:
2008 A-T Tax Allocation Bonds
On June 5, 2008, the Redevelopment Agency issued $5,750,000 in Tax Allocation Bonds Series A-T with interest rates ranging from 4.728 to 7.842 percent to finance certain redevelopment project within the Agoura Hills Redevelopment Area. The principal of the bonds is payable on their maturity date of October 1, of each year. Interest on the bond is payable on October 1, and April 1, each year. The bond is insured against events of default and acceleration of maturities, so long as the City is in compliance with the terms of the bond insurance policy. As of June 30, 2025, the City has complied with the terms of the bond insurance policy.

Due
Balance Balance Within One
Successor Agency Noncurrent Liabilities June 30, 2024 Additions Deletions June 30, 2025 Year 2008 Housing Set-Aside Tax Allocation Bonds $ 920,000 $ - $ 30,000 $ 890,000 $ 30,000 2008 A-T Tax Allocation Bonds 4,550,000 - 130,000 4,420,000 135,000 Loan from the City of Agoura Hills 24,988,569 2,978,658 890,050 27,077,177 970,886 $ 30,458,569 $ 2,978,658 $ 1,050,050 $ 32,387,177 $ 1,135,886 Year Ending Principal Interest
June 30 Payments Payments Total
2026 $ 35,000 $ 38,737 $ 73,737
2027 35,000 36,624 71,624
2028 40,000 34,387 74,387
2029 40,000 31,844 71,844
2030 45,000 30,729 75,729
2031-2035 255,000 29,654 284,654
2036-2040 320,000 28,833 348,833
2041-2045 120,000 28,263 148,263
Total $ 890,000 $ 259,071 $ 1,149,071
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
The following summarizes the future debt service requirements:

Advance from the City of Agoura Hills
On May 15, 2013, the City received notification that a Finding of Completion has been granted, which allows for: 1) loan agreements between the former redevelopment agency and City may be placed on the ROPS as an enforceable obligation, provided the oversight board makes a finding that the loan was for a legitimate redevelopment purpose per California Health and Safety Code (HSC) section 34191.4(b)(1), and 2) utilizing proceeds derived from bonds issued prior to January 1, 2011 in a manner consistent with the original bond covenants per HSC section 34191.4(c). The Oversight Board to the Successor Agency approved OB Resolution No. 14-23 determining that the amounts advanced to the former redevelopment agency were for legitimate redevelopment purposes. California Health and Safety Code Section 34191.4(b)(2) outlines the terms for restructuring city loans to former redevelopment agencies as follows:
“the accumulated interest on the remaining principal amount of the loan shall be recalculated from origination at the interest rate earned by funds deposited into the Local Agency Investment Fund.” The management’s position is to apply the historical Local Agency Investment Fund (LAIF) rate over the life of the loan.

The California Department of Finance (DOF) has provided information regarding the recalculation of accrued interest for city loans to redevelopment agencies. The DOF applies the LAIF rate for the quarter during which the Oversight Board makes a finding that the loan was made for legitimate redevelopment purposes to the entire life of the loan. Based on this assumption, the advance from the City is recalculated to have a June 30, 2025, balance of $27,077,177 which is deemed to be collectible. During fiscal year ended June 30, 2025, the Successor Agency made a payment of $3,868,708 to the City which included principal of $890,050 and interest of $2,978,658. The following summarizes the future debt service requirements:

Year Ending Principal Interest
June 30 Payments Payments Total
2026 $ 135,000 $ 340,356 $ 475,356
2027 145,000 330,580 475,580
2028 155,000 320,079 475,079
2029 170,000 308,854 478,854
2030 180,000 296,542 476,542
2031-2035 1,135,000 1,253,069 2,388,069
2036-2040 1,645,000 741,853 2,386,853
2041-2045 855,000 101,946 956,946
Total $ 4,420,000 $ 3,693,279 $ 8,113,279
Year Ending Principal Interest
June 30 Payments Payments Total
2026 $ 970,886 $ - $ 970,886
2027 999,955 - 999,955
2028 1,054,773 - 1,054,773
2029 1,097,906 - 1,097,906
2030 1,156,077 - 1,156,077
2031-2035 5,235,903 1,349,860 6,585,763
2036-2040 - 8,127,579 8,127,579
2041-2045 - 7,084,238 7,084,238
Total $ 10,515,500 $ 16,561,677 $ 27,077,177
City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
Pledged Revenue
The City pledged, as security for bonds issued, either directly or through the Financing Authority, a portion of tax increment revenue (including Low- and Moderate-Income Housing set-aside and pass-through allocations) that it receives. The bonds issued were to provide financing for various capital projects, accomplish Low- and Moderate-Income Housing project. Assembly Bill 1X 26 provided that upon dissolution of the Redevelopment Agency, property taxes allocated to redevelopment agencies no longer are deemed tax increment but rather property tax revenues and will be allocated first to successor agencies to make payments on the indebtedness incurred by the dissolved redevelopment agency. Total principal and interest remaining on the debt is $9,262,350 with annual debt service requirements as indicated above. For the current year, the debt service obligation on the bonds was $550,314 and taxes received to pay enforceable obligations was $1,578,890.

NOTE 10 - RISK MANAGEMENT AND SELF INSURANCE
A. Description of Self-Insurance Pool Pursuant to Joint Powers Agreement The City of Agoura Hills is a member of the California Joint Powers Insurance Authority (CJPIA or Authority). The Authority is composed of 126 California public entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance for property and other lines of coverage. The California JPIA began covering claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine-member Executive Committee.

B. Primary Self-Insurance Programs of the Authority
Primary Liability Program
Claims are pooled separately between police and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers.

The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. Subsidence losses also have a $50 million per occurrence limit. The coverage structure is composed of a combination of pooled self-insurance, reinsurance, and excess insurance. Additional information concerning the coverage structure is available on the Authority’s website:
https://cjpia.org/coverage/risk-sharing-pools/..

Workers’ Compensation
Claims are pooled separately between public safety (police and fire) and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
The second layer of losses includes incurred costs from $75,000 to $200,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers.

For 2024-25 the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Compensation Law. Employer’s Liability losses are pooled among members to $1 million. Coverage from $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses from $5 million to $10 million are pooled among members.

C. Purchased Insurance
Pollution Legal Liability Insurance
The City participates in the pollution legal liability insurance program which is available through CJPIA.

The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City. Coverage is on a claims-made basis. There is a $250,000 deductible. CJPIA has an aggregate limit of $20 million.

Property Insurance
The City participates in the all-risk property protection program of CJPIA. This insurance protection is underwritten by several insurance companies. City property is currently insured according to a schedule of covered property submitted by the City to CJPIA. City property currently has all-risk property insurance protection in the amount of $52,266,348. There is a $10,000 deductible per occurrence except for nonemergency vehicle insurance which has a $2,500 deductible.

Crime Insurance
The City purchases crime insurance coverage in the amount of $3,000,000 with a $2,500 deductible. The fidelity coverage is provided through CJPIA.

D. Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2024-25.

NOTE 11 - COMMITMENTS AND CONTINGENCIES
Litigation
The City is subject to certain matters of litigation that may arise in the normal course of conducting City business. City management believes, based upon consultation with legal counsel, that these cases, in the aggregate, are not expected to result in a material adverse financial impact on the City. Additionally, City management believes that the City's insurance programs are sufficient to cover any potential losses should an unfavorable outcome materialize.

Federal and State Grant Programs
The City participates in Federal and State grant programs. These programs are audited by the City's independent accountants if required by and in accordance with the provisions of the Uniform Guidance and applicable State requirements. For Federal programs, the City did not reach the level of qualifying expenditures during the current fiscal year that would require a single audit. Expenditures which may be City of Agoura Hills
Notes to the Basic Financial Statements
June 30, 2025
disallowed, if any, by the granting agencies, cannot be determined at this time. The City expects such amounts, if any, to be immaterial.

Redevelopment Agency Obligations
The City has received property tax revenues for specific enforceable obligations of the former redevelopment agency that are subject to review by the Department of Finance (DOF). The DOF has disallowed certain obligations listed on the Recognized Obligation Payment Schedule (ROPS) submitted by the City. The City is continuing to dispute obligations listed as enforceable, including the City-former RDA loan advances.

NOTE 12 - PRIOR PERIOD ADJUSTMENTS
During fiscal year, changes to or within the financial reporting entity resulted in adjustments to and restatements of beginning fund net position, as follows:

NOTE 13 - SUBSEQUENT EVENTS
The City evaluated subsequent events for recognition and disclosure through March 9, 2026, the date on which these financial statements were available to be issued. Management concluded that no material subsequent events have occurred since June 30, 2025, that required recognition or disclosure in these financial statements.

Beginning
Balance Major Nonmajor Beginning
Previously to to Balance
Reported Nonmajor Major Restated
Governmental Funds
Major Funds
Other Grants Fund $ - $ - $ (375,707) $ (375,707)
Housing Successor Agency Fund 998,963 (998,963) - -
Agoura Hills Improvement Authority Fund 12,148,816 (12,148,816) - - Nonmajor funds (375,707) 13,147,779 375,707 13,147,779
Total Governmental Funds $ 12,772,072 $ - $ - $ 12,772,072 Changes to or Within the
Financial Reporting Entity

REQUIRED SUPPLEMENTARY

INFORMATION
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City of Agoura Hills
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (GAAP Basis) General Fund
For the Year Ended June 30, 2025
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)

REVENUES
Property taxes $ 6,768,272 $ 6,891,919 $ 7,092,826 $ 200,907 Sales taxes 5,588,689 5,037,139 4,507,704 (529,435)
Transient occupancy taxes 3,891,980 3,826,980 3,863,047 36,067 Franchise taxes 880,000 926,000 902,470 (23,530)
Licenses and permits 530,000 563,000 618,988 55,988
Charges for services 1,078,300 872,300 1,229,844 357,544 Fines and forfeitures 41,000 41,000 43,485 2,485
Contributions 39,000 39,000 43,248 4,248
Use of money and property 764,000 1,399,500 4,299,027 2,899,527 Other revenue 926,058 1,370,441 308,574 (1,061,867)
Total Revenues 20,507,299 20,967,279 22,909,213 1,941,934

EXPENDITURES
Current:

General Government:

City Council 131,507 131,507 128,911 2,596
City Manager 2,025,779 2,060,630 2,098,107 (37,477)
City Clerk 273,659 273,659 327,015 (53,356)
City Attorney 400,000 438,600 681,368 (242,768)
Finance 706,533 679,909 710,751 (30,842)
Public Facilities 342,040 352,040 378,791 (26,751)
Non-Departmental 1,185,372 1,285,372 890,569 394,803
Automated Office System 4195 664,086 344,068 446,444 (102,376) Public Safety:

Los Agneles County Sheriff 5,262,748 5,262,748 5,384,277 (121,529) Emergency Services 63,521 63,521 71,645 (8,124)
Animal Control 114,000 114,000 85,755 28,245
School Corssing Guards 80,614 80,614 52,064 28,550
Emergency Incident - 2,751 14,037 (11,286)
Public Works:

Public Works 771,473 1,237,074 1,130,215 106,859
Traffic Safety 55,000 55,000 50,887 4,113
Landscape Maintenance 291,000 291,000 241,582 49,418
Storm Drain & Flood Control 391,132 391,132 440,900 (49,768) Community Development:

Community Development 1,637,768 1,857,894 1,484,160 373,734 Building and Safety 816,354 841,354 1,055,370 (214,016) Community Services:

Recreation 387,900 331,909 227,726 104,183
Reyes Adobe 32,250 32,250 20,867 11,383
Recreation Center 502,138 550,320 544,931 5,389
Community Services 1,680,816 1,741,192 1,811,444 (70,252) Parks Maintenance 676,635 626,691 690,564 (63,873)
Capital outlay 231,133 254,108 145,023 109,085
Total Expenditures 18,723,458 19,299,343 19,113,403 185,940 Excess (Deficiency) of Revenues over Expenditures 1,783,841 1,667,936 3,795,810 2,127,874

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out (1,283,600) (1,254,556) (1,649,623) (395,067) Total Other Financing Sources (Uses) (1,283,600) (1,254,556) (1,649,623) (395,067) Net Change in Fund Balance 500,241 413,380 2,146,187 1,732,807 Fund Balance Beginning 39,959,299 39,959,299 39,959,299 - Fund Balance Ending $ 40,459,540 $ 40,372,679 $ 42,105,486 $ 1,732,807 City of Agoura Hills
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (GAAP Basis) Other Grants Fund
For the Year Ended June 30, 2025
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental $ 4,524,500 $ 1,244,030 $ 828,934 $ (415,096) Use of money and property - - 28,349 28,349
Total Revenues 4,524,500 1,244,030 857,283 (386,747)

EXPENDITURES
Current:

General Government 32,000 1,037,000 45,327 991,673
Public Safety - - 69,895 (69,895)
Public Works 35,000 5,174 63,120 (57,946)
Community Services 75,000 - - -
Capital outlay 4,382,500 201,856 2,643,920 (2,442,064)
Total Expenditures 4,524,500 1,244,030 2,822,262 (1,578,232) Excess (Deficiency) of Revenues over Expenditures - - (1,964,979) (1,964,979)

OTHER FINANCING SOURCES (USES)
Transfers in - - 1,718,466 1,718,466
Transfers out - - - -
Total Other Financing Sources (Uses) - - 1,718,466 1,718,466 Net Change in Fund Balance - - (246,513) (246,513)
Fund Balance Beginning - - - -
Prior Period Restatement (375,707) (375,707) (375,707) - Fund Balance Beginning, as Adjusted (375,707) (375,707) (375,707) - Fund Balance Ending $ (375,707) $ (375,707) $ (622,220) $ (246,513) City of Agoura Hills
Budget and Budgetary Accounting
June 30, 2025
Budgetary Information
As a General Law City, the City is not legally required to adopt a budget; however, the City Municipal Code requires the City Manager to prepare an annual budget based on projections received from all city departments, boards and commissions. Annual budgets are adopted on a basis consistent with generally accepted accounting principles for all governmental funds. The City is required to adopt an annual budget resolution for the General Fund and Special Revenue Funds. All annual appropriations lapse at year end but can be carried forward at the City Manager's discretion.

The budget is prepared by fund, function and activity, and includes actual information for the past year, current year estimates and requested appropriations for the next fiscal year. The budget is a statement of the goals and objectives of the City for that fiscal year. The legal level for which expenditures are not to exceed appropriations is at the fund level for all funds except the General Fund and at the department level for the General Fund. The City Manager may authorize the transfer between expenditure accounts within the same department, office, agency or program activity. Where an appropriation requires an increase that cannot be supported by transfer guidelines, City Council authorization is required. Responsible individuals review progress against their budget each month. The City Council considers supplemental budget amendment requests during the year and reviews changes at mid-year and year end.

The following summarizes expenditures in excess of appropriations for major funds with legally adopted budgets:

Final Budget Actual Excess
General Fund:

General Government $ 5,565,785 $ 5,661,956 $ (96,171)
Public Safety 5,523,634 5,607,778 (84,144)
Community Services 3,282,362 3,295,532 (13,170)
Other Grants Fund:

Public Safety - 69,895 (69,895)
Public Works 5,174 63,120 (57,946)
Capital Outlay 201,856 2,643,920 (2,442,064)
City of Agoura Hills
Schedule of Pension Contributions
(Last Ten Years)
Miscellaneous Plan
Plan Measurement Date 2015 2016 2017 2018 2019
Fiscal Year Ended 2016 2017 2018 2019 2020
Contractually Required Contributions $ 350,597 $ 392,645 $ 443,161 $ 525,812 $ 633,776 Contributions in Relation to
Contractually Required Contributions 350,597 392,645 443,161 525,812 633,776 Contribution Deficiency (Excess) $ - $ - $ - $ - $ -
Covered Payroll $ 3,109,153 $ 3,197,648 $ 3,370,827 $ 3,512,954 $ 3,823,238 Contributions as a % of Covered Payroll 11.28% 12.28% 13.15% 14.97% 16.58% Miscellaneous Plan
Plan Measurement Date 2020 2021 2022 2023 2024
Fiscal Year Ended 2021 2022 2023 2024 2025
Contractually Required Contributions $ 670,392 $ 742,201 $ 856,676 $ 872,685 $ 1,000,639 Contributions in Relation to
Contractually Required Contributions 670,392 742,201 881,676 1,215,285 1,000,639 Contribution Deficiency (Excess) $ - $ - $ (25,000) $ (342,600) $ - Covered Payroll $ 3,371,342 $ 3,699,344 $ 4,329,754 $ 4,439,842 $ 3,703,680 Contributions as a % of Covered Payroll 19.89% 20.06% 20.36% 27.37% 27.02% Notes to Schedule:

Valuation Date: June 30, 2023
Assumptions Used: Entry Age Method used for Actuarial Cost Method Level Percentage of Payroll and Direct Rate Smoothing
Remaining Amortization Period no more than 26 years
Inflation Assumed at 2.30%
Investment Rate of Returns set at 6.8%
The CalPERS discount rate was increased from 7.50% to 7.65% in FY2016, to 7.15% in FY2018, and then decreased to 6.90% in FY2022.

The CalPERS mortality assumptions was adjusted in fiscal year 2021.

The mortality table was developed based on CalPERS-specific data. The rates incorporate Generational Mortality to capture ongoing morality improvement using 80% of Scale MP 2020 published by the Society of Actuaries. For more details, please refer to the 2021 experience study report that can be found on the CalPERS website.

City of Agoura Hills
Schedule of Proportionate Share of Net Pension Liability (Last Ten Years)
Miscellaneous Plan
Plan Measurement Date 2015 2016 2017 2018 2019
Fiscal Year Ended 2016 2017 2018 2019 2020
Proportion of Net Pension
Liability 0.03983% 0.04331% 0.04517% 0.04529% 0.04781%
Proportionate Share of
Net Pension Liability $ 2,733,736 $ 3,747,628 $ 4,479,822 $ 4,364,714 $ 4,899,474 Covered Payroll $ 3,104,821 $ 3,109,153 $ 3,197,648 $ 3,370,827 $ 3,512,954 Proportionate Share of NPL
as a % of Covered Payroll 88.05% 120.54% 140.10% 129.48% 139.47% Plan's Fiduciary Net Position
as a % of the TPL 78.40% 78.55% 77.49% 79.09% 78.36%
Miscellaneous Plan
Plan Measurement Date 2020 2021 2022 2023 2024
Fiscal Year Ended 2021 2022 2023 2024 2025
Proportion of Net Pension
Liability 0.04984% 0.04977% 0.05745% 0.05800% 0.05626%
Proportionate Share of
Net Pension Liability $ 5,422,335 $ 2,691,618 $ 6,636,241 $ 7,235,296 $ 6,823,253 Covered Payroll $ 3,823,238 $ 3,371,342 $ 3,699,344 $ 4,329,754 $ 4,439,842 Proportionate Share of NPL
as a % of Covered Payroll 141.83% 79.84% 179.39% 167.11% 153.68% Plan's Fiduciary Net Position
as a % of the TPL 77.49% 89.59% 76.04% 75.38% 78.38%
The CalPERS discount rate was increased from 7.50% to 7.65% in FY2016, to 7.15% in FY2018, and then decreased to 6.90% in FY2022.

The CalPERS mortality assumptions was adjusted in fiscal year 2021.

City of Agoura Hills
Schedule of OPEB Contributions
(Last Ten Years)
Fiscal Year Ended 2018 2019 2020 2021
Actuarially determined contribution (ADC) $ 189,000 $ 195,000 $ 201,000 $ 176,760 Less: actual contribution in relation to ADC (197,000) (208,093) (219,000) (195,142) Contribution deficiency (excess) $ (8,000) $ (13,093) $ (18,000) $ (18,382) Covered employee payroll $ 3,370,827 $ 3,512,954 $ 3,823,238 $ 3,371,342 Contrib. as a % of covered employee payroll 5.84% 5.92% 5.73% 5.79% Fiscal Year Ended 2022 2023 2024 2025
Actuarially determined contribution (ADC) $ 181,331 $ 141,843 $ 138,492 $ 136,831 Less: actual contribution in relation to ADC (181,331) (147,419) (138,492) (136,831) Contribution deficiency (excess) $ - $ (5,576) $ - $ -
Covered employee payroll $ 3,401,850 $ 4,000,146 $ 4,128,429 $ 4,502,170 Contrib. as a % of covered employee payroll 5.33% 3.69% 3.35% 3.04% Notes to Schedule:

Assumptions and Methods
Valuation Date:

Measurement Date:

Actuarial Cost Method:

Amortization Period:

Asset Valuation Method:

Actuarial Assumptions:

Discount Rate
Inflation
Salary Increases
Investment Rate of Return 6.25%
Healthcare Trend Rate
Mortality
Other Notes
There were no changes in benefit terms.

There were no changes in discount rates, trend rates or assumptions.

June 30, 2023
June 30, 2024
15 years
CalPERS 2000-2019 Experience Study

6.25%

2.50%

2.75%
GASB 75 requires a schedule of contributions for the last ten fiscal years, or for as many years as are available if less than ten years are available. GASB 75 was adopted as of June 30, 2018.

Non-Medicare - 8.50% for 2025, decreasing to an
ultimate rate of 3.45% in 2076
Medicare (Non-Kaiser) - 7.50% for 2025,
decreasing to an ultimate rate of 3.45% in 2076
Medicare (Kaiser) - 6.25% for 2025, decreasing to
an ultimate rate of 3.45% in 2076
Level percentage of payroll, closed
Entry-Age Normal Cost Method
City of Agoura Hills
Schedule of Changes in Net OPEB Liability
(Last Ten Years)
Fiscal Year Ended 2018 2019 2020 2021 2022 2023 2024 2025 Total OPEB liability
Service cost $ 105,000 $ 108,282 $ 111,530 $ 120,459 $ 123,154 $ 121,398 $ 124,736 $ 121,854 Interest 157,000 171,706 186,801 180,971 194,591 178,384 191,284 189,800 Changes of benefit terms - - 55,287 (23,322) 223,632 - (72,303) - Diff. between expected/actual experience - - (381,914) - (479,837) - (153,456) - Benefit payments (56,000) (56,966) (62,265) (71,745) (86,301) (90,639) (102,779) (119,472) Net change in Total OPEB Liability 206,000 223,022 (90,561) 206,363 (24,761) 209,143 (12,518) 192,182 Total OPEB Liability - beginning 2,258,000 2,464,000 2,687,022 2,596,461 2,802,824 2,778,063 2,987,206 2,974,688 Total OPEB Liability - ending 2,464,000 2,687,022 2,596,461 2,802,824 2,778,063 2,987,206 2,974,688 3,166,870 Plan fiduciary net position
Employer contributions $ 175,000 $ 197,000 $ 208,093 $ 219,000 $ 195,142 $ 181,331 $ 147,419 $ 100,517 Net investment income 135,000 124,567 113,860 74,350 622,558 (414,086) 170,580 313,388 Benefit payments (56,000) (56,966) (62,265) (71,745) (86,301) (90,639) (102,779) (119,472) Administrative expense (1,000) (3,152) (798) (1,516) (1,459) (1,402) (1,542) (1,752) Net change in plan fiduciary net position 253,000 261,449 258,890 220,089 729,940 (324,796) 213,678 292,681 Plan fiduciary net position - beginning 1,167,000 1,420,000 1,681,449 1,940,339 2,160,428 2,890,368 2,565,572 2,779,250 Plan fiduciary net position - ending 1,420,000 1,681,449 1,940,339 2,160,428 2,890,368 2,565,572 2,779,250 3,071,931 Net OPEB liability (asset) $ 1,044,000 1,005,573 656,122 642,396 (112,305) 421,634 195,438 94,939 Plan fiduciary net position as a %
of the total OPEB liability 57.63% 62.58% 74.73% 77.08% 104.04% 85.89% 93.43% 97.00% Covered Employee Payroll $ 3,197,648 $ 3,370,827 $ 3,512,954 $ 3,823,238 $ 3,371,342 $ 3,401,850 $ 4,000,146 $ 4,614,724 NOL as a % of covered employee payroll 32.65% 29.83% 18.68% 16.80% -3.33% 12.39% 4.89% 2.06% Other Notes
There were no changes in benefit terms.

There were no changes in discount rates, trend rates or assumptions.

GASB 75 requires a schedule of contributions for the last ten fiscal years, or for as many years as are available if less than ten years are available. GASB 75 was adopted as of June Page Intentionally Left Blank

SUPPLEMENTARY INFORMATION
This page is intentionally blank
City of Agoura Hills
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (GAAP Basis) Measure R Capital Projects Fund
For the Year Ended June 30, 2025
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental $ 5,622,000 $ 643,800 $ 407,840 $ (235,960) Total Revenues 5,622,000 643,800 407,840 (235,960)

EXPENDITURES
Current:

General Government 132,853 68,191 42,895 25,296
Public Works 262,593 149,629 124,137 25,492
Capital outlay 5,594,000 640,580 4,843,860 (4,203,280)
Total Expenditures 5,989,446 858,400 5,010,892 (4,152,492) Excess (Deficiency) of Revenues over Expenditures (367,446) (214,600) (4,603,052) (4,388,452)

OTHER FINANCING SOURCES (USES)
Transfers in - - 4,065,157 4,065,157
Transfers out - - - -
Total Other Financing Sources (Uses) - - 4,065,157 4,065,157 Net Change in Fund Balance (367,446) (214,600) (537,895) (323,295) Fund Balance Beginning (2,631,585) (2,631,585) (2,631,585) - Fund Balance Ending $ (2,999,031) $ (2,846,185) $ (3,169,480) $ (323,295) City of Agoura Hills
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (GAAP Basis) Measure M Capital Projects Fund
For the Year Ended June 30, 2025
Variance with
Budgeted Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental $ 4,393,250 $ 252,425 $ 209,325 $ (43,100) Use of money and property - - 2,234 2,234
Total Revenues 4,393,250 252,425 211,559 (40,866)

EXPENDITURES
Current:

General Government 72,843 30,710 14,390 16,320
Public Works 240,292 51,512 41,196 10,316
Capital outlay 3,974,250 185,185 3,073,427 (2,888,242)
Total Expenditures 4,287,385 267,407 3,129,013 (2,861,606) Excess (Deficiency) of Revenues over Expenditures 105,865 (14,982) (2,917,454) (2,902,472)

OTHER FINANCING SOURCES (USES)
Transfers in - - 22,054 22,054
Transfers out - - - -
Total Other Financing Sources (Uses) - - 22,054 22,054
Net Change in Fund Balance 105,865 (14,982) (2,895,400) (2,880,418) Fund Balance Beginning (722,386) (722,386) (722,386) -
Fund Balance Ending $ (616,521) $ (737,368) $ (3,617,786) $ (2,880,418)

NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
State Gas Tax – To account for funds allocated to the City by the State which may only be used for street maintenance, construction, right of way acquisition and/or reconstruction.

Road Rehab – To account for funds allocated to the City for road maintenance and rehabilitation.

Traffic Safety – To account of traffic fines which may only be used for traffic safety purposes.

Transit Tax (Prop A) – To account for Proposition A funds received from the County of Los Angeles which may only be used to provide transportation services.

Public Transit (Prop C) – To account for Proposition C funds received from the County of Los Angeles which may only be used to provide transportation services.

Measure R – To account for public transit tax received under Measure R. These funds are paid by the County of Los Angeles.

Measure M – To account for funds allocated to the City for transit projects.

Measure W – To account for funds collected from a parcel of tax of 2.5 cents per square foot impermeable area. Tax receipts will be used to improve water quality, increase local supply, and enhance the community.

Air Quality Management – To account for funds received from the South Coast Air Quality Management District which may only be used for air quality improvement.

Traffic Improvement – To account for traffic improvement and arterial street system fees paid by developers which may only be used for constructing traffic impacted arterial streets.

Utility Undergrounding – To account for the undergrounding of utility lines within the City undergrounding district.

Supplemental Law Enforcement – To account for Brulte funds received from the state for the use of Public Safety (COPS) programs.

Community Development Block Grant – To account for restricted housing rehabilitation loans administered with Community Development Block Grant (CDBG) funds.

Inclusionary Housing – To account for in-lieu fees that are committed for the development or maintenance of housing that is affordable to low to moderate income households.

Other Grants – is used to account for various state grant funds received for street improvements and park developments.

Solid Waste Management – To account for the funds relating to collection, transportation and recycling of refuse materials for City residents and businesses.

The Housing Successor Agency – To account for restricted revenues and expenditures for the housing activities of the former Redevelopment Agency’s Low- and Moderate-Income Fund activities. Revenues received relate to contributions for new housing and loan repayments.

NONMAJOR GOVERNMENTAL FUNDS
Debt Service Fund
Financing Authority Debt Service – To account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest.

Agoura Hills Improvement Authority – To account for debt service payments for funding of the City’s capital projects.

Capital Projects Funds
Capital Projects – To account for funds that are to be used for various capital projects throughout the City.

Recreation Center Capital Projects – To account for the funds to be used for that are assigned for the development or maintenance of the City’s recreation center.

Storm Water Capital Projects – To account for the funds to be used for the development or maintenance of the City's storm water program
City of Agoura Hills
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
State Gas Tax Road Rehab Traffic Safety
Transit Tax
(Prop A)
Public Transit
(Prop C)
ASSETS
Cash and investments $ 179,312 $ 494,441 $ 30,189 $ 1,461,632 $ 879,200 Cash with fiscal agent - - - - -
Accounts receivable - - - - -
Accrued interest 1,675 4,583 279 15,090 8,993
Due from other governments 48,064 97,294 3,754 85,164 - Loans receivable - - - - -
Due from other funds - - - - -
Total assets $ 229,051 $ 596,318 $ 34,222 $ 1,561,886 $ 888,193

LIABILITIES AND FUND BALANCES
Liabilities:

Accounts payable $ 49,834 $ 8,287 $ - $ 97,958 $ 33,040 Deposits payable - - - - -
Due to other funds - - - - -
Total liabilities 49,834 8,287 - 97,958 33,040
Deferred Inflows of Resources:

Unavailable revenues - - - 85,638 -
Fund Balances:

Restricted:

Capital projects 179,217 588,031 - - -
Air quality improvement - - - - -
Grant programs - - - - -
Housing programs - - - - -
Public safety - - - - -
Transportation services - - 1,378,290 - 855,153
Committed
Capital projects - - 34,222 - -
Waste management programs - - - - -
Housing programs - - - - -
Assigned:

Debt service - - - - -
Total fund balances 179,217 588,031 34,222 1,378,290 855,153 Total liabilities and fund balances $ 229,051 $ 596,318 $ 34,222 $ 1,561,886 $ 888,193 Continued
Special Revenue Funds
City of Agoura Hills
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Cash with fiscal agent
Accounts receivable
Accrued interest
Due from other governments
Loans receivable
Due from other funds
Total assets

LIABILITIES AND FUND BALANCES
Liabilities:

Accounts payable
Deposits payable
Due to other funds
Total liabilities
Deferred Inflows of Resources:

Unavailable revenues
Fund Balances:

Restricted:

Capital projects
Air quality improvement
Grant programs
Housing programs
Public safety
Transportation services
Committed
Capital projects
Waste management programs
Housing programs
Assigned:

Debt service
Total fund balances
Total liabilities and fund balances
Measure R Measure M Measure W
Air Quality
Management
Traffic
Improvement
$ 106,033 $ 122,458 $ 767,325 $ 122,419 $ 359,422
- - - - -
- - - - -
1,314 793 7,809 1,203 3,659
- - - 1 -
- - - - -
- - - - 963,763
$ 107,347 $ 123,251 $ 775,134 $ 123,623 $ 1,326,844
$ 68,858 $ 109,002 $ - $ - $ -
- - - - 17,608
- - - - -
68,858 109,002 - - 17,608
- - - - -
- - 775,134 1,309,236 -
- - - 123,623 -
- - - - -
- - - - -
- - - - -
38,489 14,249 - - -
- - - - -
- - - - -
- - - - -
- - - - -
38,489 14,249 775,134 123,623 1,309,236
$ 107,347 $ 123,251 $ 775,134 $ 123,623 $ 1,326,844
Continued
Special Revenue Funds
City of Agoura Hills
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Cash with fiscal agent
Accounts receivable
Accrued interest
Due from other governments
Loans receivable
Due from other funds
Total assets

LIABILITIES AND FUND BALANCES
Liabilities:

Accounts payable
Deposits payable
Due to other funds
Total liabilities
Deferred Inflows of Resources:

Unavailable revenues
Fund Balances:

Restricted:

Capital projects
Air quality improvement
Grant programs
Housing programs
Public safety
Transportation services
Committed
Capital projects
Waste management programs
Housing programs
Assigned:

Debt service
Total fund balances
Total liabilities and fund balances
Utility
Undergrounding
Supplemental
Law
Enforcement
Community
Development
Block Grant
Inclusionary
Housing Other Grants
$ 59,829 $ 183,919 $ 2,022,075 - $ $ -
- - - - -
- - 11,138 - -
609 1,958 - 20,585 -
- - 24,021 - -
- - 197,289 - -
- - - - -
$ 60,438 $ 185,877 $ 232,448 $ 2,042,660 $ -
$ - $ 73,999 $ 1,316 $ - $ -
- - - - -
- - 22,594 - -
- 73,999 23,910 - -
- - 208,427 - -
- - - - -
- - - - -
- - - - -
- - 111 - -
- 111,878 - - -
- - - - -
60,438 - - - -
- - - - -
- - 2,042,660 - -
- - - - -
60,438 111,878 2,042,660 111 -
$ 60,438 $ 185,877 $ 232,448 $ 2,042,660 $ -
Continued
Special Revenue Funds
City of Agoura Hills
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Cash with fiscal agent
Accounts receivable
Accrued interest
Due from other governments
Loans receivable
Due from other funds
Total assets

LIABILITIES AND FUND BALANCES
Liabilities:

Accounts payable
Deposits payable
Due to other funds
Total liabilities
Deferred Inflows of Resources:

Unavailable revenues
Fund Balances:

Restricted:

Capital projects
Air quality improvement
Grant programs
Housing programs
Public safety
Transportation services
Committed
Capital projects
Waste management programs
Housing programs
Assigned:

Debt service
Total fund balances
Total liabilities and fund balances
Solid Waste
Management
Housing Successor
Agency
Financing Authority
Debt Service
Agoura Hills
Improvement
Authority
$ 266,883 $ 1,155,661 $ 1,208 $ -
- - 1 6,585,808
24,226 - - -
3,012 11,826 12 -
- - - -
- 72,431 - -
- - - -
$ 294,121 $ 1,239,918 $ 1,221 $ 6,585,808
$ 2,536 $ - $ - $ -
- - - -
- - - 497,587
2,536 - - 497,587
- 72,431 - -
- - - 6,088,221
- - - -
- 1,167,487 - -
- - - -
- - - -
- - - -
- - - -
291,585 - - -
- - - -
- - 1,221 -
291,585 1,167,487 1,221 6,088,221
$ 294,121 $ 1,239,918 $ 1,221 $ 6,585,808
Continued
Special Revenue Funds Debt Service Funds
City of Agoura Hills
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Cash with fiscal agent
Accounts receivable
Accrued interest
Due from other governments
Loans receivable
Due from other funds
Total assets

LIABILITIES AND FUND BALANCES
Liabilities:

Accounts payable
Deposits payable
Due to other funds
Total liabilities
Deferred Inflows of Resources:

Unavailable revenues
Fund Balances:

Restricted:

Capital projects
Air quality improvement
Grant programs
Housing programs
Public safety
Transportation services
Committed
Capital projects
Waste management programs
Housing programs
Assigned:

Debt service
Total fund balances
Total liabilities and fund balances
Capital Projects Recreation Center
Storm Water Capital
Projects
Total Nonmajor
Governmental Funds
$ 154,892 $ 104,000 $ 1,507,915 $ 9,978,813
- - - 6,585,809
- - - 35,364
887 14 15,350 99,651
- 41,443 238,295 538,036
- - - 269,720
- - - 963,763
$ 155,779 $ 145,457 $ 1,761,560 $ 18,471,156
$ 19,289 $ - $ 95,000 $ 559,119
- - - 17,608
- 10,621 - 530,802
19,289 10,621 95,000 1,107,529
- 41,443 143,295 551,234
- - - 8,939,839
- - - 123,623
- - - 1,167,487
- - - 111
- - - 111,878
- - - 2,286,181
136,490 93,393 1,523,265 1,847,808
- - - 291,585
- - - 2,042,660
- - - 1,221
136,490 93,393 1,523,265 16,812,393
$ 155,779 $ 145,457 $ 1,761,560 $ 18,471,156
Concluded
Capital Projects Funds
City of Agoura Hills
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2025
State Gas Tax Road Rehab Traffic Safety
Transit Tax
(Prop A)
Public Transit
(Prop C)

REVENUES
Franchise taxes $ - $ - $ - $ - $ -
Intergovernmental 567,170 552,113 - 561,260 430,281
Charges for services - - - - -
Fines and forfeitures - - 37,278 - -
Use of money and property 10,525 12,982 1,407 72,851 42,135 Other revenue - - - - -
Total Revenues 577,695 565,095 38,685 634,111 472,416

EXPENDITURES
Current:

General government - - - 12,626 -
Public safety 58,901 - 55,143 - -
Public works 526,961 - - 550,194 381,290
Community development - - - - -
Community services - - - 152,047 -
Capital outlay - 127,766 - - -
Debt service:

Principal - - - - -
Interest - - - - -
Total Expenditures 585,862 127,766 55,143 714,867 381,290 Excess (Deficiency) of Revenues over Expenditures (8,167) 437,329 (16,458) (80,756) 91,126

OTHER FINANCING SOURCES (USES)
Transfers in - - - - -
Transfers out - - - - -
Total Other Financing Sources (Uses) - - - - -
Net Change in Fund Balances (8,167) 437,329 (16,458) (80,756) 91,126 Fund Balances Beginning 187,384 150,702 50,680 1,459,046 764,027 Restatement Major/Nonmajor Fund Reclassification - - - - - Fund Balances Beginning, as Restated 187,384 150,702 50,680 1,459,046 764,027 Fund Balances Ending $ 179,217 $ 588,031 $ 34,222 $ 1,378,290 $ 855,153 Continued
Special Revenue Funds
City of Agoura Hills
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances Beginning
Restatement Major/Nonmajor Fund Reclassification
Fund Balances Beginning, as Restated
Fund Balances Ending
Measure R Measure M Measure W
Air Quality
Management
Traffic
Improvement
$ - $ - $ - $ - $ -
322,651 365,553 345,953 26,192 -
- - - - 32
- - - - -
12,529 4,479 31,608 5,121 11,537
- - - - 261,353
335,180 370,032 377,561 31,313 272,922
- - - - -
- - - - -
527,830 294,436 102,000 - -
- - - - -
- - - - -
96,040 200,000 17,416 - -
- - - - -
- - - - -
623,870 494,436 119,416 - -
(288,690) (124,404) 258,145 31,313 272,922
- - - - -
- - - - -
- - - - -
(288,690) (124,404) 258,145 31,313 272,922
327,179 138,653 516,989 92,310 1,036,314
- - - - -
327,179 138,653 516,989 92,310 1,036,314
$ 38,489 $ 14,249 $ 775,134 $ 123,623 $ 1,309,236
Continued
Special Revenue Funds
City of Agoura Hills
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances Beginning
Restatement Major/Nonmajor Fund Reclassification
Fund Balances Beginning, as Restated
Fund Balances Ending
Utility
Undergrounding
Supplemental
Law
Enforcement
Community
Development
Block Grant
Inclusionary
Housing Other Grants
$ - $ - $ - $ - $ -
- 194,663 241,113 - -
- - - - -
- - - - -
2,839 9,380 - 95,959 -
- - - - -
2,839 204,043 241,113 95,959 -
- - - - -
- 233,355 - - -
- - - - -
- - - - -
- - 9,650 - -
- - 231,310 - -
- - - - -
- - - - -
- 233,355 240,960 - -
2,839 (29,312) 153 95,959 -
- - - - -
- - - - -
- - - - -
2,839 (29,312) 153 95,959 -
57,599 141,190 (42) 1,946,701 (375,707)
- - - - 375,707
57,599 141,190 (42) 1,946,701 -
$ 60,438 $ 111,878 $ 111 $ 2,042,660 $ -
Continued
Special Revenue Funds
City of Agoura Hills
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances Beginning
Restatement Major/Nonmajor Fund Reclassification
Fund Balances Beginning, as Restated
Fund Balances Ending
Solid Waste
Management
Housing Successor
Agency
Financing Authority
Debt Service
Agoura Hills
Improvement
Authority
$ 36,164 $ - $ - $ -
- - - -
74,954 - - -
- - - -
13,459 56,378 44 318,282
- - - -
124,577 56,378 44 318,282
- 24,588 - 8,200
- - - -
- - - -
104,222 41,276 - -
- - - -
- - - -
- - - 985,000
- - - 851,613
104,222 65,864 - 1,844,813
20,355 (9,486) 44 (1,526,531)
- 178,010 - 1,271,613
- - - (5,805,677)
- 178,010 - (4,534,064)
20,355 168,524 44 (6,060,595)
271,230 - 1,177 -
- 998,963 - 12,148,816
271,230 998,963 1,177 12,148,816
$ 291,585 $ 1,167,487 $ 1,221 $ 6,088,221
Continued
Special Revenue Funds Debt Service Funds
City of Agoura Hills
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Fund Balances Beginning
Restatement Major/Nonmajor Fund Reclassification
Fund Balances Beginning, as Restated
Fund Balances Ending
Capital Projects Recreation Center
Storm Water Capital
Projects
Total Nonmajor
Governmental Funds
$ - $ - $ - $ 36,164
243,153 - 40,621 3,890,723
- - - 74,986
- - - 37,278
10,777 285 70,875 783,452
- - - 261,353
253,930 285 111,496 5,083,956
- - - 45,414
- - - 347,399
- - - 2,382,711
- - - 145,498
- - - 161,697
742,696 20,030 360 1,435,618
- - - 985,000
- - - 851,613
742,696 20,030 360 6,354,950
(488,766) (19,745) 111,136 (1,270,994)
96,000 104,000 - 1,649,623
- - - (5,805,677)
96,000 104,000 - (4,156,054)
(392,766) 84,255 111,136 (5,427,048)
529,256 9,138 1,412,129 8,715,955
- - - 13,523,486
529,256 9,138 1,412,129 22,239,441
$ 136,490 $ 93,393 $ 1,523,265 $ 16,812,393
Concluded
Capital Projects Funds
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)

REVENUES
Franchise taxes $ - $ - $ - $ -
Intergovernmental 577,961 577,961 567,170 (10,791)
Charges for services - - - -
Fines and forfeitures - - - -
Use of money and property 1,000 1,000 10,525 9,525
Other revenue - - - -
Total Revenues 578,961 578,961 577,695 (1,266)

EXPENDITURES
Current:

General government - - - -
Public safety 37,011 37,011 58,901 (21,890)
Public works 519,300 519,300 526,961 (7,661)
Community development - - - -
Community services - - - -
Capital outlay - - - -
Debt service:

Principal - - - -
Interest - - - -
Total Expenditures 556,311 556,311 585,862 (29,551)
Excess (Deficiency) of Revenues over Expenditures 22,650 22,650 (8,167) (30,817)

OTHER FINANCING SOURCES (USES)
Debt issuance - - - -
Transfers in - - - -
Transfers out - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balances 22,650 22,650 (8,167) (30,817) Prior Period Restatements - - - -
Fund Balances Beginning 187,384 187,384 187,384 -
Fund Balances Ending $ 210,034 $ 210,034 $ 179,217 $ (30,817) Cont'd
State Gas Tax
Budgeted Amounts
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
500,288 500,288 552,113 51,825
- - - -
- - - -
1,200 1,200 12,982 11,782
- - - -
501,488 501,488 565,095 63,607
- - - -
- - - -
- - - -
- - - -
- - - -
480,000 480,000 127,766 352,234
- - - -
- - - -
480,000 480,000 127,766 352,234
21,488 21,488 437,329 415,841
- - - -
- - - -
- - - -
- - - -
21,488 21,488 437,329 415,841
- - - -
150,702 150,702 150,702 -
$ 172,190 $ 172,190 $ 588,031 $ 415,841
Cont'd
Road Rehab
Budgeted Amounts
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
45,000 45,000 37,278 (7,722)
350 350 1,407 1,057
- - - -
45,350 45,350 38,685 (6,665)
- - - -
43,505 43,505 55,143 (11,638)
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
43,505 43,505 55,143 (11,638)
1,845 1,845 (16,458) (18,303)
- - - -
- - - -
- - - -
- - - -
1,845 1,845 (16,458) (18,303)
- - - -
50,680 50,680 50,680 -
$ 52,525 $ 52,525 $ 34,222 $ (18,303)
Cont'd
Traffic Safety
Budgeted Amounts
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
694,853 694,853 561,260 (133,593)
- - - -
- - - -
15,000 15,000 72,851 57,851
- - - -
709,853 709,853 634,111 (75,742)
- - 12,626 (12,626)
- - - -
660,050 509,300 550,194 (40,894)
- - - -
175,338 147,260 152,047 (4,787)
- - - -
- - - -
- - - -
835,388 656,560 714,867 (58,307)
(125,535) 53,293 (80,756) (134,049)
- - - -
- - - -
- - - -
- - - -
(125,535) 53,293 (80,756) (134,049)
- - - -
1,459,046 1,459,046 1,459,046 -
$ 1,333,511 $ 1,512,339 $ 1,378,290 $ (134,049)
Cont'd
Transit Tax (Prop A)
Budgeted Amounts
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
473,964 473,964 430,281 (43,683)
- - - -
- - - -
8,000 8,000 42,135 34,135
- - - -
481,964 481,964 472,416 (9,548)
- - - -
- - - -
640,871 450,000 381,290 68,710
- - - -
- - - -
- - - -
- - - -
- - - -
640,871 450,000 381,290 68,710
(158,907) 31,964 91,126 59,162
- - - -
- - - -
- - - -
- - - -
(158,907) 31,964 91,126 59,162
- - - -
764,027 764,027 764,027 -
$ 605,120 $ 795,991 $ 855,153 $ 59,162
Cont'd
Public Transit (Prop C)
Budgeted Amounts
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
355,473 355,473 322,651 (32,822)
- - - -
- - - -
2,500 2,500 12,529 10,029
- - - -
357,973 357,973 335,180 (22,793)
- - - -
- - - -
214,440 239,440 527,830 (288,390)
- - - -
- - - -
195,000 71,000 96,040 (25,040)
- - - -
- - - -
409,440 310,440 623,870 (313,430)
(51,467) 47,533 (288,690) (336,223)
- - - -
- - - -
- - - -
- - - -
(51,467) 47,533 (288,690) (336,223)
- - - -
327,179 327,179 327,179 -
$ 275,712 $ 374,712 $ 38,489 $ (336,223)
Cont'd
Budgeted Amounts
Measure R
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
402,869 402,869 365,553 (37,316)
- - - -
- - - -
1,500 1,500 4,479 2,979
- - - -
404,369 404,369 370,032 (34,337)
- - - -
- - - -
313,884 313,884 294,436 19,448
- - - -
- - - -
100,000 - 200,000 (200,000)
- - - -
- - - -
413,884 313,884 494,436 (180,552)
(9,515) 90,485 (124,404) (214,889)
- - - -
- - - -
- - - -
- - - -
(9,515) 90,485 (124,404) (214,889)
- - - -
138,653 138,653 138,653 -
$ 129,138 $ 229,138 $ 14,249 $ (214,889)
Cont'd
Measure M
Budgeted Amounts
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
344,000 344,000 345,953 1,953
- - - -
- - - -
1,800 1,800 31,608 29,808
- - - -
345,800 345,800 377,561 31,761
- - - -
- - - -
102,000 102,000 102,000 -
- - - -
- - - -
350,000 35,000 17,416 17,584
- - - -
- - - -
452,000 137,000 119,416 17,584
(106,200) 208,800 258,145 49,345
- - - -
- - - -
- - - -
- - - -
(106,200) 208,800 258,145 49,345
- - - -
516,989 516,989 516,989 -
$ 410,789 $ 725,789 $ 775,134 $ 49,345
Cont'd
Measure W
Budgeted Amounts
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
26,700 26,700 26,192 (508)
- - - -
- - - -
1,000 1,000 5,121 4,121
- - - -
27,700 27,700 31,313 3,613
70,000 - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
70,000 - - -
(42,300) 27,700 31,313 3,613
- - - -
- - - -
- - - -
- - - -
(42,300) 27,700 31,313 3,613
- - - -
92,310 92,310 92,310 -
$ 50,010 $ 120,010 $ 123,623 $ 3,613
Cont'd
Air Quality Management
Budgeted Amounts
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - 32 32
- - - -
6,000 6,000 11,537 5,537
- - 261,353 261,353
6,000 6,000 272,922 266,922
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
6,000 6,000 272,922 266,922
- - - -
- - - -
- - - -
- - - -
6,000 6,000 272,922 266,922
- - - -
1,036,314 1,036,314 1,036,314 -
$ 1,042,314 $ 1,042,314 $ 1,309,236 $ 266,922
Cont'd
Traffic Improvement
Budgeted Amounts
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
- - - -
750 750 2,839 2,089
- - - -
750 750 2,839 2,089
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
750 750 2,839 2,089
- - - -
- - - -
- - - -
- - - -
750 750 2,839 2,089
- - - -
57,599 57,599 57,599 -
$ 58,349 $ 58,349 $ 60,438 $ 2,089
Cont'd
Utility Undergrounding
Budgeted Amounts
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
100,000 100,000 194,663 94,663
- - - -
- - - -
- - 9,380 9,380
- - - -
100,000 100,000 204,043 104,043
- - - -
183,000 183,000 233,355 (50,355)
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
183,000 183,000 233,355 (50,355)
(83,000) (83,000) (29,312) 53,688
- - - -
- - - -
- - - -
- - - -
(83,000) (83,000) (29,312) 53,688
- - - -
141,190 141,190 141,190 -
$ 58,190 $ 58,190 $ 111,878 $ 53,688
Cont'd
Supplemental Law Enforcement
Budgeted Amounts
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
250,000 15,780 241,113 225,333
- - - -
- - - -
- - - -
- - - -
250,000 15,780 241,113 225,333
- - - -
- - - -
- - - -
- - - -
10,000 10,000 9,650 350
226,000 3,029 231,310 (228,281)
- - - -
- - - -
236,000 13,029 240,960 (227,931)
14,000 2,751 153 (2,598)
- - - -
- - - -
- - - -
- - - -
14,000 2,751 153 (2,598)
- - - -
(42) (42) (42) -
$ 13,958 $ 2,709 $ 111 $ (2,598)
Cont'd
Budgeted Amounts
Community Development Block Grant
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
- - - -
25,000 25,000 95,959 70,959
- - - -
25,000 25,000 95,959 70,959
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
25,000 25,000 95,959 70,959
- - - -
- - - -
- - - -
- - - -
25,000 25,000 95,959 70,959
- - - -
1,946,701 1,946,701 1,946,701 -
$ 1,971,701 $ 1,971,701 $ 2,042,660 $ 70,959
Cont'd
Budgeted Amounts
Inclusionary Housing
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
$ 36,000 $ 36,000 $ 36,164 $ 164
- - - -
76,000 76,000 74,954 (1,046)
- - - -
3,000 - 13,459 13,459
- - - -
115,000 112,000 124,577 12,577
- - - -
- - - -
- - - -
98,804 98,804 104,222 (5,418)
- - - -
- - - -
- - - -
- - - -
98,804 98,804 104,222 (5,418)
16,196 13,196 20,355 7,159
- - - -
- - - -
- - - -
- - - -
16,196 13,196 20,355 7,159
- - - -
271,230 271,230 271,230 -
$ 287,426 $ 284,426 $ 291,585 $ 7,159
Cont'd
Solid Waste Management
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
- - - -
12,000 12,000 56,378 44,378
- - - -
12,000 12,000 56,378 44,378
20,688 20,688 24,588 (3,900)
- - - -
- - - -
33,795 33,795 41,276 (7,481)
- - - -
- - - -
- - - -
- - - -
54,483 54,483 65,864 (11,381)
(42,483) (42,483) (9,486) 32,997
- - - -
168,600 168,600 178,010 9,410
- - - -
168,600 168,600 178,010 9,410
126,117 126,117 168,524 42,407
998,963 998,963 998,963 -
- - - -
$ 1,125,080 $ 1,125,080 $ 1,167,487 $ 42,407
Cont'd
Housing Successor Agency
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
- - - -
- 90,960 318,282 227,322
- - - -
- 90,960 318,282 227,322
11,000 11,000 8,200 2,800
- - - -
- - - -
- - - -
- - - -
- - - -
385,000 400,000 985,000 (585,000)
520,000 3,843,153 851,613 2,991,540
916,000 4,254,153 1,844,813 2,409,340
(916,000) (4,163,193) (1,526,531) 2,636,662
- 14,999,345 - (14,999,345)
915,000 1,013,480 1,271,613 258,133
- - (5,805,677) (5,805,677)
915,000 16,012,825 (4,534,064) (20,546,889)
(1,000) 11,849,632 (6,060,595) (17,910,227)
12,148,816 12,148,816 12,148,816 -
- - - -
$ 12,147,816 $ 23,998,448 $ 6,088,221 $ (17,910,227)
Cont'd
Agoura Hills Improvement Authority
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - 243,153 243,153
- - - -
- - - -
3,000 3,000 10,777 7,777
- - - -
3,000 3,000 253,930 250,930
- 25,000 - 25,000
- - - -
- - - -
- - - -
- - - -
640,000 401,500 742,696 (341,196)
- - - -
- - - -
640,000 426,500 742,696 (316,196)
(637,000) (423,500) (488,766) (65,266)
- - - -
200,000 72,476 96,000 23,524
- - - -
200,000 72,476 96,000 23,524
(437,000) (351,024) (392,766) (41,742)
- - - -
529,256 529,256 529,256 -
$ 92,256 $ 178,232 $ 136,490 $ (41,742)
Cont'd
Capital Projects
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

OTHER FINANCING SOURCES (USES)
Debt issuance
Transfers in
Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Prior Period Restatements
Fund Balances Beginning
Fund Balances Ending
Variance with
Amounts Final Budget
Actual Positive
Original Final Amounts (Negative)
$ - $ - $ - $ -
- - - -
- - - -
- - - -
- - 285 285
- - - -
- - 285 285
- - - -
- - - -
- - - -
- - - -
- - - -
- 24,935 20,030 4,905
- - - -
- - - -
- 24,935 20,030 4,905
- (24,935) (19,745) 5,190
- - - -
- - 104,000 104,000
- - - -
- - 104,000 104,000
- (24,935) 84,255 109,190
- - - -
9,138 9,138 9,138 -
$ 9,138 $ (15,797) $ 93,393 $ 109,190
Cont'd
Recreation Center
City of Agoura Hills
Schedule of Revenues, Expenditures, and
Changes in Fund Balances
Budget and Actual (GAAP Basis)
Nonmajor Governmental Funds
For the Year Ended June 30, 2025

REVENUES
Franchise taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Other revenue
Total Revenues

EXPENDITURES
Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service:

Principal
Interest
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures

STATISTICAL SECTION
Page Intentionally Left Blank

STATISTICAL SECTION
This part of the City’s Annual Comprehensive Financial Report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health. In contrast to the financial section, the statistical section information is not subject to independent audit.

Financial Trends
These schedules contain trend information to help the reader understand how the City’s financial performance and well being have changed over time:

1. Net Position by Component

2. Changes in Net Position

3. Fund Balances of Governmental Funds

4. Changes in Fund Balances, Governmental Funds
Revenue Capacity
These schedules contain information to help the reader assess the City’s most significant local revenue source, the property tax:

5. Tax Revenues by Source, Governmental Funds

6. Assessed Value and Estimated Value of Taxable Property

7. Direct and Overlapping Property Tax Rates

8. Principal Property Taxpayers

9. Secured Property Tax Levies and Collections

10. Taxable Sales by Category

11. Direct and Overlapping Sales Tax Rates
Debt Capacity
These schedules present information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future:

12. Ratios of Outstanding Debt by Type

13. Ratio of Net General Bonded Debt Outstanding

14. Direct and Overlapping Governmental Activities Debt

15. Legal Debt Margin Information
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place:

16. Demographic and Economic Statistics

17. Principal Employers
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs:

18. Full-time Equivalent City Government Employees by Function/Program

19. Operating Indicators by Function/Program

20. Capital Asset Statistics by Functione
Sources
Unless otherwise noted, the information in these schedules is derived from the Annual Comprehensive Financial Reports for the relevant year.

CITY OF AGOURA HILLS
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
2016 2017 2018 2019 2020
Governmental activities
Net Investment in capital assets $ 102,402,711 $ 107,036,227 $ 109,062,997 $ 115,659,310 $ 119,055,509 Restricted 1,641,181 1,723,643 1,649,754 2,729,353 3,391,714 Unrestricted 36,440,786 37,138,624 36,535,795 34,370,710 35,505,187 Total primary government net assets-restated 140,484,678 $ $ 145,898,494 $ 147,248,546 $ 152,759,373 $ 157,952,410 Continued
Source: City of Agoura Hills financial data
Fiscal Year

CITY OF AGOURA HILLS
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Governmental activities
Net Investment in capital assets
Restricted
Unrestricted
Total primary government net assets-restated
Source: City of Agoura Hills financial data
2021 2022 2023 2024 2025
$ 122,562,958 $ 126,408,354 $ 135,086,093 $ 134,221,653 $ 130,826,171 4,386,297 3,779,864 4,300,438 17,961,573 21,581,258
36,269,912 43,637,719 43,761,650 28,437,406 33,294,338
$ 163,219,167 $ 173,825,937 $ 183,148,181 $ 180,620,632 $ 185,701,767 Concluded
Fiscal Year

CITY OF AGOURA HILLS
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
2016 2017 2018 2019 2020
Expenses
Governmental activities
General government $ 4,270,495 $ 4,668,415 $ 4,840,745 $ 5,562,060 $ 5,075,690 Public safety 4,194,614 4,461,825 4,671,492 5,052,473 5,395,088 Public works 4,053,734 4,463,701 4,460,115 5,223,521 4,567,546 Community development 1,398,948 1,618,074 1,718,379 1,912,179 2,387,667 Community services 2,470,941 2,823,604 3,027,389 3,145,527 2,904,129 Interest on long-term debt (unallocated) 625,051 866,327 517,386 581,175 559,031 Total primary government expenses $ 17,013,783 $ 18,901,946 $ 19,235,506 $ 21,476,935 $ 20,889,151 Program Revenues
Governmental activities
Charges for Services
General government $ 156,807 $ 163,988 $ 167,941 $ 178,781 $ 147,364 Public safety 618,883 875,646 818,733 773,284 700,271
Public works 224,895 226,653 229,345 236,577 216,836
Community development 336,236 333,529 354,455 328,600 193,519 Community services 337,557 445,655 493,827 370,995 210,061 Operating grants and contributions 1,420,156 968,373 2,569,234 4,149,727 4,911,381 Capital grants and contributions 13,955,391 7,509,737 2,423,678 5,896,336 4,441,925 Total primary government program revenues $ 17,049,925 $ 10,523,581 $ 7,057,213 $ 11,934,300 $ 10,821,357 Net (Expense)/Revenue
Total primary government net expense $ 36,142 $ (8,378,365) $ (12,178,293) $ (9,542,635) $ (10,067,794) General Revenues and Other Changes in Net Position
Governmental activities:

Taxes $ 12,062,480 $ 12,598,500 $ 12,403,165 $ 12,894,034 $ 12,617,792 Investment earnings 15,564 203,689 784,617 1,026,429 847,549 Other revenues 298,521 198,680 150,715 345,823 1,795,490 - 9,479,215 294,014 175,000 -
Total primary government $ 12,376,565 $ 22,480,084 $ 13,632,511 $ 14,441,286 $ 15,260,831 Change in Net Position
Total primary government $ 12,412,707 $ 14,101,719 $ 1,454,218 $ 4,898,651 $ 5,193,037 Continued
Source: City of Agoura Hills financial data
Special Item
Fiscal Year

CITY OF AGOURA HILLS
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
Expenses
Governmental activities
General government
Public safety
Public works
Community development
Community services
Interest on long-term debt (unallocated)
Total primary government expenses
Program Revenues
Governmental activities
Charges for Services
General government
Public safety
Public works
Community development
Community services
Operating grants and contributions
Capital grants and contributions
Total primary government program revenues
Net (Expense)/Revenue
Total primary government net expense
General Revenues and Other Changes in Net Position
Governmental activities:

Taxes
Investment earnings
Other revenues
Total primary government
Change in Net Position
Total primary government
Source: City of Agoura Hills financial data
Special Item
2021 2022 2023 2024 2025
$ 4,883,137 $ 5,398,396 $ 6,592,414 $ 8,822,676 $ 6,560,729 4,972,577 5,030,764 5,480,381 5,707,994 6,025,072
5,403,352 4,835,192 5,134,207 7,071,874 7,343,283
2,405,357 2,635,889 2,356,568 2,726,821 2,755,115
1,926,403 2,525,934 3,109,429 3,462,358 3,600,531
535,104 522,350 530,897 871,844 809,700
$ 20,125,930 $ 20,948,525 $ 23,203,896 $ 28,663,567 $ 27,094,430 $ 148,827 $ 178,442 $ 156,510 $ 152,234 $ 224,247
670,625 873,311 1,108,362 678,165 80,763
216,544 211,435 238,487 190,530 198,285
591,714 424,897 226,904 253,364 1,377,393
21,179 249,990 317,686 161,067 749,305
5,461,487 7,286,003 11,428,878 3,656,355 2,579,674
4,731,794 5,304,064 1,176,815 2,057,084 12,774,746
$ 11,842,170 $ 14,528,142 $ 14,653,642 $ 7,148,799 $ 17,984,413 $ (8,283,760) $ (6,420,383) $ (8,550,254) $ (21,514,768) $ (9,110,017) $ 12,834,290 $ 16,185,672 $ 16,199,589 $ 16,294,633 $ 16,402,211 451,118 690,218 1,508,148 2,137,140 4,504,011
556,383 151,263 279,761 555,446 569,930
- - - - (7,285,000)
$ 13,841,791 $ 17,027,153 $ 17,987,498 $ 18,987,219 $ 14,191,152 $ 5,558,031 $ 10,606,770 $ 9,437,244 $ (2,527,549) $ 5,081,135 Concluded
Fiscal Year

CITY OF AGOURA HILLS
Program Revenues by Function/Program
Last Ten Fiscal Years
(accrual basis of accounting)
2016 2017 2018 2019 2020
Function/Program
Governmental activities
General government $ 346,886 $ 437,462 $ 739,569 $ 2,435,396 $ 2,840,323 Public safety 718,883 1,004,970 898,438 922,031 856,219 Public works 14,987,990 7,171,508 4,557,202 7,867,535 6,706,149 Community development 658,609 1,463,986 368,177 338,343 208,605 Community services 373,557 445,655 493,827 370,995 210,061 Total primary government $ 17,085,925 $ 10,523,581 $ 7,057,213 $ 11,934,300 $ 10,821,357 Continued
Source: City of Agoura Hills financial data
Fiscal Year

CITY OF AGOURA HILLS
Program Revenues by Function/Program
Last Ten Fiscal Years
(accrual basis of accounting)
Function/Program
Governmental activities
General government
Public safety
Public works
Community development
Community services
Total primary government
Source: City of Agoura Hills financial data
2021 2022 2023 2024 2025
$ 4,281,219 $ 5,492,855 $ 9,698,465 $ 2,001,589 $ 224,247 827,352 1,289,095 1,273,633 864,324 80,763
6,109,074 7,023,453 3,136,954 3,826,052 198,285
603,346 472,749 226,904 295,767 1,377,393
21,179 249,990 317,686 161,067 749,305
$ 11,842,170 $ 14,528,142 $ 14,653,642 $ 7,148,799 $ 2,629,993 Concluded
Fiscal Year

CITY OF AGOURA HILLS
Fund Balances, Governmental Funds
Last Ten Fiscal Years
(accrual basis of accounting)
2016 2017 2018 2019 2020
General Fund
Nonspendable $ 26,368,875 $ 26,450,720 $ 26,525,470 $ 26,434,914 $ 26,530,193 Committed 50,000 345,275 350,028 358,850 410,948
Unassigned 9,623,733 9,815,071 10,386,556 9,229,107 8,065,424 Total general fund $ 36,042,608 $ 36,611,066 $ 37,262,054 $ 36,022,871 $ 35,006,565 All Other Governmental Funds
Nonspendable $ - $ - $ - $ 5,917 $ 5,351
Restricted 1,641,181 1,723,643 1,649,754 2,755,603 2,325,972 Committed 3,770,779 4,067,536 4,310,623 3,319,065 3,716,739 Assigned 557,239 559,083 595,322 608,408 851,867
Unassigned (5,974,136) (4,708,451) (3,498,679) (4,551,947) (4,292,536) Total all other governmental funds $ (4,937) $ 1,641,811 $ 3,057,020 $ 2,137,046 $ 2,607,393 Continued
Source: City of Agoura Hills financial data
Fiscal Year

CITY OF AGOURA HILLS
Fund Balances, Governmental Funds
Last Ten Fiscal Years
(accrual basis of accounting)
General Fund
Nonspendable
Committed
Unassigned
Total general fund
All Other Governmental Funds
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total all other governmental funds
Source: City of Agoura Hills financial data
2021 2022 2023 2024 2025
$ 26,274,785 $ 25,937,153 $ 25,562,661 $ 25,094,718 $ 27,209,337 413,508 604,998 729,017 822,391 934,013
10,654,100 13,690,128 13,563,529 14,042,190 13,962,136
$ 37,342,393 $ 40,232,279 $ 39,855,207 $ 39,959,299 $ 42,105,486 $ - $ - $ - $ - $ -
3,695,301 3,779,864 4,300,438 16,925,259 12,629,119
3,740,173 4,322,311 5,231,184 5,313,047 4,182,053
1,005,556 800,359 1,126 1,177 1,221
(4,742,692) (4,419,364) (3,267,290) (3,729,720) (7,409,486) $ 3,698,338 $ 4,483,170 $ 6,265,458 $ 18,509,763 $ 9,402,907 Concluded
Fiscal Year

CITY OF AGOURA HILLS
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2016 2017 2018 2019 2020
Revenues
Taxes $ 12,598,500 $ 12,403,165 $ 12,894,034 $ 13,467,759 $ 12,580,449 Licenses and permits 524,799 480,926 661,719 589,666 567,474 Intergovernmental revenues 13,346,694 8,882,237 6,745,712 8,460,405 7,730,671 Charges for services 1,018,776 1,464,484 1,217,282 1,266,816 814,876 Fines and forfeitures 104,803 90,403 88,793 98,186 93,306 Contributions - - - - -
Use of money and property 203,689 784,617 1,026,429 1,264,234 925,944 Other revenues 303,505 590,037 989,254 728,155 2,224,920 Total Revenues 28,100,766 24,695,869 23,623,223 25,875,221 24,937,640 Expenditures
General government 3,935,083 4,094,097 4,162,104 5,064,913 4,545,676 Public safety 4,182,601 4,459,069 4,665,151 5,051,499 5,325,392 Public works 2,315,180 2,982,814 2,709,199 3,563,487 2,908,320 Community development 1,481,732 1,556,843 1,646,839 1,890,097 2,285,379 Community services 2,481,518 2,741,433 2,857,247 2,990,865 2,658,751 Capital outlay 15,906,914 7,276,935 4,302,347 8,589,367 6,955,091 Debt service
Interest 625,051 1,157,560 599,458 595,400 583,715
Principal payments 290,000 10,605,000 310,000 315,000 330,000 Total expenditures 31,218,079 34,873,751 21,252,345 28,060,628 25,592,324 Excess of revenues over (under) expenditures (3,117,313) (10,177,882) 2,370,878 (2,185,407) (654,684) - 10,055,000 - - -
- 800,234 - - -
- - - - -
1,569,645 1,496,432 1,096,808 1,343,659 1,467,260
(1,569,645) (1,496,432) (1,096,808) (1,343,659) (1,467,260) - 924,014 175,000 - -
- 11,779,248 175,000 - -
- - 184,159 - -
$ (3,117,313) $ 1,601,366 $ 2,730,037 $ (2,185,407) $ (654,684)

6.0% 42.6% 5.4% 4.7% 4.9%
Other Financing Sources (Uses)
Debt refunding payment to escrow
Debt service as a percentage of noncapital expenditures Source: City of Agoura Hills financial data
Net change in fund balances
Special Items
Debt issuances
Premium/(discount) on debt issuance
Transfers in
Transfers out
Sale of capital assets
Total other financing sources (uses)
Fiscal Year

CITY OF AGOURA HILLS
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Revenues
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Contributions
Use of money and property
Other revenues
Total Revenues
Expenditures
General government
Public safety
Public works
Community development
Community services
Capital outlay
Debt service
Interest
Principal payments
Total expenditures
Excess of revenues over (under) expenditures
Other Financing Sources (Uses)
Debt refunding payment to escrow
Debt service as a percentage of noncapital expenditures Source: City of Agoura Hills financial data
Net change in fund balances
Special Items
Debt issuances
Premium/(discount) on debt issuance
Transfers in
Transfers out
Sale of capital assets
Total other financing sources (uses)
2021 2022 2023 2024 2025
$ 12,834,290 $ 16,185,672 $ 16,199,589 $ 16,294,633 $ 16,402,211 525,474 661,623 790,556 564,814 618,988
11,747,351 7,250,621 6,584,978 5,690,639 5,336,822
788,600 1,063,365 1,139,831 778,277 1,304,830
86,853 122,111 105,509 76,488 80,763
- - - - 43,248
451,118 690,218 1,231,576 2,137,140 5,113,062
563,583 2,918,891 348,427 594,027 569,927
26,997,269 28,892,501 26,400,466 26,136,018 29,469,851
4,218,006 5,123,223 6,237,964 6,640,399 5,809,982
5,038,926 5,060,999 5,472,473 5,681,172 6,025,072
3,754,397 3,295,630 3,540,676 4,105,225 4,474,748
2,291,008 2,741,188 2,419,112 2,673,062 2,685,028
1,723,171 2,505,046 3,139,632 3,254,600 3,457,229
5,504,949 5,579,322 3,162,068 2,185,502 12,141,848
560,064 547,375 528,325 895,853 985,000
345,000 365,000 380,000 400,000 851,613
23,435,521 25,217,783 24,880,250 25,835,813 36,430,520
3,561,748 3,674,718 1,520,216 300,205 (6,960,669)
- - - 14,900,000 -
- - - 99,346 -
- - - (2,951,154) -
1,039,825 1,936,005 1,363,005 1,252,168 7,455,300
(1,039,825) (1,936,005) (1,363,005) (1,252,168) (7,455,300) - - - - -
- - - 12,048,192 -
- - - - -
$ 3,561,748 $ 3,674,718 $ 1,520,216 $ 12,348,397 $ (6,960,669)

5.0% 4.6% 4.2% 5.4% 7.6%
Fiscal Year

CITY OF AGOURA HILLS
Tax Revenues by Source, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Transient Property
Fiscal Property Sales Occupancy Franchise tax in lieu
Year Tax Tax Tax Tax of VLF Total
2016 $ 2,819,000 $ 4,471,077 $ 2,764,208 $ 718,696 $ 2,033,448 $ 12,806,429 2017 $ 2,958,298 $ 3,805,109 $ 2,670,834 $ 767,787 $ 2,119,014 $ 12,321,042 2018 $ 3,128,689 $ 3,924,897 $ 2,788,088 $ 799,866 $ 2,216,903 $ 12,858,442 2019 $ 3,203,261 $ 4,330,498 $ 2,807,317 $ 790,763 $ 2,300,159 $ 13,431,997 2020 $ 3,238,290 $ 4,176,609 $ 1,948,347 $ 807,678 $ 2,410,884 $ 12,581,810 2021 $ 3,611,075 $ 4,382,974 $ 1,494,022 $ 820,378 $ 2,498,706 $ 12,807,155 2022 $ 3,698,852 $ 5,555,147 $ 3,426,496 $ 880,542 $ 2,588,444 $ 16,149,481 2023 $ 3,585,424 $ 5,167,372 $ 3,512,964 $ 928,113 $ 2,739,417 $ 15,933,290 2024 $ 3,878,347 $ 4,972,702 $ 3,579,855 $ 989,578 $ 2,874,151 $ 16,294,633 2025 $ 4,148,418 $ 4,507,704 3,863,047 $ 938,634 $ 2,944,408 $ 16,402,211 2015-2024 47.16% 0.82% 39.75% 30.60% 44.80% 28.08%
Change
Notes: Includes all governmental fund types (General, Special Revenue, Capital Projects and Debt Service Funds).

Property Tax
Sales Tax
Transient Occupancy Tax
Franchise Tax
Property tax in lieu of VLF
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Fiscal Year
Source: City of Agoura Hills financial data

CITY OF AGOURA HILLS
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal years
(in thousands of dollars)
Less: Total Taxable
Fiscal Personal Tax-Exempt Assessed Total
Year Land Improvements Property Property Value Tax Rate 2016 $ 2,293,585 $ 2,286,622 $ 2,253 $ 17,581 $ 4,564,879 1.108% 2017 2,419,636 2,352,608 2,124 19,540 4,754,828 1.111%
2018 2,543,117 2,439,867 1,935 10,511 4,974,408 1.123%
2019 2,667,460 2,503,374 2,071 20,924 5,151,981 1.125%
2020 2,796,824 2,592,303 2,024 12,042 5,379,109 1.106%
2021 2,926,597 2,679,957 3,118 22,800 5,586,872 1.113%
2022 3,036,487 2,753,262 2,588 18,053 5,774,284 1.114%
2023 3,243,890 2,884,254 2,665 7,365 6,123,444 1.092%
2024 3,445,427 2,993,001 4,376 9,760 6,433,044 1.106%
2025 3,605,530 3,096,001 4,650 15,824 6,690,357 1.105%
Note:

Source: County of Los Angeles, Auditor - Controller
In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only reassessed at a time that it is sold to a new owner. At that point, the new assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above. The County does not provide breakout of residential, commercial and industrial assessed values to the cities.

CITY OF AGOURA HILLS
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
Fiscal Basic Los Angeles School Water Flood Control
Year County (1) County Districts Districts District Tax Rates 2016 1.0000 0.0000 0.1050 0.0035 0.0000 1.1085
2017 1.0000 0.0000 0.1079 0.0035 0.0000 1.1114
2018 1.0000 0.0000 0.1198 0.0035 0.0000 1.1233
2019 1.0000 0.0000 0.1211 0.0035 0.0000 1.1246
2020 1.0000 0.0000 0.1028 0.0035 0.0000 1.1063
2021 1.0000 0.0000 0.1098 0.0035 0.0000 1.1133
2022 1.0000 0.0000 0.1107 0.0035 0.0000 1.1142
2023 1.0000 0.0000 0.0885 0.0035 0.0000 1.0920
2024 1.0000 0.0000 0.1023 0.0035 0.0000 1.1058
2025 1.0000 0.0000 0.0981 0.0070 0.0000 1.1051
Note: (1)
Source: California Municipal Statistics, Inc.

Overlapping Rates
In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This

1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of school, water and flood control district bonds. The City of Agoura Hills receives 5.85% of the 1% property tax rate.

CITY OF AGOURA HILLS
Principal Property Taxpayers
Current Year and Nine Years Ago
Percentage Percentage
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
Tishman Speyer Archstone Smith $ 143,549,436 1 2.15% $ 178,706,757 1 4.11% Agoura Road Apartment CA LLC 89,111,217 2 1.33%
Kids from the Valley V LLC 59,041,705 3 0.88% -
Agoura Hills HHG Hotel Development LP 57,717,720 4 0.86% - Khanna Enterprises LP 49,393,981 5 0.74% -
FW CA Twin Oaks Shopping Center 36,193,634 6 0.54% 30,717,262 4 0.71% ARHC MAGHCA01 LLC 35,560,634 7 0.53% -
Hankey Investment Company LP 31,807,002 8 0.48% -
Agoura Hills BP LLC 30,899,880 9 0.46% -
Whizin Market Square LLC 30,831,723 10 0.46% 29,343,747 5 0.68% Assisted Living Capital Partners I LLC - 58,980,000 2 1.36% WSI I AHR LLC - 31,666,616 3 0.73%
MK RRP 29701 Agoura Road LLC - - 6 0.00%
Apple Seven Hospitality - 22,410,263 7 0.52%
Loja Agoura Hills LLC - 22,778,005 8 0.52%
Teradyne Inc. - 20,274,156 9 0.47%
Agoura Business Center East LLC - 19,792 10 0.00%
Total $ 564,106,932 8.43% $ 394,896,598 9.09%
2024-25 Local Secured Assessed Valuation $6,690,357,368 $ 4,346,313,379 Source: California Municipal Statistics, Inc.

FY 2024-25 FY 2015-16

CITY OF AGOURA HILLS
Secured Property Tax Levies and Collections
Last Ten Fiscal Years
Taxes Levied Collections
Fiscal for the Percentage in Subsequent
Year Fiscal Year Amount of Levy Years Amount of Levy
2016 $ 2,506,669 $ 2,422,101 96.63% $ 18,062 $ 2,440,163 97.35% 2017 $ 2,607,191 $ 2,511,264 96.32% $ 43,571 $ 2,554,835 97.99% 2018 $ 2,704,330 $ 2,639,148 97.59% $ 8,999 $ 2,648,147 97.92% 2019 $ 2,801,070 $ 2,742,935 97.92% $ 31,898 $ 2,774,833 99.06% 2020 $ 2,894,345 $ 2,776,534 95.93% $ 64,502 $ 2,841,036 98.16% 2021 $ 3,005,130 $ 2,936,586 97.72% $ 64,173 $ 3,000,759 99.85% 2022 $ 3,088,114 $ 2,997,965 97.08% $ 8,645 $ 3,006,609 97.36% 2023 $ 3,242,954 $ 3,155,017 97.29% $ 47,001 $ 3,202,018 98.74% 2024 $ 3,407,716 $ 3,339,300 97.99% $ - $ 3,339,300 97.99% 2025 $ 4,268,164 $ 4,148,418 97.19% $ - $ 4,148,418 97.19% Sources:

California Municipal Statistics, Inc.

Collected within the
Fiscal Year of the Levy Total Collections to Date
City of Agoura Hills financial information.

County of Los Angeles, Auditor - Controller.

CITY OF AGOURA HILLS
Taxable Sales by Category
Last Ten Calendar Years
(in thousands of dollars)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Autos and Transportation $ 116 $ 114 $ 120 $ 133 $ 436 $ 135 $ 364 $ 493 $ 534 $ 212 Building and Construction 169 183 208 225 239 257 252 284 211 266 Business and Industry 640 653 541 633 562 584 586 635 556 421 Food and Drugs 282 292 285 271 265 285 277 319 321 268
Fuel and Service Stations 741 625 670 774 772 520 842 884 749 715 General Consumer Goods* 811 806 836 810 869 811 1,034 1,029 880 887 Restaurants and Hotels 683 708 767 756 733 593 783 875 870 825 Total $ 3,442 $ 3,381 $ 3,427 $ 3,602 $ 3,876 $ 3,185 $ 4,138 $ 4,519 $ 4,121 $ 3,594 Notes: Calendar year 2025 not available.
* Includes Other Taxable
Source: HdL Companies
Calendar Year
Calendar Years
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015

CITY OF AGOURA HILLS
Direct and Overlapping Sales Tax Rates
Last Ten Fiscal Years
State of
Fiscal Year City Direct Rate Los Angeles County California 2016 0.00% 1.50% 7.50%
2017 0.00% 1.50% 8%
2018 0.00% 1.50% 8%
2019 0.00% 1.50% 8%
2020 0.00% 1.50% 8%
2021 0.00% 1.50% 8%
2022 0.00% 1.50% 8%
2023 0.00% 1.50% 8%
2023 0.00% 1.50% 8%
2025 0.00% 1.50% 8%
Source: California State Board of Equalization

CITY OF AGOURA HILLS
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(dollars in thousands, except per capita)
2013 2016 2024A 2024B
Lease Lease Lease Lease Total Percentage
Fiscal Revenue Refunding Revenue Refunding Primary of Personal Per Year Bonds (1) Bonds (2) Bonds (3) Bonds (4) Government Income (a) Capita (a) 2016 $ 3,653 $ - $ - $ - $ 3,653 0.35% $ 177
2017 $ 3,576 $ 10,592 $ - $ - $ 14,168 1.33% $ 668
2018 $ 3,499 $ 10,325 $ - $ - $ 13,824 1.22% $ 658
2019 $ 3,417 $ 10,052 $ - $ - $ 13,469 1.19% $ 646
2020 $ 3,336 $ 9,763 $ - $ - $ 13,099 1.05% $ 633
2021 $ 3,249 $ 9,465 $ - $ - $ 12,714 0.98% $ 615
2022 $ 3,157 $ 9,151 $ - $ - $ 12,308 0.88% $ 595
2023 $ 3,060 $ 8,828 $ - $ - $ 11,888 0.83% $ 587
2024 $ - $ 8,485 $ 12,244 $ 2,755 $ 23,484 1.54% $ 1,159 2024 $ - $ 8,131 $ 11,683 $ 2,641 $ 22,455 1.47% $ 1,108 Notes: (a)
(1)
(2)
(3)
(4)
Sources: State of California, Department of Finance
City of Agoura Hills financial data
March 2024, the City issued Lease Revenue Refunding Bonds to refund the 2013 Lease Revenue outstanding bonds. (See Note 7)
Governmental Activities
2016 Lease Refunding Bonds (See Note 7)
See Schedule for personal income and population data. These ratios are calculated using personal income and population for the prior calendar year.

September 1, 2013, the City issued Lease Revenue Bonds to finance a portion of the recreation center project. On March 21, 2024, the City issued Lease Revenue Refunding Bonds to refund the 2013 Lease Revenue outstanding March 2024 the City issued Lease Revenue Bonds for cashflow for the Ladyface Greenway project. (See Note 7)

CITY OF AGOURA HILLS
Ratio of Net General Bonded Debt Outstanding
Last Ten Fiscal Years
(dollars in thousands, except per capita)
Percentage of
Estimated
Lease Actual Taxable
Fiscal Refunding Value of Per
Year Bonds Total Property (1) Capita (2)
2016 $ 13,905 $ 13,905 0.30% $ 677
2017 $ 13,355 $ 13,355 0.28% $ 648
2018 $ 13,045 $ 13,045 0.26% $ 615
2019 $ 12,730 $ 12,730 0.25% $ 606
2020 $ 12,400 $ 12,400 0.23% $ 595
2021 $ 12,055 $ 12,055 0.22% $ 583
2022 $ 12,308 $ 12,308 0.21% $ 595
2023 $ 11,888 $ 11,888 0.19% $ 575
2024 $ 23,484 $ 23,484 0.37% $ 1,159
2024 $ 22,455 $ 22,455 0.34% $ 1,108
Notes:

Details regarding the city's outstanding debt can be found in the notes to the financial statements. (1) See schedule for property value data.
(2) See schedule for population data.

Source: City of Agoura Hills financial data.

CITY OF AGOURA HILLS
Direct and Overlapping Governmental Activities Debt
For the Year Ended June 30, 2025
2024-25 Assessed Valuaiton $ 6,793,032,893
Estimated
Share of
Estimated Direct and
Debt Percentage Overlapping
Outstanding Applicable (a) Debt
Overlapping Debt
Metropolitan Water District $ 17,155,000 0.167 % $ 28,649 Los Angeles Community College District 4,919,505,000 0.572 28,139,569 Las Virgenes Joint Unified School District 253,423,158 22.143 56,115,490 Total Overallping Tax and Assessment Debt 84,283,707
Direct and Overalpping General Fund Debt
Los Angeles County General Fund Obligations 3,036,637,390 0.323 9,808,339 Los Angeles County Supt. of Schools Certificates of Participation 2,331,775 0.323 7,532 City of Agoura Hills General Fund Obligations 22,455,305 100.000 22,455,305 Total Direct and overalloing General Fund Debt 32,271,175 Overlapping Tax Increment Debt (Sucessor Agency) 5,310,000 100.000 5,310,000 Total Direct Debt $ 22,455,305
Total Overlapping Debt $ 99,409,578
Combined Total Debt $ 121,864,883
Ratios to 2024-25 Assessed Valuation:

Total Overlapping Tax and Assessment Debt 1.24%
Total Direct Debt ($21,895,000) 0.33%
Combined Total Debt 1.79%
Ratios to Redevelopment Successor Agency Incremental Valuation ($1,047,839,033):

Total Overlapping Tax Increment Debt 0.51%
Sources: California Municipal Statistics, Inc.

City of Agoura Hills financial data

CITY OF AGOURA HILLS
Legal Debt Margin Information
Last Ten Fiscal Years
(dollars in thousands)
2016 2017 2018 2019 2020
Debt limit $ 174,088 $ 181,391 $ 189,674 $ 196,923 $ 205,887 - - - - -
Legal debt margin $ 174,088 $ 181,391 $ 220,541 $ 196,923 $ 205,887 Total net debt applicable to the limit
as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% Continued
Total net debt applicable to limit
Fiscal Year

CITY OF AGOURA HILLS
Legal Debt Margin Information
Last Ten Fiscal Years
(dollars in thousands)
Debt limit
Legal debt margin
Total net debt applicable to the limit
as a percentage of debt limit
Total net debt applicable to limit
2021 2022 2023 2024 2025
$ 213,560 $ 220,541 $ 233,772 $ 244,992 $ 254,739
- - - - -
$ 213,560 $ 220,541 $ 233,772 $ 244,992 $ 254,739

0.00% 0.00% 0.00% 0.00% 0.00%
Concluded
Assessed Valuations:

Gross Assessed Value $ 6,793,033
Debt Limitation - 3.75% of Total Assessed Value $ 254,739 Less debt applicable to limitation -
Legal Debt Margin $ 254,739
Notes:

Sources:

County of Los Angeles, Auditor - Controller
City of Agoura Hills financial data
California Municipal Statistics, Inc.

Fiscal Year
Legal Debt Margin Calculation:

Under state finance law, the city's outstanding general obligation debt should not exceed 15 percent of total assessed property value. The Code section was enacted when assesed valuations were based on 25% of full market value. This has since changed to 100% of full market value. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.

CITY OF AGOURA HILLS
Demographic and Economic Statistics
Last Ten Calendar Years
Personal Per
Income Capita Percentage
Calendar (thousands Personal Median with at least Unemployment Year Population (1) of dollars) Income (2) Age (2) some college Rate (3) 2016 20,625 1,036,241 50,242 43.2 96% 4.3%
2017 21,211 1,066,532 50,282 42.5 95% 3.7%
2018 21,018 1,128,793 53,706 45.0 95% 4.4%
2019 20,842 1,135,952 54,503 44.0 96% 4.2%
2020 20,689 1,242,519 60,057 44.5 96% 16.6%
2021 20,689 1,299,559 62,814 44.5 97% 7.8%
2022 20,689 1,402,321 67,781 44.5 97% 4.4%
2023 20,269 1,438,754 70,983 45.4 99% 4.9%
2024 20,269 1,528,789 75,425 45.4 98% 5.0%
2025 22,321 1,768,805 79,244 46.7 98% 5.5%
(1) Source: State of California, Department of Finance
(2) Source: UCSB Economic Forecast Project
(3) Source: State of California, Employment Development Department, Labor Market Information Division

CITY OF AGOURA HILLS
Principal Employers
Current Year and Nine Years Ago
Percentage Percentage
of Total City of Total City
Company or Organization Activity Employees Employment Employees Employment Visual Concepts Entertainment Software Development 655 5.80% Las Virgenes USD Government 876 7.75% 543 4.98%
Motor Vehicle Software Corp/VITU Technology 534 4.73%
VITU Hi-Tech Services 506 4.48%
A2 Biotherapeutics, Inc. Research & Development 262 2.32% Private National Mort Acc. Co. LLC Administrative Services 309 2.73% Teradyne Inc Manufacturing 210 1.86% 220 2.02%
Joni and Friends Non-Profit 200 1.77%
Small Business Advertising, Inc. Marketing 200 1.77%
Cydcor LLC Administrative Services 147 1.30%
Bank of America Banking 873 8.01%
Touch Commerce Internet 210 1.93%
IBM Corporation Technology 206 1.89%
Farmers Financial Solutions Publishing 151 1.39%
Zebra Technologies Medical 147 1.35%
Nationwide Medical Restaurant 110 1.01%
Wood Ranch Hotel 100 0.92%
Sheraton Agoura Hills - 0.00%
Total Top Employers 3,899 34.50% 2,560 23.49%
Total City Employment 11,300 10,900
Fiscal Year
2025 2016
Source: Results based on direct correspondence with city’s local businesses

CITY OF AGOURA HILLS
Full-time Equivalent City Government Employees by Function/Program Last Ten Fiscal Years
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Function/Program
General government 10.48 10.49 10.07 10.25 10.87 10.74 11.52 13.03 13.21 14.59 Public works 5.00 5.00 5.00 5.00 6.00 5.00 4.34 4.87 3.18 2.18 Community development 5.30 5.26 5.72 6.50 6.28 6.04 6.94 5.78 6.24 6.34 Community services 7.95 8.00 8.00 8.00 7.60 6.17 6.65 8.35 7.00 7.40 Building and safety 3.00 3.00 3.00 3.00 3.00 3.00 2.05 2.08 2.00 3.00 Redevelopment/Successor Agency 1.27 1.25 1.21 1.25 1.25 1.05 0.66 0.48 0.37 0.41 Total full-time equivalent employees 33.00 33.00 33.00 34.00 35.00 32.00 32.17 34.58 32.00 33.92 Notes: A full-time employee is scheduled to work 2,080 hours per year (including vacation and sick leave). Full-time-equivalent employment is calculated by dividing total labor hours by 2,080.

Sources: City of Agoura Hills financial information
Fiscal Year

CITY OF AGOURA HILLS
Operating Indicators by Function/Program
Last Ten Fiscal Years
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Parks and recreation
Number of City sponsored events 45 45 42 45 18 16 17 18 26 28 Public Works
Street resurfacing (lane miles) 2 2 2 5 5 0 4 2 1 1
Solid Waste
Residential Recycling Collected (pounds) 15,123,660 15,675,500 15,646,400 15,770,600 14,928,460 15,537,640 13,765,820 9,529,280 20,613,020 12,549,600 Electronics Collected (pounds) 10,504 6,099 7,857 4,749 5,759 6,907 6,532 2,687 4,182 360,809 Used Oil Collection (gallons) 415 335 235 467 234 357 2,128 250 849 229 Automobile Battery Collections (pounds) 700 760 500 1,338 1,106 239 1,331 800 1,200 26,000 Used Paint Collection (gallons) 1,120 556 1,160 912 1,212 839 9,500 653 1,522 1,343 Used Oil Filters (pounds) - - - - - - 65 - 239 23
Antifreeze (pounds) - - - - - - 275 - 108 135
Transportation
Total route (miles) 93,813 93,674 104,180 99,224 60,174 24,026 21,208 15,801 21,598 20,700 Passengers (annually) 10,880 9,070 9,014 8,231 5,298 2,843 2,915 2,012 3,992 2,684 Note:

Residential Recycling Collected includes items such as paper/cardboard/glass/metal/plastic & greenwaste Anti Freeze and Used Oil Filters did not have a city collection program prior to 2022 Source: Various city departments
Function/Program
Fiscal Year

CITY OF AGOURA HILLS
Capital Asset Statistics by Function/Program
Last Ten Years
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Public works
Bridges 19 19 19 19 19 19 19 19 19 19
Streets/Highway (miles) 130 130 130 130 130 130 130 130 130 130 Traffic signals 100 100 100 100 103 103 103 103 103 105 Parks and recreation
Basketball courts
Full 1 1 1 1 1 1 1 1 1 1
Half Courts 3 3 3 2 2 2 2 2 2 2
Community centers 1 1 1 1 1 1 1 1 1 0
Recreation Centers 1 1 1 1 1 1 1 1 1 1
Parks 6 6 6 6 6 6 6 6 6 6
Tennis courts 9 9 8 8 9 9 9 9 8 0
Source: Various city departments
Function/Program
Fiscal Year
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Finance SubcommitteeMarch 19, 2026

Finance Subcommittee
March 19, 2026