Agenda — Finance, Economic Development and Jobs Committee, April 10, 2026 (part 2 of 2)

CITY OF BAKERSFIELD
Notes to the Financial Statements
NOTE 18 - OTHER POST-EMPLOYMENT BENEFITS (OPEB)
Single Employer OPEB
Plan description: In addition to the employee retirement benefits described in Note 16, the City provides a single-employer Post-Employment Retiree Medical Benefit Plan in accordance with a resolution approved by City Council. Two primary plans exist. All employees with a retirement date prior to January 1, 1985 were eligible for benefits upon retirement. Post-1985 employees must retire with fifteen years accumulated service upon retirement to participate. The service requirement is waived for safety employees who retire with a job-related disability.

Employees hired after the dates listed below will not participate in either of the retiree health subsidy programs mentioned:

Miscellaneous Employees February 22, 2006
Management and Supervisory March 22, 2006
Fire Safety May 5, 2006
Police Safety May 24, 2006
Benefits provided: F or employees hired prior to the dates listed above, the City provides lifetime postretirement medical benefits for eligible retirees and qualified dependents with a choice of three medical options: Blue Shield PPO, Kaiser High Deductible Health Plan, and Kaiser Permanente HMO. Mental Health benefits are carved out and provided through Optum Behavioral Health. A fter reaching eligibility for Medicare, retirees are offered a choice of Blue Shield PPO, Blue Shield Medicare Advantage HMO or Kaiser Senior Advantage HMO. Retirees may also elect dental coverage but must self-pay the premiums for such coverage. Vision coverage is not offered to retirees. Retiree rates are unblended from employee rates.

Employees covered by benefit terms: At June 30,
2024 the following employees were covered by the benefit terms:

Inactive employees or beneficiaries currently
receiving benefit payments 547
Active employees 321
868
Contributions. The City contributes 3% of the lowest single-party rate per year of service to a maximum of 90%. If the dollar amount is greater than the premium for a retiree covered under one of the Medicare Advantage plans, the retiree receives a cash reimbursement of the difference to a maximum of $42.50 per month. The City also contributes 42% of the Blue Shield PPO for all retirees who elect the Blue Shield PPO plan, excluding Miscellaneous employees hired after April 1, 1996 and Safety employees hired after April 1, 1998. The City has approximately 428 active employees who are eligible for the same level of post-employment benefits and 754 retirees (and/or dependents) currently receiving benefits as of the actuarial dated June 30,
2024. There is not a separate, audited GAAP-basis pension report available for the Post-Employment Retiree Medical Benefit Plan.
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CITY OF BAKERSFIELD
Notes to the Financial Statements
NOTE 18 - OTHER POST-EMPLOYMENT BENEFITS (OPEB) (continued) Net OPEB Liability
The City's net OPEB liability was measured as of June 30, 2023, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of June 30, 2021.

Actuarial assumptions. T
he total OPEB liability as of June 30, 2023 was determined by an actuarial valuation as of June 30, 2023. The actuarial assumptions used in the June 30, 2023 valuation were based on the December 2022 experience study performed by the CalPERS actuary derived from the data collected during fiscal years 2000 to 2019.

Data
Detailed census data, premium data and/or claim
experience, and summary plan descriptions for OPEB
are provided by the City of Bakersfield.

Actuarial Cost Method Entry Age Normal
Asset Valuation Method Market Value
Measurement Date June 30, 2023
Discount Rate 5.25%
Inflation Rate 2.30%
Payroll Growth 2.8%
Salary Increases
Ranges from 14.61% to 3.34% based on year of service,
including inflation.

Mortality
Based on the 2021 experience study performed by
CalPERS derived from data collected during fiscal years 2000-2019.

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 and subtracting expected investment expenses and a risk margin. The target allocation and projected arithmetic real rates of return, after deducting inflation, but before deducting investment expenses, used in the derivation of the long-term expected rate of return assumption are summarized in the following table:

Asset Class
Target
Allocation
Long-Term (Arithmetic)
Expected Real Rate of
Return (1)
Domestic Equity 22.91% 6.60%
Developed International Equity 3.53 6.70
Emerging Markets Equity 2.02 8.00
Core Fixed Income 68.92 1.80
Real Estate 0.99 3.40
Short-Term Money Market 1.63 1.00
Total 100%
(1) Long-term nominal rate of return less investment advisor's inflation assumption of 2.40%.

Discount rate. The discount rate used to measure the total OPEB liability was 4.75% as of June 30, 2022 and June 30, 2021.

The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that City contributions will be made at the rates equal to the actuarially determined contribution rates. For this purpose, only City contributions that are intended to fund benefits of current plan members and their beneficiaries are included. Projected City contributions that are intended to fund the service costs of future plan members and their 99

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CITY OF BAKERSFIELD
Notes to the Financial Statements
NOTE 18 - OTHER POST-EMPLOYMENT BENEFITS (OPEB) (continued) Net OPEB Liability (continued)
beneficiaries, as well as projected contributions from future plan members, are not included. Based on those assumptions, the OPEB Plan's assets were projected to be sufficient to m ake all projected OPEB payments for current plan members. Therefore, the long-term expected rate of return on OPEB Plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability as of both June 30, 2023 and June 30, 2022.

Changes in the Net OPEB Liability
Increase (Decrease)
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
(a) (b) (a) - (b)
Beginning balances $ 106,405,849 $ 83,523,054 $ 22,882,795 Changes for the year:

Service cost 1,003,993 - 1,003,993
Interest 5,022,201 - 5,022,201
Differences between expected and actual experience (12,240,245) - (12,240,245) Changes of assumptions and methods 11,974,278 - 11,974,278 Employer contributions - 2,815,008 (2,815,008)
Net investment income - 3,332,263 (3,332,263)
Benefit payments (3,398,008) (3,398,008) -
Administrative expense - (221,270) 221,270
Net changes 2,362,219 2,527,993 (165,774)
Ending balance $ 108,768,068 $ 86,051,047 $ 22,717,021
Sensitivity of the net OPEB liability to changes in the discount rate. The following presents the net OPEB liability of the City as of June 30, 2023, calculated using the discount rate of 4.75%, as well as what the City's net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (3.75 percent) or 1-percentage point higher (6.75 percent) than the current discount rate:
1% Decrease
(4.25%)
Discount Rate
(5.25%)
1% Increase
(6.25%)
Net OPEB liability as of June 30, 2023 $ 38,401,162 $ 22,717,022 $ 9,972,456 Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates. The following presents the net OPEB liability of the City as of June 30, 2023, calculated using the current healthcare cost trend rates as well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates:
1% Decrease*
Current Trend
Rates* 1% Increase*
Net OPEB liability as of June 30, 2023 $ 9,947,015 $ 22,717,022 $ 38,320,301 *Current trend rates: 7.5% graded to 4.50% over 12 y ears for City "Years of Service" Formula subsidy, 7.5% graded to 4.50% over 12 years for Special 42% Contribution Non-Medicare subsidy, and 7.00% graded to 4.50% over 10 y ears for Special 42% Contribution Medicare subsidy.

OPEB Plan fiduciary net position. D etailed information about the OPEB Plan's fiduciary net position is available in the separately issued actuarial report.
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CITY OF BAKERSFIELD
Notes to the Financial Statements
NOTE 18 - OTHER POST-EMPLOYMENT BENEFITS (OPEB) (continued) OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the reporting period year ended June 30, 2023, the City recognized OPEB expense of $4,667,530. At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Governmental Activities Business-Type Activities
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Changes of
assumptions $ 7,804,485 $ 1,249,029 $ 507,934 $ 81,291
Differences between
expected and actual
experience 6,025,785 - 392,172 -
Net difference between
projected and actual
earnings on OPEB
Plan investments 91,553 8,757,414 5,959 569,953
Net excess of projected
over actual earnings
on OPEB Plan
investments 4,640,273 - 302,000 -
City contributions
subsequent to the
measurement date - - (1) -
Total $ 18,562,096 $ 10,006,443 $ 1,208,064 $ 651,244
The deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2023 $4,062,001 for Governmental Activities and $577,998 for Business-Type Activities.

The amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB are recognized in OPEB expenses as follows:

Fiscal Year
Ended:

Governmental
Activities
Amount
Business-Type
Activities
Amount
2025 $ (326,300) $ (21,236)
2026 1,312,498 85,421
2027 2,813,512 183,111
2028 115,668 7,528
Thereafter - -
$ 3,915,378 $ 254,824
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CITY OF BAKERSFIELD
Notes to the Financial Statements
NOTE 19 - SPECIAL ASSESSMENT DISTRICTS
In addition to the Long-Term Obligations discussed in Note 12, the following Long-Term Obligations have been issued in the name of Special Assessment Districts or Agencies of the City. Neither the City, nor its Agencies, are obligated in any manner for the repayment of these obligations. The City acts as an agent to property owners for the collection and repayment of Special Assessment Debt.

Outstanding at
June 30, 2024
Assessment District 03-1* (Brighton Place/Silver Creek II) $ - Assessment District 03-3* (Seven Oaks West III/Brighton Place) - Assessment District 04-1** (Countryside/The Homestead) - Assessment District 04-2** (BL/BV/ST@Allen Com) 510,000 Assessment District 04-3** (Solera/Rio Vista) 345,000
Assessment District 2020-1*** (City in the Hills) 1,640,633 Assessment District 05-3** (Liberty II/Village Green/Tesoro/Encanto) 1,290,000 Assessment District 06-1** (Etcheverry/Lin II/University Park) 1,275,000 Assessment District 07-2 (Sydney Harbour) 735,000
$ 5,795,633
*Note: These six districts were refinanced into a consolidated district (12-01) with the California Statewide Communities Development Authority (CSCDA). The City continues to account for the underlying obligation of each district to properly monitor the individual principal balances and various maturity dates. **Note: These five districts were refinanced into a consolidated district (15-01). The City continues to account for the underlying obligation of each district to properly monitor the individual principal balances and various maturity dates. ***Note: This district was refinanced into 2020-1. The City continues to account for the underlying obligation of the district to properly monitor the individual principal balances and various maturity dates.
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CITY OF BAKERSFIELD
Notes to the Financial Statements
NOTE 20 - RISK MANAGEMENT
Self-Insurance
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City established a Self-Insurance Fund (an internal service fund) to account for and finance its uninsured risks of loss. Under this program, the Self-Insurance Fund provides coverage for up to $500,000 for each workers’ compensation claim and $1,000,000 for each liability claim. The City participates in a joint pow ers authority for workers’ compensation claims in excess of coverage provided by the fund up to statutory limits and participates in a joint powers authority for any excess liability claims. All funds of the City participate in the program and are charged for their share of claim expenditures. The claims liability of $88,055,000 at June 30, 2024 is based on the requirements of GASB Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. An estimate of incurred but not reported claims has been included in the liability based on the various percentages of loss reserves.

Changes in the fund's claims liability over the last three fiscal years is shown below:

Liability
at Beginning
of Year
Current Year
Claims and
Changes in
Estimates
Claims
Payments
Liability
at End
of Year
2021-2022 $ 64,552,000 $ 18,287,703 $ 11,518,703 $ 71,321,000 2022-2023 71,321,000 18,452,000 11,544,000 78,229,000
2023-2024 78,229,000 29,231,000 19,405,000 88,055,000
Joint Powers Authority
The City has obtained excess liability coverage through the Authority for California Cities Excess Liability (ACCEL), a joint powers authority of medium-size California municipalities. ACCEL pools catastrophic general liability, automobile liability and public officials' errors and omissions losses, or purchases excess insurance, depending on market conditions. E ach member's share of pooled costs will depend on the catastrophic losses of all the members. In addition, the cost to a member city will also depend on that member's own loss experience. Entities with a consistent record of costly claims will pay more than entities with a consistent record of less serious claims activity.

In order to provide funds to pay claims, or purchase excess insurance, ACCEL collects a deposit from each member. T he deposits will be credited with investment income at the rate earned on ACCEL's investments. Based on information received from ACCEL as of June 30, 2024, the City had $3,861,471 o n deposit with ACCEL out of a total of approximately $36,999,579.

The following municipalities are also members of ACCEL: P alo Alto, Santa Barbara, Visalia, Modesto, Ontario, Santa Monica, Anaheim, Santa Cruz, Mountain View, Burbank, Monterey, and Gardena. A r epresentative from each member city, appointed to the position by their respective city councils, serves on the Board of Directors (Board) of ACCEL. The Board is responsible for deciding the risks ACCEL will underwrite, monitoring the costs of large claims and arranging financial programs. Each member of the Board has an equal vote in matters concerning ACCEL.

As of
June 30, 2024, ACCEL had no long-term debt. Included in total liabilities is an estimated retrospectively rated refund of $650,632. C omplete financial statements of ACCEL can be obtained at the City’s Finance Department at 1600 Truxtun Avenue, Bakersfield, CA 93301.
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CITY OF BAKERSFIELD
Notes to the Financial Statements
NOTE 20 - RISK MANAGEMENT (continued)
A summary of the financial information for ACCEL at June 30, 2024 is as follows:

Total assets $101,826,188
Total liabilities 74,865,150
Total members' net position $ 26,961,038
Total revenues $ 67,412,082
Total expenses 35,813,804
Net change in members' net position $ 31,598,278
NOTE 21 - COMMITMENTS AND CONTINGENCIES
Several claims and suits have been filed against the City in the normal course of business. In the opinion of management and the City Attorney, the potential liability of the City for such claims will not have a material adverse effect on the financial statements of the City. Also, the City has certain commitments under long-term construction projects which will be funded out of future revenues.

The entire capacity of the former sanitary landfill has been used. The State has required environmental closure and capping of the City's former sanitary landfill and remediation of the adjacent burn dump. Although these two waste disposal areas are adjacent to each other, the City completed the remediation of the burn dump separately, through the State's Expedited Remedial Action Program, in 1998. The cost of remediation for the burn dump of $1.8 million was funded by the City's Refuse Service Fund and was expensed in prior fiscal years. The landfill closure was completed in May 2013 at a cost of $4.8 million. The City’s net share of this joint City/County project was approximately $3 million. Kern County reimbursed the City for the remaining $1.8 million.

The City will be required to perform post-closure monitoring and maintenance of the landfill after it is closed and capped. This will result in an ongoing annual cost of approximately $170,000. The City will be responsible for about $135,000 of these annual charges because most of these costs will be for the landfill gas management system, which is the City's responsibility.

Kern County will be responsible for reimbursing the City for the remainder. City management anticipates all closure and post- closure costs being covered by annual Refuse Service Fund revenues. These estimates of cost are subject to future adjustment for inflation or deflation, technology, unforseen repairs, or applicable laws or regulations. 104

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CITY OF BAKERSFIELD
Notes to the Financial Statements
NOTE 22 - ENCUMBRANCES
Under encumbrance accounting, purchase orders, contracts and other commitments for the expenditure of monies are recorded as encumbrances in order to reserve that portion of the applicable appropriation. Encumbrances outstanding as of June 30, 2024 consisted of the following:

Governmental Funds:

Major Funds:

General Fund $ 5,060,511
Transient Occupancy Taxes Fund 17,850
Community Development Block Grant Fund 1,174,836
Gas Tax & Road Fund 9,877,785
Covid Relief Fund 4,742,930
Capital Outlay Fund 17,582,054
Park Improvement Fund 1,630,080
Transportation Development Fund 4,964,005
Non-Major Funds:

State (TDA) Transportation Fund -
State Safety Fund 76,308
Proprietary Funds:

Major Funds:

Wastewater Treatment Fund 9,770,106
Refuse Collection Fund 11,395
River & Agriculture Water Fund 34,449
Domestic Water Fund 209,508
General Aviation Fund 686
Offstreet Parking Fund 266,987
Internal Service Funds:

Self-Insurance Fund 475,000
Equipment Management Fund 14,382,404
Fiduciary Funds:

Custodial Funds:

Improvement District Fund 297,926
$ 70,574,820
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CITY OF BAKERSFIELD
Notes to the Financial Statements
NOTE 23 - CONDUIT DEBT OBLIGATIONS
The City has been associated with the issuance of various health care, residential care, mortgage, commercial and industrial development debt issues. These debt obligations were issued under provisions of State and Federal laws that explicitly state that they do not constitute any indebtedness of the City. The City’s sole involvement with these bonds was their issuance under the City’s name or the City Council’s authorization. As such, the following conduit debt obligations are not reflected in the accompanying basic financial statements:

Authorized and
Issued
Current
Outstanding at
June 30, 2024
City of Bakersfield - Cottonwood Village Housing Bond,
Series 2004 $ 5,000,000 $ 5,000,000
City of Bakersfield - Cottonwood Court Housing Bond,
Series 2004 1,950,000 1,950,000
City of Bakersfield - St. John Manor Housing Bond,
Series 2006 3,867,794 1,729,089
City of Bakersfield - Coventry Apartments Housing Bond, Series 2007M 5,300,000 71,072
City of Bakersfield - Catholic Healthcare West 501(c)(3) Nonprofit Bond, Series A thru L 676,250,000 240,000,000 City of Bakersfield - Descanso Place Housing Bond,
Series TT 13,000,000 1,400,000
City of Bakersfield - Bakersfield Family Apartments Housing Bond, Series 2008R 10,971,000 973,059
City of Bakersfield - Camellia Place Housing Bond,
Series 2009R 619,138 619,118
City of Bakersfield - Eucalyptus Village I Housing Bond, Series 2012-E1 1,295,000 1,295,000
City of Bakersfield - Eucalyptus Village II Housing Bond, Series 2012-E2 4,275,000 4,275,000
City of Bakersfield - American Baptist Homes of The West 501(c)(3) Nonprofit Bond, Series 2015 52,080,000 35,635,000 TOTAL $ 292,947,338
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CITY OF BAKERSFIELD
Notes to the Financial Statements
NOTE 24 - RESTATEMENT OF BEGINNING NET POSITION OR FUND BALANCE During the fiscal year ended June 30, 2024, the City made the following error correction to restate the net position: for governmental activities related fund balance for: an error in revenue not properly recognized in the prior year for ARPA grant revenue. There were more expenses that were incurred for programs and deferred revenue should have been recognized (total of 3,878,183).

The Equipment Fund and the General Fixed Assets had additional Subscription-Based Information Technology Arrangements that were omitted in the prior year resulting in correction new position of $268,584 and $939,150 respectively See corresponding changes in statements on page 24, pages 31-32, and page 148.

Net Position Accounts
Activity
July 1, 2023
as previously
reported Adjustment
July 1, 2023,
as
restated
Net Position - Governmental Activities $ 1,419,941,624 $ (2,670,449) $ 1,417,271,175 Equipment Management Fund $ 110,814,747 $ 268,584 $ 111,083,331 Self-Insurance Fund $ - $ - $ -
Fund Balance Accounts
July 1, 2023
as previously
reported Adjustment
July 1, 2023,
as
restated
Covid Relief Fund $ 5,976,430 $ (3,878,183) $ 2,098,247 107

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CITY OF BAKERSFIELD
Required Supplementary Information

BUDGETARY INFORMATION
Through the budget process, the City Council sets the direction of the City, allocates its resources and establishes its priorities.

The Annual Budget assures the efficient and effective use of the City's economic resources, as well as establishing that the highest priority objectives are accomplished. Budgets are adopted for all governmental fund types and are prepared on a basis consistent with accounting principles generally accepted in the United States of America.

The Annual Budget serves from July 1 to June 30, and is a vehicle that accurately and openly communicates these priorities to the community, businesses, vendors, employees and other public agencies. Additionally, it establishes the foundation of effective financial planning by providing resource planning, performance measures and controls that permit the evaluation and adjustment of the City's performance.

The City's budget is prepared and based on four expenditure categories: personnel, supplies and services, minor capital outlay and capital improvement programs. The first three listed are considered operational in nature and known as recurring costs.

Capital improvement projects are asset acquisitions, facilities systems, and infrastructure improvements typically over $50,000, and/or those items "outside" of the normal operational budget. These are known as one-time costs.

The City collects and records revenue and expenditures within the following categories:
 Governmental Activities
 Business-Type Activities
The Governmental Funds include the General Fund, Special Revenue, Debt Service and Capital Projects funds. All funding sources are kept separate for both reporting and use of the money. The General Fund is where most City services are funded that are not required to be segregated.

The budget process begins as a team effort in January of each year, starting w ith an annual strategic planning meeting. Then the individual departments use projected revenue assumptions to prioritize and recommend the next fiscal year's objectives. The City Manager's Office and the Finance Department review all budget proposals and revenues assumptions, as well as all current financial obligations before preparing the document that is proposed to the City Council. The City Council reviews the Proposed Budget through a series of workshops, and the final adoption of the budget is normally scheduled for the second City Council meeting each June.

At the beginning of each fiscal year, certain appropriations are "carried forward" from the prior budget year. These items generally relate to either open encumbrances that exist at June 30, or capital projects that w ere budgeted in the prior fiscal year that did not progress to the encumbrance stage as of June 30. The City Manager's Office approves all carryovers that are not encumbered as of June 30 of each year.

The amounts carried forward from fiscal year ended
June 30, 2023 to fiscal year ended June 30, 2024 totaled $-. 109

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CITY OF BAKERSFIELD
Required Supplementary Information (continued)
BUDGETARY INFORMATION (continued)
These following schedules represent budgetary comparisons for the General Fund and all major special revenue funds within the City.

Budgetary Comparison Schedule, General Fund
For the Fiscal Year Ended June 30, 2024
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund Balance, July 1 $ 152,298,168 $ 152,298,168 $ 152,298,168 $ - Revenues:

Taxes 327,968,110 316,083,500 327,968,110 11,884,610
Licenses and permits 3,927,890 2,879,900 4,008,237 1,128,337 Intergovernmental 9,397,930 29,458,001 13,822,206 (15,635,795) Charges for services 17,867,939 33,830,343 31,077,922 (2,752,421) Fines, forfeitures and assessments 1,221,701 845,000 1,221,701 376,701 Interest income (loss) 8,144,698 503,000 8,148,296 7,645,296 Contributions and donations 151,574 511,830 248,536 (263,294) Other 2,351,604 1,694,109 2,379,613 685,504
Transfers from other funds 14,009,000 2,200,000 2,200,000 - Amount available for appropriation $ 385,040,446 $ 388,005,683 $ 391,074,621 $ 3,068,938 Expenditures:

General government $ 10,038,619 $ 38,661,964 $ 28,150,739 $ 10,511,225 Public safety - Police 81,047,476 184,799,374 164,643,230 20,156,144 Public safety - Fire 12,623,701 63,182,727 59,009,285 4,173,442 Public works 15,961,476 37,559,340 36,887,478 671,862
Recreation and parks 12,928,082 33,859,229 35,075,966 (1,216,737) Development services 6,359,857 18,820,392 15,938,038 2,882,354 Economic/Community development 1,162,406 31,689,113 8,321,292 23,367,821 Non-departmental 9,043,690 32,220,698 9,677,124 22,543,574 Transfers to other funds 28,516,350 26,644,035 26,644,035 - Total charges to appropriations 177,681,657 467,436,872 384,347,187 83,089,685 Amount of resources over (under)
charges to appropriations 207,358,789 (79,431,189) 6,727,434 86,158,623 Fund balance, June 30 $ 359,656,957 $ 72,866,979 $ 159,025,602 $ 86,158,623 110

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CITY OF BAKERSFIELD
Required Supplementary Information (continued)
BUDGETARY INFORMATION (continued)
Budgetary Comparison Schedule, Transient Occupancy Taxes Fund For the Fiscal Year Ended June 30, 2024
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund Balance, July 1 $ 7,291,635 $ 7,291,635 $ 7,291,635 $ - Revenues:

Taxes 12,123,813 10,500,000 12,123,813 1,623,813
Charges for services 14,835,625 9,293,600 14,835,625 5,542,025 Interest income (loss) 591,134 40,000 591,134 551,134
Amount available for appropriation $ 27,550,572 $ 19,833,600 $ 27,550,572 $ 7,716,972 Expenditures:

General government $ 12,330,617 $ 37,246,854 $ 13,766,565 $ 23,480,289 Non-departmental - 3,133,724 - 3,133,724
Transfers to other funds 8,783,500 8,799,255 8,783,500 15,755 Total charges to appropriations 21,114,117 49,179,833 22,550,065 26,629,768 Amount of resources over (under)
charges to appropriations 6,436,455 (29,346,233) 5,000,507 34,346,740 Fund balance, June 30 $ 13,728,090 $ (22,054,598) $ 12,292,142 $ 34,346,740 Budgetary Comparison Schedule, Community Development Block Grant Fund For the Fiscal Year Ended June 30, 2024
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund Balance, July 1 $ (86,759) $ (86,759) $ (86,759) $ - Revenues:

Intergovernmental 11,186,729 16,897,957 11,186,729 (5,711,228) Interest income 46,780 500 46,780 46,280
Loan payments 62,091 - 62,091 62,091
Other income 32,656 - 32,656 32,656
Transfer from other funds 32,656 - - -
Amount available for appropriation $ 11,360,912 $ 16,898,457 $ 11,328,256 $ (5,570,201) Expenditures:

Economic/Community development $ - $ 24,661,698 $ 6,502,928 $ 18,158,770 Capital outlay 271,553 13,417,752 4,542,460 8,875,292
Transfers to other funds 61,854 61,854 61,854 -
Total charges to appropriations 333,407 38,141,304 11,107,242 27,034,062 Amount of resources over (under)
charges to appropriations 11,027,505 21,242,847 221,014 21,463,861 Fund balance, June 30 $ 10,940,746 $ (21,329,606) $ 134,255 $ 21,463,861 111

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CITY OF BAKERSFIELD
Required Supplementary Information (continued)
BUDGETARY INFORMATION (continued)
Budgetary Comparison Schedule, Gas Tax & Road Fund
For the Fiscal Year Ended June 30, 2024
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund Balance, July 1 $ 13,606,792 $ 13,606,792 $ 13,606,792 $ - Revenues:

Intergovernmental 38,783,475 69,585,963 38,784,499 (30,801,464) Charges for services - 50,000 - (50,000)
Fines, forfeitures and assessments 40,977 50,000 40,977 (9,023) Interest income (loss) 614,349 (30,000) 614,349 644,349 Other income 385 - 19,958 19,958
Amount available for appropriation $ 39,439,186 $ 69,655,963 $ 39,459,783 $ (30,196,180) Expenditures:

Public works $ 2,430,687 $ 5,419,115 $ 3,800,306 $ 1,618,809 Capital outlay 6,971,659 156,765,899 27,257,651 129,508,248 Transfers to other funds 58,300 58,300 58,300 -
Total charges to appropriations (9,460,646) (162,243,314) (31,116,257) 131,127,057 Amount of resources over (under)
charges to appropriations 29,978,540 (92,587,351) 8,343,526 100,930,877 Fund balance, June 30 $ 43,585,332 $ (78,980,559) $ 21,950,318 $ 100,930,877 Budgetary Comparison Schedule, COVID Relief Fund
For the Fiscal Year Ended June 30, 2024
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund Balance, July 1 $ 5,976,429 $ 5,976,429 $ 5,976,429 $ - Revenues:

Intergovernmental - 52,245,340 13,405,683 (38,839,657)
Interest income - 100,000 1,953,850 1,853,850
Other income 139,823 - - -
Amount available for appropriation $ 139,823 $ 52,345,340 $ 15,359,533 $ (36,985,807) Expenditures:

General Government $ - $ 545,278 $ 545,279 $ (1)
Economic/Community development $ - $ 73,765,748 $ 8,038,529 $ 65,727,219 Non-departmental - 5,356,007 1,920,053 3,435,954
Capital Outlay - 22,930,154 2,062,331 20,867,823
Transfers to other funds - 8,050,000 4,000,000 4,050,000 Total charges to appropriations - (110,647,187) (16,566,192) 94,080,995 Amount of resources over (under)
charges to appropriations 139,823 (58,301,847) (1,206,659) 57,095,188 Fund balance, June 30 $ 6,116,252 $ (52,325,418) $ 4,769,770 $ 57,095,188 112

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CITY OF BAKERSFIELD
Required Supplementary Information (continued)
BUDGETARY INFORMATION (continued)
Budgetary Comparison Schedule, Redevelopment Successor Agency Housing Fund For the Fiscal Year Ended June 30, 2024
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Fund Balance, July 1 $ 2,451,114 $ 2,451,114 $ 2,805,667 $ 354,553 Revenues:

Interest income (loss) 140,974 11,500 140,974 129,474
Other income 139,823 - 139,821 139,821
Amount available for appropriation $ 280,797 $ 11,500 $ 280,795 $ 269,295 Expenditures:

Capital outlay $ - $ 632,145 $ - $ 632,145
Economic/Community development - 915,637 - 915,637
Total charges to appropriations - (1,547,782) - 1,547,782 Amount of resources over (under)
charges to appropriations 280,797 (1,536,282) 280,795 1,817,077 Fund balance, June 30 $ 2,731,911 $ 914,832 $ 3,086,462 $ 2,171,630 113

Page 128 of 253 ends

CITY OF BAKERSFIELD
Required Supplementary Information (continued)

DEFINED PENSION PLAN
The Schedules of Changes in Net Pension Liability and Related Ratios as of June 30, 2024 are below:

MISCELLANEOUS PLAN [a][e]
Fiscal Year End: 2022 2024 2023 2022 2021
Total Pension Liability
Service Costs $ 12,622,224 $ 11,936,949 $ 10,008,798 $ 9,487,348 Interest on Total Pension Liability 46,193,018 44,607,191 43,128,230 41,409,296 Changes of Benefit Terms 649,034 - - -
Changes in Assumptions - 22,963,465 - -
Difference Between Expected and Actual Experience (85,372) (1,146,174) 3,580,266 (1,467,027) Benefit Payments [b] (35,417,578) (33,517,292) (31,741,505) (29,651,687) Net Change in Total Pension Liability $ 23,961,326 $ 44,844,139 $ 24,975,789 $ 19,777,930 Total Pension Liability - Beginning 680,298,046 635,453,907 610,478,118 590,700,188 Total Pension Liability - Ending [1] $ 704,259,372 $ 680,298,046 $ 635,453,907 $ 610,478,118 Plan Fiduciary Net Position
Contributions - Employer $ 23,160,666 $ 20,877,107 $ 19,503,572 $ 17,627,444 Contributions - Employee 5,287,398 4,920,321 4,617,600 4,310,604 Net Investment Income 29,653,560 (39,818,161) 98,463,929 20,997,830 Benefit Payments [b] (35,417,578) (33,517,292) (31,741,505) (29,651,687) Plan to Plan Resource Movement - - - 1,336
Administrative Expense (351,428) (327,523) (434,899) (595,862) Other Misc Income/(Expense) - - - -
Net Change in Plan Fiduciary Net Position $ 22,332,618 $ (47,865,548) $ 90,408,697 $ 12,689,665 Plan Fiduciary Net Position - Beginning $ 477,903,886 $ 525,769,434 $ 435,360,737 $ 422,671,072 Plan Fiduciary Net Position - Ending [2] 500,236,504 477,903,886 525,769,434 435,360,737 Plan Net Pension Liability - [1]-[2] $ 204,022,868 $ 202,394,160 $ 109,684,473 $ 175,117,381 Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability %71.03 %70.25 %82.74 %71.31 Covered Payroll [f] $ 70,045,636 $ 65,051,495 $ 59,434,668 $ 55,579,074 Plan Net Pension Liability as a Percentage
of Covered Payroll %291.27 %311.13 %184.55 %315.08
Schedules of Plan Contributions
Fiscal Year End 2024 2023 2022 2021
Actuarially Determined Contribution [c] $ 23,160,666 $ 20,877,107 $ 19,503,572 $ 17,627,444 Contributions in Relation to the Actuarially
Determined Contribution [c] $ (23,160,666) $ (20,877,107) $ (19,503,572) $ (17,627,444) Covered Payroll [d] $ 70,045,636 $ 65,051,495 $ 59,434,668 $ 55,579,074 Contributions as a Percentage of Covered Employee Payroll %33.07 %32.09 %32.82 %31.72 [a] Historical information is required only for measurement periods for which GASB Statement No. 68 is applicable. These schedules are presented to illustrate the requirement to show that information.
[b] Includes refunds of employee contributions.
[c] Employers are assumed to make contributions equal to the actuarially determined contribution. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contribution. [d] Payroll from prior year was assumed to increase by the 2.75 percent payroll growth assumption. [e] Additional years' information will be displayed as it becomes available. [f] Covered payroll is the payroll on which contributions to the pension plan are based on.

Notes to Schedule of Changes in Net Pension Liability and Related Ratios:

Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which occurred after the June 30, 2015 valuation date. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes).

Changes of Assumptions: None in 2019 or 2020. In 2018, the accounting discount rate reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate. 114

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CITY OF BAKERSFIELD
Required Supplementary Information (continued)
MISCELLANEOUS PLAN [a][e]
Fiscal Year End: 2022 2020 2019 2018 2017 2016
Total Pension Liability
Service Costs $ 9,761,680 $ 9,865,219 $ 10,121,201 $ 9,229,271 $ 9,371,317 Interest on Total Pension Liability 40,017,148 38,377,061 37,355,571 36,457,017 34,880,653 Changes of Benefit Terms - - - - -
Changes in Assumptions - (3,069,067) 31,112,110 - (8,541,600) Difference Between Expected and Actual Experience 1,681,960 (4,948,406) (8,386,592) (2,271,125) (682,929) Benefit Payments [b] (27,756,407) (26,111,942) (23,977,515) (21,951,615) (20,655,868) Net Change in Total Pension Liability $ 23,704,381 $ 14,112,865 $ 46,224,775 $ 14,371,573 $ Total Pension Liability - Beginning 566,995,807 552,882,942 506,658,167 485,194,619 470,823,046 Total Pension Liability - Ending [1] $ 590,700,188 566,995,807 552,882,942 485,194,619 Plan Fiduciary Net Position
Contributions - Employer $ 15,201,992 $ 13,222,781 $ 11,107,872 $ 10,734,470 $ 10,017,697 Contributions - Employee 3,956,979 4,245,043 4,188,806 4,400,305 4,653,169 Net Investment Income 26,318,678 32,008,762 39,138,504 1,891,631 7,966,951 Benefit Payments [b] (27,756,407) (26,111,942) (23,977,515) (21,951,615) (20,655,868) Plan to Plan Resource Movement - (939) - (40,308) -
Administrative Expense (289,187) (597,766) (522,173) (218,704) (403,815) Other Misc Income/(Expense) 939 (1,135,167) - - -
Net Change in Plan Fiduciary Net Position $ 17,432,994 $ 21,630,772 $ 29,935,494 $ 1,578,134 $ Plan Fiduciary Net Position - Beginning $ 405,238,078 $ 383,607,306 $ 353,671,812 $ 358,856,033 $ 357,277,899 Plan Fiduciary Net Position - Ending [2] 422,671,072 405,238,078 383,607,306 358,856,033 Plan Net Pension Liability - [1]-[2] $ 168,029,116 $ 161,757,729 $ 169,275,636 $ 126,338,586 $ Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability %71.55 %71.47 %73.00 %73.00 %- Covered Payroll [f] $ 55,934,450 $ 55,301,410 $ 56,388,660 $ 56,837,487 $ 57,065,633 Plan Net Pension Liability as a Percentage
of Covered Payroll %300.40 %292.50 %221.00 %221.00 %-
Schedules of Plan Contributions
Fiscal Year End 2020 2019 2018 2017 2016
Actuarially Determined Contribution [c] $ 15,201,992 $ 13,222,781 $ 11,107,872 $ 10,734,470 $ 10,017,697 Contributions in Relation to the Actuarially
Determined Contribution [c] $ (15,201,992) $ (13,222,781) $ (11,107,872) $ (10,734,470) $ (10,017,697) Covered Payroll [d] $ 55,934,460 $ 55,301,410 $ 56,388,660 $ 56,837,487 $ 57,065,623 Contributions as a Percentage of Covered Employee Payroll %27.18 %23.91 %19.70 %18.89 %- [a] Historical information is required only for measurement periods for which GASB Statement No. 68 is applicable. These schedules are presented to illustrate the requirement to show that information.
[b] Includes refunds of employee contributions.
[c] Employers are assumed to make contributions equal to the actuarially determined contribution. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contribution. [d] Payroll from prior year was assumed to increase by the 2.75 percent payroll growth assumption. [e] Additional years' information will be displayed as it becomes available. [f] Covered payroll is the payroll on which contributions to the pension plan are based on.

Notes to Schedule of Changes in Net Pension Liability and Related Ratios:

Page 130 of 253 ends

CITY OF BAKERSFIELD
Required Supplementary Information (continued)
DEFINED PENSION PLAN (continued)
SAFETY FIRE PLAN [a][e]
Fiscal Year end: 2022 2024 2023 2022 2021
Total Pension Liability
Service Costs $ 5,847,752 $ 5,613,674 $ 5,209,767 $ 4,666,713 Interest on Total Pension Liability 23,459,711 22,311,323 21,862,120 21,040,275 Changes of Benefit Terms 117,830 - - -
Changes in Assumptions - 10,750,631 - -
Difference Between Expected and Actual Experience 6,082,093 (3,773,126) 1,665,276 287,661 Benefit Payments [b] (18,213,049) (16,984,220) (16,341,306) (15,957,610) Net Change in Total Pension Liability $ 17,294,337 $ 17,918,282 $ 12,395,857 $ 10,037,039 Total Pension Liability - Beginning 339,978,553 322,060,271 309,664,414 299,627,375 Total Pension Liability - Ending [1] $ 357,272,890 $ 339,978,553 $ 322,060,271 $ 309,664,414 Plan Fiduciary Net Position
Contributions - Employer $ 11,352,355 $ 10,226,742 $ 9,545,170 $ 8,572,787 Contributions - Employee 2,309,541 2,026,395 1,928,537 1,720,912 Net Investment Income 14,917,803 (20,199,779) 49,937,203 10,642,420 Benefit Payments [b] (18,213,049) (16,984,220) (16,341,306) (15,957,610) Plan to Plan Resource Movement - - - (1,336)
Administrative Expense (177,041) (165,611) (220,770) (304,975) Other Misc Income/(Expense) - - - -
Net Change in Plan Fiduciary Net Position $ 10,189,609 $ (25,096,473) $ 44,848,834 $ 4,672,198 Plan Fiduciary Net Position - Beginning $ 240,756,479 $ 265,852,952 $ 221,004,118 $ 216,331,920 Plan Fiduciary Net Position - Ending [2] 250,946,088 240,756,479 265,852,952 221,004,118 Plan Net Pension Liability - [1]-[2] $ 106,326,802 $ 99,222,074 $ 56,207,319 $ 88,660,296 Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability %70.24 %70.82 %82.55 %71.37 Covered Payroll [f] $ 19,924,198 $ 19,152,761 $ 19,592,955 $ 17,426,111 Plan Net Pension Liability as a Percentage
of Covered Payroll %533.66 %518.06 %286.88 %508.78
Schedules of Plan Contributions
Fiscal Year End 2024 2023 2022 2021
Actuarially Determined Contribution [c] $ 11,352,355 $ 10,226,742 $ 9,545,170 $ 8,572,787 Contributions in Relation to the Actuarially
Determined Contribution [c] $ (11,352,355) $ (10,226,742) $ (9,545,170) $ (8,572,787) Contribution Deficiency (Excess) $ 0 $ 0 $ 0 $ 0
Covered Payroll [d] $ 19,924,198 $ 19,152,761 $ 19,592,955 $ 17,426,111 Contributions as a Percentage of Covered Payroll %56.98 %53.40 %48.72 %49.20 [a] Historical information is required only for measurement periods for which GASB Statement No. 68 is applicable. These schedules are presented to illustrate the requirement to show that information.
[b] Includes refunds of employee contributions.
[c] Employers are assumed to make contributions equal to the actuarially determined contribution. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contribution. [d] Payroll from prior year was assumed to increase by the 2.75 percent payroll growth assumption. [e] Additional years' information will be displayed as it becomes available. [f] Covered payroll is the payroll on which contributions to the pension plan are based on.

Notes to Schedule of Changes in Net Pension Liability and Related Ratios:

Page 131 of 253 ends

CITY OF BAKERSFIELD
Required Supplementary Information (continued)
SAFETY FIRE PLAN [a][e]
Fiscal Year end: 2022 2020 2019 2018 2017 2016
Total Pension Liability
Service Costs $ 4,554,882 $ 4,690,651 $ 4,691,377 $ 3,982,592 $ 4,038,459 Interest on Total Pension Liability 20,357,836 19,788,058 19,273,519 18,906,125 18,125,192 Changes of Benefit Terms - - - - -
Changes in Assumptions - (1,346,780) 16,102,827 - (4,419,326) Difference Between Expected and Actual Experience (1,450,007) (1,205,127) (3,292,736) 880,783 (357,892) Benefit Payments [b] (15,465,768) (14,518,038) (13,914,493) (13,350,272) (12,266,190) Net Change in Total Pension Liability $ 7,996,943 $ 7,408,764 $ 22,860,494 $ 10,419,228 $ 5,120,243 Total Pension Liability - Beginning 291,630,432 284,221,668 261,361,174 250,941,946 245,821,703 Total Pension Liability - Ending [1] $ 299,627,375 $ 291,630,432 $ 284,221,668 $ 261,361,174 $ 250,941,946 Plan Fiduciary Net Position
Contributions - Employer $ 7,433,992 $ 6,452,089 $ 5,766,115 $ 5,299,399 $ 4,717,136 Contributions - Employee 1,590,164 1,612,168 1,585,475 1,575,291 1,496,855 Net Investment Income 13,562,717 16,662,233 20,512,738 920,604 4,369,856 Benefit Payments [b] (15,465,768) (14,518,038) (13,914,493) (13,350,272) (12,266,190) Plan to Plan Resource Movement - (487) - - (13)
Administrative Expense (149,404) (311,742) (275,179) (117,046) (216,134) Other Misc Income/(Expense) 487 (592,003) - - -
Net Change in Plan Fiduciary Net Position $ 6,972,188 $ 9,304,220 $ 13,674,656 $ (5,672,024) $ (1,898,490) Plan Fiduciary Net Position - Beginning $ 209,359,732 $ 200,055,512 $ 186,380,856 $ 192,052,880 $ 193,951,370 Plan Fiduciary Net Position - Ending [2] 216,331,920 209,359,732 200,055,512 186,380,856 192,052,880 Plan Net Pension Liability - [1]-[2] $ 83,295,455 $ 82,270,700 $ 84,166,156 $ 74,980,318 $ 58,889,066 Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability %72.20 %71.79 %70.39 %71.31 %76.53 Covered Payroll [f] $ 16,904,368 $ 17,260,904 $ 17,071,347 $ 16,365,695 $ 16,338,791 Plan Net Pension Liability as a Percentage
of Covered Payroll %492.75 %476.63 %493.03 %458.16 %360.42 Schedules of Plan Contributions
Fiscal Year End 2020 2019 2018 2017 2016
Actuarially Determined Contribution [c] $ 7,433,992 $ 6,452,089 $ 5,766,115 $ 5,299,399 $ 4,717,136 Contributions in Relation to the Actuarially
Determined Contribution [c] $ (7,433,992) $ (6,452,089) $ (5,766,115) $ (5,299,399) $ (4,717,136) Contribution Deficiency (Excess) $ 0 $ 0 $ 0 $ 0 $ 0
Covered Payroll [d] $ 16,904,368 $ 17,260,904 $ 17,071,347 $ 16,365,695 $ 16,338,791 Contributions as a Percentage of Covered Payroll %43.98 %37.38 %33.78 %32.38 %- [a] Historical information is required only for measurement periods for which GASB Statement No. 68 is applicable. These schedules are presented to illustrate the requirement to show that information.
[b] Includes refunds of employee contributions.
[c] Employers are assumed to make contributions equal to the actuarially determined contribution. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contribution. [d] Payroll from prior year was assumed to increase by the 2.75 percent payroll growth assumption. [e] Additional years' information will be displayed as it becomes available. [f] Covered payroll is the payroll on which contributions to the pension plan are based on.

Notes to Schedule of Changes in Net Pension Liability and Related Ratios:

Page 132 of 253 ends

CITY OF BAKERSFIELD
Required Supplementary Information (continued)
DEFINED PENSION PLAN (continued)
SAFETY POLICE PLAN [a][e]
Fiscal Year end: 2022 2024 2023 2022 2021
Total Pension Liability
Service Costs $ 14,405,535 $ 12,960,162 $ 11,343,912 $ 10,543,138 Interest on Total Pension Liability 43,933,460 41,120,417 39,064,145 37,082,164 Changes of Benefit Terms 247,178 - - -
Changes in Assumptions - 25,729,951 - -
Difference Between Expected and Actual Experience 15,706,615 1,142,970 6,572,677 (1,024,983) Benefit Payments [b] (30,856,937) (29,119,679) (27,865,756) (25,890,920) Net Change in Total Pension Liability $ 43,435,851 $ 51,833,821 $ 29,114,978 $ 20,709,399 Total Pension Liability - Beginning 628,988,726 577,154,905 548,039,927 527,330,528 Total Pension Liability - Ending [1] $ 672,424,577 $ 628,988,726 $ 577,154,905 $ 548,039,927 Plan Fiduciary Net Position
Contributions - Employer $ 25,617,850 $ 22,990,827 $ 21,113,667 $ 19,171,916 Contributions - Employee 5,305,090 4,873,658 4,277,875 3,896,766 Net Investment Income 24,644,468 (32,831,559) 80,187,665 16,918,079 Benefit Payments [b] (30,856,937) (29,119,679) (27,865,756) (25,890,920) Plan to Plan Resource Movement - - - -
Administrative Expense (289,289) (266,465) (350,019) (474,763) Other Misc Income/(Expense) - - - -
Net Change in Plan Fiduciary Net Position $ 24,421,182 $ (34,353,218) $ 77,363,432 $ 13,621,078 Plan Fiduciary Net Position - Beginning $ 393,400,948 $ 427,754,161 $ 350,390,729 $ 336,769,651 Plan Fiduciary Net Position - Ending [2] 417,822,130 393,400,943 427,754,161 350,390,729 Plan Net Pension Liability - [1]-[2] $ 254,602,447 $ 235,587,783 $ 149,400,744 $ 197,649,198 Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability %62.14 %62.54 %74.11 %63.94 Covered Payroll [f] $ 44,626,813 $ 40,174,093 $ 39,374,913 $ 36,318,078 Plan Net Pension Liability as a Percentage
of Covered Payroll %570.51 %586.42 %379.43 %544.22
Schedules of Plan Contributions
Fiscal Year End 2024 2023 2022 2021
Actuarially Determined Contribution [c] $ 25,617,850 $ 22,990,827 $ 21,113,667 $ 19,171,916 Contributions in Relation to the Actuarially
Determined Contribution [c] $ (25,617,850) $ (22,990,827) $ (21,113,667) $ (19,171,916) Contribution Deficiency (Excess) $ 0 $ 0 $ 0 $ 0
Covered Payroll [d] $ 44,626,813 $ 40,174,093 $ 39,374,913 $ 36,318,078 Contributions as a Percentage of Covered Payroll %57.40 %57.23 %53.62 %52.79 [a] Historical information is required only for measurement periods for which GASB Statement No. 68 is applicable. These schedules are presented to illustrate the requirement to show that information.
[b] Includes refunds of employee contributions.
[c] Employers are assumed to make contributions equal to the actuarially determined contribution. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contribution. [d] Payroll from prior year was assumed to increase by the 2.75 percent payroll growth assumption. [e] Additional years' information will be displayed as it becomes available. [f] Covered payroll is the payroll on which contributions to the pension plan are based on.

Notes to Schedule of Changes in Net Pension Liability and Related Ratios:

Page 133 of 253 ends

CITY OF BAKERSFIELD
Required Supplementary Information (continued)
SAFETY POLICE PLAN [a][e]
Fiscal Year end: 2022 2020 2019 2018 2017 2016
Total Pension Liability
Service Costs $ 10,370,024 $ 10,220,547 $ 10,633,847 $ 9,484,234 $ 8,534,322 Interest on Total Pension Liability 35,663,211 34,128,107 32,733,299 31,506,218 29,736,286 Changes of Benefit Terms - - - - -
Changes in Assumptions - (2,726,217) 29,167,825 - (7,760,962) Difference Between Expected and Actual Experience 1,031,548 1,792,996 (3,619,242) 4,042,528 872,107 Benefit Payments [b] (24,607,704) (23,362,241) (22,076,716) (20,226,151) (19,077,307) Net Change in Total Pension Liability $ 22,457,079 $ 20,053,192 $ 46,839,013 $ 24,806,829 $ 12,304,446 Total Pension Liability - Beginning 504,873,449 484,820,257 437,981,244 413,174,415 400,869,969 Total Pension Liability - Ending [1] $ 527,330,528 504,873,449 484,820,257 437,981,244 413,174,415 Plan Fiduciary Net Position
Contributions - Employer $ 17,184,398 $ 15,159,139 $ 14,646,334 $ 13,792,487 $ 12,287,267 Contributions - Employee 3,604,241 3,650,956 3,426,099 3,794,305 3,238,371 Net Investment Income 20,791,987 25,183,248 30,690,942 1,419,472 6,082,288 Benefit Payments [b] (24,607,704) (23,362,241) (22,076,716) (20,226,151) (19,077,307) Plan to Plan Resource Movement - (740) - 40,308 -
Administrative Expense (228,376) (468,655) (405,238) (168,097) (313,848) Other Misc Income/(Expense) 740 (889,985) - - -
Net Change in Plan Fiduciary Net Position $ 16,745,286 $ 19,271,722 $ 26,281,421 $ (1,347,676) $ 2,216,771 Plan Fiduciary Net Position - Beginning $ 320,024,365 $ 300,752,643 $ 274,471,222 $ 275,818,898 $ 273,602,127 Plan Fiduciary Net Position - Ending [2] 336,769,651 320,024,365 300,752,643 274,471,222 275,818,898 Plan Net Pension Liability - [1]-[2] $ 190,560,877 $ 184,849,084 $ 184,067,614 $ 163,510,022 $ 137,355,517 Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability %63.86 %63.39 %62.03 %62.67 %66.76 Covered Payroll [f] $ 35,362,400 $ 34,555,725 $ 35,225,410 $ 35,046,314 $ 30,842,116 Plan Net Pension Liability as a Percentage
of Covered Payroll %538.88 %534.93 %522.54 %466.55 %445.35 Schedules of Plan Contributions
Fiscal Year End 2020 2019 2018 2017 2016
Actuarially Determined Contribution [c] $ 17,184,398 $ 15,159,139 $ 14,646,334 $ 13,792,487 $ 12,287,267 Contributions in Relation to the Actuarially
Determined Contribution [c] $ (17,184,398) $ (15,159,139) $ (14,646,334) $ (13,792,487) $ (12,287,267) Contribution Deficiency (Excess) $ 0 $ 0 $ 0 $ 0 $ 0
Covered Payroll [d] $ 35,362,400 $ 34,555,725 $ 35,225,410 $ 35,046,314 $ 30,496,107 Contributions as a Percentage of Covered Payroll %48.60 %43.87 %41.58 %39.36 %- [a] Historical information is required only for measurement periods for which GASB Statement No. 68 is applicable. These schedules are presented to illustrate the requirement to show that information.
[b] Includes refunds of employee contributions.
[c] Employers are assumed to make contributions equal to the actuarially determined contribution. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contribution. [d] Payroll from prior year was assumed to increase by the 2.75 percent payroll growth assumption. [e] Additional years' information will be displayed as it becomes available. [f] Covered payroll is the payroll on which contributions to the pension plan are based on.

Notes to Schedule of Changes in Net Pension Liability and Related Ratios:

Page 134 of 253 ends

CITY OF BAKERSFIELD
Required Supplementary Information (continued)

OTHER POST-EMPLOYMENT BENEFITS (OPEB) PLAN - SCHEDULE OF CHANGES IN THE CITY'S NET

OPEB LIABILITY AND RELATED RATIOS
Total OPEB Liability [a] 2024 2023 2022 2021 2020 2019
Service Cost [b] $ 1,003,993 $ 1,093,750 $ 1,303,741 $ 1,570,476 $ 1,861,902 $ 1,975,894 Interest 5,022,201 5,065,754 5,765,058 6,452,159 7,113,376 6,986,837 Difference between expected and actual
experience (12,240,245) 251,076 (10,056,063) (11,723,133) (20,451,948) (762,025) Changes of assumptions and methods 11,974,278 (3,211,518) (1,005,648) (5,621,334) 3,844,143 - Benefit payments (3,398,008) (4,640,002) (4,263,425) (4,046,134) (6,604,007) (4,507,862) Net Change in Total OPEB Liability 2,362,219 (1,440,940) (8,256,337) (13,367,966) (14,236,534) 3,692,844 Total OPEB Liability - Beginning 106,405,849 107,846,789 116,103,126 129,471,092 143,707,626 140,014,782 Total OPEB Liability - Ending (a) $ 108,768,068 $ 106,405,849 $ 107,846,789 $ 116,103,126 $ 129,471,092 $ 143,707,626 Plan Fiduciary Net Position
Contributions - employer $ 2,815,008 $ 6,207,752 $ 6,852,674 $ 6,826,986 $ 7,940,057 $ 7,527,447 Net investment income 3,332,263 (10,063,094) 10,311,017 4,544,160 4,882,723 2,017,934 Benefit payments (3,398,008) (4,640,002) (4,263,425) (4,046,134) (6,604,007) (4,507,862) Administrative expense (221,270) (241,565) (231,118) (211,914) (196,306) (188,705) Net Change in Plan Fiduciary Net
Position 2,527,993 (8,736,909) 12,669,148 7,113,098 6,022,467 4,848,814 Plan Fiduciary Net Position - Beginning 83,523,054 92,259,963 79,590,815 72,477,717 66,455,250 61,606,436 Plan Fiduciary Net Position - Ending (b) 86,051,047 83,523,054 92,259,963 79,590,815 72,477,717 66,455,250 Plan's Net OPEB Liability - Ending (a)-
(b) $ 22,717,021 $ 22,882,795 $ 15,586,826 $ 36,512,311 $ 56,993,375 $ 77,252,376 Plan Fiduciary Net Position as a Percentage of
the Total OPEB Liability %79.11 %78.49 %85.55 %68.55 %55.98 %46.24 Covered payroll 29,224,065 35,014,171 39,698,602 39,698,602 39,698,602 46,166,357 Plan Net OPEB Liability as Percentage
of Covered Payroll %77.73 %65.35 %39.26 %91.97 %143.57 %167.33 [a] Additional years' information will be displayed as it becomes available. [b] The service cost is based on previous years' valuation. [c] Covered payroll is the payroll on which contributions to the pension plan are based on.. 120

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CITY OF BAKERSFIELD
Required Supplementary Information (continued)

SCHEDULE OF OPEB CONTRIBUTIONS
Last Ten Fiscal Years
Year Ended
June 30
Actuarially
Determined
Contributions in
Relation
Contribution
Deficiency
Employee
Covered
Contributions
as a Percentage
of Covered Employee
Date Contributions (ADC) To ADC (Excess) Payroll Payroll 2015 6,539,299 6,950,125 (410,826) 53,368,986 13.02%
2016 6,539,299 8,038,622 (1,499,323) 50,985,920 15.77%
2017 7,530,031 5,645,839 1,884,192 44,930,761 12.57%
2018 7,530,031 5,050,000 2,480,031 44,930,761 11.24%
2019 6,973,711 7,527,447 (553,736) 46,166,357 16.31%
2020 6,973,711 7,940,057 (966,346) 46,166,357 17.20%
2021 4,636,647 6,826,986 (2,190,339) 39,698,602 17.20%
2022 4,636,647 6,852,674 (2,216,027) 36,998,602 18.52%
2023 2,661,016 6,207,752 (3,546,736) 35,014,171 17.73%
2024 2,640,978 2,815,008 (174,030) 29,224,065 9.63%
Notes to the Schedule of OPEB Contributions
Actuarial cost method Projected Unit Credit
Amortization Method 30-year, level dollar payment
Remaining amortization period 14 years for outstanding balances as of June 30, 2023 Asset vaulation method Market value
Actuarial assumptions
Discount rate 4.75%
Inflation rate 2.30%
Payroll Growth 2.80%
Other assumptions
Same as those used in the June 30, 2021 GASB 74/75 actuarial valuation dated October 13, 2022
121

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122

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CITY OF BAKERSFIELD
Supplementary Information
Contents Pages(s)
General Fund
Balance Sheet 126
Schedule of Revenues by Function - Budget and Actual 127 Schedule of Expenditures by Division - Budget and Actual 128 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Public Safety and Vital Services Funds 129 Special Revenue Funds
Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 131
Debt Service Fund
Schedule of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual 137
Capital Projects Funds
Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual 139
Non-Major Governmental Funds
Combining Balance Sheet 141
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
143
Internal Service Funds
Combining Statement of Net Position 146
Combining Statement of Activities and Changes in Net Position 147 Combining Statement of Cash Flows
Fiduciary Funds
Statement of Changes in Assets and Liabilities - Fiduciary Funds (Custodial)
150
Combining Statements of Fiduciary Net Position 150
Combining Statements of Changes in Fiduciary Net Position 154 Long-term Debt Recorded in Private Purpose Trust Fund 156 123

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General Fund
This fund was established to account for the revenues and expenditures to carry out basic governmental activities of the City of Bakersfield such as general government, public safety, public works and community services.

Revenues are recorded by source, i.e., taxes, licenses and permits, etc. Expenditures are made primarily on current day-to-day operations and are recorded by major functional classifications and by operating departments.

This fund accounts for all financial transactions not accounted for in another fund. 124

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125

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CITY OF BAKERSFIELD
Balance Sheet
General Fund
June 30, 2024
General Fund
Assets:

Cash and investments $ 119,051,692
Accounts receivable, net 1,642,945
Interest receivable 1,493,274
Due from other governmental agencies 46,791,529
Due from other funds 3,474,265
Lease receivable 349,709
Prepaid items 61,423
Total assets $ 172,864,837
Liabilities, Deferred Inflows of Resources and Fund Balance:

Liabilities:

Accounts payable $ 6,895,639
Due to other governmental agencies 2,387,032
Advances from grantors and third parties 2,331,073
Total liabilities 11,613,744
Deferred Inflows of Resources:

Deferred Inflow Leases 325,682
Deferred revenue 1,899,808
Fund Balance:

Nonspendable 100,147
Committed
Cash basis reserve 54,037,226
Contractual obligations 4,093,683
Appropriations for new year budget 32,000,000
Assigned
Petty cash 34,270
Non-contractual encumbrances 966,829
Compensated absences 2,095,329
Public Safety Vital Services 16,926,044
Unassigned 48,772,075
Total fund balance 159,025,603
Total liabilities, deferred inflows of resources and fund balance $ 172,864,837 126

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CITY OF BAKERSFIELD
Schedule of Revenues by Function - General Fund
Budget and Actual
For the Fiscal Year Ended June 30, 2024
Budget Actual
Variance with
Final Budget
Revenues:

Taxes:

Property taxes $ 106,008,500 $ 111,318,789 $ 5,310,289
Sales and use taxes 199,225,000 203,937,875 4,712,875
Property transfer tax 1,500,000 1,512,943 12,943
Utility franchise tax 5,350,000 6,197,033 847,033
Business license tax 4,000,000 5,001,470 1,001,470
Total taxes 316,083,500 327,968,110 11,884,610
Licenses and permits:

Building permits 1,800,000 2,886,578 1,086,578
Planning permits 79,000 75,473 (3,527)
Public works permits 678,000 713,905 35,905
Police permits 201,700 224,823 23,123
Other licenses and permits 121,200 107,458 (13,742)
Total licenses and permits 2,879,900 4,008,237 1,128,337 Intergovernmental:

Federal grants 2,596,472 1,203,723 (1,392,749)
State of California 11,027,811 7,135,573 (3,892,238)
Other grants 15,833,718 5,482,910 (10,350,808)
Total intergovernmental 29,458,001 13,822,206 (15,635,795) Charges for services:

Building 3,477,500 3,500,245 22,745
Planning 859,521 711,147 (148,374)
Public works 1,656,650 1,666,594 9,944
Police 981,881 1,111,950 130,069
Fire 8,380,000 8,746,332 366,332
Recreation and parks 906,291 1,015,075 108,784
Interfund charges 17,300,000 14,096,886 (3,203,114)
Other charges 268,500 229,693 (38,807)
Total charges for services 33,830,343 31,077,922 (2,752,421) Fines, forfeitures, and assessments 845,000 1,221,701 376,701 Miscellaneous:

Interest income (loss) 503,000 4,763,172 4,260,172
Net increase (decrease) in the fair value of investments - 3,385,124 3,385,124 Contributions and donations 511,830 248,536 (263,294)
Other income 1,694,109 2,379,613 685,504
Total miscellaneous 2,708,939 10,776,445 8,067,506
Total revenues $ 385,805,683 $ 388,874,621 $ 3,068,938
127

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CITY OF BAKERSFIELD
Schedule of Expenditures by Division - General Fund
Budget and Actual
For the Fiscal Year Ended June 30, 2024
Budget Actual
Variance with
Final Budget
General Government:

Mayor & City council $ 1,275,942 $ 1,366,456 $ (90,514) City manager 17,701,672 8,607,081 9,094,591
City clerk 1,188,086 988,920 199,166
Human resources 2,928,140 2,621,463 306,677
Information technology 9,018,859 8,656,065 362,794
Financial services 3,760,379 3,683,388 76,991
City attorney 2,788,886 2,227,366 561,520
Total general government 38,661,964 28,150,739 10,511,225 Public Safety:

Public safety - Police 184,799,374 164,643,230 20,156,144 Public safety - Fire 63,182,727 59,009,285 4,173,442
Total public safety 247,982,101 223,652,515 24,329,586
Public Works:

Administration 3,305,938 3,433,141 (127,203)
Engineering 9,342,942 8,750,816 592,126
General services 14,562,193 14,550,595 11,598
Streets and roads 10,348,267 10,152,926 195,341
Total public works 37,559,340 36,887,478 671,862
Recreation and Parks:

Administration 1,823,375 1,838,578 (15,203)
Recreation 3,907,222 4,168,490 (261,268)
Parks 28,128,632 29,068,898 (940,266)
Total recreation and parks 33,859,229 35,075,966 (1,216,737) Development Services:

Planning 5,107,793 3,522,095 1,585,698
Building 13,712,599 12,415,943 1,296,656
Total development services 18,820,392 15,938,038 2,882,354 Economic/Community Development 31,689,113 8,321,292 23,367,821 Non-departmental 32,220,698 9,677,124 22,543,574
Contingency - - -
Total General Fund Expenditures $ 440,792,837 $ 357,703,152 $ 83,089,685 128

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CITY OF BAKERSFIELD
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Public Safety and Vital Services (PSVS) Funds (sub-fund of General Fund) For the Fiscal Year Ended June 30, 2024
PSVS Funds
Revenues:

Taxes $ 102,237,479 $ - $ 102,237,479
Charges for services 56,383 - 56,383
Interest income (loss) 1,559,377 3,868,815 5,428,192
Other income 519,804 - 519,804
Total revenues 104,373,043 3,868,815 108,241,858
Expenditures
Current:

General government 9,279,850 - 9,279,850
Public safety - Police 40,577,053 - 40,577,053
Public safety - Fire 6,406,928 - 6,406,928
Public works 3,633,390 1,350 3,634,740
Recreation and parks 5,115,233 - 5,115,233
Development Services 5,697,295 - 5,697,295
Capital outlay - 23,189,663 23,189,663
Total expenditures 70,709,749 23,191,013 93,900,762
Excess (deficiency) of
revenues
over (under) expenditures 33,663,294 (19,322,198) 14,341,096 Other financing sources
(uses):

Transfers in - 16,586,910 16,586,910
Transfers out (23,007,350) - (23,007,350)
Total other financing
sources (uses) (23,007,350) 16,586,910 (6,420,440)
Net change in fund balance 10,655,944 (2,735,288) 7,920,656 Fund balances - July 1 44,353,839 58,310,812 102,664,651 Fund balances - June 30 $ 55,009,783 $ 55,575,524 $ 110,585,307 129

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Special Revenue Funds
These funds account for the proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes.

Transient Occupancy Taxes Fund is used to account for Transient Occupancy Tax Revenues (Hotel Tax) and expenditures funded by this revenue source. The Mechanics Bank Arena and Convention Center and Bakersfield Ice Sports Center operating revenues and expenditures are recorded in this fund. This fund is also used to account for duties performed by Visit Bakersfield.

Community Development Block Grant Fund i s used to account for resources provided by the Federal Housing and Community Development Act o f 1974 for the elimination of slums and blight, housing conservation and improvements of community services.

Rental and Downpayment Assistance Fund is used to account for resources provided by the Federal Housing and Economic Recovery Act of 2008 to address congressionally identified needs of abandoned and foreclosed homes in the City. These funds are used for down payment assistance, acquisition of Real Estate Owned (REO) lender assets properties that have been foreclosed upon for redevelopment, rehabilitation of acquired residential structures, and demolition of blighted structures.

Covid Relief Fund is used to account for resources provided by the CARES Act as well as the American Rescue Plan Act for COVID-19 relief. Both of these federally funded assistance programs are used to address the negative impact of the COVID-19 pandemic on both the local economy and City operations as a whole.

Gas Tax & Road Fund i s used to account for the City's share, based upon population, of state gasoline taxes. State law requires these gasoline taxes be used to maintain streets or for major street construction. This fund also accounts for the resources provided by the Moving Ahead for Progress in the 21st Century Act (MAP21). Congestion Mitigation and Air Quality (CMAQ) funds are used in the metropolitan Bakersfield area to fund transportation projects in the Transportation Improvement Program. The Regional Surface Transportation Program (STP) is funded by Federal aid functionally classified higher than local road or rural minor collector routes. The Transportation Enhancement Activities (TEA) Program projects have a direct relationship to the intermodal transportation system by function, proximity, or impact. Lastly, the Highway Bridge Replacement and Rehabilitation Program (HBRR) allows each local agency two bridge replacement projects and two miscellaneous projects per year.

State (TDA) Transportation Fund i s used to account for three Transportation Development Act (TDA) funding sources.

Article 3 funds must be used to construct facilities that specifically benefit pedestrians and/or bicyclists. Article 4 funds are Local Transportation and State Transit Assistance Funds. These resources are used to cover the City's maintenance and operation costs of the Bakersfield Amtrak Railway Station. The City is the owner of the station and leases the facility to Amtrak, who operates the transit service. Article 4 funds may also be used for various improvements at bus stops throughout the City. Article 8 funds represent the City's allocation of the 1/4% of sales tax authorized by Senate Bill (SB) 325. State law requires these sales tax dollars be used for street purposes. These funds are received and expended by the City as lead agency servicing the local road network. All three revenue resources are accounted for individually as required by the State of California but are combined for financial reporting purposes. The City currently receives only Article 3 and Article 4 money.

State Safety Fund i s used to account for specific revenue received for certain Police and Fire related programs. The City Police Department has a share of traffic fine resources which are transferred to the General Fund to assist in funding the cost of traffic safety and control devices and State of California monies from the Supplemental Law Enforcement Services grant. The Fire Department operates a local Certified Unified Program Agency (CUPA) which is required for state and federal environmental regulation. These revenue sources are accounted for individually as required by the State, but combined for financial reporting purposes.

Redevelopment Successor Agency Housing Fund w as created on February 1, 2012, pursuant to the provisions of the Redevelopment Restructuring Act. The City has chosen to assume the housing functions and take over the housing assets of the former Redevelopment Agency.
130

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CITY OF BAKERSFIELD
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual - All Special Revenue Funds
Year Ended June 30, 2024
Transient Occupancy Taxes
Budget Actual
Variance with
Final Budget
Revenues
Taxes $ 10,500,000 $ 12,123,813 $ 1,623,813
Licenses and permits - - -
Intergovernmental - - -
Charges for services 9,293,600 14,835,625 5,542,025
Fines, forfeitures, and assessments - - -
Interest income (loss) 40,000 591,134 551,134
Loan payments - - -
Other income - - -
Total revenues 19,833,600 27,550,572 7,716,972
Expenditures
Current:

General government 37,246,854 13,766,565 23,480,289
Public safety - Police - - -
Public safety - Fire - - -
Public works - - -
Recreation and parks - - -
Economic/Community development - - -
Non-departmental 3,133,724 - 3,133,724
Capital outlay:

Transportation:

Traffic control - - -
Streets / Freeways - - -
Bridges - - -
Curbs, gutters and sidewalks - - -
Public facilities:

Parks and landscaping - - -
Other improvements - - -
Total expenditures 40,380,578 13,766,565 26,614,013
Excess (deficiency) of revenues over (under) expenditures (20,546,978) 13,784,007 34,330,985 Other financing sources (uses):

Transfers out (8,799,255) (8,783,500) 15,755
Total other financing sources (uses) (8,799,255) (8,783,500) 15,755 Net change in fund balances (29,346,233) 5,000,507 34,346,740 Fund balances - beginning 7,291,635 7,291,635 -
Fund balances - ending $ (22,054,598) $ 12,292,142 $ 34,346,740 131

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Community Development Block Grant Rental and Downpayment Assistance Budget Actual
Variance with
Final Budget Budget Actual
Variance with
Final Budget
$ - $ - $ - $ - $ - $ -
- - - - - -
16,897,957 11,186,729 (5,711,228) - - -
- - - - - -
- - - - - -
500 46,780 46,280 (500) 604 1,104
- 62,091 62,091 - 6,666 6,666
- 32,656 32,656 - - -
16,898,457 11,328,256 (5,570,201) (500) 7,270 7,770
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
24,661,698 6,502,928 18,158,770 24,678,103 - 24,678,103 - - - - - -
- - - - - -
150,000 - 150,000 - - -
- - - - - -
9,021,173 2,886,329 6,134,844 - - -
1,904,870 690,933 1,213,937 - - -
2,341,709 965,197 1,376,512 - - -
38,079,450 11,045,387 27,034,063 24,678,103 - 24,678,103 (21,180,993) 282,869 21,463,862 (24,678,603) 7,270 24,685,873 (61,854) (61,854) - - - -
(61,854) (61,854) - - - -
(21,242,847) 221,015 21,463,862 (24,678,603) 7,270 24,685,873 (86,759) (86,759) - 68,005 68,005 -
$ (21,329,606) $ 134,256 $ 21,463,862 $ (24,610,598) $ 75,275 $ 24,685,873 132

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CITY OF BAKERSFIELD
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances (continued) Budget and Actual - All Special Revenue Funds
Year Ended June 30, 2024
Covid Relief
Budget Actual
Variance with
Final Budget
Revenues
Taxes $ - $ - $ -
Licenses and permits - - -
Intergovernmental 52,245,340 13,405,683 (38,839,657)
Charges for services - - -
Fines, forfeitures, and assessments - - -
Interest income (loss) 100,000 1,953,850 1,853,850
Loan payments - - -
Other income - - -
Total revenues 52,345,340 15,359,533 (36,985,807)
Expenditures
Current:

General government 545,278 545,279 (1)
Public safety - Police - - -
Public safety - Fire - - -
Public works - - -
Recreation and parks - - -
Economic/Community development 73,765,748 8,038,529 65,727,219 Non-departmental 5,356,007 1,920,053 3,435,954
Capital outlay:

Transportation:

Traffic control - - -
Streets / Freeways 8,058,800 1,979,524 6,079,276
Bridges - - -
Curbs, gutters and sidewalks - - -
Public facilities:

Parks and landscaping - - -
Other improvements 14,871,354 82,807 14,788,547
Total expenditures 102,597,187 12,566,192 (48,295,351)
Excess (deficiency) of revenues over (under) expenditures (50,251,847) 2,793,341 11,309,544 Other financing sources (uses):

Transfers out (8,050,000) (4,000,000) (4,050,000)
Total other financing sources (uses) (8,050,000) (4,000,000) (4,050,000) Net change in fund balances (58,301,847) (1,206,659) 7,259,544 Fund balances - beginning 5,976,429 5,976,429 (15,762,597) Fund balances - ending $ (52,325,418) $ 4,769,770 $ (8,503,053) 133

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Gas Tax & Road Fund State (TDA) Transportation
Budget Actual
Variance with
Final Budget Budget Actual
Variance with
Final Budget
$ - $ - $ - $ - $ - $ -
- - - - - -
69,585,963 38,784,499 (30,801,464) (1,050,505) 643,130 1,693,635 - - - - - -
50,000 40,977 (9,023) - - -
(30,000) 614,349 644,349 (500) (2,086) (1,586)
- - - - - -
- 19,958 19,958 - - -
69,605,963 39,459,783 (30,146,180) (1,051,005) 641,044 1,692,049 - - - - - -
- - - - - -
- - - - - -
5,419,115 3,800,306 1,618,809 819,675 509,339 310,336
- - - 38,620 16,071 22,549
- - - - - -
- - - - - -
21,087,639 1,430,626 19,657,013 - - -
107,544,441 25,443,915 82,100,526 - - -
919,240 30,983 888,257 - - -
27,214,579 352,127 26,862,452 207,846 - 207,846
- - - - - -
- - - 1,650,148 115,634 1,534,514
162,185,014 31,057,957 131,127,057 2,716,289 641,044 2,075,245 (92,579,051) 8,401,826 100,980,877 (3,767,294) - 3,767,294 (58,300) (58,300) - - - -
(58,300) (58,300) - - - -
(92,637,351) 8,343,526 100,980,877 (3,767,294) - 3,767,294 13,606,792 13,606,792 - - - -
$ (79,030,559) $ 21,950,318 $ 100,980,877 $ (3,767,294) $ - $ 3,767,294 134

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CITY OF BAKERSFIELD
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances (continued) Budget and Actual - All Special Revenue Funds
Year Ended June 30, 2024
State Safety Fund
Budget Actual
Variance with
Final Budget
Revenues
Taxes $ - $ - $ -
Licenses and permits (351,000) 373,810 724,810
Intergovernmental (1,504,177) 1,177,544 2,681,721
Charges for services (1,525,500) 1,740,436 3,265,936
Fines, forfeitures, and assessments (1,570,000) 1,431,344 3,001,344 Interest income (loss) (21,000) 180,639 201,639
Loan payments - - -
Other income - - -
Total revenues (4,971,677) 4,903,773 9,875,450
Expenditures
Current:

General government - - -
Public safety - Police 4,881,686 1,581,988 3,299,698
Public safety - Fire 2,297,652 2,003,116 294,536
Public works - - -
Recreation and parks - - -
Economic/Community development - - -
Non-departmental - - -
Capital outlay:

Transportation:

Traffic control - - -
Streets / Freeways - - -
Bridges - - -
Curbs, gutters and sidewalks - - -
Public facilities:

Parks and landscaping - - -
Other improvements - - -
Total expenditures 7,179,338 3,585,104 3,594,234
Excess (deficiency) of revenues over (under) expenditures (12,151,015) 1,318,669 13,469,684 Other financing sources (uses):

Transfers out (1,287,200) (1,287,200) -
Total other financing sources (uses) (1,287,200) (1,287,200) - Net change in fund balances (13,438,215) 31,469 13,469,684 Fund balances - beginning 3,064,999 3,064,999 -
Fund balances - ending $ (10,373,216) $ 3,096,468 $ 13,469,684 135

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Redevelopment Successor Agency - Housing Totals
Budget Actual
Variance with
Final Budget Budget Actual
Variance with
Final Budget
$ - $ - $ - $ 10,500,000 $ 12,123,813 $ 1,623,813
- - - (351,000) 373,810 724,810
- - - 136,174,578 65,197,585 (70,976,993)
- - - 7,768,100 16,576,061 8,807,961
- - - (1,520,000) 1,472,321 2,992,321
11,500 140,974 129,474 100,000 3,526,244 3,426,244
- - - - 68,757 68,757
- 139,823 139,823 - 192,437 192,437
11,500 280,797 269,297 152,671,678 99,531,028 (53,140,650) - - - 37,792,132 14,311,844 23,480,290
- - - 4,881,686 1,581,988 3,299,698
- - - 2,297,652 2,003,116 294,536
- - - 6,238,790 4,309,645 1,929,145
- - - 38,620 16,071 22,549
915,637 - 915,637 124,021,186 14,541,457 109,479,729
- - - 8,489,731 1,920,053 6,569,678
- - - 21,087,639 1,430,626 19,657,013
- - - 115,753,241 27,423,439 76,171,250
- - - 919,240 30,983 888,257
- - - 36,443,598 3,238,456 33,205,142
- - - 1,904,870 690,933 1,213,937
632,145 - 632,145 19,495,356 1,163,638 (11,245,376)
1,547,782 - 1,547,782 379,363,741 72,662,249 264,965,848 (1,536,282) 280,797 1,817,079 (226,692,063) 26,868,779 211,825,198 - - - (18,256,609) (14,190,854) 4,065,755
- - - (18,256,609) (14,190,854) 4,065,755
(1,536,282) 280,797 1,817,079 (244,948,672) 12,677,925 215,890,953 2,451,114 2,451,114 - 32,372,215 32,372,215 -
$ 914,832 $ 2,731,911 $ 1,817,079 $ (212,576,457) $ 45,050,140 $ 257,626,597 136

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CITY OF BAKERSFIELD
Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - Debt Service Fund
For the Fiscal Year Ended June 30, 2024
General Obligation Debt
Budget Actual
Variance with
Final Budget
Revenues:

Interest income (loss) $ - $ - $ -
Total revenues - - -
Expenditures:

Debt service:

Principal retirement 640,646 640,647 (1)
Interest and fiscal charges 3,187 3,187 -
Total expenditures 643,833 643,834 (1)
Deficiency of revenues under expenditures (643,833) (643,834) (1) Other financing sources:

Transfers in 702,500 702,500 -
Total other financing sources 702,500 702,500 -
Net change in fund balance 58,667 58,666 (1)
Fund balance - beginning - - -
Fund balance - ending $ 58,667 $ 58,666 $ (1)
137

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Capital Projects Funds
These funds account for financial resources to be used for the acquisition or construction of major capital facilities other than those financed by Proprietary Funds and Trust Funds.

Capital Outlay Fund is used to account for the cost of capital projects financed by general revenues and grant/loan proceeds for recreational facilities.

Park Improvement Fund is used to account for funds collected for residential park development (Ordinance No. 3646). Fees are collected based on the development's share of the cost to develop, improve, construct or enhance a neighborhood park (Ordinance No. 3327).

Transportation Development Fund is used to account for funds collected from fees paid to mitigate the traffic impacts to the regional circulation system caused by a development project. The fees are paid when a building permit for the development project is obtained, and are based upon the amount of traffic the development w ill generate. With these fees, the City constructs projects that have been identified as necessary to maintain the level of services required by the 2010 General Plan for the regional transportation network. This is a joint City and Kern County program which affects the entire metropolitan area. Fees are collected with the building permit and are based on the relative impact each land use has on the transportation netw ork. The fee schedule was adopted with Ordinance No. 3513 and will be periodically evaluated by the City Council and revised to reflect updated costs and growth projections. Revenue from fees collected may also be used to service bonded debt incurred in Capital Improvement Construction.
138

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CITY OF BAKERSFIELD
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances Budget and Actual - All Capital Projects Funds
For the Fiscal Year Ended June 30, 2024
Capital Outlay Park Improvement Fund
Budget Actual
Variance with
Final Budget Budget Actual
Variance with
Final Budget
Revenues:

Taxes $ (5,850,000) $ 7,553,270 $ 13,403,270 $ - $ - $ - Intergovernmental (4,187,056) 4,394,533 8,581,589 - - - Charges for services (68,300) 48,235 116,535 - - -
Fines, forfeitures, and
assessments 310,000 281,845 (28,155) (1,612,515) 2,828,776 4,441,291 Interest income (loss) 210,000 5,981,244 5,771,244 (50,000) 579,489 629,489 Other income 720,410 19,580 (700,830) - - -
Total revenues (8,864,946) 18,278,707 27,143,653 (1,662,515) 3,408,265 5,070,780 Expenditures:

Current:

General government - - - - - -
Public works 34,868 - 34,868 - - -
Non-departmental 5,219,681 30,299 5,189,382 - - -
Capital outlay:

Transportation:

Traffic control - - - - - -
Streets 10,388,183 4,253,805 6,134,378 - - -
Bridges 2,675,265 310,370 2,364,895 - - -
Streets / Freeways 70,070,090 10,628,210 59,441,880 - - - Public facilities:

Buildings 53,162,789 7,399,250 45,763,539 - - -
Parks and landscaping 16,387,833 3,959,180 12,428,653 2,667,592 244,536 2,423,056 Land acquisition 800,000 - 800,000 1,117,397 253,495 863,902 Other improvements 127,278,874 14,234,557 113,044,317 35,825 21,437 14,388 Equipment:

Computers 33,291,897 4,972,901 28,318,996 - - -
Non-automotive 1,067,934 79,991 987,943 - - -
Total expenditures 320,377,414 45,868,563 274,508,851 3,820,814 519,468 3,301,346 Excess (deficiency) of revenues
over (under) expenditures (329,242,360) (27,589,856) 301,652,504 (5,483,329) 2,888,797 8,372,126 Other financing sources (uses):

Transfers in 33,942,910 29,892,910 (4,050,000) - - -
Transfers out (5,797,000) - 5,797,000 - - -
Total other financing
sources (uses) 28,145,910 29,892,910 1,747,000 - - -
Net change in fund balances (301,096,450) 2,303,054 303,399,504 (5,483,329) 2,888,797 8,372,126 Fund balances - beginning 129,183,555 129,183,555 - 7,909,868 7,909,868 - Fund balances - ending $ (171,912,895) $ 131,486,609 $ 303,399,504 $ 2,426,539 $ 10,798,665 $ 8,372,126 139

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Transportation Development Totals
Budget Actual
Variance with
Final Budget Budget Actual
Variance with
Final Budget
$ - $ - $ - $ (5,850,000) $ 7,553,270 $ 13,403,270
- - - (4,187,056) 4,394,533 8,581,589
(75,000) 7,776 82,776 (143,300) 56,011 199,311
(13,162,500) 17,316,281 30,478,781 (14,465,015) 20,426,902 34,891,917 (255,575) 2,951,254 3,206,829 (95,575) 9,511,987 9,607,562 - 5,651 5,651 720,410 25,231 (695,179)
(13,493,075) 20,280,962 33,774,037 (24,020,536) 41,967,934 65,988,470 162,920 143,435 19,485 162,920 143,435 19,485
571,484 483,291 88,193 606,352 483,291 123,061
18,156 - 18,156 5,237,837 30,299 5,207,538
630,323 - 630,323 630,323 - 630,323
14,911,727 731,335 14,180,392 25,299,910 4,985,140 20,314,770 - - - 2,675,265 310,370 2,364,895
40,982,462 7,601,566 33,380,896 111,052,552 18,229,776 92,822,776 - - - 53,162,789 7,399,250 45,763,539
- - - 19,055,425 4,203,716 14,851,709
- - - 1,917,397 253,495 1,663,902
- - - 127,314,699 14,255,994 113,058,705
- - - 33,291,897 4,972,901 28,318,996
- - - 1,067,934 79,991 987,943
57,277,072 8,959,627 48,317,445 381,475,300 55,347,658 326,127,642 (70,770,147) 11,321,335 82,091,482 (405,495,836) (13,379,724) 392,116,112 - - - 33,942,910 29,892,910 (4,050,000)
(14,600,000) - 14,600,000 (20,397,000) - 20,397,000
(14,600,000) - 14,600,000 13,545,910 29,892,910 16,347,000 (85,370,147) 11,321,335 96,691,482 (391,949,926) 16,513,186 408,463,112 58,665,040 58,665,040 - 195,758,463 195,758,463 -
$ (26,705,107) $69,986,375 $ 96,691,482 $ (196,191,463) $212,271,649 $ 408,463,112 140

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CITY OF BAKERSFIELD
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2024
Special Revenue Funds
Rental and
Downpayment
Assistance
State (TDA)
Transportation
Assets:

Cash and investments $ 75,047 $ 124,027
Accounts receivable, net 3,817,533 14,635
Interest receivable 231 -
Due from other governmental agencies - 74,340
Total assets $ 3,892,811 $ 213,002
Liabilities, Deferred Inflows of Resources, and Fund Balances:

Liabilities:

Accounts payable $ - $ 68,069
Advances from grantors and third parties - 144,933
Total liabilities - 213,002
Deferred Inflows of Resources:

Deferred revenue 3,817,533 -
Fund Balances:

Restricted 75,278 -
Total liabilities, deferred inflows
of resources, and fund balances $ 3,892,811 $ 213,002
141

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Special
Revenue Funds
Debt
Service Fund
State Safety
General
Obligation Debt
Total
Non-Major
Governmental
Funds
$ 3,020,855 $ 143,000 $ 3,362,929
140,009 - 3,972,177
46,197 - 46,428
- - 74,340
$ 3,207,061 $ 143,000 $ 7,455,874
$ 178,749 $ 19,292 $ 266,110
- - 144,933
178,749 19,292 411,043
- - 3,817,533
3,028,312 123,708 3,227,298
$ 3,207,061 $ 143,000 $ 7,455,874
142

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CITY OF BAKERSFIELD
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
For the Fiscal Year Ended June 30, 2024
Special Revenue Funds Special Revenue Funds
Rental and
Downpayment
Assistance
State (TDA)
Transportation State Safety
Revenues:

Licenses and permits $ - $ - $ 373,810
Intergovernmental - 643,130 1,177,544
Charges for services - - 1,740,436
Fines, forfeitures and assessments - - 1,431,344
Interest income (loss) 604 (2,086) 180,639
Loan payments 6,667 - -
Other income - - -
Total revenues 7,271 641,044 4,903,773
Expenditures
Current:

Public safety - Police - - 1,650,140
Public safety - Fire - - 2,003,116
Public works - 509,339 -
Recreation and parks - 16,071 -
Development services - - -
Capital outlay - 115,634 1
Debt service:

Principal retirement - - -
Interest and fiscal charges - - -
Total expenditures - 641,044 3,653,257
Excess (deficiency) of revenues
over (under) expenditures 7,271 - 1,250,516
Other financing sources (uses):

Transfers in - - -
Transfers out - - (1,287,200)
Total other financing sources (uses) - - (1,287,200)
Net change in fund balances 7,271 - (36,684)
Fund balances - beginning 68,007 - 3,064,996
Fund balances - Beginning, as restated 75,278 - 3,028,312 Fund balances - ending $ 75,278 $ - $ 3,028,312
143

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Debt
Service Fund
General Obligation
Debt
Total
Non-Major
Governmental
Funds
$ - $ 373,810
- 1,820,674
- 1,740,436
- 1,431,344
- 179,157
- 6,667
65,041 65,041
65,041 5,617,129
- 1,650,140
- 2,003,116
- 509,339
- 16,071
(1) (1)
- 115,635
640,647 640,647
3,187 3,187
643,833 4,938,134
(578,792) 678,995
702,500 702,500
- (1,287,200)
702,500 (584,700)
123,708 94,295
- 3,133,003
123,708 3,227,298
$ 123,708 $ 3,227,298
144

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Internal Service Funds
These funds are used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City on a cost-reimbursement basis.

Self-Insurance Fund is used to account for the cost of operating a self-insurance program as follows:

With regard to workers' compensation, the City is self-insured for the first $500,000 of each injury or occurrence and is a member of California Public Entity Insurance Authority (CPEIA) which provides $5,000,000 of excess coverage to protect against catastrophic type losses. Funding for this program is provided by interdepartmental charges varying by employee classification and their industrial injury loss experience.

With regard to general and auto liability, the City is self-insured for the first $1,000,000 of each accident or occurrence and is a member of the Authority for California Cities Excess Liability (ACCEL) which provides excess commercial insurance in the amount of $10,000,000. Funding for this program is provided by interdepartmental charges.

Equipment Management Fund i s used to account for the cost of operating and maintaining a maintenance facility for vehicular, telecommunications and computer equipment used by other City departments. Such costs are billed to other departments via established rates which are based upon actual cost. Actual costs include maintenance, repair, and replacement cost of shop and automotive equipment.
145

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CITY OF BAKERSFIELD
Combining Statement of Net Position
All Internal Service Funds
June 30, 2024
Self-
Insurance
Equipment
Management Total
Assets:

Current assets:

Cash and investments $ 24,539,920 $ 61,305,413 $ 85,845,333 Accounts receivable, net 1,324 345 1,669
Interest receivable 171,401 578,180 749,581
Due from other governmental agencies 2,907 - 2,907
Prepayments and inventories 106,858 1,466,308 1,573,166 Total current assets 24,822,410 63,350,246 88,172,656
Noncurrent assets:

Capital assets:

Depreciable buildings, property, equipment and infrastructure, net - 72,387,967 72,387,967 Subscription Asset - net of amortization - 1,972,218 1,972,218 Total noncurrent assets - 74,360,185 74,360,185
Total assets 24,822,410 137,710,431 162,532,841
Deferred Outflows of Resources:

Deferred pensions 310,465 2,814,238 3,124,703
Deferred other post-employment benefits 36,001 348,020 384,021 Total deferred outflows of resources 346,466 3,162,258 3,508,724 Liabilities:

Current liabilities:

Accounts payable and accrued liabilities 1,465,314 3,650,612 5,115,926 Liability Claims payable 4,927,000 - 4,927,000
Workers' compensation claims 10,733,000 - 10,733,000
Compensated absences payable - 198,242 198,242
Subscription liability - 568,564 568,564
Total current liabilities 17,125,314 4,417,418 21,542,732 Noncurrent liabilities:

Liability Claims Payable 11,658,000 - 11,658,000
Workers' compensation claims 60,737,000 - 60,737,000
Compensated absences payable 99,767 427,373 527,140
Subscription liability - 405,675 405,675
Net pension liability 768,218 11,033,075 11,801,293
Net other post-employment benefits liability 41,368 399,893 441,261 Total noncurrent liabilities 73,304,353 12,266,016 85,570,369 Total liabilities 90,429,667 16,683,434 107,113,101
Deferred Inflows of Resources:

Deferred pensions (19,016) 188,358 169,342
Deferred other post-employment benefits 19,408 187,610 207,018 Total deferred inflows of resources 392 375,968 376,360 Net Position:

Net investment in capital assets - 72,387,967 72,387,967 Unrestricted (65,261,183) 51,425,320 (13,835,863)
Total net position (deficit) (65,261,183) 123,813,287 58,552,104 Total net position $ (65,261,183) $ 123,813,287 $ 58,552,104 146

Page 161 of 253 ends

CITY OF BAKERSFIELD
Combining Statement of Activities and Changes in Net Position All Internal Service Funds
For the Fiscal Year Ended June 30, 2024
Self-
Insurance
Equipment
Management Total
Operating revenues:

Charges for services $ 30,330,428 $ 45,735,024 $ 76,065,452 Cost recoveries 910,110 39,113 949,223
Miscellaneous 16,797 27,593 44,390
Total operating revenues 31,257,335 45,801,730 77,059,065 Operating expenses:

General and administrative 25,960,832 30,061,028 56,021,860 Workers' compensation payments 5,107,730 - 5,107,730
Claims paid 6,048,547 - 6,048,547
Depreciation and amortization - 12,469,610 12,469,610
Compensated absences 10,773 33,865 44,638
Total operating expenses 37,127,882 42,564,503 79,692,385 Operating income (loss) (5,870,547) 3,237,227 (2,633,320) Nonoperating revenues (expenses):

Interest income (loss) 688,523 2,322,505 3,011,028
Gain/(loss) on sale of capital assets - 578,371 578,371 Income (loss) before transfers
and capital contributions (5,182,024) 6,138,103 956,079 Capital contributions - 1,300,789 1,300,789
Transfers in - 5,291,064 5,291,064
Transfers out (253,319) - (253,319)
Change in net position (5,435,343) 12,729,956 7,294,613 Net position (deficit) -
Beginning of year (59,825,840) 110,814,747 50,988,907
Error correction - 268,584 268,584
Net Position - beginning of the year, as restated (59,825,840) 111,083,331 51,257,491 Net position (deficit) - End of year $ (65,261,183) $ 123,813,287 $ 58,552,104 147

Page 162 of 253 ends

CITY OF BAKERSFIELD
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2024
Self-
Insurance
Equipment
Management Total
Cash from operating activities:

Cash received from:

Customers $ 30,350,371 $ 45,755,452 $ 76,105,823
Prior year reimbursements and cost recoveries 910,110 39,113 949,223 Cash paid to:

Suppliers (30,179,359) (22,253,946) (52,433,305)
Employees 4,025,997 (6,285,984) (2,259,987)
Net cash provided (used) by operating activities 5,107,119 17,254,635 22,361,754 Cash from noncapital financing activities
Cash transfered from other funds - 5,291,064 5,291,064
Cash transfers to other funds (253,319) 1,300,789 1,047,470 Net cash provided (used) by noncapital financing activities (253,319) 6,591,853 6,338,534 Cash from capital and related financing activities:

Acquisition and construction of capital assets - (24,462,761) (24,462,761) SBITA payments - (992,472) (992,472)
Proceeds from sale of capital assets - 578,371 578,371
Net cash provided (used) by capital and related financing activities - (24,876,862) (24,876,862) Cash from investing activities:

Interest received 459,119 1,643,662 2,102,781
Net increase (decrease) in the fair value of investments 169,118 521,690 690,808 Net cash provided (used) by investing activities 628,237 2,165,352 2,793,589 Net increase (decrease) in cash and investments 5,482,037 1,134,978 6,617,015 Cash and investments - Beginning of year 19,057,884 60,170,434 79,228,318 Cash and investments - End of year $ 24,539,921 $ 61,305,412 $ 85,845,333 148

Page 163 of 253 ends

CITY OF BAKERSFIELD
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2024
Self-
Insurance
Equipment
Management Total
Reconciliation of Operating income (Loss) to Net Cash Provided (Used) by Operating Activities:

Operating income (loss) $ (5,870,547) $ 3,237,227 $ (2,633,320) Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities:

Depreciation expense - 12,469,610 12,469,610
(Increase) decrease in accounts receivable 3,146 (345) 2,801 (Increase) decrease in inventories - (89,495) (89,495)
(Increase) decrease in prepaid items 17,568 - 17,568
(Increase) decrease in deferred outflows of resources for pensions & OPEB 17,568 - 17,568 Increase (decrease) in accounts payable 1,114,355 1,644,656 2,759,011 Other accrued liabilities 9,826,000 - 9,826,000
Increase (decrease) in compensated absences 10,773 32,399 43,172 Increase (decrease) in net pension liability 9,355 77,854 87,209 19,259 213,182 232,441
Increase (decrease) in net other post-employment benefits liability (22,743) (334,921) (357,664) Increase (decrease) in deferred inflows of resources for pension & OPEB (12,410) (112,451) (124,861) Net cash provided (used) by operating activities: $ 5,112,324 $ 17,137,716 $ 22,250,040 149

Page 164 of 253 ends

CITY OF BAKERSFIELD
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2024
Special
Deposits
Improvement
Districts
Total Custodial
Funds
Assets:

Current assets:

Cash and investments $ 28,239,134 $ 9,160,457 $ 37,399,591 Accounts receivable, net (9,130) 448 (8,682)
Interest receivable 10,599 64,833 75,432
Total current assets 28,240,603 9,225,738 37,466,341
Total assets 28,240,603 9,225,738 37,466,341
Liabilities:

Payables:

Deposits 28,240,602 6,312,976 34,553,578
Bonds - 2,717,591 2,717,591
Accrued bond interest - 195,172 195,172
Total liabilities 28,240,602 9,225,739 37,466,341
Net Assets:

Held in trust
Individuals, organizations, and other governments $ - $ - $ - 150

Page 165 of 253 ends

CITY OF BAKERSFIELD
Combining Statement of Fiduciary Net Position
Private Purpose Trust Funds
June 30, 2024
Redevelopment
Successor Agency -
Trust
Planning Habitat
Trust
Affordable
Housing Trust
Total
Private Purpose
Trust Funds
Assets:

Current assets:

Cash $ 3,524,226 $ 16,827,530 $ 15,811,225 $ 36,162,981 Interest receivable 22,910 184,534 101,472 308,916
Total current assets 3,547,136 17,012,064 15,912,697 36,471,897 Noncurrent assets:

Land held for resale 60,895 - - 60,895
Total noncurrent assets 60,895 - - 60,895
Total assets 3,608,031 17,012,064 15,912,697 36,532,792 Liabilities:

Payables:

Accounts - 14,913 2,056,205 2,071,118
Advances from grantors and third parties 2,818,670 - - 2,818,670 Bonds 1,530,000 - - 1,530,000
Notes 7,853,149 - - 7,853,149
Total liabilities 12,201,819 14,913 2,056,205 14,272,937 Net Position:

Held in trust for:

Individuals, organizations, and other
governments (8,593,788) 16,997,151 13,856,491 22,259,854 Total Net Position $ (8,593,788)$ 16,997,151 $ 13,856,491 $ 22,259,854 151

Page 166 of 253 ends

CITY OF BAKERSFIELD
Combining Statement of Fiduciary Net Position
Pension and Other Employee Benefit Trust Funds
June 30, 2024
OPEB
Irrevocable Trust
Fire Relief and
Pension Trust
Total
Pension and Other
Employee Benefit
Trust Funds
Assets:

Cash $ 3,325,071 $ 247,227 $ 3,572,298
Interest receivable - 2,985 2,985
Investments
Domestic equities 43,010,139 - 43,010,139
Fixed income 51,749,485 - 51,749,485
Total investments 94,759,624 - 94,759,624
Total assets 98,084,695 250,212 98,334,907
Net Position:

Held in trust for -
Other post-employment benefits 98,084,695 250,212 98,334,907 Total Net Position $ 98,084,695 $ 250,212 $ 98,334,907
152

Page 167 of 253 ends

CITY OF BAKERSFIELD
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the Fiscal Year Ended June 30, 2024
Special
Deposits
Improvement
Districts
Total Custodial
Funds
Additions:

Assessment District Contributions $ - $ 2,742,298 $ 2,742,298 Special Deposit Contribution 19,961,455 - 19,961,455
Other Contributions - 357,924 357,924
Other income - 420,179 420,179
Interest income (loss) 131,609 328,525 460,134
Total additions 20,093,064 3,848,926 23,941,990
Deductions:

Obligation retirement - 3,477,591 3,477,591
Non departmental - 29,080 29,080
Other Distributions 20,093,064 25,955 20,119,019
Bond - Interest - 316,300 316,300
Total deductions 20,093,064 3,848,926 (23,941,990)
Change in net position - - -
Net position - beginning of year - - -
Net position - end of year $ - $ - $ -
153

Page 168 of 253 ends

CITY OF BAKERSFIELD
Combining Statement of Changes in Fiduciary Net Position Private Purpose Trust Funds
For the Fiscal Year Ended June 30, 2024
Redevelopment
Successor Agency -
Trust
Planning Habitat
Trust
Affordable
Housing Trust
Total
Private Purpose
Trust Funds
Additions:

Developer fees $ - $ 171,279 $ - $ 171,279
Successor agency property tax deposits 1,417,023 - - 1,417,023 Intergovernmental - - - -
Charges for services - - - -
Other Contributions - - 7,431,019 7,431,019
Other income 237,779 - - 237,779
Interest income (loss) - 434,696 354,334 789,030
Total additions 1,654,802 605,975 7,785,353 10,046,130
Deductions:

Purchase of uninhabited land - 556,775 - 556,775
Other Distributions - - 3,413,339 3,413,339
Obligation retirement 434,261 - - 434,261
Total deductions 434,261 556,775 3,413,339 4,404,375
Change in net position 1,220,541 49,200 4,372,014 5,641,755 Net position - beginning of year (9,566,187) 16,947,951 9,484,477 16,866,241 Net position - end of year $ (8,345,646)$ 16,997,151 $ 13,856,491 $ 22,507,996 154

Page 169 of 253 ends

CITY OF BAKERSFIELD
Combining Statement of Changes in Fiduciary Net Position Pension and Other Employee Benefit Trust Funds
For the Fiscal Year Ended June 30, 2024
OPEB
Irrevocable Trust
Fire Relief and
Pension Trust
Total
Pension and Other
Employee Benefit
Trust Funds
Additions:

Contributions to pooled investments $ 4,942,273 $ - $ 4,942,273 Interest income 6,943,877 11,846 6,955,723
Total additions 11,886,150 11,846 11,897,996
Deductions:

Benefits 3,700,281 95,664 3,795,945
Administrative expenses 242,657 - 242,657
Total deductions 3,942,938 95,664 4,038,602
Change in net position 7,943,212 (83,818) 7,859,394
Beginning of year 90,141,483 334,030 90,475,513
End of year $ 98,084,695 $ 250,212 $ 98,334,907
155

Page 170 of 253 ends

CITY OF BAKERSFIELD
Long-term Debt Recorded in Private Purpose Trust Fund

REDEVELOPMENT SUCCESSOR AGENCY
Tax Allocation Bonds:
$2,090,000 Tax Allocation Bond to be used for construction of public improvements for new developments on 18th and 19th Streets, and improvements to the Mill Creek Linear Park. The funds were dispersed in July 2009. The interest rate is 7.5%, with payments commencing August 2010 through August 2029. $ 965,000 $1,240,000 Tax Allocation Bond to be used for infrastructure improvements for the Mill Creek Linear Park Canal at South Millcreek. The funds were dispersed in July 2009. The interest rate is 7.25%, with payments commencing August 2010 through August 2029. 565,000
Total Bonds $ 1,530,000
Loans/Contracts:
$1,600,000 HUD Section 108 Loan, 2005 (Agency Agreement #RA 06-020) for construction of Fire Station No. 5 - due in annual principal installments of $58,000 to $137,000 commencing August 1, 2009; interest ranging from 4.96% to 5.77%. 387,000 $3,750,000 HUD Section 108 Loan, 2007 (Agency Agreement #RA 06-022) Loan proceeds are dedicated to the Mill Creek South Mixed-Use project and will go toward the acquisition and clean-up of a six acre parcel. Due in annual principal installments of $136,000 to $321,000 commencing August 1, 2008; interest ranging from 2.62% to 5.42%. 1,175,000
$10,000,000 Bakersfield Redevelopment Agency Loan with I-bank to help finance the Mill Creek Linear Park and Canal Refurbishment Project. Only $6,933,445 of the loan was dispersed through fiscal year 2009. Annual principal installments of $217,383 to $512,446 commencing on August 1, 2009 through August 2037; interest rate at 3.11%. 5,924,149 Total Loans/Contracts Payable $ 7,486,149
Total Redevelopment Successor Agency $ 9,016,149
156

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CITY OF BAKERSFIELD
Long-term Debt Recorded in Private Purpose Trust Fund
Annual requirements to amortize the principal and interest on long-term debt of Redevelopment Successor Agency at June 30, 2024 is as follows:

Redevelopment Successor Agency (Private Purpose Trust Fund) Year ending Principal Interest
Bonds Loans/Contracts Total Bonds Loans/Contracts Total 2025 $ 215,000 $ 733,142 $ 948,142 $ 105,375 $ 253,131 $ 358,506 2026 230,000 767,845 997,845 88,894 220,549 309,443
2027 245,000 804,881 1,049,881 71,300 186,097 257,397
2028 260,000 698,260 958,260 52,594 153,892 206,486
2029 280,000 388,993 668,993 32,594 133,341 165,935
2030-2034 300,000 2,134,130 2,434,130 11,112 474,603 485,715 2035-2039 - 1,958,898 1,958,898 - 124,175 124,175
Totals $ 1,530,000 $ 7,486,149 $ 9,016,149 $ 361,869 $ 1,545,788 $ 1,907,657 157

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Statistical Section
City of Bakersfield
Statistical Section
For the fiscal year ended June 30, 2024
The statistical section of the City of Bakersfield's (City) annual comprehensive financial report presents detailed information as a context for understanding what the information presented in the financial statements, note disclosures and required supplementary information says about the City's overall financial health. Where less than 10 years of data is presented, the information was not available.

Contents Pages
Financial Trends
These schedules contain trend information to help the reader understand how the City's financial performance measures have changed over time. 159 - 164 Revenue Capacity
These schedules contain information to help the reader assess the factors affecting the City's ability to generate its property and sales tax revenues. 169 - 178
Debt Capacity
These schedules present information to help the reader assess the affordability of the City's current level of outstanding debt and the City's ability to issue additional debt in the future.
179 - 185
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.
186 - 188
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. 193 - 192
158

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CITY OF BAKERSFIELD
Net Position by Component (1)
Last Ten Fiscal Years
Fiscal Year
2015 2016 2017(2) 2018(2)
Governmental Activities:

Net investment in capital assets $ 1,285,115,859 $ 1,304,906,456 $ 1,305,414,611 $ 1,301,334,674 Restricted for:

Capital improvements 22,112,200 21,988,624 20,626,443 20,759,775 Unrestricted (70,066,811) (86,460,007) (108,783,761) (200,714,582) Total governmental activities
net position: 1,237,161,248 1,240,435,073 1,217,257,293 1,121,379,867 % change from prior year -22.4% 0.3% -1.9% -8.5%
Business-Type Activities:

Net investment in capital assets 648,359,633 665,588,574 670,274,189 700,725,335 Restricted for:

Capital improvements 20,201,556 20,201,947 20,200,000 20,200,000 Unrestricted 78,904,795 79,243,784 85,239,027 107,755,323 Total business-type activities
net position 747,465,984 765,034,305 775,713,216 828,680,658 % change from prior year -3.9% 2.3% 1.4% 6%
Primary Government:

Net investment in capital assets 1,933,475,502 1,970,495,030 1,976,138,800 2,002,060,009 Restricted for:

Capital improvements 42,313,756 42,190,571 40,826,443 40,959,775 Unrestricted 8,837,984 (7,216,223) (23,544,734) (92,959,259) Total primary government
net position $ 1,984,627,242 $ 2,005,469,378 $ 1,993,420,509 $ 1,950,060,525 Total primary government
% change from prior year -15.4% 1.0% -0.6% -2.2%
Notes:
(1) This schedule reports using the accrual basis of accounting. (2) There was a prior period adjustment in Governmental and/or Business-Type Activities for the fiscal year. Numbers have been changed to reflect the restatement.
(3) The current year increase in Governmental Activities net position is primarily due to the Public Safety and Vital Services (PSVS) district tax which is a new source of revenue that was approved by residents in November 2018. 159

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Fiscal Year
2019(2) 2020(2) 2021(2) 2022(2)(3) 2023(2) 2024(2)
$ 1,316,112,932 $ 1,347,391,281 $ 1,353,461,742 $ 1,369,954,461 $ 1,395,502,719 $ 1,429,436,704 18,975,747 15,078,957 15,276,476 21,536,491 21,357,879 23,409,163 (193,801,808) (190,673,618) (59,276,481) (39,763,272) 3,081,026 9,583,120 1,141,286,871 1,171,796,620 1,309,461,737 1,351,727,680 1,419,941,624 1,462,428,987 2% 3 12 3 5.0% 3.0%
720,818,075 735,284,165 746,197,186 754,164,100 756,449,727 759,347,931 20,200,000 20,200,000 20,200,000 20,200,000 20,200,000 20,200,000 107,638,278 105,004,414 113,278,598 106,968,986 120,952,107 147,076,898 848,656,353 860,488,579 879,675,784 881,333,086 897,601,834 926,624,829 2 1 2 0.2% 1.8% 3.2%
2,036,931,007 2,082,675,446 2,099,658,928 2,124,118,561 2,151,952,446 2,188,784,635 39,175,747 35,278,957 35,476,476 41,736,491 41,557,879 43,609,163 (86,163,530) (85,669,204) 54,002,117 67,205,714 124,033,133 156,660,018 $ 1,989,943,224 $ 2,032,285,199 $ 2,189,137,521 $ 2,233,060,766 $ 2,317,543,458 $ 2,389,053,816 2% 2 8 2 3.8% 3.1%
160

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CITY OF BAKERSFIELD
Change in Net Position (1)
Last Ten Fiscal Years
Fiscal Year
2015 2016 2017 2018
Expenses
Governmental activities:

General government $ 21,956,276 $ 24,203,337 $ 26,395,470 $ 29,731,416 Public safety:

Police 82,573,675 87,314,992 95,723,028 105,006,154
Fire 35,577,067 37,257,146 41,364,912 44,560,720
Public works 158,958,537 176,573,017 171,911,928 145,529,290 Recreation & parks 22,743,488 24,993,400 26,888,569 22,613,830 Development services 9,895,523 10,018,548 12,159,620 8,533,656 Economic/Community development (2) - - - -
Interest on long-term debt 164,046 39,729 33,429 25,060 Total governmental activities expenses 331,868,612 360,400,169 374,476,956 356,000,126 Business-type activities:

Wastewater treatment 41,602,539 38,038,376 41,008,233 42,103,648 Refuse collection 42,860,924 44,067,358 46,300,746 47,971,215 River & agricultural water 4,751,158 4,395,517 4,304,663 4,198,037 Domestic water 25,455,862 25,756,437 27,066,771 29,205,225 General aviation 527,279 480,754 812,527 671,124
Offstreet parking 163,840 112,986 226,999 233,746
Total business-type activities expenses 115,361,602 112,851,428 119,719,939 124,382,995 Total primary government expenses 447,230,214 473,251,597 494,196,895 480,383,121 Program Revenues
Governmental activities:

Charges for services:

General government 3,051,375 6,178,924 4,609,597 5,618,886 Public safety:

Police 2,737,294 3,138,617 4,797,619 2,989,023
Fire 5,784,964 6,375,758 6,903,928 7,242,490
Public works 20,958,923 18,625,200 17,116,439 17,159,857 Recreation & parks 14,336,209 15,665,544 16,103,058 16,481,750 Development services 5,620,567 6,076,072 5,719,860 5,909,456 Operating grants and contributions 12,963,571 11,217,162 12,640,678 9,165,593 Capital grants and contributions 101,313,136 120,303,934 100,956,230 85,533,310 Total governmental activities
program revenues $ 166,766,039 $ 187,581,211 $ 168,847,409 $ 150,100,365 Notes:
(1) This schedule reports using the accrual basis of accounting. (2) Economic/Community Development became a part of Development Services. 161

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Fiscal Year
2019 2020 2021 2022 2023 2024
$ 31,112,425 $ 40,385,072 $ 59,796,329 $ 42,511,573 $ 36,776,455 $ 47,233,931 106,340,979 120,286,345 122,380,189 129,728,794 157,182,433 185,288,008 46,537,182 49,284,742 50,309,878 45,764,559 58,352,144 67,982,220 126,435,754 170,924,424 145,038,811 150,281,233 109,899,852 101,644,764 20,685,570 26,172,685 25,111,166 26,118,994 39,781,689 41,188,369 8,221,265 13,409,023 10,230,315 6,956,455 14,366,698 18,469,442 - - 8,793,206 50,040,874 31,828,294 23,074,084
17,358 7,779 (5,101) 17,809 (3,224) 3,187
339,350,533 420,470,070 421,654,793 451,420,291 448,184,341 484,884,005 43,491,976 41,863,203 41,038,194 41,498,952 44,261,402 47,639,616 52,077,032 56,297,122 50,804,453 58,507,299 65,668,875 72,388,867 4,469,652 5,110,204 5,098,760 7,096,442 7,322,078 6,580,440 26,859,329 30,900,781 35,476,633 38,097,963 39,547,695 42,907,079 480,368 633,219 548,758 429,865 488,137 582,783
290,799 288,532 309,221 341,910 329,928 322,398
127,669,156 135,093,061 133,276,019 145,972,431 157,618,115 170,421,183 467,019,689 555,563,131 554,930,812 597,392,722 605,802,456 655,305,188 5,476,706 4,474,539 16,695,951 8,343,684 10,265,564 7,151,429 3,719,138 3,152,452 3,045,346 4,098,823 3,769,689 3,491,353 7,615,334 8,116,341 8,503,888 8,988,190 9,825,370 10,584,125 16,970,725 17,969,450 22,364,612 18,860,054 15,584,199 19,848,254 17,354,482 14,768,875 12,544,657 20,184,327 20,303,609 22,927,301 6,335,650 6,589,380 7,122,586 7,327,904 7,490,244 7,925,583 11,411,248 17,270,805 104,733,729 43,350,105 46,450,288 34,428,918 78,708,716 109,448,244 92,038,360 90,119,811 60,046,585 51,004,786 $ 147,591,999 $ 181,790,086 $ 267,049,129 $ 201,272,898 $ 173,735,548 $ 157,361,749 162

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CITY OF BAKERSFIELD
Change in Net Position (1) continued
Last Ten Fiscal Years
Fiscal Year
2015 2016 2017 2018
Business-type activities:

Charges for services:

Wastewater treatment $ 31,437,669 $ 32,809,778 $ 33,037,996 $ 34,036,372 Refuse collection 43,447,351 45,865,520 49,502,386 51,119,909 River & agricultural water 3,640,671 2,863,750 6,712,871 7,039,283 Domestic water 22,478,013 20,275,368 23,232,757 26,491,151 General aviation 315,351 327,491 325,116 347,315
Offstreet parking 78,807 134,404 146,250 114,261
Operating grants and contributions 8,749,741 7,283,587 7,173,227 9,047,127 Capital grants and contributions 7,402,621 16,428,109 9,741,991 4,913,540 Total business-type activities
program revenues 117,550,224 125,988,007 129,872,594 133,108,958 Total primary government
program revenues 284,316,263 313,569,218 298,720,003 283,209,323 Net (Expenses) Revenues:

Governmental activities (165,102,573) (172,818,958) (205,629,547) (205,899,761) Business-type activities 2,188,622 13,136,579 10,152,655 8,725,963 Total primary government
Net (Expenses) Revenues (162,913,951) (159,682,379) (195,476,892) (197,173,798) General Revenues and Other Changes in Net Position
Governmental activities:

Taxes:

Property taxes 71,382,809 74,342,784 77,680,416 79,774,412 Sales and use taxes 70,366,255 70,786,792 65,348,910 72,322,068 Other taxes 1,177,810 1,176,713 1,212,122 1,308,842
Intergovernmental, unrestricted 150,529 149,089 169,836 201,875 Unrestricted grants and contributions 25,497,714 25,381,927 24,827,775 25,140,642 Investment earnings (loss) 487,532 2,295,536 283,544 1,295,749 Miscellaneous 2,173,532 1,613,591 1,707,873 1,754,210
Gain (loss) on sale of property (8,511,599) 826,990 273,364 248,579 Transfers 3,584,925 1,352,562 152,000 2,032,654
Total Governmental Activities 166,309,507 177,925,984 171,655,840 184,079,031 Business-type activities:

Investment earnings 1,968,113 1,728,927 1,112,586 1,878,973 Gain (loss) on sale of property 390,791 17,545 15,670 20,370 Transfers (3,584,925) (1,352,562) (152,000) (2,032,654) Total business-type activities (1,226,021) 393,910 976,256 (133,311) Total primary government 165,083,486 178,319,894 172,632,096 183,945,720 Extraordinary gain (loss) - - - 54,231,181
Change in Net Position:

Governmental activities 1,206,934 5,107,026 (33,973,707) (21,820,730) Business-type activities 962,601 13,530,489 11,128,911 8,592,652 Total primary government $ 2,169,535 $ 18,637,515 $ (22,844,796) $ (13,228,078) 163

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Fiscal Year
2019 2020 2021 2022 2023 2024
$ 33,916,086 $ 34,356,259 $ 35,011,460 $ 34,009,383 $ 36,560,842 $ 39,525,137 54,158,105 56,834,796 60,544,720 65,874,392 76,907,921 85,954,989 9,643,555 7,203,989 3,886,694 6,432,162 9,931,949 14,889,184 27,744,037 28,624,932 30,211,227 30,921,823 30,282,579 33,101,726 318,401 301,933 333,337 314,360 592,720 403,679
160,090 153,884 100,941 116,313 146,342 196,013
8,406,992 7,587,747 12,105,862 9,583,100 6,577,750 8,564,945 11,977,630 10,120,482 13,829,014 11,757,533 8,694,370 11,643,660 146,324,896 145,184,022 156,023,255 159,009,066 169,694,473 194,279,333 293,916,895 326,974,108 423,072,384 360,281,964 343,430,021 351,641,082 (191,758,534) (238,679,984) (154,605,664) (250,147,393) (274,448,793) (327,522,256) 18,655,740 10,090,961 22,747,236 13,036,635 12,076,358 23,858,150 (173,102,794) (228,589,023) (131,858,428) (237,110,758) (262,372,435) (303,664,106) 83,543,561 85,558,776 92,614,863 96,169,420 103,659,840 111,318,789 94,622,228 148,259,133 180,298,616 201,046,660 199,751,271 203,937,875 1,524,996 1,341,620 1,722,078 2,053,178 1,496,831 1,512,943 185,685 308,043 288,061 459,088 419,097 504,428
25,237,610 24,763,948 25,713,508 28,518,519 30,203,358 31,012,748 2,708,894 1,707,054 53,432 (5,253,433) 7,049,209 24,197,939 1,474,916 2,670,587 3,642,011 3,627,334 2,705,121 3,192,150 101,086 4,060 10,682 9,361 2,164 4,930
4,058,397 2,064,005 (11,840,913) (3,720,254) (2,771,093) (3,001,734) 213,457,373 266,677,226 292,502,338 322,909,873 342,515,798 372,680,068 5,045,825 3,671,948 649,913 (1,924,718) 3,997,545 9,550,550 25,454 133,322 35,457 (9,328) 50,565 43,580
(4,058,397) (2,064,005) (4,073,335) (2,924,103) 144,280 (4,429,285) 1,012,882 1,741,265 (3,387,965) (4,858,149) 4,192,390 5,164,845 214,470,255 268,418,491 289,114,373 318,051,724 346,708,188 377,844,913 - - - - - -
21,698,839 27,997,242 137,896,674 72,762,480 68,067,005 45,157,812 19,668,622 11,832,226 19,359,271 8,178,486 16,268,748 29,022,995 $ 41,367,461 $ 39,829,468 $ 157,255,945 $ 80,940,966 $ 84,335,753 $ 74,180,807 164

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CITY OF BAKERSFIELD
Fund Balances of Governmental Funds
Last Ten Fiscal Years (1)
2015 2016
Fiscal Year
2017 2018
General Fund
Nonspendable $ 1,000 $ 1,000 $ 1,025 $ 1,025
Restricted - - - -
Committed 33,140,376 28,995,204 32,559,429 29,505,463
Assigned 7,254,726 4,042,766 3,567,936 2,914,844
Unassigned 383,987 8,783,314 3,115,798 7,077,156
Subtotal general fund 40,780,089 41,822,284 39,244,188 39,498,488 All Other Governmental Funds
Nonspendable 944,356 44,508 7,675,326 1,212,183
Restricted 22,112,200 21,988,624 20,626,443 20,759,775
Committed 80,565,806 64,661,547 67,725,705 68,066,549
Assigned 51,017,356 51,026,114 37,747,940 46,316,269
Unassigned - - - -
Subtotal all other governmental funds 154,639,718 137,720,793 133,775,414 136,354,776 Total governmental fund balance $ 195,419,807 $ 179,543,077 $ 173,019,602 $ 175,853,264 Notes:
(1) Includes all governmental funds as shown in the Fund Financial Statements.

Source: City Finance Department
165

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2019 2020 2021
Fiscal Year
2022 2023 2024
$ 51,479 $ 44,314 $ 38,724 $ 98,463 $ 99,455 $ 100,147
- - - - - -
27,488,388 49,811,144 66,059,815 86,443,908 98,091,483 90,130,909 22,403,228 18,869,241 30,544,224 34,420,249 29,000,457 20,022,472 4,689,839 - 29,426,960 7,478,680 25,106,773 48,772,075
54,632,934 68,724,699 126,069,723 128,441,300 152,298,168 159,025,603 942,965 968,679 779,865 779,865 779,865 306,847
18,975,747 15,078,956 68,537,913 26,837,705 25,521,894 28,264,078 83,018,904 141,307,728 89,790,696 97,922,671 99,054,504 120,619,304 28,958,138 56,246,321 71,912,128 91,762,304 103,215,729 103,773,099 - - - (320,921) (86,759) -
131,895,754 213,601,684 231,020,602 216,981,624 228,485,233 252,963,328 $ 186,528,688 $ 282,326,383 $ 357,090,325 $ 345,422,924 $ 380,783,401 $ 411,988,931 166

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CITY OF BAKERSFIELD
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
Fiscal Year
2015 2016 2017 2018 2019
Revenues:

Taxes $ 168,047,259 $ 171,344,057 $ 168,758,632 $ 178,228,594 $ 204,629,052 Licenses and permits 3,297,396 3,216,872 3,321,133 3,268,134 3,483,935 Intergovernmental 113,170,797 129,091,459 111,232,933 93,198,441 88,214,967 Charges for services 29,643,496 31,225,288 31,530,433 34,404,377 35,435,981 Fines, forfeitures &
assessments 21,984,077 20,337,463 21,325,888 18,887,330 20,058,536 Interest income (loss) 1,470,902 2,823,200 591,514 1,791,980 4,373,028 Contributions and donations 10,390 153,607 294,156 259,932 372,462 Miscellaneous 9,100,338 6,377,099 3,789,687 4,342,074 3,294,244 Total Revenues 346,724,655 364,569,045 340,844,376 334,380,862 359,862,205 Expenditures:

General government 19,254,079 21,404,144 21,483,266 21,883,948 22,849,651 Police 83,484,871 85,469,207 85,303,925 89,209,119 97,029,401 Fire 36,224,449 36,956,928 37,694,398 39,299,505 40,616,758 Public works 26,828,323 26,936,064 25,826,378 25,798,786 27,310,375 Recreation and parks 18,833,884 18,145,518 18,881,782 20,215,698 20,358,886 Development services 12,231,555 12,068,546 11,861,982 9,419,106 10,415,836 Economic/Community
development(1) - - - - -
Non-departmental 12,736,007 13,348,200 10,724,880 11,699,947 12,680,999 Capital outlay 134,748,520 164,583,100 134,231,542 113,952,709 115,089,647 Debt service:

Principal 454,964 489,828 503,828 502,352 635,085
Interest and fiscal charges 252,300 57,115 65,870 59,324 51,545 Total Expenditures 345,048,952 379,458,650 346,577,851 332,040,494 347,038,183 Excess (deficiency) of revenues over
(under) expenditures 1,675,703 (14,889,605) (5,733,475) 2,340,368 12,824,022 Other financing sources (uses):

Notes/certificate proceeds - - - - -
Transfers in 15,963,966 10,049,932 7,686,698 7,691,676 13,125,130 Transfers out (17,860,400) (10,158,904) (7,686,698) (7,956,681) (13,264,112) Extraordinary gain - - - - -
Total other financing
sources (uses) (1,896,434) (108,972) - (265,005) (138,982) Net change in fund balances $ (220,731) $ (14,998,577) $ (5,733,475) $ 2,075,363 $ 12,685,040 Debt service as a percentage of
non-capital expenditures -13.0% 1.0% -0.6% 0.2% 0%
Notes:
(1) Economic/Community Development became a part of Development Services.

Source: City Finance Department
167

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Fiscal Year
2020 2021 2022 2023 2024
$ 259,638,738 $ 300,024,833 $ 327,513,037 $ 334,818,480 $ 347,645,193 3,454,071 4,001,187 3,384,880 3,739,812 4,382,047
124,484,134 194,092,532 132,065,048 105,459,811 83,414,324 32,551,009 43,705,171 45,230,702 47,876,607 47,709,994
20,828,104 25,163,614 21,038,680 17,494,003 23,120,924
2,842,822 105,421 (6,142,577) 5,910,369 21,186,528
241,524 369,430 209,264 54,797 68,758
4,712,882 5,436,208 4,803,249 2,642,294 2,911,135
448,753,284 572,898,396 528,102,283 517,996,173 530,438,903 23,763,499 19,876,458 29,410,337 32,475,729 43,832,011
106,465,614 116,398,680 136,388,113 149,324,252 166,293,373 44,793,126 49,371,815 53,004,524 56,758,508 61,012,401
28,993,981 31,703,085 34,664,649 37,396,998 42,893,840
22,214,583 23,357,612 24,994,665 30,095,350 35,097,253
15,810,027 9,375,387 11,903,919 13,747,976 15,938,295
- 13,878,647 49,808,331 28,216,989 22,981,952
11,500,076 42,480,433 20,501,031 13,458,915 11,627,476
166,425,210 117,607,121 130,187,708 111,757,702 86,995,276 1,227,678 1,216,297 1,317,651 1,199,445 640,646
41,790 30,499 17,809 6,339 3,187
421,235,584 425,296,034 492,198,737 474,438,203 487,315,710 27,517,700 147,602,362 35,903,546 43,557,970 43,123,193 - - - - -
47,648,113 46,659,400 870,288 57,645,726 32,795,410
(48,092,817) (50,541,564) (79,878,533) (65,843,219) (40,834,889) - - - - -
(444,704) (3,882,164) (79,008,245) (8,197,493) (8,039,479) $ 27,072,996 $ 143,720,198 $ (43,104,699) $ 35,360,477 $ 35,083,714 0 0 0 0.2% 0.1%
168

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CITY OF BAKERSFIELD
Governmental Activities Tax Revenues By Source
Last Ten Fiscal Years (1)
Fiscal
Year
General
Property
Taxes
Sales and
Use Taxes
Transient
Occupancy
Taxes
Business
License
Taxes
Utility
Franchise
Taxes
In-Lieu and
Other Taxes Total Taxes
2015 $ 71,382,809 (2) $ 70,366,255 $ 9,487,984 $ 3,730,720 $ 11,901,681 (3) $ 1,177,810 $ 168,047,259 2016 74,342,784 (2) 70,786,793 9,450,710 3,904,569 11,682,488 (3) 1,176,713 171,344,057 2017 77,680,416 (2) 65,348,909 9,577,898 3,875,410 11,063,877 (3) 1,212,122 168,758,632 2018 79,774,412 (2) 72,322,068 9,570,855 3,826,518 11,425,899 (3) 1,308,842 178,228,594 2019 83,543,561 (2) 94,622,228 9,943,109 4,043,883 10,951,275 (3) 1,524,996 204,629,052 2020 85,558,776 (2) 48,259,133 8,913,147 3,900,858 11,665,204 (3) 1,341,620 159,638,738 2021 92,614,863 (2) 180,298,616 8,863,710 3,877,882 12,647,684 (3) 1,722,078 300,024,833 2022 96,169,420 201,046,660 11,503,778 3,997,145 0 12,742,856 (3) 2,053,178 327,513,037 2023 103,659,840 199,751,271 11,135,080 4,445,163 0 14,330,295 1,496,831 334,818,480 2024 111,318,789 203,937,875 12,123,813 5,001,470 0 - 1,512,943 333,894,890 Notes:
(1) Includes all governmental funds as shown in the Fund Financial Statements. (2) Includes Vehicle License Fee in Lieu revenue.
(3) Includes additional taxes and Utility Surcharge revenues designated by ordinance for road purposes.

Source: City Finance Department
169

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CITY OF BAKERSFIELD
Principal Property Taxpayers
Current Year and Nine Years Ago
2015 2024
Taxpayer
Taxable
Assessed Value Rank
Percentage of
Total Taxable
Assessed
Value
Taxable
Assessed Value Rank
Percentage of
Total Taxable
Assessed
Value
Nestle Dreyers Ice Cream Company 199,063,518 0.81% 235,787,343 0.59% Chevron USA Inc. 197,309,584 0.80% 186,258,395 0.47%
Valley Plaza Mall LP 125,784,185 0.51% 148,435,218 0.37% Caifornia Water Service Company 83,696,749 0.34% 156,706,154 0.39% Castle & Cooke CAL Inc. 79,158,410 0.32% 123,740,683 0.31% Walmart Stores Inc/Sam's 89,580,478 0.36% 125,783,852 0.32% DS Properties 18 LP - -% 94,931,567 0.24%
Bolthouse Land Company LLC - -% 78,873,518 0.20%
GSF Springs Investors LP - -% 67,400,558 0.17%
GSF Edgewater Investors LP 67,653,948 0.27% - -%
LSREF2 Tractor REO BAK LLC 54,550,000 0.22% - -%
Donahue Schriber Realty Group LP 74,957,932 0.30% - -%
Brighthouse Networks LLC 52,364,664 0.21% - -%
Sillect Heart LLC - -% 63,412,000 0.16%
Total taxable assessed value of
ten (10) largest taxpayers 1,024,119,468 4.14% 1,281,329,288 %3.22 Total taxable assessed value of other taxpayers 23,580,392,241 95.86% 38,595,884,182 %96.78 Total taxable assessed value of all taxpayers 24,604,511,709 100.00% 39,877,213,470 %100.00 Note:

Related parties grouped together on the original source document (County's list of assessed valuations) are included in the total assessed valuation amount for each taxpayer cited. Unitary and operating nonunitary are excluded as valuation by parcel is no longer available. Secured values only reported.

Source: HDL Coren & Cone, Kern County Assessor 2020-21 Combined Tax Rolls 170

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CITY OF BAKERSFIELD
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
Amounts expressed in thousands
Fiscal
Year Secured Less:

Ended
June 30
Residential
Property
Commercial
Property Other Unsecured
Tax Exempt
Real Property
2015 $ 17,297,625 $ 4,111,192 $ 3,607,361 $ 819,306 $ 1,230,972 2016 18,495,838 4,238,653 3,749,127 835,424 1,321,877
2017 19,571,365 4,497,923 3,971,042 801,607 1,414,164
2018 20,569,686 4,650,981 4,085,221 767,598 1,451,354
2019 21,611,991 4,826,400 4,206,028 769,171 1,492,778
2020 22,729,432 4,968,389 4,339,072 794,111 1,577,783
2021 23,987,795 5,145,836 4,432,049 805,480 1,645,117
2022 25,334,257 5,244,832 4,468,139 818,232 1,658,484
2023 27,378,429 5,538,516 4,742,249 867,539 1,608,355
2024 29,556,320 5,831,091 5,268,002 982,395 1,760,595
(1) In 1978 the voters of the State of California passed Proposition 13 which limited 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 of 2%). With few exceptions, property is only reassessed as a result of new construction activity or at the time it is sold to a new owner. At that point, the property is reassessed based upon the added value of the construction or at the purchase price (market value) or economic value 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.

Source: HDL Coren & Cone, Kern County Assessor 2022-23 Combined Tax Rolls. 171

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Total Taxable Total
Estimated
Actual
Assessed
Value
Direct
Rate
Taxable
Value (1)
24,604,512 0.1623 Unavailable
25,997,165 0.1616 Unavailable
27,427,773 0.1613 Unavailable
28,622,132 0.1609 Unavailable
29,920,812 0.1607 Unavailable
31,253,221 0.1604 Unavailable
32,726,043 0.1647 Unavailable
34,206,976 0.1641 Unavailable
36,918,378 0.1639 Unavailable
39,877,213 0.1618 Unavailable
172

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CITY OF BAKERSFIELD
Property Tax Rates
Direct and Overlapping Governments
Last Ten Fiscal Years
2015 2016 2017 2018
Basic County-Wide Levy (1) 1.0000 1.0000 1.0000 1.0000
Overlapping Debt
Bakersfield Refund 1989C & D - - - -
Bakersfield School 0.0186 0.0339 0.0204 0.0522
Beardsley School 0.0406 0.0480 0.0723 0.0638
Edison School Bond 0.0678 0.0716 0.0706 0.0755
Fairfax School 0.0692 0.0712 0.0631 0.1075
Fruitvale School Bonds 0.0595 0.0591 0.0516 0.0534
Greenfield School 0.0544 0.0445 0.0438 0.0419
Kern Community College District 0.0105 0.0136 0.0132 0.0363 Kern County Water Agency 0.0525 0.0537 0.0585 0.0785
Kern High School District 0.0361 0.0324 0.0260 0.0533
Lakeside School 0.0254 0.0267 0.0236 0.0264
Lamont School 0.0630 0.0657 0.0681 0.0682
Norris School 0.0489 0.0498 0.0565 0.0579
Panama Buena Vista School 0.0294 0.0330 0.0243 0.0224
Rio Bravo-Greeley 0.0649 0.0581 0.0629 0.0687
Standard Bond 0.0208 0.0219 0.0403 0.0770
Standard Bond 2006A 0.0110 0.0140 - -
Vineland School 07-A 0.0431 0.0456 0.0441 0.0453
Total Direct & Overlapping Tax Rates (2) 1.7157 1.7428 1.7393 1.9283 City Share of 1% Levy (3) 0.1839 0.1839 0.1839 0.0184
Total Direct Rate (4) 0.1623 0.1616 0.1613 0.1609
(1) In 1978 the voters of the State of California passed Proposition 13 which set 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 any voter approved bonds.
(2) Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapping rates apply to all City property owners.
(3) City's share of 1.00% levy is based on the City's share of the general fund tax rate area with the largest net taxable value within the City. Educational Revenue Augmentation Fund (ERAF) general fund tax shifts are not included in tax ratio figures. The effective City rate after ERAF is 9.9%. (4) Total Direct Rate is the weighted average of all individual direct rates applied by the City of Bakersfield.

Source: HDL Coren & Cone (Kern County Auditor-Controller's Office) 173

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2019 2020 2021 2022 2023 2024

1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
- 0.0020 - - -

0.0449 0.0379 0.0466 0.0386 0.0348 0.0378

0.0671 0.0659 0.0559 0.0647 0.0480 0.0474

0.0738 0.0644 0.0640 0.0690 0.0619 0.0856

0.1009 0.0743 0.0754 0.0819 0.0806 0.0829

0.0731 0.0525 0.0454 0.0503 0.0445 0.0401

0.0398 0.0678 0.0683 0.0764 0.0812 0.0647

0.0337 0.0330 0.0339 0.0386 0.0312 0.0343

0.0707 0.0812 0.0791 0.0791 0.0768 0.0718

0.0512 0.0532 0.0485 0.0417 0.0439 0.0358

0.0242 0.0250 0.0300 0.0300 0.0223 0.0245

0.0639 0.0659 0.0655 0.0641 0.0618 0.0599

0.0373 0.0391 0.0378 0.0521 0.0399 0.0315

0.0288 0.0558 0.0521 0.0512 0.0475 0.0788

0.0517 0.0720 0.0636 0.0703 0.0535 0.0228

0.0602 0.0663 0.0617 0.0807 0.0634 0.0547
- - - - - -

0.0238 0.0437 0.0274 0.0316 0.0301 0.0314

1.8451 1.9000 1.8552 1.9203 1.8214 1.8040

0.1839 0.1839 0.1839 0.1839 0.1839 0.1839

0.1607 0.1604 0.1647 0.1641 0.1639 0.1618
174

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CITY OF BAKERSFIELD
Property Tax Levies and Collections
Last Ten Fiscal Years (1)
Collected within the
Fiscal Year of the Levy Total Collections to Date
Fiscal Year
Ended
June 30
Tax Levied
for the
Fiscal Year Amount
Percentage
of Levy
Collections
in Subsequent
Years (2) Amount
Percentage
of Levy (3)
2015 $42,153,405 $ 41,301,939 97.98% $ 166,794 $ 41,468,733 98.38% 2016 44,309,063 43,455,549 98.07% 254,923 43,710,472 98.65% 2017 47,433,693 46,803,045 98.67% 4,914 46,807,959 98.68% 2018 47,385,467 46,768,741 98.70% 345,147 47,113,888 99.43% 2019 49,577,578 48,864,996 98.56% 696,193 49,561,189 99.97% 2020 47,854,714 49,634,163 103.72% 119,111 49,753,274 103.97% 2021 55,963,993 55,106,304 98.47% 633,958 55,740,262 99.60% 2022 57,429,550 56,309,428 98.05% 888,270 57,197,698 99.60% 2023 61,652,588 60,603,853 98.30% 505,413 61,109,266 99.12% 2024 64,748,654 64,362,574 99.40% 245,576 64,608,150 99.78% Notes:
(1) Excludes Redevelopment property tax increment.
(2) Delinquent tax collections do not include interest or penalties. (3) Total collections to date may exceed 100% of annual levy. Delinquent tax collections are recorded in the current levy year as the County of Kern does not give detail as to the levy year for delinquent tax collections. This was confirmed with the County of Kern in 2014.

Source: City Finance Department
175

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CITY OF BAKERSFIELD
Direct and Overlapping Sales Tax Rates
Last Ten Fiscal Years
Year
State of
California
Total
Rate
2015 %7.25 %7.25
2016 %7.25 %7.25
2017 %7.25 %7.25
2018 %7.25 %7.25
2019 %7.25 %8.25
2020 %7.25 %8.25
2021 %7.25 %8.25
2022 %7.25 %8.25
2023 %7.25 %8.25
2024 %7.25 %8.25
Note: The City's sales tax rate may be changed with voter approval.

Source: California Department of Tax and Fee Administration 176

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CITY OF BAKERSFIELD
Taxable Sales By Category Market Groups
Last Ten Calendar Years
(in thousands of dollars)
2014 2015 2016 2017 2018
Apparel Stores $ 268,897 $ 275,099 $ 281,878 $ 287,232 $ 302,599 General Merchandise 902,944 907,685 893,331 917,083 950,000 Food Stores 172,326 164,207 158,627 158,343 165,416
Eating and Drinking Places 656,379 701,627 724,843 767,018 802,252 Building Materials 544,666 553,276 564,361 581,131 630,907 Auto Dealers and Supplies 1,315,912 1,355,170 1,346,606 1,431,179 1,436,629 Service Stations 528,591 455,773 409,770 460,705 530,371 Other Retail Stores 841,272 816,507 786,449 783,220 789,365 All Other Outlets 1,938,339 1,558,102 1,467,580 1,588,600 1,679,685 Total $ 7,169,326 $ 6,787,446 $ 6,633,445 $ 6,974,511 $ 7,287,224 Source: State Board of Equalization, California Department of Taxes and Fees Administration, State Controller's Office, The HdL Companies Due to confidentiality issues, the names of the ten largest revenue payers are not available. The categories presented are intended to provide alternative information regarding the sources of the City's revenue. 177

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2019 2020 2021 2022 2023
$ 308,328 $ 242,398 $ 392,748 $ 359,429 $ 352,773
963,148 956,554 1,138,471 1,203,850 1,147,995
171,118 198,136 205,484 221,840 216,663
847,033 755,367 1,032,165 1,097,528 1,149,335
636,725 733,067 800,456 843,459 878,760
1,479,028 1,540,188 1,975,894 1,945,615 1,930,223
539,165 433,906 620,017 754,195 683,994
773,010 746,515 930,124 905,566 876,382
1,837,407 2,052,473 2,262,334 2,732,924 2,191,789
$ 7,554,962 $ 7,658,604 $ 9,357,693 $ 10,064,406 $ 9,427,914 178

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CITY OF BAKERSFIELD
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
Fiscal
Year
General
Obligations
Bonds
Net
Bonded Debt Total
Ratio of Net
Bonded Debt to
Assessed
Value
Population
(1)
Total
Debt
Per
Capita
2015 $ - $ - $ - %- 365,504 $-
2016 - - - - 379,110 0.00
2017 - - - - 383,512 0.00
2018 - - - - 386,839 0.00
2019 - - - - 389,211 0.00
2020 - - - - 392,756 0.00
2021 - - - - 397,392 0.00
2022 - - - - 408,865 0.00
2023 - - - - 408,373 0.00
2024 $ - $ - $ - - -
Notes:

Includes all long-term general obligation bonded debt.
(1) State Department of Finance
Source: City Finance Department
179

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180

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CITY OF BAKERSFIELD
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities Business-Type Activities
Revenue Bonds Notes
Certificates of
Participation
Total
Governmental
Activities (3) Revenue Bonds Bonds
2015 $ - $ 3,932,118 $ 18,460,000 $ 22,392,118 $ 190,545,190 $ - 2016 - 3,442,290 16,175,000 19,617,290 187,377,613 -
2017 - 2,938,462 13,785,000 16,723,462 174,647,913 -
2018 - 2,584,240 11,275,000 13,859,240 166,998,212 -
2019 - 6,111,476 8,635,000 14,746,476 160,129,574 -
2020 - 4,883,798 5,875,000 10,758,798 138,826,333 -
2021 - 3,995,063 3,000,000 6,995,063 129,974,556 -
2022 - 3,547,669 - 3,547,669 120,697,778 -
2023 - 2,348,224 - 2,348,224 111,096,000 -
2024 - 1,646,568 - 1,646,568 101,039,222 -
Notes:

Details regarding the City's outstanding debt can be found in the notes to the basic financial statements. (1) U.S. Department of Commerce Bureau of Economic Analysis. As available, figures and estimates should be used for general purposes only. Estimates are revised periodically to include data that may not have been available at the time. Personal income was used for the base of this calculation. Details can be found in the Demographic and Economic Statistics.
(2) State Department of Finance. Estimates are revised periodically to include data that may not have been available at the time. Population was used for the base of this calculation. Details can be found in the Demographic and Economic Statistics. (3) Total Governmental Activities and Total Primary Government totals do not include Compensated Absences. (4) As restated.

Source: City Finance Department
181

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Business-Type Activities
Deferred
Bond
Premium Notes
Contracts/
Loans
Capital
Leases (4)
Total
Business-Type
Activities
Total Primary
Government
Percentage
of Personal
Income (1)
(4)
Per
Capita (2)
(4)
$ - $ 4,512,759 $ 246,131 $ 20,135,757 $ 215,439,837 $ 237,831,955 %2.89 $651 - 3,760,631 292,503 19,091,567 210,522,314 230,139,604 %2.70 607 - 3,008,504 319,400 18,730,478 196,706,295 213,429,757 %2.45 557 - 2,256,378 368,746 18,315,293 187,938,629 201,797,869 %2.25 522 - 1,504,252 314,215 17,671,298 179,619,339 194,365,815 %2.08 499 - 752,127 355,737 17,000,597 156,934,794 167,693,592 %1.70 427 - 3,000,000 352,970 16,304,875 149,632,401 156,627,464 %1.53 394 - 2,719,697 326,262 - 123,743,737 127,291,406 %1.23 311 - 2,435,190 335,448 67,692 113,934,330 116,282,554 %1.01 285 - 2,146,415 384,932 64,551 103,635,120 105,281,688 %0.82 256 182

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CITY OF BAKERSFIELD
Direct and Overlapping Debt (1)
As of June 30, 2024
Debt
Outstanding (2)
Estimated
Percentage
Applicable (3)
Estimated Share
of Overlapping
Debt
Overlapping Tax and Assessment Debt
Kern Community College District Safety
Repair and Improvement District $ 82,855,810 34.567 $ 28,640,768 Kern Community College District School
Facilities Improvement District No. 1 377,870,000 34.360 129,836,132 Kern High School District 371,616,209 53.181 197,629,216 Bakersfield City School District 124,826,619 72.112 90,014,971 Beardsley School District 18,707,792 19.516 3,651,013
Edison School District 6,174,465 0.051 3,149
Fairfax School District 15,183,945 30.153 4,578,415
Fruitvale School District 32,232,434 72.028 23,216,378
Greenfield Union School District 44,973,406 85.999 38,676,679 Lakeside Union School District 21,056,220 48.433 10,198,159 Lamont School District 1,218,162 0.015 183
Norris School District 32,720,479 56.829 18,594,721
Panama-Buena Vista Union School District 126,195,000 97.239 122,710,756 Rio Bravo-Greeley Union School District 7,518,673 9.900 744,349 Standard School District 44,905,000 0.638 286,494
Vineland School District 3,305,208 0.0003 10
California Statewide Community Development Authority-Community Facilities District No. 2015-02 9,680,000 100.000 9,680,000 Greenfield Union School District CFD No. 1 3,288,080 100.000 3,288,080 Greenfield Union School District CFD No. 2 940,000 100.000 940,000 Greenfield Union School District CFD No. 4 7,970,000 100.000 7,970,000 Greenfield Union School District CFD No. 2005-3 1,795,381 100.000 1,795,381 RNR School Financing Authority Community Facilities District No. 92-1 110,760,000 73.364 81,257,966 California Statewide Community Development Authority- Assessment District No. 2020-01 1,458,000 100.000 1,458,000
California Statewide Community Development Authority- Assessment District No. 2022-01 811,000 100.000 811,000
California Statewide Community Development Authority- Assessment District No. 2022-02 1,135,000 100.000 1,135,000
California Statewide Community Development Authority Assessment District No. 2023-01 1,180,000 100.000 1,180,000
City of Bakersfield 1915 Act Bonds 5,795,633 100.000 5,795,633 Overlapping Tax and Assessment Debt $ 1,456,172,516 $ 784,092,453 Overlapping General Fund Debt
Kern County General Fund Obligations $ 97,928,487 33.650 $ 32,952,936 Kern County Pension Obligations 76,148,636 33.650 25,624,016 Certificates of Participation:

Kern County Board of Education 29,985,000 33.650 10,089,953 Kern County Community College District 21,263,000 30.971 6,585,364 Kern County Community College District Benefit 71,870,000 30.971 22,258,858 Fairfax School District General Fund Obligations 1,753,225 30.153 528,650 Bakersfield City School District General Fund Obligations 2,028,830 72.112 1,463,030 Panama-Buena Vista Union School District General Fund Obligations 48,940,000 97.239 47,588,767 Rosedale Union School District General Fund Obligations 9,435,000 54.692 5,160,190 Overlapping Tax Increment Debt (Successor Agency) 1,530,000 100.000 1,530,000 Overlapping General Fund Debt $ 360,882,178 $ 153,781,764 Total Overlapping Debt $ 1,817,054,694 $ 937,874,217
Direct Debt
City of Bakersfield
Long-term notes payable $ 1,646,568
Total Direct and Overlapping Debt $ 939,520,785
Notes:
(1) Excluded from this schedule are: (a) all bonds which are not general obligation bonds of the City and (b) general obligation bonds issued for water utility purposes which are payable from Water Fund revenues.
(2) Direct debt is reported net of debt service monies available. Overlapping debt is reported at gross values. (3) Percentage of overlapping agency's assessed valuation located within boundaries of the City.

Source: California Municipal Statistics, Inc. and City Finance Department 183

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CITY OF BAKERSFIELD
Computation of Legal Debt Margin
June 30, 2024
Legislation does not mandate a debt limit for the City of Bakersfield. 184

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CITY OF BAKERSFIELD
Pledged - Revenue Coverage
Last Ten Fiscal Years
Wastewater Revenue Bonds
Fiscal
Sewer Charges
and Other
Less:

Operating
Net
Available Debt Service (3)
Year Revenue (1) Expenses (2) Revenue Principal Interest 2014-2015 $ 40,386,623 $ 14,195,887 $ 26,190,736 $ 4,360,000 (7) $ 8,744,990 2.00 2015-2016(5) 39,111,557 14,765,141 24,346,416 5,475,000 (7) 3,694,732 2.66 2016-2017 39,078,787 14,796,170 24,282,617 6,055,000 (7) 6,557,105 1.93 2017-2018 42,356,491 17,519,378 24,837,113 5,975,000 6,270,503 2.03 2018-2019 43,043,488 17,062,586 25,980,902 5,525,000 6,344,225 2.19 2019- 2020(8) 42,531,887 18,800,960 23,730,927 17,948,753 2,849,736 1.14 2020-2021(8) 45,430,671 16,266,552 29,164,119 7,245,000 4,841,040 2.41 2021-2022(9) 39,891,258 16,353,050 23,538,208 7,670,000 4,458,627 1.94 2022-2023 43,719,490 20,314,066 23,405,424 7,995,000 4,062,172 1.94 2023-2024 51,610,642 22,789,545 28,821,097 8,450,000 3,619,147 2.39 Notes:

Details regarding the City's outstanding debt can be found in the notes to the basic financial statements.

Operating expenses do not include interest or depreciation expenses. (1) Includes amounts for connection fees, interest funded in bond issue and principal portion of lease revenues. (2) Does not include the General Obligation Bonds reported in Enterprise Funds. Operating expenses exclude depreciation expense. (3) Issued Sewer Revenue Bonds, Series 2007A and 2007B in August of 2007. (4) Minimum coverage requirement on the Wastewater Revenue bonds is 1.25. (5) Previous report included arbitrage expenses. Revenue has been corrected. (6) In addition to the normal debt service amount referenced above, there was a partial bond call of $18,730,000 approved by the City Council to reduce the principal balance of the 2007B bond down to $25 million. Sewer revenue bonds 2007B were refunded in January 2012 (Series 2012A) to change the liquidity provider from Dexia to JP Morgan Chase.
(7) In addition to the normal debt service referenced above, City Council approved partial bond calls of $5 million each year to reduce the principal balance of Sewer Revenue Bonds Series 2012A.
(8) Partial refunding of Sewer Revenue Bonds Series 2007A in July 2015 (Series 2015A). (9) Corrected Operating Expenses Amount entered previously entered incorrectly.

Source: City Finance Department
185

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CITY OF BAKERSFIELD
Demographic and Economic Statistics
Last Ten Fiscal Years
Fiscal Year Population (1)
Personal
Income (2)
(millions)
Per Capita
Personal
Income (2)
Median
Age (3)
Education Level
as a % of
Population having
Formal Schooling
(3) (4)
Elementary
School
Enrollment
Estimated
Unemployment
Rate (%) (5)
2014-2015 365,504 $ 8,228 $ 22,512 30.1 78.5 24,232 9.30% 2015-2016 379,110 8,532 22,505 30.2 79.7 24,267 9.10%
2016-2017 383,512 8,713 22,718 30.4 79.6 24,299 9.20%
2017-2018 386,839 8,965 23,175 30.4 79.6 26,513 7.80%
2018-2019 389,211 9,333 23,980 30.5 80.0 26,491 5.50%
2019-2020 392,756 9,890 25,180 30.7 80.4 26,590 5.30%
2020-2021 397,392 10,227 25,734 30.8 80.1 - 11.20%
2021-2022(6) 408,865 10,374 25,372 31.0 81.4 - 8.00%
2022-2023 408,373 11,499 28,157 31.3 81.5 - 4.80%
2023-2024 411,109 12,894 31,365 31.5 81.6 - 6.00%
Notes:
(1) State Department of Finance. Estimates are revised periodically to include data that may not have been available at the time. (2) U.S. Department of Commerce Bureau of Economic Analysis. As available, figures and estimates should be used for general purposes only. Estimates are revised periodically to include data that may not have been available at the time. Information is for Bakersfield Metropolitan area. Effective 2008-2009 information now includes Delano area.
(3) U.S. Census Bureau estimates as available for Bakersfield Metropolitan area. (4) This column shows the percent of the City population 25 years and older who are high school graduates or higher. (5) State of California Employment Development Department (Data shown is for Kern County). (6) Elementary School Enrollment numbers for 2017-18 restated due to new data collection techniques by the Department of Education. 186

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CITY OF BAKERSFIELD
Principal Employers (1)
Current Year and Nine Years Ago
2015 2024
Employer Employees Rank
Percent
of Total City
Employment Employees Rank
Percent
of Total City
Employment
County of Kern (1) 7,800 1 %4.45 7,559 1 %4.199
Kern High School District (1) 4,017 2 %2.29 5,406 2 %3.003 Bakersfield City School District 3,254 3 %1.86 3,811 3 %2.117 San Joaquin Community Hospital 2,107 4 %1.20 - %-
WM Bolthouse Farms 1,939 5 %1.11 1,572 10 %0.873
Panama-Buena Vista Union School
District 2,069 6 %1.18 3,055 5 %1.697
Chevron Corp 1,860 7 %1.06 - %-
Nabors Completion & Production
Service %- - %-
Bakersfield Memorial Hospital 1,700 8 %0.97 - %-
City of Bakersfield 1,507 9 %0.86 1,799 8 %0.999
Mercy Hospital 1,350 10 %0.77 - %-
Dignity Health - 3,520 4 %1.956
Kern Medical Center - 2,437 7 %1.354
Adventist Health Bakersfield - 2,745 6 %1.525
Kern County Seperintendent of
Schools - 1,766 9 %0.981
Others 147,597 %84.24 146,330 %81.294
Total 175,200 %100.00 180,000 %100.000
(1) Not all employees are employed within the Bakersfield City Limits.

Source: City Finance Department.

Total number of employed persons in Bakersfield provided by EDD Labor Force Data.

Note: Only current data is available.
187

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188

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CITY OF BAKERSFIELD
Full-time Equivalent City Government Employees by Function Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020
Function
Governmental activities:

General government 126 123 123 124 143 159
Public safety
Police
Officers 404 404 407 407 450 479
Civilians 148 148 148 151 176 193
Fire
Firefighters and officers 177 177 177 177 184 200
Civilians 22 22 22 23 23 25
Public works 248 244 243 247 261 293
Community services 150 146 146 148 163 175
Community development 65 63 63 63 - -
Development services - - - - 79 92
Economic/Community dev. - - - - - -
Business-type activities:

Wastewater treatment 59 59 59 61 62 64
Refuse collection 107 107 108 109 111 112
River & Agricultural Water (1) 28 28 29 29 30 32
General aviation - - - - - -
Offstreet parking - - - - - -
Total 1,534 1,521 1,525 1,539 1,682 1,824
(1) Departmental name change in FY2018-19 from Domestic & Agricultural Water to River & Agricultural Water.

Source: City Finance Department
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2021 2022 2023 2024
158 181 172 -
501 502 531 -
216 229 205 -
199 199 199 -
25 33 32 -
277 305 305 -
180 203 203 -
- - - -
125 104 110 -
- 30 29 -
62 49 50 -
115 122 122 -
32 32 36 -
- - - -
- - - -
1,890 1,989 1,994 -
190

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CITY OF BAKERSFIELD
Property Value, Construction and Bank Deposits (1)
Last Ten Calendar Years
Commercial
Construction
Residential
Construction
Other
Construction
No. of
Units Value
No. of
Units Value Value
2014 89 $ 56,320 1,435 $ 389,715 $ 203,722
2015 70 49,806 1,391 384,819 377,510
2016 115 63,714 1,387 370,956 338,559
2017 59 61,034 1,132 332,652 312,316
2018 93 83,187 1,089 321,454 278,079
2019 111 48,155 1,421 400,718 321,560
2020 64 47,473 1,632 526,899 348,540
2021 43 34,698 1,130 349,562 418,846
2022 70 42,426 1,164 356,363 420,354
2023 127 52,404 1,246 379,133 407,171
Notes:
(1) Property value and bank deposits reported in thousands. (2) Federal Deposit Insurance Corporation
(3) Construction units and values are based on a 12 month calendar year.

June 30, 2024 data reflects the 2023 calendar year.

Source: City Finance Department
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Total
Construction
No. of
Units Value
Bank
Deposits (2)
1,524 $ 649,757 $ 6,421,302
1,461 812,135 3,759,961
1,502 773,229 7,141,426
1,191 706,002 7,515,635
1,182 682,720 7,702,403
1,532 770,433 8,675,464
1,696 922,912 9,960,173
1,173 803,106 10,379,883
1,234 819,143 10,298,664
1,373 838,708 9,836,537
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CITY OF BAKERSFIELD
Operating Indicators by Function
Last Ten Fiscal Years
Fiscal Year
2015 2016 2017 2018
Function
Public safety - Police
Physical arrests 24,254 19,965 13,008 9,502
Parking violations 6,183 4,083 3,843 2,238
Traffic violations 24,154 26,934 24,190 16,548
Public safety - Fire
Number of calls answered 35,117 35,747 38,823 40,945
Inspections 4,978 5,684 6,859 5,649
Public works
Street resurfacing (lane miles) 119 79 70 75
Refuse collection
Refuse collected (tons/day) 102,500 102,800 103,100 102,200 Recyclables collected (tons/day) 78,500 79,100 79,500 82,700 Recreation & parks
Athletic field permits issued 9,046 8,054 7,788 8,224
Community center,
aquatics/sports admissions 527,617 553,831 518,432 534,959 River & Agricultural water (1)
New connections 1,033 945 968 500
Water main breaks 5 4 4 3
Average daily consumption 34,973 29,812 33,378 36,128
(thousands of gallons)
Wastewater treatment
Average daily sewage treatment 29.9 MGD 28.7 MGD 29.0 MGD 29.6 MGD (millions of gallons)
(1) Departmental name change in FY2018-19 from Domestic & Agricultural Water to River & Agricultural Water.

Source: City Finance Department
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Fiscal Year
2019 2020 2021 2022 2023 2024
9,895 8,569 7,190 8,859 9,620 11,770
10,438 14,207 7,297 18,053 11,958 10,811
24,739 21,879 23,679 18,080 28,772 25,625
42,027 44,560 49,465 50,625 50,022 45,155
8,712 8,330 4,694 7,401 11,972 12,007
115 90 100 130 90 95
175,081 177,885 220,259 223,469 - -
87,680 89,786 66,956 62,253 - -
7,046 4,589 794 2,088 3,571 3,257
542,580 431,568 81,245 255,498 335,429 354,838
755 714 675 1,124 769 689
2 3 5 2 - 6
35,588 40,173 48,247 40,976 36,177 40,464

28.9 MGD 29.1 MGD 29.4 MGD 29.9 MGD 29.2 MGD 29.1 MGD
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CITY OF BAKERSFIELD
Capital Asset Statistics by Function
Last Ten Fiscal Years
Fiscal Year
2015 2016 2017 2018
Function
Land (1)
Area 150.18 150.97 151.10 151.10
Public safety
Police stations/substations 3 3 3 3
Fire stations 14 14 14 14
Refuse collection
Collection trucks 57 57 57 57
Public works
Streets (miles) (2) 1,441 1,553 1,596 1,505
Streetlights 16,486 16,781 17,042 18,632
Traffic signals 419 420 426 428
Recreation & parks
Parks acreage 769 769 776 810
Parks 59 59 59 59
Swimming pools 4 4 4 4
Community centers 3 3 3 3
River & Agricultural Water (3)
Water mains (miles) (2) 515 525 535 589
Fire hydrants (2) 10,853 11,117 11,130 11,396
Wastewater treatment
Sanitary sewers (miles) 1,072 1,076 1,077 1,077
Storm sewers (miles) 268 269 270 270
Maximum daily treatment capacity 57 MGD 57 MGD 57 MGD 57 MGD (millions of gallons)
Notes:
(1) Reported in square miles.
(2) Corrected numbers for all years up to and including FY2011-12 with more accurate information provided. (3) Departmental name change in FY2018-19 from Domestic & Agricultural water to River & Agricultural water.

Source: City Finance Department
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Fiscal Year
2019 2020 2021 2022 2023 2024
151.14 151.15 151.15 151.64 - -
3 3 3 2 2 2
14 14 14 14 14 14
67 74 66 71 - -
1,506 1,517 1,537 1,492 - -
18,635 18,639 19,095 19,850 19,595 20,241
431 433 440 447 - 450
810 828 662 662 662 692
59 61 61 61 61 62
4 4 4 4 4 4
3 3 3 3 3 3
592 608 615 620 626 635
11,467 11,697 11,814 11,966 12,096 12,222
1,086 1,090 1,099 1,107 - -
274 276 280 284 - -
57 MGD 57 MGD 57 MGD 57 MGD 57 MGD 57 MGD
196

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CITY OF BAKERSFIELD
Schedule of Insurance in Force
June 30, 2024
Excess Workers' Compensation Statutory Limit with a $500,000 self-insured retention.

Excess Liability $ 60,000,000 Limit with a $1,000,000 self-insured retention.

Combination Crime $ 5,000,000 Coverage limit, $25,000 deductible.

Airport Operations $ 10,000,000 Coverage limit.

Aircraft $ 10,000,000 Coverage limit.

Cyber Liability $ 25,000,000 Aggregate limit $50,000 self-insured retention Fiduciary Liability $ 5,000,000
Physical Loss:

All Risk Property and Boiler $ 600,000,000
Coverage on buildings and contents subject to $25,000 for all risk deductable, $5,000 for boiler and machinery
deductible.

Machinery
Machinery
Auto-Physical Damage
Coverage for vehicles/equipment values up to $250,000
subject to a $15,000 deductible and vehicles/equipment
values about $250,000 subject to a $100,000 deductible
Life and Medical:

Life and Accident $ 2,000
Supervisory & Management employees. Each employee
(basic coverage) and additional insurance equal to annual salary to nearest $1,000.
$ 12,000 Safety employees, each employee (basic coverage). $ 30,000 Miscellaneous employees, each employee (basic coverage).

Medical and Dental Basic coverage plus (no lifetime maximum) extended benefits of 90% after $750
deductible for medical (Blue Shield)
or Group dental ($50 deductible for United Concordia).

PRISM
Source: Liability and Physical Loss coverage is provided by the City's Risk Management.

Department. Life and Medical coverage is provided by the City's Human Resource Department. 197

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Insurance Company Policy Number
Expiration
Date Annual Premium
PRISM PRISMPE24 EWC-04 07/01/2025 $ 2,203,104
ACCEL 07/01/2025 6,595,831
National Union Fire ACIP13090202 07/01/2025 19,518
Pik West AAPN14413352003 07/01/2026 4,732
Pik West AACN10687846005 07/01/2025 9,077
Hudson SFD3121120506 10/01/2025 12,799
CSAC PROPERTY2023 03/31/2023 797,860
PRISM PRISMPR24-25 03/31/2025 1,267,560
PRISM B0180FN2433951 06/30/2025 50,023
Voya Financial 0067794-4 12/31/2024
$3.00 per thousand dollar of salary, management
& supervisory $2,000 plus annual salary
maximum benefit $100,000.

Voya Financial 0067794-9 12/31/2024
Safety-$27.30 each permanent employee for
$12,000 coverage.

Voya Financial 0067794-9 12/31/2024
Blue/White Collar Units: $68.38 each permanent
employee for $30,000 coverage.

Blue Shield PPO Health W0054380 12/31/2024 Bi-weekly rate range from $136.17 Blue Shield HMO Health W0054380 to $891.53 per employee for medical Blue Shield Trio Health W0054380 based upon individual's plan coverage and Kaiser Permanente
HMO 132733-1003 plan combination and $9.58 to $62.70
Kaiser Permanente
DHMO 132733-0010 dental. $1.06 to $2.74 for vision
Kaiser Permanente
DHMO 132733-0014 HMO, $1.57 to $4.08 for PPO.

United Concordia
DPPO Dental 920318-000 12/31/2024
United Concordia
DHMO Dental 920318-001
Medical Eye Service
HMO Vision 16269 12/31/2024
Medical Eye Service
PPO Vision 16270
198

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199

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To the Honorable Mayor and
Members of the City Council
City of Bakersfield
Bakersfield, California

In planning and performing our audit of the financial statement s of the governmental activities, the business-type activities, each major fund, and the aggregate re maining fund information of the City of Bakersfield (the City) as of and for the year ended June 30, 20 24, in accordance with auditing standards generally accepted in the United St ates of America, we consider ed the City’s system of internal control over financial reporting (internal control) as a basis for desi gning audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Ci ty’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.

Our consideration of internal c ontrol was for the limited purpo se described in the preceding paragraph and was not designed to identify all deficiencies in internal c ontrol that might be material weaknesses or significant deficiencies and, therefore, material weaknesses or significant deficiencies may exist that were not identified. However, during our audit, we became aware of a nother matter that is an opportunity for strengthening internal controls and operating efficiencies. The recommendation is listed in this report summarizes our comments and suggestions regarding this matter.

A deficiency in internal control exists when the design or oper ation of a control does not allow management or employees, in the normal course of performing the ir assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies in internal cont rol, such that there is a reaso nable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. We did not identify any deficiencies in internal control that we consider to be material weaknesses.

However, during our audit, we became aware of certain matters t hat are opportunities for strengthening internal controls and operating efficiencies. The recommendatio ns listed in this report summarize our comments and suggestions regarding these matters.

We will review the status of thes e comments duri ng our next aud it engagement. We have already discussed these comments and suggestions with various personnel s of the City, and we will be pleased to discuss these matters in further detail at your convenience, to perform any additional study of these matters, or to assist you in implementing the recommendations.

Current Year Agreed Upon Condition and Response

Condition – Ineffective Financial Closing and Reporting Process

During audit procedures performed, we noted there was an ineffe ctive operation of the financial closing and reporting process, resulting in untimely financial statemen ts preparation and delays in finalizing the Annual Comprehensive Financial Report for the fiscal year ended June 30, 2024. These delays created challenges in developing and executing timely audit procedures and results.

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Recommendation

We recommend the City implement a more structured closing proce ss with comprehensive year-end close checklists, assigned dut ies, and adhere to strict due dat es. Implementing processes to close the City’s financial records prior to the start of the audit will a llow audit procedures and risk assessment procedures to be appropriately developed, and audit work completed in a timely manner.

Management Response and Planned Correction

The City agrees with the recomme ndation. There are a number of mitigating circumstances that the Finance Department has had to wor k through and is still working through. Loss of experienced staff, an ongoing implementation project for a new Enterprise Resouce Pla nning (ERP) software, and deficient training processes all have played a factor in the delays from FY 2022 to today. The department has reordered priorities to focus on annual reporting needs, puttin g the ERP secondary to anything related to the financial close and the completion of the next year’s finan cial statements. In addition, training regimens have been initiated to build stronger capacity for sta ff, specifically with regards to governmental accounting and reporting requirements.

Prior Year Agreed Upon Condition and Response

Condition – Ineffective Financial Closing and Reporting Process

During audit procedures performed, we noted there was an ineffe ctive operation of the financial closing and reporting process, resulting in untimely financial statemen ts preparation and delays in finalizing the Annual Comprehensive Financial Report for the fiscal year ended June 30, 2023. These delays created challenges in developing and executing timely audit procedures and results.

Recommendation

Management Response and Planned Correction

The City agrees with the recomme ndation. There are a number of mitigating circumstances that the Finance Department has had to wor k through and is still working through. Loss of experienced staff, an ongoing implementation project for a new Enterprise Resource Pl anning (ERP) software, and deficient training processes all have played a factor in the delays from FY 2022 to today. The department has reordered priorities to focus on annual reporting needs, puttin g the ERP secondary to anything related to the financial close and the completion of the next year’s finan cial statements. In addition, training regimens have been initiated to build stronger capacity for sta ff, specifically with regards to governmental accounting and reporting requirements.

********

This communication is intended solely for the information and u se of management, the City Council, and others within the City, and is not intended to be and should no t be used by anyone other than these specified parties.

BROWN ARMSTRONG

ACCOUNTANCY CORPORATION

Bakersfield, California
March 31, 2026

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REQUIRED COMMUNICATION IN ACCORDANCE
WITH PROFESSIONAL STANDARDS (SAS 114)

To the Budget and Finance Committee,
Honorable Mayor, and
Members of the City Council
City of Bakersfield
Bakersfield, California

We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Bakersfield (the City) for the year ended June 30, 2024. Professional standards require that we pro vide you with information about our responsibilities under auditing standards generally accepted in the United States of America, Government Auditing Standards, and the Uniform Guidance, as well as certain information relate d to the planned scope and timing of our audit. We h ave communicated such information in our letter to you dated April 9, 2024. Professional standards also require that we communicate to you the following information related to our audit.

Significant Audit Matters

Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropri ate accounting policies. The significant accounting policies used by the City are described in Note 1 to the financial statements. During the year ended June 30, 2024, the City adopted the provisions of Governm ental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections . We noted no transactions entered into by the City during the year for which there is a l ack of authoritative guidance or consensus.

All significant transactions have been recognized in the financial statements in the proper period.

Accounting estimates are an integral part of the financial stat ements prepared by management and are based on management’s knowledge and experience about past and c urrent events and assumptions about future events. Certain acc ounting estimates are particula rly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the City’s financial statements were:

Management’s estimates in estimated date of collection to compl y with the period of availability for certain revenues, estimated net pension liability and relat ed pension expense and deferred inflows of resources and outflow s of resources, establishing th e net other post-employment benefits (OPEB) liability and related OPEB expense and deferred inflows of resources and outflows of resources, management’s estimate over self-insurance claims liabilities, management estimates for the determination of fair value of investments, t he estimated useful lives of capital assets, and the incremental bo rrowing rate as the discount rate for leases and the lease term which are derived by various methods as detailed in the notes. We evaluated the key factors and assumptions used to develop these estimates in determining that they are reasonable in relation to the financial statements taken as a whole.

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Certain financial statement disclosures are particularly sensit ive because of their significance to financial statement users. The most sensitive disclosures affecting the financial statements were:

• Note 2 - Cash and Investments
• Note 5 - Capital Assets
• Note 13 - Pledged Revenues
• Note 14 - Deferred Inflows of Resources
• Note 17 - Employment Retirement Benefits
• Note 18 - Other Post-Employment Benefits (OPEB)
• Note 20 - Risk Management
• Note 21 - Commitments and Contingencies
• Note 23 – Restatement of beginning net position and or fund balance

The financial statement disclosures are neutral, consistent, and clear.

Difficulties Encountered in Performing the Audit
The completion of our audit was delayed because the Annual Comp rehensive Financial Report (ACFR) and certain supporting documentat ion were not available for our review within the anticipated timeline needed to complete the audit timely.

Corrected and Uncorrected Misstatements
Professional standards require u s to accumulate all known and l ikely misstatements identified during the audit, other than those that are clearly trivial, and communica te them to the appropriate level of management. No such misstatements were noted.

Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, t hat could be significant to the financial statements or the auditor’s report. We are pleased to report th at no such disagreements arose during the course of our audit.

Management Representations
We have requested certain representations from management that are included in the management representation letter dated March 31, 2026.

Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain sit uations. If a consultation involves application of an accounting principle to t he City’s financial statements o r a determination of the type of auditor’s opinion that may be expressed on those statements, our professi onal standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants.

Other Audit Findings or Issues
We generally discuss a variety of matters, including the applic ation of accounting principles and auditing standards, with management each year prior to retention as the City’s auditors. However, these discussions occurred in the normal course of our professional r elationship and our responses were not a condition to our retention.

Other Matters

We applied certain limited procedures to Management’s Discussio n and Analysis, the Budgetary Comparison Schedules for the General Fund and Major Special Rev enue Funds, the City’s Retirement Plans’ Schedules of Changes in the Net Pension Liability and Re lated Ratios, the Schedules of Pension Contributions, the Other Post-Em ployment Benefit (OPEB) Plan - Schedule of Changes in the City’s Net OPEB Liability and Related Ratios, and the Schedule of OPEB Con tributions, which are required supplementary information (RSI) that supplement the basic finan cial statements. Our procedures

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consisted of inquiries of manag ement regarding the methods of p reparing 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 did not audit the RSI and do not express an opinion or provide any assurance on the RSI.

We were engaged to report on the Schedule of Expenditures of Fe deral Awards, Combining and Individual Major and Nonmajor Fund Financial Statements, Schedule of Long-Term Debt Recorded in the Private Purpose Trust Fund, and Other Supplementary Information , which accompany the financial statements but are not RSI. With respect to this supplementary information, we made certain inquiries of management and evaluated the form, content, and methods of prep aring the information to determine that the information complies wi th accounting principles genera lly accepted in the United States of America, the method of preparing it has not changed from the pr ior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting reco rds used to prepare the financial statements or to the financial statements themselves.

We were not engaged to report on t he Introductory and Statistic al Sections, which accompany the financial statements but are not R SI. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and acc ordingly, we do not express an opinion or provide any assurance on it.

Restriction on Use

This information is intended solely for the information and use of the Budget and Finance Committee, Honorable Mayor, City Council, and management of the City of Ba kersfield and is not intended to be, and should not be, used by anyone other than these specified parties.

BROWN ARMSTRONG

ACCOUNTANCY CORPORATION

Bakersfield, California
March 31, 2026

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C O N T E N T S

Page(s)
Independent Auditors’ Report

Management’s Discussion and Analysis (Required Supplementary Information) Consolidated Financial Statements

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Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards

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Mechanics Bank Arena, Theater, Convention Center,
Valley Children’s Ice Center of Bakersfield
and Dignity Health Amphitheatre
Management’s Discussion and Analysis

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)DFLOLWLHV¶FDSLWDOVWUXFWXUHDVZHOODVDVVHVVLQJWKHOLTXLGLW\DQGILQDQFLDOIOH[LELOLW\RIWKH)DFLOLWLHV $OORIWKHFXUUHQW\HDU¶VUHYHQXHVDQGH[SHQVHVDUHDFFRXQWHGIRULQWKH6WDWHPHQWRI5HYHQXHV ([SHQVHVDQG&KDQJHLQ1HW3RVLWLRQ7KLVVWDWHPHQWPHDVXUHVWKHVXFFHVVRIWKH)DFLOLWLHV¶ RSHUDWLRQVRYHUWKHSDVW\HDUDQGFDQEHXVHGWRGHWHUPLQHZKHWKHUWKH)DFLOLWLHVKDVVXFFHVVIXOO\ UHFRYHUHGDOOLWVFRVWVWKURXJKLWVXVHUIHHVDQGRWKHUFKDUJHVSURILWDELOLW\DQGFUHGLWZRUWKLQHVV 7KHILQDOUHTXLUHGILQDQFLDOVWDWHPHQWLVWKH6WDWHPHQWRI&DVK)ORZV7KLVVWDWHPHQWUHSRUWVFDVK UHFHLSWVFDVKSD\PHQWVDQGQHWFKDQJHVLQFDVKUHVXOWLQJIURPRSHUDWLRQVLQYHVWLQJDQGILQDQFLQJ DFWLYLWLHVDQGSURYLGHVDQVZHUVWRVXFKTXHVWLRQVDVZKHUHGLGFDVKFRPHIURPZKDWZDVFDVKXVHG IRUDQGZKDWZDVWKHFKDQJHLQWKHFDVKEDODQFHGXULQJWKHUHSRUWLQJSHULRG

Page 224 of 253 ends

Mechanics Bank Arena, Theater, Convention Center,
Valley Children’s Ice Center of Bakersfield
and Dignity Health Amphitheatre
Management’s Discussion and Analysis

),1$1&,$/$1$/<6,62)7+()$&,/,7,(6
2QHRIWKHPRVWLPSRUWDQWTXHVWLRQVDVNHGDERXWWKH)DFLOLWLHV¶ILQDQFHVLV³$UHWKH)DFLOLWLHVDVD ZKROHEHWWHURIIRUZRUVHRIIDVDUHVXOWRIWKLV\HDU¶VDFWLYLWLHV"´7KH6WDWHPHQWRI1HW3RVLWLRQDQG WKH6WDWHPHQWRI5HYHQXHV([SHQVHVDQG&KDQJHVLQ1HW3RVLWLRQUHSRUWLQIRUPDWLRQDERXWWKH )DFLOLWLHV¶DFWLYLWLHVLQDZD\WKDWZLOOKHOSDQVZHUWKLVTXHVWLRQ7KHVHWZRVWDWHPHQWVUHSRUWWKHQHW SRVLWLRQRIWKH)DFLOLWLHVDQGWKHFKDQJHVLQQHWSRVLWLRQ2QHFDQWKLQNRIWKH)DFLOLWLHV¶QHWSRVLWLRQ WKHGLIIHUHQFHEHWZHHQDVVHWVDQGOLDELOLWLHVDVRQHZD\WRPHDVXUHILQDQFLDOKHDOWKRUILQDQFLDO SRVLWLRQ2YHUWLPHLQFUHDVHVRUGHFUHDVHVLQWKH)DFLOLWLHV¶QHWSRVLWLRQLVRQHLQGLFDWRURIZKHWKHULWV ILQDQFLDOKHDOWKLVLPSURYLQJRUGHWHULRUDWLQJ+RZHYHURQHZLOOQHHGWRFRQVLGHURWKHUQRQILQDQFLDO IDFWRUVVXFKDVFKDQJHVLQHFRQRPLFFRQGLWLRQVSRSXODWLRQJURZWKDQGQHZRUFKDQJHGJRYHUQPHQW OHJLVODWLRQ

%HORZLVDVXPPDU\RIWKH&RQVROLGDWHG6WDWHPHQWVRI1HW3RVLWLRQ7DEOH$

Dollar Percentage
2024 2023 Change Change
&XUUHQWDVVHWV

7RWDODVVHWV

&XUUHQWOLDELOLWLHV

2WKHUOLDELOLWLHV 7RWDOOLDELOLWLHV

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Table A-1
Condensed Consolidated Statements of Net Position

$VVHWVLQFUHDVHGDSSUR[NGROODUV7KHLQFUHDVHLQFXUUHQWDVVHWVFDQEHDWWULEXWHGLQFUHDVHGFDVK UHFHLYHGIRUWLFNHWVDOHVDQGUHFHLYDEOHVFROOHFWHG7KH PLOOLRQGHFUHDVHLQOLDELOLWLHVFDQEH
DWWULEXWHGWRDQH[WUHPHO\VORZHUHYHQWFDOHQGDUUHVXOWLQJLQGHFUHDVHGDGYDQFHGWLFNHWVDOHVVXLWH VDOHVDQGGHIHUUHGVXLWHOLFHQVHDQGVSRQVRUVKLSV

Page 225 of 253 ends

Mechanics Bank Arena, Theater, Convention Center,
Valley Children’s Ice Center of Bakersfield
and Dignity Health Amphitheatre
Management’s Discussion and Analysis

Dollar Percentage
2024 2023 Change Change
2SHUDWLQJUHYHQXHV /HVVGLUHFWHYHQWH[SHQVHV

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2SHUDWLQJH[SHQVHV

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1HWSRVLWLRQHQGRI\HDU Table A-2
Condensed Consolidated Statements of Revenues, Expenses and Changes in Net Position 7KHFXUUHQWILVFDO\HDURSHUDWLRQVUHVXOWHGLQWKHIDFLOLWLHVUHFRJQL]LQJ0LQRSHUDWLQJLQFRPHIRU WKHFXUUHQW\HDU5HYHQXHVLQFUHDVHG0IRUVXLWHVSDUNLQJDQGLFHFHQWHUUHYHQXHV0RVWQRWDEOH DUHIDFLOLW\UHQWVUHLPEXUVDEOHVFRQFHVVLRQVFRPPLVVLRQVDQGIDFLOLW\IHHV7KHUHZDVDFRUUHODWLQJ LQFUHDVHIRUGLUHFWHYHQWH[SHQVHVDVLQFUHDVHGQXPEHURIHYHQWVDQGDWWHQGDQFHUHTXLUHGJUHDWHUFRVWV 2SHUDWLQJH[SHQVHVLQFUHDVHGE\NLQWKHFXUUHQW\HDUGXHWRRYHUDOOLQFUHDVHVLQXWLOLW\FRVW VDODULHVDQGZDJHV

Page 226 of 253 ends

Mechanics Bank Arena, Theater, Convention Center,
Valley Children’s Ice Center of Bakersfield
and Dignity Health Amphitheatre
Management’s Discussion and Analysis

Over (Under) Percentage
Actual Budget Budget of Budget
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/HVVGLUHFWHYHQWH[SHQVHV
*URVVSURILW

2SHUDWLQJH[SHQVHV

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1RQRSHUDWLQJLQFRPH
H[SHQVH

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Year Ended June 30, 2024
Table A-3
Change in Net Position, Actual to Budget
*URVVRSHUDWLQJUHYHQXHVIRUWKH\HDUZHUHPRUHWKDQEXGJHWHG,QFUHDVHVDUHDWWULEXWHGWRWKHEXLOGLQJ EHLQJIXQFWLRQDOIRUWKH\HDU5HYHQXHVLQFUHDVHFDQEHIRXQGLQVXLWHVDQGVSRQVRUVKLSVUHQW SDUNLQJIDFLOLW\IHHVDQGFRQFHVVLRQV5DWHLQFUHDVHIRUUHQWSDUNLQJDQGIDFLOLW\IHHVDUHFRQWULEXWLQJ IDFWRUVRIUHYHQXHLPSURYHPHQWV$VWURQJFRQFHUWOLQHXSDQGLPSURYHGDWWHQGDQFHKHOSERRVW FRPPLVVLRQVRQFRQFHVVLRQVIRUWKH\HDUPDNLQJKLVWRU\IRUWKH$UHQD
&217$&7,1*0(&+$1,&6%$1.$5(1$
7KLVILQDQFLDOUHSRUWLVGHVLJQHGWRSURYLGHDJHQHUDORYHUYLHZRIWKHILQDQFHVDQGDFFRXQWDELOLW\RI 0HFKDQLFV%DQN$UHQD7KHDWHU&RQYHQWLRQ&HQWHU
9DOOH\&KLOGUHQ¶V,FH&HQWHURI%DNHUVILHOGDQG
'LJQLW\+HDOWK$PSKLWKHDWUH,I\RXKDYHTXHVWLRQVDERXWWKLVUHSRUWFRQWDFW0HFKDQLFV%DQN$UHQD 7KHDWHU&RQYHQWLRQ&HQWHU9DOOH\&KLOGUHQ¶V,FH&HQWHURI%DNHUVILHOGDQG'LJQLW\+HDOWK$PSKLWKHDWUH 7UX[WXQ$YHQXH%DNHUVILHOG&DOLIRUQLD
$WWHQWLRQ)LQDQFH0DQDJHU

Page 227 of 253 ends

ASSETS
Current Assets
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$FFRXQWVUHFHLYDEOHQHW

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Capital Assets DWFRVW

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LIABILITIES AND NET POSITION
Current Liabilities
$FFRXQWVSD\DEOHWUDGH
$FFRXQWVSD\DEOH$(*0DQDJHPHQWQHW
$FFUXHGH[SHQVHV

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$GYDQFHIURPWKH&LW\RI%DNHUVILHOG

Event Development Reserve
Net Position
8QUHVWULFWHG

See Notes to Consolidated Financial Statements.

Mechanics Bank Arena, Theater, Convention Center,
June 30, 2024
Consolidated Statement of Net Position
and Dignity Health Amphitheatre
Valley Children's Ice Center of Bakersfield

Page 228 of 253 ends

Mechanics Bank Arena, Theater, Convention Center,
Valley Children's Ice Center of Bakersfield
and Dignity Health Amphitheatre
Consolidated Statement of Revenues, Expenses and Change in Net Position For the Year Ended June 30, 2024
Net revenues:
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5HFRYHUHGHYHQWH[SHQVHV

6XLWHV

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Direct event expenses:
(YHQWODERU

2WKHUGLUHFWHYHQWH[SHQVHV

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Operating expenses
2SHUDWLQJLQFRPH
Nonoperating income (expense):
,QWHUHVWLQFRPH
2WKHULQFRPHQHW

0DQDJHPHQWLQFHQWLYHIHH

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Net position, beginning of year
Net position, end of year
See Notes to Consolidated Financial Statements.

Page 229 of 253 ends

Mechanics Bank Arena, Theater, Convention Center,
Valley Children's Ice Center of Bakersfield
and Dignity Health Amphitheatre
Consolidated Statement of Cash Flows
For the Year Ended June 30, 2024
Cash flows from operating activities:
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&DVKUHFHLYHGIURPFRQWUDFWVIRUVHUYLFHV &DVKSD\PHQWVWRVXSSOLHUVIRUJRRGVDQGVHUYLFHV

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1HWFDVKSURYLGHGE\RSHUDWLQJDFWLYLWLHV Cash flows from investing activities:
,QWHUHVWLQFRPH
Net increase in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year
See Notes to Consolidated Financial Statements.

Page 230 of 253 ends

Reconciliation of operating income to net cash provided by operating activities:
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Adjustments to reconcile operating income to net
cash provided by operating activities:
2WKHULQFRPH

0DQDJHPHQWLQFHQWLYHIHH

Changes in operating assets and liabilities:
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Page 231 of 253 ends

Mechanics Bank Arena, Theater, Convention Center,
Valley Children’s Ice Center of Bakersfield
and Dignity Health Amphitheatre
Notes to Consolidated Financial Statements

Note 1. Nature of Business and Significant Accounting Policies Nature of business:
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)DFLOLWLHV
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$(*)DFLOLWLHV//&DQG60*PHUJHGDQGDUHQRZ$60*OREDO $60

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Principles of consolidation:
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Basis of accounting:

7KH)DFLOLWLHV¶EDVLFFRQVROLGDWHGILQDQFLDOVWDWHPHQWVDUHSUHVHQWHGRQWKHIXOODFFUXDO EDVLVRIDFFRXQWLQJDQGFRQIRUPWRDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQWKH8QLWHG 6WDWHVRI$PHULFD7KH)DFLOLWLHVXWLOL]HDFFUXDOEDVLVDFFRXQWLQJLQZKLFKUHYHQXHVDUH

Page 232 of 253 ends

Notes to Consolidated Financial Statements

UHFRJQL]HGZKHQHDUQHGDQGH[SHQVHVDUHUHFRUGHGZKHQDOLDELOLW\LVLQFXUUHGRUHFRQRPLF DVVHWVDUHXVHG3URSULHWDU\IXQGVGLVWLQJXLVKRSHUDWLQJUHYHQXHVDQGH[SHQVHVIURP QRQRSHUDWLQJLWHPV2SHUDWLQJUHYHQXHVDQGH[SHQVHVJHQHUDOO\UHVXOWIURPSURYLGLQJ VHUYLFHVDQGSURGXFLQJDQGGHOLYHULQJJRRGVLQFRQQHFWLRQZLWKDSURSULHWDU\IXQG¶V SULQFLSDORQJRLQJRSHUDWLRQV5HYHQXHVDQGH[SHQVHVQRWPHHWLQJWKLVGHILQLWLRQDUH UHSRUWHGDVQRQRSHUDWLQJ
Revenue recognition:

Suite contracts
5HYHQXHVIURPVXLWHVDUHUHFRJQL]HGRYHUWKHFRQWUDFWSHULRGSHUWKHFRQWUDFWWHUPV &RQWUDFWVDUHELOOHGWKURXJKRXWWKH\HDU7KHVXLWHSD\PHQWVDUHUHFRUGHGDVGHIHUUHG UHYHQXHXQWLOHDUQHGDQGDUHUHFRJQL]HGRYHUWKHFRQWUDFWSHULRG Naming rights, signage and advertising contracts
5HYHQXHVIURPQDPLQJULJKWVVLJQDJHDQGDGYHUWLVLQJFRQWUDFWVDUHUHFRJQL]HGRYHUWKH FRQWUDFWSHULRGSHUWKHFRQWUDFWWHUPV&RQWUDFWVDUHELOOHGDFFRUGLQJWRWKHFRQWUDFW WHUPV3D\PHQWVDUHUHFRUGHGDVGHIHUUHGUHYHQXHXQWLOHDUQHGDQGUHFRJQL]HGRYHUWKH FRQWUDFWSHULRG
Ticket sales
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vent revenues
5HYHQXHVIURPWKH)DFLOLWLHV¶HYHQWVVXFKDVIDFLOLWLHVUHQWGLUHFWHYHQWH[SHQVH UHLPEXUVHPHQWVFRQFHVVLRQFRPPLVVLRQVSDUNLQJDQGPHUFKDQGLVHDUHUHFRJQL]HGLQ WKHPRQWKWKHHYHQWRFFXUUHG
Net position:
7KH)DFLOLWLHVXWLOL]HDQHWSRVLWLRQSUHVHQWDWLRQLQDFFRUGDQFHZLWK*$6%6WDWHPHQW Basic Financial Statements - and Management’s Discussion and Analysis - for State and Local GovernmentsDVDPHQGHGE\*$6%Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position

Page 233 of 253 ends

Notes to Consolidated Financial Statements

1HWSRVLWLRQLVFDWHJRUL]HGDVLQYHVWHGLQFDSLWDODVVHWVQHWRIUHODWHGGHEWUHVWULFWHG FRPSRQHQWVRIQHWSRVLWLRQDQGXQUHVWULFWHGFRPSRQHQWVRIQHWSRVLWLRQ7KHVHFDWHJRULHV DUHGHILQHGDVIROORZV

Invested in capital assets, net of related debt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estricted components of net position7KLVFRPSRQHQWRIQHWSRVLWLRQFRQVLVWVRI UHVWULFWHGDVVHWVUHGXFHGE\OLDELOLWLHVDQGGHIHUUHGLQIORZVRIUHVRXUFHVUHODWHGWRWKRVH DVVHWV*HQHUDOO\DOLDELOLW\UHODWHVWRUHVWULFWHGDVVHWVLIWKHDVVHWUHVXOWVIURPD UHVRXUFHIORZWKDWDOVRUHVXOWVLQWKHUHFRJQLWLRQRIDOLDELOLW\RULIWKHOLDELOLW\ZLOOEH OLTXLGDWHGZLWKWKHUHVWULFWHGDVVHWVUHSRUWHG
Unrestricted components of net position-7KLVFRPSRQHQWRIQHWSRVLWLRQLVWKHQHW DPRXQWRIDVVHWVGHIHUUHGRXWIORZVRIUHVRXUFHVOLDELOLWLHVDQGGHIHUUHGLQIORZVRI UHVRXUFHVWKDWDUHQRWLQFOXGHGLQWKHGHWHUPLQDWLRQRIQHWLQYHVWPHQWLQFDSLWDODVVHWVRU WKHUHVWULFWHGFRPSRQHQWRIQHWSRVLWLRQ
Use of estimates:
7KHSUHSDUDWLRQRIFRQVROLGDWHGILQDQFLDOVWDWHPHQWVLQFRQIRUPLW\ZLWKDFFRXQWLQJ SULQFLSOHVJHQHUDOO\DFFHSWHGLQWKH8QLWHG6WDWHVRI$PHULFDUHTXLUHVPDQDJHPHQWWRPDNH HVWLPDWHVDQGDVVXPSWLRQVWKDWDIIHFWWKHUHSRUWHGDPRXQWVRIDVVHWVDQGOLDELOLWLHVDQG GLVFORVXUHVRIFRQWLQJHQWDVVHWVDQGOLDELOLWLHVDWWKHGDWHRIWKHILQDQFLDOVWDWHPHQWVDQGWKH UHSRUWHGDPRXQWVRIUHYHQXHVDQGH[SHQVHVGXULQJWKHUHSRUWLQJSHULRG$FWXDOUHVXOWV FRXOGGLIIHUIURPWKRVHHVWLPDWHV
Cash and cash equivalents:
)RUSXUSRVHVRIUHSRUWLQJFDVKIORZVWKH)DFLOLWLHVFRQVLGHUVKLJKO\OLTXLGLQYHVWPHQWVZLWK DQRULJLQDOPDWXULW\RIWKUHHPRQWKVRUOHVVZKHQSXUFKDVHGWREHFDVKHTXLYDOHQWV&DVK DQGFDVKHTXLYDOHQWVDOVRLQFOXGHFDVKRQKDQGDQGDPRXQWVGHSRVLWHGZLWKEDQNV

Page 234 of 253 ends

Notes to Consolidated Financial Statements

Custodial credit risk:
7KH&DOLIRUQLD*RYHUQPHQW&RGHDQGWKH)DFLOLWLHV¶LQYHVWPHQWSROLF\GRQRWFRQWDLQOHJDO RUSROLF\UHTXLUHPHQWVWKDWZRXOGOLPLWWKHH[SRVXUHWRFXVWRGLDOFUHGLWULVNIRUGHSRVLWVDQG LQYHVWPHQWVRWKHUWKDQWKHIROORZLQJSURYLVLRQIRUGHSRVLWV 7KH&DOLIRUQLD*RYHUQPHQW
&RGHUHTXLUHVWKDWDILQDQFLDOLQVWLWXWLRQVHFXUHGHSRVLWVPDGHE\VWDWHRUORFDO JRYHUQPHQWDOXQLWVE\SOHGJLQJVHFXULWLHVLQDQXQGLYLGHGFROODWHUDOSRROKHOGE\D GHSRVLWRU\UHJXODWHGXQGHUVWDWHODZ
XQOHVVVRZDLYHGE\WKHJRYHUQPHQWDOXQLW

7KHPDUNHWYDOXHRIWKHSOHGJHGVHFXULWLHVLQWKHFROODWHUDOSRROPXVWHTXDODWOHDVWRI WKHWRWDODPRXQWGHSRVLWHGE\WKHSXEOLFDJHQFLHV&DOLIRUQLDODZDOVRDOORZVILQDQFLDO LQVWLWXWLRQVWRVHFXUHWKH)DFLOLWLHV¶GHSRVLWVE\SOHGJLQJILUVWWUXVWGHHGPRUWJDJHQRWHV KDYLQJDYDOXHRIRIWKHVHFXUHGSXEOLFGHSRVLWV &DVKIXQGVGHSRVLWHGZLWKYDULRXVEDQNVDQGVDYLQJVDQGORDQVDUHFRYHUHGE\)HGHUDO GHSRVLWRU\LQVXUDQFHXSWR$VRI-XQHWKH)DFLOLWLHVKDVFDVKGHSRVLWHG ZLWKEDQNVLQH[FHVVRIWKHUHODWHGLQVXUDQFHFRYHUDJH Concentration of credit risk:
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Accounts receivable:
$FFRXQWVUHFHLYDEOHDUHVWDWHGDWWKHDPRXQWPDQDJHPHQWH[SHFWVWRFROOHFWIURP RXWVWDQGLQJEDODQFHV0DQDJHPHQWSURYLGHVIRUSUREDEOHXQFROOHFWLEOHDPRXQWVWKURXJKD FKDUJHWRHDUQLQJVDQGDFUHGLWWRYDOXDWLRQDOORZDQFHEDVHGRQLWVDVVHVVPHQWVRIWKH FXUUHQWVWDWXVRILQGLYLGXDODFFRXQWV%DODQFHVWKDWDUHVWLOORXWVWDQGLQJDIWHUPDQDJHPHQW KDVXVHGUHDVRQDEOHFROOHFWLRQHIIRUWVDUHZULWWHQRIIWKURXJKDFKDUJHWRWKHYDOXDWLRQ DOORZDQFHDQGDFUHGLWWRDFFRXQWVUHFHLYDEOH%DVHGRQPDQDJHPHQW¶VDVVHVVPHQWRIWKH FUHGLWKLVWRU\ZLWKFXVWRPHUVKDYLQJRXWVWDQGLQJEDODQFHVDQGFXUUHQWUHODWLRQVKLSVZLWK WKHPWKH\KDYHFRQFOXGHGWKDWDQDOORZDQFHIRUGRXEWIXODFFRXQWVRILVUHDVRQDEOH DVRI-XQH
Capital assets:
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Notes to Consolidated Financial Statements

Note 2. Cash and Cash Equivalents

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Note 3. Advance from City of Bakersfield
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Note 4. Deferred Revenue
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Note 5. Administrative Services Agreements
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,QDGGLWLRQWRWKHEDVHIHH$60UHFHLYHVDQLQFHQWLYHHTXDOWRDSHUFHQWDJHRIWKH GLIIHUHQFHEHWZHHQWKHDFWXDOQHWRSHUDWLQJSURILWRUQHWRSHUDWLQJORVVIRUHDFKIDFLOLW\DQG DEHQFKPDUN$60UHFHLYHVDQLQFHQWLYHRI

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Notes to Consolidated Financial Statements

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RIWKHGLIIHUHQFHEHWZHHQWKHDFWXDOQHW
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Naming rights:
7KH&LW\DQG$60KDYHHQWHUHGLQWROLFHQVLQJDQGQDPLQJULJKWVDJUHHPHQWVZLWK 0HFKDQLFV%DQN9DOOH\&KLOGUHQ¶V+HDOWKFDUH
9&+
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Ticket sales:
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$;6
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Notes to Consolidated Financial Statements

$;6FROOHFWVWKHVHIHHVDVWLFNHWVDUHVROGDQGWKHQHWDPRXQWLVUHPLWWHGWRWKH)DFLOLWLHV ZHHNO\7KLVDJUHHPHQWEHJDQLQ-XO\DQGLVHIIHFWLYHWKURXJKWKHGDWHZKLFKWKH $60PDQDJHPHQWDJUHHPHQWH[SLUHV
ARAMARK
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LQJURVVFRQFHVVLRQDQGFDWHULQJUHFHLSWVIURP$5$0$5. Hockey lease:
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Notes to Consolidated Financial Statements

Concession and catering services:
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7KH)DFLOLW\KDVLQVXUDQFHFRYHUDJHIRUJHQHUDOOLDELOLW\DXWRFULPHDQGZRUNHUV¶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¶VLQVXUDQFHDVWKH&LW\ RZQVDOOVWUXFWXUHVZLWKLQWKH)DFLOLWLHV
Note 8. Subsequent Events

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Page 239 of 253 ends

Mechanics Bank Arena, Theater, Convention Center,
Valley Children's Ice Center of Bakersfield
and Dignity Health Amphitheatre
Consolidated Schedule of Operating Expenses
For the Year Ended June 30, 2024
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Finance, Economic Development and Jobs CommitteeApril 10, 2026

Finance, Economic Development and Jobs Committee
April 10, 2026