Bell Gardens City Council
April 14, 2025

57 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (9) Other Post Employment Benefits (OPEB) (continued) The Changes in the net OPEB liability for the plan are as follows: Increase (Decrease) Total OPEB Liability (a) Plan Fiduciary Net Position (b) Net OPEB Liability/ (Asset) (c)=(a)-(b) Balance at Fiscal Year Ending 6/30/23 Measurement Date 6/30/23 $64,812,274 $ 292,171 $64,520,103 Changes During the Period: Service Cost 2,236,434 - 2,236,434 Interest Cost 2,377,967 - 2,377,967 Expected Investment Income - 17,332 (17,332) Employer Contributions - 1,561,431 (1,561,431) Changes of Benefit Terms - - - Benefit Payments (1,561,431) (1,561,431) - Assumption Changes 1,195,328 - 1,195,328 Plan Experience (116,314) - (116,314) Investment Experience - 17,365 (17,365) Recognized Deferred Resources - - - Administrative Expenses - (1,762) 1,762 Net Changes in Fiscal Year 2023-24 4,131,984 32,935 4,099,049 Balance at Fiscal Year Ending 6/30/24 Measurement Date 6/30/24 $68,944,258 $ 325,106 $68,619,152 As of June 30, 2024, $1,165,830 of the net OPEB liability has been allocated to the Successor Agency of the Former Community Development Commission. Sensitivity of the Proportionate Share of the OPEB Liability to Changes in the Discount Rate – The following presents the City of Bell Gardens’ OPEB liability, calculated using the discount rate, as well as what the City’s OPEB liability would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point higher than the current rate: 1% Decrease 2.65% Net OPEB Liability $80,253,208 Current Discount Rate 3.65% Net OPEB Liability $68,619,152 1% Increase 4.65% Net OPEB Liability $59,340,264

58 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (9) Other Post Employment Benefits (OPEB) (continued) Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trends – The following presents the net OPEB liability of the City of Bell Gardens’ if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for the measurement period June 30, 2024: 1% Decrease 5.5%HMO/6.0%PPO Decreasing to 4.0%HMO/4.0%PPO Net OPEB Liability $58,054,051 Current Healthcare Cost Trend Rates 6.5%HMO/7.0%PPO Decreasing to 5.0%HMO/5.0%PPO Net OPEB Liability $68,619,152 1% Increase 7.5%HMO/8.0%PPO Decreasing to 6.0%HMO/6.0%PPO Net OPEB Liability $82,216,933 OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB – For the fiscal year ended June 30, 2024, the City of Bell Gardens recognized OPEB expense of $3,615,171. As of the fiscal year ended June 30, 2024, the City of Bell Gardens reported deferred outflows and inflows of resources related to OPEB from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual experience $ 1,279,958 (1,887,973) Differences between projected and actual return on assets - (7,733) Change in assumptions 1,337,144 (13,128,110) Total $ 2,617,102 (15,023,816) Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows: Year Ended June 30 Recognized Net Deferred Outflows and Inflows of Resources 2025 $ (1,728,792) 2026 (1,716,724) 2027 (2,103,843) 2028 (2,191,017) 2029 (2,187,544) Thereafter (2,478,794) $(12,406,714)

59 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (10) California Joint Powers Insurance Authority Insurance Program a. Description of Self-Insurance Pool Pursuant to Joint Powers Agreement The City of Bell Gardens is a member of the CALIFORNIA JOINT POWERS INSURANCE AUTHORITY (Authority). The Authority is composed of 100 California public entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance for property and other lines of coverage. The California JPIA began covering claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine-member Executive Committee. b. Primary Self-Insurance Program of the Authority Each member pays an annual contribution at the beginning of the coverage period. A retrospective adjustment is then conducted annually thereafter, for coverage years 2012-13 and prior. Coverage years 2013-14 and forward are not subject to routine annual retrospective adjustment. The total funding requirement for primary self-insurance programs is based on an actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk-sharing pool. Primary Liability Program Claims are pooled separately between police and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers. The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. Subsidence losses also have a $50 million per occurrence limit. The coverage structure is composed of a combination of pooled self-insurance, reinsurance, and excess insurance. Additional information concerning the coverage structure is available on the Authority’s website: https://cjpia.org/coverage/risk-sharing-pools/.

60 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (10) California Joint Powers Insurance Authority Insurance Program (continued) Primary Workers’ Compensation Program Claims are pooled separately between public safety (police and fire) and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $75,000 to $200,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers. For 2023-24 the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Compensation Law. Employer’s Liability losses are pooled among members to $1 million. Coverage from $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses from $5 million to $10 million are pooled among members. c. Purchased Insurance Pollution Legal Liability Insurance The City of Bell Gardens participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City of Bell Gardens. Coverage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million. Property Insurance The City of Bell Gardens participates in the all-risk property protection program of the Authority. This insurance protection is underwritten by several insurance companies. City of Bell Gardens property is currently insured according to a schedule of covered property submitted by the City of Bell Gardens to the Authority. City of Bell Gardens property currently has all-risk property insurance protection in the amount of $46,343,743. There is a $10,000 deductible per occurrence except for non-emergency vehicle insurance which has a $2,500 deductible. Crime Insurance The City of Bell Gardens purchases crime insurance coverage in the amount of $1,000,000 with a $2,500 deductible. The fidelity coverage is provided through the Authority.

61 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (10) California Joint Powers Insurance Authority Insurance Program (continued) Special Event Tenant User Liability Insurance The City of Bell Gardens further protects against liability damages by requiring tenant users of certain property to purchase low-cost tenant user liability insurance for certain activities on agency property. The insurance premium is paid by the tenant user and is paid to the City of Bell Gardens according to a schedule. The City of Bell Gardens then pays for the insurance. The insurance is facilitated by the Authority. d. Adequacy of Protection During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2023-24. (11) Contingent Liabilities a. Lawsuits in the Normal Course of Business The City is presently involved in certain matters of litigation that have arisen in the normal course of conducting City business. City management believes, based upon consultation with the City Attorney, that these cases, in the aggregate, are not expected to result in a material adverse financial impact on the City. Additionally, City management believes that the City's insurance programs are sufficient to cover any potential losses should an unfavorable outcome materialize. b. Federal and State Grant Programs The City participates in several federal and state grant programs. These programs have been audited by the City's independent auditors in accordance with the provisions of the federal Single Audit Act, as amended and applicable state requirements. No cost disallowances were proposed as a result of these audits. However, these programs are still subject to further examination by the grantors and the amount, if any, of expenditures

62 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (12) Classification of Fund Balances The City has adopted the provisions of GASB Statement No. 54, “Fund Balance and Governmental Fund Type Definitions”. GASB 54 establishes fund balance classifications based largely upon the extent to which a government is bound to observe constraints imposed upon the use of the resources reported in governmental funds. The governmental fund statements conform to this classification and are summarized as follows as of June 30, 2024: General Fund Low and Moderate Housing Special Revenue Fund Capital Improvement Projects Capital Project Fund Non-major Governmental Funds Totals Nonspendable Prepaid items $ 130,707 - - - 130,707Notes and loans 64,768 - - - 64,768Due from Water Fund 6,863,623 - - - 6,863,623 Total Nonspendable 7,059,098 - - - 7,059,098Restricted Housing - 2,584,926 - - 2,584,926Recreation and community services - - - 359,608 359,608Public safety - - - 1,186,199 1,186,199Transportation - - - 7,701,171 7,701,171Environmental - - - 919,596 919,596 Total Restricted - 2,584,926 - 10,166,574 12,751,500Assigned Contingencies 4,103,647 - - - 4,103,647Post employment benefits 21,231,662 - - 144,490 21,376,152Compensated absences 3,603,629 - - - 3,603,629Interfund loans receivable 1,910,787 - - - 1,910,787 Total Assigned 30,849,725 - - 144,490 30,994,215Unassigned 72,000 - (1,171,038) (1,349,567) (2,448,605)Totals $ 37,980,823 2,584,926 (1,171,038) 8,961,497 48,356,208

63 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (13) Successor Agency Trust For Assets of Former Community Development Commission On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 (“the Bill”) that provides for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City of Bell Gardens that previously had reported a redevelopment agency within the reporting entity of the City as a blended component unit. The Bill directs the State Controller of the State of California to review the propriety of any transfers of assets between redevelopment agencies and other public bodies that occurred after January 1, 2011. If the public body that received such transfers is not contractually committed to a third party for the expenditure or encumbrance of those assets, the State Controller is required to order the available assets to be transferred to the public body designated as the successor agency by the Bill. Management believes, in consultation with legal counsel, that the obligations of the former community development commission due to the City are valid enforceable obligations payable by the successor agency trust under the requirements of the Bill. The City’s position on this issue is not a position of settled law and there is considerable legal uncertainty regarding this issue. It is reasonably possible that a legal determination may be made at a later date by an appropriate judicial authority that would resolve this issue unfavorably to the City. In accordance with the timeline set forth in the Bill (as modified by the California Supreme Court on December 29, 2011) all redevelopment agencies in the State of California were dissolved and ceased to operate as a legal entity as of February 1, 2012. a. Cash and investments Cash and investments reported in the accompanying financial statements consisted of the following: Cash and investments $3,369,822 Cash and investments with fiscal agent 2,356,891 Total cash and investments $5,726,713

64 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (13) Successor Agency Trust For Assets of Former Community Development Commission (continued) b. Notes and Loans Receivable Notes and loans receivable as of June 30, 2024, consist of the following: On April 1, 2005, Bell Gardens Housing Partners, L.P., a California limited partnership entered into a promissory note to pay the former Bell Gardens Community Development Commission $3,812,203 for the payment of public and private debts. The former Commission has provided certain financial assistance in construction of a 72-unit senior affordable housing project by providing a Commission Loan (which is represented by this Promissory Note) in the amount of $3,812,203 for the acquisition and clearing of the site and to help defray Developer's costs. The promissory note amount shall bear simple interest at the rate of 3% per annum, and 10% per annum shall accrue upon the amount of each payment required upon the date each such payment is due. The Promissory Note shall be paid from “Residual Receipts”, defined as an amount equal to sixty-five percent (65%) of the net profits produced from the project (on a prorate basis), until the note amount has been repaid in full. Any remaining principal, interest and other amounts due and owing under this promissory note shall be paid in full on or before the fifty-fifth (55th) anniversary of the date of the promissory note. The Successor Agency’s outstanding balance as of June 30, 2024, including interest of $817,638, is $2,332,597. Total notes and loans receivable at June 30, 2024, were $2,332,597.

65 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (13) Successor Agency Trust For Assets of Former Community Development Commission (continued) c. Capital Assets An analysis of capital assets as of June 30, 2024, follows: Beginning Ending Description Balance Additions Deletions Balance Non-depreciable: Land $ 1,773,001 - - 1,773,001 Total non-depreciable $ 1,773,001 - - 1,773,001 d. Long-Term Liabilities The following debt was transferred from the Community Development Commission to the Successor Agency as of February 1, 2012 as a result of the dissolution. A description of long-term debt outstanding of the Successor Agency as of June 30, 2023, follows: Beginning Ending Due within Balance Additions Deletions Balance One Year Advances from City $37,423,266 287,061 748,123 36,962,204 - Tax Allocation Bonds Payable: 2014 Refunding Series B 3,660,000 - 460,000 3,200,000 475,000 2014 Refunding Series C 7,540,000 - 520,000 7,020,000 540,000 Unamortized Bond Premium 139,757 - 23,294 116,463 23,293 Unamortized Bond Discount (11,560) - (1,444) (10,116) (1,445) Revenue Bonds Payable: 2005 Series A Central City Project Area 1,520,000 - 170,000 1,350,000 185,000 Unamortized Bond Premium 41,192 - 6,868 34,324 6,868 Subtotal $50,312,655 287,061 1,926,841 48,672,875 1,228,716 Advances from City The advances from the City consist of $36,962,204 loans including accrued interest of $16,499,779 as of June 30, 2024. Accrued interest is calculated in accordance with HSC Section 34191.416 which states that interest shall be calculated from the origin of the loan at a simple interest rate of three percent.

66 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (13) Successor Agency Trust For Assets of Former Community Development Commission (continued) d. Long-Term Debt, (Continued) 2005 Revenue Bonds, Series A On June 22, 2005, the Commission issued $4,775,000 of revenue bonds with an interest rate of 7.75%. The proceeds were used to finance redevelopment activities to benefit Project No. 1 Redevelopment Area and Central City Redevelopment Area, to fund a reserve fund, and to pay for the costs of issuing the bonds (insurance, underwriter discount, and other costs). Interest is paid semi-annually on April 1 and October 1 with a final maturity date of October 1, 2029. As of June 30, 2024, the unamortized premium outstanding was $34,324 and the total principal outstanding was $1,350,000. At June 30, 2024, the annual requirements to repay the outstanding indebtedness were as follows: Fiscal Year Principal Interest Total 2025 $ 185,000 104,625 289,625 2026 200,000 90,288 290,288 2027 215,000 74,788 289,788 2028 230,000 58,125 288,125 2029 250,000 40,300 290,300 2030 270,000 20,925 290,925 Total $1,350,000 389,051 1,739,051

67 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (13) Successor Agency Trust For Assets of Former Community Development Commission (continued) d. Long-Term Debt, (Continued) 2014 Tax Allocation Revenue Refunding Bonds, Series A, B & C On June 18, 2014, the Successor Agency issued a total of $21,455,000 of revenue refunding bonds, Series A, B, and C. The 2014 Series A and B revenue refunding bonds were issued for $10,330,000 with an average interest rate of 4.41% and were used to advance refund the $12.5 million of outstanding 2003 Series A and B revenue bonds with an average interest rate of 5.32%. This refunding resulted in a net present value savings for the Successor Agency of approximately $1.5 million. The 2014 Series C, Second Subordinate Tax Allocation Revenue Refunding Bonds were issued for a total of $11,125,000 with an average interest rate of 4.8%. The bond proceeds were used to pay off the Bear Sterns note in the amount of $8.3 million which had been in default and to pay the related other cost of issuance. The estimated remaining $1,110,095 was put into a reserve account with the trustee per the bond indenture agreement. At June 30, 2024, the total principal outstanding for the 2014 Series B and C were $10,220,000.

68 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (13) Successor Agency Trust For Assets of Former Community Development Commission (continued) d. Long-Term Debt, (Continued) 2014 Tax Allocation Revenue Refunding Bonds, Series A, B & C, (Continued) As of June 30, 2024, the annual requirements to repay the outstanding indebtedness for the 2014 Series B bonds are as follows: Fiscal Year Principal Interest Total 2025 $ 475,000 126,875 601,875 2026 500,000 102,500 602,500 2027 525,000 76,875 601,875 2028 545,000 53,531 598,531 2029 565,000 32,719 597,719 2030 590,000 11,063 601,063 Total $3,200,000 403,563 3,603,563 As of June 30, 2024, the annual requirements to repay the outstanding indebtedness for the 2014 Series C bonds are as follows: Fiscal Year Principal Interest Total 2025 $ 540,000 345,079 885,079 2026 565,000 318,737 883,737 2027 590,000 289,037 879,037 2028 630,000 257,664 887,664 2029 660,000 224,492 884,492 2030-2032 4,035,000 363,996 4,398,996 Total $7,020,000 1,799,005 8,819,005

69 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (13) Successor Agency Trust For Assets of Former Community Development Commission (continued) d. Long-Term Debt, (Continued) Pledged Revenue The City pledged, as security for bonds issued, either directly or through the Financing Authority, a portion of tax increment revenue (including Low and Moderate Income Housing set-aside and pass through allocations) that it receives. The bonds issued were to provide financing for various capital projects, accomplish Low and Moderate Income Housing projects and to defease previously issued bonds. Assembly Bill 1X 26 provided that upon dissolution of the Redevelopment Agency, property taxes allocated to redevelopment agencies no longer are deemed tax increment but rather property tax revenues and will be allocated first to successor agencies to make payments on the indebtedness incurred by the dissolved redevelopment agency. Total principal and interest remaining on the debt is $13,449,418 with annual debt service requirements as indicated above. For the current year, the total property tax revenue recognized by the City and Successor Agency for the payment of indebtedness incurred by the dissolved redevelopment agency was $3,369,822 and the debt service obligation on the bonds was $1,781,391. The Successor Agency was able to cover the debt service obligations for the year ended June 30, 2024. e. Successor Agency Unfunded Liabilities When redevelopment agencies dissolved, there was a certain level of unfunded accrued liabilities related to other post-employment benefits (retiree healthcare) and pension benefits that the employees of the former redevelopment agency had accrued. In order to keep these liabilities with the Successor Agency, the liabilities need to be placed on a recognized obligation payment schedule (ROPS) and obtain approval from the Successor Agency Board, the Oversight Board and the State Department of Finance in order to become an enforceable obligation. During the ROPS 15-16B process, the unfunded accrued liability was calculated, placed on the ROPS and approved by all three entities including the State Department of Finance. The total approved liability is $2,053,403, is made up of $1,366,885 for the OPEB; $660,681 for the CalPERS pension; and $25,837 for the CalPERS side fund and is being amortized over a 20 year; 22 year; and 12 year period, respectively. As of June 30, 2024 the unfunded accrued liability is $1,852,348. However, subsequent to the ROPS 15-16B approval, the liability was rejected by the DOF. The City met and conferred over the issue witch the DOF reasserted their conclusion. The City is currently weighing their options. f. Insurance The Successor Agency is covered under the City of Bell Garden’s insurance policies. Therefore, the limitation and self-insured retentions applicable to the City also apply to the Successor Agency. Additional information as to coverage and self-insured retentions can be found in Note 9.

70 CITY OF BELL GARDENS NOTES TO BASIC FINANCIAL STATEMENTS (Continued) (14) Other Required Disclosures Deficit Fund Balances The following funds had deficit fund balances as of June 30, 2024: Capital Improvement Project $1,171,038 (a) Nonmajor Special Revenue Funds: COPS State (SLESF) 42,232 (a) Community Development Block Grant 350,867 (a) ABC Grant 16,515 (a) JAG Grant 1,519 (a) CalHome Grant 265,479 (a) Office of Traffic Safety Grant 343 (a) Measure W 672,612 (a) (a) The deficit fund balance will be eliminated over time as revenues exceed expenditures. (15) Restatement of Net Position-(Prior Period Adjustment) Beginning net position as of July 1, 2023 has been restated as follows: Governmental Activities Net position at July 1, 2023, as originally reported $75,067,695 Adjustment for understatement of construction in progress recorded in the prior year 450,374 Net position at July 1, 2023, as restated $75,518,069 (16) Subsequent Events On September 28, 2024, the Governor signed the Senate Bill 549: Gaming: Trial Nations Access to Justice Act (SB 549) into law. This law allows Indian tribes to bring legal action against California licensed card clubs and third-party proposition player services providers (TPPP) to seek a declaration as to whether controlled Las Vegas-style games operated by those card clubs and banked by TPPP violate state law. A court declaration in favor of the Indian tribe would stop almost all controlled games at local card clubs like the Bicycle Casino in Bell Gardens. The potential adverse financial effect to the City is the loss of five million per fiscal year from the General Fund. Management has evaluated subsequent events through March 27, 2025 which is the date the financial statements were available to be issued, and has determined that there are no transactions that will have a significant impact on the City.

71 REQUIRED SUPPLEMENTARY INFORMATION

Variance withFinal BudgetActual PositiveOriginalFinalAmounts(Negative)Revenues: Taxes and assessments 29,102,751$ 29,102,751 29,174,540 71,789 Licenses and permits 613,000 613,000 697,538 84,538 Intergovernmental 6,346,158 6,346,158 6,207,085 (139,073) Charges for services 342,295 342,295 339,822 (2,473) Use of money and property 5,237,174 5,237,174 6,253,039 1,015,865 Fines and forfeitures 465,250 465,250 1,003,933 538,683 Contributions - - 250,000 250,000 Other revenue 1,750,121 1,750,121 1,822,414 72,293 Total revenues 43,856,749 43,856,749 45,748,371 1,891,622 Expenditures: Current: General government 7,849,137 7,849,137 7,964,458 (115,321) Public works 5,470,581 5,470,581 5,787,711 (317,130) Public safety 17,598,301 17,598,301 17,842,847 (244,546) Community development 1,595,531 1,595,531 1,405,760 189,771 Parks and recreation 5,766,942 5,766,942 5,407,583 359,359 Capital outlay 17,788,773 17,788,773 1,523,027 16,265,746 Debt service: Interest and fiscal charges 292,810 292,810 273,821 18,989 Principal retirement 317,655 317,655 329,855 (12,200) Total expenditures 56,679,730 56,679,730 40,535,062 16,144,668 Excess (deficiency) of revenuesover (under) expenditures (12,822,981) (12,822,981) 5,213,309 18,036,290 Other financing sources (uses):Transfers in 972,487 972,487 144,484 (828,003) Transfers out (2,263,121) (2,263,121) (2,785,718) (522,597) Total other financing sources (uses) (1,290,634) (1,290,634) (2,641,234) (1,350,600) Net change in fund balances (14,113,615) (14,113,615) 2,572,075 16,685,690 Fund balance, beginning of year 35,408,748 35,408,748 35,408,748 - Fund balance, end of year 21,295,133$ 21,295,133 37,980,823 16,685,690 CITY OF BELL GARDENSGeneral FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024Budget Amounts 72Page 870 of 976
Variance withFinal BudgetActual PositiveOriginalFinalAmounts(Negative)Revenues: Use of money and property 14,900$ 14,900 97,622 82,722 Other revenue- - 50,068 50,068 Total revenues 14,900 14,900 147,690 132,790 Expenditures:Current: Community development- - - - Total expenditures - - - - Excess (deficiency) of revenuesover (under) expenditures 14,900 14,900 147,690 132,790 Other financing sources (uses):Transfers in 144,238 144,238 149,624 5,386 Total other financing sources (uses) 144,238 144,238 149,624 5,386 Net change in fund balances 159,138 159,138 297,314 138,176 Fund balance, beginning of year 2,287,612 2,287,612 2,287,612 - Fund balance, end of year 2,446,750$ 2,446,750 2,584,926 138,176 CITY OF BELL GARDENSLow and Moderate Housing Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024Budget Amounts 73

74 CITY OF BELL GARDENS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION June 30, 2024 Stewardship, Compliance and Accountability General Budget Policies The City’s budget is prepared under the direction of the City Manager. Revenues are budgeted based on source. Expenditures are budgeted by functions, with sub classification by department and object of expenditures. The City Council approves each year’s budget submitted by the City Manager prior to the beginning of the new fiscal year. It includes proposed expenditures and estimated revenues and is legally adopted on a basis consistent with generally accepted accounting principles. Presentations are provided to the Council prior to the adoption of the budget. The City Manager is authorized to transfer budgeted amounts between departments and object categories, and also between programs. Council approval is required only for transfers of budgeted amounts between funds, or for an increase in total appropriations. Supplemental appropriations, where required during the period are also approved by the Council. Budgeted expenditures are controlled at the fund level. During the year, several supplemental appropriations were necessary. At fiscal year-end, all operating budget appropriations lapse. Capital related appropriations may be carried forward to subsequent years. The following funds do not have legally adopted budgets: Academic Special Revenue Fund JAG Special Revenue Fund SB 1 Road Maintenance Special Revenue Fund

Report date: June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal YearMeasurement period: 2022-23 2021-22 2020-21 2019-20 2018-19Proportion of the net pension liability (asset) 0.15897% 0.15848% 0.17708% 0.14396% 0.14168%Proportionate share of the net pensionliability (asset) 19,831,676$ 18,306,182$ 9,576,902$ 15,663,818$ 14,517,728$ Covered payroll 17,524,650$ 6,724,054$ 6,001,542$ 6,147,303$ 6,070,128$ Proportionate Share of the net pension liability(asset) as percentage of covered payroll 263.56% 272.25% 159.57% 254.81% 239.17%Proportionate Share of the Fiduciary Net Positionas a percentage of the Total Pension Liability 72.11% 72.17% 84.25% 73.17% 73.99%Proportionate Share of Aggregate EmployerContributions 2,131,991$ 2,462,970$ 2,015,634$ 1,908,415$ 1,710,852$ Report date: June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal YearMeasurement period: 2017-18 2016-17 2015-16 2014-15 2013-14Proportion of the net pension liability (asset) 0.13867% 0.13756% 0.13644% 0.13592% 0.11614%Proportionate share of the net pensionliability (asset) 13,362,387$ 13,642,621$ 11,806,379$ 9,329,086$ 7,226,815$ Covered payroll 16,415,166$ 6,527,431$ 5,988,354$ 5,673,946$ 5,534,792$ Proportionate Share of the net pension liability(asset) as percentage of covered payroll 208.29% 209.00% 197.16% 164.42% 130.57%Proportionate Share of the Fiduciary Net Positionas a percentage of the Total Pension Liability 74.75% 72.58% 73.42% 77.67% 82.23%Proportionate Share of Aggregate EmployerContributions 1,506,791$ 1,366,134$ 1,214,243$ 1,122,673$ 904,303$ 1 Covered Payroll represented above is based on pensionable earnings provided by the employer. However, GASB 68 definescovered-employee payroll as the total of employees that are provided pensions through the pension plan. Accordingly, ifpensionable earnings are different than total earnings for covered-employees, total earnings for covered-employees, the employershould display in the disclosure footnotes the payroll based on total earnings for the covered group and recalculate therequired payroll-related ratios.Notes to Schedule:Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes whichoccurred after June 30, 2015. This applies for voluntary benefit changes as well as any offers of Two Years Additional ServiceCredit (a.k.a. Golden Handshakes)Changes in assumptions: The discount rate was changed from 7.65 percent (net of administrative expense) to 7.15 percentto correct for an adjustment to exclude administrative expense for June 30, 2018.

CITY OF BELL GARDENSSchedule of Proportionate Share of the Net Pension Liability and Related Ratios June 30, 2024Cost Sharing Defined Benefit Pension Plan - MiscellaneousLast 10 Fiscal Years 75Page 873 of 976
Report date: June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal YearMeasurement period: 2022-23 2021-22 2020-21 2019-20 2018-19Actuarially determined contribution 12,164,373$ 1,941,251$ 1,728,516$ 1,593,412$ 1,423,751$ Contributions in relation to theactuarially determined contributions 1(2,164,373)$ (1,941,251)$ (1,728,516)$ (1,593,412)$ (1,423,751)$ Contribution deficiency (excess) -$ -$ -$ -$ -$ Covered payroll 27,524,650$ 6,724,054$ 6,001,542$ 6,147,303$ 6,231,576$ Contributions as a percentage ofcovered payroll 228.76% 28.87% 28.80% 25.92% 22.85%Report date: June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal YearMeasurement period: 2017-18 2016-17 2015-16 2014-15 2013-14Actuarially determined contribution 11,305,689$ 1,172,671$ 1,037,345$ 860,858$ 828,117$ Contributions in relation to theactuarially determined contributions 1(1,305,689)$ (1,172,671)$ (1,037,345)$ (860,858)$ (828,117)$ Contribution deficiency (excess) -$ -$ -$ -$ -$ Covered payroll 26,415,166$ 6,527,431$ 5,988,354$ 5,673,946$ 5,534,792$ Contributions as a percentage ofcovered payroll 220.35% 17.97% 17.32% 15.17% 14.96%1 Employee are assumed to make contributions equal to the actuarially determined contributions. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed theactuarially determined contributions. CalPERS has determined that employer obligations referred to as "side funds" do not conformto the circumstances described in paragraph 120 of GASB 68, therefore are not considered separately financed specific liabilities.2 Covered Payroll represented above is based on pensionable earnings provided by the employer. However, GASB 68 definescovered-employee payroll as the total of employees that are provided pensions through the pension Plan. Accordingly, if pensionableearnings are different than total earnings for covered-employees, total earnings for covered-employees, the employer should displayin the disclosure footnotes the payroll based on total earnings for the covered group and recalculate the required payroll-related ratios.Notes to Schedule:The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal 2015-16 were from the June 30, 2013 public agency valuations.Actuarial cost method Entry-age Amortization method/period For detail, see June 30, 2013 Funding Valuation ReportAsset valuation method Actuarial Value of Assets. For details see June 30, 2012 Funding Valuation ReportInflation 2.75%Salary increases Varies by Entry Age and ServicePayroll growth 3.00%Investment rate of return 7.5% Net of Pension Plan Investment and Administrative expenses, including inflationRetirement age The probabilities of Retirement are based on the 2010 CalPERS Experience Study for the periodfrom 1997 to 2007.Mortality The probabilities of mortality are based on the 2010 CalPERS Experience Study for the period from1997 to 2007. Pre-retirement and Post-Retirement mortality reats included 5 years of projected mortality improvement using Scale AA published by the Society of Actuaries.

CITY OF BELL GARDENSSchedule of Plan Contributions - Defined Benefit Pension Plan June 30, 2024Cost Sharing Defined Benefit Pension Plan - MiscellaneousLast 10 Fiscal Years 76Page 874 of 976
Report date: June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal YearMeasurement period: 2022-23 2021-22 2020-21 2019-20 2018-19Proportion of the net pension liability (asset) 2.68140% 0.26890% 0.35031% 0.25491% 0.25795%Proportionate share of the net pensionliability (asset) 33,451,870$ 31,060,236$ 18,945,970$ 27,735,721$ 26,432,318$ Covered payroll 15,963,131$ 5,668,949$ 5,149,405$ 5,527,368$ 5,734,040$ Proportionate Share of the net pension liability(asset) as percentage of covered payroll 560.98% 547.90% 367.93% 501.79% 460.97%Proportionate Share of the Fiduciary Net Positionas a percentage of the Total Pension Liability 70.16% 71.09% 77.31% 71.74% 71.89%Proportionate Share of Aggregate EmployerContributions 3,134,314$ 5,094,515$ 3,449,574$ 3,645,018$ 2,963,859$ Report date: June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal YearMeasurement period: 2017-18 2016-17 2015-16 2014-15 2013-14Proportion of the net pension liability (asset) 0.26512% 0.26462% 0.27618% 0.29656% 0.30157%Proportionate share of the net pensionliability (asset) 25,547,563$ 26,242,972$ 23,898,271$ 20,355,288$ 18,765,190$ Covered payroll 26,080,034$ 5,685,550$ 5,339,083$ 5,076,167$ 4,756,423$ Proportionate Share of the net pension liability(asset) as percentage of covered payroll 420.19% 461.57% 447.61% 401.00% 394.52%Proportionate Share of the Fiduciary Net Positionas a percentage of the Total Pension Liability 71.24% 68.85% 68.48% 71.66% 73.81%Proportionate Share of Aggregate EmployerContributions 2,699,487$ 2,001,511$ 1,793,929$ 1,751,135$ 1,496,855$ 1 Covered Payroll represented above is based on pensionable earnings provided by the employer. However, GASB 68 definescovered-employee payroll as the total of employees that are provided pensions through the pension plan. Accordingly, ifpensionable earnings are different than total earnings for covered-employees, total earnings for covered-employees, the employershould display in the disclosure footnotes the payroll based on total earnings for the covered group and recalculate therequired payroll-related ratios.Notes to Schedule:Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes whichoccurred after June 30, 2015. This applies for voluntary benefit changes as well as any offers of Two Years Additional ServiceCredit (a.k.a. Golden Handshakes)Changes in assumptions: The discount rate was changed from 7.65 percent (net of administrative expense) to 7.15 percentto correct for an adjustment to exclude administrative expense for June 30, 2018.

CITY OF BELL GARDENSSchedule of Proportionate Share of the Net Pension Liability and Related Ratios June 30, 2024Cost Sharing Defined Benefit Pension Plan - SafetyLast 10 Fiscal Years 77Page 875 of 976
Report date: June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal YearMeasurement period: 2022-23 2021-22 2020-21 2019-20 2018-19Actuarially determined contribution 13,404,444$ 3,090,686$ 2,751,377$ 3,781,851$ 3,479,779$ Contributions in relation to theactuarially determined contributions 1(3,404,444)$ (3,090,686)$ (2,751,377)$ (3,781,851)$ (3,479,779)$ Contribution deficiency (excess) -$ -$ -$ -$ -$ Covered payroll 25,963,131$ 5,668,949$ 5,149,405$ 5,527,368$ 5,688,142$ Contributions as a percentage ofcovered payroll 257.09% 54.52% 53.43% 68.42% 61.18%Report date: June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal YearMeasurement period: 2017-18 2016-17 2015-16 2014-15 2013-14Actuarially determined contribution 13,299,926$ 2,972,647$ 2,712,086$ 2,451,516$ 2,189,458$ Contributions in relation to theactuarially determined contributions 1(3,299,926)$ (2,972,647)$ (2,712,086)$ (2,451,516)$ (2,189,458)$ Contribution deficiency (excess) -$ -$ -$ -$ -$ Covered payroll 26,080,034$ 5,685,550$ 5,339,083$ 5,076,167$ 4,756,423$ Contributions as a percentage ofcovered payroll 254.27% 52.28% 50.80% 48.29% 46.03%1 Employee are assumed to make contributions equal to the actuarially determined contributions. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed theactuarially determined contributions. CalPERS has determined that employer obligations referred to as "side funds" do not conformto the circumstances described in paragraph 120 of GASB 68, therefore are not considered separately financed specific liabilities.2 Covered Payroll represented above is based on pensionable earnings provided by the employer. However, GASB 68 definescovered-employee payroll as the total of employees that are provided pensions through the pension Plan. Accordingly, if pensionableearnings are different than total earnings for covered-employees, total earnings for covered-employees, the employer should displayin the disclosure footnotes the payroll based on total earnings for the covered group and recalculate the required payroll-related ratios.Notes to Schedule:The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal 2015-16 were from the June 30, 2013 public agency valuations.Actuarial cost method Entry-age Amortization method/period For detail, see June 30, 2013 Funding Valuation ReportAsset valuation method Actuarial Value of Assets. For details see June 30, 2012 Funding Valuation ReportInflation 2.75%Salary increases Varies by Entry Age and ServicePayroll growth 3.00%Investment rate of return 7.5% Net of Pension Plan Investment and Administrative expenses, including inflationRetirement age The probabilities of Retirement are based on the 2010 CalPERS Experience Study for the periodfrom 1997 to 2007.Mortality The probabilities of mortality are based on the 2010 CalPERS Experience Study for the period from1997 to 2007. Pre-retirement and Post-Retirement mortality reats included 5 years of projected mortality improvement using Scale AA published by the Society of Actuaries.

CITY OF BELL GARDENSSchedule of Plan Contributions - Defined Benefit Pension Plan June 30, 2024Cost Sharing Defined Benefit Pension Plan - SafetyLast 10 Fiscal Years 78Page 876 of 976
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year2023-24 2022-23 2021-22 2020-21 2019-20Total OPEB LiabilityService cost 2,236,434$ 2,246,094$ 3,305,603$ 3,178,212$ 2,397,228$ Interest on the total OPEB Liability 2,377,967 2,244,436 1,731,289 1,665,893 2,178,333 Actual and expected experience difference (116,314) - (2,646,712) - 4,479,863 Changes in assumptions 1,195,328 (1,213,094) (17,288,971) 618,446 (1,846,156) Benefit payments ** (1,561,431) (1,488,499) (1,154,654) (1,038,109) (1,023,490) Net change in total OPEB liability 4,131,984 1,788,937 (16,053,445) 4,424,442 6,185,778 Total OPEB liability - beginning 64,812,274 63,023,337 79,076,782 74,652,340 68,466,562 Total OPEB liability - ending (a) 68,944,258$ 64,812,274$ 63,023,337$ 79,076,782$ 74,652,340$ Plan Fiduciary Net PositionContribution - employer 1,561,431$ 1,488,499$ 1,154,654$ 1,038,109$ 1,023,490$ Net investment income 40,557 16,124 (35,993) 60,345 9,798 Benefit payments ** (1,561,431) (1,488,499) (1,154,654) (1,038,109) (1,023,490) Administrative expense (1,762) (1,602) (1,818) (1,635) (1,304) Net change in plan fiduciary net position 38,795 14,522 (37,811) 58,710 8,494 Plan fiduciary net position - beginning 286,311 271,789 309,600 250,890 242,396 Plan fiduciary net position - ending (b) 325,106$ 286,311$ 271,789$ 309,600$ 250,890$ Net OPEB liability - ending (a)-(b) 68,619,152$ 64,525,963$ 62,751,548$ 78,767,182$ 74,401,450$ Employee payroll 14,907,080$ 13,664,789$ 12,402,855$ 11,231,170$ 11,586,109$ Net OPEB liability as a percentage of employee payroll 460.31% 472.21% 505.94% 701.33% 642.16%Notes to ScheduleHistorical information is required only for measurement periods for which GASB 75is applicable. Future years' information will be displayed up to 10 years as informationbecomes available.* - Fiscal year 2017-18 was the 1st year of implementation, therefore only seven years are shown.** - Benefit payments include refunds and the implied subsidy benefit payments.

CITY OF BELL GARDENSSchedule of Changes in the Net OPEB Liability and Related RatiosLast 10 Fiscal Years * 79Page 877 of 976
Fiscal Year Fiscal Year2018-19 2017-18Total OPEB LiabilityService cost 2,333,069$ 2,325,434$ Interest on the total OPEB Liability 2,179,874 2,038,237 Actual and expected experience difference - - Changes in assumptions 4,445,153 (1,183,098) Benefit payments ** (881,139) (827,361) Net change in total OPEB liability 8,076,957 2,353,212 Total OPEB liability - beginning 60,389,605 58,036,393 Total OPEB liability - ending (a) 68,466,562$ 60,389,605$ Plan Fiduciary Net PositionContribution - employer 881,139$ 827,361$ Net investment income 15,543 13,744 Benefit payments ** (881,139) (827,361) Administrative expense (575) (559) Net change in plan fiduciary net position 14,968 13,185 Plan fiduciary net position - beginning 227,428 214,243 Plan fiduciary net position - ending (b) 242,396$ 227,428$ Net OPEB liability - ending (a)-(b) 68,224,166$ 60,162,177$ Employee payroll 12,414,529$ 12,895,877$ Net OPEB liability as a percentage of employee payroll 549.55% 466.52% CITY OF BELL GARDENSSchedule of Changes in the Net OPEB Liability and Related Ratios (Continued)Last 10 Fiscal Years * 80Page 878 of 976
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year2023-24 2022-23 2021-22 2020-21 2019-20Actuarially determine contribution 1,561,431$ 1,488,499$ 1,154,654$ 1,038,109$ 1,023,490$ Contribution in relation to the actuarially determined contributions (1,561,431) (1,488,499) (1,154,654) (1,038,109) (1,023,490) Contribution excess -$ -$ -$ -$ -$ Employee payroll 14,907,080$ 13,644,789$ 12,402,855$ 11,231,170$ 11,586,109$ Contributions as a percentageof employee payroll 10.47% 10.91% 9.31% 9.24% 8.83%Fiscal Year Fiscal Year2018-19 2017-18Actuarially determine contribution 881,139$ 823,361$ Contribution in relation to the actuarially determined contributions (881,139) (823,361) Contribution excess -$ -$ Employee payroll 12,414,529$ 12,895,877$ Contributions as a percentageof employee payroll 7.10% 6.38%Notes to ScheduleActuarial cost method Entry-age Amortization method/ Level percent of pay period Asset valuation method Fair value of assetsInflation 2.75%Payroll growth 2.75% per yearInvestment rate of return 6% Net of Pensin Plan Investment and Administrative expenses,includes inflationHealthcare Cost-Trend Assumed increases occur once each year with premium increases Rates of 7.0% on 1/1/19 with increases of 0.5% less each January 1 thereafterthrough 2024. Assumed 5% increases for year 2024 and later.Mortality The probabilties of mortality are based on the 2010 CalPERS ExperienceStudy for the period from 1997 to 2007. Pre-retirement and Post-Retirementmortality rates incuded 5 years of projected mortality improvement usingScale AA published by the Society of Actuaries.* - Fiscal year 2017-18 was the 1st year of implementation, therefore only seven years are shown.** - Benefit payments include refunds and the implied subsidy benefit payments.

CITY OF BELL GARDENSSchedule of Plan Contributions - OPEB PlanLast 10 Fiscal Years * 81Page 879 of 976

82 SUPPLEMENTARY INFORMATION

83 CITY OF BELL GARDENS NONMAJOR GOVERNMENTAL FUNDS June 30, 2024 SPECIAL REVENUE FUNDS: Public Safety Augmentation (PSAF) – This is Proposition 172 fund specified for the receipt of ½ cent state sales tax for local public safety services. This fund is used to account for jail services and training. COPS State (SLEF) – The Citizens Option for Public Safety (COPS) program was originally adopted in AB3229 (Brulte) 1996 with funding from the state general fund. This fund is to be used to support front-line law enforcement, county jails, district attorneys for prosecution and local juvenile justice programs. This fund supports the City’s jail operation in the Public Safety Augmentation fund. State Gas Tax - This fund is used to account for revenues and expenditures under California Streets and Highways Code Sections 2105, 2106, 2107 and 2107.5. A portion of the excise tax collected on gasoline is allocated to cities and these funds are expended for street improvement and maintenance programs. Asset Forfeiture – This fund accounts for revenues received from asset seizures which can only be used to augment law enforcement expenditures. Waste Management – This fund is to account for the collection of a waste surcharge from consumers used to finance waste management programs. Community Development Block Grant – This fund accounts for revenues received from the U.S. Department of Housing and Urban Development for housing rehabilitation and other community improvement projects. Proposition A - This fund is used to account for revenues and expenditures related to a half-cent sales tax under Proposition A approved by Los Angeles County voters in 1980. A portion of Proposition A funds is allocated to cities and these funds must be used exclusively to benefit public transit. Expenditures related to fixed route and paratransit services, transportation demand management, transportation systems management and fare subsidy programs that exclusively benefit transit are all eligible uses of Proposition A funds. Proposition C - This fund is used to account for revenues and expenditures related to a half-cent sales tax under Proposition C approved by Los Angeles County voters in 1990. A portion of Proposition C funds is allocated to cities and these funds must be used to benefit public transit, congestion management programs, bikeways and bike lanes, street improvements supporting public transit service, and pavement management system projects. Air Quality Improvement - This fund is used to account for revenues and expenditures under California Assembly Bill 2766 signed into law in 1990, under the California Health and Safety Code Sections 44220 - 44247. AB 2766 provides for the collection of an additional fee in motor vehicle registration fees, a portion of which is allocated to cities to fund various air pollution reduction programs. Recycling Grant – This fund accounts for the state grant used for the specific purpose of recycling oil.

84 CITY OF BELL GARDENS NONMAJOR GOVERNMENTAL FUNDS June 30, 2024 SPECIAL REVENUE FUNDS: Academic Pursuit – This fund is used to account for the interest income generated from designated principal in the General Fund to be used only for Academic Grants for qualified residents of the City of Bell Gardens. Post-Employment Benefits – This fund is used to account for payment of certain health insurance benefits available to eligible retired employees. Measure R - This fund is used to account for revenues and expenditures related to a half cent sales tax under Measure R approved by Los Angeles County voters in November 2008. A portion of Measure R funds is allocated to cities and these funds must be used for streets and roads, traffic control measures, bikeways and pedestrian improvements, public transit services and capital improvements, transportation marketing, and congestion management program. ABC Grant –The Department of Alcoholic Beverage Control (“ABC”) offers grant opportunities once a year for qualified law enforcement agencies. The ABC Grant provides an opportunity for BGPD to establish close working relationships between ABC district offices and prioritize law enforcement efforts. This fund accounts for the receipt and use of the ABC grant funds. JAG Grant – The Edward Byrne Justice Assistance Grant (JAG) Program annually provides funding to local police agencies for programs or items related to local initiatives, technical assistance, training, personnel, equipment, supplies, contractual support, and information systems related to law enforcement services. This fund accounts for the receipt and use of the JAG grant funds. COPS Grant - This fund is used to account for revenues and expenditures related to a 1% fee on cable television and other video subscription services to fund the purchase and acquisition of capital equipment and facilities necessary to program and broadcast PEG (public, education, and government) events on designated cable channels. Anson Ford Park – This fund is used to account for the resources and expenditures involving the operations of the Bell Gardens Sports Complex. SB 1 Road Maintenance – This fund is used to account for the revenues raised by the Road Repair and Accountability Act of 2017 (SB 1) and allocated to the City for investment in transportation systems. At the end of the fiscal year, the City transfers all revenues received to the Gas Tax fund to support the SB 1 projects. Measure M - This fund will be used to meet the goals of improving freeway traffic flow; accelerating rail construction and building rail lines enhancing local regional and express bus service, bike and pedestrian connections; improving transportation system connectivity, streets and intersections; addressing transit and highway safety; providing more accessibility, convenience, and affordability of transportation for seniors, students and the disabled; and incorporating modern technology in the transportation system.

85 CITY OF BELL GARDENS NONMAJOR GOVERNMENTAL FUNDS June 30, 2024 SPECIAL REVENUE FUNDS: CalHome Grant - This CalHome Grant Program provides grants to local public agencies and nonprofit corporations for first-time homebuyer and housing rehabilitation assistance, homebuyer counseling and technical assistance activities to enable low-and very low-income households to become or remain homeowners. This fund accounts for the receipt and use of the CalHome Grant funds. Office of Traffic Safety Grant – This fund was established to account for the receipt and disbursement of federal grant monies received through the State Office of Traffic Safety. These funds are restricted for operations utilized to enhance traffic safety and to reduce drunk driving within the City. Measure W - This fund is used to account for financial transactions for projects dedicated to increase local water supply, improve water quality, and protect public health.

PublicSafety COPS StateAugmentation State Gas Asset(PSAF)(SLESF)TaxForfeitureASSETSCash and investments 814,395$ - 993,840 950,946 Receivables: Notes and loans - - - - Interest 2,289 1,101 - 3,320 Due from other governments 7,000 - 92,117 52,068 Total assets 823,684$ 1,101 1,085,957 1,006,334 LIABILITIESAccounts payable 1,577$ - 117,368 797 Due to other governments - - - - Unearned revenue - - - 620,731 Deposits payable - - - 103,982 Due to other funds - 43,333 - - Total liabilities 1,577 43,333 117,368 725,510 DEFERRED IN FLOWS OF RESOURCESUnavailable revenue - - - - Total deferred in flows (outflows) of resources - - - - FUND BALANCESRestricted 822,107 - 968,589 280,824 Assigned - - - - Unassigned - (42,232) - - Total fund balances (deficits) 822,107 (42,232) 968,589 280,824 Total liabilities, deferred inflows and fund balances 823,684$ 1,101 1,085,957 1,006,334 CITY OF BELL GARDENSNonmajor Governmental FundsCombining Balance SheetJune 30, 2024Special Revenue Funds 86Page 884 of 976
CommunityDevelopmentWaste Block Proposition Proposition Air Quality Recycling AcademicManagementGrantACImprovementGrantPursuit670,531 - 788,320 2,691,134 15,070 147,401 - - 1,832,139 - - - - 341,767 - 29 3,228 11,807 42 630 - 105,518 490,744 - 67,137 12,935 - - 776,049 2,322,912 791,548 2,770,078 28,047 148,031 341,767 18,818 125,720 47,921 115,471 78 700 - - 173,393 - - - - - - - - - - - - - - - - - - - - 303,965 - - - - - 18,818 603,078 47,921 115,471 78 700 - - 2,070,701 - - 12,935 - 341,767 - 2,070,701 - - 12,935 - 341,767 757,231 - 743,627 2,654,607 15,034 147,331 - - - - - - - - - (350,867) - - - - - 757,231 (350,867) 743,627 2,654,607 15,034 147,331 - 776,049 2,322,912 791,548 2,770,078 28,047 148,031 341,767 Special Revenue Funds
87Page 885 of 976
Post- AnsonEmployment Measure ABC JAG COPS FordBenefitsRGrantGrantGrantParkASSETSCash and investments 146,689$ 1,907,131 - - 209,552 1,781,164 Receivables: Notes and loans - - - - - - Interest - 8,182 - - 906 17,431 Due from other governments - 50,501 3,491 - - - Total assets 146,689$ 1,965,814 3,491 - 210,458 1,798,595 LIABILITIESAccounts payable 2,199$ 75 - - - 28,705 Due to other governments - - - - - - Unearned revenue - - - - - 1,410,282 Deposits payable - - - - - - Due to other funds - - 20,006 1,519 - - Total liabilities 2,199 75 20,006 1,519 - 1,438,987 DEFERRED IN FLOWS OF RESOURCESUnavailable revenue - - - - 127,190 - Total deferred in flows (outflows) of resources - - - - 127,190 - FUND BALANCESRestricted - 1,965,739 - - 83,268 359,608 Assigned 144,490 - - - - - Unassigned - - (16,515) (1,519) - - Total fund balances (deficits) 144,490 1,965,739 (16,515) (1,519) 83,268 359,608 Total liabilities, deferred inflows and fund balances 146,689$ 1,965,814 3,491 - 210,458 1,798,595 Special Revenue FundsCITY OF BELL GARDENSNonmajor Governmental Funds, ContinuedCombining Balance SheetJune 30, 2024 88Page 886 of 976
Office of TotalSB 1 Traffic NonmajorRoad Measure CalHome Safety Measure GovernmentalMaintenanceMGrantGrantWFunds- 1,478,177 - - - 12,594,350 - - 576,871 - - 2,750,777 3,253 6,358 - - - 58,576 82,049 57,255 802,652 - 37,545 1,861,012 85,302 1,541,790 1,379,523 - 37,545 17,264,715 - 173,181 7,760 - 11,185 651,555 - - - - - 173,393 - - - - - 2,031,013 - - - - - 103,982 85,302 - 794,892 343 661,427 1,910,787 85,302 173,181 802,652 343 672,612 4,870,730 - - 842,350 - 37,545 3,432,488 - - 842,350 - 37,545 3,432,488 - 1,368,609 - - - 10,166,574 - - - - - 144,490 - - (265,479) (343) (672,612) (1,349,567) - 1,368,609 (265,479) (343) (672,612) 8,961,497 85,302 1,541,790 1,379,523 - 37,545 17,264,715 Special Revenue Funds
89Page 887 of 976
PublicSafety COPS StateAugmentation State Gas Asset(PSAF)(SLESF)TaxForfeitureRevenues: Taxes and assessments -$ - - - Intergovernmental 148,001 186,159 1,989,990 73,371 Charges for services - - - - Use of money and property 9,907 3,478 6,575 9,658 Fines and forfeitures - - - 53,996 Other revenue 7,123 - - - Total revenues 165,031 189,637 1,996,565 137,025 Expenditures:Current:General government - - - - Public works - - 2,102,168 - Public safety 234,548 - - 56,769 Community development - - - - Parks and recreation - - - - Capital outlay - - 123,612 - Total expenditures 234,548 - 2,225,780 56,769 Excess (deficiency) of revenues over(under) expenditures (69,517) 189,637 (229,215) 80,256 Other financing sources (uses):Transfers in 298,000 - 1,102,361 - Transfers out - (298,000) - - Total other financing sources (uses) 298,000 (298,000) 1,102,361 - Net change in fund balances 228,483 (108,363) 873,146 80,256 Fund balances (deficit), beginning of year 593,624 66,131 95,443 200,568 Fund balances (deficit), end of year 822,107$ (42,232) 968,589 280,824 Special Revenue FundsCITY OF BELL GARDENSNonmajor Governmental FundsCombining Statement of Revenues, Expenditures and Changes in Fund BalancesFor the Year Ended June 30, 2024 90

CommunityDevelopmentWaste Block Proposition Proposition Air Quality Recycling AcademicManagementGrantACImprovementGrantPursuit4,333,614 - 1,030,453 854,737 - - - 107,650 641,031 75,125 - 41,754 22,036 - - - - 38,964 - - - - 118 10,875 49,787 56 2,603 - - - - - - - - - 7,600 - - - - - 4,441,264 648,749 1,116,453 943,488 41,810 24,639 - - - - - - - - 4,126,405 - 739,300 687,186 33,572 14,598 - - - - - - - - - 364,607 - - - - - - - - - - - - - 540,061 - 258,544 - - - 4,126,405 904,668 739,300 945,730 33,572 14,598 - 314,859 (255,919) 377,153 (2,242) 8,238 10,041 - - - - - - - - - - - - - - - - - - - - - - 314,859 (255,919) 377,153 (2,242) 8,238 10,041 - 442,372 (94,948) 366,474 2,656,849 6,796 137,290 - 757,231 (350,867) 743,627 2,654,607 15,034 147,331 - Special Revenue Funds
91

Post- AnsonEmployment Measure ABC JAG COPS FordBenefitsRGrantGrantGrantParkRevenues: Taxes and assessments -$ - - - - - Intergovernmental - 640,852 4,805 - - 2,589,718 Charges for services 62,167 - - - - 407,461 Use of money and property - 34,438 - - 3,695 47,463 Fines and forfeitures - - - - - - Other revenue - - - - - - Total revenues 62,167 675,290 4,805 - 3,695 3,044,642 Expenditures:Current:General government 1,506,051 - - - - - Public works - 76,466 - - - - Public safety - - 19,269 - - - Community development - - - - - - Parks and recreation - - - - - 220,000 Capital outlay - 566,194 - - - 2,599,226 Total expenditures 1,506,051 642,660 19,269 - - 2,819,226 Excess (deficiency) of revenues over(under) expenditures (1,443,884) 32,630 (14,464) - 3,695 225,416 Other financing sources (uses):Transfers in 1,443,884 - - - - - Transfers out - - - - - - Total other financing sources (uses) 1,443,884 - - - - - Net change in fund balances - 32,630 (14,464) - 3,695 225,416 Fund balances (deficit), beginning of year 144,490 1,933,109 (2,051) (1,519) 79,573 134,192 Fund balances (deficit), end of year 144,490$ 1,965,739 (16,515) (1,519) 83,268 359,608 CITY OF BELL GARDENSNonmajor Governmental FundsCombining Statement of Revenues, Expenditures and Changes in Fund Balances, ContinuedFor the Year ended June 30, 2024Special Revenue Funds 92

Office of TotalSB 1 Traffic NonmajorRoad Measure CalHome Safety Measure GovernmentalMaintenanceMGrantGrantWFunds- - - - - 6,218,804 - 723,659 - 74,198 - 7,318,349 - - - - - 508,592 - 25,259 - - - 203,912 - - - - - 53,996 - - - - - 14,723 - 748,918 - 74,198 - 14,318,376 - - - - - 1,506,051 - - - - 11,185 7,790,880 - - - - - 310,586 - - 85,863 - - 450,470 - - - - - 220,000 - 573,945 - 70,933 661,427 5,393,942 - 573,945 85,863 70,933 672,612 15,671,929 - 174,973 (85,863) 3,265 (672,612) (1,353,553) - - - - - 2,844,245 - - - - - (298,000) - - - - - 2,546,245 - 174,973 (85,863) 3,265 (672,612) 1,192,692 - 1,193,636 (179,616) (3,608) - 7,768,805 - 1,368,609 (265,479) (343) (672,612) 8,961,497 Special Revenue Funds
93

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental125,000$ 148,001 23,001 Use of money and property500 9,907 9,407 Other revenue- 7,123 7,123 Total revenues 125,500 165,031 39,531 Expenditures:Current: Public safety264,222 234,548 29,674 Total expenditures 264,222 234,548 29,674 Excess (deficiency) of revenuesover (under) expenditures (138,722) (69,517) 69,205 Other financing sources (uses):Transfers in 298,000 298,000 - Total other financing sources (uses) 298,000 298,000 - Net change in fund balances 159,278 228,483 69,205 Fund balance, beginning of year 593,624 593,624 - Fund balance, end of year 752,902$ 822,107 69,205 CITY OF BELL GARDENSPublic Safety Augmentation (PSAF) Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 94

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental100,000$ 186,159 86,159 Use of money and property150 3,478 3,328 Total revenues 100,150 189,637 89,487 Expenditures:Current:Public safety- - - Total expenditures - - - Excess (deficiency) of revenuesover (under) expenditures 100,150 189,637 89,487 Other financing sources (uses):Transfers out (298,000) (298,000) - Total other financing sources (uses) (298,000) (298,000) - Net change in fund balances (197,850) (108,363) 89,487 Fund balance, beginning of year 66,131 66,131 - Fund balance (deficit), end of year (131,719)$ (42,232) 89,487 CITY OF BELL GARDENSCOPS State (SLESF) Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 95

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental1,059,277$ 1,989,990 930,713 Use of money and property- 6,575 6,575 Total revenues 1,059,277 1,996,565 937,288 Expenditures:Current:Public works1,949,452 2,102,168 (152,716) Capital outlay204,570 123,612 80,958 Total expenditures 2,154,022 2,225,780 (71,758) Excess (deficiency) of revenuesover (under) expenditures (1,094,745) (229,215) 865,530 Other financing sources (uses):Transfers in - 1,102,361 1,102,361 Total other financing sources (uses) - 1,102,361 1,102,361 Net change in fund balances (1,094,745) 873,146 1,967,891 Fund balance, beginning of year 95,443 95,443 - Fund balance, end of year (999,302)$ 968,589 1,967,891 CITY OF BELL GARDENSState Gas Tax Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 96

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental -$ 73,371 73,371 Use of money and property - 9,658 9,658 Fines and forfeitures 50,000 53,996 3,996 Total revenues 50,000 137,025 87,025 Expenditures:Current:Public safety 182,000 56,769 125,231 Capital outlay 14,000 - 14,000 Total expenditures 196,000 56,769 139,231 Net change in fund balances (146,000) 80,256 226,256 Fund balance, beginning of year 200,568 200,568 - Fund balance, end of year 54,568$ 280,824 226,256 CITY OF BELL GARDENSAsset Forfeiture Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 97

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Taxes and assessments 3,371,000$ 4,333,614 962,614 Intergovernmental - 107,650 107,650 Total revenues 3,371,000 4,441,264 1,070,264 Expenditures:Current:Public works 4,355,608 4,126,405 229,203 Total expenditures 4,355,608 4,126,405 229,203 Net change in fund balances (984,608) 314,859 1,299,467 Fund balance, beginning of year 442,372 442,372 - Fund balance (deficit), end of year (542,236)$ 757,231 1,299,467 CITY OF BELL GARDENSWaste Management Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 98

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental 1,061,248$ 641,031 (420,217) Use of money and property - 118 118 Other revenue - 7,600 7,600 Total revenues 1,061,248 648,749 (412,499) Expenditures:Current:Community development 293,000 364,607 (71,607) Capital outlay 1,703,208 540,061 1,163,147 Total expenditures 1,996,208 904,668 1,091,540 Net change in fund balances (934,960) (255,919) 679,041 Fund balance (deficit), beginning of year (94,948) (94,948) - Fund balance (deficit), end of year (1,029,908)$ (350,867) 679,041 CITY OF BELL GARDENSCommunity Development Block Grant Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 99

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Taxes and assessments 1,030,349$ 1,030,453 104 Intergovernmental - 75,125 75,125 Use of money and property - 10,875 10,875 Total revenues 1,030,349 1,116,453 86,104 Expenditures:Current:Public works 927,892 739,300 188,592 Total expenditures 927,892 739,300 188,592 Excess (deficiency) of revenuesover (under) expenditures 102,457 377,153 274,696 Other financing sources (uses):Transfers in - - - Total other financing sources (uses) - - - Net change in fund balances 102,457 377,153 274,696 Fund balance, beginning of year 366,474 366,474 - Fund balance, end of year 468,931$ 743,627 274,696 CITY OF BELL GARDENSProposition A Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 100

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Taxes and assessments 854,648$ 854,737 89 Charges for services 40,000 38,964 (1,036) Use of money and property 1,000 49,787 48,787 Total revenues 895,648 943,488 47,840 Expenditures:Current:Public works 681,788 687,186 (5,398) Capital outlay 1,946,412 258,544 1,687,868 Total expenditures 2,628,200 945,730 1,682,470 Net change in fund balances (1,732,552) (2,242) 1,730,310 Fund balance, beginning of year 2,656,849 2,656,849 - Fund balance, end of year 924,297$ 2,654,607 1,730,310 CITY OF BELL GARDENSProposition C Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 101

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental 54,000$ 41,754 (12,246) Use of money and property - 56 56 Total revenues 54,000 41,810 (12,190) Expenditures:Current:Public works 34,224 33,572 652 Capital outlay 70,000 - 70,000 Total expenditures 104,224 33,572 70,652 Net change in fund balances (50,224) 8,238 58,462 Fund balance, beginning of year 6,796 6,796 - Fund balance, end of year (43,428)$ 15,034 58,462 CITY OF BELL GARDENSAir Quality Improvement Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 102

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental 22,700$ 22,036 (664) Use of money and property - 2,603 2,603 Total revenues 22,700 24,639 1,939 Expenditures:Current:Public works 16,245 14,598 1,647 Total expenditures 16,245 14,598 1,647 Net change in fund balances 6,455 10,041 3,586 Fund balance, beginning of year 137,290 137,290 - Fund balance, end of year 143,745$ 147,331 3,586 CITY OF BELL GARDENSRecycling Grant Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 103

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Charges for services 60,000$ 62,167 2,167 Total revenues 60,000 62,167 2,167 Expenditures:Current:General government 1,300,000 1,506,051 (206,051) Total expenditures 1,300,000 1,506,051 (206,051) Excess (deficiency) of revenuesover (under) expenditures (1,240,000) (1,443,884) (203,884) Other financing sources (uses):Transfers in 1,300,000 1,443,884 143,884 Total other financing sources (uses) 1,300,000 1,443,884 143,884 Net change in fund balances 60,000 - (60,000) Fund balance, beginning of year 144,490 144,490 - Fund balance, end of year 204,490$ 144,490 (60,000) CITY OF BELL GARDENSPost-Employment Benefits Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 104

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental 640,986$ 640,852 (134) Use of money and property 3,000 34,438 31,438 Total revenues 643,986 675,290 31,304 Expenditures:Current:Public works 81,353 76,466 4,887 Capital outlay 1,667,688 566,194 1,101,494 Total expenditures 1,749,041 642,660 1,106,381 Net change in fund balances (1,105,055) 32,630 1,137,685 Fund balance, beginning of year 1,933,109 1,933,109 - Fund balance, end of year 828,054$ 1,965,739 1,137,685 CITY OF BELL GARDENSMeasure R Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 105

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental-$ 4,805 4,805 Total revenues - 4,805 4,805 Expenditures:Current: Public safety60,000 19,269 40,731 Total expenditures 60,000 19,269 40,731 Net change in fund balances (60,000) (14,464) 45,536 Fund balance (deficit), beginning of year (2,051) (2,051) - Fund balance (deficit), end of year (62,051)$ (16,515) 45,536 CITY OF BELL GARDENSABC Grants Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 106

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Use of money and property 500$ 3,695 3,195 Total revenues 500 3,695 3,195 Expenditures:Current: Public safety 375,000 - 375,000 Total expenditures 375,000 - 375,000 Net change in fund balances (374,500) 3,695 378,195 Fund balance, beginning of year 79,573 79,573 - Fund balance (deficit), end of year (294,927)$ 83,268 378,195 CITY OF BELL GARDENSCOPS Grant Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 107

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental -$ 2,589,718 2,589,718 Charges for services 267,500 407,461 139,961 Use of money and property - 47,463 47,463 Total revenues 267,500 3,044,642 2,777,142 Expenditures:Current: Parks and recreation 336,000 220,000 116,000 Capital outlay 4,000,000 2,599,226 1,400,774 Total expenditures 4,336,000 2,819,226 1,516,774 Net change in fund balances (4,068,500) 225,416 4,293,916 Fund balance, beginning of year 134,192 134,192 - Fund balance (deficit), end of year (3,934,308)$ 359,608 4,293,916 CITY OF BELL GARDENSAnson Ford Park Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 108

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental 726,451$ 723,659 (2,792) Use of money and property 2,000 25,259 23,259 Total revenues 728,451 748,918 20,467 Expenditures:Capital outlay 1,027,649 573,945 453,704 Total expenditures 1,027,649 573,945 453,704 Net change in fund balances (299,198) 174,973 474,171 Fund balance, beginning of year 1,193,636 1,193,636 - Fund balance, end of year 894,438$ 1,368,609 474,171 CITY OF BELL GARDENSMeasure M Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 109

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental 88,000$ - (88,000) Total revenues 88,000 - (88,000) Expenditures:Current:Community development 1,700,000 85,863 1,614,137 Total expenditures 1,700,000 85,863 1,614,137 Net change in fund balances (1,612,000) (85,863) 1,526,137 Fund balance (deficit), beginning of year, as restated (179,616) (179,616) - Fund balance (deficit), end of year (1,791,616)$ (265,479) 1,526,137 CITY OF BELL GARDENSCalHome Grant Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 110

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental 70,000$ 74,198 4,198 Total revenues 70,000 74,198 4,198 Expenditures:Capital outlay 175,000 70,933 104,067 Total expenditures 175,000 70,933 104,067 Net change in fund balances (105,000) 3,265 108,265 Fund balance (deficit), beginning of year (3,608) (3,608) - Fund balance (deficit), end of year (108,608)$ (343) 108,265 CITY OF BELL GARDENSOffice of Traffic Safety Grant Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 111

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental320,000$ - (320,000) Total revenues 320,000 - (320,000) Expenditures:Public works60,000 11,185 48,815 Capital outlay875,565 661,427 214,138 Total expenditures 935,565 672,612 262,953 Net change in fund balances (615,565) (672,612) (57,047) Fund balance, beginning of year - - - Fund balance (deficit), end of year (615,565)$ (672,612) (57,047) CITY OF BELL GARDENSMeasure W Special Revenue FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 112

Variance withFinal BudgetBudget Actual PositiveFinalAmounts(Negative)Revenues: Intergovernmental 815,000$ 2,356,727 1,541,727 Use of money and property - 22 22 Total revenues 815,000 2,356,749 1,541,749 Expenditures: Capital outlay 30,275,248 2,448,230 27,827,018 Total expenditures 30,275,248 2,448,230 27,827,018 Net change in fund balances (29,460,248) (91,481) 29,368,767 Fund balance (deficit), beginning of year (1,079,557) (1,079,557) - Fund balance (deficit), end of year (30,539,805)$ (1,171,038) 29,368,767 CITY OF BELL GARDENSCapital Improvement Projects Capital Projects FundSchedule of Revenue, Expenditures and Changes in Fund Balance - Budget and ActualFor the Year Ended June 30, 2024 113

114
Statistical Section This part of the City of Bell Gardens annual comprehensivefinancial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the government’s overall financial health. Contents Financial Trends These schedules contain trend information to help the reader understand how the government’s financial performance and well-being have changed over time. Revenue Capacity These schedules contain information to help the reader asses the government’s most significant local revenue source, the property tax. Debt Capacity These schedules present information to help the reader assess the affordability of the government’s current levels of outstanding debt and the government’s ability to issue additional debt in the future. Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment with in which the government’s financial activities take place. Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the government’s financial report relates to the services that the government provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year.

City of Bell GardensNet Position by Component, Last Ten Fiscal Years(accrual basis of accounting)2015201620172018201920202021202220232024Governmental activitiesNet investment in capital assets 97,439,996$ 96,995,245$ 97,101,421$ 102,917,119$ 96,341,128$ 94,319,104$ 94,260,557$ 94,089,571$ 94,478,816$ 99,921,516$ Restricted 6,485,391 14,654,518 11,470,333 13,508,005 14,869,823 15,278,715 16,416,369 20,544,505 21,330,906Unrestricted 20,271,500 8,141,746 2,531,794 (35,969,103) (35,706,062) (50,305,957) (48,223,688) (49,092,596) (39,954,897) (39,681,822) Total governmental activities net position 117,711,496 111,622,382 114,287,733 78,418,349 74,143,071 58,882,970 61,315,584 61,413,344 75,068,424 81,570,600 Business-type activitiesNet investment in capital assets 4,333,240 4,382,797 4,475,003 4,614,646 4,731,850 4,864,055 5,011,259 5,173,466 5,350,672 5,542,878Restricted 398,744 398,751 397,976 407,014 398,840 399,479 399,339 398,444 398,447 398,447Unrestricted (1,048,651) (1,324,084) (1,736,560) (2,458,157) (3,177,331) (4,540,898) (5,398,397) (6,314,774) (7,713,360) (7,877,128) Total business-type activities net position 3,683,333 3,457,464 3,136,419 2,563,503 1,953,359 722,636 12,201 (742,864) (1,964,241) (1,935,803) Primary governmentNet investment in capital assets 101,773,236 101,378,042 101,576,424 107,531,765 101,072,978 99,183,159 99,271,816 99,263,037 99,829,488 105,464,394Restricted 398,744 6,884,142 15,052,494 11,877,347 13,906,845 15,269,302 15,678,054 16,814,813 20,942,952 21,729,353Unrestricted 19,222,849 6,817,662 795,234 (38,427,260) (38,883,393) (54,846,855) (53,622,085) (55,407,370) (47,668,257) (47,558,950) Total primary government net position 121,394,829$ 115,079,846$ 117,424,152$ 80,981,852$ 76,096,430$ 59,605,606$ 61,327,785$ 60,670,480$ 73,104,183$ 79,634,797$ Fiscal Year 115

City of Bell GardensChanges in Net Position, Last Ten Fiscal Years(accrual basis of accounting)2015201620172018201920202021202220232024ExpensesGovernmental activities:General government9,517,139$ 7,475,621$ 9,428,611$ 8,712,219$ 9,579,450$ 12,322,003$ 9,494,894$ 11,420,398$ 8,911,022$ 12,126,324$ Public safety13,055,529 13,809,907 13,805,735 19,969,281 20,099,425 24,409,260 16,262,137 21,822,242 16,577,971 21,259,242Public works 908,350 1,011,500 975,513 1,119,201 1,054,777 1,114,821 1,433,333 17,088,078 18,796,667 16,005,666Community development2,497,441 2,715,948 2,907,759 2,947,132 2,976,205 3,011,198 2,720,633 1,888,084 1,337,907 1,856,230Parks and recreation 9,931,312 9,628,821 11,248,611 12,665,811 12,367,768 13,245,178 12,654,001 3,809,612 4,385,797 5,627,583Interest and fiscal charges476,273 372,171 330,085 263,511 222,679 160,317 224,813 309,418 12,822 292,808 Total governmental activities expenses36,386,044 35,013,968 38,696,314 45,677,155 46,300,304 54,262,777 42,789,811 56,337,832 50,022,186 57,167,853 Business-type activities:Water 1,459,000 1,465,697 1,260,039 1,246,971 1,480,401 2,283,601 1,641,054 1,973,561 2,520,634 2,487,621Golf Course 227,726 319,165 257,431 216,378 293,272 230,571 204,753 197,572 243,472 275,776 Total business-type activities expenses1,686,726 1,784,862 1,517,470 1,463,349 1,773,673 2,514,172 1,845,807 2,171,133 2,764,106 2,763,397 Total primary government expenses38,072,770$ 36,798,830$ 40,213,784$ 47,140,504$ 48,073,977$ 56,776,949$ 44,635,618$ 58,508,965$ 52,786,292$ 59,931,250$ Program Revenues Governmental activities:Charges for services: General government301,769$ 338,249$ 342,463$ 323,653$ 331,190$ 286,337$ 162,745$ 397,988$ 291,666$ 344,881$ Public safety 782,601 634,835 1,356,767 571,834 841,816 760,878 650,065 768,053 608,178 650,239 Community development37,618 255,812 280,090 278,614 286,460 268,136 267,283 273,433 272,017 815,781 Parks and recreation 469,769 165,014 164,346 98,339 452,631 275,756 14,879 113,856 359,011 528,943 Public works 322,887 348,916 347,616 394,728 352,032 321,524 446,415 431,319 394,697 649,381Operating contributions and grants4,360,505 3,642,395 4,361,504 4,256,834 5,268,930 4,613,116 13,102,459 12,784,303 7,700,886 7,452,160Capital contributions and grants678,093 623,406 1,023,124 2,058,437 1,543,927 2,129,774 3,857,745 6,263,274 9,588,188 7,630,856 Total governmental activities program revenues 6,953,242 6,008,627 7,875,910 7,982,439 9,076,986 8,655,521 18,501,591 21,032,226 19,214,643 18,072,241 Business-type activities:Charges for services: Water 1,275,948 1,542,145 1,095,560 1,167,953 1,216,817 1,198,474 1,061,040 1,363,168 1,444,768 2,660,523 Golf Course 134,886 177,563 146,113 96,175 97,598 90,893 219,842 189,949 197,318 185,900 Total business-type activities program revenues 1,410,834 1,719,708 1,241,673 1,264,128 1,314,415 1,289,367 1,280,882 1,553,117 1,642,086 2,846,423 Total primary government program revenues 8,364,076$ 7,728,335$ 9,117,583$ 9,246,567$ 10,391,401$ 9,944,888$ 19,782,473$ 22,585,343$ 20,856,729$ 20,918,664$ Fiscal Year
116

City of Bell GardensChanges in Net Position, Last Ten Fiscal Years(accrual basis of accounting)2015201620172018201920202021202220232024Net (Expense)/RevenueGovernmental activities (29,432,802)$ (29,005,341)$ (30,820,404)$ (37,694,716)$ (37,223,318)$ (45,607,256)$ (24,288,220)$ (35,305,606)$ (30,807,543)$ (39,095,612)$ Business-type activities275,892- 65,154- 275,797- 199,221- 459,258- 1,224,805- (564,925) (618,016) (1,122,020) 83,026Total primary government net expense (29,708,694)$ (29,070,495)$ (31,096,201)$ (37,893,937)$ (37,682,576)$ (46,832,061)$ (24,853,145)$ (35,923,622)$ (31,929,563)$ (39,012,586)$ General Revenues and Other Changes in Net PositionGovernmental activities:TaxesSales taxes 2,755,036$ 2,972,041 2,906,014 2,978,666 3,293,906 2,902,461 3,923,189 7,288,301 7,437,256 7,479,267Property taxes 1,128,467 1,313,441 1,360,575 1,338,926 1,235,171 1,521,691 1,554,677 1,636,340 1,850,144 1,889,289Other taxes 17,714,879 20,797,686 22,961,050 21,986,790 23,717,627 21,040,023 16,824,148 24,954,227 30,295,414 30,112,637Use of money and property4,626,532 3,815,632 3,565,789 4,526,786 4,399,595 4,664,367 4,139,105 3,584,238 4,393,211 5,415,736Others 272,688 384,225 3,497,000 509,076 157,817 218,613 279,715 482,682 285,869 251,214 Total governmental activities 26,497,602 29,283,025 34,290,428 31,340,244 32,804,116 30,347,155 26,720,834 37,945,788 44,261,894 45,148,143 Business-type activities:Investment earnings3,555 3,562 2,819 12,583 1,281 641 24 50 42 47 Miscellaneous- 34,788 (48,067) 149,927 (8,243) (6,559) (145,534) (137,099) (99,399) (54,635) Total business-type activities 3,555 38,350 (45,248) 162,510 (6,962) (5,918) (145,510) (137,049) (99,357) (54,588) Total primary government26,501,157$ 29,321,375$ 34,245,180$ 31,502,754$ 32,797,154$ 30,341,237$ 26,575,324$ 37,808,739$ 44,162,537$ 45,093,555$ Change in Net PositionGovernmental activities (2,935,200)$ 277,684$ 3,470,024$ (6,354,472)$ (4,419,202)$ (15,260,101)$ 2,432,614$ 2,640,182$ 13,454,351$ 6,052,531$ Business-type activities(272,337) (26,804) (321,045) (36,711) (466,220) (1,230,723) (710,435) (755,065) (1,221,377) 28,438 Total primary government(3,207,537)$ 250,880$ 3,148,979$ (6,391,183)$ (4,885,422)$ (16,490,824)$ 1,722,179$ 1,885,117$ 12,232,974$ 6,080,969$ Fiscal Year 117

City of Bell GardensProgram Revenues by Function/Program,Last Ten Fiscal Years(accrual basis of accounting)2015201620172018201920202021202220232024Function/ProgramGovernmental activities:General government 481,300$ 452,527$ 412,444$ 323,653$ 331,190$ 339,202$ 6,018,504$ 5,714,898$ 370,224$ 409,820$ Public safety1,558,134 1,019,638 1,693,762 820,587 1,390,056 1,235,120 1,417,073 1,311,617 1,279,158 985,966 Public works 68,137 338,110 349,086 318,345 449,004 428,992 10,596,003 11,583,669 16,199,750 14,338,231 Community development469,769 165,014 164,346 98,339 452,631 357,881 455,132 2,308,186 994,329 1,791,452 Parks and recreation 4,375,902 4,033,338 5,256,272 6,421,515 6,454,105 6,294,326 14,879 113,856 371,182 546,772 Subtotal governmental activities 6,953,242 6,008,627 7,875,910 7,982,439 9,076,986 8,655,521 18,501,591 21,032,226 19,214,643 18,072,241 Business-type activities:Water 1,275,948 1,542,145 1,095,560 1,167,953 1,216,817 1,198,474 1,061,040 1,363,168 1,444,768 2,660,523 Golf Course 134,886 177,563 146,113 96,175 97,598 90,893 219,842 189,949 197,318 185,900 Subtotal business-type activities1,410,834 1,719,708 1,241,673 1,264,128 1,314,415 1,289,367 1,280,882 1,553,117 1,642,086 2,846,423 Total primary government8,364,076$ 7,728,335$ 9,117,583$ 9,246,567$ 10,391,401$ 9,944,888$ 19,782,473$ 22,585,343$ 20,856,729$ 20,918,664$ Fiscal Year 118

City of Bell GardensFund Balances, Governmental Funds,Last Ten Fiscal Years(modified accrual basis of accounting)2015201620172018201920202021202220232024General FundNonspendable 16,026,718$ 13,649,022$ 13,601,162$ 2,148,992$ 2,661,903$ 3,613,735$ 4,410,043$ 5,283,742$ 6,798,849$ 7,059,098$ Restricted - - - - - - - - - - Committed 2,300,000 2,500,000 2,700,000 2,900,000 - - - - - - Assigned 8,358,491 12,574,042 16,937,770 12,907,322 17,152,208 13,786,955 18,068,028 25,059,763 27,279,486 30,849,725 Unassigned -- - - - ---- 72,000 Total general fund 26,685,209$ 28,723,064$ 33,238,932$ 17,956,314$ 19,814,111$ 17,400,690$ 22,478,071$ 30,343,505$ 35,408,748$ 37,980,823$ All Other Governmental FundsNonspendable -$ 3,387$ -$ 5,537$ -$ 19,740$ -$ -$ -$ -$ RestrictedHousing 693,620 775,919 997,199 536,826 651,886 772,851 1,067,422 2,090,777 2,287,612 2,584,926 Comm Development Proj - - - - - - - - Recreation and Comm Svcs 729,771 730,810 730,810 120,884 282,608 202,075 85,972 17,155 134,192 359,608 Public Works - - - - - - - - - - Public Safety600,476 356,541 1,055,351 918,275 923,954 900,976 914,720 963,429 936,288 1,186,199 Transportation 1,393,310 974,519 1,851,822 1,827,769 2,222,774 2,875,094 3,701,140 4,732,274 4,732,274 7,707,171 Environmental 297,779 327,303 385,104 390,510 332,956 210,762 146,018 146,358 146,358 919,596 Capital Improvement Projects 3,637,951 3,554,948 3,294,209 - - - - - - - Debt Service - - - - - - - - - - CommitedPost Emploument Benefits - - - - - - - - - - Assigned 150,653 150,751 150,752 150,632 146,325 236,648 146,326 144,490 144,490 144,490 Unassigned (338,925) (170,854) (87,603) (502,682) (213,984) (97,646) (339,835) (1,492,523) 595,646 (2,520,605) Total all other governmental funds 7,164,635 6,703,324 8,377,644 3,447,751 4,346,519 5,120,500 5,721,763 6,601,960 8,976,861 10,381,385 Fiscal Year 119

City of Bell GardensChanges in Fund Balances, Governmental FundsLast Ten Fiscal Years(modified accrual basis of accounting)2015201620172018201920202021202220232024Revenues19,080,069$ 22,415,867$ 24,300,284$ 23,165,933$ 24,990,387$ 21,822,682$ 18,342,783$ 30,156,398$ 35,881,469$ 35,393,344$ Licenses and permits 3,910,865 4,020,146 3,061,686 4,066,421 5,415,634 5,187,109 461,485 581,062 438,830 697,538 Fines and forfeitures 746,328 582,265 4,200,624 4,374,440 4,832,065 556,294 500,420 511,199 515,120 1,057,929 Use of money and property 4,483,440 4,193,622 649,604 569,371 619,791 5,161,940 4,669,964 5,514,703 5,188,643 6,554,595 Intergovermental 3,330,088 2,803,809 4,445,859 4,670,113 4,931,407 4,224,076 19,564,996 20,722,458 17,415,883 15,882,161 Charges for services 598,817 677,357 1,295,306 510,712 743,679 454,514 214,062 458,438 701,728 848,414 Other revenues 1,194,298 702,143 4,339,168 1,249,951 971,653 1,043,146 1,746,609 1,390,716 1,858,018 2,137,205 Total revenues 33,343,905 35,395,209 42,292,531 38,606,941 42,504,616 38,449,761 45,500,319 59,334,974 61,999,691 62,571,186 ExpendituresCurrent:General government 5,243,358 5,715,862 5,733,380 6,303,209 5,968,070 6,766,846 6,769,631 7,456,973 8,811,778 9,470,509 Public safety 13,055,529 13,809,907 14,902,518 15,760,348 16,058,371 16,462,100 14,927,090 16,654,426 18,439,227 18,153,433 Public works 8,314,613 8,465,041 9,450,700 9,791,978 10,067,951 9,967,562 9,918,361 11,041,434 12,062,093 13,578,591 Community development 908,350 1,011,500 975,513 1,119,201 1,054,777 1,114,821 1,433,333 1,888,084 1,337,907 1,856,230 Parks and recreation 2,497,441 2,715,948 2,907,759 2,947,132 2,976,205 3,011,198 2,720,633 3,809,612 4,385,797 5,627,583 Capital outlay 927,565 1,323,911 754,104 5,513,706 1,694,180 203,460 5,999,438 9,270,908 9,215,636 9,365,199 Debt serviceInterest 498,571 400,370 329,879 300,118 260,173 185,044 249,556 294,211 283,507 273,821Principal retirement 257,069 647,953 689,876 709,901 748,132 241,917 188,602 310,794 323,002 329,855Bond issuance costs 1,043,792 - - - - - - - - - Total expenditures 32,746,28834,090,49235,743,72942,445,59338,827,85937,952,94842,206,64450,726,44254,858,947 58,655,221 Excess of revenuesover (under)expenditures 597,617 1,304,717 6,548,802 (3,838,652) 3,676,757 496,813 3,293,675 8,608,532 7,140,744 3,915,965 Fiscal YearTaxes and assessments
120

City of Bell GardensChanges in Fund Balances, Governmental Funds (continued)Last Ten Fiscal Years(modified accrual basis of accounting)2015201620172018201920202021202220232024Other FinancingSources (Uses)Bonds issued 5,830,000 - - - - - - - - - Premium on bonds issued 630,175 - - - - - - - - - Payments to escrow agent (2,452,943) - - - - - - - - - Other debts issued - - - - - - - - - - Transfers in 1,858,093 1,148,793 2,112,928 2,807,125 1,035,236 1,124,510 1,423,144 1,611,766 2,349,918 3,138,353 Trnsfers out (1,950,963) (1,183,581) (2,064,861) (2,957,052) (1,026,993) (1,117,951) (1,277,610) (1,474,667) (2,250,519) (3,083,718) Proceeds from Cap Lease - - - - - - 2,239,435 - - - Total other financingsources (uses) 3,914,362 (34,788) 48,067 (149,927) 8,243 6,559 2,384,969 137,099 99,399 54,635 Net change in fund balances 4,511,979$ 1,269,929$ 6,596,869$ (3,988,579)$ 3,685,000$ 503,372$ 5,678,644$ 8,745,631$ 7,240,143$ 3,970,600$ Debt service as a percentage of noncapital expenditures 5.66% 3.20% 2.91% 2.73% 2.72% 1.13% 1.21% 1.46% 1.33% 1.22%121

City of Bell GardensTax Revenues by Source, Governmental FundsLast Ten Fiscal Years(modified accrual basis of accounting)Fiscal PropertyYearProperty Sales & Use OccupancyFranchiseTransferOtherTotal2015 5,475,800 2,755,036 362,340 675,274 30,883 16,876,306 26,175,639 2016 5,302,713 2,724,441 534,412 634,387 37,364 18,630,606 27,863,923 2017 5,525,193 2,906,014 742,345 704,476 43,383 24,112,701 34,034,112 2018 5,623,586 2,978,666 737,207 737,113 95,964 20,541,169 30,713,705 2019 5,781,864 3,293,906 751,886 790,764 42,307 21,837,310 32,498,037 2020 6,497,085 2,902,461 595,441 855,197 40,797 18,560,708 29,451,689 2021 6,778,246 3,923,189 410,282 849,511 51,247 23,453,751 35,466,226 2022 6,958,910 7,288,301 638,634 1,004,683 106,737 27,174,454 43,171,719 2023 7,605,583 7,437,256 691,420 1,028,111 36,536 28,167,275 44,966,180 2024 7,945,833 7,479,267 641,361 1,052,057 24,971 28,726,021 45,869,510 Change45.1% 171.5% 77.0% 55.8% -19.1% 70.2% 75.2%2015-2024 122Page 920 of 976
Category2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24Residential1,007,005,056 1,058,053,985 1,102,144,068 1,139,890,984 1,197,855,480 1,257,073,826 1,318,585,961 1,363,852,114 1,465,930,917 1,521,632,739 Commercial215,628,815 222,375,357 237,203,037 243,894,019 251,757,343 261,442,504 312,214,946 317,434,370 327,315,359 344,207,609 Industrial152,796,983 154,989,143 160,863,704 167,771,117 179,966,251 193,776,781 203,185,886 208,548,241 235,689,222 241,266,686 Institutional13,893,837 13,705,659 13,188,515 18,004,590 22,423,624 22,872,085 33,061,851 34,241,546 35,878,896 35,685,697 Miscellaneous110,177 112,377 114,090 116,371 118,698 121,071 123,492 124,771 127,332 161,054 Recreational34,211,842 37,295,391 37,811,716 38,567,946 39,339,302 72,025,997 73,466,514 74,227,623 75,712,172 77,226,411 Vacant8,680,492 8,901,266 9,960,393 10,432,154 10,231,843 11,163,598 12,874,748 17,875,676 19,645,131 21,834,693 SBE Nonunitary460,210 460,210 460,210 460,210 460,210 122,570 122,570 - - Cross Reference21,357,239 21,669,930 22,850,527 32,464,748 33,764,990 35,492,843 35,219,544 37,280,475 40,939,516 49,808,011 Unsecured68,891,301 67,265,481 70,566,907 71,058,613 70,031,052 72,695,502 74,503,012 71,709,674 73,223,062 65,277,509 Exempt [10,635,556] [10,635,556] [10,645,380] [10,645,380] [10,463,434] [10,463,434] [10,463,434] [10,463,434] [10,463,434] [10,463,434] TOTALS1,523,035,952 1,584,828,799 1,655,163,167 1,722,660,752 1,805,948,793 1,926,786,777 2,063,358,524 2,125,294,490 2,274,461,607 2,357,100,409 Total Direct Rate0.08155 0.08200 0.08239 0.08223 0.08319 0.08360 0.08401 0.08422 0.08460 0.08503 Data Source: Los Angeles County Assessor 2014/15 - 2023/24 Combined Tax RollsThis report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & ConeNotes:Exempt values are not included in Total.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.

The City of Bell GardensAssessed Value of Taxable PropertyLast Ten Fiscal Years 123

City of Bell GardensDirect and Overlapping Property Tax RatesLast Ten Fiscal Years(1) (2) (4)Fiscal YearCity's Share of 1% Levy per Prop 13Prop 13 District Tax Less City Share of 1% School District Community CollegeMetropolitan Water DistrictTotal Direct and Overlapping Tax RatesTotal Direct Rate2015 0.09197 0.90803 0.29987 0.08826 0.0035 1.39163 0.081552016 0.09197 0.90803 0.33152 0.08404 0.0035 1.41906 0.082002017 0.09197 0.90803 0.39288 0.08294 0.0035 1.47932 0.082392018 0.09197 0.90803 0.36271 0.08969 0.0035 1.4559 0.082232019 0.09197 0.90803 0.36357 0.09067 0.0035 1.45774 0.083192020 0.09197 0.90803 0.31566 0.07166 0.0035 1.39082 0.083602021 0.09197 0.90803 0.3247 0.08364 0.0035 1.41184 0.084012022 0.09197 0.90803 0.29858 0.08627 0.0035 1.38835 0.084222023 0.09197 0.90803 0.36880 0.10254 0.0035 1.41182 0.084602024 0.09197 0.90803 0.3688 0.10254 0.0035 1.47484 0.08503Notes:(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 property owners.(3) City's Share of 1% Levy is based on the City's share of the general fund tax rate area with the largest net taxable value within the City. The ERAF portion of the City's Levy has been subtracted where known. The ERAF portion of the City's levy has been subtracted where known. revenues derived from aircraft. Beginning in 2013/14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rate areas. Challenges to recognized enforceable obligations are assumed to have been resolved during 2012/13. For the purposes of this report, residual revenue is assumed to be distributed to the City/Agency in the same proportions as general fund revenue.Data Source: Los Angeles County Assessor 2014/15- 2023/24 Tax Rate Table This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of HdL, Coren & ConePrepared On 9/2024 By MV Overlapping Rates (3)(1) In 1978, California voters 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 values for the payment of any voter approved bonds.(4) Redevelopment Rate is based on the largest RDA tax rate area and only includes rate(s) from indebtedness adopted prior to 1989 per California State 124

City of Bell GardensPrincipal Property Tax PayersCurrent Year and Ten Years AgoPercentage Percentageof Total Cityof Total CityTaxable Taxable Taxable TaxableAssessed Assessed Assessed AssessedTaxpayerValue RankValueValue RankValueMonument Properties-Bell G LLc 115,759,705$ 1 4.91%Bicycle Casino 61,378,521$ 1 4.03%Prime CRDF Bell Gardens llc 74,696,000 2 3.17% 37,549,691 2 2.47%CDC of City Bell Gardens 19,588,510 3 1.29%Prime CRDF Los Jardines llc 31,204,972 3 1.32%Prime Frit El Portal LLC 23,841,482 4 1.01% 19,371,885 4 1.27%Wei Chuan International Inc. 20,220,981 5 0.86% 13,916,914 6 0.91%Villa Del Rio Inc 17,066,805 6 0.72%BRE Jupiter B West California Owner 13,777,252 7 0.58%Liberty Utilities Corporation 11,234,630 8 0.48%IIT Bell Gardens Portfulio LLP 16,251,667 5 1.07%Gifaffe Properties LLC 8,899,471 7 0.58%Bell Gardens Hospitality LLC 7,623,087 8 0.50%Jamesn P. and Judy A. Berg 7,307,073 9 0.48%Suva Montalane Invesfment LLC 10,791,070 9 0.46%Prime Frit Los Jardines LLC 10,293,137 10 0.44%Caster Garfield Storage LP 6,733,388 10 0.44%Total 328,886,034$ 13.95% 198,620,207$ 13.04%Source: HdL Coren & Cone, Los Angeles County Assessor 2023/2024 and 2014/15 Combined Tax Rolls and the SBE Non U 2024 2015
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City of Bell GardensProperty Tax Levies and CollectionsLast Ten Fiscal YearsFiscalYear Taxes Levied Collection inEnded for the Percentage SubsequentPecent June 30, Fiscal Year Amount of LevyYearsAmount of Levy2015 1,401,157 1,127,438 80.46%1,029 1,128,467 80.54%2016 1,458,844 1,313,441 90.03%- 1,313,441 90.03%2017 1,523,617 1,360,576 89.30%- 1,360,576 89.30%2018 1,585,780 1,338,925 84.43%- 1,338,925 84.43%2019 1,662,373 1,235,171 74.30%- 1,235,171 74.30%2020 1,773,585 1,521,691 85.80%- 1,521,691 85.80%2021 1,899,332 1,554,677 81.85%- 1,554,677 81.85%2022 1,956,312 1,636,340 83.64%- 1,636,340 83.64%2023 2,095,014 1,850,144 88.31%- 1,850,144 88.31%2024 2,171,063 1,889,289 87.02%1,889,289 87.02%Sources: Finance Department records and Los Angeles County Assessors OfficeCollected within theFiscal Year of the LevyCollection to Date 126Page 924 of 976
City of Bell GardensTaxable Sales by CategoryLast Ten Calendar Years(in thousands of dollars)2014201520162017201820192020202120222023Apparel stores 31,160$ 34,069$ 38,708$ 37,466$ 37,640$ 37,485$ 27,855$ 40,580$ 39,415$ 39,942$ General merchandise 2,447 2,511 2,415 2,479 2,437 2,442 2,787 2,987 3,451 3,028Food stores 21,629 21,801 16,851 15,080 15,367 15,542 17,989 17,002 16,503 16,378Eating and drinking establishments 42,617 44,146 46,616 50,997 51,997 53,963 48,239 61,218 63,012 63,669Building materials and farm tools 5,926 6,542 5,831 6,563 6,412 7,611 8,515 8,980 9,769 12,873Auto dealers and supplies 7,823 8,450 8,617 7,869 8,049 7,899 7,680 8,748 8,693 12,455Service stations 48,131 41,218 35,445 41,616 51,153 47,544 38,708 53,165 68,728 59,577Other retail stores 39,027 40,490 44,618 42,748 39,212 39,346 41,655 47,348 45,742 45,107All other outlets 42,519 48,720 51,401 52,950 54,392 60,896 47,341 55,254 130,439 129,927 Total 241,279$ 247,948$ 250,501$ 257,767$ 266,659$ 272,728$ 240,768$ 295,282$ 385,753$ 382,956$ Source: The HdL Companies 127

City of Bell GardensPrincipal Sales Tax RemittersCurrent Year and Ten Years AgoTax RemitterTax Remitter76 Service Stations 76 Service StationsAlfredo Mexican Foof Quick-Service Restaurants Andrea Shoes Shoe storesApplebees Casual Dining Applebee's Casual DiningAuto Zone Automotive Supply Stores Bell Gardens Self Serve Car Wash Service StationsBell Gardens Self Serve Car Wash Service Stations Bicycle Club Casino Leisure/EntertainmentBobs Discount furniture Home Furnishsings Big 5 Sporting Goods Sporting Goods/Bike StoresCasa Leaders Furniture Home Furnishings Casa Leaders Home FurnishingsChevron Service Stations Eurocraft Architectural Heavy IndustrialEl Pescador Casual DiningEl Pollo Loco Quick-Service Restaurants Factory 2U Family ApparelFood 4 Less Grocery Grocery Stores Food 4 Less Grocery Stores Hertz Corporation Transportation/Rentals IHOP Casual DiningIHOP Casual Dining Jack in the Box Quick service RestaurantsMarshalls Family Apparel Marahalls Family ApparelMcDonalds Quick-Service Restaurants Mc Donalds Quick-Service RestaurantsMosier Building Materials Mosier Building MaterialsO'Reilly Auto Parts Automotive Supply Stores Parkhouse Tire Service Trailers/Auto PartsParkhouse Tire Service Trailers/Auto Parts Petrolion Service StationsParkwest Bicycle Casino Leisure/EntertainmentPetco Specialty Stores Ross Family ApparelPetrolion Service Station Super A Foods Grocery StoresToys R Us Specialty StoresRoss Family Apparel Family Apparel USA Gasoline Service StationT Mobile Electronics/Appliance StoresValero Service StationUSA Gasoline Service Stations Walmart Neighborhood Mkt Grocery Stores LiquorWest Coast Accudyne Heavy Industrial Wayco Sales Heavy IndustrialWest Coast Accudyne Heavy IndustrialPercent of FY Total Paid by Top 25 Accounts 64.36% 65.13% 2023Business Category2014Business Category
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City of Bell GardensRatios of Outstanding Debt by TypeLast Ten Fiscal YearsTax Capital Certificates Water TotalFiscal Allocation Revenue Notes Lease of Revenue PrimaryPerYear Bonds Bonds Payable Payable Participation Bonds Government Capita 2015 - 6,460,172 2,175,009 - - 3,103,700 8,635,181 2.18% 252 2016 - 6,301,045 1,662,056 - - 2,853,313 7,963,101 1.90% 257 2017 - 6,111,918 1,137,179 - - 2,592,926 7,249,097 1.71% 229 2018 - 5,927,791 587,278 - - 2,317,537 6,515,069 1.47% 207 2019 - 5,733,664 9,146 - - 2,032,150 5,742,810 1.24% 181 2020 - 5,529,539 4,102 - - 1,731,763 5,533,641 1.11% 173 2021 - 5,320,410 500 2,239,435 - 1,416,376 7,560,345 1.27% 195 2022 - 5,106,283 - 2,119,140 - 1,085,987 7,225,423 1.16% 188 2023 - 4,882,156 - 1,995,409 - 740,599 6,877,565 1.11% 179 2024 - 4,653,029 - 1,867,757 - 360,214 6,520,786 0.97% 170 Notes: Details regarding the city's outstanding debt can be found in the notes to the financial statements.Income Business - Governmental Activities type ActivitiesPercentageof Personal 129Page 927 of 976
City of Bell GardensRatios of General Bonded Debt OutstandingLast Ten Fiscal YearsGeneral Percent Fiscal Obligation of Assessed PerYearBonds TotalValue (1) Capita (2)2015 - - - - -2016 - - - - -2017 - - - - -2018 - - - - -2019 - - - - -2020 - - - - -2021 - - - - -2022 - - - - -2023 - - - - -2024 - - - - -Notes: General bonded debt includes general obligation bonds and tax-backed bonds that are payablewith governmental fund and enterprise fund resources.(1)-Assessed value has been used because the actual value of taxable property is not readily available in the State of California.(2)-The per capita ratios are calculated using the official demographic estimates as of January 1st of each calendar year.

General Bonded Debt OutstandingRedevelopmentBonds
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CITY OF BELL GARDENSDIRECT & OVERLAPPING DEBT AS OF JUNE 30, 20242023-24 Assessed Valuation:$2,357,100,409Total Debt City’s Share ofOVERLAPPING TAX AND ASSESSMENT DEBT:6/30/2024% Applicable (1)Debt 6/30/24Metropolitan Water District $18,210,000 0.06% $11,108Cerritos Community College District 433,766,921 0.07 303,637Los Angeles Community College District 5,155,845,000 0.204 10,517,924Downey Unified School District 364,199,650 0.265 965,129Los Angeles Unified School District 10,723,385,000 0.007 750,637Montebello Unified School District 237,721,813 10.233 24,326,073 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $36,874,508DIRECT AND OVERLAPPING GENERAL FUND DEBT:Los Angeles County General Fund Obligations $2,479,229,730 0.12% $2,925,491Los Angeles County Superintendent of Schools Certificates of Participation 2,857,300 0.118 3,372Los Angeles Unified School District Certificates of Participation 471,590,000 0.007 33,011Montebello Unified School District Certificates of Participation 3,910,000 10.233 400,110City of Bell Gardens Lease Revenue Bonds and Lease Obligation 6,107,560 100 6,107,560 TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 9,469,544OVERLAPPING TAX INCREMENT DEBT (Successor Agency):$11,570,000 100.00%$11,570,000 DIRECT DEBT$6,107,560 OVERLAPPING DEBT $51,806,492 COMBINED TOTAL DEBT $57,914,052 (2)Ratios to 2023-24 Assessed Valuation:Total Overlapping Tax and Assessment Debt1.56% Total Direct Debt ($6,107,560) 0.26% Combined Total Debt 2.46%Ratios to Redevelopment Successor Agency Incremental Valuation ($632,196,265): Total Overlapping Tax Increment Debt 1.83%(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligThis report reflects debt which is being repaid through voter-approved property tax indebtedness. It excludes mortgage revenue, tax allocation bonds, interim financing obligations, non-bonded capital lease obligations, and certificates of participation, unless provided by the city.Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city. The percentage of overlapping debt applicable is estimated by using taxable assessed values. Applicable percentages were estimated by determining the portion of another governmental unit's taxable assessed value that is within the city's boundaries and dividing it by each unit's total taxable assessed value.Data Source: California Municipal Statistics, Inc., Los Angeles County Assessor and Auditor Combined 203/24 Lien Date Tax Rolls This report is not to be used in support of debt issuance or continuing disclosure statements without the written consent of California Municipal Statistics, Inc.131Page 929 of 976 City of Bell GardensLegal Debt Margin InformationLast Ten Fiscal YearsLegal Debt Margin Calculation for Fiscal Year 2024Assessed value 2,357,100,409$ Debt limit (15% of assessed value)353,565,061 Debt applicable to limit: General obligation bonds- Less: Amount set aside for repayment of general obligation debt - Total net debt applicable to limit- Legal debt margin353,565,061$ 2015201520162017201820192020202120222024Debt limit 228,455,393$ 237,724,320$ 248,274,475$ 258,399,113$ 270,892,319$ 289,018,017$ 309,503,779$ 318,794,174$ 341,169,241$ 353,565,061$ Total net debt applicable to limit- - - - - - - - - - Legal debt margin228,455,393$ 237,724,320$ 248,274,475$ 258,399,113$ 270,892,319$ 289,018,017$ 309,503,779$ 318,794,174$ 341,169,241$ 353,565,061$ Total net debt applicable to the limit as a percentage of debt limit0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Source: HDLNote: Under state finance law, the city's outstanding general obligation debt should not exceed 15 percent of total assessed property value. The City has no bonded indebtedness. 132

City of Bell GardensPledged-Revenue CoverageLast Ten Fiscal YearsUtility Less: NetFiscal Service Operating AvailableYear Charges Expenses Revenue Principal Interest Coverage2015 1,038,752 1,131,146 (92,394) 240,000 151,230 (0.24)2016 1,545,560 1,315,860 229,700 250,000 135,593 0.602017 1,103,221 1,097,327 5,894 260,000 126,405 0.022018 1,167,877 966,277 201,600 285,000 113,683 0.512019 1,216,817 1,352,709 (135,892) 285,000 110,264 (0.34)2020 1,198,473 2,171,346 (972,873) 300,000 85,911 (3.52)2021 1,061,040 1,542,785 (481,745) 315,000 71,269 (2.25)2022 1,363,168 2,095,961 (732,793) 330,000 55,975 (2.90)2023 1,633,115 2,445,361 (812,246) 345,000 39,807 (3.11)2024 2,196,455 2,273,441 (76,986) 360,000 22,750 (1.20)Notes: Details regarding the city's outstanding debt can be found in the notes to the financialstatements. Operating expenses do not include bond interest, depreciation, or amortization expenses.Debt ServiceWater Revenue Bonds 133Page 931 of 976
City of Bell GardensDemographic and Economic StatisticsLast Ten Calendar YearsPersonal PerIncome CapitaCalendar(thousandsPersonal UnemploymentYear Populationof dollars)Income Rate2014 42,685 493,908 11,571 9.5%2015 42,952 489,495 11,396 7.8%2016 42,824 499,815 11,671 6.1%2017 43,051 494,144 11,478 5.6%2018 42,972 520,032 12,101 4.7%2019 42,449 537,963 12,673 4.4%2020 42,233 560,614 13,274 13.2%2021 38,861 594,003 15,285 9.8%2022 38,447 620,309 16,134 5.1%2023 38,381 675,156 17,590 5.2%Source: HDL 134

City of Bell GardensFull-time-Equivalent City Government Employees by Function/ProgramLast Ten Fiscal Years2015201620172018201920202021202220232024Function/ProgramGeneral governmentMayor and City Council 1 1 1 1 1 1 1 1 1 1 City Manager's Office 4 4 4 4 4 3 3 3 3 3 City Clerk's Office 2 2 2 3 3 3 3 4 5 5 Finance 10 10 10 9 9 9 9 10 10 10 Community Development 10 10 9 9 9 10 10 11 11 13 PoliceSworn 51 51 51 51 51 48 48 57 57 44 Non-sworn 21 22 22 23 23 23 23 16 16 38 Public works 27 27 27 28 28 28 28 28 28 30 Recreation & Community Services 11 11 12 12 12 11 11 15 15 15 Total 137 138 138 140 140 136 136 145 146 159 Source: City Budget leave). Full-time-equivalent employment is calculated by dividing total labor hours by 2,080.Notes: A full-time employee is scheduled to work 2,080 hours per year (including vacation and sick 135

City of Bell GardensPrincipal EmployersCurrent Year and Nine Years AgoPercent ofPercent ofNumber ofTotal Number ofTotalEmployersEmployees Employment Employees EmploymentBicycle Casino 1,237 8.92% 1,700 11.12%Briarcrest Nursing Center250 1.80% 186 1.22%Del Rio Sanitaruim, Inc. 182 1.19%Villa Del Rio, Inc. 249 1.80%First Class Vending, Inc. 212 1.53% 150 0.98%Valet Services 150 0.98%Parkhouse Tire Inc. 130 0.85%Sign Resource LLC 156 1.12%Metal Surfaces International LLC 127 0.92% 120 0.78%El Super #68 111 0.80%Wei-Chuan U.S.A Inc. 100 0.72% 100 0.65%Rob Inc (Manufacturing)0 96 0.63%Southern CA Braiding Co. 91 0.60%Food 4 Less #307 98 0.71%Marshalls #308 95 0.69%Total 2,635 19.00% 2,905 19.00%Source:City Bell Gardens Community Development DepartmentCalifornia Employment Development Labor Market Informationhttp://wwwlabormarketinfor.edd.ca.gov/cgi/dataanalysis/AreaSelection.asp?tableName=Labforce 2024 2015
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City of Bell GardensOperating Indicators by Function/ProgramLast Ten Fiscal Years2015201620172018201920202021202220232024Function/ProgramGeneral governmentBuilding permits issued 266 264 202 310 291 263 310 277 307 365 PolicePhysical arrests 1,399 1,343 1,220 1,246 1,360 1,204 1,140 1,129 1,269 1,114 Parking violations 4,796 7,435 7,553 10,223 10,830 13,897 10,629 10,424 11,508 10,839 Traffic violations 3,518 2,164 2,506 1,990 2,093 1,817 1,324 1,620 1,247 1,481 Refuse collection Refuse collected (tons per day)23 29 29 30 32 34 44 41 40 41 Recyclables collected (tons per day)18 20 20 21 24 22 17 16 14 14 Other public worksStreet resurfacing (miles)0.2 - - 1.3 3.3 1.5 5.5 2.9 0.6 0.4 Potholes repaired270 405 405 160 230 326 351 341 360 516 Parks and recreationAthletic field permits issued 307 274 231 261 266 180 1 80 332 252 Community center admissions 443,687 455,368 482,690 448,901 430,945 287,298 14,365** 201,108 301,662 277,529 TransitTotal route miles * * * * * * * * * * Passengers * * * * * * * * * * Sources: Various city departments.* Information not available** Due to COVID only 8 months of activity.137

City of Bell GardensCapital Asset Statistics by Function/ProgramLast Ten Fiscal Years2015201620172018201920202021202220232024Function/ProgramPoliceStations 1 1 1 1 1 1 1 1 1 1 Other public worksStreets (miles)402 402 402 402 402 402 402 402 402 402 Highways (miles) 107 107 107 107 107 107 107 107 107 107 Streetlights8,162 8,162 8,162 8,162 8,162 8,162 8,162 8,162 8,162 8,162 Traffic signals111 111 111 111 111 111 111 111 111 111 Parks and recreationAcreage64 64 64 64 64 64 64 64 64 64 Playgrounds10 10 10 10 10 10 10 10 10 10 Baseball/softball diamonds 3 3 3 3 3 3 1 1 1 1 WastewaterSanitary sewers (miles) 484 484 484 484 484 484 484 484 484 484 Storm sewers (miles) 339 339 339 339 339 339 339 339 339 339 Treatment capacity (thousands of gallons) 4,200 4,200 4,200 4,200 4,000 4,000 4,000 4,000 4,000 4,000 Transit—Senior Citizen Bus 7 7 7 7 7 7 7 7 7 6 Sources: Various city departments.Notes: No capital asset indicators are available for the general government function.138

CityofBellGardensSingleAuditReportonScheduleofExpendituresofFederalAwardsJune30,2024


CITYOFBELLGARDENSSingleAuditReportonScheduleofExpendituresofFederalAwardProgramsJune30,2024 TABLEOFCONTENTS PageReportonInternalControlOverFinancialReportingandonComplianceandOtherMattersBasedonanAuditofFinancialStatementsPerformedinAccordancewithGovernment Auditing Standards 1ReportonComplianceforEachMajorProgramandonInternalControlOverComplianceRequiredbytheUniformGuidance 3ScheduleofExpendituresofFederalAwards 6NotestoScheduleofExpendituresofFederalAwards 7ScheduleofFindingsandQuestionedCosts 8SummaryScheduleofPriorAuditFindings 10

438OldNewportBlvd,NewportBeach,CA92663Phone(949)346-2900–www.gruberlopezinc.com1 HonorableMayorandCityCouncilCityofBellGardensBellGardens,CaliforniaINDEPENDENTAUDITORS’REPORTONINTERNALCONTROLOVERFINANCIALREPORTINGANDONCOMPLIANCEANDOTHERMATTERSBASEDONANAUDITOFFINANCIALSTATEMENTSPERFORMEDINACCORDANCEWITHGOVERNMENT AUDITING STANDARDS Wehaveaudited,inaccordancewiththeauditingstandardsgenerallyacceptedintheUnitedStatesofAmericaandthestandardsapplicabletofinancialauditscontainedinGovernment Auditing Standards issuedbytheComptrollerGeneraloftheUnitedStates,thefinancialstatementsofthegovernmentalactivities,thebusiness-typeactivities,eachmajorfund,andtheaggregateremainingfundinformationofCityofBellGardens,California(City)asofandfortheyearendedJune30,2024,andtherelatednotestothefinancialstatements,whichcollectivelycompriseCityofBellGardens’basicfinancialstatements,andhaveissuedourreportthereondatedMarch27,2025.Internal Control Over Financial Reporting Inplanningandperformingourauditofthefinancialstatements,weconsideredCityofBellGardens'internalcontroloverfinancialreporting(internalcontrol)asabasisfordesigningauditproceduresthatareappropriateinthecircumstancesforthepurposeofexpressingouropinionsonthefinancialstatements,butnotforthepurposeofexpressinganopinionontheeffectivenessofCityofBellGardens’internalcontrol.Accordingly,wedonotexpressanopinionontheeffectivenessofCityofBellGardens’internalcontrol.Adeficiency in internal controlexistswhenthedesignoroperationofacontroldoesnotallowmanagementoremployees,inthenormalcourseofperformingtheirassignedfunctions,toprevent,ordetectandcorrect,misstatementsonatimelybasis.Amaterial weaknessisadeficiency,oracombinationofdeficiencies,ininternalcontrol,suchthatthereisareasonablepossibilitythatamaterialmisstatementoftheentity’sfinancialstatementswillnotbeprevented,ordetectedandcorrectedonatimelybasis. Asignificant deficiencyisadeficiency,oracombinationofdeficiencies,ininternalcontrolthatislessseverethanamaterialweakness,yetimportantenoughtomeritattentionbythosechargedwithgovernance.Ourconsiderationofinternalcontrolwasforthelimitedpurposedescribedinthefirstparagraphofthissectionandwasnotdesignedtoidentifyalldeficienciesininternalcontrolthatmightbematerialweaknessesorsignificantdeficiencies.Giventheselimitations,duringourauditwedidnotidentifyanydeficienciesininternalcontrolthatweconsidertobematerialweaknesses.Weidentifiedacertaindeficiencyininternalcontrol,describedintheaccompanyingscheduleoffindingsandquestionedcostsasitem2024-01thatweconsidertobeasignificantdeficiency. 

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HonorableMayorandCityCouncilCityofBellGardensPageTwoCompliance and Other Matters AspartofobtainingreasonableassuranceaboutwhetherCityofBellGardens'financialstatementsarefreefrommaterialmisstatement,weperformedtestsofitscompliancewithcertainprovisionsoflaws,regulations,contracts,andgrantagreements,noncompliancewithwhichcouldhaveadirectandmaterialeffectonthefinancialstatements.However,providinganopiniononcompliancewiththoseprovisionswasnotanobjectiveofouraudit,andaccordingly,wedonotexpresssuchanopinion.TheresultsofourtestsdisclosednoinstancesofnoncomplianceorothermattersthatarerequiredtobereportedunderGovernment Auditing Standards.Purpose of this Report Thepurposeofthisreportissolelytodescribethescopeofourtestingofinternalcontrolandcomplianceandtheresultsofthattesting,andnottoprovideanopinionontheeffectivenessoftheentity’sinternalcontroloroncompliance.ThisreportisanintegralpartofanauditperformedinaccordancewithGovernment Auditing Standardsinconsideringtheentity’sinternalcontrolandcompliance.Accordingly,thiscommunicationisnotsuitableforanyotherpurpose.GruberandLopez,Inc.NewportBeach,CaliforniaMarch27,2025 Gruber and Lopez, Inc.

438OldNewportBlvd,NewportBeach,CA92663Phone(949)346-2900–www.gruberlopezinc.com3 HonorableMayorandCityCouncilCityofBellGardensBellGardens,CaliforniaINDEPENDENTAUDITORS’REPORTONCOMPLIANCEFOREACHMAJORPROGRAMANDONINTERNALCONTROLOVERCOMPLIANCEREQUIREDBYTHEUNIFORMGUIDANCEReportonComplianceforEachMajorFederalProgramOpinion on Each Major Federal Program WehaveauditedCityofBellGardensCA’scompliancewiththetypesofcompliancerequirementsidentifiedassubjecttoauditintheOMBCompliance SupplementthatcouldhaveadirectandmaterialeffectoneachofCityofBellGardensCA’smajorfederalprogramsfortheyearendedJune30,2024.CityofBellGardensCA’smajorfederalprogramsareidentifiedinthesummaryofauditor’sresultssectionoftheaccompanyingscheduleoffindingsandquestionedcosts.Inouropinion,CityofBellGardensCAcomplied,inallmaterialrespects,withthetypesofcompliancerequirementsreferredtoabovethatcouldhaveadirectandmaterialeffectoneachofitsmajorfederalprogramsfortheyearendedJune30,2024.Basis for Opinion on Each Major Federal Program WeconductedourauditofcomplianceinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesofAmerica;thestandardsapplicabletofinancialauditscontainedinGovernment Auditing Standards,issuedbytheComptrollerGeneraloftheUnitedStatesandtheauditrequirementsofTitle2U.S.Code of Federal RegulationsPart200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(UniformGuidance).OurresponsibilitiesunderthosestandardsandtheUniformGuidancearefurtherdescribedintheAuditor’sResponsibilitiesfortheAuditofCompliancesectionofourreport.WearerequiredtobeindependentofCityofBellGardensCAandtomeetourotherethicalresponsibilities,inaccordancewithrelevantethicalrequirementsrelatingtoouraudit.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropiniononcomplianceforeachmajorfederalprogram.OurauditdoesnotprovidealegaldeterminationofCityofBellGardensCA’scompliancewiththecompliancerequirementsreferredtoabove.Responsibilities of Management for Compliance Managementisresponsibleforcompliancewiththerequirementsreferredtoaboveandforthedesign,implementation,andmaintenanceofeffectiveinternalcontrolovercompliancewiththerequirementsoflaws,statutes,regulations,rules,andprovisionsofcontractsorgrantagreementsapplicabletoCityofBellGardensCA’sfederalprograms.Auditor’s Responsibilities for the Audit of Compliance Ourobjectivesaretoobtainreasonableassuranceaboutwhethermaterialnoncompliancewiththecompliancerequirementsreferredtoaboveoccurred,whetherduetofraudorerror,andexpressanopiniononCityofBellGardensCA’scompliancebasedonouraudit.Reasonableassuranceisahighlevelofassurancebutisnotabsoluteassuranceandthereforeisnotaguaranteethatanauditconductedinaccordancewithgenerallyacceptedauditingstandards,Government Auditing Standards,andtheUniformGuidancewillalwaysdetectmaterialnoncompliancewhenitexists.Theriskofnotdetectingmaterialnoncomplianceresultingfromfraudishigherthanforthatresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.

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HonorableMayorandCityCouncilCityofBellGardensPageTwoNoncompliancewiththecompliancerequirementsreferredtoaboveisconsideredmaterialifthereisasubstantiallikelihoodthat,individuallyorintheaggregate,itwouldinfluencethejudgmentmadebyareasonableuserofthereportoncomplianceaboutCityofBellGardensCA’scompliancewiththerequirementsofeachmajorfederalprogramasawhole.Inperforminganauditinaccordancewithgenerallyacceptedauditingstandards,Government Auditing Standards,andtheUniformGuidance,we:Exerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Identifyandassesstherisksofmaterialnoncompliance,whetherduetofraudorerror,anddesignandperformauditproceduresresponsivetothoserisks.Suchproceduresincludeexamining,onatestbasis,evidenceregardingCityofBellGardensCA’scompliancewiththecompliancerequirementsreferredtoaboveandperformingsuchotherproceduresasweconsiderednecessaryinthecircumstances.ObtainanunderstandingofCityofBellGardensCA’sinternalcontrolovercompliancerelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstancesandtotestandreportoninternalcontrolovercomplianceinaccordancewiththeUniformGuidance,butnotforthepurposeofexpressinganopinionontheeffectivenessofCityofBellGardensCA’sinternalcontrolovercompliance.Accordingly,nosuchopinionisexpressed.Wearerequiredtocommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandanysignificantdeficienciesandmaterialweaknessesininternalcontrolovercompliancethatweidentifiedduringtheaudit.ReportonInternalControloverComplianceAdeficiency in internal control over complianceexistswhenthedesignoroperationofacontrolovercompliancedoesnotallowmanagementoremployees,inthenormalcourseofperformingtheirassignedfunctions,toprevent,ordetectandcorrect,noncompliancewithatypeofcompliancerequirementofafederalprogramonatimelybasis.Amaterial weakness in internal control over complianceisadeficiency,oracombinationofdeficiencies,ininternalcontrolovercompliance,suchthatthereisareasonablepossibilitythatmaterialnoncompliancewithatypeofcompliancerequirementofafederalprogramwillnotbeprevented,ordetectedandcorrected,onatimelybasis.Asignificant deficiency in internal control over complianceisadeficiency,oracombinationofdeficiencies,ininternalcontrolovercompliancewithatypeofcompliancerequirementofafederalprogramthatislessseverethanamaterialweaknessininternalcontrolovercompliance,yetimportantenoughtomeritattentionbythosechargedwithgovernance.OurconsiderationofinternalcontrolovercompliancewasforthelimitedpurposedescribedintheAuditor’sResponsibilitiesfortheAuditofCompliancesectionaboveandwasnotdesignedtoidentifyalldeficienciesininternalcontrolovercompliancethatmightbematerialweaknessesorsignificantdeficienciesininternalcontrolovercompliance.Giventheselimitations,duringourauditwedidnotidentifyanydeficienciesininternalcontrolovercompliancethatweconsidertobematerialweaknesses,asdefinedabove.However,materialweaknessesorsignificantdeficienciesininternalcontrolovercompliancemayexistthatwerenotidentified.Ourauditwasnotdesignedforthepurposeofexpressinganopinionontheeffectivenessofinternalcontrolovercompliance.Accordingly,nosuchopinionisexpressed.

5
HonorableMayorandCityCouncilCityofBellGardensPageThree ReportonScheduleofExpendituresofFederalAwardsRequiredbytheUniformGuidanceWehaveauditedthefinancialstatementsofthegovernmentalactivities,eachmajorfund,andtheaggregateremainingfundinformationofCityofBellGardensCA,asofandfortheyearendedJune30,2024,andtherelatednotestothefinancialstatements,whichcollectivelycompriseCityofBellGardensCA’sbasicfinancialstatements.WeissuedourreportthereondatedMarch27,2025,whichcontainedunmodifiedopinionsonthosefinancialstatements.Ourauditwasperformedforthepurposeofformingopinionsonthefinancialstatementsthatcollectivelycomprisethebasicfinancialstatements.TheaccompanyingscheduleofexpendituresoffederalawardsispresentedforpurposesofadditionalanalysisasrequiredbytheUniformGuidanceandisnotarequiredpartofthebasicfinancialstatements.Suchinformationistheresponsibilityofmanagementandwasderivedfromandrelatesdirectlytotheunderlyingaccountingandotherrecordsusedtopreparethebasicfinancialstatements.Theinformationhasbeensubjectedtotheauditingproceduresappliedintheauditofthefinancialstatementsandcertainadditionalprocedures,includingcomparingandreconcilingsuchinformationdirectlytotheunderlyingaccountingandotherrecordsusedtopreparethebasicfinancialstatementsortothebasicfinancialstatementsthemselves,andotheradditionalproceduresinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesofAmerica.Inouropinion,thescheduleofexpendituresoffederalawardsisfairlystatedinallmaterialrespectsinrelationtothebasicfinancialstatementsasawhole.ThepurposeofthisreportoninternalcontrolovercomplianceissolelytodescribethescopeofourtestingofinternalcontrolovercomplianceandtheresultsofthattestingbasedontherequirementsofUniformGuidance.Accordingly,thisreportisnotsuitableforanyotherpurpose.GruberandLopez,Inc.NewportBeach,CaliforniaMarch27,2025 Gruber and Lopez, Inc.

ProgramFederal PaymentsFederalGrantor/ Assistance Identification Award ToPass-throughGrantor/Program NumberNumber Expenditures SubrecipientsU.S.DepartmentofHousingandUrbanDevelopment: Passed through the Los Angeles County Development Agency:CommunityDevelopmentBlockGrants/EntitlementGrants 14.218 B-21-UC-06-0505 540,061$-TotalU.S.DepartmentofHousingandUrbanDevelopment 540,061-U.S.DepartmentofJustice: Direct:BulletproofVestPartnershipProgram 16.607 - 8,986-EquitableSharingProgram-AssetForfeiture 16.922 CA0190900 34,284-TotalU.S.DepartmentofJustice 43,270-U.S.DepartmentofTransportation: Passed through the State of California - Office of Traffic Safety:StateandCommunityHighwaySafetyCluster 20.600 PT22147 70,933-TotalU.S.DepartmentofTransportation 70,933-U.S.DepartmentofTreasury: Passed through County of Los Angeles:Covid-19-CoronaVirusReliefFund 21.019 CNTRSS24CARPA10 13,829-TotalU.S.DepartmentofTreasury 13,829-U.S.DepartmentofHomelandSecurity: Direct:EmergencyFoodandShelterProgram 97.024LRO069500-561165,757-TotalU.S.DepartmentofHomelandSecurity 165,757-TotalExpendituresofFederalAwards 833,850$-*Denotesmajorprogram.

CITYOFBELLGARDENSScheduleofExpendituresofFederalAwardsFortheYearEndedJune30,2024 Seeaccompanyingnotestothescheduleofexpendituresoffederalawards.6 Page 944 of 976 7
CITYOFBELLGARDENSNotestotheScheduleofExpendituresofFederalAwards June30,2024(1)SummaryofSignificantAccountingPoliciesApplicabletotheScheduleofExpendituresofFederalAwardsThefinancialreportingentity,asdefinedbyGovernmentalAccountingStandardBoard(GASB),consistsoftheprimarygovernment,whichistheCityofBellGardens,California(City),entitiesforwhichtheprimarygovernmentisfinanciallyaccountable,andotherentitiesforwhichthenatureandsignificanceoftheirrelationshipwiththeprimarygovernmentaresuchthatexclusionwouldcausethereportingentity’sfinancialstatementstobemisleadingorincomplete.TheCityCouncilactsasthegoverningbodyandisabletoimposeitswillonthefollowingentitiesbyestablishingfinancialaccountability:BellGardensFinancingAuthority(a)ScopeofPresentationTheaccompanyingschedulepresentsonlytheexpendituresincurredbytheCityofBellGardens(City)thatarereimbursableunderfederalprogramsoffederalagenciesprovidingfinancialassistance.Forpurposesofthisschedule,financialassistanceincludesbothfederalfinancialassistancereceiveddirectlyfromafederalagencyandexpended,aswellasfederalfundsreceivedindirectlybyCityofBellGardens’fromanon-federalagencyandexpended.Onlytheportionofprogramexpendituresreimbursablewithsuchfederalfundsarereportedintheaccompanyingschedule.Programexpensesinexcessofthemaximumfederalreimbursementauthorizedortheportionofprogramexpensesthatwerefundedwithstate,localorothernon-federalfundsareexcludedfromtheaccompanyingschedule.(b)BasisofAccountingFundsreceivedunderthevariousgrantprogramshavebeenrecordedwithinthegeneralfundandspecialrevenuefundsoftheCity.TheCityutilizesthemodifiedaccrualbasisofaccountingforgovernmentalfunds.TheaccompanyingscheduleofexpendituresoffederalawardsispresentedinaccordancewiththerequirementsofTitle2U.S.CodeofFederalRegulationsPart200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(OfficeofManagementandBudgetUniformGrantGuidance). (c)DeMinimusIndirectCostRateTheCityelectedtousethe10%deminimusindirectcostratefortheyearendedJune30,2024.(d)SubrecipientsTherewerenopaymentstosubrecipientsfortheyearendedJune30,2024.       

8
 CITYOFBELLGARDENSScheduleofFindingsandQuestionedCostsYearendedJune30,2024SummaryofAuditors’ResultsA)FindingsRelatedtotheFinancialStatementswhichareRequiredtobeReportedinAccordancewithGAGAS1.Anunmodifiedreportwasissuedbytheauditorsonthefinancialstatementsoftheauditee.2.Weidentifiedacertaindeficiencyininternalcontrol,describedasitem2024-01belowthatweconsidertobeasignificantdeficiency.2024-1StatementonAuditingStandards(SAS)No.122,AU-C265Criteria:StatementonAuditingStandards(SAS)No.122,AU-C265CommunicatingInternalControlMattersIdentifiedinanAudit(formerlySASNo.115)providesexamplesofconditionsandeventsthatmayindicatetheexistenceofriskofmaterialmisstatement.Paragraph.A11ofthestandardrequiresthattheauditorincludeinhisorherreportofdeficiencies,suchasmaterialadjustments,detectedbytheauditprocess.Condition:TherewereseveraladjustmentsfortheyearendedJune30,2024thatwerediscoveredbyusthroughtheauditprocess.Suchsignificantadjustmentsincludedtheareasofloansreceivable,fundbalance,capitalassetsandrelateddepreciation,accountspayable,andunearnedrevenue.Cause: Accountingrecordswerenotagreedtothegeneralledgerbeforetheaudittookplace.Effect:Materialmisstatementscanoccur.Questioned Costs:NoneRecommendation:Clientadjustmentsshouldbereflectedintheaccountingrecordspriortothestartoftheauditinordertomakeauditfieldworkasefficientaspossibleandtoavoidauditoradjustments. Management’s Response:Managementconcurswiththefindingandwillstrivetoreduceauditadjustmentsinthefuture.3.Theauditdisclosednononcompliancewhichismaterialtothefinancialstatementsoftheauditee.

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CITYOFBELLGARDENSScheduleofFindingsandQuestionedCosts(continued)YearendedJune30,2024(B)FindingsandQuestionedCostsforFederalAwardsasDefinedin2CFR200.515(d) 4.Therewerenomaterialweaknessesorsignificantdeficienciesininternalcontrolovercomplianceoffederalmajorprogramsoftheauditee.5.Anunmodifiedreportwasissuedbytheauditorsoncomplianceforfederalmajorprograms.6.Theauditdisclosednoauditfindingsoffederalawardsrequiredbytheauditorstobereportedunder2CFR200.515(d)7.Themajorfederalprogramsoftheauditeewere:(1)AssistanceListing#14.218U.S.DepartmentofHousingandUrbanDevelopment–CommunityDevelopmentBlockGrants/EntitlementGrants.8.ThedollarthresholdusedtodistinguishTypeAandTypeBprogramswas$750,000under2CFR200.518(b)(1).9.Theauditeewasnotconsideredalowriskauditeeasdefinedby2CFR200.518fortheyearendedJune30,2024forpurposesofdeterminingmajorprograms.

10
CITYOFBELLGARDENSSummaryScheduleofPriorYearAuditFindingsYearendedJune30,2024TherewerenofindingsnotedinthepriorfiscalyearendedJune30,2023thatrequiredfollowupprocedures. 

CITY OF BELL GARDENS
Bell Gardens, California

Report On Communication
With Those Charged With Governance

June 30, 2024

CITY OF BELL GARDENS
Bell Gardens, California

Report On Communication
With Those Charged With Governance

June 30, 2024

INDEX

PAGE

R EPORT ON COMMUNICATION WITH THOSE CHARGED WITH GOVERNANCE 1 - 3

E XHIBIT A - GENERAL RECOMMENDATIONS 4 - 5

E
XHIBIT B - AUDIT ADJUSTMENTS 6 - 7

1 438 Old Newport Blvd, Newport Beach, CA 92663
Phone (949) 346-2900 –www.gruberlopezinc.com

City of Bell Gardens
Bell Gardens, California

To the Honorable Mayor and City Council:

We have audited the financial statements of the government acti vities, business-type activities, each major fund, and the aggregate remaining fund information o f the City of Bell Gardens, California (City) for the year ended June 30, 2024, and have issued our report thereon dated March 27, 2025. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards, Government Auditing Standards, and the Uniform Guidance, as well as certain information related to the contract dated August 15, 2024.

Professional standards also require that we communicate to you the following information related to our audit.

Significant Audit Matters
Qualitative Aspects of Accounting Practice
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 fiscal year 2024, the City adopted Statement on Governme ntal Accounting Standards (GASB Statement) No. 100- Accounting Changes and Error Corrections and the financial statement have been adjusted accordingly. We noted no transactions entered into by the City during the year for which there is a lack 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 statements prepared by management and are based on management’s knowle dge and experience about past a nd current events and assumptions about future events. Certain accounting estimates a re particularly sensitive because of their significance to the financial statements and because o f the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimate affecting the City’s financial statements was:
 Management’s estimate of capitalizing certain infrastructure assets that prolong its’ useful life (as opposed to classifying as routine maintenance expense) and depreciation expense on capital assets. We have evaluated the key factors and assump tions used to estimate the capitalization of infrastructure assets and useful lives on depreciation expense in determining that they are reasonable in relation to the financial statements taken as a whole.  Management’s estimate of the net pension liability and net OPEB liability and their allocation to various funds. We have evaluated the key factors and assumptions used to estimate the net pension liability and its allocation to variou s funds of the City in determining that they are reasonable in relation to the financial statements taken as a whole.  Management’s estimate of present value of future lease payments for lease and subscription liabilities.

2 City of Bell Gardens
Honorable Mayor and City Council

Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. The most sensitive disclosure affecting the financial statements was:
 The disclosure of Contingencies in Note 11 to the financial sta tements concerning potential claims against the City for possible disallowed costs or noncompliance with certain grantor restrictions. As of the date of this letter, Ma nagement is not aware of any disallowed costs or noncompliance with grantor restrictions.

Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our audit.

Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and l ikely misstatements identified during the audit, other than thos e that are trivial, and commun icate them to the appropriate level of management. We noted a several significant adjustments as a result of audit procedures (see Exhibit B).

Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the finan cial statements or the auditor ’s report. We are pleased to report that 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 27, 2025.

Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other acco untants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the City’s financial statements or a determination of the type of auditor’s opinion that may be expressed on those statements, our professional 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.

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 City of Bell Garden’s auditors.

However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention.

3 City of Bell Gardens
Honorable Mayor and City Council

Other Matters
We applied certain limited procedures to City of Bell Gardens, which is required supplementary information (RSI) as listed in the table of contents of the financial statements that supplements the basic financial statements. Our procedures consisted of inquiri es of management regarding the methods of preparing the information and comparing the informat ion 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 supplementary information as listed in the table of contents of the financial statements, 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 preparing the information to dete rmine that the information complies with accounting principles generally accepted in the U nited States of America, the method of preparing it has not c hanged from the prior period, a nd 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 records used to prepare the financial statements or to the financial statements themselves.

We were not engaged to report on the statistical section information as described in the table of contents in the financial statements, which accompany the finan cial statements but are not RSI.

Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opi nion or provide any assurance on it.

We also became aware of matters that are opportunities for stre ngthening internal controls and operating efficiency. This letter does not affect our report dated March 27, 2025, on the financial statements of the City. Our comments are summarized in the attached Exhibit A. We will review the status of these comments during our next audit engagement. We have already discussed many of these comments and suggestions with various City personnel, and we will be pleased to discuss these comments in further deta il at your convenience, to perfor m any additional study of these matters, or to assist you in implementing the recommendations.

Restriction on Use

This report is intended solely f or the information and use of t he City Council and management, and is not intended to be and should not be used by anyone other than these specified parties.

GRUBER AND LOPEZ, INC.

Newport Beach, California
March 27, 2025
Gruber and Lopez, Inc.

EXHIBIT A

GENERAL RECOMMENDATIONS

4 2024-1 Remittance to County of Proceeds from Successor Agency Property Sales

Proceeds from the sale of properties, identified in the Successor Agency's State-Approved Long Range Property Management Plan with a recommendation to sell, are required to be remitted to the County of Los Ang eles in order to be disbursed t o t h e a f f e c t e d t a x i n g agencies as part of the dissolution process of the former redevelopment agency to the City of Bell Gardens.

The Successor Agency sold property to the City of Bell Gardens in July of 2000 and then transferred the property back to the Successor Agency in the current year. In December 2023, the Successor Agency then sold the property to a third party, however, as of June 30, 2024 the proceeds had not yet been remitted to the County as it is uncertain if any proceeds are owed since the City owned the property for numerous years. Furthermore, appraisals were not done on the properties before the sales took place.

Recommendation: We recommend that the City and Successor Agency work with the City Attorney to resolve the property sale proceeds issue with the C alifornia Department of Finance as it is unclear if any proceeds are owed since the property was owned by the City and then late transferred back to the Successor Agency. We furt her recommend that appraisals be performed on future properties planning to be sold and that the appraisals be included in the City Councils’ approval resolution.

It should be noted that the Successor Agency is working to ensu re the sale proceeds are utilized and/or allocated in a ccordance with any legal restrict ions on the use of the proceeds.

2024-2 Controls Over Cash and Investments

During our testwork over cash and investments, we noted the following:

1. Transfers in and out of LAIF investments are initiated by the Accounting Manager and approved by the Finance Director (or vice versa) which is a sound control. However, the initiation and approval are not documented.

2. The person taking the checks out of the blank check stock does not sign them out.

3. The City’s Investment Policy was not approved for fiscal year 2 023-2024 by City Council Resolution as required by City policy to be approved annually.

4. The payroll bank reconciliation is reporting a $57,961 variance as compared to the general ledger. This variance related to a credit by Mass Mutal Bank back to the City from a few years ago, however, the credit has not been investig ated to determine if it should be paid back to Mass Mutual or if the City can keep the funds.

5. The Finance Director signs the disbursement checks manually but does not compare the printed checks to the invoice.

EXHIBIT A

GENERAL RECOMMENDATIONS

5 2024-2 Controls Over Cash and Investments (continued)

Recommendation: We recommend the following:

1. A LAIF cover sheet should be created listing the following:
a. The amount of the transfer in/ out and reason for the transfer. b. The signatures of the person initiating the transfer and approving the transfer.

The confirmation from LAIF for the transfer should then be attached to the cover sheet and stored.

2. A check log should be created and the person checking out the b lank checks should sign them out from beginning check number to ending check numbe r. Periodically, someone other the person signing the checks out should review f or gaps in numeric sequence.

3. The City’s Investment Policy be approved annually.

4. We recommend the City investig ate the $57,961 variance to deter mine if it should be paid back to Mass Mutual or if the City can keep the funds.

5. The City Manger compare the printed disbursement checks to the related invoice before signing them.

2024-3 Capital Assets, Compensated Absences, and Insurance Benefits Payable

As noted in our Independent Auditors’ Report on Internal Control over Financial Reporting and Compliance Under Government Auditing Standards-Schedule of Findings and Questioned Costs - Item 2024-1, there were numerous audit adjustments discovered during the audit process many of which related to capital assets, compensated absences, and insurance benefits payable.

Recommendation: We recommend that the Finance Department meet with Public Work s Department soon after fiscal year ended (and before the audit start date) to determine what infrastructure costs should be capitalized as capital assets an d what costs should just be expensed.

We further recommend that compensated absence be based on MOU p ayrate maximums be generated by the system to calculate what the City is liabl e for rather than calculate manually.

Lastly, we recommend that Finance Department and Human Resource Department meet to ensure that all benefit payables with variances recorded in pre vious years (amounting to $43K) be corrected.

Account name Acct# wp ref DR CR
1 Cash 110‐1010‐0000  458,896.40
Encumbrances Control 110‐2403‐000 0 (3.00)
Balance Sheet Control 110‐2500‐0000    (441,948.40)
Interest Income‐Pooled 110‐3610  (16,948.00)
Fund Balance‐Current Year 112‐2531‐000 0 (1.00)
Interest‐Cash with Fiscal Agent 112‐3613 1.00
Interest Earned 151‐361 0 (1.00)
Unreserved Fund Balance 152‐2530‐0000  1.00
Interest Income 182‐3610   (1.00)
Interest Receivable 211‐1060‐0000  (1.00)
CalRecycle SB1383 Local Assist Grant 240‐3314  1.00
CDBG 260‐3381  (1.00)
Deferred Rev‐1st Time Home Buyer Int 264‐2220‐0001  (4,050.00) Interest Income‐Pooled 280‐3610  (1.00)
Interest Income‐Pooled 285‐361 0 (1.00)
Interest Income‐Pooled 286‐3610  1.00
Other Revenue 510‐3810  1.00
Unreserved Fund Balance 520‐2530‐0000  (2.00)
Operating Transfers In 520‐3900  3.00
Asset Seizure Forfeitures‐LA Clear 829‐3811 (99.00)
Interest‐ Cash with Fiscal Agent 901‐3613 1.00
Cash 935‐1010‐0000   (458,896.40)
Balance Sheet Control 935‐2500‐0000  458,896.4 0
Entry to clear rounding errors and correct beginning fund balance 2 Operating Transfers In 110‐3900  250,000.00
Operating Transfers In from SA 110‐39XX  (250,000.00)
Loan Repayments 901‐3819  400,708.8 4
Transfer Out 901‐4900‐0000  (400,708.84)
Entryh to reclassify items for ACFR presentation. Client need not book. 3 CalHome G‐Owner Occupied Loan 264‐1290‐0001  292,500.00 Loan Receivable ‐ CalHome 264‐1291‐0000  130,535.0 0
Def Revenue 60 day 264‐2220‐0002   (130,535.00)
Unreserved Fund Balance 264‐2530‐0000   (292,500.00)
Entry to correct beginning fund balance and receivable balances.

Bell Gardens
EXHIBIT B ‐ AUDIT ADJUSTMENTS
6/30/2024

4 Balance Sheet Control 260‐2500‐0000  (16,948.00)
Sec 108 Loan Proceeds 260‐3382   16,948.0 0
Entry to correct beginning fund balance for a fund out of balance. 5 Fund Balance‐Current Year 931‐2531‐0000    (45,448.00) Bond premium and discount amortization 931‐5110‐4040    45,449.0 0 Entry to agree beginning fund balance to the prior year. 6 Cash 110‐1010‐0000  (8,774,409.61)
Due from other funds Due from other funds 8,774,409.6 1 Cash 116‐1010‐0000  343.00
Due to other funds Due to other funds (343.00)
Cash 152‐1010‐0000  43,332.61
Due to other funds Due to other funds (43,332.61)
Cash 154‐1010‐0000  20,006.0 0
Due to other funds Due to other funds (20,006.00)
Cash 171‐1010‐0000  1,519.0 0
Due to other funds Due to other funds (1,519.00)
Cash 211‐1010‐0000  85,302.0 0
Due to Other Funds ‐ General 211‐2080‐1100  (85,302.00) Cash 260‐1010‐0000  303,965.0 0
Due to other funds Due to other funds (303,965.00)
Cash 264‐1010‐0000   794,892.0 0
Due to Other Funds ‐ General 264‐2080‐1100   (794,892.00) Cash 287‐1010‐0000   661,427.0 0
Due to other funds Due to other funds (661,427.00)
Cash 510‐1010‐0000   6,863,623.0 0
Due to other funds Due to other funds (6,863,623.00)
Entry to reduce negative cash. Client need not book.
7 Prepaid Expense 110‐1550‐0000    (153,983.86)
Accounts Payable 110‐2140‐0000    83,568.20
Operational Warranties & Subscriptions 110‐4220‐2841   20,706.3 8 Training 110‐4440‐2710   4,827.0 0
Operational Warranties & Subscriptions 110‐4440‐2841    440.90 Kreative Kids 110‐4660‐1604    2,981.0 0
Special Events 110‐4660‐2071    1,560.3 8
Summer Movies 110‐4660‐2078    2,400.0 0
Independence Day 110‐4660‐2080    37,500.0 0
CJE24‐14A  see 25.2 AJE's <1> for detail
8 Standard STD & LTD Payable 110‐2160‐0026 72.1c 48,497.95 Standard Life & ADD Payable 110‐2160‐0025 72.1c 26,012.40 Supplemental Life Insurance 110‐2160‐0029 72.1c 22,485.55 To correct years of miscoding insurance to the correct accounts and clean up the balance sheet.
9 PERS payable 110‐2160‐0002 72.1d 18,100.20
PARS payable 110‐2160‐0031 72.1d 18,100.20
To correct PY transfer from PARS to PERs and clean up the BS accounts.

10 CalHome G‐owner occupied loan Def interest 264‐1290‐000 3 58.16 1,589.00 Deferred Rev Owner occupied 264‐2220‐000 1 58.16 1,589.00 To record 1st Time Home Buyer 3% annual interest of $1,898 on the outstanding $75K loans for FY23/24.
11 Vouchers payable 931‐2010‐0000 71.2a 1,262,820.70
Bond payments 931‐5110‐401 0 71.2a 1,015,000.00
Interest expense 931‐5510‐402 0 71.2a 247,820.70
To reverse the 8/1/24  bond payment in a trust fund as it should not be accrued debt recorded is accurate.
12 Asset seizure forfeitures treasury 829‐3811 25.3 17,610.8 4 Asset Seizure forfeitures justice 829‐381 4 25.3 603,120.30 Unearned revenue 829‐2220‐000 3 25.3 620,731.14
To record the unearned revenue portion form Asset Forfeitures after deducting 13 GASB 87 Deferred inflow‐ lease rec 110‐2222‐0003 25.4 2,844,887.00 GASB 87 Lease receivable 110‐1026‐000 1 25.4 2,844,887.00 To record lease receivables related to GASB 87 for FY 23/24.

PPA GOVERNMENT WIDE
14 CIP ‐ govenrmental 115.00             64.1 450,374.00 Fund Balance 115.00             64.1 450,374.00
To record PPA for  project over looked for capitalization from management.
15 Sale of Real Estate 930‐3650 64.2a 526,229.50
Gain or Loss on sale of asset 930‐3651 64.2a 557,090.00 Sale of Real Estate 930‐365 0 64.2a 156,680.50
Sale of Real Estate 930‐365 0 64.2a 1,081,999.50
Sale of Real Estate 930‐365 0 64.2a 1,320.00
Cash 935‐1010‐000 0 64.2a 1,083,319.50
Unreserved Fund Balance 930‐2530‐000 0 64.2a 526,229.50 Sale of Real Estate 930‐365 0 64.2a 557,090.00
Closing expenses 930‐4330‐282 0 64.2a 156,680.50
Other revenue 935‐381 0 64.2a 1,083,319.50
Cash 930‐1010‐000 0 64.2a 1,083,319.50
To reverse CJE24‐13Z11 that recorded the land sale incorrectly. 16 Land Held for Resale 930‐1611‐000 0 64.2c p12 526,229.50 Contributions from the City 930‐3653 64.2c p12 526,229.50 To record the transfer QUITCLAIM Deed of land from the City to the RDA. expenses for LA impact and LA Clear.

17 Cash 930‐1010‐000 0 64.2c p12 1,083,319.50
Land Held for Resale 930‐1611‐000 0 64.2c p12 526,229.50 Proceeds from sale of land 930‐365 4 64.2c p12 557,090.00 To record the sale of the land.
18 Other Revenue 935‐3810 64.2c p12 1,083,319.50
Cash 935‐1010‐000 0 64.2c p12 1,083,319.50
To reverse original entry made by client in the wrong fund. 19 Deferred Comp payable 110‐2160‐0008 72.1 57,961.00
Retirement 110‐4111‐030 0 72.1 57,961.00
Received confirmation from Empower that this 2019 liabilty on the books is no longer owed, written off 23/24.
20 Deferred Outflows 510‐1080‐0000  1,799.0 0
Deferred Inflows 510‐2040‐0000  15,957.0 0
Net Pension Liability 510‐2381‐0000  (33,934.00)
Retirement 510‐4221‐0300  16,178.0 0
Entry to recoded changes to GASB 68
21 Deferred Outflows‐OPEB 510‐1080‐0001 (505.00)
Deferred Inflows ‐ OPEB NEW 510‐2040‐000 1 (185,189.50) Net OPEB Liability‐GASB75 510‐2381‐0001  (150,265.00)
Retirement‐PERS UAL 510‐4221‐0301  335,959.5 0
Entry to recoded changes to GASB 75

438 Old Newport Blvd, Newport Beach, CA 92663
Phone (949) 346-2900 –www.gruberlopezinc.com

Honorable Mayor and City Council
City of Bell Gardens
Bell Gardens, California

Independent Accountants’ Report on Applying Agreed-Upon Procedures Appropriations Limit Worksheets

We have performed the procedures enumerated below on the approp riations limit calculation worksheets of the City of Bell Gardens, California (City) for the year ended June 30, 2024. The City’s management is responsible for the app ropriations limit calculation worksheets.

The City has agreed to and acknowledged that the procedures per formed are appropriate for the intended purpose of meeting the requirements of Section 1.5 of Article XIIIB of the California Constitution (Constitution) and the League of Ca lifornia Cities as presented in the League publication entitled Article XIIIB Appropriations Limitation Uniform Guidelines (Guidelines). This report may not be suitable for any other pu rpose.

The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.

The procedures and associated findings are as follows:

1. We obtained the worksheets referred to above and compared the l imit and annual adjustment factors included in those worksheets to the l imit and annual adjustment factors that w ere adopted by resolution of th e City Council. We also compared the pop ulation and inflation options included in the aforementioned worksheets to those that were selected by a recorded vote.

Results: No exceptions were noted as a result of our procedures.

City Council
City of Bell Gardens, California
Page Two

2. We recalculated the mathematical computations reflected in the City worksheets.

Results: No exceptions were noted as a result of our procedures.

3. We compared the current year information used to determine the current year limit and found that it agreed to worksheets prepared by t he City and to information provided by the State Department of Finance.

Results: No exceptions were noted as a result of our procedures.

4. We compared the amount of the p rior year appropriations limit p resented in the worksheets to the amount adopted by the City Council for the prior year.

Results: No exceptions were noted as a result of our procedures.

We were engaged by the City to perform this agreed-upon procedu res engagement and conducted our engagement in accordance with attestation standar ds established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review engagement, the objective of w hich would be the expression of an opinion or conclusion, respectively, on meetin g the requirements of the Constitution and Guidelines. Accordingly, we do not express suc h an opinion or conclusion. Had we performed addit ional procedures, other matte rs might have come to our attention that would have been reported to you.

We are required to be independent of the City and to meet our o ther ethical responsibilities, in accordance with the r elevant ethical requi rements related to our agreed-upon procedures engagement.

This report is intended solely f or the information and use of t he City and is not intended to be and should not be used by anyone other than those specifi ed parties. However, this report is a matter of public record and its distribution is not limited.

Gruber and Lopez, Inc.

Newport Beach, California
March 27, 2025
Gruber and Lopez, Inc.

1 City of Bell Gardens
June 30, 2024
Audit Results
Required Communication
End of Audit
Presented by:

Ron Lopez, CPA, Managing Partner

 Audit was performed in accordance with
generally accepted auditing standards andGovernment Auditing Standards (more strict).
 The objectives of the audit process is to
ensure the City’s financial statements
present fairly, in all material respects, the
respective statements of financial position
(balance sheet) and activities (income
statement) of the City of Bell Gardens.
2

 To meet the objectives of the Audit, and in
accordance with auditing standards, we
performed various tests. Some of the more
significant procedures include:
◦ Documentation and testing of internal controls
over all accounting cycles.
◦ On a sample basis, we test disbursements,
transfers, and journal entries for compliance
with the City’s policies, and where applicable,
compliance with State and Federal grant
requirements.
3

◦ Confirm from 3 rd parties cash, investments, certain
revenues and receivables, long term debt
commitments, and obtain and analyze attorney
responses.
◦ Perform compliance and allowable costs tests on
the use of federal funds.
◦ Reconcile City’s general ledger to detailed sub-
ledgers.
◦ Evaluate the reasonableness of the City’s estimates
and assumptions.
4

 ACFR
 Report on compliance and internal control
over financial reporting in accordance with
Government Auditing Standards
 Report on compliance and internal control
over federal major programs in accordance
with Uniform Guidance
 Appropriation (GANN) Limit Agreed Upon
Procedures on compliance
 Communication letter to those charged with
governance (management letter)
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 We issued an
unmodified opinion on the
City’s financial statements on March 27,
2025.
 Unmodified opinion is the highest opinion
an auditor can issue.
 No material weakness or in internal controls
under GAS, however, we did note a
significant deficiency as follows:
6

 Finding: Statement on Auditing Standards (SAS) No. 122 requires that the auditor include in his or her report of deficiencies, such as material adjustments, detected by the audit process.
 There were several adjustments for the year ended June 30, 2024 that were discovered by us through the audit process. Such significant adjustments included the areas of loans receivable, fund balance, capital assets and related depreciation, accounts payable, and unearned revenue.
 Recommendation: Client adjustments should be reflected in the accounting records prior to the start of the audit in order to make audit fieldwork as efficient as possible and to avoid auditor adjustments.  Management’s Response:Management concurs with the finding and will strive to reduce audit adjustments in the future.
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 No non-compliance which is material to the
financial statements under GAS.
 The Appropriation Limit report disclosed no
findings.
8

 The City has been the recipient of the
Government Finance Officers Association
(GFOA) Certificate of Achievement for
Excellence in Financial Reporting for the
June 30, 2023 Audit Report .
 The June 30, 2024 Annual Comprehensive
Financial Report (ACFR) has been submitted
to the GFOA for consideration.
9

 Preparation of a ACFR includes audit
opinion and financial statements, in
addition the following of which no opinion
is placed:
◦ Letter of Transmittal
◦ Management Discussion and Analysis
◦ Statistical Section – 22 separate charts on various
functions of the City
 We believe the 2024 CAFR will again receive
the GFOA award.
1 0

 Management Discussion and Analysis (page 4
of ACFR) is an important component of the
ACFR which will give you a good understanding
on the financial highlights of the June 30, 2024
fiscal year.
 Some of the highlights of the 2024 year
include:
 The largest Government‐wide revenue source was the
card club taxes, a general revenue, $18.2 million, which decreased slightly from $18.9 million, from the
preceding fiscal year .
1 1

◦ The assets and deferred outflow of the City exceeded
its liabilities and deferred inflows at the close of Fiscal Year 2024 resulting in a net position of $79.6 million.

This was an increase by $6.5million.
◦ Total revenues of $66 million which comprised of $20.9 million in program revenues and $45.1 million in
general revenues and transfers.
◦ Governmental activity expenses decreased by $7.1
million, or 14% from the preceding fiscal year.
12

◦ The Water Utility System and Golf Course revenues totaled $2.8 million which increased by $1.2M from the preceding fiscal year due to a water rate hike, while the Golf Course experienced a slight decrease of $11 thousand.
◦ The City’s investment in capital assets for governmental and business-type activities as of June 30, 2024 was
$112.4 million (net accumulated depreciation) as compared to prior year of $107.5 million.
◦ Long-term debt increased by $7.4 million to $132.7 million.

The most significant increase was in other post employment obligations, net pension liability (CALPERS) and accrued leave payable.
13

Total Fund Financial Statement Analysis:
◦ As of fiscal year ended June 30, 2024, the City’s
governmental funds reported combined ending fund
balance of $44.4 million, an increase of $7.4 million, or 20%, compared to the preceding fiscal year’s balance
of $37 million.

General Fund:
 As of fiscal year ended June 30, 2024, the City’s
General Fund actual revenues exceeded budget by
$1.8M.
 Actual expenditures exceeded budget by $2.4M.
 Increase in fund balance (i.e. net income) was $2.5M
which increased equity to $37.9M
14

Questions or comments?
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