Attachment 1 — Burbank City Council, February 13, 2024

ABOUT THE COVER
The City of Burbank Fiscal Year 2022-23 Annual Comprehensive Financial Report book cover and tabs feature the Burbank Channel Bikeway, a one-mile Class-I (off-street) bicycle and pedestrian path that runs along the Burbank Western Flood Control Channel, a tributary of the Los Angeles River. The bikeway is a safe space that improves the aesthetics of the area and encourages active living in the community. In 2021, construction for Phase II of the project was completed, which extended the bicycle and pedestrian path from the Downtown Metrolink Station to Alameda Avenue. Phase I of the project between Alameda Avenue and Victory Boulevard was completed in 2011. The project was funded with a Metro Call for Projects grant, a California Urban Greening grant, a Metro Measure M Multi-year Subregional Program (MSP) grant, and Measure R Local Return funds.

In 2020, the project was honored as a winner of the 2020 Sustainability Awards by the Southern California Association of Governments (SCAG) under the Active, Healthy, and Safe Communities category. The Sustainability Awards recognize excellence in coordinating land use and transportation to improve mobility, livability, prosperity, and sustainability.

COVER LAYOUT:

Cassidy Allen
PHOTOGRAPHY:

Burbank Community Development Department & Public Information Office

ANNUAL COMPREHENSIVE FINANCIAL REPORT
OF THE

CITY OF BURBANK

BURBANK, CALIFORNIA

FISCAL YEAR ENDED
JUNE 30, 2023
Prepared by:

Financial Services Department
Jennifer Becker
Financial Services Director
City of Burbank

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2023

TABLE OF CONTENTS

INTRODUCTORY SECTION
Letter of Transmittal................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................I Government Finance Officers' Association Certificate of Achievement for Excellence in Financial Reporting................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................X

FINANCIAL SECTION
Independent Auditors' Report................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1 Management's Discussion and Analysis................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................4 BASIC FINANCIAL STATEMENTS:

Statement of Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................15 Statement of Activities................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................16 Balance Sheet - Governmental Funds................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................17 Reconciliation of the Balance Sheet of Governmental Funds to Net Position of Governmental Activities in the Statement of Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................18 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................19 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................21 Statement of Revenues, Expenditures, and Changes in Fund Balances, Budget and Actual - General Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................22 Statement of Revenues, Expenditures, and Changes in Fund Balances, Budget and Actual - Low/Moderate Income Housing Special Revenue Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................24 Statement of Net Position - Proprietary Funds................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................25 Statement of Revenues, Expenditures, and Changes in Fund Net Position - Proprietary Funds................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................27 Statement of Cash Flows - All Proprietary Fund Types................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................28 Statement of Fiduciary Net Position - Fiduciary Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................30 Statement of Changes in Fiduciary Net Position - Fiduciary Fund................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................31 NOTES TO THE BASIC FINANCIAL STATEMENTS:
(1) Summary of Significant Accounting Policies................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................32 (2) Reconciliation of Government-Wide and Financial Statements................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................40 (3) Stewardship, Compliance, and Accountability................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................40 (4) Cash and Investments................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................41 (5) Capital Assets................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................46 (6) Defined Contribution Plans................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................48 (7) Interfund Receivables, Payables, Advances, and Transfers................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................48 (8) Long-Term Liabilities................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................49 (9) Receivables................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................56 (10) Commitments and Contingencies................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................57 (11) Power Supply Expenses................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................57 (12) Accrued Liabilities................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................64 (13) Deferred Compensation Plans................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................64 (14) Prepaid Items and Deposits................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................64 City of Burbank

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2023

TABLE OF CONTENTS
FINANCIAL SECTION (Continued)
(15) Self-Insurance................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................64 (16) Leases and Subscription................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................65 (17) Pension Plans................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................70 (18) Post Employment Benefits Other Than Pensions................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................78 (19) Additional Information................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................84 (20) Hedge Policies and Outstanding Hedge Contracts................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................84

REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Changes in the Pension Liability and Related Ratios - Miscellaneous Plan................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................86 Schedule of Contributions - Miscellaneous Plan................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................88 Schedule of Changes in the Pension Liability and Related Ratios - Police Plan................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................90 Schedule of Contributions - Police Plan................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................92 Schedule of Changes in the Pension Liability and Related Ratios - Fire Plan................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................94 Schedule of Contributions - Fire Plan................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................96 Schedule of Changes in the Net OPEB Liability and Related Ratios................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................98 Schedule of Contributions - OPEB................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................100

SUPPLEMENTARY INFORMATION

COMBINING FUND FINANCIAL STATEMENTS AND BUDGET AND ACTUAL SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (SUPPLEMENTARY INFORMATION):

Non-Major Governmental Funds:

Combining Balance Sheet................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................102 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................105 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................108 Internal Service Funds:

Combining Statement of Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................128 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................130 Combining Statement of Cash Flows................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................132 City of Burbank

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2023

TABLE OF CONTENTS

STATISTICAL SECTION
(Unaudited)
Table
1 Net Position by Component (accrual basis) - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................136 2 Changes in Net Position (accrual basis) - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................138 3 Fund Balances of Governmental Funds (modified accrual basis) - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................142 4 Changes in Fund balances of Governmental Funds (modified accrual basis) - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................143 5 Electricity Sold by Type of Customer - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................145 6 Electricity Rates - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................146 7 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................147 8 Ratio of General Bonded Debt Outstanding - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................148 9 Schedule of Direct and Overlapping Debt................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................149 10 Legal Debt Margin Information - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................150 11 Pledged Revenue Coverage - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................151 12 Demographic and Economic Statistics - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................154 13 Principal Employers - Current and Nine Years Ago................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................155 14 Full-Time and Part-Time City Employees by Function................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................156 15 Operating Indicators by Function - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................157 16 Capital Asset Statistics - Last Ten Fiscal Years................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................159 17 Schedule of Credits................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................161

Council MemberTamala TakahashiCouncil MemberZizette MullinsCouncil MemberNikki PerezVice MayorNick SchultzMayorKonstantine Anthony City TreasurerKrystle Palmer
City ClerkKimberley Clark
Justin Hess, City ManagerJoseph McDougall, City AttorneyJudie Wilke, Assistant City ManagerDawn Roth Lindell, Burbank Water and Power General ManagerKevin Gray, Chief Information OfficerPatrick Prescott, Community Development DirectorEric Garcia, Fire ChiefElizabeth Goldman, Library Services DirectorBetsy McClinton, Management Services DirectorMarisa Garcia, Parks and Recreation DirectorMichael Albanese, Police ChiefKen Berkman, Public Works DirectorJennifer Becker, Financial Services Director City of Burbank Electorate
City CouncilHousing AuthorityParking Authority
City Clerk
City Treasurer
Planning Board
City Manager
Parks & RecreationBoard
Library Trustees
City Attorney
Civil Service Board
Information Technology
Financial Services
Community Development
Public Works
Police
Parks & Recreation
Boards, Committees and Commissions in Burbank Municipal Code (Not in City Charter)Art In Public Places Committee Community Development Goals Committee Police CommissionBoard of Building and Fire Code Appeals Cultural Arts Commission Senior Citizen BoardBurbank Housing Corporation Heritage Commission Sustainable BurbankBurbank Water and Power Board Infrastructure Oversight Board TransportationComissionCharter Review Committee Landlord-Tenant Commission Youth BoardPlanning Commission ManagementServices
Fire
Burbank Water & Power
Library Services
CITY OF BURBANK 275 EAST OLIVE AVENUE, P.O. BOX 6459, BURBANK, CALIFORNIA 91510-6459 BURBANKCA.GOV Accounts Payable(818) 238 - 5495FINANCIAL SERVICES DEPARTMENT Administration / Accounting / Audit / Budget / Revenue (818) 238 - 5500 Payroll (818) 238 - 5491 Purchasing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¶V ILQDQFLDO DIIDLUV 7KH ILQDQFLDO VWDWHPHQWV DUH SUHSDUHG LQ DFFRUGDQFH ZLWK *HQHUDOO\ $FFHSWHG $FFRXQWLQJ 3ULQFLSOHV *$$3 DV HVWDEOLVKHG E\ WKH *RYHUQPHQW $FFRXQWLQJ 6WDQGDUGV %RDUG *$6% 7KLV UHSRUW FRQVLVWV RI PDQDJHPHQW¶V UHSUHVHQWDWLRQV FRQFHUQLQJ WKH ILQDQFHV RI WKH &LW\ RI %XUEDQN &DOLIRUQLD &RQVHTXHQWO\ WKH PDQDJHPHQW DVVXPHV IXOO UHVSRQVLELOLW\ IRU WKH FRPSOHWHQHVV DQG UHOLDELOLW\ RI DOO WKH LQIRUPDWLRQ SUHVHQWHG LQ WKLV UHSRUW 7R SURYLGH D UHDVRQDEOH EDVLV IRU PDNLQJ WKHVH UHSUHVHQWDWLRQV WKH PDQDJHPHQW RI WKH &LW\ KDV HVWDEOLVKHG D FRPSUHKHQVLYH LQWHUQDO FRQWURO IUDPHZRUN WKDW LV GHVLJQHG ERWK WR SURWHFW WKH &LW\¶V DVVHWV IURP ORVV WKHIW RU PLVXVH DQG WR FRPSLOH VXIILFLHQW UHOLDEOH LQIRUPDWLRQ IRU WKH SUHSDUDWLRQ RI WKH &LW\¶V ILQDQFLDO VWDWHPHQWV LQ FRQIRUPLW\ ZLWK *$$3 6LQFH WKH FRVW VKRXOG QRW RXWZHLJK WKH EHQHILWV WKH &LW\¶V LQWHUQDO FRQWUROV KDYH EHHQ GHVLJQHG WR SURYLGH UHDVRQDEOH UDWKHU WKDQ DQ DEVROXWH DVVXUDQFH WKDW WKH ILQDQFLDO VWDWHPHQWV ZLOO EH IUHH IURP PDWHULDO PLVVWDWHPHQW $V PDQDJHPHQW ZH DVVHUW WKDW WR WKH EHVW RI RXU NQRZOHGJH DQG EHOLHI WKLV ILQDQFLDO UHSRUW LV FRPSOHWH DQG UHOLDEOH LQ DOO PDWHULDO UHVSHFWV I
Audited Financial Statements The City’s financial statements have been audited by Lance, Soll, and Lunghard (LSL) LLP, a public accounting firm fully licensed and qualified to perform audits of local governments within the State of California. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City of Burbank, California, for the FY ended June 30, 2023, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. The independent auditors concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the City of Burbank, California’s financial statements for the FY ended June 30, 2023, are fairly presented in conformity with GAAP. The independent auditors’ report is presented as the first component of the financial section of this report. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of 0DQDJHPHQW¶V 'LVFXVVLRQ DQG $QDO\VLV 0' $ This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the report of the independent auditors in the financial section of the ACFR. “Single Audit” for Federal Grant Programs: The independent audit of the financial statements of the City was part of a broader, federally mandated “Single Audit” designed to meet the special needs of Federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements but also on the audited government’s internal controls and compliance with legal requirements. Special emphasis is placed on internal controls and legal requirements involving the administration of Federal awards. This information is available in the City’s separately issued 6LQJOH $XGLW 5HSRUW PROFILE OF THE CITY OF BURBANK The City of Burbank, incorporated in 1911 under the general laws of the State of California, is a long-established residential city and commercial center located within Los Angeles County in Southern California. The City of Burbank is a unique urban community located 12 miles northwest of downtown Los Angeles and nestled between the Hollywood Hills and the Verdugo Mountains near the 5 and 134 Freeways. The City occupies a land area of 17.16 square miles and serves a population of 104,535. The City provides a full range of municipal services to its residents and businesses. Services provided include public safety (police and fire); street construction and maintenance; sanitation; refuse collection and disposal; electric, water, and sewer utilities; cultural and recreational programs; public infrastructure improvements; planning and zoning; and general administrative and support services.

II
Form of Government Burbank is a full-service charter city that operates on a Council-Manager form of government. The Council has the authority to make and enforce all laws and regulations concerning municipal affairs, subject only to the limitations of the City Charter and the State Constitution. The City Council consists of five members elected at-large for four-year terms. The Mayor and Vice-Mayor are selected from the City Council members and serve one-year terms. The City’s other elected officials are the City Treasurer and City Clerk, whose terms of office are four years. The City Council appoints the City Manager and City Attorney. All other department heads are hired by the City Manager. Budgetary Policy and Control The annual budget serves as the foundation for the City’s financial planning and control. The City Council is required to adopt an annual budget resolution by June 30 of each year for the General Fund, Special Revenue Funds, Capital Projects Funds, and Proprietary Funds. These budgets are adopted and presented for reporting purposes on a basis consistent with GAAP. The level of appropriated budgetary control is the total adopted budget, which is defined as the total budget for all funds and divisions and includes all revisions and amendments approved by the City Council after the initial budget adoption. The City Manager may authorize transfers of appropriations within the adopted budget. Supplemental appropriations during the year must be approved by the City Council. Unexpended or unencumbered appropriations lapse at the end of the fiscal year. Encumbered appropriations are re-appropriated in the ensuing year’s budget. The City utilizes an encumbrance accounting system, whereby commitments such as purchase orders and unperformed contracts are recorded as assigned fund balances at year-end per GASB #54. FACTORS AFFECTING FINANCIAL CONDITION The information presented in the financial statements is best understood when it is considered from the broader perspective of the specific environment within which the City of Burbank operates. Local Economic Environment The City of Burbank’s economic environment is showing strength and continued growth in commercial, residential, and retail development sectors. The City continues to focus on projects promoting the beautification of our neighborhoods and business districts, the attraction of new retail stores and restaurants, the development of much-needed housing, and the expansion of the citywide transportation system. Construction of the Warner Brothers Second Century project was completed in May 2023. These iconic Frank Gehry towers were developed by Worthe Real Estate Group in Burbank’s Media District. The new 800,000-square-foot office campus was designed to increase interaction and collaboration, positioning Warner Brothers Discovery for continued creative excellence.

III
Throughout the City, business continues to grow, with new openings including Sephora, Wing Stop, Alfred Coffee, Cycle Bar, Dave’s Hot Chicken, Little Nelly, Rumble Boxing, and Lucifer’s Pizza to name a few, and the anticipated openings of Dog Haus, Toasted Bun, Idyllwild Tavern, and Crumbl Cookies coming soon. The first two quarters of 2023 brought opportunities for continued recovery and growth, as reflected by the City’s economic indicators. The City continues to implement the goals and strategies identified in the Economic Recovery Plan, which was developed in response to the financial impacts of the Pandemic and includes measures to prevent homelessness, encourage development and business recovery, and create financial stability for residents. Burbank was fortunate to bounce back quickly from the Pandemic and must continue its prudent financial decision-making in the face of other economic challenges such as inflation, labor shortages, and a potential future recession. In 2023, the Economic Development Division began the process of developing a new five-year strategic plan that will be implemented in 2024. This plan will be a crucial guide for Burbank’s continued growth and success. Burbank’s average single-family home price for Q2 2023 is $1,284,968 while the median home price is $1,250,000, compared to Q2 2022 where average single-family home prices were $1,329,783 while median home prices were $1,267,000. The median price for condominium sales for Q2 2023 was $748,933 compared to Q2 2022 at $773,488. The affordability of housing for Burbank’s daytime workers and low-income residents continues to be a primary focus of the City’s economic development efforts.

Downtown Burbank continues to evolve with the opening of new restaurants and retailers such as Dunkin’, Silverlake Ramen, Hardcore Fitness, BB.Q Chicken, and PokiTomik. Several new businesses are also on the horizon including Kalaveras Restaurant, Café on Air, and Republik Coffee. Downtown Burbank spans over 13 blocks with more than 600 retailers and restaurants and four major hotels. With several mixed-use developments underway, Downtown Burbank continues its evolution as a thriving 18-hour neighborhood for residents, businesses, and visitors to enjoy. Construction of the First Street Village mixed-use project, located at the southwest corner of First Street and Magnolia Avenue, is almost complete and includes 275 apartments and 18,876 square feet of ground-floor retail and restaurant space. The La-Terra mixed-use development project is also under construction in Downtown Burbank and will be adding 573 apartments and a 307-room hotel. This project is anticipated to be completed in 2024.

IV
Burbank Median Housing Prices
Burbank’s office space vacancy increased in June 2023 to 11.8% compared to 6.30% in June 2022. This is a result of the downsizing of office space due to the ongoing work from home initiatives from multiple employers. Additionally, Warner Bros built 800,000 square feet of new office space with the Second Century Project which allowed them to consolidate employees from numerous office buildings they leased throughout Burbank. This consolidation also contributed to the increase in the office vacancy rate in Burbank year over year. Office rental rates increased slightly averaging $3.69 per square foot in June 2023 compared to $3.65 per square foot in June 2022. Office Vacancy Trend V
After recovering from their post Pandemic peak, unemployment rates remained relatively stable in the first half of 2023 7KH City of Burbank’s unemployment rate for June 2023 ZDV at 7.3%ZKLFK ZDV higher in comparison to the City of Glendale’s 5.1%, Los Angeles County’s 5.3%, anGWKH 6WDWH of California’s rate of 4.9%. The Writers Guild of America strike that commenced in0D\ contributed to Burbank’s higher unemployment rate, given the concentration ofHQWHUWDLQPHQW industry jobs located in the City.Unemployment Rate Trend Effectively utilizing the City of Burbank’s resources for the benefit of the entire community is at the heart of the Mayor and City Council’s commitment to solid fiscal management. Economic development efforts also seek to continue building Burbank’s revenue base by bringing new jobs, along with residential and commercial development that will increase Burbank’s assessed value and generate property tax, sales tax, and transient occupancy tax revenues to the City. Long-Term Financial Planning The City of Burbank engages in many activities focused on long-term financial planning, including: )LYH <HDU )LQDQFLDO )RUHFDVW. The intended purpose of the financial forecast is to foster an understanding of long-term trends and their impact on the City’s overall financial picture. This long-term perspective allows the City Council and City management to make informed financial decisions today while fully understanding the future impacts of decisions.

VI
The Burbank City Council also annually reviews and adopts a five-year Capital Improvement Program (CIP), grouping them by categories such as: ·Municipal Facilities·Parks and Recreation·Refuse Collection and Disposal·Technology Infrastructure·Traffic, Transportation, and Pedestrian Access·Wastewater·Burbank Water and Power (BWP) Utility ProjectsThe CIP is a five-year program designed to tie the planning of capital improvements to realistic, reliable funding sources to ensure that both the planning and implementation of such projects are balanced with available resources. These investments reflect the City Council’s commitment to maintaining and improving the City and to providing citizens with the highest possible service. 0DMRU &LW\ *RDOV. The City Council holds periodic goal-setting workshops, the most recent of which took place on January 26, 2023. The goal-setting process assists policy leaders in developing a future focus, discussing issues and opportunities facing the community, setting strategic direction, and determining priorities. Council goal-setting also provides a clear message to City staff as to what the Council aims to accomplish in the upcoming planning period. As a result of the workshop, the City Council established the following items as their priorities for the upcoming year:

VII
The City Council’s goals drive the development of City department goals, also known as the Work Program, as well as department performance measures, both of which are prepared annually by City staff as part of the budget process. Work Program Goals and Performance Measures for departments are linked to the City Council’s six stated goals for 2023. The elements of the Work Program are above and beyond the core services to the community that the City provides and are part of our continuous improvement efforts. The Adopted FY 2023-24 Budget reflects these stated efforts and aligns approved increases to funding with the above priorities established by the City Council. MAJOR INITIATIVES There are many exciting projects currently proposed or underway in the City of Burbank. Construction continues on several significant projects in fiscal year 2022-23 bringing new housing, commercial, and Lndustrial opportunities to improve both the City’s financial health and quality of life. &DPEULD +RWHO A six-story hotel on a 69,696-square-foot lot. The area of the proposed hotel is 80,183 square feet, and it will include 150 guest rooms, along with a ground-level bar, fitness center, and meeting rooms. This project was approved on February 11, 2021. )LUVW 6WUHHW 9LOODJH This mixed-use project consists of three, six-story buildings witK 275 multi-family apartments on the upper floors and up to 18,876-square-foot of retail and commercial space on the ground floors. The property is the first of its kind to include 14 affordable housing units. On-site amenities and an open space area will be included. Currently under construction with an estimated completion in 2023./D 7HUUD 6HOHFW This is a mixed-use project featuring 573 residential (rental) units, a 307-room hotel, and 1,067-square-foot ground retail. The residential portion is proposed to be an 8-story podium building with one level of underground parking, and the hotel will be a 7-story building. Construction is underway with an estimated completion of 2024-2025.$ /2)7 DQG 5HVLGHQFH ,QQ +RWHOV A proposed seven-story dual-brand hotel that will consist of 420 rooms, 219 hotel rooms operated by A-loft, and 201 hotel rooms operated by Residence Inn. The hotel would also include amenities such as a restaurant, a lounge, cafes, meeting rooms, a fitness center, and a rooftop amenity deck. $HUR &URVVLQJV This proposed project will encompass 862 residential units, 80 low-income units, and 12 live-work spaces. In addition to the residential units, Aero Crossings will include 9,700-square-foot of retail space, 151,800-square-foot of office space, 1,613 parking spaces, and 91,575-square-foot of open space that includes paseos, courtyards, and roof decks. +ROO\ZRRG %XUEDQN $LUSRUW 5HSODFHPHQW 7HUPLQDO A new 14-gate, 355,000-square-foot replacement terminal to be built with up to 6,637 parking spaces at the site of the current Hollywood Burbank Airport. The replacement terminal is slated to open in 2024 with demolition of the existing terminal occurring within 12 months of completion.

VIII
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CERTIFICATE OF ACHIEVEMENT FOREXCELLENCE IN FINANCIAL REPORTINGThe Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Burbank for its annual comprehensive financial report for the fiscal year ended June 30, 2022. This was the 39th consecutive year that the City of Burbank has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publishan easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.A Certificate of Achievement is valid for a period of one year only. We believe that our current annual comprehensive financial report continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.

INDEPENDENTAUDITORS’REPORTTo the Honorable Mayor and Members of the City Council City of Burbank, CaliforniaReport on the Audit of the Financial StatementsOpinionsWe have audited the accompanying financial statements of the government activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Burbank, California (the“City”),as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2023, and the respective changes in financial position, and, where applicable, cash flows thereof, as listed in the table of contents, for the year then ended in accordance with accounting principles generally accepted in the United States of America.Basis for OpinionsWe conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.Emphasis of MatterChange in Accounting PrincipleAs described in Note1to the financial statements, in 2023, the City adopted new accounting guidance, GASB Statement No. 96, Subscription Based Information Technology Arrangements. Our opinion is not modified with respect to this matter.Responsibilities of Management for the Financial StatementsManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparationand fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about theCity’sability to continue asagoing concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.www.lslcpas.com 203 N. Brea Blvd, Suite203 Brea, CA 92821(714) 672-002224422 Avenida de la Carlota, Suite275 Laguna Hills, CA 92653(949) 829-82991611 E. Fourth Street, Suite200 Santa Ana, CA 92701(714) 569-10002151 River Plaza Dr., Suite150 Sacramento, CA 95833(916) 503-969121 Waterway Avenue, Suite30089 The Woodlands, TX 77380(936) 828-4587 1 To the Honorable Mayor and Members of the City Council City of Burbank, CaliforniaAuditor’sResponsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements asawhole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance isahigh level of assurance but is not absolute assurance and therefore is notaguarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there isasubstantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:·Exercise professional judgment and maintain professional skepticism throughout the audit.·Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.·Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.·Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.·Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.Required Supplementary InformationAccounting principles generally accepted in the United States of America require that themanagement’sdiscussion and analysis, budgetary comparison schedules for the General Fund and major special revenue funds, and the required pension and other postemployment benefits schedules, as listed on the table of contents, presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. 2 To the Honorable Mayor and Members of the City Council City of Burbank, CaliforniaSupplementary InformationOur audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying combining and individual fund financial statements and schedules (supplementary information) are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, andother additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.Other InformationManagement is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and ourauditor’sreport thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whetheramaterial inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.Other Reporting Required byGovernment Auditing StandardsIn accordance with Government Auditing Standards, we have also issued our report dated January 25, 2024, on our consideration of theCity’sinternal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of theCity’sinternal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City’s internal control over financial reporting and compliance.Brea, California January 25, 2024 3 City of Burbank
Management's Discussion and Analysis
(in thousands)
As management of the City of Burbank, California, we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2023. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on page I of this report.

FINANCIAL HIGHLIGHTS
 The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $1,362,837 (net position), which was comprised of net investment in capital assets of $1,094,290, restricted net position of $99,754, and unrestricted net position of $168,793. Of this amount, $168,793 (unrestricted net position) may be used to meet the City’s ongoing obligations.  The City’s total net position increased by $40,172 during the Fiscal Year 2022-23. This growth was driven by the governmental activities of the City, accounting for $42,335 of the increase. The increase was mainly attributable to the positive revenue growth in sales, property, transient occupancy, and transient parking taxes. Business-type activities accounted for a decrease of $2,163, with the Electric Utility accounting for the majority of the loss in total net position.
 As of June 30, 2023, the City’s governmental funds reported combined fund balances of $269,814, an increase of $16,771 from the prior year. Approximately, $110,680 or 86% of the total fund balances are unassigned and available for spending.
 At the end of the Fiscal Year 2022-23, the unassigned fund balance for the General Fund was $110,685 or 57% of total General Fund expenditures.

OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the City’s basic financial statements. The City’s basic financial statements comprise of three components: 1) government-wide financial statements 2) fund financial statements and 3) notes to basic financial statements. This report contains required supplementary information and an unaudited statistical section in addition to the basic financial statements.

Government-wide Financial Statements. The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector business.

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

The statement of activities presents information showing how the City’s net position changed during the Fiscal Year 2022-

23. All changes in net position are reported as soon as the underlying event causing the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).

Both government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities). The governmental activities of the City include general government, police, fire, public works, community development, parks and recreation, library, and interest on long-term debt. The business-type activities of the City include operations of the electric, water, water reclamation and sewer, refuse collection and disposal utilities.

The government-wide financial statements can be found on page 15 of this report.

Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the City's funds can be divided into two categories: governmental funds and proprietary funds.

Governmental Funds. Governmental funds are used to account for the same functions reported as governmental activities 4 City of Burbank
Management's Discussion and Analysis
(in thousands)
in the government-wide financial statements. However, unlike the government-wide financial statements, governmental funds' financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the City’s near- term financial requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the City’s near-term financing decisions. Both the governmental funds' balance sheet and the statement of revenues, expenditures and changes in fund balances provide a reconciliation to compare between governmental funds and governmental activities.

The City maintains 22 individual governmental funds. Information is presented separately in the governmental funds' balance sheet and in the statement of revenues, expenditures and changes in fund balances for the General Fund and the Low and Moderate Income Housing Special Revenue Fund, each of which are considered to be major funds. Data from the other 20 governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements in the Non-major Governmental Funds section of this report.

The City adopts an annual appropriated budget for all its funds. A budgetary comparison statement is provided for all funds with an annually adopted budget. The budgetary comparison statement for the General Fund is in the basic financial statements. All other funds with legally adopted annual budgets are in the supplementary information section.

Proprietary Funds. The City maintains two different types of proprietary funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its electric, water, water reclamation and sewer, and refuse collection and disposal. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds to account for the following activities:
 Self-insurance activities, including:
 General liability insurance
 Workers’ compensation insurance
 Vehicle operation and maintenance
 Office equipment operation and maintenance
 Municipal infrastructure improvements and maintenance  Communication equipment operation and maintenance
 Information technology infrastructure and operation
Because these services predominately benefit governmental rather than business-type functions, they have been included within governmental activities in the government-wide financial statements.

Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail.

The proprietary fund financial statements provide separate information for the electric, water, water reclamation and sewer, and refuse collection and disposal utilities, all of which are considered major funds of the City. Conversely, the internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements.

Individual fund data for the internal service funds is provided in the form of combining statements in the Internal Service Funds section of this report.

The basic proprietary fund financial statements can be found on page 25 of this report.

Notes to the Basic Financial Statements. The notes to the basic financial statements provide additional information and context that is essential to a full understanding of the data provided in the government-wide and fund financial statements. 5 City of Burbank
Management's Discussion and Analysis
(in thousands)
The notes to the basic financial statements can be found on page 32 of this report.

Other Information. In addition to the basic financial statements and accompanying notes, this report also presents required supplementary information concerning the City’s progress in funding its obligation to provide pension benefits to its employees. Required Supplementary Information can be found on page 86 of this report.

Supplementary information on non-major governmental funds and internal service funds is presented immediately following the required supplementary information on pensions and the combining and individual fund statements and schedules can be found on page 102 of this report.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of the City’s financial position. In the case of the City, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $1,362,837 at the close of the most recent fiscal year.

The largest portion of the City’s net position (79%) reflects its net investment in capital assets (e.g., land, buildings, utility and general government infrastructure, machinery and equipment, etc.), less any related debt used to acquire those assets that are still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City's net investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets cannot be used to liquidate these liabilities.

TABLE 1 - The City of Burbank’s Net Position as of June 30, 2023 and 2022:

Governmental Activities Business-type Activities Total
2023 2022 2023 2022 2023 2022
Assets:

Current and other assets$ 503,759$ 474,323$ 389,459$ 268,568$ 893,218$ 742,891 Capital assets 694,645 691,567 508,059 488,182 1,202,704 1,179,749 Total assets 1,198,404 1,165,890 897,518 756,750 2,095,922 1,922,640 Deferred outflows of
resources 125,629 45,876 49,667 16,556 175,296 62,432
Liabilities:

Current and other
liabilities 48,752 45,483 56,568 41,728 105,320 87,211
Long-term liabilities 386,213 219,364 387,372 186,840 773,585 406,204 Total liabilities 434,965 264,847 443,940 228,568 878,905 493,415 Deferred Inflows of
Resources 16,222 116,408 13,254 53,702 29,476 170,110
Net Position:

Net investment in capital
assets 690,046 687,067 404,244 397,850 1,094,290 1,084,917 Restricted 97,747 86,422 2,007 10,939 99,754 97,361
Unrestricted 85,053 57,022 83,740 82,247 168,793 139,269 Total net position $ 872,846$ 830,511$ 489,991$ 491,036$ 1,362,837$ 1,321,547 6 City of Burbank
Management's Discussion and Analysis
(in thousands)
At the end of Fiscal Year 2022-23, the City is able to report positive balances in all three categories of net position. The total net position was positive as a whole for the City, as well as for its separate governmental and business-type activities.

TABLE 2 - The City’s Changes in Net Position for the years ended June 30, 2023 and 2022:

Governmental Activities Business-type Activities Total
2023 2022 2023 2022 2023 2022
Revenues:

Program revenues:

Charges for services $ 78,414$ 35,180$ 285,206$ 253,701$ 363,620$ 288,881 Operating grants and contributions51,232 52,221 876 2,316 52,108 54,537 Capital grants and contributions 762 415 7,507 3,243 8,269 3,658 General revenues:

Property tax 68,099 62,088 - - 68,099 62,088
Sales tax 77,734 74,398 - - 77,734 74,398
Utility users tax 18,646 16,392 - - 18,646 16,392
Unrestricted investment earnings1,974 (10,641) 4,331 (4,957) 6,305 (15,598) Other 47,344 28,195 3,271 1,518 50,615 29,713
Total revenues 344,205 258,248 301,191 255,821 645,396 514,069 Expenses:

General government 25,880 9,479 - - 25,880 9,479
Police 74,326 51,038 - - 74,326 51,038
Fire 50,190 32,432 - - 50,190 32,432
Public works 45,499 19,428 - - 45,499 19,428
Community development 63,803 53,055 - - 63,803 53,055
Parks and recreation 34,765 21,937 - - 34,765 21,937
Library 8,118 6,169 - - 8,118 6,169
Interest on long-term debt 10 147 - - 10 147
Water reclamation & sewer - - 15,028 14,300 15,028 14,300 Electric utility - - 233,172 189,599 233,172 189,599
Water utility - - 33,815 32,291 33,815 32,291
Refuse collection & disposal - - 20,991 18,153 20,991 18,153 Total expenses 302,591 193,685 303,006 254,343 605,597 448,028 Increase (decrease) in net
position before transfers 41,614 64,563 (1,815) 1,478 39,799 66,041 Gain from sale of capital assets 373 - - - 373 -
Transfers 348 414 (348) (414) - -
Increase (decrease) in
net position 42,335 64,977 (2,163) 1,064 40,172 66,041
Net position, July 1, 2022 830,511 765,534 492,154 489,972 1,322,665 1,255,506 Net position, June 30, 2023 $ 872,846$ 830,511$ 489,991$ 491,036$1,362,837$1,321,547 7 City of Burbank
Management's Discussion and Analysis
(in thousands)
Governmental Activities. Governmental activities increased the City’s net position by $42,335, due to revenue growth in sales tax, assessed value growth in property taxes, and an increase in tourism-based taxes. Total expenses increased by $108,906 (56%), mainly as a result of the higher cost of goods and services, while program revenues increased by 49% due to an increase in charges for services of $43,234 from the prior year. General revenues, which encompasses Property Tax, Sales Tax, Utility Users Tax, other taxes, and investment earnings, increased by 25.4% from the prior year due to the increases in housing market valuations, fuel costs, and consumer goods.  General revenues such as property, business, and sales taxes are not shown by program, but are effectively used to support program activities citywide. For governmental activities overall, charges for services are the largest single source of funds (22.8%), followed by sales tax (22.6%). 8 City of Burbank
Management's Discussion and Analysis
(in thousands)
Governmental Activities
Expenses and Program Revenues
 The chart above illustrates the City’s governmental expenses and revenues by source. Public Safety (Police and Fire Departments, 41%) is the largest function, followed by Environmental (Public Works and Community Development Departments, 36%) with Culture and Recreation third (Library and Parks and Recreation Departments, 14%).

Business-type Activities. Business–type activities decreased the City’s net position by $2,163, largely attributable to increases in supply, distribution, and operating expenses due to inflation and a decrease in operating grants and contributions of $1,440 (62%) from the prior year as well as an increase in pension expense. 9 City of Burbank
Management's Discussion and Analysis
(in thousands)
Business-Type Activities
Expenses and Program Revenues
The chart above illustrates Business-type expenses and revenues by fund. The Electric Utility is the largest proprietary fund with the Water Utility, Refuse Collection and Disposal, and Water Reclamation and Sewer Utilities having more similarly proportioned expenditures and revenues.
10 City of Burbank
Management's Discussion and Analysis
(in thousands)

FINANCIAL ANALYSIS OF THE CITY'S FUNDS
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

Governmental Funds. The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information may be useful in assessing the City’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of the City’s net resources available for spending at the end of the fiscal year.

As of the end of the Fiscal Year 2022-23, the City’s governmental funds reported combined ending fund balances of $269,814. Approximately 63% of fund balances ($110,680) constitute unassigned fund balances. The remainder of the fund balance is reserved to indicate that it is not available for new spending because it has been committed, assigned, or is nonspendable due to the following:
1) To liquidate contracts and purchase orders of the prior period ($38,965) 2) Committed for transportation purposes ($21,084)
3) Is nonspendable due to asset not existing in easily liquidatable form ($225) 4) Restricted for housing purposes ($47,900)
5) Restricted for pensions ($16,992)
6) For a variety of other restricted purposes ($33,968) The General Fund is the chief operating fund of the City. During the Fiscal Year 2022-23, the total fund balance of the General Fund increased by $10,624 due to an increase in recurring revenues, combined with the unanticipated non- recurring revenues, and higher budgetary savings due to staffing shortages. At the end of FY 2022-23 the total General Fund balance was $140,666, while the unassigned fund balance was $110,685. As a measure of the General Fund liquidity, it may be useful to compare both the unassigned fund balance and total fund balance to the total fund expenditures. Unassigned fund balance represents 57% of total General Fund expenditures of $192,820, while total fund balance represents 73% of that same amount.

The Low and Moderate Income Housing Special Revenue (Low/Mod) Fund holds all capital project housing activities. At the end of the Fiscal Year 2022-23, the unassigned fund balance was $0, while the total fund balance of $47,900 is restricted for specific housing uses. The total fund balance represents 6,050% of total Low/Mod Fund expenditures of $530. The fund balance of the Low/Mod fund decreased by $238 during the current fiscal year due to the reduction in grant revenues for homeless services and housing grant revenues.

Proprietary Funds. The City’s Proprietary Funds provide the same type of information found in the government wide financial statements, but in more detail.

Enterprise Funds. As of June 30, 2023, the unrestricted net position of the enterprise funds totaled $85,809 and the total increase in unrestricted net position was $2,444 .

The Water Reclamation and Sewer fund holds the City’s sewer system enterprise. At the end of the Fiscal Year 2022-23, the unrestricted net position was $41,085, while the total net position was $97,790. The unrestricted net position represents 274% of total Water Reclamation and Sewer fund operating expenses of $14,992, while the total net position represents 652% of that same amount. The net position of the Water Reclamation and Sewer fund increased by $3,685 mainly due to the increase in fair value of investments in accordance with GASB 31.

The Electric Utility fund holds the City’s Electric power and distribution system. At the end of the Fiscal Year 2022-23, the unrestricted net position was $16,277, while the total net position was $292,154. The unrestricted net position represents 7% of total Electric Utility fund operating expenses of $228,048, while the total net position represents 128% of that same amount. The net position of the Electric Utility fund decreased by $7,258 during the current fiscal year due to the higher fuel and power supply costs due to limited coal supply and mandated renewable resources purchases.

The Water Utility fund holds the City’s water system enterprise. At the end of the Fiscal Year 2022-23, the unrestricted 11 City of Burbank
Management's Discussion and Analysis
(in thousands)
net position was $12,695, while the total net position was $72,519. The unrestricted net position represents 41% of the total Water Utility fund expenses of $31,222, while the total net position represents 232% of that same amount. The net position of the Water Utility fund increased by $1,810 primarily due to rate increase, lower potable water sales, and higher use of lower-cost water produced by the Burbank Operable Unit (BOU).

The Refuse Collection and Disposal fund holds the City’s refuse collection and disposal enterprise. At the end of the Fiscal Year 2022-23, the unrestricted net position was $15,752, while the total net position was $27,590. The unrestricted net position represents 73% of total Refuse Collection and Disposal fund expenses of $21,696, while the total net position represents 127% of that same amount. The net position of the Refuse Collection and Disposal fund decreased by $338 due to paying off the 2012 Waste Disposal bond and an increase in fuel and operating costs due to inflation.

Internal Service Funds. The City’s internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds to account for its self-insurance activities, including general liability, and workers’ compensation, vehicle operations and maintenance, office equipment operations and maintenance, infrastructure improvements and maintenance, communication equipment operation and maintenance, and information technology infrastructure and operation. As of June 30, 2023, the unrestricted net position of the internal service funds was $134,729 and the total increase in net position for these funds was $8,083. Because these services predominately benefit governmental rather than business-type functions, they have been included within governmental activities in the government-wide financial statements.

GENERAL FUND BUDGETARY PROCESS
The City adopts an annual operating budget for its General fund and reports the results of operations on the Statement of Revenue, Expenditures, and Changes in Fund Balance, Budget and Actual, which compares Original and Actual budgets.

In preparing its budget, the City projects its revenues using realistic but conservative methods and budgets its expenditure appropriations and activities in a prudent manner. The City Council adopts budget adjustments during the fiscal year to reflect both changed priorities and the availability of additional revenues. During the year, the City Council amended the originally adopted budget to appropriate for various grants, including the Urban Areas Security Initiative (UASI), Department of Justice (DOJ), nutrition, and homelessness. In addition, amendments were made to Fire Department strike team responses, transportation, and public safety.

CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets. The City’s investment in capital assets for its governmental and business-type activities amounts to $1,202,704 (net of accumulated depreciation of $1,080,685) as of June 30, 2023, and $1,179,749 (net of accumulated depreciation of $1,030,831) as of June 30, 2022. This investment in capital assets includes land, buildings, utility systems, improvements other than buildings, infrastructure (roads, sidewalks, land held under easement, streetlights, etc.), machinery and equipment, and construction in progress.

The City has adopted a multi-year capital improvement program totaling $962 million over the next five years including Fiscal Year 2023-24 appropriations of $121 million and prior years appropriation of $232 million. Approximately $609 million in future year appropriations will be required to complete all the projects included in this year’s capital improvement program budget. The City budgets these projects in 11 major categories: technology infrastructure, municipal facilities, parks and recreation, refuse collection and disposal, traffic transportation and pedestrian access, wastewater, communications, electric utility, SCPPA, street lighting, and water utility. Among these categories, the major projects that are planned for the fiscal year 2023-24 include $10.3 million for municipal facilities, $10.7 million for parks and recreation, $4.0 million for technology infrastructure, $16.3 million for transportation improvements, and $79.6 million for various projects in the electric, water, wastewater, and refuse utility funds. 12 City of Burbank
Management's Discussion and Analysis
(in thousands)
Table 3 - The City’s capital assets (net of accumulated depreciation) for June 30, 2023 and 2022:

Governmental ActivitiesBusiness-type Activities Total
2023 2022 2023 2022 2023 2022
Capital assets not
being depreciated:

Land $ 403,035$ 403,036$ 11,814$ 11,813$ 414,849$ 414,849 Construction in progress 10,242 13,731 52,186 45,236 62,428 58,967 Total capital assets not
being depreciated 413,277 416,767 64,000 57,049 477,277 473,816 Capital assets being depreciated:

Land improvements 10,416 9,930 12,560 12,146 22,976 22,076 Accumulated depreciation (8,046) (7,921) (11,939) (11,861) (19,985) (19,782) Rights to purchased power - - 299 1,335 299 1,335
Accumulated depreciation - - - (994) - (994)
Buildings and improvements 242,402 237,445 912,747 874,779 1,155,1491,112,224 Accumulated depreciation (186,508) (180,529)(487,129)(463,601)(673,637)(644,130) Infrastructure 415,232 398,748 - - 415,232 398,748
Accumulated depreciation (213,339) (202,415) - - (213,339)(202,415) Machinery and other 98,466 95,400 107,014 104,662 205,480 200,062 Accumulated depreciation (79,713) (76,341) (92,070) (86,913) (171,783)(163,254) Lease assets 637 540 1,779 1,779 2,416 2,319
Accumulated depreciation (136) (57) (469) (199) (605) (256) Subscription assets 2,775 - 1,785 - 4,560 -
Accumulated amortization (818) - (518) - (1,336) -
Total capital assets being depreciated, net 281,368 274,800 444,059 431,133 725,427 705,933 Total net capital assets $ 694,645$ 691,567$ 508,059$ 488,182$1,202,704$1,179,749 Additional information on the City’s capital assets can be found in Note 5 on pages 46 - 48.

Long-Term Liabilities. At the end of the Fiscal Year 2022-23, the City had long-term liabilities totaling $342,188, including the current portion of $18,406. Of this amount, $241,700 represents revenue bonds issued for various business- type activities, $47,948 in self-insurance funds claims payable, $28,326 in compensated absences, $19,348 in landfill closure/post-closure costs, $1,663 in lease payable and $3,204 in subscription payable.

Table 4 - The City’s outstanding long-term liabilities for June 30, 2023 and 2022:

Governmental Activities Business-type Activities Total
2023 2022 2023 2022 2023 2022
Claims payable $ 47,948$ 45,709$ - $ - $ 47,948$ 45,709 18,678 17,434 9,648 9,186 28,326 26,620
Landfill - - 19,348 17,986 19,348 17,986
Lease payable 525 495 1,138 1,372 1,663 1,867
Subscription payable 1,920 - 1,283 - 3,203 -
Pension Obligation bonds - 175 - - - 175
Revenue bonds - - 241,700 113,390 241,700 113,390
Total long-term
liabilities $ 69,071$ 63,813$ 273,117$ 141,934$ 342,188$ 205,747 13 City of Burbank
Management's Discussion and Analysis
(in thousands)
Ratings on outstanding debt (not including debt considered fully defeased) are provided below. The ratings below are from Moody’s Investor Services and Standard and Poor’s. (Note that the insured rating is given rather than the underlying rating on insured issues)
Table 5 - The City's Debt Ratings
Debt Issue Moody's S&P
2004 Pension Obligation - -
2010B Electric Revenue Aa3 AA-
2010B Water Revenue - AAA
2014 Wastewater Aa2 AA+
2015 Successor Agency - AA-
2017 Successor Agency - AA-
2021 Water Revenue - AA-
2023 Electric Revenue Aa3 AA-
Additional information on the City’s long-term liabilities can be found in Note 8 on pages 49 - 56.

REQUEST FOR INFORMATION
This financial report is designed to provide a general overview of the City’s finances for readers of the financial statements. Additional financial information is available on our website at burbankca.gov. Questions concerning any of the information in this report or request for additional financial information should be addressed to the Financial Services Department, 301 E. Olive Avenue, Burbank, CA 91502.
14 City of Burbank

STATEMENT OF NET POSITION
June 30, 2023
(in thousands)
Governmental
Activities
Business-Type
Activities Total
Assets:

Pooled cash and cash investments $ 409,421$ 143,975$ 553,396 Receivables, net 35,331 34,395 69,726
Internal balances (235) 235 -
Inventories 704 10,900 11,604
Prepaid items and deposits 2,650 23,003 25,653
Restricted cash and investments 16,992 168,792 185,784
Derivative instruments - 1,417 1,417
Developer loans receivable 37,485 - 37,485
Lease receivable 1,411 4,735 6,146
OPEB asset - 2,007 2,007
Capital assets not being depreciated 413,277 64,000 477,277 Capital assets, net of accumulated depreciation 281,368 444,059 725,427 Total assets 1,198,404 897,518 2,095,922
Deferred Outflows of Resources:

Deferred amounts from OPEB 10,388 5,808 16,196
Deferred amounts from pension 115,241 43,859 159,100
Total deferred outflows of resources 125,629 49,667 175,296 Liabilities:

Accounts payable 16,706 15,794 32,500
Accrued liabilities 14,107 15,817 29,924
Intergovernmental payables 162 - 162
Unearned revenue 7,927 255 8,182
Deposits 9,850 23,710 33,560
Bond interest payable - 992 992
Long-term liabilities:

Due within one year - other long-term liabilities 12,385 6,021 18,406 Due in more than one year:

Net pension liability 299,007 106,889 405,896
Net OPEB liability 18,136 7,365 25,501
Long-term liabilities, net of current portion 56,685 267,097 323,782 Total liabilities 434,965 443,940 878,905
Deferred Inflows of Resources:

Deferred amounts from derivative instruments - 1,417 1,417 Deferred amounts from pension 6,315 1,124 7,439
Deferred amounts from OPEB 8,496 5,978 14,474
Deferred amounts from leases 1,411 4,735 6,146
Total deferred inflows of resources 16,222 13,254 29,476 Net Position:

Net investment in capital assets 690,046 404,244 1,094,290 Restricted for:

Public education 1,268 - 1,268
Public safety 785 - 785
Environmental 78,702 - 78,702
Pension 16,992 - 16,992
OPEB - 2,007 2,007
Unrestricted 85,053 83,740 168,793
Total net position $ 872,846$ 489,991$ 1,362,837
See accompanying notes to basic financial statements
15 City of Burbank

STATEMENT OF ACTIVITIES
For the Year Ended June 30, 2023
(in thousands)
Program Revenues
Net (Expenses) Revenues and
Changes in Net Position
Operating Capital
Function/Programs
Expenses
Charges for
Services
Grants and
Contributions
Grants and
Contributions
Governmental
Activities
Business-type
Activities Total
Governmental activities:

General government $ 25,880$ 10,944$ 813 $ - $ (14,123)$ - $ (14,123) Police 74,326 14,167 554 - (59,605) - (59,605)
Fire 50,190 10,878 1,391 - (37,921) - (37,921)
Public works 45,499 6,758 5,073 697 (32,971) - (32,971) Community development 63,803 19,902 42,229 65 (1,607) - (1,607) Parks and recreation 34,765 14,702 886 - (19,177) - (19,177) Library 8,118 1,063 286 - (6,769) - (6,769)
Interest on long-term debt 10 - - - (10) - (10)
Total governmental activities 302,591 78,414 51,232 762 (172,183) - (172,183) Business-type activities:

Water reclamation & sewer 15,028 18,135 - - - 3,107 3,107 Electric utility 233,172 212,886 732 7,109 - (12,445) (12,445) Water utility 33,815 33,967 21 399 - 572 572
Refuse collection & disposal 20,991 20,218 123 - - (650) (650) Total business-type activities 303,006 285,206 876 7,508 - (9,416) (9,416) Total $ 605,597$ 363,620$ 52,108$ 8,270$ (172,183)$ (9,416)$ (181,599) General revenues:

Taxes:

Property tax 68,099 - 68,099
Sales tax 77,734 - 77,734
Utility users tax 18,646 - 18,646
Franchise tax 3,087 - 3,087
Transient occupancy taxes 12,208 - 12,208
Transient parking tax 4,303 - 4,303
Other taxes 11,554 - 11,554
Unrestricted investment earnings 1,974 4,330 6,304
Grants/contributions not restricted to specific programs 70 - 70 Other 16,122 3,271 19,393
Gain from sale of capital assets 373 - 373
Transfers 348 (348) -
Total general revenues, contributions, and transfers 214,518 7,253 221,771 Change in net position 42,335 (2,163) 40,172
Net position, July 1, 2022 830,511 492,154 1,322,665
Net position, June 30, 2023 $ 872,846$ 489,991$ 1,362,837 See accompanying notes to basic financial statements
16 City of Burbank

BALANCE SHEET

GOVERNMENTAL FUNDS
June 30, 2023
(in thousands)
General
Low/Mod
Income
Housing
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Assets:

Pooled cash and investments $ 136,403$ 10,482$ 79,218$ 226,103 Restricted cash for pensions 16,992 - - 16,992
Receivables, net 20,744 37,512 11,251 69,507
Lease receivable 1,411 - - 1,411
Interfund receivable 232 - 63 295
Inventories 30 - 10 40
Prepaid items and deposits 190 - 10 200
Total assets $ 176,002$ 47,994$ 90,552$ 314,548
Liabilities:

Accounts payable $ 3,443$ 68 $ 7,121$ 10,632
Accrued liabilities 14,107 - - 14,107
Unearned revenue 7,927 - - 7,927
Interfund payable - 26 619 645
Intergovernmental payables 162 - - 162
Deposits 8,286 - 1,564 9,850
Total liabilities 33,925 94 9,304 43,323
Deferred inflow of resources:

Deferred inflow of resources from leases 1,411 - - 1,411 Total deferred inflow of resources 1,411 - - 1,411
Fund balances:

Nonspendable:

Inventories 30 - - 30
Prepaid items and deposits 190 - 5 195
Restricted:

Transportation - - 23,576 23,576
Federal and state grants - - 3,024 3,024
Public education in government 1,268 - - 1,268
Public safety 149 - 636 785
Housing - 47,900 - 47,900
Pensions 16,992 - - 16,992
Capital projects 22 - 5,293 5,315
Committed:

Transportation - - 21,084 21,084
Assigned:

Continuing Appropriations 11,330 - 27,635 38,965
Unassigned (deficit) 110,685 - (5) 110,680
Total fund balances 140,666 47,900 81,248 269,814
Total liabilities, deferred inflow of
resources and fund balances $ 176,002$ 47,994$ 90,552$ 314,548 See accompanying notes to basic financial statements
17 City of Burbank

RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS

TO NET POSITION OF GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION June 30, 2023
(in thousands)
Fund balances of governmental funds $ 269,814
Amounts reported for governmental activities in the statement of net position are different because:

Capital assets used in governmental activities are not financial resources, and therefore, are not reported in governmental funds (Excluding internal service funds capital assets of $23,430). 671,215 Long-term liabilities are not due and payable in the current period and therefore are not reported in governmental funds. (19,034)
OPEB related debt applicable to the City's governmental activities is not due and payable in the current period and accordingly is not reported as fund liabilities. Deferred outflows of resources related to OPEB are only reported in the statement of net position, as the changes in these amounts affect only the government-wide statements for governmental activities.

Deferred outflows of resources $ 10,388
Deferred inflows of resources (8,496)
Net OPEB liability (18,136) (16,244)
Internal service funds are used by management to charge the costs of the City's self-insurance programs and equipment rental and replacement operations to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net position. Net position, including capital assets, is shown here excluding the amount allocated to business-type activities of $64. 157,176
Pension-related debt applicable to the City's government activities is not due and payable in the current period and accordingly are not reported as fund liabilities. Deferred outflows of resources and deferred inflows of resources related to pensions are only reported in the Statement of Net Position as the changes in these amounts affects only the government-wide statements for governmental activities:

Deferred outflows of resources $ 115,241
Deferred inflows of resources (6,315)
Net pension liability (299,007) (190,081)
Change in net position of governmental activities $ 872,846 See accompanying notes to basic financial statements
18 City of Burbank

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS
For the Year Ended June 30, 2023
(in thousands)
General
Low/Mod
Income
Housing
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Revenues:

Taxes $ 163,610$ - $ 8,348$ 171,958
Licenses & permits 7,464 - - 7,464
Fines, forfeitures and penalties 1,198 - - 1,198
Use of money or property 2,220 62 934 3,216
Intergovernmental 17,666 - 25,807 43,473
Charges for services 24,005 230 30,577 54,812
Total revenues 216,163 292 65,666 282,121
Expenditures:

General government:

City council 389 - - 389
City attorney 3,860 - - 3,860
City clerk 1,068 - - 1,068
City treasurer 164 - - 164
City manager 1,369 - - 1,369
Financial services 2,139 - - 2,139
Management services 3,700 - - 3,700
Administrative services - 530 - 530
Non-departmental 7,805 - - 7,805
Total general government 20,494 530 - 21,024
Public safety:

Police 63,411 - 340 63,751
Fire 43,634 - - 43,634
Total public safety 107,045 - 340 107,385
Environmental:

Community development 13,382 - 45,454 58,836
Public works 14,994 - - 14,994
Total environmental 28,376 - 45,454 73,830
Culture and recreation:

Library 8,016 - - 8,016
Parks and recreation:

Parks 13,170 - - 13,170
Recreation 10,694 - - 10,694
Special community activities 4,840 - - 4,840
Total parks and recreation 28,704 - - 28,704
Total culture and recreation 36,720 - - 36,720
See accompanying notes to basic financial statements (Continued) 19 City of Burbank

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS
For the Year Ended June 30, 2023
(in thousands)
General
Low/Mod
Income
Housing
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Capital outlay:

Street improvements - - 9,931 9,931
General capital improvements - - 3,784 3,784
Total capital outlay - - 13,715 13,715
Debt service:

Principal 175 - - 175
Interest 10 - - 10
Total debt service 185 - - 185
Total expenditures 192,820 530 59,509 252,859
Excess (deficiency) of revenues
over expenditures 23,343 (238) 6,157 29,262
Other financing sources (uses):

Transfers in 105 - 998 1,103
Transfers out 12,824 - 770 13,594
Total other financing sources (uses) (12,719) - 228 (12,491) Net change in fund balances 10,624 (238) 6,385 16,771
Fund balances, July 1, 2022 130,042 48,138 74,863 253,043 Fund balances, June 30, 2023 $ 140,666$ 47,900$ 81,248$ 269,814 See accompanying notes to basic financial statements
20 City of Burbank

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For the Year Ended June 30, 2023
(in thousands)
Net change in fund balances - total governmental funds $ 16,771 Amounts reported for governmental activities in the statement of activities are different because:

Governmental funds report capital outlays as expenditures. However, in the statement of activities, the costs of those assets are allocated over their estimated useful lives, and reported as depreciation expense. This is the amount by which depreciation ($17,413) was exceeded by capital outlay and deletions ($20,558).3,145 The issuance of long-term debt such as bonds provides current financial resources to governmental funds, while the repayment of the principal ($175) of long-term debt consumes current financial resources. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of issuance costs, premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. In addition, compensated absences ($1,112), lease ($19), and subscription ($294) expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. These amounts are the net effect of these differences in the treatment of long-term debt and related items. (3,528)
Accrued interest payable for the period between the final interest payment date and the end of the fiscal year is not reported as an expense in the governmental fund statements. This difference between the prior year's accrued interest expense and the current year's accrued interest expense is reported in the statement of activities.1 Other Post Employment Benefit (OPEB) expense reported in the governmental funds includes the changes in the net OPEB liability, and related changes in pension amounts for deferred outflows of resources and deferred inflows of resources 6,492
Internal service funds are used by management to charge the costs of the City's self-insurance programs and equipment rental and replacement operations to individual funds. The net revenues (expenses) of the internal service funds excluding $(64) are reported with governmental activities. 8,082 Pension expense reported in the governmental funds includes the annual required contributions. In the Statement of Activities, pension expense includes the changes in the net pension liability, and related changes in pension amounts for deferred outflows of resources and deferred inflows of resources. 11,372 Change in net position of governmental activities $ 42,335 See accompanying notes to basic financial statements
21 City of Burbank

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL

GENERAL FUND
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance with
Final Budget
Positive
(Negative)
Revenues:

Taxes $ 143,074$ 150,719$ 163,610$ 12,891
Licenses & permits 7,994 8,074 7,464 (610)
Fines, forfeitures and penalties 2,002 1,370 1,198 (172) Use of money or property 2,271 2,523 2,220 (303)
Intergovernmental 15,135 21,736 17,666 (4,070)
Charges for services 31,906 34,027 24,005 (10,022)
Total revenues 202,382 218,449 216,163 (2,286)
Expenditures:

General government:

City council 761 782 389 (393)
City attorney 4,672 4,717 3,860 (857)
City clerk 2,009 2,521 1,068 (1,453)
City treasurer 910 919 164 (755)
City manager 2,739 3,085 1,369 (1,716)
Financial services 6,119 6,431 2,139 (4,292)
Management services 6,716 7,745 3,700 (4,045)
Non-departmental 11,404 14,699 7,805 (6,894)
Total general government 35,330 40,899 20,494 (20,405)
Public safety:

Police 62,363 66,616 63,411 (3,205)
Fire 39,363 43,414 43,634 220
Total public safety 101,726 110,030 107,045 (2,985)
Environmental:

Community development 14,011 20,042 13,382 (6,660)
Public works 18,556 19,351 14,994 (4,357)
Total environmental 32,567 39,393 28,376 (11,017)
Culture and recreation:

Library 8,565 9,290 8,016 (1,274)
Parks 14,389 16,103 13,170 (2,933)
Recreation 9,717 10,018 10,694 676
Special community activities 4,827 5,765 4,840 (925)
Total culture and recreation 37,498 41,176 36,720 (4,456) See accompanying notes to basic financial statements (Continued) 22 City of Burbank

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL

GENERAL FUND
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance with
Final Budget
Positive
(Negative)
Debt service:

Principal 175 175 175 -
Interest 10 10 10 -
Total debt service 185 185 185 -
Total expenditures 207,306 231,683 192,820 77,726
Excess (deficiency) of revenues over (under) expenditures (4,924) (13,234) 215,978 229,212 Other financing sources (uses):

Transfers in - 105 105 -
Transfers out (12,326) (12,842) (12,824) 18
Total other financing sources (uses) (12,326) (12,737) (12,719) 18 Net change in fund balances 189,871 (25,971) 10,624 36,595 Fund balances, (deficit) July 1, 2022 112,748 112,748 130,042 17,294 Fund balances, (deficit) June 30, 2023 $ 95,498$ 86,777$ 140,666$ 53,889 See accompanying notes to basic financial statements
23 City of Burbank

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL

LOW/MOD INCOME HOUSING SPECIAL REVENUE FUND
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance with
Final Budget
Positive
(Negative)
Revenues:

Use of money or property $ 223$ 223$ 62 $ (161)
Charges for services 200 265 230 (35)
Total revenues 423 488 292 (196)
Expenditures:

General government:

Administrative services 980 2,169 530 (1,639)
Total expenditures 980 2,169 530 1,639
Excess (deficiency) of revenues over (under) expenditures (557) (1,681) (238) 1,443 Fund balances, (deficit) July 1, 2022 48,138 48,138 48,138 - Fund balances, (deficit) June 30, 2023 $ 47,581$ 46,457$ 47,900$ 1,443 See accompanying notes to basic financial statements
24 City of Burbank

STATEMENT OF NET POSITION

PROPRIETARY FUNDS
June 30, 2023
(in thousands)
Business-type activities - Enterprise funds
Governmental
Activities-
Water
Rec &
Sewer
Electric
Utility
Water
Utility
Refuse
Collection
& Disposal Total
Internal
Service
Funds
Assets:

Current assets:

Pooled cash and investments $ 47,898$ 52,575$ 21,594$ 21,908$ 143,975$ 183,318 Accounts receivable 1,833 26,276 3,253 2,599 33,961 2,937 Interest receivable 98 191 58 88 435 372
Interfund receivable - 299 - - 299 51
Inventories - 9,752 1,148 - 10,900 665
Prepaid expenses - 17,493 5,422 88 23,003 2,450
Restricted pooled cash and investments - - - 21,398 21,398 - Restricted non-pooled cash and cash equivalents - 127,567 19,828 - 147,395 - Derivative instrument - 1,417 - - 1,417 -
Total current assets 49,829 235,570 51,303 46,081 382,783 189,793 Non-current assets:

Lease receivable - 4,557 177 - 4,734 -
OPEB assets - 2,007 - - 2,007 -
Total other non-current assets - 6,564 177 - 6,741 -
Capital assets:

Land 5,316 2,734 309 3,454 11,813 -
Land improvements 6,096 - - 6,464 12,560 -
Right to use purchased power - 299 - - 299 -
Buildings and improvements 145,400 588,686 170,928 7,672 912,686 6,268 Machinery and equipment 2,733 80,175 8,957 15,210 107,075 90,894 Lease assets - 1,779 - - 1,779 540
Subscription assets - 1,718 - 67 1,785 993
Construction in progress 911 44,368 5,385 1,522 52,186 1,738 Accumulated depreciation/amortization (99,882) (380,546) (89,184) (22,512) (592,124) (77,003) Total capital assets, net of
accumulated depreciation 60,574 339,213 96,395 11,877 508,059 23,430 Total non-current assets 60,574 345,777 96,572 11,877 514,800 23,430 Total assets 110,403 581,347 147,875 57,958 897,583 213,223 Deferred outflows of resources:

Deferred outflows from pensions 1,061 33,119 5,192 4,487 43,859 - Deferred outflows from OPEB 131 4,510 539 628 5,808 -
Total deferred outflows of resources 1,192 37,629 5,731 5,115 49,667 - See accompanying notes to basic financial statements (Continued) 25 City of Burbank

STATEMENT OF NET POSITION

Current liabilities:

Accounts payable $ 2,213$ 10,821$ 2,329$ 432 $ 15,795$ 6,047 Accrued liabilities 5,490 3,001 7,172 154 15,817 26
Compensated absences 7 306 80 45 438 59
Unearned revenue - 255 - - 255 -
Deposits - 20,869 975 1,866 23,710 -
Interest payable 8 775 210 - 993 -
Bonds and notes payable 1,130 2,210 1,480 - 4,820 -
Lease payable - 247 - - 247 49
Subscriptions - 477 - 38 515 459
Outstanding claims - self insurance - - - - - 10,291
Total current liabilities 8,848 38,961 12,246 2,535 62,590 16,931 Long-term liabilities (net of
current portion):

Revenue bonds 1,890 181,444 53,546 - 236,880 -
Landfill closure & post - - - 19,348 19,348 -
Compensated absences 115 7,207 950 938 9,210 1,121
Net pension liability 2,587 80,714 12,653 10,936 106,890 - Net OPEB liability 230 5,098 941 1,097 7,366 -
Lease payable - 891 - - 891 400
Subscriptions - 768 - - 768 -
Outstanding claims - self insurance - - - - - 37,657
Total long-term liabilities (net of
current portion) 4,822 276,122 68,090 32,319 381,353 39,178 Total liabilities 13,670 315,083 80,336 34,854 443,943 56,109 Deferred inflow of resources:

Deferred inflows from pensions 27 849 133 115 1,124 -
Deferred inflows from OPEB 108 4,916 441 514 5,979 -
Deferred inflows from derivatives - 1,417 - - 1,417 -
Deferred inflow of resources from leases - 4,557 177 - 4,734 - Total deferred inflow of resources 135 11,739 751 629 13,254 - Net position:

Net investment in capital assets 56,705 275,877 59,824 11,838 404,244 22,386 Unrestricted 41,085 16,277 12,695 15,752 85,809 134,728 Total net position $ 97,790$ 292,154$ 72,519$ 27,590 490,053$ 157,114 Adjustment reflects consolidation of internal (62)
service fund activities related to enterprise funds $ 489,991 See accompanying notes to basic financial statements
26 City of Burbank

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

PROPRIETARY FUNDS
For the Year Ended June 30, 2023
(in thousands)
Business-type activities - Enterprise funds
Governmental
Activities-
Water
Rec &
Sewer
Electric
Utility
Water
Utility
Refuse
Collection
& Disposal Total
Internal
Service
Funds
Operating revenues:

Sales of water and power $ - $ 205,741$ 32,703$ - $ 238,444$ - Charges for services 18,134 7,146 1,280 20,202 46,762 41,166 Total operating revenues 18,134 212,887 33,983 20,202 285,206 41,166 Operating expenses:

Operations and maintenance 7,974 49,963 133 12,649 70,719 61,243 Purchased water and power - 157,038 26,622 - 183,660 -
Inspection and investigation 2,306 - - - 2,306 -
Design and permits 1,429 - - - 1,429 -
Refuse disposal - - - 4,330 4,330 -
Recycling - - - 3,243 3,243 -
Depreciation/amortization 3,283 21,047 4,467 1,474 30,271 5,969 Total operating expenses 14,992 228,048 31,222 21,696 295,958 67,212 Operating income (loss) 3,142 (15,161) 2,761 (1,494) (10,752) (26,046) Non-operating income (expense):

Interest income 138 3,391 586 213 4,328 789
Intergovernmental - 797 21 57 875 -
Rental lease - 302 22 - 324 -
Other taxes - - - - - 16,036
Gain (loss) on disposal of capital assets - 76 - 373 449 373 Interest expense (145) (4,878) (2,582) - (7,605) -
Other income (expense) 550 1,456 603 511 3,120 4,092
Total non-operating income (expense) 543 1,144 (1,350) 1,154 1,491 21,290 Income (loss) before capital
contributions and transfers 3,685 (14,017) 1,411 (340) (9,261) (4,756) Transfers in - - - 2 2 12,839
Capital contributions - 7,109 399 - 7,508 -
Transfers out - (350) - - (350) -
Change in net position 3,685 (7,258) 1,810 (338) (2,101) 8,083 Net position, July 1, 2022 94,105 299,412 70,709 27,928 149,031 Net position, June 30, 2023 $ 97,790$ 292,154$ 72,519$ 27,590 $ 157,114 Adjustment reflects the consolidation of internal service fund activity related to enterprise funds (62)
Change in net position of business-type activities $ (2,163) See accompanying notes to basic financial statements
27 City of Burbank

STATEMENT OF CASH FLOWS

ALL PROPRIETARY FUND TYPES
For the Year Ended June 30, 2023
(in thousands)
Business-type Activities - Enterprise Funds
Governmental
Activities -
Water
Rec &
Sewer
Electric
Utility
Water
Utility
Refuse
Collection &
Disposal Total
Internal
Service
Funds
Cash flows from operating activities:

Cash received from customers $ 17,966$ 203,470$ 34,502$ 19,995$ 275,933$ 41,367 Cash paid to suppliers (8,200) (178,765) (13,947) (10,368) (211,280) (48,590) Cash paid to employees (1,600) (26,660) (7,355) (7,945) (43,560) (8,843) Other income 551 2,058 647 511 3,767 20,124
Net cash provided by (used in) operating activities 8,717 103 13,847 2,193 24,860 4,058 Cash flows from noncapital financing activities:

Intergovernmental revenue - 797 21 57 875 -
Transfers from other funds - - - 2 2 12,840
Transfers to other funds - (350) - - (350) -
Net cash provided by (used in) noncapital financing
activities - 447 21 59 527 12,840
Cash flows from capital and related financing activities:

Proceeds from debt issuance - 131,294 - - 131,294 -
Contributed capital - 7,109 399 - 7,508 -
Proceeds from sales of capital assets - 76 - 373 449 378 Acquisition and construction of assets (3,142) (38,851) (7,376) (1,016) (50,385) (5,903) Principal payments - bonds (1,166) (139) (1,679) - (2,984) - Interest paid (150) (4,378) (2,587) - (7,115) -
Net cash used in capital and related financing activities (4,458) 95,111 (11,243) (643) 78,767 (5,525) Cash flows from investing activities:

Interest received 1,069 3,488 1,173 991 6,721 4,229
Change in fair value (911) (3) (596) (754) (2,264) (3,350) Net cash provided by (used in) investing activities 158 3,485 577 237 4,457 879 Net increase (decreases) in cash and cash equivalents 4,417 99,146 3,202 1,846 108,611 12,252 Cash and cash equivalents, July 1, 2022 43,481 80,996 38,220 41,460 204,157 171,066 Cash and cash equivalents, June 30, 2023 $ 47,898$ 180,142$ 41,422$ 43,306$ 312,768$ 183,318 28 City of Burbank

STATEMENT OF CASH FLOWS

Operating income (loss) $ 3,142$ (15,161)$ 2,761$ (1,494)$ (10,752)$ (26,046) Adjustments to reconcile operating income (loss) to net cash provided by(used in) operating activities:

Depreciation/amortization 3,283 21,315 4,467 1,474 30,539 5,969 Increase (decrease) in unearned revenue - (595) (45) - (640) - (Increase) decrease in inventories - (939) (392) - (1,331) (76) Other income (expense) 551 2,058 647 511 3,767 20,124
(Increase) decrease in accounts receivable (168) (9,416) 519 (206) (9,271) 202 Increase (decrease) in compensated absences (6) 497 (68) 38 461 132 Increase (decrease) in accounts payable 2,043 806 7,256 (147) 9,958 1,759 (Increase) decrease in prepaid items 23 (1,328) (743) (71) (2,119) (245) (Increase) decrease in deferred outflows from pension and OPEB(772) (25,044) (3,762) (3,532) (33,110) - Increase (decrease) in net pension liability 1,438 47,347 7,259 6,778 62,822 - Increase (decrease) in outstanding claims payable - - - - - 2,239 Increase (decrease) in net OPEB liability 150 5,541 579 699 6,969 - Increase (decrease) in customer deposits - 4,473 (47) 250 4,676 - Increase in landfill closure and postclosure liabilities - - - 1,361 1,361 - Increase (decrease) in deferred inflows from pensions and OPEB(967) (30,463) (4,584) (3,506) (39,520) - Increase (decrease) in net lease liability - 1,012 - 38 1,050 - Total adjustments 5,575 15,264 11,086 3,687 35,612 30,104 Net cash provided by (used in) operating activities: $ 8,717$ 103$ 13,847$ 2,193$ 24,860$ 4,058 Noncash investing, capital, and financing activities:

Increase (decrease) in fair value of investments $ (911)$ (3)$ (596)$ (754)$ (2,264)$ (3,350) 29 City of Burbank

STATEMENT OF FIDUCIARY NET POSITION

FIDUCIARY FUND
June 30, 2023
(in thousands)
Private - Purpose
Trust Fund
Successor
Agency
Assets:

Pooled cash and investments $ 8,237
Accounts receivable 33
Capital assets 415
Restricted non-pooled cash and cash equivalents 5
Total assets 8,690
Deferred outflows of resources:

Deferred outflows from deferred loss 2,469
Total deferred outflows of resources 2,469
Liabilities:

Accounts payable 4
Interest payable 99
Bonds and notes payable 6,045
Bonds payable - noncurrent portion 29,007
Total liabilities 35,155
Net position:

Restricted for the dissolution of the former RDA (23,996) Total net position $ (23,996)
See accompanying notes to basic financial statements
30 City of Burbank

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

FIDUCIARY FUND
For the Year Ended June 30, 2023
(in thousands)
Private - Purpose
Trust Fund
Successor
Agency
Additions:

Intergovernmental $ 7,314
Use of money or property 169
Total additions 7,483
Deductions:

Administrative expenses (Fiduciary Funds) 185
Contractual services 175
Interest expense 1,132
Total deductions 1,492
Change in net position 5,991
Net position, July 1, 2022 (29,987)
Net position, June 30, 2023 $ (23,996)
See accompanying notes to basic financial statements
31 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A - Reporting Entity
Included within the financial reporting entity, “City of Burbank” (the City), are the Burbank Parking Authority (the Parking Authority), the Public Facilities Financing Authority (PFFA), the Burbank Public Financing Authority (PFA), the Burbank Community Services Fund (BCSF), and the Burbank Housing Authority (Housing Authority). Although these entities are legally separate from each other, the City Council acts as the governing board of each entity and these entities are so intertwined with the City they are, in substance, part of the City operations. Accordingly, the financial activities of these component units are blended in the accompanying basic financial statements. A description of the entities follows.

City of Burbank
The City was incorporated in July 1911, under the general laws of the State of California. The City Charter was adopted in January 1927, and most recently amended in April 2007. The City provides a full range of municipal services as contemplated by statute or charter. Services provided include public safety (police and fire), street construction and maintenance, sanitation, refuse collection, electric, water and sewer utilities, culture and recreation, public improvements, planning and zoning, housing and community development, and general administrative and support services.

Burbank Parking Authority
The Burbank Parking Authority is a public financing agency established by the City in May 1970, under the State of California Parking Law of 1949 to provide public parking facilities on a citywide basis. The Parking Authority’s financial data and transactions are included in the accompanying basic financial statements within the capital projects funds category. Separate financial statements are not available for the Parking Authority.

Public Facilities Financing Authority
The Public Facilities Financing Authority (PFFA) was established in May 1987 by the City Council. The formation of the PFFA creates a financing entity through which Certificates of Participation can be issued for the proposed remodeling of various City buildings, the construction of a parking facility in the City Centre area, and various other additions or improvements to the City’s infrastructure. Separate financial statements for the PFFA are not available. At June 30, 2023, the PFFA had no assets, liabilities or fund equity, nor did it enter into any financial transactions during the fiscal year.

Burbank Public Financing Authority
The Burbank Public Financing Authority (PFA) was established in March 1993, as a joint exercise of powers agreement (JPA) between the City of Burbank and the Redevelopment Agency. The purpose of the JPA is to provide for the financing of public capital improvements and for working capital requirements of the members, through the acquisition by the PFA of such capital improvements and for the purchase by the PFA of obligations of either of the members. Separate financial statements for the PFA are not available; financial data is presented in the basic financial statements as the Public Financing Authority debt service fund. At June 30, 2023 the PFA had no assets, liabilities or fund equity, nor did it enter into any financial transactions during the fiscal year.

Burbank Community Services Fund
The Burbank Community Services Fund (Special revenue fund) was established in July 1998 as a 501 (C) (3) corporation. The purpose of this fund is to assist with support services, volunteer services, and educational services related to the development and maintenance of public facilities in the City of Burbank. Separate financial statements are not available for this fund; financial data is presented in the nonmajor funds column of the basic financial statements.
32 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) A - Reporting Entity (continued)
Burbank Housing Authority
The Housing Authority, established by the City Council in June 1975, is responsible for the administration of a federally funded housing assistance payments project undertaken by the City.

The Housing Authority created the City’s housing assistance payments and affordable housing programs by separate agreements with the Department of Housing and Urban Development (HUD) in November 1975, as amended December 1976, March 1982, and May 1987.

The agreements state that HUD and the Housing Authority will provide an annual contribution of funds, in accordance with section 8 of the United States Housing Act of 1937, in order to provide decent, safe and sanitary dwellings for low to moderate income families, and to increase the supply and quality of affordable housing within the City. The Housing Authority’s financial data and transactions are included in the accompanying basic financial statements as special revenue funds. Separate financial statements are not available for the Housing Authority. The Housing Authority has become the Successor Housing Agency administrator of the Low and Moderate Income Housing fund.

B - Financial Statement Presentation
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the City and its component units. All fiduciary activities are reported only in the fund financial statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support.

The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items are properly excluded from program revenues and are reported instead as general revenues.

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.

Exceptions to this general rule are internal service fund charges to business-type activities and other charges between business-type activities and various other functions of the City. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned.

Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.

The fund financial statements provide information about the government's funds, including its fiduciary funds. Separate statements for each fund category - governmental, proprietary, and fiduciary - are presented. The emphasis of fund financial statements is on major governmental and enterprise funds, each displayed in a separate column. All remaining governmental and enterprise funds are aggregated and reported as nonmajor funds. Major individual governmental and enterprise funds are reported as separate columns in the fund financial statements.

The City reports the following major governmental funds:

General Fund – The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. 33 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) B - Financial Statement Presentation (continued)
Low / Moderate Income Housing Special Revenue Fund – This fund is used for funds received for the affordable housing program.

The City reports the following major proprietary funds:

Water Reclamation and Sewer – This fund is used to account for the operation and maintenance of the Water Reclamation Plant and Sewage System.

Electric Utility – To account for the generation, distribution, and transmission of electric energy to residents and businesses located within the City.

Water Utility – To account for the transmission of potable water, and recycled water to residents and businesses in the City.

Refuse Collection and Disposal – To account for the activities involved in the collection and disposal of refuse throughout the City.

Additionally, the City reports the following fund types:

Governmental Fund Types – Special Revenue Funds are used to account for the proceeds of specific revenue sources that are restricted to expenditures for specific purposes. Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major facilities.

Fiduciary Fund Types – The private purpose trust fund accounts for the assets and liabilities of the former redevelopment agency and is allocated revenue to pay estimated installment payments of enforceable obligations until obligations of the former redevelopment agency are paid in full and assets have been liquidated.

Proprietary Fund Types – Internal Service Funds are used to account for the financing of goods or services provided by one department to other departments of the City on a cost reimbursement basis. These services include liability insurance, workers' compensation insurance, and maintenance and financing of office equipment, vehicles, municipal buildings, communication equipment, and computer equipment.

C - Measurement Focus and Basis of Accounting
The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current financial resources or economic resources. The basis of accounting indicates the timing of transactions or events for recognition in the financial statements.

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are proprietary and fiduciary fund statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar nonexchange transactions are recognized as revenue as soon as all eligibility requirements have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available, susceptible to accrual. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the City considers revenues to be available if they are collected within 60 days of the end of the current fiscal period (e.g., charges for services, intergovernmental revenue, sales tax, property taxes, franchise taxes, motor vehicle fees, utility users taxes, etc). Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, pension, OPEB, and claims and judgments, are recorded only when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long- 34 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C - Measurement Focus and Basis of Accounting (continued) term debt and acquisitions under capital leases are reported as other financing sources.

Property taxes when levied, taxpayer-assessed tax revenues (e.g., franchise taxes, sales taxes, motor vehicle fees, etc.), net of estimated refunds and uncollectible amounts, intergovernmental revenues, charges for services, and interest associated with the current fiscal period are all considered susceptible to accrual and so have been recognized as revenues of the current fiscal period. Entitlements are recorded as revenues when all eligibility requirements are met, including any time requirements, and the amount is received during the period or within the availability period for this revenue source (within 60 days of year-end). Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other eligibility requirements have been met, and the amount is received during the period or within the availability period for this revenue source (within 60 days of year end). All other revenue items are considered measurable and available only when cash is received by the City.

The proprietary and private-purpose trust funds are reported using the economic resources measurement focus and the accrual basis of accounting.

Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing goods and services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the enterprise and internal service funds are charges for sales and services. Operating expenses for enterprise and internal service funds include cost of sales and services, operations and maintenance of systems and facilities, administrative expenses, and depreciation on capital assets.

All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.

When both restricted and unrestricted resources are available for use, it is the City’s policy to use restricted resources first, then unrestricted resources, as they are needed.

The City's electric and water utility funds are subject to the provisions of GASB No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. GASB No. 62 addresses accounting rules for regulated operations. This statement recognizes the economic ability of regulators, through the ratemaking process, to create future economic benefits and obligations affecting rate-regulated companies.

Accordingly, the electric and water utility funds record these future economic benefits and obligations as regulatory assets or regulatory liabilities, respectively.

Regulatory assets represent probable future revenues associated with previously incurred costs that are expected to be recovered from customers. Regulatory liabilities represent probable future reductions in revenues associated with amounts that are expected to be refunded to customers through the ratemaking process.

In order for a rate-regulated entity to continue to apply the provisions of GASB No. 62, it must meet the following three criteria; (i) the enterprise's rates for regulated services provided to its customers must be established by an independent third-party regulator or its own governing board empowered by a statute to establish rates that bind customers; (ii) the regulated rates must be designed to recover the specific enterprise's costs of providing the regulated services; and (iii) in view of the demand for the regulated services and the level of competition, it is reasonable to assume that rates set at levels that will recover the enterprise's costs can be charged to and collected from customers.

Based upon the City's evaluation of the three criteria discussed above in relation to its operations, and the effect of competition on its ability to recover its costs, the City believes that GASB No. 62 continues to apply.

The City regularly assesses whether regulatory assets and liabilities are probable of recovery or refund. If recovery or refund is not approved by the City Council, which sets rates charged to customers, or if it becomes no longer probable that these amounts will be realized or refunded, they would need to be written off and recognized in the current period results of operations.
35 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D - Inventories and prepaid items
All inventories are valued at cost, using the standard cost method. Inventories are recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements via the consumption method.

E - Capital Assets
Capital assets, which include property, plant, equipment, easements, and infrastructure assets (e.g., roads, bridges, sidewalks, traffic lights and signals, streetlights, and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide and proprietary fund financial statements. Capital assets are defined by the City as assets with an initial, individual cost of $5 or more and an estimated useful life in excess of one year. Unless they are lease or subscription assets which use $10 or more as a capitalization threshold. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed, including land held under easements.

Donated capital assets are recorded at acquisition value, at the date of donation. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend asset's life are not capitalized.

Major outlays for capital assets and improvements are capitalized/amortized as projects are constructed.

Capital assets of the City are depreciated using the straight-line method over the following estimated useful lives:

Estimated useful life
Building and improvements 20 to 40 years
Infrastructure 20 to 65 years
Machinery and equipment (except vehicles)5 to 20 years
Production plant 30 years
Boiler plant 20 years
Transmission structures 40 years
Transmission equipment 20 to 40 years
Poles, towers, and fixtures 20 to 40 years
Distribution stations 30 to 40 years
Transformers 20 to 40 years
Meters 15 to 20 years
Water services 40 years
Vehicles 5 to 20 years
Office equipment 3 to 15 years
F - Compensated Absences
It is the City's policy to permit employees to accumulate earned but unused vacation, sick, universal, and in-lieu leave pay benefits. The maximum accumulation of vacation leave is limited to the total number of hours accruable for two years, unless approved otherwise by the department head and City Manager. The maximum accumulation of in-lieu time is between 200 to 300 hours, depending upon the employee’s bargaining unit. There is no limitation as to the number of sick leave hours accumulated.

Executives, unrepresented managers, and Burbank Management Association (BMA) employees do not earn vacation or sick leave. They instead receive universal leave which has an accrual cap of 1,200 hours. Universal leave is reported as part of the compensated absences accrual.

Employees are paid 100% of their accumulated vacation, universal, and in-lieu time when they terminate for any reason.

Accumulated sick leave is only paid out under one of the following conditions (a) at retirement or death, provided the employee has been employed by the City for over five years and is over 50 years of age; (b) at time of layoff.

Accumulated sick leave is paid at 50% of the total value, except for Burbank Police Officers Association (BPOA) and 36 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) F - Compensated Absences (continued)
Burbank Fire Fighters (BFF) employees in which sick leave is paid at 70% and respecting of the total value.

All vacation, universal, in-lieu, and sick pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in government funds only when employees have separated from the City.

G - Net Position and Fund Equity
The governmental funds report nonspendable, restricted, committed, assigned and unassigned fund balances to show the level of constraint governing the use of the funds. Nonspendable fund balances include amounts that cannot be spent because they are either a) not in spendable form or b) legally or contractually required to be maintained intact. Restricted fund balances are restricted for specific purposes by third parties or enabling legislation. Committed fund balances include amounts that can be used only for specific purposes determined by formal action of the Council. Council must have at least a 3 to 2 vote to pass a resolution for the specific purpose. Assigned fund balances comprise amounts intended to be used by the City for specific purposes as determined by the Council such as emergency reserves, prior years carryovers, and various capital projects. Unassigned fund balance is the remaining fund balance after all of the above classifications and should only be reported in the general fund or resulting deficit fund balance in any other governmental funds. When both restricted and unrestricted resources are available for use, it is the City's policy to use restricted resources first, and the unrestricted resources as necessary. When committed and assigned resources are available for use, it is the City's policy to use committed resources first and then assigned resources, as they are needed.

In the government-wide financial statements and proprietary fund financial statements, net position is reported in three categories: net investment in capital assets; restricted and unrestricted. Restricted net position represents net position restricted by parties outside of the City (such as creditors, grantors, contributors, laws and regulations of other governments including enabling legislation).

H - Cash and Investments
The City combines the cash and investments of all funds into two pools (the City pool, and the Housing Authority pool), except for funds required to be held by outside fiscal agents under the provisions of bond indentures. Each fund's portion of the pooled cash and investments are displayed on the balance sheet-governmental funds, or the statement of net position-proprietary funds.

Interest earned on pooled cash and investments is allocated monthly to the various funds based on month end balances.

Interest income from cash and investments with fiscal agents and in the deferred compensation plan is credited directly to the related funds. The City manages its pooled idle cash and investments under a formal investment policy that is reviewed and adopted annually by the City Council and that follows the guidelines of the State of California Government Code. The City’s investment policy specifically authorizes the City to invest in United States Treasury obligations, U.S. agencies and/or GSE obligations, negotiable and nonnegotiable certificates of deposit, placement service certificates of deposit, commercial paper, the California Local Agency Investment Fund (LAIF), medium-term notes, state and local agency obligations, repurchase agreements, money market and money market mutual funds, and supranational obligations.

The City’s investments are reported at fair value. LAIF operates in accordance with the state laws and regulations of California. The reported value of the pool is the same as the fair value of the pool shares.

For purposes of the statement of cash flows for the proprietary fund types, cash and cash equivalents include all pooled cash investments, non-pooled restricted cash and restricted investments with an original maturity of three months or less.

The City considers the cash and investments pool to be a demand deposit account where funds may be withdrawn and deposited at any time without prior notice or penalty.
37 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) I - Receivables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as interfund receivables/interfund payables (i.e., the current portion of interfund loans) or advances to/from other funds (the noncurrent portion of interfund loans). Any residual balances outstanding between the governmental activities and the business-type activities are reported in the government-wide financial statements as internal balances.

All trade and tax receivables are shown net of an allowance for uncollectible accounts and estimated refunds due.

Estimated allowances for uncollectible accounts for enterprise fund customer accounts receivables are adjusted to the 90 days and over receivables balances.

Assessed values are determined on an annual basis by the Los Angeles County Assessor as of January 1. Taxes are levied annually and become a lien on real property at July 1. Taxes are due November 1 and February 1, and are delinquent if not paid by December 10 and April 10, respectively.

The Low and Moderate Income Housing fund has outstanding developer notes receivable with the Burbank Housing Corporation (BHC). The terms of the notes are fifty-five years with a stated annual interest rate of 3%. At the end of each notes' term, the City will receive either; A) the outstanding principal and interest on the loans or, b) as first lien holder on the underlying land and buildings, will receive the properties back. If the City receives the properties, after their respective fifty-five year term is over, in lieu of full payment of unpaid principal and interest from the BHC, those properties can then be used for any purpose the City chooses. The City records notes receivable at the lesser of a) the aggregate outstanding principal and interest balances on the notes receivable, or b) the estimated aggregate values of the underlying properties at the end of their respective note receivable term. (i.e.; estimated value fifty-five years after the start of each loan, not present valued back to June 30, 2023). The City reports the notes receivable balance in restricted fund balance in the governmental funds statements and in restricted net position in governmental activities in the entity-wide statements.

The Community Development and Block Grant (CDBG) and HOME funds give loans to the BHC and to individuals meeting eligibility criteria. The loans have various term lengths with stated interest rates ranging from 0% to 6%. The loans are scheduled to be forgiven at the end of their respective terms.

J - Interfund Advances
Advances between funds, as reported in the fund statements, are classified as either restricted or non spendable fund balance in the applicable governmental funds available.

K - Self Insurance Program
The City has self-insurance programs to provide for general liability and workers’ compensation claims. These activities are accounted for in the Self-Insurance internal service fund, a proprietary fund type. Fund revenues are primarily premium charges to other funds and are planned to match estimated payments, including both reported and incurred but not reported claims, operating expenses, and reinsurance premiums. The fund expenses the estimated liability for claims in cases where such amounts are reasonably determinable and where the liability is likely.

The City is self-insured for individual claims up to $2,000 for worker's compensation, and $1,000 for general liability.

Losses in excess of these amounts are covered through commercial insurance policies, up to statutory limits, for individual claims. See note 15, Self-insurance, for additional information on the City’s self-insurance programs.

L - Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position includes a separate section for deferred outflow of resources.

Deferred outflows of resources represent a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The category of deferred outflow of resources reported in the statement of net position is related to pensions, and other post employment benefits. Deferred outflows on pension and other postemployment benefits are more fully discussed in Note 17 and 18. 38 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) L - Deferred Outflows/Inflows of Resources (continued)
In addition to liabilities, the statement of financial position and the governmental funds balance sheet includes a separate section for deferred inflows of resources. Deferred inflows of resources represent an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. In the government- wide financial statements, the City's deferred inflow of resources reported on the statement of net position relate to pension and other postemployment benefits, which are more fully discussed in Note 17 and 18. The statement of net position and the governmental funds balance sheet also report a deferred inflow of resources related to leases.

Under the modified accrual basis of accounting, deferred inflows of resources also include revenues not collected within the availability period after the fiscal year-end. The City has reported deferred inflows of resources related to unavailable revenues for property taxes, grants, and special assessments. These amounts are deferred and will be recognized as an inflow of resources in the period that amounts become available.

M - Pensions
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City's California Public Employees' Retirement System (CalPERS) plans and additions to /deductions from the Plans' fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. All pensions are liquidated out of the respective funds that payroll time was allocated to during that payroll period.

Pension liabilities are liquidated from the funds charged by employees, with the majority funded out of the General Fund and the Electric Fund. See Note 17 for more information..

N - Postemployment Benefits Other Than Pensions (OPEB)
For purposes of measuring the net OPEB liability and deferred outflows/inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City's OPEB plan and additions to/deductions from the OPEB plans' fiduciary net position have been determined on the same basis as they are reported by the plan. For this purpose, the City's OPEB plan recognizes benefit payments when due and payable in accordance with the benefit terms. Investments are reported at fair value.

O - Use of Estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the financial statement date and the reported amounts of revenues and expenses or expenditures during the reporting period. Actual results could differ from those estimates.

P - Leases
In June 2017, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 87, Leases. This standard requires the recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and as inflows of resources or outflows of resources recognized based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this standard, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources.

Lease assets, which include buildings, structures, and equipment, follow the capitalization threshold of $10 as capital assets. Lease assets are reported in the applicable governmental and business-type activities columns in the government- wide and respective proprietary fund financial statements. Lease assets are recorded at the amount of the initial measurement of the lease term, less any lease incentive received from the lessor at or before the commencement of the lease term along with any initial direct costs that are ancillary charges necessary to place the asset into service. Lease assets are amortized using straight-line depreciation over the useful life of the underlying asset. 39 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) P - Leases (continued)
Lease payable represents the City's obligation to make lease payments arising from the lease. A lease payable is recognized at the commencement date based on the present value of expected lease payments over the lease term, less any incentives. Interest expense is recognized ratably over the contract term.

Q - Adoption of New Accounting Standards - GASB 96 SBITAS In May 2020, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 96, Subscription- Based Information Technology Arrangements (SBITA). SBITA assets represent the City's control of the right to use another party's Information technology software, alone or in combination with tangible capital assets, as specified in the contract for a period of time in exchange or exchange-like transaction. SBITA assets, follow a $10 capitalization threshold. SBITA assets are reported in the applicable governmental and business-type activities columns in the government-wide and respective proprietary fund financial statements. SBITA assets are recorded at the amount of the initial measurement of the SBITA liabilities and modified by any SBITA payments made to the SBITA vendor at or before the commencement of the SBITA term, less any SBITA incentive received from the SBITA vendor at or before the commencement of the SBITA term along with any initial direct costs that are ancillary charges necessary to place the SBITA asset into service. SBITA assets are amortized using a straight-line amortization over the shorter of the term of the arrangement or useful life of the underlying asset.

Subscription payable represents the City's obligation to make subscription payments arising from subscription-based information technology arrangements. Subscriptions payable is recognized at the commencement date based on present value of expected SBITA payments over the SBITA term, less any SBITA incentives. Interest expense is recognized ratably over the contract term.
(2) RECONCILIATION OF GOVERNMENT-WIDE AND FINANCIAL STATEMENTS Explanation of computation of certain items on statement of net position The statement of net position includes an element titled "Net investment in capital assets". The details of this computation are explained below :

Governmental activities:

Capital assets of internal service funds, net of accumulated depreciation $ 23,430 Governmental assets, net of accumulated depreciation 671,215 Accounts payable and retention payable (4,599)
Net investment in capital assets $ 690,046
Business-type activities:

Capital assets, net of accumulated depreciation $ 508,059 All revenue bonds, current and long term portions net of bond discount and premiums(94,305) Accounts payable and retention payable (9,510)
Net investment in capital assets $ 404,244
(3) STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Appropriations
During the year, several supplemental budget appropriations were adopted by the City Council as amendments to the annual budget. Some significant appropriations are as follows: $4,564 for replacement of 6 CNG buses, $4,000 for General Liability Insurance Fund litigation, $2,572 for various employee unions' Memorandum of Understanding (MOU) 40 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(3) STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY (CONTINUED) Appropriations (continued)
increases, $1,802 for HUD Home Program ARP Allocation Plan, $859 for the Elderly Nutrition Program, $857 for Larry Maxam Park building renovations, $332 for Fire and Police UASI Grants, $269 for Police COPS Grant, $258 for a water tender grant, and $250k for a small business grant.

Appropriated Budget and Budgetary Control
The City Council is required to adopt an annual budget resolution by July 1 of each fiscal year for the General, Special Revenue (except for the Drug Asset Forfeiture fund and Measure W), Debt Service, and Capital Projects funds (except for Public Improvement Funds). The budgets are presented for reporting purposes on a budgetary basis consistent with accounting principles generally accepted in the United States of America. Certain multi-year capital improvements and other projects are budgeted on a project-length basis. Additionally, appropriations for the Drug Asset Forfeiture fund occur based on actual cash receipts and do not lapse at year end. A comparison of these budgets with current year expenditures would not be meaningful, due to the multi-year nature of these projects. As a result, budgetary schedules are not presented for the Public Improvements capital projects fund and the General City Capital Projects fund.

The level of appropriated budgetary control is at the functional departmental level. The City Manager may authorize transfers of appropriations within a departmental function. Expenditures may not legally exceed total departmental appropriations. Supplemental appropriations during the year must be approved by the City Council by a 3/5 vote. These appropriations, representing amendments to the budget during the year, were significant in relationship to the original budget as adopted and are more fully described above. Unexpended or unencumbered appropriations lapse at the end of the fiscal year. Encumbered appropriations are reappropriated in the ensuing year’s budget.

The City uses an “encumbrance system”. Under this procedure, commitments such as purchase orders and contracts at year-end are recorded as "committed" or "assigned" fund balance.

The City Council adopts budgets for the Enterprise and Internal Service funds. All Proprietary fund types are accounted for on the economic resources measurement focus and the accrual basis of accounting. Additionally, the City is not legally mandated to report the results of operations for these Proprietary fund types on a budget comparison basis; therefore, budgetary data related to these funds has not been presented. (4) CASH AND INVESTMENTS
Cash and investments as of June 30, 2023 are classified in the accompanying financial statements as follows :

Governmental Business Type Fiduciary Fund Total
Pooled cash and investments $ 409,421$ 143,975$ 8,237$ 561,633 Restricted cash for pensions 16,992 - - 16,992
Restricted pooled cash and investments - 21,398 - 21,398 Restricted non-pooled cash and cash equivalents - 147,395 5 147,400 Total $ 426,413$ 312,768$ 8,242$ 747,423
Demand deposits 20,945
*Investments in 115 Trust CERBT 16,992
Investments 709,486
Total $ 747,423
*Disclosures related to investments in 115 Trust related to interest rate risk, credit risk and fair value are available online. 41 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(4) CASH AND INVESTMENTS (CONTINUED)
Investments Authorized by the California Government Code and the City's Investment Policy The table below identifies the investment types that are authorized for the City by the California Government Code (Code) (or the City's investment policy, where more restrictive). The table also identifies certain provisions of the Code (or the City's investment policy, where more restrictive) that address interest rate risk, credit risk and concentration of credit risk.

This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the Code or the City's investment policy.

Authorized Investment Type
Authorized By
City Policy
Maximum
Maturity **
Maximum
Percentage of
Portfolio
Maximum
Investment
One Issuer
Agency-U.S. Federal Agency Yes 5 years 90% None
Corporate-medium term notes Yes 5 years 30% 5%
LAIF-Local Agency Invest. Fund Yes N/A None $75 million per account
U.S. Treasury obligations Yes 5 years 100% None
Non-negotiable Certificates of Deposit Yes 5 years 40% None Negotiable Certificates of deposit Yes 5 years 30% $250,000 Money market mutual funds Yes 90 days 20% None
State and Local Agency Obligations Yes 5 years 30% 5%
Commercial paper Yes 270 days 25% 5%
Repurchase agreements Yes 90 days 25% None
Supranational Obligations Yes 5 years 15% None
Placement of Service Certificates of Deposit Yes 5 years 30% None Joint Powers Authority Pool Yes N/A 25% None
**No investment shall be made in any security that, at the time of the investment, has a term remaining to maturity in excess of five years, unless the City Council has granted express authority to make that investment either specifically or as a part of an investment program approved by the legislative body no less than three months prior to the investment, with the maximum allowed not to exceed 5% of the portfolio from over five years to ten years maturities.

Investments Authorized by Debt Agreements
Investment of debt proceeds held by bond trustee are governed by provisions of the debt agreements, rather than the general provisions of the Code or the City's investment policy. The table below identifies the investment types that are authorized for investments held by bond trustee. The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk.

Authorized Investment Type
Maximum
Maturity
Maximum
Percentage of
Portfolio
Maximum
Investment
One Issuer
Investment Agreements N/A None None
LAIF-Local Agency Investment Fund N/A None None
Money Market N/A None None
Pledge Bonds N/A None None
U.S. Treasury Obligations N/A None None
42 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(4) CASH AND INVESTMENTS (CONTINUED)
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment.

Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations.

Information about the sensitivity of the fair values of the City's investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity:

Remaining Maturity (in Months)
Total
12 Months
or Less
13 to 24
Months
25 to 60
Months
More Than
60 Months
Agency-U.S. Federal Agency $ 205,638$ 10,032$ 9,860$ 185,746$ - U.S. Treasury obligations 28,273 5,896 8,688 13,689 -
Corporate-Medium Term Notes 86,889 21,906 29,501 35,482 - Municipal Bonds 63,169 6,923 5,825 50,421 -
Supranational Obligations 21,920 2,915 - 19,005 -
Negotiable Certificates of Deposit 38,579 5,822 14,968 17,789 - LAIF-Local Agency Investment Fund 8,895 8,895 - - -
Money Market 108,724 108,724 - - -
Held by bond trustee:

Money Market 147,399 147,399 - - -
Totals $ 709,486$ 318,512$ 68,842$ 322,132$ -
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment.

This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the Code, the City's investment policy, or debt agreements, and the Moody's actual rating as of year end for each investment type.

Total
Minimum
Legal Rating Not Rated
Agency-U.S. Federal Agency $ 205,638 N/A 205,638
U.S. Treasury obligations 28,273 N/A 28,273
Corporate-Medium Term Notes 86,889 A -
Municipal Bonds 63,169 A 10,485
Supranational Obligations 21,920 AA -
Negotiable Certificates of Deposit 38,579 N/A 38,579
Money Market 108,724 Aaa -
LAIF-Local Agency Investment Fund 8,895 N/A 8,895
Held by bond trustee:

Money Market 147,399 Aaa -
Totals $ 709,486 $ 291,870
43 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(4) CASH AND INVESTMENTS (CONTINUED)
Disclosures Relating to Credit Risk (continued)
Ratings as of year end
Aaa Aa A Not Rated
Agency-U.S. Federal Agency $ - $ - $ - $ 205,638
U.S. Treasury obligations - - - 28,273
Corporate-Medium Term Notes 13,367 20,279 53,243 -
Municipal Bonds 9,373 42,868 443 10,485
Supranational Obligations 21,920 - - -
Negotiable Certificates of Deposit - - - 38,579
Money Market 108,724 - - -
LAIF-Local Agency Investment Fund - - - 8,895
Held by bond trustee:

Money Market 147,399 - - -
Totals $ 300,783$ 63,147$ 53,686$ 291,870
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The amount of deposits is covered by FDIC insurance or collateralized under California law.

The Code and the City's investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits: The Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The fair value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits.

California Asset Management Program (CAMP)
The City is a participant in the California Asset Management Program (CAMP). CAMP is an investment pool offered by the California Asset Management Trust and created through a joint powers agency as a pooled short-term portfolio and cash management vehicle for California public agencies under California Government Code Section 53601(p). CAMP is governed by a Board of Trustees comprised of finance directors and treasurers of California public agencies. The City reports its investments in CAMP at the fair value amounts provided by CAMP, which is the same as the value of the pool share in accordance with GASB 79 requirements. On June 30, 2023, the CAMP pool had an average maturity of 26 days and it is exempt from the fair value hierarchy.

Investment in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by the Code, section 16429 under the oversight of the Treasurer of the State of California. The fair value of the City's investment in this pool is reported in the accompanying financial statements at amounts based upon the City's pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. 44 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(4) CASH AND INVESTMENTS (CONTINUED)
Fair Value Measurements
The City categorizes its fair values measurement within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the relative inputs used to measure the fair value of the investments.

Level 1 inputs are quoted prices in active markets for identical assets. Level 2 inputs are quoted prices of similar assets in active markets and Level 3 inputs are significant unobservable inputs.

The City has the following recurring fair value measurements as of June 30, 2023:

Quoted Prices
Level 1
Observable
Inputs
Level 2
Unobservable
Inputs
Level 3
Investments
Not Subject to
Hierarchy Total
Agency-U.S. Federal Agency $ - $ 205,638$ - $ - $ 205,638 Corporate-medium term notes - 86,889 - - 86,889
LAIF-Local Agency Invest. Fund - - - 8,895 8,895
U.S. Treasury obligations - 28,273 - - 28,273
Negotiable Certificates of Deposit - 38,579 - - 38,579
Municipal Bonds - 63,169 - - 63,169
Supranational Obligations - 21,920 - - 21,920
Money Market - - - 108,724 108,724
Held by Bond Trustee:

Money Market - - - 147,399 147,399
$ - $ 444,468$ - $ 265,018$ 709,486
45 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(5) CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2023 is as follows:

Governmental activities:

Balance
July 1, 2022
As Restated Additions Deletions Transfers
Balance
June 30
2023
Capital assets not being depreciated/amortized:

Land $ 57,759$ - $ - $ - $ 57,759
Land held under easements 345,277 - - - 345,277
Construction in progress 13,731 21,321 (363) (24,447) 10,242 Total capital assets not being
depreciated/amortized: 416,767 21,321 (363) (24,447) 413,278 Capital assets being depreciated/amortized:

Land improvements 9,930 - - 486 10,416
Accumulated depreciation (7,921) (125) - - (8,046)
Buildings and improvements 237,445 - (360) 5,317 242,402 Accumulated depreciation (180,529) (6,552) 573 - (186,508) Infrastructure 398,748 - (107) 16,591 415,232
Accumulated depreciation (202,415) (10,925) - - (213,340) Machinery and other 95,400 3,219 (2,206) 2,053 98,466
Accumulated depreciation (76,341) (5,455) 2,083 - (79,713) Lease assets 540 97 - - 637
Accumulated amortization (57) (79) - - (136)
Subscription assets 2,775 - - - 2,775
Accumulated amortization - (818) - - (818)
Total capital assets being depreciated/amortized,
net 277,575 (20,638) (17) 24,447 281,367
Total net capital assets -
Governmental activities $ 694,342$ 683$ (380)$ - $ 694,645 Depreciation/amortization charged to governmental functions on the statement of activities during the year is as follows; $1,471 General Government, $163 to Police, $11 to Fire, $10,011 to Public Works, $2,864 to Community Development, $2,731 to Parks and Recreation and $734 to Library. The Internal Service Funds portion of amortization for the year is $5,969.
46 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(5) CAPITAL ASSETS (CONTINUED)
Total Enterprise fund type capital assets are as follows:

Business-type activities:

Balance
July 1, 2022
As Restated Additions Deletions Transfers
Balance
June 30, 2023
Capital assets not being depreciated/amortized:

Land $ 11,813$ - $ - $ - $ 11,813
Construction in progress 45,236 48,066 (98) (41,018) 52,186 Total capital assets not being depreciated/amortized57,049 48,066 (98) (41,018) 63,999 Capital assets being depreciated/amortized:

Land improvements 12,146 - - 414 12,560
Accumulated depreciation (11,861) (78) - - (11,939)
Rights to purchased power 1,335 - - - 1,335
Accumulated depreciation (994) - (42) - (1,036)
Buildings and improvements 874,779 - (622) 38,532 912,689 Accumulated depreciation (463,601) (24,142) 609 - (487,134) Machinery and other 104,662 427 (87) 2,072 107,074
Accumulated depreciation (86,913) (5,263) 110 - (92,066) Lease assets 1,779 - - - 1,779
Accumulated amortization (199) (270) - - (469)
Subscription assets - 1,785 - - 1,785
Accumulated amortization - (518) - - (518)
Total capital assets being depreciated/amortized
,net 431,133 (28,059) (32) 41,018 444,060
Total net capital assets -
Business-type activities $ 488,182$ 20,007$ (130)$ - $ 508,059 Total Fiduciary-type capital assets are as follows:

Fiduciary-type activities:

Balance
July 1, 2022
As Restated Additions Deletions Transfers
Balance
June 30, 2023
Capital assets not being depreciated/amortized:

Land $ 415$ - $ - $ - $ 415
Total net capital assets -
Fiduciary-type activities $ 415$ - $ - $ - $ 415
Depreciation/amortization charged to enterprise functions on the statement of activities during the year is as follows; $3,283 Water Rec & Sewer, $21,047 to Electric Utility, $4,467 to Water Utility, and $1,474 to Refuse Collection & Disposal.
47 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(6) DEFINED CONTRIBUTION PLANS
Welfare Benefit Plan (VEBA)
The VEBA is a defined contribution plan established by the City of Burbank to provide post retirement medical benefits primarily to members of the Burbank Police Officers' Association. At June 30, 2023, there were 144 active participants and 128 retired participants. VEBA members are required to contribute the full cash out value of their sick leave time at retirement. The City is required to contribute $43.05 dollars per month per active participant and 1.5% of the Burbank Police Officers' Association annual covered salary. VEBA provisions and contribution requirements are established and may be amended by the City Council of the City. Investments are self directed by each VEBA participant.

Separate financial statements are not available for the VEBA. The employer contributions are recognized in the period that the contributions are made; contributions totaled $658 for the fiscal year ended June 30, 2023. At June 30, 2023, the fair value of assets was $11,400.

Post Employment Health Plan (PEHP)
The PEHP is a defined contribution plan established by the City of Burbank in February 2006 to provide retirement medical benefits primarily to members of the Burbank Fire Fighters' Association (BFF) and the Burbank Fire Fighters' Chief Officers’ Unit (BFF-COU). The PEHP is a multi-employer trust comprised of over 800 public sector entities across the United States and is administered by Nationwide Retirement Solutions. At June 30, 2023 there were 110 active and 62 retired participants. BFF and BFF-COU PEHP members are required to contribute 100% of all accrued leave pay out upon retirement or separation to their individual plan accounts.

PEHP provisions and contribution requirements are established and may be amended by the City Council of the City to the extent allowed by the Internal Revenue Code. Investments are self directed by each PEHP participant.

The City has no liability for losses under the plan, but does have the duty of due care that would be required of an ordinary prudent investor. The City contributed $48 to the PEHP during the year ended June 30, 2023. (7) INTERFUND RECEIVABLES, PAYABLES, ADVANCES, AND TRANSFERS The composition of interfund balances as of June 30, 2023 is as follows:

Interfund Transfers
Fund Receivable Payable In Out
General $ 232 $ - $ 105 $ 12,824
Low/Mod Income Housing - 26 - -
Electric Utility 299 - - 350
Refuse Collection & Disposal - - 2 -
Nonmajor Governmental Funds 63 619 998 770
Internal Service Funds 51 - 12,839 -
Total interfund receivable / payable / transfers $ 645 $ 645 $ 13,944$ 13,944 Composition and purpose of significant interfund transfers and interfund balances are as follows:

Internal Service fund transfers in of $12,839 includes $12,239 from the General fund for infrastructure maintenance/repair and improvements, Information Technology projects, and Fire department equipment purchase, $250 from the Public Improvements fund for Library audio visual equipment upgrades, and $350 from the Electric utility fund for Information Technology projects.
48 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(7) INTERFUND RECEIVABLES, PAYABLES, ADVANCES, AND TRANSFERS (CONTINUED) A breakdown of all items as stated on the statement of net position and statement of activities:

Transfers
Fund GovernmentalBusiness-Type
Governmental funds
Transfers in $ 13,942$ -
Transfers out (13,594) -
Proprietary funds
Transfers in - 2
Transfers out - (350)
Totals $ 348$ (348)
(8) LONG-TERM LIABILITIES
Balance
July 1, 2022
As Restated Additions Deletions
Balance
June 30,
2023
Due Within
One Year
Fiduciary activities:

Other debt:

Tax allocation bonds $ 41,068$ - $ (6,016)$ 35,052$ 6,045 Total fiduciary activities $ 41,068$ - $ (6,016)$ 35,052$ 6,045 Governmental activities:

Other debt:

Pension Obligation bonds $ 175 $ - $ (175)$ - $ -
Other long-term liabilities
Compensated absences 17,434 9,882 (8,638) 18,678 1,273
Claims and judgments 45,709 11,218 (8,979) 47,948 10,291 Lease payable 495 76 (46) 525 68
Subscriptions payable 2,754 - (834) 1,920 753
Total governmental activities $ 66,567$ 21,176$ (18,672)$ 69,071$ 12,385 *Compensated absences liability for governmental activities will be liquidated by the following funds: General Fund, Proposition A, Proposition C, AQMD, Section 8, CDBG, State Gas Tax, Public Improvement, HOME, and Low/Mod Income Housing.

Balance
July 1, 2022
As Restated Additions Deletions
Balance
June 30, 2023
Due Within
One Year
Total business-type activities:

Other debt:

Revenue bonds $ 113,390$ 131,294$ (2,984)$ 241,700$ 4,820 Other long-term liabilities 17,986 1,362 - 19,348 -
Lease payable 1,372 - (234) 1,138 247
Compensated absences 9,186 4,961 (4,499) 9,648 439
Subscriptions payable 1,785 - (502) 1,283 515
Total business-type activities $ 143,719$ 137,617$ (8,219)$ 273,117$ 6,021 49 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(8) LONG-TERM LIABILITIES (CONTINUED)

FIDUCIARY ACTIVITIES
Tax Allocation Bonds
2015 Successor Agency Tax Allocation Refunding Bonds, Series 2015 The bonds are due in annual installments from $210 to $4,680 through December 1, 2033. Interest at various rates ranging from 2.00% to 5.00% is payable semiannually on June 1 and December 1. The bonds provided funds for (a) to refinance certain outstanding bonds and a loan and note entered into by the former Redevelopment Agency to the City of Burbank; (b) to fund a reserve account bond insurance policy; and, (c) provide for the costs of issuing the Bonds. $ 6,685
2017 Successor Agency Tax Allocation Refunding Bonds, Series 2017 The bonds are due in annual installments from $720 to $2,265 through December 1, 2043. Interest at various rates ranging from 2.00% to 5.00% is payable semiannually on June 1 and December 1. The bonds provided funds for (a) to refinance certain outstanding bonds issues by the former Redevelopment Agency of the City of Burbank, (b) purchase a debt service reserve policy to be issued by Build America Mutual Assurance Company ("BAM"), and (c) pay for the costs of issuing the 2017 Bonds. As of June 30, 2022, the defeased bonds have been redeemed.22,995 Plus original issue premium 5,372
Total tax allocation bonds 35,052
Total fiduciary activities $ 35,052

GOVERNMENTAL ACTIVITIES
Compensated absences - Governmental activities:

Governmental funds accumulated vacation, universal, in-lieu and sick leave accrual is reported in the government- wide statement of net position. For the fiscal Year Ended June 30, 2023, the noncurrent portions of the accrual consist of vacation leave of $13,494, sick leave of $3,445, and in-lieu time of $1,738. $ 18,678 Outstanding Claims Payable - Self-Insurance
The Risk Management fund total outstanding claims are $9,123. The current portion of the outstanding claims are reported in the current liability section of the statement of net position and the remainder is included in long-term liabilities. 9,123
The Workers' Compensation fund total outstanding claims are $38,825. The current portion of the outstanding claims are reported in the current liability section of the statement of net position and the remainder is included in long-term liabilities. 38,825
Total long-term liabilities for self-insurance 47,948
Lease Payable - Governmental activities
Lease payable totals $525. The current portion of the lease payable is $68 and is reported in the current liability section of the statement of net position, with the remainder in long-term liabilities. 525 Subscriptions Payable - Governmental activities
Subscriptions payable totals $1,920. The current position of the subscriptions payable is $753 and is reported in the current liability section of the statement of net position, with the remainder in long-term liabilities.1,920 Total governmental activities $ 69,071
50 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(8) LONG-TERM LIABILITIES (CONTINUED)

BUSINESS-TYPE ACTIVITIES - REVENUE BONDS
Wastewater Treatment
$10,575 Wastewater Treatment Revenue Bonds of 2014 Series The bonds are due in annual installments ranging from $90 to $1,130 from June 1, 2015 to June 1, 2033, with interest rates ranging from 2% to 5%, payable semiannually on June 1 and December 1. The purpose of these bonds was to refund, on a current basis, the City's Wastewater Treatment Refunding Revenue Bonds, 2004 Series A and to pay all costs of issuance. $ 2,525
Plus original issue premium 495
Total Wastewater Revenue bonds 3,020
Burbank Water and Power
Lease Payable - All Enterprise Funds
Electric fund has leases for a gas turbine with General Electric, ground lease with Warner Brothers, and telecommunications, including colocation, with Crown Castle. As of June 30, 2023, the total liability is $1,138, and the current portion is $268. 1,138
Total leases payable 1,138
Subscriptions Payable - All Enterprise Funds
The Enterprise funds have software subscriptions and as of June 30, 2023, the total liability is $1,283 and the current portion is $515. 1,283
Total subscriptions payable 1,283
$52,665 Burbank Water and Power Electric Revenue Bonds 2010 Series B These bonds were issued to finance a portion of the costs of certain improvements to the Electric System, including the conversion of certain residential and commercial distribution circuits, to fund a deposit in the Parity Reserve Fund and to pay the costs of issuance. Payable in installments ranging from $2,210 to $4,195. Interest rates range from 3.00% to 5.00%. Payments are made semiannually on June 1 and December 1, with the final payment to be made on June 1, 2040. The bonds are secured by a pledge of net revenues of the Electric Enterprise Fund as well as all amounts on deposit in the accounts established under the indenture, including the reserve account. 52,665
Less original issue discount (151)
Subtotal 52,514
$27,945 Burbank Water and Power Water Revenue Bonds 2010 Series B (Taxable Build America Bonds) These bonds were issued to finance the costs of the 2010 Water Project and to pay the costs of issuance of the Series 2010B Bonds. Payable in installments ranging from $850 to $2,275. Interest rates range from 4.89% to

5.79%. Payments are made semiannually on June 1 and December 1, with the final payment to be made on June 1, 2040. The bonds are secured by a pledge of net revenues of the Water Enterprise Fund, as well as all amounts on deposit in the accounts established under the indenture, including the reserve account. The City expects to receive a direct cash subsidy from the United States Department of Treasury equal to 35% of the interest on the Series 2010B Bonds. 27,095
Less original issue discount (65)
Subtotal 27,030
51 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(8) LONG-TERM LIABILITIES (CONTINUED)

BUSINESS-TYPE ACTIVITIES - REVENUE BONDS (CONTINUED)
$24,825 Burbank Water and Power Water Revenue Refunding Bonds 2021 Series These bonds were issued to finance a portion of the costs of 2021 Water Project, to pay the costs of issuance of the Series 2021 Bonds, and to prepay the SWRCB loans. Payable in installments ranging from $430 to $1,245.

Interest rates range from 4.00% to 5.00%. Payments are made semi annually on June 1 and December 1, with the final payment to be made on June 1, 2051. The bonds are secured by a pledge of net revenues of the Water Enterprise Fund, as well as all amounts on deposit in the accounts established under the indenture, including the reserve account. 23,410
Plus original issue premium 4,586
Subtotal 27,996
$120,000 Burbank Water and Power Electric Revenue Bonds 2023 Series These bonds were issued to partially finance costs of certain improvements to the Electric System, including but not limited to the replacement of two electric substations, investment in renewable projects, the replacement of other infrastructure, facilities, equipment and other upgrades; pay the cost of issuance; and fund a deposit to the Parity Reserve Fund. Payable in installments ranging from $2,055 to $7,670. The interest rate is 5.00%. Payments are made semiannually on June 1 and December 1, with the final payment to be made on June 1, 2053. The bonds are secured by a pledge of net revenues of the Electric Enterprise Fund, as well as all amounts on deposit in the accounts established under the indenture, including the reserve account. 120,000 Plus original issue premium 11,140
Subtotal 131,140
Total Burbank Water and Power revenue bonds 238,680
Total Enterprise revenue bonds 241,700
Total Enterprise Liabilities $ 244,121
Other long-term liabilities :

Landfill Closure and Post-Closure Care Costs
State laws and regulations require the City to place a final cover on the Burbank Landfill No. 3 site when it stops accepting waste and to perform certain maintenance and monitoring functions at the site for thirty years after closure. Although closure and post-closure care costs will be paid only near or after the date that the landfill stops accepting waste, the City reports portions of these costs as operating expenses in each period, as required by GASB 18, and based on landfill capacity used as of each balance sheet date.

The landfill closure, post-closure and corrective action care liability at June 30, 2023 represents the cumulative amount reported to date based on the use of 51 percent of the estimated capacity of the landfill. The City will recognize the remaining estimated cost of $26,957 as the remaining estimated capacity is filled. These amounts are based on what it would cost to perform all closure, post-closure care in 2023. Using 1.070 inflation factor in 2023, the total estimated adjusted closure, post-closure costs as of 2023 are $37,168. The City expects to close the landfill in the year 2131. The change to extend the remaining landfill life is due to the use of new method of calculating the landfill capacity. The use of computer programming allows actual survey data to calculate the volume by comparing two topographic surfaces against one another to generate the volume filled. Actual costs may be higher or lower due to inflation or deflation, changes in technology, or changes in regulations. 52 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(8) LONG-TERM LIABILITIES (CONTINUED)

BUSINESS-TYPE ACTIVITIES - REVENUE BONDS (CONTINUED)
The City is required by state laws and regulations to make annual contributions to a trust fund to finance closure and corrective action care. Post closure care is covered by a pledge of revenue. The City is in compliance with these requirements, and at June 30, 2023, $21,398 was reported as restricted cash. The City expects that future inflation costs will be paid from interest earnings on these annual contributions. However, if interest earnings are inadequate or additional post-closure care requirements are determined (due to changes in technology or applicable laws and regulations, for example) these costs may need to be covered by charges to future landfill users or from future tax revenue. $ 19,348
Total other long-term liabilities $ 19,348
Compensated absences - All Enterprise fund types:

All the Enterprise fund types' accumulated vacation, universal, in-lieu and sick leave accrual is reported in the respective Enterprise fund. For the fiscal year ended June 30, 2023, the total of the accrual consist of vacation leave of $7,627, sick leave of $882 and in-lieu time of $1,140. $ 9,648 Total business-type activities $ 273,117
53 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(8) LONG-TERM LIABILITIES (CONTINUED)

BUSINESS-TYPE ACTIVITIES - REVENUE BONDS (CONTINUED)
The annual requirements to amortize all bonded indebtedness and other long-term liabilities outstanding at June 30, 2023 are as follows:

Fiduciary activities Fiduciary Tax Allocation
Year EndingJune 30 Principal Interest
2024 $ 6,045$ 1,033
2025 1,305 849
2026 1,105 789
2027 1,160 732
2028 1,000 680
2029-2033 5,695 2,704
2034-2038 5,640 1,744
2039-2043 6,335 784
2044-2045 1,395 24
Premium 5,372 -
Totals $ 35,052$ 9,339
Business-type activities Revenue Bonds
Year EndingJune 30 Principal Interest
2024 $ 4,820$ 11,909
2025 3,940 11,645
2026 6,225 11,425
2027 6,520 11,084
2028 6,815 10,726
2029-2033 39,235 47,632
2034-2038 48,405 35,797
2039-2053 109,735 48,238
Discount (216) -
Premium 16,221 -
Indeterminate - -
Total $ 241,700$ 188,456
54 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(8) LONG-TERM LIABILITIES (CONTINUED)
The City's total future minimum lease payments under lease agreements as of June 30, 2023 are as follows:

Governmental Activities Business-Type Activities
Principal Interest Principal Interest Total
2024 $ 68 $ 13 $ 247$ 30 $ 358
2025 73 11 260 23 367
2026 76 10 273 16 375
2027 76 7 125 9 217
2028 63 6 53 6 128
2029-2033 169 6 180 10 365
Total minimum lease payments$ 525$ 53 $ 1,138$ 94 $ 1,810 The City's total future minimum subscription payments under subscriptions-based information technology agreements (SBITA) as of June 30, 2023 are as follows:

Governmental Activities Business-Type Activities
Principal Interest Principal Interest Total
2024 $ 753$ 50 $ 515$ 26 $ 1,344
2025 232 33 260 16 541
2026 232 26 251 9 518
2027 197 20 257 3 477
2028 161 14 - - 175
2029-2033 345 15 - - 360
Total minimum subscription
payments $ 1,920$ 158$ 1,283$ 54 $ 3,415
55 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(8) LONG-TERM LIABILITIES (CONTINUED)
The City and its component units have a number of debt issuances outstanding that are collateralized by the pledging of certain revenues. The amount and term of the remainder of these commitments are indicated in the debt service to maturity tables presented in the accompanying notes. The purposes for which the proceeds of the related debt issuances were utilized are disclosed in the debt descriptions in the accompanying notes. For the current year, debt service payments as a percentage of the pledged gross revenue (or net of certain expenses where so required by the debt agreement) are indicated in the table below. These percentages also approximate the relationship of debt service to pledged revenue for the remainder of the term of the commitment:

Description of
Pledged Revenue
Annual Amount of
Pledged Revenue
(net of expenses,
where required)
Annual Debt Service
Payments
(of all debt secured by
this revenue)
Debt Service as a
Percentage of
Pledged Revenue
Water Reclamation and Sewer $ 6,425$ 1,220 18.99%
Electric $ 5,510$ 4,578 83.09%
Water $ 7,186$ 3,997 55.62%
(9) RECEIVABLES
Receivables at June 30, 2023 consist of the following:

Governmental activities: General
Low/Mod
Income
Housing
Nonmajor
Governmental
Funds
Internal
Service Funds
Total
Govern-
mental
Accounts receivable, net $ 20,462$ 6 $ 11,094$ 2,937$ 34,499 Interest receivable 282 21 157 372 832
Developer notes receivable - 37,485 - - 37,485
Total $ 20,744$ 37,512$ 11,251$ 3,309$ 72,816
Business-type Activities:

Water Rec
& Sewer
Electric
Utility
Water
Utility
Refuse
Collection
& Disposal
Total
Business
Type
Accounts receivable, net $ 1,833$ 26,276$ 3,253$ 2,599$ 33,961 Interest receivable 98 191 58 88 435
Total $ 1,931$ 26,467$ 3,311$ 2,687$ 34,396
The low and moderate income housing fund has outstanding developer notes receivable with the Burbank Housing Corporation (BHC). The terms of the notes are fifty-five years from date of issuance with a stated interest rate of 3%. At the end of each notes' term, the City will receive either the outstanding principal and interest on the loans, or as first lien holder on the underlying land and buildings, will receive the properties back. If the City receives the properties in lieu of payment from BHC, those properties can then be used for any purpose the City chooses. The City records notes receivable at the lesser of a) the aggregate outstanding principal and interest balances on the notes receivable, or b) the estimated aggregate values of the underlying properties at the end of their respective note receivable term (i.e.: fifty-five years after the start of each loan, not present valued back to June 30, 2023). The City reports the notes receivable balance in restricted fund balance in the governmental funds statements and in restricted net position in governmental activities in the entity-wide statements. As of June 30, 2023, the notes receivable balance was $37,485, net of an allowance for doubtful accounts of $29,289. For the fiscal year ended June 30, 2023, the allowance for doubtful accounts increased $1,132. 56 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(9) RECEIVABLES (CONTINUED)
The Community Development and Block Grant (CDBG) and HOME funds provide loans to BHC and to individuals. The terms for each loan are various lengths with stated interest rates ranging from 0% to 6% and are scheduled to be forgiven at the end of their respective term. The City records the notes receivable balance and an allowance for doubtful accounts equal to 100% of the outstanding note balance. The notes receivable balance for CDBG as of June 30, 2023, was $0, net of an allowance for doubtful accounts of $2,645, in both the governmental activities and the governmental funds. The notes receivable balance for HOME as of June 30, 2021, is $0, net of an allowance for doubtful accounts of $13,012, in both the governmental activities and the governmental funds. (10) COMMITMENTS AND CONTINGENCIES
Litigation
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 to the City over and above the amounts recorded as claims liability. City management believes that the claims liability recorded within the self-insurance internal service fund is sufficient to cover any potential losses, should an unfavorable outcome result. Further, City is covered for potential exposure beyond the City's self-insured retention per matter by the City's excess insurance coverage.

Construction commitments
Some significant outstanding construction commitments include $8,546 Golden State Substation Rebuild, $1,932 Valley Pumping Plant Booster Upgrade, $1,771 Water Reclamation Plant Improvements, and $1,193 Maxam Rest/Multi-Purpose Room.
(11) POWER SUPPLY EXPENSES
A - Retail Energy Supply
The City receives electricity through firm contracts, local generation, and market purchases. The majority of electricity is delivered through firm contracts, which include “take or pay”, “take and pay” and term purchases. Local generation and market purchases supplement firm contracts to meet the City’s retail load requirements.

B - Joint Powers Agency Contracts
The City, through its Electric Utility Fund, has entered into several "take or pay" and “take and pay” contracts through its participation in two joint power agencies, the Intermountain Power Agency (IPA) and the Southern California Public Power Authority (SCPPA), to meet the electric needs of its customers. These contracts are not considered joint ventures since the City has no interest in the assets, liabilities, or equity associated with any of the projects to which these contracts refer.

Under the “take or pay” contract, the City is obligated to pay its share of the indebtedness regardless of the ability of the contracting agency to provide electricity or the City’s need for the electricity. The City is only obligated to pay its share of the indebtedness upon delivery of energy under the “take and pay” contracts. However, in the opinion of management, the City does not have a financial responsibility for purposes of GASB Statement No. 14, "Financial Reporting Entity", because the IPA and SCPPA do not depend on revenue from the City to continue in existence.

These contracts constitute an obligation of the Electric Utility Fund to make debt service payments from its operating revenues. The Electric Utility Fund's share of debt service is not recorded as an obligation on the accompanying basic financial statements; however, it is included as a component of its power supply expenses.

During the fiscal years ended June 30, 2023, and June 30, 2022, the Electric Fund made payments totaling $44,348 and $47,313 for "take or pay" contracts, respectively, and $27,480 and $21,498 for the "take and pay" contracts, respectively. 57 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(11) POWER SUPPLY EXPENSES (CONTINUED)
B - Joint Powers Agency Contracts (continued)
(a) Intermountain Power Agency (IPA)
In 1980, the City, along with the California Cities of Los Angeles, Anaheim, Glendale, Pasadena, and Riverside, entered into a power sales contract with IPA, which obligates each purchaser to purchase, on a "take or pay" basis, a percentage share of capacity and energy generated by the Intermountain Power Project (IPP) in Utah.

The City, through contract, is entitled to 60 megawatts (MW) or 3.371% of the 1,800 MW of generation at the plant. In addition, the City entered into an Excess Power Sales Agreement, also on a "take or pay" basis, with Utah municipal and cooperative IPP purchasers, which provides for the City to obtain up to an additional 0.797% (14 MW) when not used by the Utah municipal or cooperative IPP purchasers.

The Senate Bill 1368, which became effective in January 2007, prohibits any investment in baseload generation that does not meet specific emissions performance standards, subject to certain exceptions. In light of this restriction, the initial power sales contracts will terminate on June 15, 2027, and will be replaced with combined cycle natural gas units by July 1, 2025, and continue for a term ending in 2077. Pursuant to the provisions of the power sales contracts, the IPP participants also agreed to reduce the initially planned generation capacity from 1,200 MW to 840 MW. This would allow for compliance with greenhouse gas ("GHG") emissions performance standards. Some of the power purchasers under the original power sales contracts will continue to be IPP participants under the Renewal Power Sales Contracts. The cities of Anaheim, Riverside, and Pasadena will not be power purchasers under the Renewal Power Sales Contracts. The City will take a smaller share of 28 MW generation capacity under the Renewal Power Sales Contracts, and LADWP and the City of Glendale will both increase their respective generation shares.
(b) Southern California Public Power Authority (SCPPA)
SCPPA membership consists of 11 Southern California cities and one public irrigation district of the State of California, which serves the electric power needs of its Southern California electricity customers. SCPPA, a public entity organized under the laws of the State of California, was formed by a joint powers agreement dated November 1, 1980, pursuant to the Joint Exercise of Powers Act of the State of California. SCPPA was created for the purpose of planning, financing, developing, acquiring, constructing, operating, and maintaining projects for the generation and transmission of electric energy for sale to its participants. The joint power agreement has a term of 50 years.

Hoover Uprating Project
The City is a participant in SCPPA's Hoover Uprating Project, consisting primarily of the uprating of the 17 generating units at the hydroelectric power plant of the Hoover Dam. The City has a 15.9574% (15 MW) entitlement interest in SCPPA's approximately 94 MW interest in the total capacity and allocated energy of Hoover. The City has executed a power sales contract with SCPPA under which the City has agreed to make monthly payments on a "take or pay" basis in exchange for its share of SCPPA's proportionate share of Hoover capacity and allocated energy.

Palo Verde Nuclear Generation Station (PVNGS)
The City has a 4.40% entitlement interest (9.7 MW) and a 5.91% ownership interest in PVNGS, including certain associated facilities and contractual rights, a 5.56% ownership in the Arizona Nuclear Power Plant ("ANPP") High Voltage Switchyard and associated contractual rights, and a 6.55% share of the rights to use certain portions of the ANPP Valley Transmission System. Commercial operation and initial deliveries from PVNGS Units 1 and 2 commenced in 1986 and Unit 3 commenced in 1987.
58 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(11) POWER SUPPLY EXPENSES (CONTINUED)
B - Joint Powers Agency Contracts (continued)
(b) Southern California Public Power Authority (SCPPA) (continued) Southern Transmission System Project (STS)
Pursuant to an agreement dated May 1, 1983, with the IPA, SCPPA made payments-in-aid of construction to IPA to defray all costs of acquisition and construction of the STS, which provides for the transmission of energy from the Intermountain Generating Station in Utah to Southern California. STS commenced commercial operations in July 1986. The Department of Water and Power of the City of Los Angeles (LADWP), a member of SCPPA, serves as project manager and operating agent of IPP. The STS consists of a 488-mile transmission line and the associated converter station on each end. The 500 kV DC bi-pole transmission lines are currently rated at 2,400 megawatts (MW) because of an upgrade completed in December 2010. The City’s ownership share of this project is 4.498%.

Magnolia Power Project (MPP)
In March 2003, the City, along with the Cities of Anaheim, Cerritos, Colton, Glendale, and Pasadena, entered into a power sales agreement with SCPPA for MPP. MPP commenced commercial operations in Burbank, California in September 2005. MPP is a combined-cycle natural gas-fired generation plant with a nominal rate net base capacity of 242 MW, but can boost its output to 310 MW, if needed. The City has entitlement up to 97.6 MW or 30.992% of its output. The City’s share of outstanding debt is 32.350%, which excludes debt relating solely to the City of Cerritos. The City is also MPP’s operating agent.

Prepaid Natural Gas Project (PNGP)
The PNGP primarily consists of the acquisition by SCPPA of the right to receive an aggregate amount of approximately 135 billion cubic feet of natural gas, which subsequently was reduced to approximately 90 billion cubic feet as a result of restructuring to accelerate a portion of the long-term savings, reduce the remaining volumes of gas to be delivered, and shorten the overall duration of five prepaid agreements (with the City, and the Cities of Anaheim, Colton, Glendale, and Pasadena).

The City’s natural gas supply agreement with SCPPA is expected to provide approximately one-fourth of the City’s gas requirements for MPP. The City has no obligation under the natural gas supply agreement to pay for gas not delivered.

Milford I Wind Project (M1WP)
M1WP is located near Milford, Utah and began commercial operations in November 2009. The facility is a 200 MW nameplate capacity wind farm comprised of 97 wind turbine generators, delivered by a 90-mile transmission line, 345 kV, extending from the generation site to the IPP switchyard in Delta, Utah. This plant generates enough capacity to supply electricity to power more than 60,000 homes and offset over 366,000 tons per year of carbon dioxide that would otherwise be emitted from a coal-powered plant. SCPPA (on behalf of project participants LADWP, the City and the City of Pasadena, California) acquired 100.000% of this facility and issued bonds in 2010 to finance the purchase by prepayment of a specified quantity of energy from this facility over the 20-year delivery term, with a guaranteed annual quantity in each year. The City’s share of this project is

5.000% of the total capacity of 10 MW, energy, and environmental attribute rights produced at this facility.

Mead-Adelanto Project (MA)
SCPPA also entered into an agreement dated December 17, 1991, to acquire a 67.917% interest in the MA, a transmission line extending between the Adelanto substation in Southern California and the Marketplace substation in Nevada. Funding for these projects was provided by a transfer from the Multiple Projects Fund, and commercial operations commenced in April 1996. LADWP serves as the operations manager of MA. The project is a 202-mile, 500 kV AC transmission line with a rating of 1,200 MW. The City’s ownership share of MA is 59 City of Burbank

11.534%.

Tieton Hydro Project (THP)
This facility was acquired by SCPPA in November 2009 with 100.000% of entitlement shares. Each of the two project participants, the City and the City of Glendale, California, have an equal 50.000% entitlement share of this project. THP is a run of the reservoir hydroelectric facility, comprised of a powerhouse constructed at the base of the United States Bureau of Reclamation (USBR) Tieton Dam on the Tieton River in the State of Washington, on a 21-mile, 115 kV transmission line from the plant substation to the interconnection of the electrical grid. The powerhouse has a maximum capacity of 20 MW, with a nameplate capacity of 13.6 MW.

USBR owns and operates the dam and controls the flows into the Tieton River from the Rimrock Lake reservoir, which was created by the dam. Average annual generation from this plant is approximately 48,000 megawatt hours (MWh). The City is also Tieton’s operating agent.

Mead-Phoenix Project (MP)
SCPPA entered into an agreement dated December 17, 1991, to acquire an interest in the MP, a transmission line extending between the West Wing substation in Arizona and the Marketplace substation in Nevada. The agreement provides SCPPA with an 18.308% interest in the West Wing-Mead project, a 17.756% interest in the Mead substation project component and a 22.408% interest in the Mead-Marketplace component. The project is a 256-mile, 500 kV AC transmission line with a rating of 1,300 MW. The City’s ownership share of MP is

15.400%.

Natural Gas Project (NGP)
The NGP was acquired by SCPPA in 2005 and 2006 and is being developed for the primary purpose of providing the participants with stable long-term supplies of gas for the purpose of fueling their electric generation needs. SCPPA issued 2008 Bonds to provide monies for the refinancing of the City's share of the costs of acquisition and development of the NGP through the redemption of a portion of SCPPA's draw down bonds previously issued for the NGP. SCPPA has sold entitlements to 100.000% of the production capacity of the NGP pursuant to separate gas sales agreements with the five participants - the City, and the Cities of Anaheim, Colton, Glendale, and Pasadena. The participants are obligated to pay for such production capacity, including amounts required to pay debt service on bonds issued to finance their respective share of the NGP, on a "take or pay" basis. The City has 14.286% of entitlement shares in the Pinedale, Wyoming Subproject (2005 purchase), and

27.273% of entitlement shares in the Barnett, Texas Subproject (2006 purchase).

Ameresco/Chiquita Landfill Gas Project
Ameresco/Chiquita Landfill Gas Project is in Valencia, California near Lake Castaic and began commercial operations in November 2010. The renewable energy is generated using landfill gas produced at the Chiquita Canyon Landfill. This plant has a total generating capacity of 10 MW and SCPPA members receive 100.000% of the project output. The project participants are the City and the City of Pasadena. The City contracted to purchase approximately 16.700% or 1.7 MW.
60 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(11) POWER SUPPLY EXPENSES (CONTINUED)
B - Joint Powers Agency Contracts (continued)
(b) Southern California Public Power Authority (SCPPA) (continued) Don A. Campbell Geothermal (aka Wild Rose)
In November 2013, the City began to receive geothermal energy output from the Wild Rose Geothermal (aka Don A. Campbell) Project, located in Mineral County, Nevada. The term of this agreement is 20 years. This is a geothermal power generating facility with a generating nameplate capacity of 25 MW and a projected capacity of

16.2 MW. The City and the City of Los Angeles are project participants. The City contracted to purchase approximately 15.380% (3.845 MW).

Pebble Springs Wind Project
Pebble Springs is in Gilliam County, Oregon, near the town of Arlington and began commercial operations in early 2009. The term of this agreement is 18 years. The City, and the Cities of Los Angeles and Glendale receive the entire energy output of 99 MW. The City contracted to purchase approximately 10.000% (10 MW).

Copper Mountain 3 Solar Project
Copper Mountain 3 Solar Project is located near Boulder City, Nevada, approximately 25 miles southeast of Las Vegas, Nevada. The facility is the third phase of one of the largest photovoltaic solar facilities in the U.S. situated on about 1,400 acres of land. The City and the City of Los Angeles entered into a 20-year power sales agreement through SCPPA. The City’s share of this project is 16.000% (40 MW) of the total capacity of 250 MW. In May 2014, ahead of schedule, the City began to receive solar energy output from Copper Mountain 3.

The plant went from partial commercial operations to full commercial operations in 2015.

Desert Harvest 2 Solar Project
In December 2017, the City, along with the Cities of Anaheim and Vernon, entered into a power sales agreement with SCPPA for Desert Harvest Project. The Desert Harvest Project is in Riverside County, California and began commercial operations in December 2020. Desert Harvest II Solar Project supplies energy and renewable attributes to SCPPA under a twenty-five-year Renewable Energy Credit (REC) + Index structure contract. The City and the Cities of Anaheim and Vernon are the participants. The City contracted to purchase approximately

31.34% of its output.
61 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(11) POWER SUPPLY EXPENSES (CONTINUED)
B - Joint Powers Agency Contracts (continued)
(b) Southern California Public Power Authority (SCPPA) (continued) A summary of the City’s contracts and related projects and its commitments on June 30, 2023, are shown below:

City of Burbank portion*
City of Burbank share
of bonds
City of Burbank
obligation relating to
total debt service
Intermountain Power Project:

Intermountain Power Project(1) 3.334% $ 26,592$ 45,130
SCPPA:(2)
Southern Transmission System 4.498% 34,213 63,849
Magnolia Power Project (Project A) 32.350% 67,984 88,888 Prepaid Natural Gas Project #1 33.000% 81,579 110,445
Milford I Wind Project 5.000% 3,781 4,470
Tieton Hydropower Project 50.000% 15,400 22,288
Natural Gas Project - Barnett 100.000% 7,302 9,409
Natural Gas Project - Pinedale 100.000% 2,358 3,038
SCPPA Total 212,617 302,387
Total $ 239,209$ 347,517
*Burbank shares in % and amounts are estimated based on weighted average. (1) Based on the 2022 Series A and B IPA outstanding bonds. (2) All SCPPA listed obligations are "take or pay" contracts except the Prepaid Natural Gas Project #1, a "take and pay" contract, and the Milford I Wind Project, a prepaid purchase power agreement. 62 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(11) POWER SUPPLY EXPENSES (CONTINUED)
B - Joint Powers Agency Contracts (continued)
(b) Southern California Public Power Authority (SCPPA) (continued) The following schedule details the amount of principal and interest that is due and payable by the City as part of the joint power agency contracts, by project, in the fiscal year indicated (year ending June 30). 2023/24 2024/25 2025/26 2026/27
Principal Interest Principal Interest Principal Interest Principal Interest Intermountain Power Project $ - $ 1,312$ - $ 1,312$ 813 $ 1,312$ 853 $ 1,272 SCPPA:

Southern Transmission System 1,217 1,725 1,324 1,665 1,458 1,599 1,628 1,527 Magnolia Power Project (Project A)3,529 2,566 3,711 2,437 3,905 2,301 4,110 2,157 Prepaid Natural Gas Project #1 4,241 4,135 4,886 3,912 5,166 3,656 5,858 3,385 Milford I Wind Project 556 189 584 161 613 132 644 101
Tieton Hydropower Project 650 752 1,458 715 618 630 650 599 Natural Gas Project - Barnett 930 435 888 384 854 331 824 279 Natural Gas Project - Pinedale 300 141 287 124 276 107 266 90 Total $ 11,423$ 11,255$ 13,138$ 10,710$ 13,703$ 10,068$ 14,833$ 9,410 2027/28 2028/33 2033/38 2038/43
Principal Interest Principal Interest Principal Interest Principal Interest Intermountain Power Project $ 895 $ 1,231$ 5,177$ 5,450$ 6,565$ 4,062$ 8,338$ 2,288 SCPPA:

Southern Transmission System 748 1,450 2,691 6,806 5,492 5,890 5,123 4,515 Magnolia Power Project (Project A)4,324 2,005 25,264 7,430 23,142 2,009 - - Prepaid Natural Gas Project #1 6,588 3,077 42,961 9,802 11,880 899 - - Milford I Wind Project 676 69 710 35 - - - -
Tieton Hydropower Project 680 567 3,950 2,288 5,043 1,196 2,353 142 Natural Gas Project - Barnett 801 230 3,005 448 - - - - Natural Gas Project - Pinedale 259 74 970 145 - - - -
Total $ 14,971$ 8,703$ 84,728$ 32,404$ 52,122$ 14,056$ 15,814$ 6,945 2043/48 2048/53 Total
Principal Interest Principal Interest Principal Interest Intermountain Power Project $ 3,951$ 300 $ - $ - $ 26,592$ 18,539 SCPPA:

Southern Transmission System 6,366 3,130 8,166 1,330 34,213 29,637 Magnolia Power Project (Project A) - - - - 67,985 20,905 Prepaid Natural Gas Project #1 - - - - 81,580 28,866
Milford I Wind Project - - - - 3,783 687
Tieton Hydropower Project - - - - 15,402 6,889
Natural Gas Project - Barnett - - - - 7,302 2,107
Natural Gas Project - Pinedale - - - - 2,358 681
Total $ 10,317$ 3,430$ 8,166$ 1,330$239,215$ 108,311
63 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(12) ACCRUED LIABILITIES
Accrued liabilities for Governmental and Business Type Activities June 30, 2023, consist of the following:

Govern-
mental
Business
Type
Accrued expenditures $ 782 $ 15,817
Accrued payroll 6,353 -
Other liabilities 6,972 -
Total $ 14,107$ 15,817
(13) DEFERRED COMPENSATION PLANS
The City has adopted a deferred compensation plan in accordance with Internal Revenue Code Section 457 and 457p for its eligible full-time and part-time employees respectively.

Pursuant to changes in August, 1966 of IRC section 457, the City formally established a trust in which all assets and income of the 457 plans were placed. The assets, all property and rights purchased with such amounts, and all income attributable to such amounts, property, or rights are held in trust for the exclusive benefit of the participants and their beneficiaries. These assets are no longer the property of the City, and as such are not subject to the claims of the City's general creditors, thus the assets of these plans are not reflected in the accompanying basic financial statements.

As of June 30, 2023, the City's deferred compensation plan had accumulated assets of $218,957 under the 457 plan, and $939 under the 457p plan.
(14) PREPAID ITEMS AND DEPOSITS
The City shows a total of $25,653 in prepaid items and deposits. $17,493 of the prepaid items are in the Electric Utility, $5,422 are in Water Utility, $88 are in Refuse Collection and Disposal, $2,450 in internal service funds, and $200 in the Governmental Fund ($190 in the general fund and $10 in the non-major governmental funds). (15) SELF-INSURANCE
The City is self-insured for the first $1,000 on each general liability claim against the City. The City also self-insures for the first $2,000 for each workers compensation claim. At June 30, 2023, $9,123 was accrued for general liability claims, and $38,825 accrued for workers compensation claims. These amounts were determined by an actuarial study, performed annually. These accruals represent estimates of amounts to be paid for incurred and reported claims as well as incurred but unreported claims based upon past experience and modified for current trends and information. See the end of this note for a table showing changes in the aggregate liabilities for the past two years.

While the ultimate amounts of losses incurred through June 30, 2023, are dependent on future developments, based upon information provided from the City Attorney, outside legal counsel and others involved with the administration of the programs, City management believes that the aggregate accrual is adequate to cover such losses. The City is insured with outside insurance carriers for up to $55,000 for general liability claims and there have not been any settlements in excess of insurance coverage for the past three years.

Authority for California Cities Excess Liability (ACCEL) Since July 1, 2004, the City has been a member in ACCEL, which is a risk sharing pool for municipal excess liability.

Each individual member self-insures all general liability losses for the first $1,000 and the members of the pool share losses between $1,000 and $10,000. The members jointly purchase additional layers of coverage beyond the pooled layer, with Burbank purchasing an additional $45,000 of excess coverage, for total coverage of $55,000. The layers of coverage above $10,000 are not pooled, but rather jointly purchased. 64 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(15) SELF-INSURANCE (CONTINUED)
Authority for California Cities Excess Liability (ACCEL) (continued) Changes in the self-insurance liability for the last two fiscal years were as follows :

Fiscal year
2022-23 2021-22
Claims Payable July 1 $ 45,709 $ 43,402
Claims and changes in estimates11,218 10,864
Claims payments during the year(8,979) (8,557)
Liability June 30 $ 47,948 $ 45,709
The claims liability is reported as a long-term liability in the self-insurance internal service funds and in long term liabilities in the Governmental Activities.
(16) LEASES AND SUBSCRIPTION
Lease Receivable - Lessor
Governmental Activities:

On July 1, 2021, the City entered into a 79 month lease as Lessor for the use of Operation Agreement with PIM Inc- LAKVIC Roller Hockey Facility. An initial lease receivable was recorded in the amount of $35. As of June 30, 2023, the value of the lease receivable is $111. The lessee is required to make quarterly fixed payments of $7. The lease has an interest rate of 5.9300%. The value of the deferred inflow of resources as of June 30, 2023 was $106, and the City recognized lease revenue of $23 during the fiscal year.

On July 1, 2021, the City entered into a 29 month lease as Lessor for the use of 333 S Front St #202 Abraham Sabeeh.

An initial lease receivable was recorded in the amount of $28. As of June 30, 2023, the value of the lease receivable is $5. The lessee is required to make monthly fixed payments of $1. The lease has an interest rate of 5.9300%. The value of the deferred inflow of resources as of June 30, 2023 was $5, and the City recognized lease revenue of $12 during the fiscal year.

On July 1, 2021, the City entered into a 73 month lease as Lessor for the use of Real Estate - 2721 West Burbank Boulevard. An initial lease receivable was recorded in the amount of $61. As of June 30, 2023, the value of the lease receivable is $43. The lessee is required to make monthly fixed payments of $1. The lease has an interest rate of

5.9300%. The value of the deferred inflow of resources as of June 30, 2023 was $41, and the City recognized lease revenue of $10 during the fiscal year. The lessee has 1 extension option(s), each for 120 months.

On July 1, 2021, the City entered into a 20 month lease as Lessor for the use of Our Children's Place. An initial lease receivable was recorded in the amount of $7. As of June 30, 2023, the value of the lease receivable is $0.00. The lessee is required to make quarterly fixed payments of $1. The lease has an interest rate of 5.9300%. The value of the deferred inflow of resources as of June 30, 2023 was $0, and the City recognized lease revenue of $3 during the fiscal year. The lessee had a termination period of 1 month as of the lease commencement. The City had a termination period of 6 months as of the lease commencement.

On July 1, 2021, the City entered into a 52 month lease as Lessor for the use of Lease-Verdugo Restaurant Corp. An initial lease receivable was recorded in the amount of $1,939. As of June 30, 2023, the value of the lease receivable is $1,100. The lessee is required to make monthly fixed payments of $42. The lease has an interest rate of 5.9300%. The value of the deferred inflow of resources as of June 30, 2023 was $1,044, and the City recognized lease revenue of $447 during the fiscal year.
65 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(16) LEASES AND SUBSCRIPTION (CONTINUED)
On July 1, 2021, the City entered into a 20 month lease as Lessor for the use of 323 S Front St Hollywood Piano/Sweet 16 Musical Properties. An initial lease receivable was recorded in the amount of $253. As of June 30, 2023, the value of the lease receivable is $0. The lessee is required to make monthly fixed payments of $13. The lease has an interest rate of 5.9300%. The value of the deferred inflow of resources as of June 30, 2023 was $0, and the City recognized lease revenue of $101 during the fiscal year.

On July 1, 2021, the City entered into a 39 month lease as Lessor for the use of Burbank Tennis Center. An initial lease receivable was recorded in the amount of $30. As of June 30, 2023, the value of the lease receivable is $12. The lessee is required to make quarterly fixed payments of $3. The lease has an interest rate of 5.9300%. The value of the deferred inflow of resources as of June 30, 2023 was $11, and the City recognized lease revenue of $9 during the fiscal year. The lessee has 2 extension options, each for 60 months.

On July 1, 2021, the City entered into an 18 month lease as Lessor for the use of 333 S Front St #200 Genesis Insurance Services. An initial lease receivable was recorded in the amount of $39. As of June 30, 2023, the value of the lease receivable is $0. The lessee is required to make monthly fixed payments of $2. The lease has an interest rate of 5.9300%. The value of the deferred inflow of resources as of June 30, 2023 was $0, and the City recognized lease revenue of $13 during the fiscal year.

Business-Type Activities:

On July 1, 2021, the Electric Fund entered into a 174 month lease as Lessor for the use of Magnolia Power Project (MPP) Site Lease and Services Agreement (MPP-1). An initial lease receivable was recorded in the amount of $5,153.

As of June 30, 2023, the value of the lease receivable is $4,557. The lessee is required to make monthly fixed payments of $36. The lease has an interest rate of 2.7400%. The value of the deferred inflow of resources as of June 30, 2023 was $4,442, and the Electric Fund recognized lease revenue of $355 during the fiscal year.

On July 1, 2021, the Water Fund entered into a 111 month lease as Lessor for the use of OmniPoint Communications Inc., a subsidiary of T-Mobile USA Inc. (WTR-1). An initial lease receivable was recorded in the amount of $220. As of June 30, 2023, the value of the lease receivable is $177. The lessee is required to make monthly fixed payments of $2. The lease has an interest rate of 2.7400%. The value of the deferred inflow of resources as of June 30, 2023 was $173, and the Water Fund recognized lease revenue of $24 during the fiscal year.

Governmental Activities Business-Type Activities
Principal Interest Principal Interest Total
2024 $ 489$ 71 $ 332$ 126$ 1,018
2025 513 41 342 116 1,012
2026 201 16 351 107 675
2027 39 11 361 97 508
2028 34 9 371 87 501
2029-2033 81 29 1,938 278 2,326
2034 and thereafter 54 6 1,040 37 1,137
Total minimum lease payments$ 1,411$ 183$ 4,735$ 848$ 7,177 Lease Payable - Lessee
Governmental Activities:

On May 5, 2022, the City entered into a 60 month lease as Lessee for the use of Ricoh - Coloured Production Printer.

An initial lease liability was recorded in the amount of $97. As of June 30, 2023, the value of the lease liability is $75.

The City is required to make monthly fixed payments of $2. The lease has an interest rate of 2.1567%. The value of the right to use asset as of June 30, 2023 of $97 with accumulated amortization of $23 is included with Equipment on 66 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(16) LEASES AND SUBSCRIPTION (CONTINUED)
the Lease Class activities table found below.

Business-Type Activities:

On July 1, 2021, the Communications Equipment Replacement Fund entered into a 114 month lease as Lessee for the use of Tower Burbank Owner LLC Rooftop Lease (OT-5). An initial lease liability was recorded in the amount of $540. As of June 30, 2023, the value of the lease liability is $449. The Communications Equipment Replacement Fund is required to make monthly fixed payments of $5. The lease has an interest rate of 2.7400%. The value of the right to use asset as of June 30, 2023 of $540 with accumulated amortization of $114 is included with Infrastructure on the Lease Class activities table found below.

On July 1, 2021, the Electric Fund entered into a 71 month lease as Lessee for the use of GE Intl, Inc. Engine Lease.

An initial lease liability was recorded in the amount of $587. As of June 30, 2023, the value of the lease liability is $370. The Electric Fund is required to make annual fixed payments of $121. The lease has an interest rate of 2.7400%.

The value of the right to use asset as of June 30, 2023 of $587 with accumulated amortization of $198 is included with Equipment on the Lease Class activities table found below.

On July 1, 2021, the Electric Fund entered into a 126 month lease as Lessee for the use of Ground Lease - Warner Bros (ED-2). An initial lease liability was recorded in the amount of $499. As of June 30, 2023, the value of the lease liability is $417. The Electric Fund is required to make annual fixed payments of $50. The lease has an interest rate of

2.7400%. The value of the right to use asset as of June 30, 2023 of $499 with accumulated amortization of $95 is included with Land on the Lease Class activities table found below.

On April 1, 2022, the Electric Fund entered into a 60 month lease as Lessee for the use of Crown Castle Fiber LLC telecommunications license agreement (OT-13). An initial lease liability was recorded in the amount of $457. As of June 30, 2023, the value of the lease liability is $351. The Electric Fund is required to make monthly fixed payments of $8. The lease has an interest rate of 2.7400%. The value of the right to use asset as of June 30, 2023 of $457 with accumulated amortization of $114 is included with Infrastructure on the Lease Class activities table found below.

Asset Schedule:

Asset Class
Governmental
Activities
Business-Type
Activities Activities
Buildings $ 540$ 628$ 1,168
Equipment 97 1,151 1,248
Less: accumulated amortization (136) (469) (606)
Total $ 501$ 1,310$ 1,810
Subscriptions payable
Governmental Activities:

On July 1, 2022, the City entered into a 48 month subscription for the use of Medic Clipboard Subscription. An initial subscription liability was recorded in the amount of $171. As of June 30, 2023, the value of the subscription liability is $127. The City is required to make annual fixed payments of $45. The subscription has an interest rate of 2.1840%.

The value of the right to use asset as of June 30, 2023 of $171 with accumulated amortization of $43 is included with Software on the Subscription Class activities table found below.

On September 30, 2022, the City entered into a 15 month subscription for the use of Ongoing access. An initial subscription liability was recorded in the amount of $34. As of June 30, 2023, the value of the subscription liability is $0.00. The City is required to make annual fixed payments of $34. The subscription has an interest rate of 1.7100%.

The value of the right to use asset as of June 30, 2023 of $34 with accumulated amortization of $22 is included with 67 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(16) LEASES AND SUBSCRIPTION (CONTINUED)
Software on the Subscription Class activities table found below. The City had a termination period of 1 month as of the subscription commencement.

On October 11, 2022, the City entered into a 36 month subscription for the use of ProctorU. An initial subscription liability was recorded in the amount of $29. As of June 30, 2023, the value of the subscription liability is $19. The City is required to make annual variable principal and interest payments of $10 based on a CPI index of 0.00%. The subscription has an interest rate of 3.2380%. The value of the right to use asset as of June 30, 2023 of $33 with accumulated amortization of $8 is included with Software on the Subscription Class activities table found below.

On July 1, 2022, the City entered into a 27 month subscription for the use of Symphony SaaS Subscription. An initial subscription liability was recorded in the amount of $132. As of June 30, 2023, the value of the subscription liability is $66. The City is required to make annual fixed payments of $67. The subscription has an interest rate of 2.0240%. The value of the right to use asset as of June 30, 2023 of $132 with accumulated amortization of $59 is included with Software on the Subscription Class activities table found below.

On July 1, 2022, the City entered into a 25 month subscription for the use of ArcGIS Software. An initial subscription liability was recorded in the amount of $123. As of June 30, 2023, the value of the subscription liability is $61. The City is required to make annual fixed payments of $63. The subscription has an interest rate of 2.0240%. The value of the right to use asset as of June 30, 2023 of $123 with accumulated amortization of $57 is included with Software on the Subscription Class activities table found below.

On July 1, 2022, the City entered into a 24 month subscription for the use of Defender O365. An initial subscription liability was recorded in the amount of $1,142. As of June 30, 2023, the value of the subscription liability is $576. The City is required to make annual fixed payments of $588. The subscription has an interest rate of 2.0240%. The value of the right to use asset as of June 30, 2023 of $1,142 with accumulated amortization of $571 is included with Software on the Subscription Class activities table found below.

On July 1, 2022, the City entered into a 14 month subscription for the use of Liferay Managed Hosting. An initial subscription liability was recorded in the amount of $58. As of June 30, 2023, the value of the subscription liability is $0.00. The City is required to make annual fixed payments of $60. The subscription has an interest rate of 1.7100%.

The value of the right to use asset as of June 30, 2023 of $65 with accumulated amortization of $56 is included with Software on the Subscription Class activities table found below. The City had a termination period of 1 month as of the subscription commencement.

On July 1, 2022, the City entered into a 22 month subscription for the use of Recyclist Program Tracker. An initial subscription liability was recorded in the amount of $67. As of June 30, 2023, the value of the subscription liability is $38. The City is required to make annual fixed payments of $29. The subscription has an interest rate of 2.0240%. The value of the right to use asset as of June 30, 2023 of $67 with accumulated amortization of $37 is included with Software on the Subscription Class activities table found below. 68 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(16) LEASES AND SUBSCRIPTION (CONTINUED)
Governmental activities:

Balance
July 1, 2022
As Restated Additions Deletions
Balance
June 30,
2023
Subscription liability software:

Ongoing access $ 17 $ - $ (17)$ -
Medic clipboard 171 - (44) 127
Symphony saas 133 - (64) 69
ProctorU 29 - (10) 19
OATI data center 207 - (41) 166
GenScheduler on-line 1,211 - (130) 1,081
ArcGIS software 123 - (62) 61
Defender O365 788 - (391) 397
Liferay managed hosting 58 - (58) -
Ongoing access 17 - (17) -
Total subscriptions liability -
Governmental activities $ 2,754$ - $ (834)$ 1,920
Business-Type Activities:

On September 16, 2022, the Electric Fund entered into a 36 month subscription for the use of KnowBe4 Security Awareness Training Subscription. An initial subscription liability was recorded in the amount of $46. As of June 30, 2023, the value of the subscription liability is $30. The Electric Fund is required to make annual fixed payments of $16. The subscription has an interest rate of 2.1840%. The value of the right to use asset as of June 30, 2023 of $46 with accumulated amortization of $12 is included with Software on the Subscription Class activities table found below.

On July 1, 2022, the Electric Fund entered into a 24 month subscription for the use of ArcFM License. An initial subscription liability was recorded in the amount of $94. As of June 30, 2023, the value of the subscription liability is $47. The Electric Fund is required to make annual fixed payments of $48. The subscription has an interest rate of

1.7100%. The value of the right to use asset as of June 30, 2023 of $94 with accumulated amortization of $47 is included with Software on the Subscription Class activities table found below. The Electric Fund has 1 extension option(s), each for 12 months. The Electric Fund had a termination period of 1 month as of the subscription commencement.

On July 1, 2022, the Electric Fund entered into a 60 month subscription for the use of OATI Data Center. An initial subscription liability was recorded in the amount of $1,431. As of June 30, 2023, the value of the subscription liability is $1,156. The Electric Fund is required to make monthly fixed payments of $25. The subscription has an interest rate of 2.3660%. The value of the right to use asset as of June 30, 2023 of $1,440 with accumulated amortization of $288 is included with Software on the Subscription Class activities table found below. The Electric Fund had a termination period of 2 months as of the subscription commencement.

On July 1, 2022, the Magnolia Power Project Fund entered into a 107 month subscription for the use of GenScheduler On-Line Software. An initial subscription liability was recorded in the amount of $1,211. As of June 30, 2023, the value of the subscription liability is $1,081. The Magnolia Power Project Fund is required to make annual fixed payments of $161. The subscription has an interest rate of 2.8420%. The value of the right to use asset as of June 30, 2023 of $1,211 with accumulated amortization of $136 is included with Software on the Subscription Class activities table found below.
69 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(16) LEASES AND SUBSCRIPTION (CONTINUED)
Business-Type activities:

Balance
July 1, 2022
As Restated Additions Deletions
Balance
June 30,
2023
Subscription liability software:

Defender O365 $ 354$ - $ (176)$ 178
KnowBe4 security 46 - (16) 30
ArcFM license 94 - (48) 46
Recyclist program tracker 67 - (29) 38
OATI data center 1,224 - (233) 991
Total subscriptions liability -
Business-type activities $ 1,785$ - $ (502)$ 1,283
(17) PENSION PLANS
A - General Information about the Pension Plans
Plan Descriptions
All qualified permanent and probationary employees are eligible to participate in the City’s separate Safety (Police and Fire) and Miscellaneous (all other) plans, agent multiple-employer defined benefit pension plans administered by the California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.

Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 to 62 with statutorily defined benefits. For classic miscellaneous employees hired into a plan with the

2.5% at 55 formula, eligibility for service retirement is age 50 with at least 5 years of services. PEPRA miscellaneous members become eligible for service retirement upon attainment of age 52 with at least 5 years of service. All members are eligible for non-duty disability benefits after 5 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. Safety members can receive a special death benefit if the member dies while actively employed and the death is job-related. Fire members may receive the alternate death benefit in lieu of the Basic Death Benefit or the 1957 Survivor Benefit if the member dies while actively employed and has at least 20 years of total CalPERS service. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

The Plans' provisions and benefits in effect at June 30, 2022 measurement date, are summarized as follows:
70 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(17) PENSION PLANS (CONTINUED)
A - General Information about the Pension Plans (continued) Benefits Provided (continued)
Miscellaneous
Hire date
Prior to
January 1, 2013
On or After
January 1, 2013
Benefit formula 2.5%@55 2%@62
Benefit vesting schedule 5 years of service5 years of service Benefit payments monthly for life monthly for life
Retirement age 50 - 55 52 - 67
Monthly benefits, as a % of eligible compensation 2.0% to 2.5 % 1.0% to 2.5% Required employee contribution rates %8.00 %7.50
Required employer contribution rates %10.380 %10.000
Payment of unfunded liability $ 19,578,970$ -
Police
Hire date
Prior to
January 1, 2013
On or After
January 1, 2013
Benefit formula 3%@50 2.7%@57
Benefit vesting schedule 5 years of service5 years of service Benefit payments monthly for life monthly for life
Retirement age 50 50 - 57
Monthly benefits, as a % of eligible compensation %3.00 2.0% to 2.7% Required employee contribution rates %9.00 %13.75
Required employer contribution rates %23.100 %22.050
Payment of unfunded liability $ 7,300,248$ -
Fire
Hire date
Prior to
January 1, 2013
On or After
January 1, 2013
Benefit formula 3%@55 2.7%@57
Benefit vesting schedule 5 years of service5 years of service Benefit payments monthly for life monthly for life
Retirement age 50 - 55 50 - 57
Monthly benefits, as a % of eligible compensation 2.4% to 3.0% 2.0% to 2.7% Required employee contribution rates %9.00 %12.00
Required employer contribution rates %17.550 %17.710
Payment of unfunded liability $ 4,561,502$ -
71 City of Burbank

Miscellaneous Police Fire
Inactive employees or beneficiaries currently receiving benefits1,415 264 195 Inactive employees entitled to but not yet receiving benefits 1,216 55 39 Active employees 983 146 113
Total 3,614 465 347
Contributions
Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS' annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. City employer contributions to CalPERS for the fiscal year were $56,598 (Miscellaneous $34,659; Police $13,388, and Fire $8,551). City Contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contributions requirements are classified as plan member contributions.

B - Net Pension Liability
The City’s net pension liability for each Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of each of the Plans is measured as of June 30, 2022, using an annual actuarial valuation as of June 30, 2021 rolled forward to June 30, 2022 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is shown below. 72 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(17) PENSION PLANS (CONTINUED)
B - Net Pension Liability (continued)
Actuarial Assumptions
The June 30, 2021 actuarial valuation was rolled forward to determine the June 30, 2022 total pension liability, based on the following actuarial methods and assumptions:

Miscellaneous Police Fire
Valuation Date June 30, 2021 June 30, 2021 June 30, 2021 Measurement Date June 30, 2022 June 30, 2022 June 30, 2022 Actuarial Cost Method
Entry-Age Normal
Cost Method
Entry-Age Normal
Cost Method
Entry-Age Normal
Cost Method
Actuarial Assumptions:

Discount Rate 6.90% 6.90% 6.90%
Inflation 2.300% 2.300% 2.300%
Payroll Growth 2.750% 2.750% 2.750%
Projected Salary Increase (1) (1) (1)
Mortality (2) (2) (2)
Post Retirement Benefit Increase (3) (3) (3)
(1) Varies by entry age and service.
(2) The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre- retirement and Post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.
(3) The less of contract COLA or 2.30% until Purchasing Power Protection Allowance Floor on purchasing power applies, 2.30% thereafter.

All other actuarial assumptions used in the June 30, 2021 valuation were based on the CalPERS Experience Study and Review Actuarial Assumptions report from November 2021.

Change of Assumptions
In measurement year ended June 30, 2023, the financial reporting discount rate was reduced from 7.15% to

6.90%. Deferred outflows of resources and deferred inflows of resources for changes of assumptions represent the unamortized portion of this assumption change and the unamortized portion of the changes of assumptions related to prior measurement periods.

Discount Rate
The discount rate used to measure the total pension liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
73 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(17) PENSION PLANS (CONTINUED)
B - Net Pension Liability (continued)
Long-term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

In determining the long-term expected rate of return, CalPERS took into account both short term and long term market return expectations. Using historical returns of all the funds' asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 basis point.

The expected real rates of return by asset class are as follows:

Asset Class(a)
Assumed
Asset
Allocation
Real Return
(a,b)
Global Equity - Cap-weighted 30.00% 4.54%
Global Equity - Non-Cap-weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed Securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage (5.00)% (0.59)%
Total 100.00%
(a) An expected inflation of 2.30% used for this period. (b)Figures are based on the 2021 Asset Management Liability study. 74 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(17) PENSION PLANS (CONTINUED)
C - Changes in the Net Pension Liability
The changes in the net pension liability for the Miscellaneous Plan are as of the measurement date are as follows (actual amounts):

Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
Balances at measurement date June 30, 2021 $ 991,734$ 894,371$ 97,363 Changes in the Year:

Service cost 16,209 - 16,209
Interest on the total pension liability 68,905 - 68,905 Changes of Assumptions 29,438 - 29,438
Difference between actual and expected experience (3,450) - (3,450) Contribution - employer - 34,659 (34,659)
Contribution - employee - 6,932 (6,932)
Net investment income - (67,749) 67,749
Administrative expenses - (558) 558
Benefit payments, including refunds of employee contributions (54,409) (54,409) - Net Changes 56,693 (81,125) 137,818
Balance at measurement date June 30, 2022 $ 1,048,427$ 813,246$ 235,181 The changes in the net pension liability for the Police Plan are as of the measurement date are as follows (actual amounts):

Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
Balances at measurement date June 30, 2021 $ 348,189$ 286,730$ 61,459 Changes in the Year:

Service cost 6,513 - 6,513
Interest on the total pension liability 24,046 - 24,046 Changes of Assumptions 12,291 - 12,291
Difference between actual and expected experience (5,181) - (5,181) Contribution - employer - 13,396 (13,396)
Contribution - employee - 2,905 (2,905)
Net investment income - (21,859) 21,859
Administrative expenses - (179) 179
Benefit payments, including refunds of employee contributions (20,114) (20,114) - Net Changes 17,555 (25,851) 43,406
Balance at measurement date June 30, 2022 $ 365,744$ 260,879$ 104,865 75 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(17) PENSION PLANS (CONTINUED)
C - Changes in the Net Pension Liability (continued)
The changes in the net pension liability for the Fire Plan are as of the measurement date are as follows (actual amounts):

Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
Balances at measurement date June 30, 2021 $ 263,885$ 235,861$ 28,024 Changes in the Year:

Service cost 4,337 - 4,337
Interest on the total pension liability 18,384 - 18,384 Changes of Assumptions 7,346 - 7,346
Difference between actual and expected experience 273 - 273 Contribution - employer - 8,551 (8,551)
Contribution - employee - 1,957 (1,957)
Net investment income - (17,847) 17,847
Administrative expenses - (147) 147
Benefit payments, including refunds of employee contributions (14,481) (14,481) - Net Changes 15,859 (21,967) 37,826
Balance at measurement date June 30, 2022 $ 279,744$ 213,894$ 65,850 Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the City for each Plan, calculated using the discount rate for each Plan, as well as what the City’s net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point higher than the current rate (actual amounts):

Miscellaneous Pension Plan
1% DecreaseCurrent Discount Rate1% Increase
Percent 5.90% 6.90% 7.90%
Net Pension Liability $374,069 $235,180 $120,746
Police Pension Plan
1% DecreaseCurrent Discount Rate1% Increase
Percent 5.90% 6.90% 7.90%
Net Pension Liability $153,762 $104,865 $64,817
Fire Pension Plan
1% DecreaseCurrent Discount Rate1% Increase
Percent 5.90% 6.90% 7.90%
Net Pension Liability $102,716 $65,850 $35,488
Pension Plan Fiduciary Net Position
Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.
76 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(17) PENSION PLANS (CONTINUED)
D - Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions For the measurement year ended June 30, 2022, the City recognized pension expense/(income) of $30,822 for Miscellaneous, $12,557 for Police and $7,139 for Fire. At June 30, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the three City Plans: Miscellaneous, Police and Fire.

Miscellaneous Plan
Deferred
Outflows
of Resources
Deferred
Inflows
of Resources
Pension contributions subsequent to measurement date $ 34,659$ - Differences between actual and expected experience 975 (2,474) Change of assumptions 20,238 -
Net differences between projected and actual earnings on plan investments40,628 - Total $ 96,500$ (2,474)
$34,659 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending June 30, 2024. Other amounts reported as deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Year Ending
June 30 Amount
2024 $ 15,177
2025 14,044
2026 4,354
2027 25,792
Thereafter -
Police plan
Deferred
Outflows
of Resources
Deferred
Inflows
of Resources
Pension contributions subsequent to measurement date $ 13,388$ - Differences between actual and expected experience 1,404 (4,115) Change of assumptions 9,139 -
Net differences between projected and actual earnings on plan investments13,055 - Total $ 36,986$ (4,115)
77 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(17) PENSION PLANS (CONTINUED)
D - Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions (continued) Police plan (continued)
$13,388 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending June 30, 2024. Other amounts reported as deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Year Ending
June 30 Amount
2024 $ 4,492
2025 4,177
2026 2,514
2027 8,300
Thereafter -
Fire plan
Deferred
Outflows
of Resources
Deferred
Inflows
of Resources
Pension contributions subsequent to measurement date $ 8,551$ - Differences between actual and expected experience 512 (850) Change in assumptions 5,783 -
Net differences between projected and actual earnings on plan investments10,768 - Total $ 25,614$ (850)
$8,551 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending June 30, 2024. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized as pension expense as follows:

Year Ending
June 30 Amount
2024 $ 3,013
2025 2,936
2026 2,331
2027 7,933
Thereafter -
(18) POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS
The City contributes to three post retirement medical benefit plans:

PEMHCA
The CalPERS Public Employees' Medical and Hospital Care Act (PEMHCA) plan under the authority of section 22750 to 22948 of the state of California's government code, is a defined benefit agent multiple employer plan.

The City pays the required PEMHCA minimum contribution for all miscellaneous and safety employees retiring directly from the City who enroll in a CalPERS medical plan. The 2023 PEMHCA minimum contribution 78 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(18) POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) PEMHCA (continued)
amount is $151 per month. In addition, the City pays retiree health contribution amounts of $100 per month for 13 management retirees, and $188 per month for 9 IBEW retirees. For these management/IBEW retirees, the PEMHCA minimum required contribution of $151 is paid in addition to the retiree health contribution amounts.

The PEMHCA benefit provisions are established and amended through negotiations between the City and its unions.

BERMT
The Burbank Employees Retiree Medical Trust (BERMT) is a defined contribution plan. The BERMT was established in April 2003 by the city's employee associations to provide post retirement medical benefits to all non-safety employees, including elected and appointed officials. BERMT members represented by a bargaining group are required to contribute $50 per pay period, and the City contributes $50 per pay period for these members. BERMT members unrepresented by a bargaining group are not able to make employee contributions, and the City contributes $100 per pay period for these members and $50 per pay period for City Council members that are eligible to participate in BERMT. BERMT plan provisions and contribution requirements are established by and may be amended by the BERMT board. The trust is controlled by the seven voting members from the various employee associations appointed to three year terms. The City appoints an eighth member to the board, but that member is non-voting. Investments are determined by the BERMT plan trustees, and are governed by ERISA provisions. Eligibility for benefits requires that members are retired from the City, and have reached age 58 with a minimum of 5 years of contributions into the plan. The benefit ranges from $150 to $630 in reimbursements per month based on number of contributions, for eligible medical expenses. For the fiscal year 2022-23, the City contributed $1,506 to BERMT.

URMT
The Utility Retiree Medical Trust is a defined benefit agent multiple employer plan, established during the 2008- 09 fiscal year for IBEW members and 11 management employees as a supplement to benefit payments from BERMT and PEMHCA. The total target benefit is $1,200/month for individuals age 50 to age 64 and $750/month for those age 65 and above, with the exception that for qualifying employees who retire after December 16, 2015 and who have not contributed to Medicare while employed at Burbank and who are also not otherwise eligible for premium-free Medicare Part A at age 65 and older, the maximum amount at age 65 and older shall be $975/month, including payments from BERMT, PEMHCA minimum and Utility Retiree Medical Trust. For the fiscal year 2022-23, the City contributed $20.

The City has pre-funded the PEMHCA and URMT Plans through CalPERS OPEB Trust (CERBT) and has a policy of contributing 100% of the City's Actuarially Determined Contribution (ADC) each year. For the fiscal year 2022-23 (measurement period of June 30, 2022), the City contributed $5,505 consisting of $1,694 in implied subsidy payment contributions netted against $2,968 in benefit payments and administrative expense.

The CERBT is a tax qualified irrevocable trust, organized under Internal Revenue Code (IRC) Section 115, established to pre-fund OPEB as described in GASB Statement 45. The CERBT issues a publicly available financial report that includes financial statements and required supplementary information for the City, not individualized, but in aggregate with the other CERBT participating agencies. This report may be obtained at the following address:

PEMHCA CERBT - State of California PERS - 400 Q St. - Sacramento, CA 95811 The Utility Retiree Medical Trust does not issue a separate financial statement.

Employees Covered
As of June 30, 2021 valuation date, the following current and former employees were covered by the plans:
79 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(18) POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) Employees Covered (continued)

PEMHCA URMT
Inactive employees or beneficiaries currently receiving benefits639 74 Inactives entitled to but not yet receiving benefits 585 - Active employees 1,313 147
Total 2,537 221
Contributions
The URMT and PEMHCA contribution requirements are established by City policy and may be amended. The annual contribution is based on the actuarially determined contribution. For the fiscal year ended June 30, 2023, the City's total contributions of $5,525 consist of payments to the trust of $5,505 to PEHMCA; $20 to URMT.

Net OPEB Liability
The City's net OPEB liability was measured as of June 30, 2022 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2021. A summary of the principal assumptions and methods used to determine the total OPEB liability is shown below.

PEMHCA URMT
Valuation Date June 30, 2021 June 30, 2021
Measurement Date June 30, 2022 June 30, 2022
Actuarial Cost Method
Entry-Age Normal
Cost Method
Entry-Age Normal
Cost Method
Actuarial Assumptions:

Discount Rate 6.25% 6.25%
Inflation 2.50% 2.50%
Payroll Growth 2.75% 2.75%
Projected Salary Increase 2.75% 2.75%
Expected long term investment rate of return 6.25% 6.25% Healthcare cost trend rates (PEMHCA) 4.6% Medicare (Kaiser)

5.65% Medicare (non-Kaiser)

6.5% Non-Medicare
decreasing to 3.75% in 2076 and later
Benefit Increase trend rates (URMT) 0% to 2023, then 3.5% after Pre-retirement turnover Derived from CALPERS pension plan Mortality (2) (2)
(2)The probabilities of mortality are derived using CalPERS membership data for all funds. The mortality table used was developed based on CalPERS specific data. The table includes 20 years of mortality improvements using Society of Actuaries Scale BB. For more details, please refer to the 1997-2015 experience study report.

The actuarial assumptions used in the June 30, 2022 valuation were based on a standard set of assumptions the actuary has used for similar valuations, modified as appropriate for the City. 80 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(18) POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) Net OPEB Liability (continued)
The long-term expected rate of return was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighing the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the OPEB plan's target asset allocation are summarized in the following table:

Asset Class
New
Strategic
Allocation
Expected
Real Return
Global Equity 49.00% 4.56%
Fixed Income 23.00% 1.56%
TIPS 5.00% -0.08%
REITs 20.00% 4.06%
Commodities 3.00% 1.22%
Total 100.00%
The discount rate used to measure the total OPEB liability was 6.25%. The projection of cash flows used to determine the discount rate assumed that the City's contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the plan's fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

Change of Discount Rate
The discount rate used in the June 30, 2022 valuation was 6.25%, which did not change from the June 30, 2021 valuation discount rate of 6.25%.

Changes in the net OPEB liability - PEMHCA
Increase (Decrease)
Total
OPEB
Liability
Plan
Fiduciary
Net Position
Net
OPEB
Liability
Balances at June 30, 2021 (Measurement date) $ 61,739$ 46,134$ 15,605 Changes in the year:

Service cost 1,409 - 1,409
Interest on the total OPEB liability 3,865 - 3,865
Contributions - employer - 1,592 (1,592)
Net investment income - (6,187) 6,187
Administrative expenses - (27) 27
Benefit payments (2,610) (2,610) -
Net changes 2,664 (7,232) 9,896
Balance at June 30, 2022 (Measurement date) $ 64,403$ 38,902$ 25,501 81 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(18) POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) Changes in the net OPEB liability/(asset) - URMT
Increase (Decrease)
Total
OPEB
Liability
Plan
Fiduciary
Net Position
Net
OPEB
Liability/(Asset)
Balances at June 30, 2021 (Measurement date) $ 10,174$ 14,620$ (4,446) Changes in the year:

Service cost 282 - 282
Interest on the total OPEB liability 645 - 645
Contributions - employer - 229 (229)
Contributions - employee - 229 (229)
Net investment income - (1,966) 1,966
Administrative expenses - (4) 4
Benefit payments (287) (287) -
Net changes 640 (1,799) 2,439
Balance at June 30, 2022 (Measurement date) $ 10,814$ 12,821$ (2,007) Sensitivity of the net OPEB liability/(asset) to changes in the discount rate The following presents the net OPEB liability/(asset) of the City, as well as what the City's net OPEB liability/(asset) would be if it were calculated using a discount rate that is 1 percentage point lower or higher than the current discount rate:

PEMHCA
1% Decrease Current Discount Rate1% Increase
Percent 5.25% 6.25% 7.25%
Net OPEB Liability $34,196 $25,501 $18,318
URMT
1% Decrease Current Discount Rate1% Increase
Percent 5.25% 6.25% 7.25%
Net OPEB Liability/(Asset) $(85) $(2,007) $(3,536)
Sensitivity of the net OPEB liability/(asset) to changes in healthcare cost trend rates The following presents the net OPEB liability/(asset) of the City, as well as what the City's net OPEB liability/(asset) would be if it were calculated using healthcare cost trend rates that are 1 percentage point lower or higher than the current healthcare cost trend rates:

PEMHCA
1% Decrease Current Trend 1% Increase
Net OPEB Liability $17,202 $25,501 $35,723
URMT
1% Decrease Current Trend 1% Increase
Net OPEB Liability/(Asset) $(4,740) $(2,007) $(1,479)
82 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(18) POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) OPEB expense and deferred outflows/inflows of resources related to OPEB For the fiscal year ended June 30, 2023 the City recognized OPEB expense of $561 and ($407) for PEMHCA and URMT, respectively. At June 30, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

PEMHCA
Deferred
Outflows
of Resources
Deferred
Inflows
of Resources
OPEB contributions subsequent to measurement date $ 5,505$ - Differences between actual and expected experience - 4,502 Change in assumptions 6,032 7,445
Differences between projected and actual earnings 3,069 - Total $ 14,606$ 11,947
URMT
Deferred
Outflows
of Resources
Deferred
Inflows
of Resources
OPEB contributions subsequent to measurement date $ 323$ - Differences between actual and expected experience 164 860 Change in assumptions 90 1,667
Differences between projected and actual earnings 1,013 - Total $ 1,590$ 2,527
$5,505 and $323 reported as deferred outflows of resources related to contributions subsequent to the measurement date for PEMHCA and URMT respectively, will be recognized as a reduction of the net OPEB liability in the year ending June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as OPEB expense as follows:

Year Ending
June 30 PEMHCA URMT
2024 $ (1,815)$ (170)
2025 (1,819) (174)
2026 (2,045) (243)
2027 2,048 236
2028 524 (392)
Thereafter 261 (517)
$ (2,846)$ (1,260)
83 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(19) ADDITIONAL INFORMATION
Burbank Operable Unit (BOU)
Pursuant to a consent decree of March 25, 1992, Lockheed Martin Corporation (Lockheed) constructed a groundwater treatment system, now known as the BOU, on property within and owned by the City, designed to treat volatile organic compounds contaminating groundwater in parts of the San Fernando Groundwater Basin. A second consent decree, dated May 28, 1997, provided that Lockheed was responsible for the cost of operation and maintenance of the BOU, through at least December 11, 2018. The City recognized ownership of the BOU on December 1, 1998. However, due to the major uncertainties that existed concerning the realizability within reasonable limits of a fair value of the BOU, the City did not recognize any value associated with the BOU in the accompanying basic financial statements. On December 12, 2000, the commencement date, the City became responsible for oversight of the BOU. The BOU represents an ongoing obligation of Lockheed to mitigate damages to the aforementioned basin groundwater.

On June 8, 2018, the United States Environmental Protection Agency (EPA) issued a Unilateral Administrative Order (UAO) requiring Lockheed to design, construct and operate wells and conveyance piping that will enable Lockheed to pump and convey groundwater from the eastern portion of the North Hollywood Operable Unit (NHOU) to the BOU, and then cause the extracted groundwater to be treated at the BOU and delivered to the City of Los Angeles (Los Angeles). On September 11, 2018 the Burbank City Council approved two agreements concerning Lockheed’s obligations under the UAO. The first agreement between Lockheed and the City obligates Lockheed to design and construct wells and conveyance piping, in conjunction with continued funding of the City's operation of the BOU Treatment Facility, and to pay for the delivery of water to Los Angeles, until such time as the EPA issues an order that “no further action” is required to remediate the basin groundwater. The second agreement between Los Angeles and the City sets forth the terms and conditions for the City’s delivery of treated groundwater to Los Angeles. Neither agreement requires changes to financial obligations for the City’s operation of the BOU or the City’s operation of any new or additional facilities required under these agreements. It is projected that remediation activities to clean the basin groundwater and reach a condition of “no further action" required is more than 20 years into the future.

Deficit Net Position
The Successor Agency Private-Purpose Trust fund has a deficit net position of $-, which is expected to be offset by future tax increment revenues to the extent that they are received. (20) HEDGE POLICIES AND OUTSTANDING HEDGE CONTRACTS
The Electric Utility Fund utilizes natural gas hedging as outlined in its Energy Risk Management Policy. The purpose of hedging is to protect against fluctuating prices and deliver stable and competitive rates to its retail customers.

Derivative Instruments
In accordance with GASB Statement No. 53, the Electric Fund recorded the fair values of its financial natural gas hedges on the statement of net position. As of June 30, 2022 and June 30, 2023, the fair values of the financial natural gas hedges were approximately $2,020 and $1,417, respectively, and were recorded as current assets and deferred inflow of resources on the Statement of Net Position.
84 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2023
(in thousands)
(20) HEDGE POLICIES AND OUTSTANDING HEDGE CONTRACTS (CONTINUED) Derivative Instruments (continued)
The Electric Utility Fund entered into natural gas hedging contracts to stabilize the cost of gas needed to produce electricity to serve its customers. It is designed to cap gas prices over a portion of the forecasted gas requirements. The Electric Utility Fund does not speculate when entering into financial transactions. Financial hedges are variable to fixed- price swaps, and hedge transactions are layered in to achieve dollar cost averaging. For the prior fiscal year, the Electric Fund entered three FY 2022-23 gas hedging contracts that resulted in the purchase of electricity and were recorded in the Purchased water and power account. As such, the related deferrals recorded in FY 2021-22 have been eliminated.

As of June 30, 2023, the Electric Fund's financial natural gas hedges are as follows:

Gas Hedging
Contract
Contract
Quantity
Contract
Price
First
Effective Date
Last
Effective Date Fair Value
FY23-26 3,288,000 MMBtu*$6.553 avg July 1, 2023 June 30, 2026 ($1,417) *one million British thermal units
The fair value of the natural gas hedges was affected by a decrease in the contracted natural gas prices during the year.

All fair values were estimated using a third party forward curve subscription by StoneX Financial Inc. 85 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

MISCELLANEOUS PLAN
(In thousands)
Last Ten Fiscal Years*
Fiscal year ended 2023 2022 2021 2020 2019
Measurement period: 2022 2021 2020 2019 2018
Total pension liability:

Service cost $ 16,210$ 14,577$ 14,013$ 14,097$ 14,128
Interest on total pension liability 68,905 67,399 65,128 63,160 60,798 Changes in assumptions 29,438 - - - (3,975)
Differences between expected and actual experience(3,450) 2,475 (1,638) 3,662 (8,843) Benefit payments, including refunds of employee
contributions (54,409) (51,190) (49,072) (47,051) (44,019) Net change in total pension liability 56,694 33,261 28,431 33,868 18,089 Total pension liability - beginning of year 991,734 958,473 930,042 896,173 878,085 Total pension liability - end of year (a) $ 1,048,428$ 991,734$ 958,473$ 930,041$ 896,174 Plan fiduciary net position:

Contributions - employer $ 34,659$ 33,911$ 34,628$ 21,362$ 19,060 Contributions - employee 6,932 6,840 6,366 6,083 6,415
Net investment income (67,749) 167,618 35,639 44,748 54,901 Benefit payments (54,409) (51,190) (49,072) (47,051) (44,019) Plan to plan resource movement - - - - (2)
Administrative expense (557) (737) (1,003) (490) (1,018) Other miscellaneous income/(expense) - - - 2 (1,933)
Net change in plan fiduciary net position (81,124) 156,442 26,558 24,654 33,404 Plan fiduciary net position - beginning of year 894,371 737,929 711,371 686,717 653,313 Plan fiduciary net position - end of year (b) $ 813,247$ 894,371$ 737,929$ 711,371$ 686,717 Net pension liability - ending (a)-(b) $ 235,181$ 97,363$ 220,544$ 218,670$ 209,457 Plan fiduciary net position as a percentage of the total pension liability %77.57 %90.18 %76.99 %76.49 %76.63
Covered payroll $ 86,409$ 80,860$ 80,246$ 81,437$ 78,991 Net pension liability as a percentage of
covered payroll %272.17 %120.41 %274.83 %268.51 %265.17 Notes to schedule:

Benefit changes:

The figures above include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date is not included.

Changes in assumptions:
-Effective with June 30, 2021 valuation date (2022 measurement date):
-The discount rate was reduced from 7.15% to 6.90%. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. -The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.5% for measurement date 2014.
* Fiscal year 2015 was the first year of implementation, therefore only nine years are shown. 86 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

MISCELLANEOUS PLAN
(In thousands)
Last Ten Fiscal Years*
Fiscal year ended 2018 2017 2016 2015
Measurement period: 2017 2016 2015 2014
Total pension liability:

Service cost $ 13,740$ 12,370$ 12,555$ 13,182
Interest on total pension liability 59,537 58,556 56,944 55,431 Changes in assumptions 49,266 - (13,841) -
Differences between expected and actual experience(12,763) (9,763) (12,737) - Benefit payments, including refunds of employee
contributions (42,023) (39,699) (37,451) (35,412)
Net change in total pension liability 67,757 21,464 5,470 33,201 Total pension liability - beginning of year 810,327 788,864 783,394 750,194 Total pension liability - end of year (a) $ 878,084$ 810,328$ 788,864$ 783,395 Plan fiduciary net position:

Contributions - employer $ 16,774$ 15,318$ 13,697$ 12,180 Contributions - employee 6,161 6,148 6,443 6,416
Net investment income 66,930 3,282 13,820 94,170
Benefit payments (42,023) (39,699) (37,451) (35,412)
Plan to plan resource movement - - - -
Administrative expense (895) (379) (700) -
Other miscellaneous income/(expense) - - - -
Net change in plan fiduciary net position 46,947 (15,330) (4,191) 77,354 Plan fiduciary net position - beginning of year 606,366 621,696 625,886 548,533 Plan fiduciary net position - end of year (b) $ 653,313$ 606,366$ 621,695$ 625,887 Net pension liability - ending (a)-(b) $ 224,771$ 203,962$ 167,169$ 157,508 Plan fiduciary net position as a percentage of the total pension liability %74.40 %74.83 %78.81 %79.89
Covered payroll $ 78,910$ 78,721$ 79,289$ 78,428
Net pension liability as a percentage of
covered payroll %284.84 %259.09 %210.84 %200.83
Notes to schedule:

Benefit changes:

Changes in assumptions:
-Effective with June 30, 2021 valuation date (2022 measurement date):
-The discount rate was reduced from 7.15% to 6.90%. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.
-The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.5% for measurement date 2014.
* Fiscal year 2015 was the first year of implementation, therefore only nine years are shown. 87 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

MISCELLANEOUS PLAN
(In thousands)
Last Ten Fiscal Years*
2023 2022 2021 2020 2019
Actuarially determined contribution $ 26,659$ 21,822$ 25,913$ 24,622$ 21,348 Contributions in relation to the actuarially
determined contributions (34,659) (29,822) (33,913) (34,622) (21,348) Contribution deficiency (excess) $ (8,000)$ (8,000)$ (8,000)$ (10,000)$ - Covered payroll $ 82,961$ 85,068$ 80,860$ 80,246$ 81,437 Contributions as a percentage of covered payroll %41.78 %35.06 %41.94 %43.14 %26.21 Notes to schedule:

Valuation date June 30, 2020June 30, 2019June 30, 2018June 30, 2017June 30, 2016 Methods and assumptions used to
determine contribution rates:

Actuarial cost methods Entry Age Actuarial Cost Method
Amortization method New policy adopted effective for June 30, 2019 actuarial valuation Asset valuation method Fair Value of Assets
Inflation 2.5%
Salary increases Varies by entry age and service
Payroll growth 2.75%
Investment rate of return 7.00%, net of pension plan investment and administrative expenses, including inflation
Retirement age The probabilities of retirement are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015.

Mortality The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries. * Fiscal year 2015 was the first year of implementation, therefore only nine years are shown. 88 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

MISCELLANEOUS PLAN
(In thousands)
Last Ten Fiscal Years*
2018 2017 2016 2015
Actuarially determined contribution $ 19,042$ 15,318$ 13,697$ 12,180 Contributions in relation to the actuarially
determined contributions (19,042) (15,318) (13,697) (12,180) Contribution deficiency (excess) $ - $ - $ - $ -
Covered payroll $ 78,991$ 78,910$ 78,721$ 79,289
Contributions as a percentage of covered payroll %24.11 %19.41 %17.40 %15.36 Notes to schedule:

Valuation date June 30, 2015 June 30, 2014 June 30, 2013 June 30, 2012 Methods and assumptions used to
determine contribution rates:

REQUIRED SUPPLEMENTARY INFORMATION

POLICE PLAN
(In thousands)
Last Ten Fiscal Years*
Fiscal year ended 2023 2022 2021 2020 2019
Measurement period 2022 2021 2020 2019 2018
Total pension liability:

Service cost $ 6,513$ 5,693$ 5,678$ 6,110$ 5,928
Interest on total pension liability 24,046 23,696 22,805 22,193 21,287 Changes in assumptions 12,291 - - - (1,765)
Differences between expected and actual experience (5,181) 3,158 (1,386) 2,436 1,142 Benefit payments, including refunds of employee
contributions (20,114) (19,523) (18,870) (17,406) (16,726) Net change in total pension liability 17,555 13,024 8,227 13,333 9,866 Total pension liability - beginning of year 348,190 335,166 326,938 313,605 303,739 Total pension liability - end of year (a) $ 365,745$ 348,190$ 335,165$ 326,938$ 313,605 Plan fiduciary net position:

Contributions - employer $ 13,396$ 13,040$ 13,195$ 9,133$ 8,543 Contributions - employee 2,905 2,751 1,819 1,794 1,870
Net investment income (21,859) 53,916 11,485 14,472 17,740 Benefit payments (20,114) (19,523) (18,870) (17,406) (16,726) Plan to plan resource movement - - - - (1)
Administrative expense (179) (237) (324) (158) (329)
Other miscellaneous income/(expense) - - - 1 (625)
Net change in plan fiduciary net position (25,851) 49,947 7,305 7,836 10,472 Plan fiduciary net position - beginning of year $ 286,730$ 236,783$ 229,478$ 221,643$ 211,171 Plan fiduciary net position - end of year (b) $ 260,879$ 286,730$ 236,783$ 229,479$ 221,643 Net pension liability - ending (a)-(b) $ 104,866$ 61,460$ 98,382$ 97,459$ 91,962 Plan fiduciary net position as a percentage of the
total pension liability %71.33 %82.35 %70.65 %70.19 %70.68 Covered payroll $ 18,359$ 17,856$ 19,071$ 18,221$ 17,901 Net pension liability as a percentage of
covered payroll %571.20 %344.20 %515.87 %534.87 %513.73 Notes to schedule:

Benefit changes:

REQUIRED SUPPLEMENTARY INFORMATION

POLICE PLAN
(In thousands)
Last Ten Fiscal Years*
Fiscal year ended 2018 2017 2016 2015
Measurement period 2017 2016 2015 2014
Total pension liability:

Service cost $ 5,939$ 5,346$ 5,322$ 5,538
Interest on total pension liability 20,594 20,171 19,539 18,902 Changes in assumptions 16,968 - (4,702) -
Differences between expected and actual experience (3,062) (1,822) (2,164) - Benefit payments, including refunds of employee
contributions (15,691) (15,040) (14,546) (13,616)
Net change in total pension liability 24,748 8,655 3,449 10,824 Total pension liability - beginning of year 278,992 270,339 266,890 256,066 Total pension liability - end of year (a) $ 303,740$ 278,994$ 270,339$ 266,890 Plan fiduciary net position:

Contributions - employer $ 7,665$ 6,464$ 5,800$ 5,711
Contributions - employee 1,816 1,583 1,550 1,592
Net investment income 21,724 1,023 4,432 31,027
Benefit payments (15,691) (15,040) (14,546) (13,616)
Plan to plan resource movement - - - -
Administrative expense (289) (123) (227) -
Other miscellaneous income/(expense) - - - -
Net change in plan fiduciary net position 15,225 (6,093) (2,991) 24,714 Plan fiduciary net position - beginning of year $ 195,946$ 202,039$ 205,030$ 180,316 Plan fiduciary net position - end of year (b) $ 211,171$ 195,946$ 202,039$ 205,030 Net pension liability - ending (a)-(b) $ 92,569$ 83,048$ 68,300$ 61,860 Plan fiduciary net position as a percentage of the
total pension liability %69.52 %70.23 %74.74 %76.82
Covered payroll $ 17,303$ 17,294$ 17,523$ 16,790
Net pension liability as a percentage of
covered payroll %534.99 %480.21 %389.77 %368.43
Notes to schedule:

Benefit changes:

REQUIRED SUPPLEMENTARY INFORMATION

POLICE PLAN
(In thousands)
Last Ten Fiscal Years*
2023 2022 2021 2020 2019
Actuarially determined contribution $ 10,388$ 8,566$ 10,037$ 10,194$ 9,151 Contributions in relation to the actuarially
determined contributions (13,388) (11,566) (13,037) (13,194) (9,151) Contribution deficiency (excess) $ (3,000)$ (3,000)$ (3,000)$ (3,000)$ - Covered payroll $ 16,941$ 18,359$ 17,856$ 19,071$ 18,221 Contributions as a percentage of covered payroll %79.03 %63.00 %73.01 %69.18 %50.22 Notes to schedule:

Valuation date June 30, 2020June 30, 2019June 30, 2018June 30, 2017June 30, 2016 Methods and assumptions used to
determine contribution rates:

REQUIRED SUPPLEMENTARY INFORMATION

POLICE PLAN
(In thousands)
Last Ten Fiscal Years*
2018 2017 2016 2015
Actuarially determined contribution $ 8,548$ 6,464$ 5,800$ 5,711 Contributions in relation to the actuarially
determined contributions (8,548) (6,464) (5,800) (5,711) Contribution deficiency (excess) $ - $ - $ - $ -
Covered payroll $ 17,901$ 17,303$ 17,294$ 17,523
Contributions as a percentage of covered payroll %47.75 %37.36 %33.54 %32.59 Notes to schedule:

Valuation date June 30, 2015 June 30, 2014 June 30, 2013 June 30, 2012 Methods and assumptions used to
determine contribution rates:

REQUIRED SUPPLEMENTARY INFORMATION

FIRE PLAN
(In thousands)
Last Ten Fiscal Years*
Fiscal year ended 2023 2022 2021 2020 2019
Measurement period 2022 2021 2020 2019 2018
Total pension liability:

Service cost $ 4,337$ 3,635$ 3,762$ 3,748$ 3,775
Interest on total pension liability 18,384 17,958 17,418 17,071 16,480 Changes in assumptions 7,346 - - - (1,250)
Differences between expected and actual
experience 273 329 (2,554) 1,046 (1,046)
Benefit payments, including refunds of employee
contributions (14,481) (14,115) (13,677) (13,151) (12,885) Net change in total pension liability 15,859 7,807 4,949 8,714 5,074 Total pension liability - beginning of year 263,885 256,077 251,126 242,412 237,338 Total pension liability - end of year (a) $ 279,744$ 263,884$ 256,075$ 251,126$ 242,412 Plan fiduciary net position:

Contributions - employer $ 8,551$ 8,489$ 8,194$ 5,295$ 4,515 Contributions - employee 1,957 1,558 1,303 1,303 1,338
Net investment income (17,847) 44,278 9,428 11,944 14,936 Benefit payments (14,481) (14,115) (13,677) (13,151) (12,885) Administrative expense (147) (196) (269) (132) (278)
Other miscellaneous income/(expense) - - - - (528)
Net change in plan fiduciary net position(21,967) 40,014 4,979 5,259 7,098 Plan fiduciary net position - beginning of year$ 235,861$ 195,846$ 190,867$ 185,609$ 178,513 Plan fiduciary net position - end of year (b)$ 213,894$ 235,860$ 195,846$ 190,868$ 185,611 Net pension liability - ending (a)-(b) $ 65,850$ 28,024$ 60,229$ 60,258$ 56,801 Plan fiduciary net position as a percentage of the
total pension liability %76.46 %89.38 %76.48 %76.00 %76.57 Covered payroll $ 13,940$ 14,498$ 14,389$ 14,434$ 14,513 Net pension liability as a percentage of
covered payroll %472.38 %193.30 %418.58 %417.47 %391.38 Notes to schedule:

Benefit changes:

The figures above include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included.

Changes in assumptions:
-Effective with June 20, 2021 valuation date (2022 measurement date):
-The discount rate was reduced from 7.15% to 6.90%. In addition, demographic assumptions and the inflation rate assumptions were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. -The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.5% for measurement date 2014.:
* Fiscal year 2015 was the first year of implementation, therefore only nine years are shown. 94 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

FIRE PLAN
(In thousands)
Last Ten Fiscal Years*
Fiscal year ended 2018 2017 2016 2015
Measurement period 2017 2016 2015 2014
Total pension liability:

Service cost $ 3,855$ 3,381$ 3,239$ 3,366
Interest on total pension liability 16,106 15,827 15,385 14,832 Changes in assumptions 13,011 - (3,638) -
Differences between expected and actual
experience (2,465) (1,841) (594) -
Benefit payments, including refunds of employee
contributions (11,914) (11,323) (10,836) (10,251)
Net change in total pension liability 18,593 6,044 3,556 7,947 Total pension liability - beginning of year 218,745 212,700 209,144 201,197 Total pension liability - end of year (a) $ 237,338$ 218,744$ 212,700$ 209,144 Plan fiduciary net position:

Contributions - employer $ 3,998$ 3,407$ 2,879$ 2,633
Contributions - employee 1,354 1,348 1,238 1,246
Net investment income 18,413 854 3,876 26,646
Benefit payments (11,914) (11,323) (10,836) (10,251)
Administrative expense (246) (105) (194) -
Other miscellaneous income/(expense) - - - -
Net change in plan fiduciary net position 11,605 (5,819) (3,037) 20,274 Plan fiduciary net position - beginning of year$ 166,908$ 172,727$ 175,764$ 155,490 Plan fiduciary net position - end of year (b)$ 178,513$ 166,908$ 172,727$ 175,764 Net pension liability - ending (a)-(b) $ 58,825$ 51,836$ 39,973$ 33,380 Plan fiduciary net position as a percentage of the
total pension liability %75.21 %76.30 %81.21 %84.04
Covered payroll $ 14,392$ 13,802$ 13,785$ 13,400
Net pension liability as a percentage of
covered payroll %408.73 %375.57 %289.97 %249.10
Notes to schedule:

Benefit changes:

Changes in assumptions:
-Effective with June 20, 2021 valuation date (2022 measurement date)::
-The discount rate was reduced from 7.15% to 6.90%. In addition, demographic assumptions and the inflation rate assumptions were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. -The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.5% for measurement date 2014.:
* Fiscal year 2015 was the first year of implementation, therefore only nine years are shown. 95 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

FIRE PLAN
(In thousands)
Last Ten Fiscal Years*
2023 2022 2021 2020 2019
Actuarially determined contribution $ 6,551$ 5,268$ 6,525$ 6,158$ 5,293 Contributions in relation to the actuarially
determined contributions (8,551) (6,268) (8,525) (8,158) (5,293) Contribution deficiency (excess) $ (2,000)$ (1,000)$ (2,000)$ (2,000)$ - Covered payroll $ 13,495$ 13,940$ 14,498$ 14,389$ 14,434 Contributions as a percentage of covered payroll %63.36 %44.96 %58.80 %56.70 %36.67 Notes to schedule:

Valuation date June 30, 2020June 30, 2019June 30, 2018June 30, 2017June 30, 2016 Methods and Assumptions Used to Determine Contribution
Rates:

REQUIRED SUPPLEMENTARY INFORMATION

FIRE PLAN
(In thousands)
Last Ten Fiscal Years*
2018 2017 2016 2015
Actuarially determined contribution $ 4,516$ 3,407$ 2,879$ 2,633 Contributions in relation to the actuarially
determined contributions (4,516) (3,407) (2,879) (2,633) Contribution deficiency (excess) $ - $ - $ - $ -
Covered payroll $ 14,513$ 14,392$ 13,802$ 13,785
Contributions as a percentage of covered payroll %31.12 %23.67 %20.86 %19.10 Notes to schedule:

Valuation date June 30, 2015 June 30, 2014 June 30, 2013 June 30, 2012 Methods and Assumptions Used to Determine Contribution
Rates:

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS (In thousands)
Last Ten Fiscal Years*

PEMHCA URMT PEMHCA URMT PEMHCA URMT
Fiscal year end 6/30/2023 6/30/2023 6/30/2022 6/30/2022 6/30/2021 6/30/2021 6/30/2022 6/30/2022 6/30/2021 6/30/2021 6/30/2020 6/30/2020 Total OPEB Liability:

Service cost $ 1,409$ 282$ 1,396$ 351$ 1,355$ 340
Interest on total OPEB liability 3,865 645 3,732 862 3,574 802 Actual vs. expected experience - - (4,297) (1,134) - -
Assumption changes - - 8,228 (2,197) - -
Benefit payments - (287) (2,452) (254) (2,787) (266)
Net change in total OPEB liability 5,274 640 6,607 (2,372) 2,142 876 Total OPEB liability - beginning of year 61,739 10,174 55,132 12,546 52,990 11,670 Total OPEB liability - end of year (a) $ 67,013$ 10,814$ 61,739$ 10,174$ 55,132$ 12,546 Plan fiduciary net position:

Contributions - employer $ 1,592$ 229$ 2,801$ 228$ 3,956$ 170 Contributions - employee - 229 - 230 - 168
Net investment income (6,187) (1,966) 10,116 3,154 1,162 405 Administrative expenses (27) (4) (28) (4) (32) (5)
Benefit payments - (287) (2,452) (254) (2,787) (266)
Net change in plan fiduciary net position(4,622) (1,799) 10,437 3,354 2,299 472 Plan fiduciary net position - beginning of year 46,134 14,620 35,697 11,266 33,398 10,794 Plan fiduciary net position - end of year (b)$ 41,512$ 12,821$ 46,134$ 14,620$ 35,697$ 11,266 Net OPEB liability - ending (a)-(b) $ 25,501$ (2,007)$ 15,605$ (4,446)$ 19,435$ 1,280 Plan fiduciary net position as a percentage of the
total OPEB liability %61.95 %118.56 %74.72 %143.70 %64.75 %89.80 Covered employee payroll $ 113,396$ 18,164$ 114,377$ 17,448$ 124,607$ 19,521 Net OPEB liability as a percentage of
covered payroll %22.49 %-11.05 %13.64 %(25.48) %15.60 %6.56 Notes to schedule:

Benefit changes:

There were no changes in benefits.

Changes in assumptions:

There were no changes in assumptions.
* Fiscal year ended June 30, 2018, was the first year of implementation, therefore only six years are shown. 98 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS (In thousands)
Last Ten Fiscal Years*

PEMHCA URMT PEMHCA URMT PEMHCA URMT
Fiscal year end 6/30/2020 6/30/2020 6/30/2019 6/30/2019 6/30/2018 6/30/2018 6/30/2019 6/30/2019 6/30/2018 6/30/2018 6/30/2017 6/30/2017 Total OPEB Liability:

Service cost $ 1,645$ 299$ 1,597$ 291$ 1,550$ 283
Interest on total OPEB liability 4,704 715 4,470 668 4,246 623 Actual vs. expected experience (3,095) 320 - - - -
Assumption changes (17,049) 178 - - - -
Benefit payments (2,537) (285) (2,735) (256) (2,331) (222) Net change in total OPEB liability (16,332) 1,227 3,332 703 3,465 684 Total OPEB liability - beginning of year 69,322 10,443 65,990 9,740 62,525 9,056 Total OPEB liability - end of year (a) $ 52,990$ 11,670$ 69,322$ 10,443$ 65,990$ 9,740 Plan fiduciary net position:

Contributions - employer $ 3,941$ 167$ 3,959$ 154$ 3,168$ 148 Contributions - employee - 167 - 154 - 148
Net investment income 2,052 657 2,212 717 2,548 889
Administrative expenses (20) (2) (68) (17) (29) (5)
Benefit payments (2,537) (285) (2,735) (256) (2,331) (222) Net change in plan fiduciary net position 3,436 704 3,368 752 3,356 958 Plan fiduciary net position - beginning of year 29,962 10,090 26,594 9,338 23,238 8,380 Plan fiduciary net position - end of year (b)$ 33,398$ 10,794$ 29,962$ 10,090$ 26,594$ 9,338 Net OPEB liability - ending (a)-(b) $ 19,592$ 876$ 39,360$ 353$ 39,396$ 402 Plan fiduciary net position as a percentage of the
total OPEB liability %63.03 %92.49 %43.22 %96.62 %40.30 %95.87 Covered employee payroll $ 112,032$ 17,698$ 110,329$ 17,084$ 109,489$ 18,086 Net OPEB liability as a percentage of
covered payroll %17.49 %4.95 %35.68 %2.07 %35.98 %2.22
Notes to schedule
Benefit Changes:

There were no changes in benefits.

Changes in Assumptions::

There were no changes in assumptions.
* Fiscal year ended June 30, 2018, was the first year of implementation, therefore only six years are shown. 99 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CONTRIBUTIONS - OPEB
(In thousands)
Last Ten Fiscal Years*

PEMHCAURMT PEMHCAURMT PEMHCAURMT
6/30/2023 6/30/20236/30/2022 6/30/2022 6/30/2021 6/30/2021 Actuarially determined contribution $ 2,854$ 17 $ 2,798$ 231 $ 2,714$ 224 Contributions in relation to the actuarially determined contributions(5,505) (323) (1,592) (229) (2,801) (228) Contribution deficiency (excess) $ (2,651)$ (306)$ 1,206$ 2 $ (87)$ (4) Covered employee payroll 113,396 18,164 111,714 17,448 114,377 18,172 Contributions as a percentage of covered employee payroll %4.85 %1.78 %1.43 %1.31 %2.45 %1.25 Notes to schedule:

Methods and assumptions used to
determine contribution rates:

Actuarial cost method Entry age normal, Level percentage of pay Amortization method Level percentage of pay
Amortization period 21-year fixed period for 2022/23
Asset valuation method Investment gains and losses spread over 5-year rolling period Discount rate 6.25%
Inflation 2.50%
Investment rate of return 6.25%
Mortality CalPERS 1997-2015 experience study
* Fiscal year 2018 was the first year of implementation, therefore only six years are shown. 100
City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CONTRIBUTIONS - OPEB
(In thousands)
Last Ten Fiscal Years*

PEMHCA URMT PEMHCA URMT PEMHCA URMT
6/30/2020 6/30/2020 6/30/2019 6/30/2019 6/30/2018 6/30/2018 Actuarially determined contribution $ 4,112$ 170 $ 4,027$ 167 $ 3,959$ 154 Contributions in relation to the actuarially determined contributions(3,992) (170) (4,027) (167) (3,959) (154) Contribution deficiency (excess) $ 120$ - $ - $ - $ - $ - Covered employee payroll 124,607 19,521 112,032 17,698 110,329 17,084 Contributions as a percentage of covered employee payroll %3.20 %0.87 %3.59 %0.94 %- %0.90 Notes to schedule:

Methods and assumptions used to
determine contribution rates:

City of Burbank

COMBINING BALANCE SHEET

NONMAJOR GOVERNMENTAL FUNDS
June 30, 2023
(in thousands)
Special Revenue Funds
Prop. A
Transp.

Prop. C
Transp.

AQMD
Transp.

Affordable
Housing
Program
Commun.

Dev Block
Grants
Section 8
Housing
Road Maint
& Rehab.

Assets:

Pooled cash and investments $ 3,767$ 5,667$ 457 $ 98 $ 1,169$ 1,466$ 2,346 Accounts receivable 215 8 35 339 171 5 419
Interest receivable 8 11 1 - 2 - 5
Interfund receivable - - - - 18 45 -
Inventories - - - - - - -
Prepaid items and deposits - - - - - 3 -
Total assets $ 3,990$ 5,686$ 493 $ 437 $ 1,360$ 1,519$ 2,770 Liabilities:

Accounts payable $ 55 $ 493 $ - $ 256 $ 166 $ 71 $ 1
Interfund payable - - - 20 - 301 -
Deposits - - - - - - -
Total liabilities 55 493 - 276 166 372 1
Fund balances:

Nonspendable:

Prepaid items and deposits - - - - - - -
Restricted:

Transportation 3,935 5,193 - - - - 2,769
Federal and state grants - - 493 161 1,194 1,147 -
Public safety - - - - - - -
Capital projects - - - - - - -
Committed:

Transportation - - - - - - -
Continuing Appropriations - - - - - - -
Unassigned (deficit) - - - - - - -
Total fund balances (deficits) 3,935 5,193 493 161 1,194 1,147 2,769 Total liabilities and fund balances $ 3,990$ 5,686$ 493 $ 437 $ 1,360$ 1,519$ 2,770 (Continued)
102
City of Burbank

COMBINING BALANCE SHEET

NONMAJOR GOVERNMENTAL FUNDS
June 30, 2023
(in thousands)
Special Revenue Funds
State Gas
Tax
Street
Lighting
General
City Grants
Comm.

Services
Drug Asset
Forfeiture
Measure R
Transp.

Assets:

Pooled cash and investments $ 1,173$ 2,173$ 372 $ 29 $ 237 $ 4,737 Accounts receivable 235 917 38 - - 506
Interest receivable 2 5 1 - - 10
Interfund receivable - - - - - -
Inventories - 10 - - - -
Prepaid items and deposits 2 - - - - -
Total assets $ 1,412$ 3,105$ 411 $ 29 $ 237 $ 5,253
Liabilities:

Accounts payable $ 246$ - $ 11 $ - $ 1 $ 19
Interfund payable - - - - - -
Deposits - 1,132 - - - -
Total liabilities 246 1,132 11 - 1 19
Fund balances:

Nonspendable:

Prepaid items and deposits - - - - - -
Restricted:

Transportation 1,166 1,973 - - - 5,234
Federal and state grants - - - 29 - -
Public safety - - 400 - 236 -
Capital projects - - - - - -
Committed:

Transportation - - - - - -
Continuing Appropriations - - - - - -
Unassigned (deficit) - - - - - -
Total fund balances (deficits) 1,166 1,973 400 29 236 5,234 Total liabilities and fund balances $ 1,412$ 3,105$ 411 $ 29 $ 237 $ 5,253 (Continued)
103
City of Burbank

COMBINING BALANCE SHEET

NONMAJOR GOVERNMENTAL FUNDS
June 30, 2023
(in thousands)
Special Revenue Funds
Capital
Projects Funds
Total
Nonmajor
Magnolia
Power
Project
Tieton
Hydro
Power
Measure
M Transp.

Measure W
Stormwater
Public
Improve.

Parking
Authority
General
Capital
Projects
Govern-
mental
Funds
Assets:

Pooled cash and investments $ 79 $ 106 $ 3,318$ 3,972$ 19,351$ 1,319$ 27,382$ 79,218 Accounts receivable 4,762 680 - - 1,949 67 748 11,094
Interest receivable - - 7 8 39 2 56 157
Interfund receivable - - - - - - - 63
Inventories - - - - - - - 10
Prepaid items and deposits 5 - - - - - - 10
Total assets $ 4,846$ 786 $ 3,325$ 3,980$ 21,339$ 1,388$ 28,186$ 90,552 Liabilities:

Accounts payable $ 4,716$ 186 $ 19 $ 31 $ 255$ 43 $ 551 $ 7,121 Interfund payable 130 168 - - - - - 619
Deposits - 432 - - - - - 1,564
Total liabilities 4,846 786 19 31 255 43 551 9,304
Fund balances:

Nonspendable:

Prepaid items and deposits 5 - - - - - - 5
Restricted:

Transportation - - 3,306 - - - - 23,576
Federal and state grants - - - - - - - 3,024
Public safety - - - - - - - 636
Capital projects - - - 3,948 - 1,345 - 5,293
Committed:

Transportation - - - - 21,084 - - 21,084
Continuing Appropriations - - - - - - 27,635 27,635
Unassigned (deficit) (5) - - - - - - (5)
Total fund balances (deficits) - - 3,306 3,948 21,084 1,345 27,635 81,248 Total liabilities and fund balances$ 4,846$ 786 $ 3,325$ 3,979$ 21,339$ 1,388$ 28,186$ 90,552 104
City of Burbank

COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended June 30, 2023
(in thousands)
Special Revenue Funds
Prop. A
Transp.

Prop. C
Transp.

AQMD
Transp.

Affordable
Housing
Program
Commun.

Dev Block
Grants
Section 8
Housing
Road Maint
& Rehab.

Revenues:

Taxes $ 2,945$ 2,267$ - $ - $ - $ - $ -
Use of money or property (3) 207 - - - 13 36
Intergovernmental 203 - 139 1,021 739 12,832 2,392
Charges for services 57 57 - - - - -
Total revenues 3,202 2,531 139 1,021 739 12,845 2,428
Expenditures:

General government:

Public safety:

Police - - - - - - -
Environmental:

Community development 2,061 1,599 99 786 372 13,212 -
Capital outlay:

Street improvements - - - - - - 1,712
General capital improvements - - - - - - -
Total capital outlay - - - - - - 1,712
Total expenditures 2,061 1,599 99 786 372 13,212 1,712
Excess (deficiency) of revenues
over expenditures 1,141 932 40 235 367 (367) 716
Other financing sources (uses):

Transfers in - 415 - - - - -
Transfers out (415) - - - - - -
Total other financing sources (uses) (415) 415 - - - - - Net change in fund balance 726 1,347 40 235 367 (367) 716 Fund balances, (deficits), July 1, 2022 3,209 3,846 453 (74) 827 1,514 2,053 Fund balances, (deficits), June 30, 2023 $ 3,935$ 5,193$ 493 $ 161 $ 1,194$ 1,147$ 2,769 (Continued)
105
City of Burbank

COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended June 30, 2023
(in thousands)
Special Revenue Funds
State Gas
Tax
Street
Lighting
General
City Grants
Comm.

Services
Drug Asset
Forfeiture
Measure R
Transp.

Revenues:

Taxes $ - $ - $ - $ - $ - $ 1,699
Use of money or property 22 124 (1) - 3 64
Intergovernmental 2,688 - 512 - 3 -
Charges for services - 2,798 - - - 507
Total revenues 2,710 2,922 511 - 6 2,270
Expenditures:

General government:

Public safety:

Police - - 305 - 35 -
Environmental:

Community development - - - - - -
Capital outlay:

Street improvements 2,499 2,457 - - - 892
General capital improvements - - - - - 1,319
Total capital outlay 2,499 2,457 - - - 2,211
Total expenditures 2,499 2,457 305 - 35 2,211
Excess (deficiency) of revenues
over expenditures 211 465 206 - (29) 59
Other financing sources (uses):

Transfers in - - - - - -
Transfers out - - (105) - - -
Total other financing sources (uses) - - (105) - - -
Net change in fund balance 211 465 101 - (29) 59
Fund balances, (deficits), July 1, 2022 955 1,508 299 29 265 5,175 Fund balances, (deficits), June 30, 2023 $ 1,166$ 1,973$ 400 $ 29 $ 236 $ 5,234 (Continued)
106
City of Burbank

COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended June 30, 2023
(in thousands)
Special Revenue Funds
Capital
Projects Funds
Total
Nonmajor
Magnolia
Power
Project
Tieton
Hydro
Power
Measure
M Transp.

Measure W
Stormwater
Public
Improve.

Parking
Authority
General
Capital
Projects
Govern-
mental
Funds
Revenues:

Taxes $ - $ - $ - $ 1,437$ - $ - $ - $ 8,348
Use of money or property 78 6 39 (24) 99 22 249 934
Intergovernmental - - 1,923 - 2,586 1 767 25,806
Charges for services 23,218 1,924 - - 1,686 330 - 30,577 Total revenues 23,296 1,930 1,962 1,413 4,371 353 1,016 65,665 Expenditures:

General government:

Public safety:

Police - - - - - - - 340
Environmental:

Community development 23,296 1,930 - - 1,542 556 - 45,453 Capital outlay:

Street improvements - - 2,372 - - - - 9,932
General capital improvements - - - 139 - - 2,325 3,783
Total capital outlay - - 2,372 139 - - 2,325 13,715
Total expenditures 23,296 1,930 2,372 139 1,542 556 2,325 59,508 Excess (deficiency) of revenues
over expenditures - - (410) 1,274 2,829 (203) (1,309) 6,157 Other financing sources (uses):

Transfers in - - - - - - 583 998
Transfers out - - - - (250) - - (770)
Total other financing sources (uses) - - - - (250) - 583 228 Net change in fund balance - - (410) 1,274 2,579 (203) (726) 6,385 Fund balances, (deficits), July 1, 2022 - - 3,716 2,674 18,505 1,548 28,361 74,863 Fund balances, (deficits), June 30, 2023 $ - $ - $ 3,306$ 3,948$ 21,084$ 1,345$ 27,635$ 81,248 107
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
PROP. A TRANSP.

For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Taxes $ 2,637$ 2,637$ 2,945$ 308
Use of money or property 38 38 (3) (41)
Intergovernmental 85 85 203 118
Charges for services 3 3 57 54
Total revenues 2,763 2,763 3,202 439
Expenditures:

Environmental:

Community development 2,503 3,320 2,061 1,259
Total expenditures 2,503 3,320 2,061 1,259
Excess (deficiency) of revenues over (under) expenses 260 (557) 1,141 1,698 Other financing sources (uses):

Transfers out (185) (185) (415) (230)
Total other financing sources (uses) (185) (185) (415) (230) Net change in fund balance 75 (742) 726 1,468
Fund balance, July 1, 2022 3,209 3,209 3,209 -
Fund balance, June 30, 2023 $ 3,284$ 2,467$ 3,935$ 1,468 108
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
PROP. C TRANSP.

For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Taxes $ 2,104$ 2,104$ 2,267$ 163
Use of money or property 225 225 207 (18)
Charges for services 143 143 57 (86)
Total revenues 2,472 2,472 2,531 59
Expenditures:

Environmental:

Community development 2,984 3,780 1,599 (2,181)
Total expenditures 2,984 3,780 1,599 2,181
Excess (deficiency) of revenues over (under) expenses (512) (1,308) 932 2,240 Other financing sources (uses):

Transfers in 185 185 415 230
Total other financing sources (uses) 185 185 415 230
Net change in fund balance (327) (1,123) 1,347 2,470
Fund balance, July 1, 2022 3,846 3,846 3,846 -
Fund balance, June 30, 2023 $ 3,519$ 2,723$ 5,193$ 2,470 109
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
AQMD TRANSP.

For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 6 $ 6 $ - $ (6)
Intergovernmental 132 132 139 7
Total revenues 138 138 139 1
Expenditures:

Environmental:

Community development 180 180 99 (81)
Total expenditures 180 180 99 81
Excess (deficiency) of revenues over (under) expenses (42) (42) 40 82 Fund balance, July 1, 2022 453 453 453 -
Fund balance, June 30, 2023 $ 411$ 411$ 493$ 82
110
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

AFFORDABLE HOUSING PROGRAM
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Intergovernmental $ 622$ 4,149$ 1,021$ (3,128)
Total revenues 622 4,149 1,021 (3,128)
Expenditures:

Environmental:

Community development 661 3,842 786 (3,056)
Total expenditures 661 3,842 786 3,056
Excess (deficiency) of revenues over (under) expenses (39) 307 235 (72) Fund balance, July 1, 2022 (74) (74) (74) -
Fund balance, June 30, 2023 $ (113)$ 233$ 161$ (72)
111
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
COMMUN. DEV BLOCK GRANTS
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 1 $ 1 $ - $ (1)
Intergovernmental 1,088 2,437 739 (1,698)
Total revenues 1,089 2,438 739 (1,699)
Expenditures:

Environmental:

Community development 1,064 2,375 372 (2,003)
Total expenditures 1,064 2,375 372 2,003
Excess (deficiency) of revenues over (under) expenses 25 63 367 304 Fund balance, July 1, 2022 827 827 827 -
Fund balance, June 30, 2022 $ 852$ 890$ 1,194$ 304
112
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
SECTION 8 HOUSING
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 29$ 29 $ 13 $ (16)
Intergovernmental 13,025 13,826 12,832 (994)
Total revenues 13,054 13,855 12,845 (1,010)
Expenditures:

Environmental:

Community development 13,091 14,363 13,212 (1,151)
Total expenditures 13,091 14,363 13,212 1,151
Excess (deficiency) of revenues over (under) expenses (37) (508) (367) 141 Fund balance, July 1, 2022 1,514 1,514 1,514 -
Fund balance, June 30, 2023 $ 1,477$ 1,006$ 1,147$ 141
113
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
ROAD MAINT & REHAB.

For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 43 $ 43 $ 36 $ (7)
Intergovernmental 2,302 2,302 2,392 90
Total revenues 2,345 2,345 2,428 83
Expenditures:

Capital outlay:

Street improvements 2,322 4,012 1,712 (2,300)
Total expenditures 2,322 4,012 1,712 2,300
Excess (deficiency) of revenues over (under) expenses 23 (1,667) 716 2,383 Fund balance, July 1, 2022 2,053 2,053 2,053 -
Fund balance, June 30, 2023 $ 2,076$ 386$ 2,769$ 2,383
114
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

STATE GAS TAX
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 14$ 14 $ 22 $ 8
Intergovernmental 2,841 2,841 2,688 (153)
Total revenues 2,855 2,855 2,710 (145)
Expenditures:

Capital outlay:

Street improvements 2,764 3,164 2,499 (665)
Total expenditures 2,764 3,164 2,499 665
Excess (deficiency) of revenues over (under) expenses 91 (309) 209 518 Fund balance, July 1, 2022 955 955 955 -
Fund balance, June 30, 2023 $ 1,046$ 646$ 1,166$ 520
115
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

STREET LIGHTING
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 71$ 71 $ 124$ 53
Charges for services 3,295 3,295 2,798 (497)
Total revenues 3,366 3,366 2,922 (444)
Expenditures:

Capital outlay:

Street improvements 3,437 4,148 2,457 (1,691)
Total expenditures 3,437 4,148 2,457 1,691
Excess (deficiency) of revenues over (under) expenses (71) (782) 465 1,247 Fund balances, July 1, 2022 1,508 1,508 1,508 -
Fund balances, June 30, 2022 $ 1,437$ 726$ 1,973$ 1,247 116
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

GENERAL CITY GRANTS
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 9 $ 9 $ (1)$ (10)
Intergovernmental 421 866 512 (354)
Total revenues 430 875 511 (364)
Expenditures:

Public safety:

Police - 324 305 (19)
Total expenditures - 324 305 19
Excess (deficiency) of revenues over (under) expenses 430 551 206 (345) Other financing sources (uses):

Transfers out - 105 (105) -
Total other financing sources (uses) - (105) (105) -
Net change in fund balances 430 446 101 (345)
Fund balance, July 1, 2022 299 299 299 -
Fund balance, June 30, 2022 $ 729$ 745$ 400$ (345)
117
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
COMM. SERVICES
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ - $ - $ - $ -
Total revenues - - - -
Expenditures:

Environmental:

Community development - 7 - 7
Total expenditures - 7 - 7
Excess (deficiency) of revenues over (under) expenses - 7 - 7 Fund balance, July 1, 2022 29 29 29 -
Fund balance, June 30, 2022 $ 29$ 22 $ 29 $ 7
118
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

DRUG ASSET FORFEITURE
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 4 $ 4 $ 3 $ (1)
Intergovernmental 18 18 3 (15)
Total revenues 22 22 6 (16)
Expenditures:

Public safety:

Police - 67 35 (32)
Total expenditures - 67 35 32
Excess (deficiency) of revenues over (under) expenses 22 (45) (29) 16 Fund balance, July 1, 2022 265 265 265 -
Fund balance, June 30, 2022 $ 287$ 220$ 236$ 16
119
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
MEASURE R TRANSP.

For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Taxes $ 1,578$ 1,578$ 1,700$ 122
Use of money or property 64 64 64 -
Charges for services 285 285 506 221
Total revenues 1,927 1,927 2,270 343
Expenditures:

Capital outlay:

Street improvements 340 1,803 892 (911)
General capital improvements 338 1,603 1,319 (284)
Total expenditures 678 3,406 2,211 1,195
Excess (deficiency) of revenues over (under) expenses 1,249 (1,479) 59 1,538 Fund balance, July 1, 2022 5,175 5,175 5,175 -
Fund balance, June 30, 2023 $ 6,424$ 3,696$ 5,234$ 1,538 120
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

MAGNOLIA POWER PROJECT
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ - $ - $ 78 $ 78
Intergovernmental - - (1) (1)
Charges for services 24,151 24,151 23,219 (932)
Total revenues 24,151 24,151 23,296 (855)
Expenditures:

Environmental:

Community development 24,151 24,276 23,296 (980)
Total expenditures 24,151 24,276 23,296 980
Excess (deficiency) of revenues over (under) expenses - (125) 1 126 Other financing sources (uses):

Net change in fund balances - (125) - 125
Fund balance, July 1, 2022 - - - -
Fund balance, June 30, 2023 $ - $ (125)$ - $ 125
121
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

TIETON HYDROPOWER
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ - $ - $ 6 $ 6
Charges for services 2,082 2,082 1,924 (158)
Total revenues 2,082 2,082 1,930 (152)
Expenditures:

Environmental:

Community development 1,921 1,921 1,930 9
Capital outlay:

General capital improvements 161 352 - (352)
Total expenditures 2,082 2,273 1,930 343
Excess (deficiency) of revenues over (under) expenses - (191) - 191 Fund balance, July 1, 2022 - - - -
Fund balance, June 30, 2023 $ - $ (191)$ - $ 191
122
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
MEASURE M TRANSP.

For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 39$ 39 $ 39 $ -
Intergovernmental 1,788 1,788 1,923 135
Total revenues 1,827 1,827 1,962 135
Expenditures:

Capital outlay:

Street improvements 1,867 4,717 2,372 (2,345)
Total expenditures 1,867 4,717 2,372 2,345
Excess (deficiency) of revenues over (under) expenses (40) (2,890) (410) 2,480 Fund balance, July 1, 2022 3,716 3,716 3,716 -
Fund balance, June 30, 2023 $ 3,676$ 826$ 3,306$ 2,480
123
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

MEASURE W STORMWATER
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Taxes $ 1,453$ 1,453$ 1,437$ (16)
Use of money or property 21 21 (24) (45)
Total revenues 1,474 1,474 1,413 (61)
Expenditures:

Capital outlay:

General capital improvements 106 697 139 (558)
Total expenditures 106 697 139 558
Excess (deficiency) of revenues over (under) expenses 1,368 777 1,274 497 Fund balance, July 1, 2022 2,674 2,674 2,674 -
Fund balance, June 30, 2023 $ 4,042$ 3,451$ 3,948$ 497
124
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
PUBLIC IMPROVE.

For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 252$ 252$ 99 $ (153)
Intergovernmental 831 8,367 2,587 (5,780)
Charges for services 299 299 1,685 1,386
Total revenues 1,382 8,918 4,371 (4,547)
Expenditures:

Environmental:

Community development 837 10,155 1,542 (8,613)
Capital outlay Community Development - 1,800 - (1,800)
Capital outlay parks and recreation 586 586 - (586)
Total expenditures 1,423 12,541 1,542 10,999
Excess (deficiency) of revenues over (under) expenses (41) (3,623) 2,829 6,452 Other financing sources (uses):

Transfers out (250) (250) (250) -
Total other financing sources (uses) (250) (250) (250) - Net change in fund balances (291) (3,873) 2,579 6,452
Fund balance, July 1, 2022 18,505 18,505 18,505 -
Fund balance, June 30, 2023 $ 18,214$ 14,632$ 21,084$ 6,452 125
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

PARKING AUTHORITY CAPITAL PROJECTS
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 25$ 25 $ 22 $ (3)
Intergovernmental - - 1 1
Charges for services 654 654 330 (324)
Total revenues 679 679 353 (326)
Expenditures:

Environmental
Community development 1,227 1,964 556 (1,408)
Total expenditures 1,227 1,964 556 1,408
Excess (deficiency) of revenues over (under) expenses (548) (1,285) (204) 1,081 Fund balance, July 1, 2022 1,548 1,548 1,548 -
Fund balance, June 30, 2023 $ 1,000$ 263$ 1,345$ 1,082
126
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

GENERAL CAPITAL PROJECTS
For the Year Ended June 30, 2023
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 489$ 489$ 248$ (241)
Intergovernmental 4,448 6,224 767 (5,457)
Total revenues 4,937 6,713 1,015 (5,698)
Expenditures:

General government
Public safety
Environmental
Culture and recreation
Library - 7 - (7)
General capital improvements 3,178 18,006 2,325 (15,681) Capital outlay Community Development - 2 - (2)
Total expenditures 3,178 18,015 2,325 15,690
Excess (deficiency) of revenues over (under) expenses 1,759 (11,302) (1,309) 9,993 Other financing sources (uses):

Transfers in - 583 583 -
Total other financing sources (uses) - 583 583 -
Net change in fund balances 1,759 (10,719) (727) 9,992
Fund balances, (deficit) July 1, 2022 28,361 28,361 28,361 - Fund balances, (deficit) June 30, 2022 $ 30,120$ 17,642$ 27,634$ 9,992 127

City of Burbank

COMBINING STATEMENT OF NET POSITION

INTERNAL SERVICE FUNDS
June 30, 2023
(in thousands)
General
Liability
Insurance
Workers
Compensation
Insurance
Vehicle
Equipment
Replacement
Office
Equipment
Replacement
Municipal
Infrastructure
Assets:

Current assets:

Pooled cash and investments $ 25,016$ 55,599$ 28,851$ 4,701$ 43,110 Accounts receivable 10 288 91 - 2,513
Interest receivable 51 113 58 10 88
Interfund receivable 3 2 - - -
Inventories - - 493 - -
Prepaid expenses 11 - 2,123 - 26
Total current assets 25,091 56,002 31,616 4,711 45,737
Capital assets:

Buildings and improvements - - 2,777 - -
Accumulated depreciation - - (2,054) - -
Machinery and equipment - - 44,410 8,081 -
Accumulated depreciation - - (32,149) (6,278) -
Lease assets - - - - -
Buildings - rights to use - - - - -
Subscription assets - - - - -
Accumulated depreciation - - - - -
Construction in progress - - 47 - -
Total assets $ 25,091$ 56,002$ 44,647$ 6,514$ 45,737
Liabilities:

Current liabilities:

Accounts payable $ 152$ 51 $ 964$ 8 $ 4,284
Accrued liabilities 26 - - - -
Compensated absences 4 2 20 - -
Lease payable - - - - -
Outstanding claims - self insurance 2,494 7,797 - - -
Subscriptions - - - - -
Total current liabilities 2,676 7,850 984 8 4,284
Long-term liabilities (net of current portion):

Compensated absences 56 45 170 - -
Lease payable - - - - -
Outstanding claims - self insurance 6,629 31,028 - - -
Total long-term liabilities 6,685 31,073 170 - -
Total liabilities 9,361 38,923 1,154 8 4,284
Net position:

Net investment in capital assets - - 12,973 1,802 -
Unrestricted 15,730 17,079 30,520 4,704 41,453
Total net position $ 15,730$ 17,079$ 43,493$ 6,506$ 41,453 (Continued)
128
City of Burbank

COMBINING STATEMENT OF NET POSITION

INTERNAL SERVICE FUNDS
June 30, 2023
(in thousands)
Communication
Equipment
Replacement
Information
Technology Fund Total
Assets:

Current assets:

Pooled cash and investments $ 4,855$ 21,186$ 183,318
Accounts receivable 6 29 2,937
Interest receivable 10 43 373
Interfund receivable 2 44 51
Inventories 172 - 665
Prepaid expenses 1 289 2,450
Total current assets 5,046 21,591 189,794
Capital assets:

Buildings and improvements 3,491 - 6,268
Accumulated depreciation (1,748) - (3,802)
Machinery and equipment 19,269 19,134 90,894
Accumulated depreciation (16,249) (17,894) (72,570)
Lease assets 540 - 540
Buildings - rights to use (114) - (114)
Subscription assets - 993 993
Accumulated depreciation - (518) (518)
Construction in progress 820 871 1,738
Total assets $ 11,055$ 24,177$ 213,223
Liabilities:

Current liabilities:

Accounts payable $ 102 $ 487 $ 6,048
Accrued liabilities - - 26
Compensated absences - 32 58
Lease payable 49 - 49
Outstanding claims - self insurance - - 10,291
Subscriptions - 459 459
Total current liabilities 151 978 16,931
Long-term liabilities (net of current portion):

Compensated absences 213 637 1,121
Lease payable 400 - 400
Outstanding claims - self insurance - - 37,657
Total long-term liabilities 613 637 39,178
Total liabilities 764 1,615 56,109
Net position:

Net investment in capital assets 5,559 2,052 22,386
Unrestricted 4,732 20,510 134,728
Total net position $ 10,291$ 22,562$ 157,114
129
City of Burbank

COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2023
(in thousands)
General
Liability
Insurance
Workers
Compensation
Insurance
Vehicle
Equipment
Replacement
Office
Equipment
Replacement
Municipal
Infrastructure
Operating revenues:

Charges for services $ 8,829$ 8,161$ 8,072$ 731$ -
Total operating revenues 8,829 8,161 8,072 731 -
Operating expenses:

Operations and maintenance 17,053 9,125 7,347 188 14,333 Depreciation/amortization - - 2,849 479 -
Total operating expenses 17,053 9,125 10,196 667 14,333 Operating income (loss) (8,224) (964) (2,124) 64 (14,333) Non-operating income (expense):

Interest income 312 326 256 12 (44)
Other taxes - - - - 16,036
Gain (loss) on disposal of capital assets - - 372 1 -
Other income (expense) 3,113 64 560 331 -
Total non-operating income (expense) 3,425 390 1,188 344 15,992 Income (loss) before transfers and
capital contributions (4,799) (574) (936) 408 1,659
Transfers in - - 364 - 4,700
Change in net position (4,799) (574) (572) 408 6,359
Net position, July 1, 2022 20,529 17,653 44,065 6,098 35,094 Net position, June 30, 2023 $ 15,730$ 17,079$ 43,493$ 6,506$ 41,453 (Continued)
130
City of Burbank

COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2023
(in thousands)
Communication
Equipment
Replacement
Information
Technology Fund Total
Operating revenues:

Charges for services $ 3,112$ 12,260$ 41,165
Total operating revenues 3,112 12,260 41,165
Operating expenses:

Operations and maintenance 2,479 10,720 61,245
Depreciation/amortization 1,262 1,380 5,970
Total operating expenses 3,741 12,100 67,215
Operating income (loss) (629) 160 (26,050)
Non-operating income (expense):

Interest income 54 (128) 788
Other taxes - - 16,036
Gain (loss) on disposal of capital assets - - 373
Other income (expense) 27 - 4,095
Total non-operating income (expense) 81 (128) 21,292
Income (loss) before transfers and
capital contributions (548) 32 (4,758)
Transfers in - 7,775 12,839
Change in net position (548) 7,807 8,081
Net position, July 1, 2022 10,839 14,755 149,033
Net position, June 30, 2023 $ 10,291$ 22,562$ 157,114
131
City of Burbank

COMBINING STATEMENT OF CASH FLOWS

Cash received from customers $ 8,821$ 8,100$ 8,016$ 731 $ 367 Cash paid to suppliers (16,455) (6,458) (6,389) (238) (11,691) Cash paid to employees (430) (546) (1,531) - -
Other income 3,113 64 553 331 16,036
Net cash provided by (used in) operating activities (4,951) 1,160 649 824 4,712 Cash flows from noncapital financing activities :

Transfers from other funds - - 364 - 4,700
Net cash provided by noncapital financing activities - - 364 - 4,700 Cash flows from capital and related financing activities:

Proceeds from sales of capital assets - - 378 - -
Acquisition and construction of capital assets - - (3,003) (353) - Net cash provided by (used in) capital and related financing activities - - (2,625) (353) -
Cash flows from investing activities:

Interest received 597 1,301 702 105 947
Change in fair value (256) (940) (421) (91) (988)
Net cash provided by investing activities 341 361 281 14 (41) Net increase (decrease) in cash and cash equivalents (4,610) 1,521 (1,331) 485 9,371 Cash and cash equivalents July 1, 2022 29,626 54,078 30,182 4,216 33,739 Cash and cash equivalents, June 30, 2023 $ 25,016$ 55,599$ 28,851$ 4,701$ 43,110 (Continued)
132
City of Burbank

COMBINING STATEMENT OF CASH FLOWS

INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2023
(in thousands)
Communication
Equipment
Replacement
Information
Technology Fund Total
Cash flows from operating activities:

Cash received from customers $ 3,113$ 12,220$ 41,368
Cash paid to suppliers (2,087) (5,275) (48,593)
Cash paid to employees (1,276) (5,060) (8,843)
Other income 27 - 20,124
Net cash provided by (used in) operating activities (223) 1,885 4,056 Cash flows from noncapital financing activities :

Transfers from other funds - 7,776 12,840
Net cash provided by noncapital financing activities - 7,776 12,840 Cash flows from capital and related financing activities:

Proceeds from sales of capital assets - - 378
Acquisition and construction of capital assets (591) (1,956) (5,903) Net cash provided by (used in) capital and related financing activities (591) (1,956) (5,525) Cash flows from investing activities:

Interest received 114 463 4,229
Change in fair value (55) (599) (3,350)
Net cash provided by investing activities 59 (136) 879
Net increase (decrease) in cash and cash equivalents (755) 7,569 12,250 Cash and cash equivalents July 1, 2022 5,610 13,617 171,068 Cash and cash equivalents, June 30, 2023 $ 4,855$ 21,186$ 183,318 (Continued)
133
City of Burbank

COMBINING STATEMENT OF CASH FLOWS

Net income/loss from operating activities $ (8,224)$ (964)$ (2,124)$ 64 $ (14,333) Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:

Depreciation - - 2,849 479 -
Other income (expense) 3,113 64 553 331 16,036
(Increase) decrease in inventories - - (83) - -
(Increase) decrease in accounts receivable (8) (62) (56) - 367 (Increase) decrease in prepaid items 89 - (608) - 12
Increase (decrease) in accounts payable 20 (65) 75 (50) 2,630 Increase (decrease) in outstanding claims payable 41 2,198 - - - Increase (decrease) in compensated absences 18 (11) 43 - - Total adjustments 3,273 2,124 2,773 760 19,045
Net cash provided (used) by operating activities (4,951) 1,160 649 824 4,712 Increase (decrease) in fair value of investments (256) (940) (421) (91) (988) (Continued)
134
City of Burbank

COMBINING STATEMENT OF CASH FLOWS

INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2023
(in thousands)
Communication
Equipment
Replacement
Information
Technology Fund Total
Reconciliation of operating income (loss) to
net cash provided by operating activities:

Net income/loss from operating activities $ (629)$ 160 $ (26,050) Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:

Depreciation 1,262 1,380 5,970
Other income (expense) 27 - 20,124
(Increase) decrease in inventories 7 - (76)
(Increase) decrease in accounts receivable 1 (40) 202
(Increase) decrease in prepaid items 11 251 (245)
Increase (decrease) in accounts payable (929) 79 1,760
Increase (decrease) in outstanding claims payable - - 2,239 Increase (decrease) in compensated absences 27 55 132
Total adjustments 406 1,725 30,106
Net cash provided (used) by operating activities (223) 1,885 4,056 Increase (decrease) in fair value of investments (55) (599) (3,350) 135

City of Burbank
Table 1 - Net Position by Component
Last Ten Fiscal Years (accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2023 2022 2021 2020 2019
Governmental activities:

Net investment in capital assets $ 690,046$ 687,067$ 682,223$ 681,697$ 684,259 Restricted 97,747 86,422 81,986 72,123 102,820
Unrestricted 85,053 57,022 1,325 (11,932) (56,055)
Total governmental activities 872,846 830,511 765,534 741,888 731,024 Business-type activities:

Net investment in capital assets 404,244 397,850 389,957 388,772 363,419 Restricted 2,007 10,939 9,243 2,603 -
Unrestricted 83,740 82,247 90,772 76,516 92,639
Total business-type activities net position 489,991 491,036 489,972 467,891 456,058 Primary government:

Net investment in capital assets 1,094,290 1,084,917 1,072,180 1,070,469 1,047,678 Restricted 99,754 97,361 91,229 74,726 102,820
Unrestricted 168,793 139,269 92,097 64,584 36,584
Total primary government net position $ 1,362,837$ 1,321,547$ 1,255,506$ 1,209,779$ 1,187,082 (Continued)
SOURCE: City Financial Services Department
136
City of Burbank
Table 1 - Net Position by Component
Last Ten Fiscal Years (accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2018 2017 2016 2015 2014
Governmental activities:

Net investment in capital assets $ 688,278$ 682,070$ 688,518$ 692,032$ 733,756 Restricted 61,628 63,610 63,051 62,827 61,165
Unrestricted (42,672) (9,364) (11,249) (36,215) 216,456 Total governmental activities 707,234 736,316 740,320 718,644 1,011,377 Business-type activities:

Net investment in capital assets 340,870 323,782 312,885 298,664 300,256 Restricted - - - - -
Unrestricted 106,078 107,628 87,055 74,679 144,501
Total business-type activities net position 446,948 431,410 399,940 373,343 444,757 Primary government:

Net investment in capital assets 1,029,148 1,005,852 1,001,403 990,696 1,034,012 Restricted 61,628 63,610 63,051 62,827 61,165
Unrestricted 63,406 98,264 75,806 38,464 360,957
Total primary government net position $ 1,154,182$ 1,167,726$ 1,140,260$ 1,091,987$ 1,456,134 SOURCE: City Financial Services Department
137
City of Burbank
Table 2 - Changes in Net Position
Last Ten Fiscal Years (accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2023 2022 2021 2020 2019
Expenses
Governmental activities:

General government $ 25,880$ 9,479$ 16,578$ 18,763$ 7,613 Police 74,326 51,038 62,074 64,315 59,907
Fire 50,190 32,432 41,232 40,217 37,855
Public works 45,499 19,428 36,837 41,521 37,664
Community development 63,803 53,055 61,168 54,619 49,786 Parks and recreation 34,765 21,937 24,880 26,199 23,732 Library 8,118 6,169 7,759 8,528 7,484
Interest on long-term debt 10 147 282 404 512
Total governmental activities expenses 302,591 193,685 250,810 254,566 224,553 Business-type activities:

Water reclamation & sewer 15,028 14,300 17,491 17,472 18,340 Golf course - - - - -
Electric utility 233,172 189,599 197,359 188,119 189,486 Water utility 33,815 32,291 32,679 33,699 30,523
Refuse collection & disposal 20,991 18,153 18,307 15,506 17,117 Total business-type activities expenses 303,006 254,343 265,836 254,796 255,466 Total primary government expenses $ 605,597$ 448,028$ 516,646$ 509,362$ 480,019 Program revenues
Governmental activities:

Charges for services:

General government $ 10,944$ 1,824$ 2,108$ 1,817$ 632
Police 14,167 3,879 3,493 3,878 4,182
Fire 10,878 5,158 3,832 5,012 4,803
Public works 6,758 2,243 1,799 2,417 1,041
Community development 19,902 12,439 11,609 13,464 10,206 Parks and recreation 14,702 9,618 6,461 5,425 6,139
Library 1,063 19 38 117 163
Operating grants and contributions 51,232 52,221 68,456 44,268 38,788 Capital grants and contributions 762 415 - - 50
Total governmental activities program revenues 130,408 87,816 97,796 76,398 66,004 Business-type activities:

Charges for services:

Water reclamation & sewer 18,135 18,225 17,198 18,901 17,778 Golf course - - - - -
Electric 212,886 182,390 200,974 181,091 193,050
Water 33,967 33,959 34,025 33,257 31,211
Refuse collection & disposal 20,218 19,127 17,789 17,765 17,974 Operating grants and contributions 876 2,316 6 141 149
Capital grants and contributions 7,508 3,243 4,274 7,088 8,786 Total business-type activities program revenues 293,590 259,260 274,266 258,243 268,948 Total primary government program revenues $ 423,998$ 347,076$ 372,062$ 334,641$ 334,952 Net (expense)/revenue
Governmental activities $ (172,183)$ (105,869)$ (153,014)$ (178,168)$ (158,549) Business-type activities (9,416) 4,917 8,430 3,447 13,482 Total primary government net expense $ (181,599)$ (100,952)$ (144,584)$ (174,721)$ (145,067) (Continued)
SOURCE: City Financial Services Department
138
City of Burbank
Table 2 - Changes in Net Position
Last Ten Fiscal Years (accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2018 2017 2016 2015 2014
Expenses
Governmental activities:

General government $ 15,475$ 17,252$ 13,335$ 14,600$ 12,022 Police 59,865 55,824 47,318 48,613 48,288
Fire 41,417 36,504 30,174 29,771 31,754
Public works 35,468 30,064 34,119 39,550 27,481
Community development 48,726 47,832 43,219 44,946 47,011 Parks and recreation 18,790 19,613 20,660 19,241 19,613 Library 7,203 6,671 6,919 6,735 6,593
Interest on long-term debt 565 2,762 2,943 3,743 7,254
Total governmental activities expenses 227,509 216,522 198,687 207,199 200,016 Business-type activities:

Water reclamation & sewer 14,832 13,925 13,961 13,146 13,556 Golf course - 664 703 753 1,719
Electric utility 177,330 178,993 186,306 198,286 211,426 Water utility 32,525 28,969 28,924 28,350 29,529
Refuse collection & disposal 15,699 14,158 13,871 14,076 14,056 Total business-type activities expenses 240,386 236,709 243,765 254,611 270,286 Total primary government expenses $ 467,895$ 453,231$ 442,452$ 461,810$ 470,302 Program revenues
Governmental activities:

Charges for services:

General government $ 526 $ 642 $ 220 $ 189 $ 160
Police 4,242 4,065 3,784 3,856 3,612
Fire 5,053 4,301 4,383 3,474 3,684
Public works 1,643 1,665 1,896 2,126 1,147
Community development 8,392 6,632 5,862 10,350 9,630
Parks and recreation 4,158 4,004 3,903 3,817 3,759
Library 148 193 194 188 179
Operating grants and contributions 43,547 41,238 19,340 18,637 19,214 Capital grants and contributions 77 - - - -
Total governmental activities program revenues 67,786 62,740 39,582 42,637 41,385 Business-type activities:

Charges for services:

Water reclamation & sewer 17,514 17,214 17,321 17,654 17,056 Golf course - - - 19 887
Electric 204,375 205,634 207,850 212,282 224,958
Water 34,040 30,503 28,367 29,068 31,286
Refuse collection & disposal 17,365 17,420 16,700 16,841 16,302 Operating grants and contributions 119 269 886 5,044 2,639 Capital grants and contributions 7,338 1,648 4,040 1,007 891 Total business-type activities program revenues 280,751 272,688 275,164 281,915 294,019 Total primary government program revenues $ 348,537$ 335,428$ 314,746$ 324,552$ 335,404 Net (expense)/revenue
Governmental activities $ (159,723)$ (153,782)$ (159,105)$ (164,562)$ (158,631) Business-type activities 40,365 35,979 31,399 27,304 23,733 Total primary government net expense $ (119,358)$ (117,803)$ (127,706)$ (137,258)$ (134,898) (Continued)
SOURCE: City Financial Services Department
139
City of Burbank
Table 2 - Changes in Net Position
Last Ten Fiscal Years (accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2023 2022 2021 2020 2019
General revenues and other changes in net position
Governmental activities:

Property tax $ 68,099$ 62,088$ 61,375$ 55,042$ 54,980
Sales tax 77,734 74,398 59,300 61,326 43,747
Utility users tax 18,646 16,392 15,596 16,761 17,520
Franchise tax 3,087 5,235 4,690 5,169 5,161
Motor-vehicle in-lieu tax - - - - -
Transient occupancy taxes 12,208 10,526 5,531 9,344 11,112 Transient parking tax 4,303 3,833 1,283 2,813 3,462
Unrestricted investment earnings 1,974 (10,641) 5,393 12,752 11,625 Other
Other taxes 11,554 14,344 - - -
Grants/contributions not restricted to specific programs 70 180 - - - Other $ 16,122$ (5,923)$ 23,512$ 25,474$ 33,923
Other 27,746 8,601 23,512 25,474 33,923
Extraordinary gain on dissolution of redevelopment agency 373 - - - - Transfers 348 414 (20) 351 (91)
Total governmental activities 214,518 170,846 176,660 189,032 181,439 Business-type activities:

Unrestricted investment earnings 4,330 (4,957) 1,041 6,976 8,116 Other 3,271 1,518 3,064 1,761 1,921
Transfers (348) (414) 20 (351) 91
Total business-type activities 7,253 (3,853) 4,125 8,386 10,128 Total primary government $ 221,771$ 166,993$ 180,785$ 197,418$ 191,567 Change in net position
Governmental activities $ 42,335$ 64,977$ 23,646$ 10,864$ 22,890 Business-type activities (2,163) 1,064 12,555 11,833 23,610 Total primary government $ 40,172$ 66,041$ 36,201$ 22,697$ 46,500 (Continued)
SOURCE: City Financial Services Department
140
City of Burbank
Table 2 - Changes in Net Position
Last Ten Fiscal Years (accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2018 2017 2016 2015 2014
General revenues and other changes in net position
Governmental activities:

Property tax $ 52,848$ 48,924$ 47,113$ 37,351$ 32,936
Sales tax 34,605 35,197 34,228 30,441 31,657
Utility users tax 18,702 19,185 19,384 19,312 19,905
Franchise tax 5,470 5,596 9,352 5,309 4,919
Motor-vehicle in-lieu tax - - - 9,147 8,819
Transient occupancy taxes 11,734 11,204 10,595 7,902 7,145 Transient parking tax 3,353 3,190 2,955 2,846 2,818
Unrestricted investment earnings 1,005 5,445 10,052 13,883 18,156 Other
Other taxes - - - - -
Grants/contributions not restricted to specific programs - - - - - Other $ 26,161$ 10,772$ 35,198$ 31,157$ 27,025
Other 26,161 10,772 35,198 31,157 27,025
Extraordinary gain on dissolution of redevelopment agency - - - - - Transfers 17,089 10,265 11,077 11,084 12,058
Total governmental activities 170,967 149,778 179,954 168,432 165,438 Business-type activities:

Unrestricted investment earnings 986 565 3,654 2,176 2,939 Other 2,046 5,191 2,621 3,790 2,606
Transfers (17,089) (10,265) (11,077) (11,084) (12,058)
Total business-type activities (14,057) (4,509) (4,802) (5,118) (6,513) Total primary government $ 156,910$ 145,269$ 175,152$ 163,314$ 158,925 Change in net position
Governmental activities $ 11,244$ (4,004)$ 20,849$ 3,870$ 6,807 Business-type activities 26,308 31,470 26,597 22,186 17,220 Total primary government $ 37,552$ 27,466$ 47,446$ 26,056$ 24,027 SOURCE: City Financial Services Department
141
City of Burbank
Table 3 - Fund Balances of Governmental Funds
Last Ten Fiscal Years (modified accrual basis)
(in thousands)
(Unaudited)
GASB 54 Fund Balance Fiscal year ended June 30,
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
General fund
Nonspendable $ 220 $ 1,431$ 10,113$ 16,773$ 23,477$ 31,838$ 33,281$ 44,081$ 46,171$ 46,451 Restricted 18,431 11,129 12,281 712 1,491 1,319 1,476 1,281 1,023 741 Assigned 11,330 6,222 3,447 2,851 6,222 1,557 2,060 3,551 2,356 2,986 Unassigned (deficit) 110,685 111,260 86,907 92,567 86,404 67,319 63,708 57,097 48,320 43,312 Total general fund 140,666 130,042 112,748 112,903 117,594 102,033 100,525 106,010 97,870 93,490 All other governmental funds
Nonspendable 5 123 67 88 237 161 213 174 208 184
Restricted 80,430 75,290 69,705 71,411 70,769 65,996 105,796 106,781 110,217 166,474 Committed 21,084 18,508 19,129 17,580 16,883 20,177 17,873 20,392 19,576 16,723 Assigned 27,634 29,252 30,964 33,581 33,456 29,705 31,353 29,645 29,195 30,194 Unassigned (deficit) (5) (172) (166) (36) (187) (13) (71) - (816) (807) Total all other
governmental
funds 129,148 123,001 119,699 122,624 121,158 116,026 155,164 156,992 158,380 212,768 Total governmental funds$ 269,814$ 253,043$ 232,447$ 235,527$ 238,752$ 218,059$ 255,689$ 263,002$ 256,250$ 306,258 SOURCE: City Financial Services Department
142
City of Burbank
Table 4 - Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years (modified accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2023 2022 2021 2020 2019
Revenues
Sales tax $ 61,698$ 74,398$ 59,300$ 61,326$ 43,747
Property tax 55,917 62,088 61,375 55,042 54,980
Utility users tax 18,646 16,392 15,596 16,761 17,520
Other taxes 35,699 5,618 (2,251) 5,382 16,019
Total taxes 171,960 158,496 134,020 138,511 132,266
Licenses & permits 7,464 9,799 6,915 7,284 6,543
Fines, forfeitures and penalties 1,198 1,667 2,074 1,896 2,286 Use of money or property 3,216 (5,467) 4,827 9,988 9,533 Intergovernmental 43,471 43,672 57,803 36,484 36,201
Charges for services 54,812 50,844 50,164 48,652 41,804 Total revenues 282,121 259,011 255,803 242,815 228,633
Expenditures
General government 21,024 20,285 20,452 22,643 12,605
Public safety 107,385 98,648 99,988 98,014 92,470
Environmental 73,830 68,650 79,008 69,966 62,726
Culture and recreation 36,720 33,029 30,354 30,109 27,752 Capital outlay 13,715 9,237 20,952 16,305 13,240
Debt service:

Principal 175 2,510 2,260 2,035 1,825
Interest 10 159 293 414 522
Total expenditures 252,859 232,518 253,307 239,486 211,140 Excess (deficiency) of revenue over (under) expenditures 29,262 26,493 2,496 3,329 17,493 Other financing sources (uses)
Transfers in 1,103 1,266 6,854 2,699 5,611
Transfers out (13,594) (7,165) (12,432) (6,017) (5,658) Other revenues - 2 2 4 7
Total other financing sources (uses) (12,491) (5,897) (5,576) (3,314) (40) Net change in fund balances $ 16,771$ 20,596$ (3,080)$ 15 $ 17,453 Debt service as a percentage of non-capital expenditures %0.1 %1.2 %1.1 %1.1 %1.2 (Continued)
SOURCE: City Financial Services Department
143
City of Burbank
Table 4 - Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years (modified accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2018 2017 2016 2015 2014
Revenues
Sales tax $ 34,605$ 35,197$ 34,228$ 30,441$ 31,657
Property tax 52,848 48,924 47,113 37,351 32,936
Utility users tax 18,702 19,185 19,384 19,312 19,905
Other taxes 11,915 10,324 14,013 27,370 25,692
Total taxes 118,070 113,630 114,738 114,474 110,190
Licenses & permits 5,907 5,928 4,929 5,852 4,298
Fines, forfeitures and penalties 2,529 2,406 2,380 2,570 2,110 Use of money or property 6,303 4,303 7,188 14,575 11,447 Intergovernmental 38,025 29,001 29,639 31,763 28,282
Charges for services 37,522 38,166 31,940 34,375 32,049 Total revenues 208,356 193,434 190,814 203,609 188,376
Expenditures
General government 16,308 18,776 12,900 15,640 12,391
Public safety 92,699 91,108 84,953 80,519 79,432
Environmental 58,357 59,847 52,196 52,005 53,791
Culture and recreation 24,875 24,190 24,567 23,517 23,358 Capital outlay 18,368 10,592 14,899 14,337 11,840
Debt service:

Principal 45,960 3,920 3,670 53,185 6,700
Interest 740 2,779 2,959 4,041 6,786
Total expenditures 257,307 211,212 196,144 243,244 194,298 Excess (deficiency) of revenue over (under) expenditures (48,951) (17,778) (5,330) (39,635) (5,922) Other financing sources (uses)
Transfers in 17,193 16,505 15,896 14,867 17,885
Transfers out (5,894) (6,064) (4,793) (4,294) (4,307)
Other revenues 22 24 152 92 28
Total other financing sources (uses) 11,321 10,465 11,255 10,665 13,606 Net change in fund balances $ (37,630)$ (7,313)$ 5,925$ (28,970)$ 7,684 Debt service as a percentage of non-capital expenditures %19.5 %3.3 %3.7 %25.0 %7.4 SOURCE: City Financial Services Department
144
City of Burbank
Table 5 - Electricity Sold by Type of Customer
Last Ten Fiscal Years
(in thousands)
(Unaudited)
Fiscal Year Residential Commercial
Large
Commercial
Street Lights/
Traffic Wholesale Other
2022-23 48,931 46,242 66,082 - 39,628 8,466
2021-22 43,974 42,876 60,875 - 21,486 6,598
2020-21 45,553 39,436 58,345 - 42,088 6,512
2019-20 43,495 42,238 66,381 - 15,442 5,910
2018-19 43,287 44,485 69,916 - 21,784 4,696
2017-18 45,387 48,837 74,360 - 21,252 7,866
2016-17 44,978 49,961 72,470 - 23,512 8,554
2015-16 45,021 49,301 71,761 - 27,150 8,931
2014-15 43,109 48,980 71,086 - 35,691 9,169
2013-14 39,910 46,479 68,755 2,385 50,151 -
Effective July 1, 2018, instead of passing through the Electric Fund, the in-lieu transfer is accounted for directly in the General Fund.

Source: Burbank Water and Power
145
City of Burbank
Table 6 - Electricity Rates
Last Ten Fiscal Years
(Unaudited)
Fiscal Year Residential Commercial
Large
Commercial
2022-23 0.17120 0.17326 0.15052
2021-22 0.16005 0.16208 0.14082
2020-21 0.15865 0.16020 0.13963
2019-20 0.15834 0.16071 0.13933
2018-19 0.15810 0.15890 0.13660
2017-18 0.16570 0.16760 0.14480
2016-17 0.16510 0.16490 0.14550
2015-16 0.16160 0.16080 0.14310
2014-15 0.15810 0.15590 0.13950
2013-14 0.14910 0.14645 0.12810
Effective July 1, 2018, instead of passing through the Electric Fund, the in-lieu transfer is accounted for directly in the General Fund.

Source: Burbank Water and Power
146
City of Burbank
Table 7 - Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Governmental activities:

Pension obligation bonds$ - $ 175 $ 2,685$ 4,945$ 6,980$ 8,805$ 10,440$ 11,895$ 13,185$ 14,320 Revenue bonds - - - - - - 44,325 46,790 49,170 95,505
Total governmental
activities - 175 2,685 4,945 6,980 8,805 54,765 58,685 62,355 109,825 Business-type activities:

Revenue bonds 241,700 113,390 87,549 90,475 110,517 117,833 124,988 131,993 138,867 145,605 Loans - - 5,530 5,973 6,404 6,825 7,234 7,634 8,023 8,437 Total business-type
activities 241,700 113,390 93,079 96,448 116,921 124,658 132,222 139,627 146,890 154,042 Total primary government $ 241,700$ 113,565$ 95,764$ 101,393$ 123,901$ 133,463$ 186,987$ 198,312$ 209,245$ 263,867 Percentage of personal income (1) %0.03 %1.53 %1.38 %1.58 %2.00 %2.24 %3.33 %3.82 %4.24 %5.62 Per capita (2) 2.31 1.08 0.92 0.97 1.18 1.25 1.78 1.89 1.97 2.50 (1) This ratio is calculated using personal income for two prior calendar years for the prior calendar year. (2) This ratio is calculated using population for the prior calendar year.

SOURCE: City Financial Services Department
147
City of Burbank
Table 8 - Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
(in thousands)
(Unaudited)
Outstanding General Bonded Debt
Fiscal Year Revenue Bonds
Pension
Obligation
Bonds
Total
General
Debt
Pct. of
Assessed
Value (1)
Per
Capita (2)
2022-23 - - - -% -
2021-22 - 175 175 -% -
2020-21 - 2,685 2,685 0.01% 0.03
2019-20 - 4,945 4,945 0.02% 0.05
2018-19 - 6,980 6,980 0.04% 0.07
2017-18 - 8,805 8,805 0.04% 0.08
2016-17 44,325 10,440 54,765 0.26% 0.52
2015-16 46,790 11,895 58,685 0.28% 0.56
2014-15 49,170 13,185 62,355 0.32% 0.59
2013-14 95,505 14,320 109,825 0.58% 1.05
(1) Assessed value has been used as the actual value of taxable property is not readily available in the State of California. (2) This ratio is calculated using the prior year's population.

SOURCE: City Financial Services Department
148
City of Burbank
Table 9 - Schedule of Direct and Overlapping Debt
June 30, 2023
(in thousands)
(Unaudited)
City assessed valuation $ 29,022,766
Redevelopment agency incremental valuation 7,751,907
Total assessed valuation $ 36,774,673
Percentage
Applicable (1)
Outstanding
Debt 22/23
Estimated Share of
Overlapping Debt
Los Angeles County %0.798 19,215 153
Burbank Unified School District %100.000 131,149 131,149 Los Angeles Community College District %2.708 4,500,730 121,880 Total overlapping debt 4,651,094 253,182

City direct debt:

Pension obligation bonds - -

Total direct and overlapping debt $ 253,182

Note: (1) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of another governmental unit's taxable assessed value that is within City boundaries and dividing it by each unit's total taxable assessed value.

Sources: City Financial Services Department
HDL Coren & Cone
149
City of Burbank
Table 10 - Legal Debt Margin Information
Last Ten Fiscal Years
(in thousands)
(Unaudited)
Fiscal Year Debt Limit
Total
Net
Debt
Legal
Debt
Margin Pct(1)
2022-23 5,516,201 29,680 5,486,521 3.49%
2021-22 4,012,823 35,405 3,977,418 3.90%
2020-21 3,935,284 40,390 3,894,894 2.34%
2019-20 3,750,928 47,535 3,703,393 2.07%
2018-19 3,592,248 54,385 3,537,863 1.56%
2017-18 3,463,247 54,050 3,409,197 1.51%
2016-17 3,218,528 66,525 3,152,003 1.27%
2015-16 3,111,620 72,949 3,038,671 1.03%
2014-15 2,877,262 112,235 2,765,027 0.88%
2013-14 2,850,211 99,583 2,750,761 3.49%
Note: (1) Full title: Total net debt applicable to the limit as a percentage of the debt limit Net assessed value $ 36,774,673
Debt limit - 15% of assessed value 5,516,201
Amount of debt applicable to debt limit:

Successor agency - tax allocation bonds(1) 29,680
Total 29,680
Less:

Reserves in debt service funds available for payment of principal:

Successor Agency -
Total -
Total amount of debt applicable to debt limit 29,680
Legal debt margin $ 5,486,521
(1) Reflected in the Fiduciary Trust Fund statements
SOURCE: City Financial Services Department
150
City of Burbank
Table 11 - Pledged Revenue Coverage
Last Ten Fiscal Years
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2023 2022 2021 2020 2019
Electric Utility Fund
Gross revenues (1) $ 218,908$ 183,439$ 203,907$ 185,688$ 198,589 Operations & maintenance expenses (2)211,879 167,942 178,196 167,957 171,205 Net revenues 7,029 15,497 25,711 17,731 27,384
Debt service requirement (3) 4,578 3,295 7,049 7,465 7,468 Times coverage 1.54 4.70 3.65 2.38 3.67
Water Utility Fund
Gross revenues 35,215 34,297 34,677 34,386 32,368
Operations & maintenance expenses 29,337 27,998 28,471 29,627 26,594 Net revenues 5,878 6,299 6,206 4,759 5,774
Debt service requirement 3,997 2,995 2,592 2,593 2,596
Times coverage 1.47 2.10 2.39 1.84 2.22
Refuse Collection and Disposal Fund
Gross revenues 21,356 17,893 18,011 19,439 19,532
Operations & maintenance expenses 20,222 16,840 16,058 14,029 15,665 Net revenues 1,134 1,053 1,953 5,410 3,867
Debt service requirement - - 753 749 748
Times coverage - - 2.59 7.22 5.17
Water Reclamation and Sewer Fund
Gross revenues 18,823 16,848 17,620 20,379 19,710
Operations & maintenance expenses 11,854 11,148 14,321 14,079 14,599 Net revenues 6,969 5,700 3,299 6,300 5,111
Debt service requirement 1,220 1,221 1,225 1,216 1,217
Times coverage 5.71 4.67 2.69 5.18 4.20
(Continued)
Notes:
(1) Gross revenues include total operating revenues, interest income, intergovernmental revenues, gain on disposal of fixed assets, rental income, and other income.
(2) Total operating expenses exclude depreciated cost.
(3) Debt service represents cash requirements during the year.

SOURCE: City Financial Services Department
151
City of Burbank
Table 11 - Pledged Revenue Coverage
Last Ten Fiscal Years
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2018 2017 2016 2015 2014
Electric Utility Fund
Gross revenues (1) $ 206,505$ 207,257$ 211,450$ 219,508$ 230,366 Operations & maintenance expenses (2)159,938 161,947 168,081 179,878 194,311 Net revenues 46,567 45,310 43,369 39,630 36,055
Debt service requirement (3) 7,468 7,465 7,469 7,465 7,464 Times coverage 6.24 6.07 5.81 5.31 4.83
Water Utility Fund
Gross revenues 34,664 31,115 27,542 29,872 32,137
Operations & maintenance expenses 28,842 28,969 22,918 24,558 25,558 Net revenues 5,822 2,146 4,624 5,314 6,579
Debt service requirement 2,596 2,593 2,593 2,492 2,346
Times coverage 2.24 0.83 1.78 2.05 2.80
Refuse Collection and Disposal Fund
Gross revenues 17,597 18,143 17,870 17,743 17,166
Operations & maintenance expenses 14,724 14,675 13,782 13,514 13,080 Net revenues 2,873 3,468 4,088 4,229 4,086
Debt service requirement 748 752 759 748 751
Times coverage 3.84 4.61 5.39 5.65 5.44
Water Reclamation and Sewer Fund
Gross revenues 17,679 17,358 18,352 19,443 17,961
Operations & maintenance expenses 10,794 13,925 10,466 9,714 10,154 Net revenues 6,885 3,433 7,886 9,729 7,807
Debt service requirement 1,217 1,222 1,222 1,223 1,422
Times coverage 5.66 2.81 6.45 7.96 5.49
SOURCE: City Financial Services Department
152
City of Burbank
Table 11 - Pledged Revenue Coverage
Last Ten Fiscal Years
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2023 2022 2021 2020 2019
Tax allocation bonds
Tax increment $ 7,314$ 8,838$ 17,824$ 17,549$ 17,431
Debt service:

Principal 5,725 4,985 7,145 6,850 6,525
Interest 1,327 1,595 1,887 2,203 3,583
Times coverage 1.04 1.34 1.97 1.94 1.72
Fiscal year ended June 30,
2018 2017 2016 2015 2014
Tax allocation bonds
Tax increment $ 18,746$ 13,239$ 19,500$ 10,387$ 22,775
Debt service:

Principal 6,655 6,425 6,805 6,365 6,445
Interest 3,583 3,853 4,081 5,909 8,496
Times coverage 1.83 1.29 1.79 0.85 1.52
SOURCE: City Financial Services Department
153
City of Burbank
Table 12 - Demographic and Economic Statistics
Last Ten Fiscal Years
(Unaudited)
Fiscal Year Population (1)
Personal
Income (2)
Per Capita
Personal
Income (3)
Unemployment
Rate (4)
2022-23 104,535 7,750,433 74,142 7.4%
2021-22 104,966 7,409,130 70,586 5.4%
2020-21 103,969 6,933,069 66,684 10.8%
2019-20 106,801 6,417,352 60,087 22.6%
2018-19 107,691 6,189,610 58,419 5.7%
2017-18 107,149 5,960,056 55,624 5.2%
2016-17 105,033 5,621,471 53,521 3.8%
2015-16 105,110 5,192,434 49,400 4.3%
2014-15 106,084 4,936,088 46,530 6.1%
2013-14 105,543 4,693,919 44,474 6.6%
Note:
(1) State of California Department of Finance
(2) (3) X (1); in thousands
(3) Bureau Economic Analysis, Department of Commerce. Los Angeles County: CA1-3 per capital personal income (Metropolitan divisions)
(4) State of California Economic Development Department 154
City of Burbank
Table 13 - Principal Employers
Current Year and Ten Years Ago
(Unaudited)
2023 2013
Number of
Employees %
Number of
Employees %
Warner Bros. Discovery 10,000 15.9% 7,400 12.0%
The Walt Disney Company 7,800 12.4% 7,900 12.9%
Hollywood Burbank Airport 2,685 4.3% 2,400 3.9%
Providence St. Joseph Medical Center 2,507 4.0% 3,000 4.9% Burbank Unified School District 2,000 3.2% 1,900 3.1%
City of Burbank 1,433 2.3% 1,500 2.4%
Nickelodeon 895 1.4% 547 0.9%
Netflix, Inc. 850 1.4% - -%
Cast & Crew 784 1.2% 200 0.3%
Deluxe Shared Services 668 1.1% - -%
Other employers 33,231 52.9% 36,585 59.6%
(1) 62,853 100% 61,432 100%

(1) The total employees figure includes all employees in agencies which are required to report their employee counts to the City. Non-profit agencies are not required to report this information.

Source: City of Burbank Economic Development Department 155
City of Burbank
Table 14 - Full-Time and Part-Time City Employees by Function Last Ten Fiscal Years
(Unaudited)
Fiscal year ended June 30,
2023 2022 2021 2020 2019
General government 191 233 229 229 186
Police 263 274 271 274 269
Fire 137 136 136 136 136
Public works 107 88 90 88 88
Community development 93 64 58 60 51
Parks and recreation 185 167 168 168 167
Library 65 64 64 64 65
Water reclamation and sewer 13 12 12 12 12
Electric utility 293 287 286 286 286
Water utility 54 53 53 53 53
Refuse collection & disposal 63 63 63 63 62
1,464 1,441 1,430 1,433 1,375
Fiscal year ended June 30,
2018 2017 2016 2015 2014
General government 158 220 165 145 161
Police 269 271 271 266 265
Fire 136 136 136 135 135
Public works 88 111 111 108 128
Community development 51 51 51 49 75
Parks and recreation 166 165 231 222 160
Library 65 65 65 63 63
Water reclamation and sewer 12 11 11 11 11
Electric utility 286 286 286 286 286
Water utility 53 51 53 51 51
Refuse collection & disposal 62 55 56 55 55
1,346 1,422 1,436 1,391 1,390
SOURCE: City Financial Services Department
156
City of Burbank
Table 15 - Operating Indicators by Function, concluded
Last Ten Fiscal Years
(Unaudited)
Fiscal year ended June 30,
2023 2022 2021 2020 2019
Police:

Arrests 4,019 3,832 - 3,659 4,785
Reports taken 10,392 11,596 - 10,662 10,808
Service calls 41,351 41,338 - 42,026 45,816
Animals entering shelter 1,357 1,115 - 1,188 1,496
Moving violations issued 9,690 8,425 - 8,059 8,025
Fire:

Safety employees 120 120 120 120 120
Fire incidents 1,430 1,274 1,193 1,330 1,961
Medical incidents 10,369 9,490 8,467 8,690 8,622
Community development:

Building permits 4,481 4,200 3,967 4,250 3,961
Burbank bus ridership 171,507 161,971 139,823 248,267 278,272 Business licenses 865 900 854 978 915
Business tax registrations 11,750 11,500 11,840 12,260 12,455 Parks and recreation:

Number of street trees 30,749 30,749 - 27,875 27,875
Sports participants 11,781 17,799 - 10,389 19,875
Afterschool and daycamp participants 4,498 3,317 - 766 1,200 Special interest participants 7,768 5,814 - 7,881 11,495 Volunteer hours served 41,161 - - 59,979 109,206
Library:

Number of books 266,430 293,487 312,031 322,177 348,223 Number of audiovisual recordings 64,413 64,933 67,003 69,287 70,871 Water reclamation & sewer:

Customer accounts 46,504 46,377 46,233 45,869 47,766
Electric utility:

Number of meters 54,922 54,445 54,172 53,884 56,641
Generating capacity (KW) 225,000 225,000 225,000 225,000 225,000 Peak demand (KW) 290,400 322,000 292,000 283,000 322,000 Water utility:

Number of meters 27,106 27,082 27,065 27,012 27,923
Average daily gallons used 11,530 13,520 14,080 13,650 13,560 Refuse collection & disposal:

Customer accounts 48,913 48,680 48,485 47,871 53,307
Golf course:

Rounds of full golf 60,232 70,199 - 46,617 45,710
Rounds of 3 par golf 8,617 7,381 - 3,949 3,281
(Continued)
157
City of Burbank
Table 15 - Operating Indicators by Function, concluded
Last Ten Fiscal Years
(Unaudited)
Fiscal year ended June 30,
2018 2017 2016 2015 2014
Police:

Arrests 4,699 4,964 5,155 5,601 5,802
Reports taken 11,830 14,976 13,016 11,848 12,221
Service calls 50,587 48,923 47,432 44,663 44,355
Animals entering shelter 1,796 1,944 2,013 2,220 2,630
Moving violations issued 11,665 12,672 12,019 15,377 13,703 Fire:

Safety employees 120 120 135 125 120
Fire incidents 1,409 1,348 1,331 1,221 1,221
Medical incidents 9,127 9,004 8,759 7,818 7,818
Community development:

Building permits 4,245 4,097 4,372 4,060 4,428
Burbank bus ridership 280,363 300,118 330,103 317,178 332,232 Business licenses 940 960 965 938 1,026
Business tax registrations 12,567 12,639 12,903 13,043 12,791 Parks and recreation:

Number of street trees 28,051 28,375 28,532 28,505 28,631 Sports participants 14,830 15,599 15,709 15,230 17,290
Afterschool and daycamp participants 1,787 1,488 4,935 13,924 13,716 Special interest participants 10,966 11,421 11,000 11,004 11,416 Volunteer hours served 109,206 128,881 138,407 119,955 178,000 Library:

Number of books 403,172 423,707 438,872 480,374 548,494 Number of audiovisual recordings 69,397 75,301 88,869 85,482 87,254 Water reclamation & sewer:

Customer accounts 47,620 47,506 47,529 47,371 47,242
Electric utility:

Number of meters 55,902 55,885 53,153 54,086 53,130
Generating capacity (KW) 225,000 225,000 225,000 225,000 225,000 Peak demand (KW) 322,000 279,467 309,000 316,000 266,000 Water utility:

Number of meters 27,811 27,670 26,820 27,003 26,880
Average daily gallons used 14,180 13,023 12,095 14,694 17,796 Refuse collection & disposal:

Customer accounts 52,073 51,475 50,728 49,853 48,996
Golf course:

Rounds of full golf 44,983 54,000 51,200 56,000 55,000
Rounds of 3 par golf 3,747 6,000 7,852 13,000 14,000
158
City of Burbank
Table 16 - Capital Asset Statistics
Last Ten Fiscal Years
(Unaudited)
Fiscal year ended June 30,
2023 2022 2021 2020 2019
Police:

Stations 1 1 1 1 1
Fire:

Stations 6 6 6 6 6
Public works:

Miles of streets 280 230 228 228 228
Miles of alleys 50 50 49 49 49
Miles of sidewalks 369 368 368 368 368
Street lights 9,690 9,568 9,568 9,568 9,568
Miles of storm drains 63 63 63 63 63
Signalized intersections 197 198 196 196 196
Parks and recreation:

Number of parks 32 32 27 27 32
Swimming pools 2 2 2 2 2
Tennis courts 22 22 21 21 21
Ballfields 15 15 15 15 15
Community gymnasiums 3 3 3 3 2
Library:

Main and branch libraries 3 3 3 3 3
Water reclamation & sewer:

Miles of sewers 230 230 230 230 230
Electric utility:

Transmission & distribution lines (miles) 415 424 424 421 421 Water utility:

Miles of water mains 276 310 280 280 280
(Continued)
159
City of Burbank
Table 16 - Capital Asset Statistics
Last Ten Fiscal Years
(Unaudited)
Fiscal year ended June 30,
2018 2017 2016 2015 2014
Police:

Stations 1 1 1 1 1
Fire:

Stations 6 6 6 6 6
Public works:

Miles of streets 228 228 228 228 228
Miles of alleys 49 49 49 49 49
Miles of sidewalks 368 368 368 368 368
Street lights 9,568 9,551 9,335 9,180 9,148
Miles of storm drains 63 63 63 63 63
Signalized intersections 196 196 196 196 196
Parks and recreation:

Number of parks 32 32 28 28 28
Swimming pools 2 2 2 2 2
Tennis courts 23 21 21 21 21
Ballfields 15 15 13 13 15
Community gymnasiums 3 3 3 3 3
Library:

Main and branch libraries 3 3 3 3 3
Water reclamation & sewer:

Miles of sewers 230 225 225 225 225
Electric utility:

Transmission & distribution lines (miles) 412 407 421 419 420 Water utility:

Miles of water mains 280 280 280 280 280
160
City of Burbank
Table 17 - Schedule of Credits
June 30, 2023
(Unaudited)
Jennifer Becker
Financial Services Director General Overview
Management's Discussion & Analysis
Letter of Transmittal
Leana Mkrtchyan
Deputy Financial Services Director General Overview
Management's Discussion & Analysis
Letter of Transmittal
Heidi Okimoto
Accounting and Audit Manager Audit Coordination
ACFR Coordination
Management's Discussion & Analysis
Financial Statements
Notes to Financial Statements
Angela O'Connor
Principal Accountant General Fund
Successor Agency - Private Purpose Trust Fund
Management's Discussion & Analysis
Financial Statements
Notes to Financial Statements
Eva Felipe
Senior Accountant Enterprise Funds
Special Revenue Funds
Cash Reconciliations
Notes to Financial Statements
Statistical Section
Monina Marin
Senior Accountant Enterprise Funds
Special Revenue Funds
Management's Discussion & Analysis
Notes to Financial Statements
Emer Shum
Senior Accountant Capital Assets Accounting
Internal Service Funds
GASB No. 96 Coordination
Grant Activity Report for Single Audit
Notes to Financial Statements
Margarita Alvarez
Accountant Projects Accounting
General City Capital Projects Funds
Internal Service Funds
Special Revenue Funds
Notes to Financial Statements
Statistical Section
Caleb Abegg
Account Clerk Inventory Accounting
Parking Authority Funds
Bond Cash Reconciliations
161
275 E. OLIVE AVE. • BURBANK • CALIFORNIA • 91502
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Burbank City CouncilFebruary 13, 2024

Burbank City Council
February 13, 2024