Attachment 1 — Burbank City Council, January 28, 2025

CITY OF BURBANK

CALIFORNIA

ABOUT THE COVER
The City of Burbank Fiscal Year 2023-24 Annual Comprehensive Financial Report book cover and tabs feature public artwork from around the City, including murals from the Burbank Animal Shelter, Mary Alvord Recreation Center, Downtown Burbank, and the Utility Box Beautification Program.

In November 2021, the Burbank Cultural Arts Commission partnered with the Animation Guild and the Parks and Recreation Department to beautify the Burbank Animal Shelter with four captivating murals. In celebration of their 70th anniversary, the Animation Guild generously donated their artistic talents to beautify walls located within the Burbank Animal Shelter capturing the essence of animal rescue and pet ownership.

The Answer is Yes – Mural and Interactive Sound Installation at the Mary Alvord Recreation Center was designed by artist, Dina Fisher and produced by 11:11 Projects.

The mural illustrates the four Burbank Sister Cities Solna, Sweden; Ota, Japan; Incheon, Korea; and Gaborone, Botswana, saying “Yes” in their respective languages.

The artwork was designed and approved before Arezzo, Italy, became Burbank’s fifth Sister City and depicts the Burbank community as diverse and bringing global unity.

The Downtown Burbank Mural Program was initiated in 2017 to develop placemaking, enhance walkability, generate social buzz, and increase visitation to Downtown Burbank. The program is fully funded by the Property-based Business Improvement District (PBID) and has been extremely successful with the installation of 12 murals since its inception. Two of these murals are featured on our budget cover. The SpongeBob SquarePants mural honors Burbank’s rich animation history and the 20th anniversary of the beloved cartoon character. Featuring a creative and colorful depiction of SpongeBob SquarePants by artist Amber Hardin, the mural was installed by generous volunteers from Nickelodeon Animation Studio. This mural is a great illustration of one of the world-famous TV and movie studios that call Burbank home, truly making our City the Media Capital of the World. The Love Wall heart motif mural is a collaboration with Los Angeles-based artist James Goldcrown, who has created a series of Love Murals worldwide.

The Burbank Arts Beautification program is an initiative of Burbank’s Cultural Arts Commission in partnership with the Parks and Recreation and Public Works departments. The Burbank Arts Beautification Program is dedicated to exhibiting visual art outside the constraints of museums and galleries. The painted utility boxes throughout Burbank encourage community pride and beautify Burbank’s neighborhoods.

COVER LAYOUT:

Cassidy Allen
PHOTOGRAPHY:

City of Burbank Staff

ANNUAL COMPREHENSIVE FINANCIAL REPORT
OF THE

CITY OF BURBANK

BURBANK, CALIFORNIA

FISCAL YEAR ENDED
JUNE 30, 2024
Prepared by:

Financial Services Department
Jennifer Becker
Financial Services Director
City of Burbank

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

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...................................................................................................... ......................................16 Statement of Activities........................................................................................................ ........................................17 Balance Sheet - Governmental Funds............................................................................................................. ............18 Reconciliation of the Balance Sheet of Governmental Funds to Net Position of Governmental Activities in the Statement of Net Position...................................................................................................... ................................19 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds..................................20 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities........................................................................................... ...........................22 Statement of Revenues, Expenditures, and Changes in Fund Balances, Budget and Actual - General Fund..............23 Statement of Revenues, Expenditures, and Changes in Fund Balances, Budget and Actual - Low/Moderate Income Housing Special Revenue Fund............................................................................................ ....................25 Statement of Net Position - Proprietary Funds...........................................................................................................26 Statement of Revenues, Expenditures, and Changes in Fund Net Position - Proprietary Funds.................................28 Statement of Cash Flows - All Proprietary Fund Types..............................................................................................29 Statement of Fiduciary Net Position - Fiduciary Fund................................................................................................31 Statement of Changes in Fiduciary Net Position - Fiduciary Fund.............................................................................32 Notes to the Basic Financial Statements:
(1) Summary of Significant Accounting Policies...................................................................................................33 (2) Reconciliation of Government-Wide and Financial Statements.......................................................................41 (3) Stewardship, Compliance, and Accountability.................................................................................................42 (4) Cash and Investments................................................................................................................................ .......43 (5) Capital Assets................................................................................................................................ ...................48 (6) Defined Contribution Plans..............................................................................................................................50 (7) Interfund Receivables, Payables, Advances, and Transfers................................................................... ..........50 (8) Long-Term Liabilities...................................................................................................... ................................51 (9) Receivables................................................................................................................ ......................................58 (10) Commitments and Contingencies............................................................................................. ......................59 (11) Power Supply Expenses..................................................................................................... ............................59 (12) Accrued Liabilities....................................................................................................... ..................................66 (13) Deferred Compensation Plans............................................................................................... .........................66 (14) Prepaid Items and Deposits............................................................................................................................66 (15) Self-Insurance............................................................................................................ ....................................66 City of Burbank

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

TABLE OF CONTENTS
FINANCIAL SECTION (Continued)
(16) Leases and Subscription................................................................................................... ..............................67 (17) Pension Plans............................................................................................................. ....................................69 (18) Post Employment Benefits Other Than Pensions.............................................................................. .............78 (19) Additional Information................................................................................................................................ ...84 (20) Hedge Policies and Outstanding Hedge Contracts............................................................................ .............84 (21) Subsequent Event.......................................................................................................... .................................85

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............................................................................................................................101

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............................................................................................................................... ..........104 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances.................................................. 107 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual.......................................110 Internal Service Funds:

Combining Statement of Net Position.......................................................................................................................130 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position...................................................132 Combining Statement of Cash Flows........................................................................................................................134 City of Burbank

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

TABLE OF CONTENTS
STATISTICAL SECTION (Unaudited)
Table
1 Net Position by Component (accrual basis) - Last Ten Fiscal Years..............................................................138 2 Changes in Net Position (accrual basis) - Last Ten Fiscal Years....................................................................140 3 Fund Balances of Governmental Funds (modified accrual basis) - Last Ten Fiscal Years.............................144 4 Changes in Fund balances of Governmental Funds (modified accrual basis) - Last Ten Fiscal Years...........145 5 Electricity Sold by Type of Customer - Last Ten Fiscal Years.......................................................................147 6 Electricity Rates - Last Ten Fiscal Years........................................................................................................148 7 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years.........................................................................149 8 Ratio of General Bonded Debt Outstanding - Last Ten Fiscal Years........................................................ .....150 9 Schedule of Direct and Overlapping Debt................................................................................. .....................151 10 Legal Debt Margin Information - Last Ten Fiscal Years................................................................................152 11 Pledged Revenue Coverage - Last Ten Fiscal Years......................................................................... .............153 12 Demographic and Economic Statistics - Last Ten Fiscal Years......................................................................156 13 Principal Employers - Current and Nine Years Ago.......................................................................................157 14 Full-Time and Part-Time City Employees by Function....................................................................... ...........158 15 Operating Indicators by Function - Last Ten Fiscal Years................................................................. ............159 16 Capital Asset Statistics - Last Ten Fiscal Years..............................................................................................161 17 Schedule of Credits................................................................................................................................ .........163

Nick Schultz, Mayor
Konstantine Anthony Tamala Takahashi Zizette Mullins
Council Member Council Member Council Member
Kimberley Clark, City Clerk
Krystle Palmer, City Treasurer
Justin Hess, City Manager
Joseph McDougall, City Attorney
Courtney Padgett, Assistant City Manager
Mandip Samra, Burbank Water and Power General Manager
Kevin Gray, Chief Information Officer
Patrick Prescott, Community Development Director
Danny Alvarez, Fire Chief
Melissa Potter, Interim Library Services Director
Betsy McClinton, Management Services Director
Marisa Garcia, Parks and Recreation Director
Michael Albanese, Police Chief
Ken Berkman, Public Works Director
Nikki Perez, Vice-Mayor
Jennifer Becker, Financial Services Director
Council Member
Tamala Takahashi
Council Member
Zizette Mullins
Council Member
Konstantine Anthony
Vice Mayor
Nikki Perez
Citizens of Burbank
City Council
Housing Authority
Parking Authority
City Clerk
City Treasurer
City
Manager
City
Attorney
Information
Technology
Financial
Services
Community
Development
Public
Works
Police
Parks &
Recreation
Boards, Committees and Commissions in Burbank Municipal Code Art In Public Places Committee Civil Service Board Planning Commission Board of Building and Fire Code Appeals Community Development Goals Committee Police Commission Board of Library Trustees Cultural Arts Commission Senior Citizen Board Burbank Housing Corporation Heritage Commission Sustainable Burbank Commission Burbank Water and Power Board Infrastructure Oversight Board Transportation Comission Charter Review Committee Landlord-Tenant Commission Youth Board Park and Recreation Board
Mayor
Nick Schultz
Management
Services
Fire
Burbank
Water &
Power
Library
Services

CITY OF BURBANK
275 EAST OLIVE AVENUE, P.O. BOX 6459, BURBANK, CALIFORNIA 91510-6459 BURBANKCA.GOV
January 28, 2025

To the Honorable Mayor, Members of the City Council
and the Citizens of the City of Burbank, California:

We are pleased to submit the Annual Comprehensive Financial Report (ACFR) of the City of Burbank for the Fiscal Year (FY) 2023-24. Respon sibility for the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the City. In our opinion, the data is accurate in all material aspects, is presented in a manner designed to fairly set forth the financial position and results of operations of the City and contains all disclosures necessary to enable the reader to understand the City’s financial affairs.

The financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) as established by the Government Accounting Standards Board (GASB). This report consists of management’s representations concerning the finances of the City of Burbank, California. Consequently, the management assumes full responsibility for the completeness and reliability of all the information presented in this report. To provide a reasonable basis for making these representations, the management of the City has established a comprehensive internal control framework that is designed both to protect th e City’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City’s financial statements in conformity with GAAP. Since the cost should n ot outweigh the benefits, the City’s internal controls have been designed to provide reasonable rather than an absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects.

FINANCIAL SERVICES DEPARTMENT
Administration / Accounting / Audit / Budget / Revenue
(818) 238 - 5500
Accounts Payable
(818) 238 - 5495
Payroll
(818) 238 - 5491
Purchasing
(818) 238 - 5466
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 indepe ndent audit was to provide reasonable assurance that the financial statements of the City of Burbank, California, for the FY ended June 30, 2024, 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, 2024, 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 n arrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). 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 fo und immediately following the report of the independent auditors in the financial section of the ACFR.

“Single Audit” for Federal G rant 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 st atements 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 Single Audit Report.

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 105,603.

The City provides a full range of municipal ser vices 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.

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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 Ma nager 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 bu dget 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 includ es 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 e nvironment within which the City of Burbank operates.

Local Economic Environment
The City of Burbank’s economic environment is showing strength in commercial, residential, and retail development sectors with several development projects underway, including more than 2,600 units of housing, 1,073 hotel rooms, 16 new sound stages, and offices.

Construction of the Cambria Hotel Burbank Ai rport was completed and opened in December 2023; the six-story hotel features 150 guest rooms, along with a ground level bar, fitness center, and meeting rooms. The new hotel furth er bolsters the City’s tourism efforts through Visit Burbank which achieved a citywide hotel occupancy rate of 74.3% with average daily rates of $189 per night in Fiscal Year 2023-24.

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.

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Downtown Burbank’s retail and office scene is thriving with the opening of Hollywood Production Center and new restaurants and reta ilers such as Republik Coffee, Kalaveras, Café Grano, Teaspoon Boba, and Aikan Sushi. Several new businesses are also planning to open in 2024, including Palma Ristorante, Sunright Tea Studio, and Tigawok.

Downtown Burbank spans over 13 blocks with
more than 600 retailers and restaurants and
four major hotels. With several mixed-use
developments underway in this core area,
Downtown Burbank continues its evolution as
a thriving 18-hour neighborhood for residents,
businesses, and visitors to enjoy. Phase 2
construction of the First Street Village mixed-
use project, located at the southwest corner of
First Street and Magnolia Avenue, is now
complete. This project includes 275
apartments and 18,876 square feet of ground-
floor retail and restaurant space that is almost
completely leased out. 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 2025.

Throughout the City, business continues to
grow, with new openings including Crumbl
Cookies, Dog Haus, Cava, Nothing Bundt
Cakes, and Acai Republic, to name a few, and
the anticipated openings of Philz Coffee,
Capital Grille, Idyllwild Tavern, and Rivian
Motors, coming soon.

The first two quarters of 2024 brought opportunities for continued growth and development, as reflected by the City’s economic indicators. In March of 2024, the City approved a five -year Economic Development Strategic Plan (Plan) which currently serves as the guide for the City’s economic development priorities including streamlining the permitting process to enhance the opening of new businesses and the expansion of existing businesses, optimizing vacant or underutilized spaces, focusing on innovation to ensure a vibrant, growing economy, retaining and expanding Burbank’s leading and emerging industries, supporting diverse, independent small businesses, and market Burbank to attract businesses and employees.

The Plan leverages the legacy of the City and its potential for future growth for the next five years providing a spectrum of programs and tactical actions to ensure that the full capacity of the City is engaged and expanded for increased stability and growth. The Plan also provides a framework to look ahead to the future and ensure that there are measures and deliverables in place to maintain economic vibrancy in the City.

Burbank’s average single-family home sale price for Q2 2024 was $1,297,650 while the median home sale price was $1,255,000, compared to Q2 2023 where average single-family home prices were $1,284,968 while median home pr ices were $1,250,000. The median price for IV
condominium sales for Q2 2024 was $740,000, a slight decrease compared to Q2 2023 at $748,933. The affordability of housing for Burbank’s workforce population and low -income residents continues to be a primary focus of the City’s economic development efforts.

Burbank Median Housing Prices
Burbank’s office space vacancy decreased slightly in June 2024 to 11.4% compared to 11.8% in June 2023. This relatively high vacancy rate is a result of the continued downsizing of office space due to the ongoing work from home in itiatives from multiple employers and the building of additional office space such as Warner Brothers Second Century development. Office rental rates increased slightly averaging $3.83 per squa re foot in June 2024 compared to $3.69 per square foot in June 2023.

Office Vacancy Trend
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After recovering from the post Pandemic p eak in 2021, unemployment rates have remained relatively stable into 2024, with the City of Burbank’s unemployment rate for June 2024 at 6.4% which was higher in comparison to the City of Glendale’s 5.7%, Los Angeles County’s 5.9%, and the State of California’s rate of 5.3%. The Writers Guild of America strike that commenced in May 2023 and the Screen Actors Guild/American Federation of Television and Radio Actors (SAG-AFTRA) strike that commenced in July 2023 contributed to Burbank’s higher unemployment rate, given the concentration of entertainment 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 deve lopment 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 activitie s 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.

The Burbank City Council also annually reviews and adopts a five-year Capital Improvement Program (CIP), grouping them by categories such as:

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· Municipal Facilities
· Parks and Recreation
· Refuse Collection and Disposal
· Technology Infrastructure
· Traffic, Transportation, and Pedestrian Access
· Wastewater
· Burbank Water and Power (BWP) Utility Projects
The 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 Wednesday, 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 and established the following items as their priorities for the upcoming year:

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 bu dget process. Work Program Goals and Performance Measures are clearly linked to the City Council’s six stated goals for 2024. The elements of the Work Program are above and beyond the core services to the community that the City provides VII
and are part of our continuous improvement effo rts. The Adopted FY 2024-25 Budget reflects these stated efforts and aligns approved inc reases to funding with the above priorities established by the City Council.

MAJOR INITIATIVES
There are many ex citing projects cu rrently proposed or underway in the City of Burbank.

Construction continues on several significant projects in fiscal year 2023-24 bringing new housing, commercial, and industrial opportunities to improve both the City’s financial health and quality of life.
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This mixed-use project consists of three, six-story buildings with 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.

Phase 2 of the project was completed in late 2024.
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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 2025. $/2)7 DQG 5HVLGHQFH ,QQ +RWHOV
A 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. This project is estimated to be completed in 2028.
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This 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.
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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 2025 with demolition of the existing terminal occurring within 12 months of completion. :DUQHU %URV 'LVFRYHU 5DQFK /RW 6WXGLRV
A 30-acre studio campus on 870,000 square
feet consisting of 16 sound stages and a five-story office building and parking structure.

This project is estimated to be completed in 2025.
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A six-story 196-room hotel with a 3,800 square feet ground-level restaurant and three levels of subterranean parking. Amenities to include a fitness center, lounge, pool, outdoor courtyard, and rooftop viewing deck. This project is estimated to be completed in 2026.
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A Five-story, 43,896-square-foot all-suite extended-stay hotel featuring 84 rooms with contemporary accommodations.
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The proposed project includes a replacement Central Library of approximately 65,000 square feet, open space of approximately 52,000 square feet,
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replacement office space for the City Administrative Services Building of approximately 20,000 square feet, and public parking. Additional prop osed private development opportunities include new housing and commercial space.
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Construction of 92 three-story residential townhomes ranging from 1,333 to 1,912 square feet on a 5.05-acre site that was previously Pickwick bowling alley. 10 of the 92 units will be set aside as deed-restricted dwelling units affordable to eligible low- income households. This project is estimated to be completed in 2025.

AWARDS AND ACKNOWLEDGMENTS
The Award Program
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Burbank for its annual comprehensive financial report for the FY that ended June 30, 2023. This was the 40th consecutive year that the City of Burbank received this prestigious award. To be awarded a Certificate of Achievement, the City published an easily readable and efficiently orga nized comprehensive annual financial report.

This report satisfied both GAAP and applicable legal requirements.

The Certificate of Achievement for Excellence in Financial Reporting from the GFOA is valid for one year. We believe that our current annual comp rehensive financial report continues to meet the Certificate of Achievement requirements and it will be submitted to the GFOA in anticipation of receiving another certificate.

There are many benefits to participating in these programs beyond simply receiving recognition for our efforts. By striving to meet the prog ram’s standards and goals, the City continually strives to produce updated and enhanced report s. Additionally, as part of the review process, comments for improvement from other municipal finance professionals who review our reports from a “fresh” perspective are received. The City believes that this results in continuous improvements in reporting our financial results to elected officials, staff, and other interested parties such as bondholders, credit agencies, and the public at large.

Acknowledgments
The preparation of this report would not have been possible without the efficient and dedicated services of the entire staff of the Financial Services Department. Each member of the department has our sincere appreciation for the co ntribution made in the preparation of this report. We also acknowledge the work and dedication of our team of Department Managers and their staff.

Respectfully,
IX
Executive Director/CEO

CERTIFICATE OF ACHIEVEMENT FOR

EXCELLENCE IN FINANCIAL REPORTING
The Government Finance Officers
Association of the United States and
Canada (GFOA) awarded a
Certificate of Achievement for
Excellence in Financial Reporting to
the City of Burbank for its annual
comprehensive financial report for the
fiscal year ended June 30, 2023. This
was the 40th consecutive year that the
City of Burbank has achieved this
prestigious award. In order to be
awarded a Certificate of
Achievement, a government must
publish an 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.

Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Burbank
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
X

INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
City of Burbank, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental 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, 2024, 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 pr esent fairly, in all material respects, the respective financial posit ion of the governmental activities, the business-type activities, each major f und, and the aggregate remaining fund information of the City, as of June 30, 2024, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then e nded in accordance with accounting principles generally accepted in the United States of America.

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

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

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

LSLCPAS.COM
1 To the Honorable Mayor and Members of the City Council City of Burbank, California

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s r eport that includes our opinions.

Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance wi th 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 is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance wi th generally accepted auditing standards and Government Audit ing Standards, we:

x Exercise professional judgment and maintain professional skepticism throughout the audit. x Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures re sponsive to those risks. Such procedures inc lude examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. x 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 pur pose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.

x Evaluate the appropriateness of accounting policies us ed and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

x Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

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

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, b udgetary 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, be 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 r equired by the Gove rnmental 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 li mited 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 pr eparing the information and comparing the information for consistency with manageme nt’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, California

Supplementary Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The 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 pr epare 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 proc edures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relat ion to the basic financial statements as a whole.

Other Information

Management 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 our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated January 8, 2025, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is 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 the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

Irvine, California
January 8, 2025
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 fi nancial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2024. 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 C ity exceeded its liabilities and deferred inflows of resources at the close of the most recent fi scal year by $1,445,375 (net pos ition), which was comprised of net investment in capital assets of $1,087,994, restricted net position of $116,266, and unrestricted net pos ition of $241,115. Of this amount, $241,115 (unrestricted net position) may be used to meet the City’s ongoing obligations. The City’s total net position increased by $82,538 during the Fiscal Year 2023-24. This growth was driven by the governmental activities of the Cit y, accounting for $62,251 of the in crease. The increase was mainly attributable to the positive revenue growth in sales, property, transient occupancy, parking fees, permits/license fees and charges for services. Business-type activities accounted for an increase of $20,287, with the Electric Utility and Refuse Collection and Disposal accounting for the majority of the increase in total net position. As of June 30, 2024, the City’s governmental funds reported combined fund balances of $298,286, an increase of $28,472 from the prior year. Approximatel y, $119,107 or 40% of the total fund balances are unassigned and available for spending.
At the end of the Fiscal Year 2023-24, the unassigned fund balance for the General Fund was $119,107 or 55% of total General Fund expenditures.

OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an in troduction 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 fina ncial 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 statem ents 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 2023-

24. 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 functi ons 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 16 of this report.

Fund Financial Statements. A fund is a grouping of related accounts that is us ed to maintain control over resources that have been segregated for specific activities or objectives. Th e 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 acc ount 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. Su ch 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 govern mental funds' balance sheet and the statement of revenues, expenditures, and changes in fund balances provide a reconciliation to compare governmental funds and governmental activities.

The City maintains 22 individual governmental funds. Informati on 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 is considered to be a major fund. 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 c ombining 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 reclama tion and sewer, and refuse collection and disposal. Internal service funds are an accounting device used to accumulate and allocate co sts 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 governmen t-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, aggreg ated presentation in the proprietary fund financial statements.

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

The basic proprietary fund financial statements can be found on page 26 of this report.

Notes to the Basic Financial Statements. The notes to the basic financial stat ements 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 33 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 a nd 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 104 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 $1,445,375 at the close of the most recent fiscal year.

The largest portion of the City’s net position (75%) 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 investme nt 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, 2024 and 2023:

Governmental Activities Business-type Activities Total
2024 2023 2024 2023 2024 2023
Assets:

Current and other assets $ 570,858 $ 503,759 $ 375,668 $ 389,459 $ 946,526 $ 893,218 Capital assets 707,276 694,645 542,998 508,059 1,250,274 1,202,704 Total assets 1,278,134 1,198,404 918,666 897,518 2,196,800 2,095,922 Deferred outflows of
resources 114,933 125,629 44,164 49,667 159,097 175,296 Liabilities:

Current and other
liabilities 62,167 48,752 57,681 56,568 119,848 105,320 Long-term liabilities 379,771 386,213 377,703 387,372 757,474 773,585 Total liabilities 441,938 434,965 435,384 443,940 877,322 878,905 Deferred Inflows of
Resources 16,032 16,222 17,168 13,254 33,200 29,476
Net Position:

Net investment in capital
assets 701,659 690,046 386,335 404,244 1,087,994 1,094,290 Restricted 113,452 97,747 2,814 2,007 116,266 99,754
Unrestricted 119,986 85,053 121,129 83,740 241,115 168,793 Total net position $ 935,097 $ 872,846 $ 510,278 $ 489,991 $ 1,445,375 $ 1,362,837 6 City of Burbank
Management's Discussion and Analysis
(in thousands)
At the end of Fiscal Y ear 2023-24, the City is able to report positive bala nces 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, 2024 and 2023:

Governmental Activities Business-type Activities Total
2024 2023 2024 2023 2024 2023
Revenues:

Program revenues:

Charges for services $ 100,410 $ 78,414 $ 281,245 $ 285,206 $ 381,655 $ 363,620 Operating grants and contributions 57,410 51,232 1,465 876 58,875 52,108 Capital grants and contributions 107 762 2,981 7,508 3,088 8,270 General revenues:

Property tax 75,169 68,099 - - 75,169 68,099
Sales tax 79,217 77,734 - - 79,217 77,734
Utility users tax 18,687 18,646 - - 18,687 18,646
Unrestricted investment earnings 21,690 1,974 15,239 4,330 36,929 6,304 Other 56,917 47,344 3,660 3,271 60,577 50,615
Total revenues
409,607 344,205 304,590 301,191 714,197 645,396
Expenses:

General government 29,087 25,880 - - 29,087 25,880
Police 82,707 74,326 - - 82,707 74,326
Fire 64,421 50,190 - - 64,421 50,190
Public works 40,801 45,499 - - 40,801 45,499
Community development 80,567 63,803 - - 80,567 63,803
Parks and recreation 41,248 34,765 - - 41,248 34,765
Librar
y 8,984 8,118 - - 8,984 8,118
Interest on long-term debt - 10 - - - 10
Water reclamation & sewer - - 19,063 15,028 19,063 15,028 Electric utilit
y - - 204,426 233,172 204,426 233,172
Water utility - - 37,346 33,815 37,346 33,815
Refuse collection & disposal - - 22,592 20,991 22,592 20,991 Total expenses 347,815 302,591 283,427 303,006 631,242 605,597 Increase (decrease) in net
position before transfers 61,792 41,614 21,163 (1,815) 82,955 39,799 Gain from sale of capital assets 191 373 (608) - (417) 373 Transfers 268 348 (268) (348) - -
Increase (decrease) in
net position 62,251 42,335 20,287 (2,163) 82,538 40,172 Net position, July 1, 2023 872,846 872,846 489,991 489,991 1,362,837 1,362,837 Net position, June 30, 2024 $ 935,097 $ 915,181 $ 510,278 $ 487,829 $ 1,445,375 $ 1,403,010 7 City of Burbank
Management's Discussion and Analysis
(in thousands)
Governmental Activities. Governmental activities increased th e City’s net position by $62,251, due to revenue growth in sales tax, assessed value growth in property taxes, and an increase in tourism-based taxes. Total expenses increased by $45,224 (15%), mainly as a result of the higher cost of goods and services, while program revenues increased by 21% due to an increase in charges for services of $21,996 from the prior year. General revenues, which encompasses Property Tax, Sales Tax, Utility Users Tax, other taxes, and investment ea rnings, increased by 17.7% from the prior year due to the increases in assessed value in both the commercial and residential s ectors along with building permits and plan check fees from large developments. Travel and tourism also contributed to revenue growth, and higher interest rates fueled increases in interest earnings.
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 (24.5%), followed by sales tax (19.3%). 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 expens es and revenues by source. Public Safety (Police and Fire Departments, 42%) is the largest function, followed by Environmental (Public Works and Community Development Departments, 35%) with Culture and Recreation third (Library and Parks and Recreation Departments, 14%).

Business-type Activities. Business–type activities increased the City’s net position by $20,287, largely attributable to an increase in unrestricted investment earnings of $10,909 (252%) from the prior year. 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 a nd revenues by fund. The Electric Utility is the largest of the proprietary funds followed by the Water Utility, Water Reclamati on and Sewer, and the Refuse Collection and Disposal Utility.
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 2023-24, the City’s governmental funds reported comb ined ending fund balances of $298,286. A pproximately 40% of fund balances ( $119,107) cons titute 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 ($43,582) 2) Committed for transportation purposes ($21,054)
3) Is nonspendable due to asset not existing in easily liquidatable form ($389) 4) Restricted for housing purposes ($47,493)
5) Restricted for pensions ($24,509)
6) For a variety of other restricted purposes ($42,152) The General Fund is the chief operating fund of the City. During the Fiscal Year 2023-24, the total fund balance of the General Fund increased by $21,142 due to hi gher recurring revenues, combined with the unanticipated non-recurring revenues, and higher budgetary savings due to staffing s hortages. At the end of FY 2023-24 the total General Fund balance was $161,807, wh ile the unassigned fund balance was $119,107. As a m easure of the General Fund liquidity, it may be useful to compare both the unassigned fund balan ce and the total fund balance to the total fund expenditures.

Unassigned fund balance represents 55% of total General Fund e xpenditures of $214,807, wh ile total fund balance represents 75% 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 Y ear 2023-24, the unassigned fund balance was $0 as the total fund balan ce of $47,493 is restricted for specific housing uses. The total fund balance represent s 4,611% of total Lo w/Mod Fund expenditures of $1,030. The fund balance of the Low/Mod fund decreased by $407 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 inform ation found in the government-wide financial statements, but in more detail.

Enterprise Funds. As of June 30, 2024, th e unrestricted net position of the ente rprise funds totaled $121,666 and the total increase in unrestricted net position was $35,857.

The Water Reclamation and Sewer Fund holds the City’s sewer sys tem enterprise. At the end of the Fiscal Year 2023-24, the unrestricted net position was $35,465, wh ile the total net position was $101,541. The unrestric ted net position represents 187% of total Water Reclamation and Sewer fund operating expenses of $18,955, wh ile the total net position represents 536% of that s ame amount. The net position of the Water Recl amation and Sewer fund increased by $3,751 mainly due to the increase in service charges and fair value of investments.

The Electric Utility Fund holds the City’s Electric power and di stribution system. At the end of the Fisc al Year 2023-24, the unrestricted net position was $50,068, wh ile the total net position was $304,656. The unrestric ted net position represents 26% of total Electric Utility fund operating expe nses of $193,340, while the total net position represents 158% of that same amount. The net position of the Electric Utility fund increased by $12,502 during the current fiscal year due a reduction in power and natural gas prices and a rate increase.

The Water Utility Fund holds the City’s water sys tem enterprise. At the end of the Fiscal Year 2023-24, the unre stricted 11 City of Burbank
Management's Discussion and Analysis
(in thousands)
net position was $18,080, wh ile the total net position was $75,336. The unrestri cted net position represents 52% of the total Water Utility fund expenses of $34,793, while the total net position represents 217% of that s ame amount. The net position of the Water Utility fund increased by $2,817 primarily due to higher water sales and rate increase.

The Refuse Collection and Disposal Fund holds the City’s re fuse collection and disposal enterprise. At the end of the FY 2023-24, the unrestricted net position was $18,053, while the total net position was $29,282. The unrestricted net position represents 81% of total Refuse Collection and Disposal fund e xpenses of $22,309, wh ile the total net pos ition represents 131% of that s ame amount. The net position of the Refuse Collection a nd Disposal fund increase d by $1,692 due to an increase in charges for services and fair value of investments.

Internal Service Funds.

The City’s internal service funds are an accoun ting device used to accumulate and allocate costs internally among the City’s various functions. The City us es internal service funds to account for its self-insurance activities, including general liability and workers’ compens ation, vehicle operations and maintenance, office equipment operations and maintenance, infrastructure improvements a nd maintenance, communication equipment operations and maintenance, and information technology infrastructure a nd operations. As of June 30, 2024, the unrestricted net position of the internal service funds wa s $156,116 a nd the total increase in net pos ition for these funds was $27,207. 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 HIGHLIGHTS
In comparison to the FY 2023-24 fina l General Fund revenue budget, the actual revenue received came in higher by $18,168, largely attributable to property taxes at $6,241 over projections. Some of the other major revenue categories that ended the fiscal year with higher revenues than anticipated were the use of money a nd property by $4,985, due to higher interest earnings on the cash held by the Treasurer’s Office, charges for services by $3,890, as a result of an increase in the collection of various fees, license and pe rmits by $2,180, driven by large one-time develop ments such as the new airport terminal, and other taxes by $1,790, which was due to Burbank's hotels experiencing positive trends in both occupancy and Average Daily Rate (ADR).

Sales tax remained steady due to consumer spending and c orrections to revenue allocations within the Autos and Transportation category. This growth offsets the negative impact on Business and Industry by the Writers Guild of America strike and the Screen Actors Guild/American Fe deration of Television and Radio Actors labor disputes. Despite declining fuel prices, fuel and service station revenue experien ced growth, attributable to the increased consumption of jet fuel at the Hollywood Burbank Airport.

The property tax increase was the result of the payoff of C ity loans to Successor Agen cy in FY 2022-23 and the bond principal reduction in FY 2023-24 based on th e Successor Agency debt service schedules. The payments that would have been used to pay off the debt are now part of residual distributions to the General Fund.

For the use of money and property, interest earnings increased due to high interest rates on a larger-than-anticipated General Fund cash balance.

Charges for services increase was due to more receipts in emergency medical response fees, plan check fees for large developments, Accessory Dwelling Units (ADUs), and Parks a nd Recreation fees for the DeBell golf course and Starlight Bowl amphitheater along with higher participation in day cam p and after school programs. Like planning fees, large one- time developments such as the new airport terminal have driven the surge in licenses and permits.

The other taxes category ended the fiscal year with higher revenues for Transient Occupancy Taxes (TOT) and Transient Parking Taxes (TPT). Compared to FY 2022-23, there is an increase in occupancy rates and ADR, which reflects the growing demand for hotel accommodations and the effects of inflation. With the majority of parking tax revenue derived from parking lots at or directly servicing the Hollywood Burbank Airport, the City’s TPT revenue is dependent on travel demand. As with hotel occupancy, airport activity has experienced an increase in revenues with the rise in tourism.

The revenue for intergovernmental and fines, forfeitures, and penalties came in lowe r than projected by $707 and $211 respectively. Various reimbursement-based grants were not fully expended by fiscal year end, so grant-related revenues were lower than projected. Enforcement of parking and traffic violations was impacted due to the transition to a more contract-based service and delays in staffing this program to capacity. 12 City of Burbank
Management's Discussion and Analysis
(in thousands)
On the expenditure side, the FY 2023-24 final expense and transfers out budget increased during the year by $36,076 in comparison to the original expense budget. The increase was driven by City Council approved budget carryovers in the amount of $12,010, of which $4,841 was for Memorandum of Understanding (MOU) agreements that have not yet been settled, $2,193 for projects with grant funding, $1,165 in restr icted funding sources, $973 in c onsultant fees, $499 for temporary staffing, $496 in developer f ees, and the remainder for various City programs and services. There were additional carryovers of $10,017 for outstanding purchase orders and requis itions and $322 for prep aid expenditures.

Various Council approved budget amendments throughout the fiscal year totaled $13,727. Com pared to the FY 2023-24 final General Fund budget, the actual expenditures and tran sfers out were underspent by $21,825. This doe s not include credits of $14,251 for the intra-city service charges for cost allocation and direct charges. This variance is partially due to salaries and benefits savi ngs of $8,427 for position vacancies. The remaining variance is due to savings in other professional and contractual services throughout various depa rtments in the amount of $7,775, and sa vings in other maintenance and operations in the amount of $5,623.

CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets. The City’s investment in capital assets for its governmental and business-type activities amounts to $1,249,123 (net of accumulated depreciati on of $1,118,024) as of June 30, 2024, and $1,202,704 (net of accumulated depreciation of $1,079,349) as of June 30, 2023. Th is 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 2024-25 appropriations of $121 million and prior years appropriati on 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 li ghting, and water utility. Among these categories, the major projects that are planned for the fiscal year 2024-25 include $10.3 million for municipal facilities, $10.7 million for parks and recreation, $4.0 million for technology infrastru cture, $16.3 million for transportation improvements, and $79.6 million for various projects in the electric, water, wastewater, and refuse utility funds. 13 City of Burbank
Management's Discussion and Analysis
(in thousands)
Table 3 - The City’s capital assets (net of accumulated depreciation) for June 30, 2024 and 2023:

Governmental Activities Business-type Activities Total
2024 2023 2024 2023 2024 2023
Capital assets not
being depreciated:

Land $ 403,036 $ 403,035 $ 20,031 $ 11,814 $ 423,067 $ 414,849 Construction in progress 24,157 10,242 66,128 52,186 90,285 62,428 Total capital assets not
being depreciated 427,193 413,277 86,159 64,000 513,352 477,277 Capital assets being depreciated:

Land improvements 10,416 10,416 12,561 12,560 22,977 22,976 Accumulated depreciation (8,199) (8,046) (12,033) (11,939) (20,232) (19,985) Rights to purchased power - - 299 299 299 299
Buildings and improvements 244,062 242,402 937,807 912,747 1,181,869 1,155,149 Accumulated depreciation (192,638) (186,508) (505,582) (487,129) (698,220) (673,637) Infrastructure 424,931 415,232 - - 424,931 415,232
Accumulated depreciation (224,162) (213,339) - - (224,162) (213,339) Machinery and other 102,523 98,466 114,416 107,014 216,939 205,480 Accumulated depreciation (79,955) (79,713) (93,017) (92,070) (172,972) (171,783) Lease assets 637 637 1,151 1,779 637 2,416
Accumulated depreciation (212) (136) (558) (469) (770) (605) Subscription assets 3,461 2,775 2,682 1,785 6,143 4,560 Accumulated amortization (781) (818) (887) (518) (1,668) (1,336) Total capital assets being depreciated, net 280,083 281,368 456,839 444,059 735,771 725,427 Total net capital assets $ 707,276 $ 694,645 $ 542,998 $ 508,059 $ 1,249,123 $1,202,704 Additional information on the City’s capital assets can be found in Note 5 on pages 48 - 50.

Long-Term Liabilities. At the end of the FY 2023-24, the City ha d long-term liabilities totaling $339,065, including the current portion of $18,459. Of this amount , $235,947 represents revenue bonds issued for various business-type activities, $48,557 in se lf-insurance funds claims payabl e, $29,850 in compensated abse nces, $19,894 in landfill closure/post- closure costs, $973 in lease payable, and $3,844 in subscription payable.

Table 4 - The City’s outstanding long-term liabilities for June 30, 2024 and 2023:

Governmental Activities Business-type Activities Total
2024 2023 2024 2023 2024 2023
Claims payable $ 48,557 $ 47,948 $- $- $ 48,557 $ 47,948 Compensated absences 19,165 18,679 10,685 9,647 29,850 28,326 Landfill - - 19,894 19,348 19,894 19,348
Lease payable 457 525 516 1,138 973 1,663
Subscription payable 2,197 1,920 1,647 1,283 3,844 3,203 Revenue bonds - - 235,947 241,700 235,947 241,700
Total long-term
liabilities $ 70,376 $ 69,071 $ 268,689 $ 273,117 $ 339,065 $ 342,188 14 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
- -
2010B Electric Revenue A1 AA-
2010B Water Revenue - AAA
2014 Wastewater Aa2 AA+
2015 Successor Agency - AA-
2017 Successor Agency - AA-
2021 Water Revenue - AAA
2023 Electric Revenue Aa3 AA-
Additional information on the City’s long-term liabilities can be found in Note 8 on pages 51 - 58.

REQUEST FOR INFORMATION
This financial report is designed to provide a general ove rview 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.
15 City of Burbank

STATEMENT OF NET POSITION
June 30, 2024
(in thousands)
Governmental
Activities
Business-Type
Activities Total
Assets:

Pooled cash and cash investments $ 458,143 $ 186,820 $ 644,963 Receivables, net 38,688 29,079 67,767
Internal balances 227 (227) -
Inventories 751 15,639 16,390
Prepaid items and deposits 10,122 23,474 33,596
Restricted cash and investments 24,509 108,750 133,259
Derivative instruments - 3,729 3,729
Developer loans receivable 37,476 - 37,476
Lease receivable 942 5,590 6,532
OPEB asset - 2,814 2,814
Capital assets not being depreciated 427,193 86,159 513,352 Capital assets, net of accumulated depreciation 280,083 456,839 736,922 Total assets 1,278,134 918,666 2,196,800
Deferred Outflows of Resources:

Deferred amounts from OPEB 8,671 4,714 13,385
Deferred amounts from pension 106,262 39,450 145,712
Total deferred outflows of resources 114,933 44,164 159,097 Liabilities:

Accounts payable 23,793 14,827 38,620
Accrued liabilities 15,960 6,186 22,146
Intergovernmental payables 147 - 147
Unearned revenue 14,388 1,503 15,891
Deposits 7,879 34,193 42,072
Bond interest payable - 972 972
Long-term liabilities:

Due within one year - other long-term liabilities 12,954 5,505 18,459 Due in more than one year:

Net pension liability 299,529 105,022 404,551
Net OPEB liability 9,866 3,992 13,858
Long-term liabilities, net of current portion 57,422 263,184 320,606 Total liabilities 441,938 435,384 877,322
Deferred Inflows of Resources:

Deferred amounts from derivative instruments - 3,729 3,729 Deferred amounts from pension 3,514 588 4,102
Deferred amounts from OPEB 11,649 7,445 19,094
Deferred amounts from leases 869 5,406 6,275
Total deferred inflows of resources 16,032 17,168 33,200 Net Position:

Net investment in capital assets 701,659 386,335 1,087,994 Restricted for:

Public education 1,434 - 1,434
Public safety 781 - 781
Environmental 86,728 - 86,728
Pension 24,509 - 24,509
OPEB - 2,814 2,814
Unrestricted 119,986 121,129 241,115
Total net position $ 935,097 $ 510,278 $ 1,445,375
See accompanying notes to basic financial statements
16 City of Burbank

STATEMENT OF ACTIVITIES
For the Year Ended June 30, 2024
(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 $ 29,087 $ 9,610 $ 2,901 $ - $ (16,576) $ - $ (16,576) Police 82,707 18,120 819 - (63,768) - (63,768)
Fire 64,421 19,194 1,346 - (43,881) - (43,881)
Public works 40,801 11,564 5,656 107 (23,474) - (23,474) Community development 80,567 24,625 44,951 - (10,991) - (10,991) Parks and recreation 41,248 12,975 1,522 - (26,751) - (26,751) Librar
y 8,984 4,322 215 - (4,447) - (4,447)
Total governmental activities 347,815 100,410 57,410 107 (189,888) - (189,888) Business-type activities:

Water reclamation & sewer 19,063 19,559 602 - - 1,098 1,098 Electric utility 204,426 203,597 240 2,832 - 2,243 2,243 Water utility 37,346 36,636 500 149 - (61) (61)
Refuse collection & disposal 22,592 21,453 123 - - (1,016) (1,016) Total business-type activities 283,427 281,245 1,465 2,981 - 2,264 2,264 Total $ 631,242 $ 381,655 $ 58,875 $ 3,088 $ (189,888) $ 2,264 $ (187,624) General revenues:

Taxes:

Property tax 75,169 - 75,169
Sales tax 79,217 - 79,217
Utility users tax 18,687 - 18,687
Franchise tax 2,768 - 2,768
Transient occupancy taxes 13,183 - 13,183
Transient parking tax 4,564 - 4,564
Other taxes 12,170 - 12,170
Unrestricted investment earnings 21,690 15,239 36,929
Grants/contributions not restricted to specific programs 17 - 17 Other 24,215 3,660 27,875
Gain from sale of capital assets 191 (608) (417)
Transfers 268 (268) -
Total general revenues, contributions, and transfers
252,139 18,023 270,162
Change in net position 62,251 20,287 82,538
Net position, July 1, 2023 872,846 489,991 1,362,837
Net position, June 30, 2024 $ 935,097 $ 510,278 $ 1,445,375 See accompanying notes to basic financial statements
17 City of Burbank

BALANCE SHEET

GOVERNMENTAL FUNDS
June 30, 2024
(in thousands)
General
Low/Mod
Income
Housing
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Assets:

Pooled cash and investments $ 147,485 $ 10,025 $ 99,216 $ 256,726 Restricted cash for pensions 24,509 - - 24,509
Receivables, net 23,367 37,519 11,543 72,429
Loans receivable, net - - 25 25
Lease receivable 942 - - 942
Interfund receivable 529 3 61 593
Inventories 38 - 10 48
Prepaid items and deposits 352 1 501 854
Total assets
$ 197,222 $ 47,548 $ 111,356 $ 356,126
Liabilities:

Accounts payable $ 5,780 $ 16 $ 4,541 $ 10,337
Accrued liabilities 15,960 - 6 0 16,020
Unearned revenue 5,413 - 8,975 14,388
Interfund payable - 39 900 939
Intergovernmental payables 147 - - 147
Deposits 7,246 - 3,950 11,196
Total liabilities
34,546 55 18,426 53,027
Deferred inflow of resources:

Unavailable revenue grants - - 3,944 3,944
Deferred inflow of resources from leases 869 - - 869
Total deferred inflow of resources 869 - 3,944 4,813
Fund balances:

Nonspendable:

Inventories 38 - - 38
Prepaid items and deposits 351 - - 351
Restricted:

Transportation - - 29,397 29,397
Federal and state grants - - 3,312 3,312
Public education in government 1,434 - - 1,434
Public safet
y 129 - 652 781
Housing - 47,493 - 47,493
Pensions 24,509 - - 24,509
Capital projects 28 - 7,200 7,228
Committed:

Transportation - - 21,054 21,054
Assigned:

Continuing Appropriations 16,211 - 27,371 43,582
Unassigned (deficit) 119,107 - - 119,107
Total fund balances 161,807 47,493 88,986 298,286
Total liabilities, deferred inflow of
resources and fund balances $ 197,222 $ 47,548 $ 111,356 $ 356,126 See accompanying notes to basic financial statements
18 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, 2024
(in thousands)
Fund balances of governmental funds $ 298,286
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 $30,302). 676,974 Long-term liabilities are not due and payable in the current period and therefore are not reported in governmental funds. (19,340)
Unavailable revenues are not available to pay current period expenditures and , therefore, are deferred in the funds. 3,944
OPEB related debt applicable to the City's governmen tal 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 statemen t of net position, as the changes in these amounts affect only the government-wide statements for governmental activities.

Deferred outflows of resources $ 8,671
Deferred inflows of resources (11,649)
Net OPEB liability (9,866) (12,844)
Internal service funds are used by management to ch arge 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 $537. 184,858
Pension-related debt applicable to the City's governm ent 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 pe nsions 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 $ 106,262
Deferred inflows of resources (3,514)
Net pension liability (299,529) (196,781)
Change in net position of governmental activities $ 935,097 See accompanying notes to basic financial statements
19 City of Burbank

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS
For the Year Ended June 30, 2024
(in thousands)
General
Low/Mod
Income
Housing
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Revenues:

Taxes $ 172,627 $ - $ 8,529 $ 181,156
Licenses & permits 11,301 - - 11,301
Fines, forfeitures and penalties 2,168 - - 2,168
Use of money or property 9,496 566 4,488 14,550
Intergovernmental 22,081 - 26,524 48,605
Charges for services 28,463 57 34,486 63,006
Other revenues - - 1 1
Total revenues 246,136 623 74,028 320,787
Expenditures:

General government:

City council 704 - - 704
City attorne
y 4,173 - - 4,173
City clerk 770 - - 770
City treasurer 161 - - 161
City manager 1,694 - - 1,694
Financial services 2,785 - - 2,785
Management services 3,904 - - 3,904
Administrative services - 1,030 - 1,030
Non-departmental 3,270 - - 3,270
Total general government 17,461 1,030 - 18,491
Public safety:

Police 68,701 - 351 69,052
Fire 52,567 - - 52,567
Total public safety 121,268 - 351 121,619
Environmental:

Community development 17,345 - 53,706 71,051
Public works 16,157 - - 16,157
Total environmental 33,502 - 53,706 87,208
Culture and recreation:

Library 9,188 - - 9,188
Parks and recreation:

Parks 15,714 - - 15,714
Recreation 11,698 - - 11,698
Special community activities 5,614 - - 5,614
Total parks and recreation 33,026 - - 33,026
Total culture and recreation 42,214 - - 42,214
See accompanying notes to basic financial statements
20 &RQWLQXHG

City of Burbank

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS
For the Year Ended June 30, 2024
(in thousands)
General
Low/Mod
Income
Housing
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Capital outlay:

Street improvements - - 8,265 8,265
General capital improvements - - 3,804 3,804
Capital outlay Community Development - - 1,833 1,833
Total capital outla
y - - 13,902 13,902
Debt service:

Principal - Lease 19 - - 19
Principal - Subscription 343 - - 343
Total debt service 362 - - 362
Total expenditures 214,807 1,030 67,959 283,796
Excess (deficiency) of revenues
over expenditures 31,329 (407) 6,069 36,991
Other financing sources (uses):

Transfers in 90 - 2,268 2,358
Transfers out 10,278 - 599 10,877
Total other financing sources (uses)
(10,188) - 1,669 (8,519)
Net change in fund balances 21,141 (407) 7,738 28,472
Fund balances, July 1, 2023 140,666 47,900 81,248 269,814 Fund balances, June 30, 2024 $ 161,807 $ 47,493 $ 88,986 $ 298,286 See accompanying notes to basic financial statements
21 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, 2024
(in thousands)
Net change in fund balances - total governmental funds $ 28,472 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 o f those assets are allocated over their estimated useful lives , and reported as depreciation expense. This is the amount by which depreciation ($17,390) was exceeded by capital outlay and deletions ($23,151). 5,763 The issuance of long-term debt such as bonds provides current financial resources to governmental funds, whereas the effect of issuance costs, premiums, discounts, and s imiliar items when debt is first issued are deferred and amortized in the statement of activities. In addition, compensated absences $652, lease ($19), and subscription ($255) expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in govern mental funds. These amounts are the net effect of these differences in the treatment of long-term debt and related items. (378) Other Post Employment Benefit (OPEB) expense reported in the governmental funds includes the changes in the net OPEB liability, and related changes in pension am ounts for deferred outflows of resources and deferred inflows of resources 3,404
Some revenues reported in the statement of activities do not increase current financ ial resources in the fund financial statements and therefore are not reported as revenues in governmental funds. 3,944 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 $537 are reported with governmental activities. 27,744 Pension expense reported in the governmental funds include s 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. (6,698) Change in net position of governmental activities $ 62,251 See accompanying notes to basic financial statements
22 City of Burbank

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

GENERAL FUND
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance with
Final Budget
Positive
(Negative)
Revenues:

Taxes $ 155,348 $ 164,600 $ 172,627 $ 8,027
Licenses & permits 8,459 9,120 11,301 2,181
Fines, forfeitures and penalties 2,401 2,379 2,168 (211) Use of money or property 3,251 4,513 9,496 4,983
Intergovernmental 15,225 23,190 22,081 (1,109)
Charges for services 37,619 39,204 28,463 (10,741)
Total revenues
222,303 243,006 246,136 3,130
Expenditures:

General government:

City council 1,004 1,059 704 (355)
City attorne
y 5,092 5,437 4,173 (1,264)
City clerk 1,801 2,423 770 (1,653)
City treasurer 907 1,026 161 (865)
City manager 2,926 3,439 1,694 (1,745)
Financial services 6,247 6,859 2,785 (4,074)
Management services 7,050 8,261 3,904 (4,357)
Non-departmental 7,392 9,135 3,270 (5,865)
Total general government 32,419 37,639 17,461 (20,178)
Public safety:

Police 65,798 72,878 68,701 (4,177)
Fire 46,989 52,938 52,567 (371)
Total public safety 112,787 125,816 121,268 (4,548)
Environmental:

Community development 16,975 25,522 17,345 (8,177)
Public works 19,453 21,189 16,157 (5,032)
Total environmental 36,428 46,711 33,502 (13,209)
Culture and recreation:

Library 9,155 10,713 9,188 (1,525)
Parks 15,925 18,134 15,714 (2,420)
Recreation 10,915 12,347 11,698 (649)
Special community activities 5,041 6,788 5,614 (1,174)
Total culture and recreation 41,036 47,982 42,214 (5,768) See accompanying notes to basic financial statements (Continued) 23 City of Burbank

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

GENERAL FUND
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance with
Final Budget
Positive
(Negative)
Debt service:

Principal - lease - - 19 19
Principal - subscription - - 343 343
Total debt service
- - 362 (362)
Total expenditures 222,670 258,148 214,807 87,044
Excess (deficiency) of revenues over (under) expenditures (367) (15,142) 31,329 46,471 Other financing sources (uses):

Transfers in - 90 90 -
Transfers out (9,684) (10,281) (10,278) 3
Total other financing sources (uses)
(9,684) (10,191) (10,188) 3
Net change in fund balances 212,433 (25,333) 21,141 46,474 Fund balances, (deficit) July 1, 2023 140,666 140,666 140,666 - Fund balances, (deficit) June 30, 2024 $ 130,615 $ 115,333 $ 161,807 $ 46,474 See accompanying notes to basic financial statements
24 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, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance with
Final Budget
Positive
(Negative)
Revenues:

Use of money or property $ 396 $ 396 $ 566 $ 170
Charges for services 175 175 57 (118)
Total revenues
571 571 623 52
Expenditures:

General government:

Administrative services 1,090 2,641 1,030 (1,611)
Total expenditures 1,090 2,641 1,030 1,611
Excess (deficiency) of revenues over (under) expenditures (519) (2,070) (407) 1,663 Fund balances, (deficit) July 1, 2023 47,900 47,900 47,900 - Fund balances, (deficit) June 30, 2024 $ 47,381 $ 45,830 $ 47,493 $ 1,663 See accompanying notes to basic financial statements
25 City of Burbank

STATEMENT OF NET POSITION

PROPRIETARY FUNDS
June 30, 2024
(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 $ 40,689 $ 102,528 $ 19,298 $ 24,305 $ 186,820 $ 201,417 Accounts receivable 1,440 20,442 4,042 2,653 28,577 3,234 Interest receivable 97 246 47 112 502 476
Lease receivable - 319 23 233 575 -
Interfund receivable - 310 - - 310 36
Inventories - 14,522 1,117 - 15,639 703
Prepaid expenses 294 17,402 5,527 251 23,474 9,268
Restricted pooled cash and investments - - - 22,559 22,559 - Restricted non-pooled cash and cash equivalents - 79,288 6,903 - 86,191 - Derivative instrument - 3,729 - - 3,729 -
Total current assets
42,520 238,786 36,957 50,113 368,376 215,134
Non-current assets:

Lease receivable - 3,929 132 954 5,015 -
OPEB assets - 2,814 - - 2,814 -
Total other non-current assets - 6,743 132 954 7,829 -
Capital assets:

Land 13,534 2,734 309 3,454 20,031 -
Land improvements 6,096 - - 6,465 12,561 -
Right to use purchased power - 299 - - 299 -
Buildings and improvements 147,809 601,876 180,449 7,673 937,807 6,267 Machinery and equipment 2,683 88,417 9,331 13,985 114,416 94,973 Lease assets - 1,151 - - 1,151 540
Subscription assets - 2,529 153 - 2,682 1,619
Construction in progress 1,584 54,972 7,980 1,592 66,128 3,904 Accumulated depreciation/amortization (103,090) (393,778) (93,277) (21,932) (612,077) (77,001) Total capital assets, net of
accumulated depreciation 68,616 358,200 104,945 11,237 542,998 30,302 Total non-current assets 68,616 364,943 105,077 12,191 550,827 30,302 Total assets 111,136 603,729 142,034 62,304 919,203 245,436 Deferred outflows of resources:

Deferred outflows from pensions 955 29,789 4,670 4,036 39,450 - Deferred outflows from OPEB 121 3,604 438 551 4,714 -
Total deferred outflows of resources 1,076 33,393 5,108 4,587 44,164 - See accompanying notes to basic financial statements (Continued) 26 City of Burbank

STATEMENT OF NET POSITION

Current liabilities:

Accounts payable $ 1,805 $ 10,091 $ 2,181 $ 750 $ 14,827 $ 10,079 Accrued liabilities 4,021 2,165 - - 6,186 -
Compensated absences 12 340 106 71 529 80
Unearned revenue 18 1,152 - 333 1,503 -
Deposits - 30,780 1,119 2,294 34,193 -
Interest payable 3 763 206 - 972 -
Bonds and notes payable 90 2,295 1,555 - 3,940 -
Lease payable - 215 - - 215 53
Subscriptions - 786 35 - 821 470
Outstanding claims - self insurance ---- - 10,702
Total current liabilities
5,949 48,587 5,202 3,448 63,186 21,384
Long-term liabilities (net of
current portion):

Revenue bonds 1,711 178,568 51,728 - 232,007 -
Landfill closure & post - - - 19,894 19,894 -
Compensated absences 156 8,054 1,021 925 10,156 991
Net pension liability 2,542 79,303 12,432 10,745 105,022 - Net OPEB liability 137 2,730 498 627 3,992 -
Lease payable - 301 - - 301 347
Subscriptions - 708 118 - 826 538
Outstanding claims - self insurance ---- - 37,855
Total long-term liabilities (net o
f
current portion) 4,546 269,664 65,797 32,191 372,198 39,731 Total liabilities 10,495 318,251 70,999 35,639 435,384 61,115 Deferred inflow of resources:

Deferred inflows from pensions 14 444 70 60 588 -
Deferred inflows from OPEB 162 5,955 588 740 7,445 -
Deferred inflows from derivatives - 3,729 - - 3,729 -
Deferred inflow of resources from leases - 4,087 149 1,170 5,406 - Total deferred inflow of resources 176 14,215 807 1,970 17,168 - Net position:

Net investment in capital assets 66,076 251,774 57,256 11,229 386,335 28,205 OPEB - 2,814 - - 2,814 -
Unrestricted 35,465 50,068 18,080 18,053 121,666 156,116 Total net position $ 101,541 $ 304,656 $ 75,336 $ 29,282 510,815 $ 184,321 Adjustment reflects consolidation of internal (537)
service fund activities related to enterprise funds $ 510,278 See accompanying notes to basic financial statements
27 City of Burbank

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

PROPRIETARY FUNDS
For the Year Ended June 30, 2024
(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 $ - $ 196,650 $ 35,413 $ - $ 232,063 $ - Charges for services 19,559 6,962 1,230 21,446 49,197 50,116 Total operating revenues 19,559 203,612 36,643 21,446 281,260 50,116 Operating expenses:

Operations and maintenance 11,139 50,034 466 13,327 74,966 61,350 Purchased water and power - 122,737 29,817 - 152,554 -
Inspection and investigation 2,821 - - - 2,821 -
Design and permits 1,736 - - - 1,736 -
Refuse disposal - - - 3,557 3,557 -
Recycling - - - 3,934 3,934 -
Depreciation/amortization 3,259 20,569 4,510 1,491 29,829 5,284 Total operating expenses
18,955 193,340 34,793 22,309 269,397 66,634
Operating income (loss) 604 10,272 1,850 (863) 11,863 (16,518) Non-operating income (expense):

Interest income 2,552 8,423 1,996 2,268 15,239 9,478
Intergovernmental 602 363 500 - 1,465 -
Rental lease - 471 28 253 752 -
O t h e r t a x e s ----- 15,695
Gain (loss) on disposal of capital assets - (517) 36 (127) (608) 191 Interest expense (92) (9,284) (2,524) - (11,900) -
Other income (expense) 85 227 782 144 1,238 9,574
Total non-operating income (expense)
3,147 (317) 818 2,538 6,186 34,938
Income (loss) before capital
contributions and transfers 3,751 9,955 2,668 1,675 18,049 18,420 Transfers in - 116 - 17 133 8,903
Capital contributions - 2,832 149 - 2,981 -
Transfers out - (401) - - (401) (116)
Change in net position
3,751 12,502 2,817 1,692 20,762 27,207
Net position, July 1, 2023 97,790 292,154 72,519 27,590 157,114 Net position, June 30, 2024 $ 101,541 $ 304,656 $ 75,336 $ 29,282 $ 184,321 Adjustment reflects the consolidation of internal service fund activity related to enterprise funds (475)
Change in net position of business-type activities $ 20,287 See accompanying notes to basic financial statements
28 City of Burbank

STATEMENT OF CASH FLOWS

ALL PROPRIETARY FUND TYPES
For the Year Ended June 30, 2024
(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 $ 19,953 $ 209,435 $ 35,856 $ 21,392 $ 286,636 $ 49,834 Cash paid to suppliers (15,865) (134,101) (28,455) (11,265) (189,686) (53,566) Cash paid to employees (1,922) (31,001) (8,794) (8,235) (49,952) (9,642) Other income 86 2,640 833 (751) 2,808 18,987
Net cash provided by (used in) operating activities 2,252 46,973 (560) 1,141 49,806 5,613 Cash flows from noncapital financing activities:

Intergovernmental revenue 602 363 500 - 1,465 -
Transfers from other funds - 116 - 17 133 15,188
Transfers to other funds - (401) - - (401) (116)
Net cash provided by (used in) noncapital financing
activities 602 78 500 17 1,197 15,072
Cash flows from capital and related financing activities:

Contributed capital - 2,832 149 - 2,981 -
Proceeds/(loss) from sales of capital assets - (517) 36 (127) (608) 191 Acquisition and construction of assets (11,300) (42,334) (13,081) (320) (66,395) (12,151) Principal payments (1,219) (4,423) (1,744) (38) (7,424) - Interest paid (96) (9,295) (2,528) - (11,919) -
Net cash used in capital and related financing activities (12,615) (53,737) (17,168) 155 (83,365) (11,960) Cash flows from investing activities:

Interest received 1,357 8,605 1,476 1,432 12,870 5,932
Change in fair value 1,195 (245) 531 813 2,294 3,442
Net cash provided by (used in) investing activities 2,552 8,360 2,007 2,245 15,164 9,374 Net increase (decreases) in cash and cash equivalents (7,209) 1,674 (15,221) 3,558 (17,198) 18,099 Cash and cash equivalents, July 1, 2023 47,898 180,142 41,422 43,306 312,768 183,318 Cash and cash equivalents, June 30, 2024 $ 40,689 $ 181,816 $ 26,201 $ 46,864 $ 295,570 $ 201,417 29 City of Burbank

STATEMENT OF CASH FLOWS

Operating income (loss) $ 604 $ 10,272 $ 1,850 $ (863) $ 11,863 $ (16,518) Adjustments to reconcile operating income (loss) to net cash provided by(used in) operating activities:

Depreciation/amortization 3,260 20,572 4,510 1,491 29,833 5,284 Increase (decrease) in unearned revenue - 898 - 333 1,231 - (Increase) decrease in inventories - (4,770) 32 - (4,738) (38) Other income (expense) 86 2,640 833 (751) 2,808 18,987
(Increase) decrease in accounts receivable 393 5,817 (788) (54) 5,368 (280) Increase (decrease) in compensated absences 46 881 96 14 1,037 (109) Increase (decrease) in accounts payable (1,865) (1,543) (7,328) 159 (10,577) 4,545 (Increase) decrease in prepaid items (294) 91 (105) (163) (471) (6,818) (Increase) decrease in deferred outflows from pension and OPEB 117 4,236 623 528 5,504 - Increase (decrease) in net pension liabilit
y (45) (1,411) (221) (191) (1,868) -
Increase (decrease) in outstanding claims payable ----- 6 0 9 Increase (decrease) in net OPEB liability (92) (3,175) (443) (470) (4,180) - Increase (decrease) in customer deposits - 9,891 144 428 10,463 - Increase in landfill closure and postclosure liabilities - - - 546 546 - Increase (decrease) in deferred inflows from pensions and OPEB 42 634 84 172 932 - Increase (decrease) in deferred inflows from derivative instruments - 2,313 - - 2,313 -
Increase (decrease) in net lease liabilit
y - (373) 153 (38) (258) (49)
Total adjustments 1,648 36,701 (2,410) 2,004 37,943 22,131 Net cash provided by (used in) operating activities: $ 2,252 $ 46,973 $ (560) $ 1,141 $ 49,806 $ 5,613 Noncash investing, capital, and financing activities:

Increase (decrease) in fair value of investments $ 1,195 $ (245) $ 531 $ 813 $ 2,294 $ 3,442 30 City of Burbank

STATEMENT OF FIDUCIARY NET POSITION

FIDUCIARY FUND
June 30, 2024
(in thousands)
Private - Purpose
Trust Fund
Successor
Agency
Assets:

Pooled cash and investments $ 3,534
Accounts receivable 31
Capital assets 415
Restricted non-pooled cash and cash equivalents 6
Total assets 3,986
Deferred outflows of resources:

Deferred outflows from deferred loss 2,349
Total deferred outflows of resources 2,349
Liabilities:

Interest payable 73
Bonds and notes payable 1,305
Bonds payable - noncurrent portion 27,411
Total liabilities 28,789
Net position:

Restricted for the dissolution of the former RDA (22,454) Total net position $ (22,454)
See accompanying notes to basic financial statements
31 City of Burbank

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

FIDUCIARY FUND
For the Year Ended June 30, 2024
(in thousands)
Private - Purpose
Trust Fund
Successor
Agency
Additions:

Intergovernmental $ 2,436
Use of money or property 308
Total additions 2,744
Deductions:

Administrative expenses (Fiduciary Funds) 206
Contractual services 159
Interest expense 837
Total deductions 1,202
Change in net position 1,542
Net position, July 1, 2023 (23,996)
Net position, June 30, 2024 $ (22,454)
See accompanying notes to basic financial statements
32 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 H ousing Authority (Housing Authority). Although these entities are legally separate from each other, the City Counc il 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 oper ations. 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 th e general laws of the State of California. The City Charter was adopted in January 1927, and mo st recently amended in A pril 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 co llection, 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 pa rking 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 Au thority (PFFA) was established in May 1987 by the Ci ty 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 i nfrastructure. Separate financial statements for the PFFA are not available. At June 30, 2024, the PFFA had no assets, liabilities or fund balance, 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 ex ercise 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 Fi nancing Authority debt se rvice fund. At June 30, 2024 the PFA had no assets, liabilities or fund balance, 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 maintenan ce of public facilities in the City of Burbank. Separate financial statements are not available for this fund; fi nancial data is presented in the nonmajor funds column of the basic financial statements.
33 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 re sponsible 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 Nov ember 1975, as amended December 1976, March 1982, and May 1987.

The agreements state that HUD and the Housing Aut hority 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 fi nancial statements are not available for the Housing Authority. The Housing Authority has become the Su ccessor Housing Agency administrator of the Low and Moderate Income Housing fund.

B - Financial Statement Presentation
The government-wide financial statem ents (i.e., the statement of net positi on 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. Governmenta l 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 seg ment 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 cha rges to business-type activities and other charges between business-type activities and various other functions of the Cit y. 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 st atements. 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 th e government's funds, including its fiduciary funds. Separate statements for each fund category - governmental, proprietary, and fiduciary - are prese nted. 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 re ported 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. 34 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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, a nd 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. Ca pital 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 maintenan ce 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 determin ed by the applicable measure ment 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 resour ces measurement focus and the accrual basis of accounting, as are proprietary and fiduciary fund statem ents. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the ti ming 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 ar e 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 availab le 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 veh icle fees, utility users taxes, etc). Expenditures generally ar e recorded when a liability is incurred, as under accrual acc ounting. However, debt service expenditures, as well as expenditures related to compensated absences, pension, OPEB, and claims and judgmen ts, are recorded only when payment is due. General capital asset acquisitions are repor ted as expenditures in governmental funds. Issuance of long- 35 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 rec orded 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 res ources 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 produci ng 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, Codificati on of Accounting and Financial Reporting Guidance Contained in Pre-Novemb er 30, 1989 FASB and AICPA Pronouncements. GASB No. 62 addresses accounting rules for regulated operations. This s tatement recognizes the economic ability of regulators, through the ratemaking process, to create future economic benef its 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 proba ble 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 th e 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 s tatute 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 discusse d 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 r ealized or refunded, they would need to be written off and recognized in the current period results of operations.
36 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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, a nd similar items), are reported in the applicable governmental or business-type activities columns in the government-wide a nd 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 purc hased 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
Lease assets
Shorter of the useful life
of underlying asset or
lease ter
m
Subscription assets
Shorter of the useful life
of underlying asset or
subscription term
F - Compensated Absences
It is the City's policy to permit employees to accumulate ea rned 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 C ity 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 Manage ment Association (BMA) employees do not earn vacation or sick leave. They instead receive universal leave which ha s an accrual cap of 1,200 hours. Universal leave is reported as 37 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) F - Compensated Absences (continued)
part of the compensated absences accrual.

Employees are paid 100% of their accumulated vacation, univers al, 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 r etirement or death, provided the employee has been employed by the City for over five y ears 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 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 accrue d when incurred in the gove rnment-wide and proprietary fund financial statements. A liability for these amounts is repor ted in government funds only when employees have separated from the City.

G - Net Position and Fund Balance
The governmental funds report nonspendable, restricted, committed, assigned and una ssigned fund balances to show the level of constraint governing the use of the funds. Nonspenda ble fund balances include amounts that cannot be spent because they are either a) not in spe ndable form or b) legally or contractually require d 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 purpos e. Assigned fund balances com prise amounts intended to be used by the City for specific purposes as determined by the Council such as emergency re serves, prior years carryovers, and various capital projects. Unassigned fund balance is the re maining fund balance after all of the above classifications and should only be reported in the general fund or resulti ng 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, an d the unrestricted resources as necessary. When committed and a ssigned 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 ass ets; 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).
38 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) H - Cash and Investments
The City combines the cash and investments of all funds into two pools (the City pool, a nd the Housing Authority pool), except for funds required to be held by outside fiscal ag ents under the provisions of bond indentures. Each fund's portion of the pooled cash and investments ar e displayed on the balance sheet-governmental funds, or the statement of net position-proprietary funds.

Interest earned on pooled cash and inves tments is allocated monthly to the vari ous funds based on month end balances.

Interest income from cash and investments with fiscal agents a nd 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 specifi cally 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 Inve stment Fund (LAIF), mediu m-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 accordan ce 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 ori ginal maturity of three months or less.

The City considers the cash and inve stments pool to be a demand deposit acc ount where funds may be withdrawn and deposited at any time without prior notice or penalty.

I - Receivables
Activity between funds that are representative of lending/borrowi ng 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 cu stomer 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 outstandi ng 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) th e outstanding principal and interest on the loans or, b) as first lien holder on the underlying land and buildings, will r eceive 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 pri ncipal 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 estima ted 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, 2024). The City reports the notes receivable balance in restricted fund balance in the governmental funds statements and in restricted net position in gove rnmental 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. 39 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) J - Interfund Advances
Advances between funds, as reported in the fund statemen ts, 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 genera l 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 wo rker's compensation, and $1,000 for gene ral 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 in cludes 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/expendit ure) until then. The category of deferred outflow of resources reported in the statement of net position is related to pensi ons, and other post employment benefits. Deferred outflows on pension and other postemployment benefits are more fully discussed in Note 17 and 18.

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 re sources represent an acquisition of net assets that applies to a future period(s) and so w ill not be recognized as an inflow of res ources (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 ha s reported deferred inflows of resources related to unavailable revenues for property taxes, grants, and special assessments. These amounts are deferred a nd will be rec ognized as an inflow of resources in the period that amounts become available.

M - Pensions
For purposes of measuring the net pension liability and deferre d outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net pos ition 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 accorda nce 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 empl oyees, 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 C ity'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.
40 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) O - Use of Estimates
The preparation of the financial stat ements 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 statem ent 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 accordance with GASB Statement No. 87, the City transiti oned to 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 the lessee is required to recognize a lease liability and an intangible right-t o-use asset, and the lessor is required to recognize a lease receivable and a deferred inflow of resources. Lease assets are recorded at the amount of the initial measurement of the lease term, less any lease incentive received from the less or 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. A lease payabl e 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. The lease liability is reduced by the principal portion of lease payments made.

Q - Subscription Based Information Technology Arrangements (SBITA) In accordance with GASB Statement No. 96, the City recogn izes a right-to-use subscription asset and a corresponding subscription liability. The subscription liability is rec ognized at the commencement date based on present value of expected SBITA payments over the S BITA term, less any SBITA incentives at or before the commencement of the SBITA term along with any initial direct costs that are anc illary 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. Interest expense is recognized ratabl y over the contract term. The subscription liability is reduced by the principal portion of subscription payments made.

R - Adoption of New Accounting Standards - GASB 100 Accounting Changes and Error Corrections Summary In accordance with GASB Statemen t No. 100, change s in accounting principles should be applied retroactively by restating beginning net position, fund balances, or fund net pos ition. Changes in accounting estimates should be reported prospectively, affecting only the current period and future pe riods. Changes to or within the financial reporting entity including changes in fund presentation (major/nonmajor), additi on/removal of component units, or changes in component unit presentation; should be reported by adjusting the c urrent period’s beginning balances. Error corrections should be reported retroactively by restating all prior periods presen ted. For presentation and disclosure, the aggregate amount of adjustments and restatements must be displayed on the face of the financial statements for each reporting unit. Note disclosures should include a tabular reconciliation of beginni ng balances as previously reported to beginning balances as adjusted or restated. Furthermore, information that is a ffected by a change in accoun ting principle or error correction should be presented in Required Supplementary Informa tion (RSI) and Supplementary Information (SI). For periods earlier than those included in the basic financial statements , information presented in RSI and SI should be restated for error corrections, if practicable, but not for changes in accounting principles. (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 inve stment in capital assets". The details of this computation are explained below :
41 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(2) RECONCILIATION OF GOVERNMENT-WIDE AND FINANCIAL STATEMENTS (CONTINUED) Explanation of computation of certain items on statement of net position (continued) Governmental activities:

Total capital assets of internal service funds, net of accumulated depreciation/amortization $ 30,302 Total governmental assets, net of accumulated depreciation/amortization 676,974 Payables (accounts, retentions, leases, and SBITAs) (5,617) Net investment in capital assets $ 701,659
Business-type activities:

Total capital assets, net of accumulated depreciation/amortization $ 542,998 All revenue bonds, current and long term portions net of bond discount and premiums (149,910) Payables (accounts, retentions, leases, and SBITAs) (6,753) Net investment in capital assets $ 386,335
(3) STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Appropriations
During the year, several supplemental budget appropriations we re adopted by the City Counc il as amendments to the annual budget. Some significant a ppropriations are as follo ws: $8,320 for the Lake Street prope rty purchase, $7,621 for salary and Memorandum of Understanding (MOU) increas es, $6,108 for transportation and traffic related projects, $800 for street signal im provements, $679 for a County of Los Angeles Homeless grant, $526 for McCambridge Park pool repairs, $510 for Downtown Metrolink Station repairs and improvements, $509 for the Elderly Nutrition program, $376 for a landfill organic waste cover, $269 for Police COPS grant, $261 for Fire and Police UASI gra nts, $190 for Police STEP grant, and $156 donation for the animal shelter.

Appropriated Budget and Budgetary Control
The City Council is required to adopt an annual budget resolu tion 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 State s of America. Certain multi-year capital improvements and other projects are budgeted on a project-length basis. A dditionally, appropriations for th e 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 pro jects. 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 functi onal 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 y ear, were significant in relationship to the original budget as adopted and are more fully described above. Un expended 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 su ch 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 Int ernal 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 P roprietary fund types on a budget comparison basis; therefore, 42 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(3) STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY (CONTINUED) Appropriated Budget and Budgetary Control (continued)
budgetary data related to these funds has not been presented. (4) CASH AND INVESTMENTS
Cash and investments as of June 30, 2024 are classified in the accompanying financial statements as follows :

Governmental Business Type Fiduciary Fund Total
Pooled cash and investments $ 458,143 $ 186,820 $ 3,534 $ 648,497 Restricted cash for pensions 24,509 - - 24,509
Restricted pooled cash and investments - 22,559 - 22,559 Restricted non-pooled cash and cash equivalents - 86,191 6 86,197 Total $ 482,652 $ 295,570 $ 3,540 $ 781,762
Demand deposits 16,217
*Investments in 115 Trust CERBT 24,509
Investments 741,035
Total $ 781,761
*Disclosures related to investments in 115 Trust related to interest rate risk, credit risk and fair value are available online. 43 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 o
f
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 th e 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 progra m approved by the legislative body no less than three months pri or 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 o
f
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
44 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(4) CASH AND INVESTMENTS (CONTINUED)
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interes t 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 C ity's investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows th e 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
Agency-U.S. Federal Agency $ 199,967 $ 6,947 $ 49,992 $ 143,028 U.S. Treasury obligations 25,876 11,820 2,849 11,207
Corporate-Medium Term Notes 100,790 30,204 5,750 64,836 Municipal Bonds 71,186 6,058 11,730 53,398
Supranational Obligations 28,488 - 8,395 20,093
Negotiable Certificates of Deposit 54,830 15,379 12,744 26,707 LAIF-Local Agency Investment Fund 4,181 4,181 - -
Money Market 169,520 169,520 - -
Held by bond trustee:

Money Market 86,197 86,197 - -
Totals $ 741,035 $ 330,306 $ 91,460 $ 319,269
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 nationa lly 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 $ 199,967 N/A 199,967
U.S. Treasury obligations 25,876 N/A 25,876
Corporate-Medium Term Notes 100,790 A -
Municipal Bonds 71,186 A 10,866
Supranational Obligations 28,488 Aa -
Negotiable Certificates of Deposit 54,830 N/A 54,830
Money Market 169,520 Aaa -
LAIF-Local Agency Investment Fund 4,181
N/A 4,181
Held by bond trustee:

Money Market 86,197 Aaa -
Totals $ 741,035 $ 295,720
45 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(4) CASH AND INVESTMENTS (CONTINUED)
Disclosures Relating to Credit Risk (continued)
Ratings as of year end
Aaa Aa A Baa Not Rated Total
Agency-U.S. Federal Agency $- $- $- $- $ 199,967 $ 199,967 U.S. Treasury obligations ---- 25,876 25,876
Corporate-Medium Term Notes 10,547 34,923 53,350 1,970 - 100,790 Municipal Bonds 8,440 51,880 - - 10,866 71,186
Supranational Obligations 28,488 - - - - 28,488
Ne g o t i a b l e C e r t i f i c a t e s o f D e p o s i t ---- 54,830 54,830 Money Market 169,520 - - - - 169,520
LAIF-Local Agency Investment Fund ---- 4,181 4,181
Held by bond trustee:

Money Market 86,197 - - - - 86,197
Totals $ 303,192 $ 86,803 $ 53,350 $ 1,970 $ 295,720 $ 741,035 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 r ecover collateral securities that are in the possession of an outside party. The custodial credit risk for inves tments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a trans action, a government will not be able to recover the va lue of its investment or collateral securities that are in the possession of another pa rty. 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 leg al or policy requirements that would limit the exposure to custodial credit risk for deposits or inve stments, other than the following provisi on for deposits: The Code requires that a financial institution secure deposits made by state or lo cal governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unle ss 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 s ecure 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 Manag ement Program (CAMP). CAMP is an investment pool offered by the California Asset Management Trust and created through a jo int powers agency as a poo led 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 direct ors and treasurers of California public agencies. The City reports its investments in CAMP at the fair value amount s provided by CAMP, which is the same as the value of the pool share in accordance with GASB 79 requirements. On June 30, 2024, the CAMP pool had an average maturity of 38 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 Inve stment 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. 46 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 i nputs 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, 2024:

Quoted Prices
Level 1
Observable
Inputs
Level 2
Unobservable
Inputs
Level 3
Investments
Not Subject to
Hierarchy Total
Agency-U.S. Federal Agency $- $ 199,967 $- $- $ 199,967 Corporate-medium term notes - 100,790 - - 100,790
LAIF-Local Agency Invest. Fund - - - 4,181 4,181
U.S. Treasury obligations - 25,876 - - 25,876
Negotiable Certificates of Deposit - 54,830 - - 54,830
Municipal Bonds - 71,186 - - 71,186
Supranational Obligations - 28,488 - - 28,488
Money Market - - - 169,520 169,520
Held by Bond Trustee:

Money Market - - - 86,197 86,197
$- $ 481,137 $- $ 259,898 $ 741,035
47 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(5) CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2024 is as follows:

Governmental activities:

Balance
July 1
2023 Additions Deletions Transfers
Balance
June 30
2024
Capital assets not being depreciated/amortized:

Land $ 57,759 $ - $ - $ - $ 57,759
Land held under easements 345,277 - - - 345,277
Construction in progress 10,242 27,799 (527) (13,357) 24,157 Total capital assets not being
depreciated/amortized: 413,278 27,799 (527) (13,357) 427,193 Capital assets being depreciated/amortized:

Land improvements 10,416 - - - 10,416
Accumulated depreciation (8,046) (153) - - (8,199)
Buildings and improvements 242,402 - (128) 1,788 244,062 Accumulated depreciation (186,508) (6,134) 4 - (192,638) Infrastructure 415,232 - (5) 9,704 424,931
Accumulated depreciation (213,340) (10,825) 3 - (224,162) Machinery and other 98,466 6,737 (4,545) 1,865 102,523
Accumulated depreciation (79,713) (4,689) 4,447 - (79,955) Lease assets 637 - - - 637
Accumulated amortization (136) (76) - - (212)
Subscription assets 2,775 1,573 (887) - 3,461
Accumulated amortization (818) (850) 887 - (781)
Total capital assets being depreciated/amortized,
net 281,367 (14,417) (224) 13,357 280,083
Total net capital assets -
Governmental activities $ 694,645 $ 13,382 $ (751) $ - $ 707,276 Depreciation/amortization charged to governmental functions on the statement of activities during the year is as follows; $856 General Government, $163 to Police, $7 to Fire, $10,673 to Public Works, $2,829 to Community Development, $2,790 to Parks and R ecreation and $184 to Library. The Internal Service Funds portion of amortization for the year is $5,225.
48 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(5) CAPITAL ASSETS (CONTINUED)
Total Enterprise fund type capital assets are as follows:

Business-type activities:

Balance
July 1
2023 Additions Deletions Transfers
Balance
June 30
2024
Capital assets not being depreciated/amortized:

Land $ 11,813 $ 8,218 $ - $ - $ 20,031
Construction in progress 52,186 55,833 (144) (41,747) 66,128 Total capital assets not being depreciated/amortized 63,999 64,051 (144) (41,747) 86,159 Capital assets being depreciated/amortized:

Land improvements 12,560 - - - 12,560
Accumulated depreciation (11,939) (93) - - (12,032)
Rights to purchased power 1,335 - - - 1,335
Accumulated depreciation (1,036) - - - (1,036)
Buildings and improvements 912,689 - (6,977) 32,095 937,807 Accumulated depreciation (487 ,134) (24,777) 6,329 - (505,582) Machinery and other 107,074 932 (3,242) 9,652 114,416
Accumulated depreciation (92,066) (3,977) 3,026 - (93,017) Lease assets 1,779 - (628) - 1,151
Accumulated amortization (469) (209) 120 - (558)
Subscription assets 1,785 1,412 (515) - 2,682
Accumulated amortization (518) (854) 485 - (887)
Total capital assets being depreciated/amortized,
net 444,060 (27,566) (1,402) 41,747 456,839
Total net capital assets -
Business-type activities $ 508,059 $ 36,485 $ (1,546) $ - $ 542,998 Total Fiduciary-type capital assets are as follows:

Fiduciary-type activities:

Balance
July 1
2023 Additions Deletions Transfers
Balance
June 30
2024
Capital assets not being depreciated/amortized:

L a n d $ 4 1 5 $- $- $- $ 4 1 5
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; $3,260 Water Rec & Se wer, $20,693 to Electric U tility, $4,510 to Water U tility, and $1,491 to Re fuse Collection & Disposal.
49 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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, 2024, there were 159 active participants and 133 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 c ontribute $43.53 dollars per month per active participant and 1.5% of the Burbank Police Officers' Associati on 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 $541 for the fiscal year ended June 30, 2024. At June 30, 2024, the fair value of assets was $13,200.

Post Employment Health Plan (PEHP)
The PEHP is a defined contribution plan estab lished by the City of Burba nk 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). Th e 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, 2024 there were 126 active and 64 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 $52 to the PEHP during the year ended June 30, 2024. (7) INTERFUND RECEIVABLES, PAYABLES, ADVANCES, AND TRANSFERS The composition of interfund balances as of June 30, 2024 is as follows:

Interfund Transfers
Fund Receivable Payable In Out
General $ 529 $- $9 0 $ 10,278
Low/Mod Income Housing 3 39 - -
Electric Utilit
y 310 - 116 401
Refuse Collection & Disposal - - 17 -
Nonmajor Governmental Funds 61 900 2,268 599
Internal Service Funds 36 - 8,903 116
Total interfund receivable / payable / transfers $ 939 $ 939 $ 11,394 $ 11,394 Composition and purpose of significant interfund transfers and interfund balances are as follows:

Internal Service fund transfers in of $8,903 includes $8,503 from the General fund for infrastructure maintenance/repair and improvements, Information Technology projects, and Fire department equipment purchase, and $400 from the Electric utility fund for Information Technology projects. 50 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 Governmental Business-Type
Governmental funds
Transfers in $ 11,261 $ -
Transfers out (10,993) -
Proprietary funds
Transfers in - 133
Transfers out - (401)
Totals $ 268 $ (268)
(8) LONG-TERM LIABILITIES
Balance
July 1,
2023 Additions Deletions
Balance
June 30,
2024
Due Within
One Year
Fiduciary activities:

Other debt:

Tax allocation bonds $ 35,052 $ - $ (6,336) $ 28,716 $ 1,305 Total fiduciary activities $ 35,052 $- $ (6,336) $ 28,716 $ 1,305 Governmental activities:

Other debt:

Other long-term liabilities
Compensated absences $ 18,678 $ 10,010 $ (9,523) $ 19,165 $ 1,454 Claims and judgments 47,948 10,291 (9,682) 48,557 10,702 Lease payable 525 - (68) 457 73
Subscriptions payable 1,920 1,520 (1,243) 2,197 725
Total governmental activities $ 69,071 $ 21,821 $ (20,516) $ 70,376 $ 12,954 *Compensated absences liability for governmental activities will be liquidated by the following funds: General Fund, Propositi on A, Proposition C, AQMD, Section 8, CDBG, State Gas Tax, Public Improvement, HOME, and Low/Mod Income Housing.

Balance
July 1,
2023 Additions Deletions
Balance
June 30,
2024
Due Within
One Year
Total business-type activities:

Other debt:

Revenue bonds $ 241,700 $ - $ (5,753) $ 235,947 $ 3,940 Other long-term liabilities 19,348 546 - 19,894 -
Lease payable 1,138 - (622) 516 215
Compensated absences 9,648 6,000 (4,963) 10,685 529
Subscriptions payable 1,283 1,413 (1,049) 1,647 821
Total business-type activities $ 273,117 $ 7,959 $ (12,387) $ 268,689 $ 5,505 51 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 a nd note entered into by the former Redevelopment Agency to the City of Burbank; (b) to fund a reserve accoun t bond insurance policy; and, (c) provide for the costs of issuing the Bonds. $ 2,770
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. 20,865 Plus original issue premium 5,081
Total tax allocation bonds 28,716
Total fiduciary activities $ 28,716

GOVERNMENTAL ACTIVITIES
Compensated absences - Governmental activities:

Governmental funds accumulated vacation, universal, in-lieu a nd sick leave accrual is reported in the government- wide statement of net position. For the fiscal Year Ended June 30, 2024, the noncurrent portions of the accrual consist of vacation leave of $14,173, sick leave of $3,177, and in-lieu time of $1,815. $ 19,165 Outstanding Claims Payable - Self-Insurance
The Risk Management fund total out standing claims are $9,123. The current portion of th e outstanding claims are reported in the current liability section of the statement of net position and the remainder is included in long-term liabilities. 9,685
The Workers' Compensation fund tota l outstanding claims are $38,825. Th e current portion of the outstanding claims are reported in the current liability section of the statement of n et position and the remainder is included in long-term liabilities. 38,872
Total long-term liabilities for self-insurance 48,557
Lease Payable - Governmental activities
Lease payable totals $457. The current portion of the lease payable is $73 and is reported in the current liabilit y section of the statement of net position, with the remainder in long-term liabilities. 457 Subscriptions Payable - Governmental activities
Subscriptions payable totals $2,196. The c urrent position of the subscriptions payable is $724 and is reported in the current liability section of the statement of net position, with the remainder in long-term liabilities. 2,197 Total governmental activities $ 70,376
52 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 semiannu ally 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. $ 1,395
Plus original issue premium 406
Total Wastewater Revenue bonds 1,801
Burbank Water and Power
Lease Payable - All Enterprise Funds
Electric fund has leases for a gas turbine with Ge neral Electric and telecommunications, including colocation, with Crown Castle. As of June 30, 2024, the total liability is $516, and the current portion is $215. 516 Total leases payable 516
Subscriptions Payable - All Enterprise Funds
The Enterprise funds have software subscriptions and as of June 30, 2024, the total liability is $1,647 and the current portion is $820. 1,647
Total subscriptions payable
1,647
$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 Sys tem, including the conversion of certain residential and commerical distribution circuits, to f und a deposit in the Parit y 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. 50,455
Less original issue discount (136)
Subtotal 50,319
$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. Payab le in installments ranging from $850 to $2,275. Interes t rates range from 4.89% to

5.79%. Payments are made semiannually on June 1 and December 1, w ith the final payment to be made on June 1, 2040. The bonds are secured by a ple dge of net revenues of the Water En terprise 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 th e United States Department of Treasury equal to 35% of the interest on the Series 2010B Bonds. 26,045
Less original issue discount (58)
Subtotal 25,987
53 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 o f 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 ar e secured by a pledge of net revenues of the Water Enterprise Fund, as w ell as all amounts on deposit in the accounts es tablished under the indenture, including the reserve account. 22,980
Plus original issue premium 4,316
Subtotal 27,296
$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 10,544
Subtotal 130,544
Total Burbank Water and Power revenue bonds 234,146
Total Enterprise revenue bonds 235,947
Total Enterprise Liabilities $ 238,110
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 Landf ill 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 porti ons of these costs as operating expe nses in each period, as required b y GASB 18, and based on landfill capacity used as of each balance sheet date.

The landfill closure, post-closure and corrective acti on care liability at J une 30, 2024 represent s the cumulative amount reported to date based on the use of 52 percent of the estimated capacity of the landfill. The City will recognize the remaining estimated cost of $27,927 as the remaining estimated capacity is filled. These amounts are based on what it would cost to perform all closure, post-closure care in 2024. Using 1.036 inflation factor in 2024, the total estimated adjusted closure, post-closure cost s as of 2024 are $38,506. The City expects to close the landfill in the year 2117. Th e change to extend the remaining landfill life is due to the use of new method o f 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. 54 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(8) LONG-TERM LIABILITIES (CONTINUED)

BUSINESS-TYPE ACTIVITIES - REVENUE BONDS (CONTINUED)
The City is required by state laws and regulations to mak e 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, 2024, $22,559 was reported as re stricted cash. The City expects that future inflation costs will be paid from interest earnings on these annual contributions. Ho wever, if interest earnings are inadequate or additional post-closure care requiremen ts 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. $ 19,894
Total other long-term liabilities $ 19,894
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, 2024, the total of the accrual consist of vacation leave of $8,521, sick leave of $928 and in-lieu time of $1,235. $ 10,685 Total business-type activities $ 268,689
55 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(8) LONG-TERM LIABILITIES (CONTINUED)

BUSINESS-TYPE ACTIVITIES - REVENUE BONDS (CONTINUED)
The annual requirements to amortize all bonded indebtedne ss and other long-term liabilities outstanding at June 30, 2024 are as follows:

Fiduciary activities Fiduciary Tax Allocation
Year Ending June 30 Principal Interest
2025 $ 1,305 $ 849
2026 1,105 789
2027 1,160 732
2028 1,000 680
2029 1,045 634
2030-2034 5,915 2,488
2035-2039 5,560 1,567
2040-2044 6,545 567
Premiu
m 5,081 -
Totals $ 28,716 $ 8,306
Business-type activities Revenue Bonds
Year Ending June 30 Principal Interest
2025 $ 3,940 $ 11,645
2026 6,225 11,425
2027 6,520 11,084
2028 6,815 10,726
2029 7,140 10,352
2030-2034 40,900 45,464
2035-2039 50,705 33,109
2040-2054 98,630 36,826
Discount (194) -
Premiu
m 15,266 -
Total $ 235,947 $ 170,631
56 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(8) LONG-TERM LIABILITIES (CONTINUED)
The City's total future minimum lease payments under lease agreements as of June 30, 2024 are as follows:

Governmental Activities Business-Type Activities
Principal Interest Principal Interest Total
2025 $7 3 $1 1 $ 215 $1 3 $ 312
2026 76 10 226 7 319
2027 76 7 75 1 159
2028 63 6 - - 69
2029 67 4 - - 71
2030-2034 102 2 - - 104
Total minimum lease payments
$ 457 $4 0 $ 516 $2 1 $ 1,034
The City's total future minimum subscr iption payments under subscriptions-based information technology agreements (SBITA) as of June 30, 2024 are as follows:

Governmental Activities Business-Type Activities
Principal Interest Principal Interest Total
2025 $ 725 $3 3 $ 821 $2 6 $ 1,605
2026 751 37 525 16 1,329
2027 225 21 301 5 552
2028 188 14 - - 202
2029 177 10 - - 187
2030-2034 131 5 - - 136
Total minimum subscription
payments $ 2,197 $ 120 $ 1,647 $4 7 $ 4,011
57 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 accompa nying notes. For the current year, debt service payments as a percentage of the pledged gross revenue (or net of certain expe nses where so required by the debt agreement) are indicated in the table below. These percentages also a pproximate the relationship of debt service to pledged revenue for the remainder of the term of the commitment:

Description o
f
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 $ 3,860 $ 1,226 31.76%
Electric $ 29,121 $ 11,505 39.51%
Water $ 6,277 $ 3,998 63.69%
(9) RECEIVABLES
Receivables at June 30, 2024 consist of the following:

Governmental activities: General
Low/Mod
Income
Housing
Nonmajor
Governmental
Funds
Internal
Service Funds
Total
Govern-
mental
Accounts receivable, net $ 23,006 $1 9 $ 10,794 $ 3,234 $ 37,053 Interest receivable 361 24 234 476 1,095
Developer notes receivable - 37,476 - - 37,476
Accounts receivable other - - 540 - 540
Total
$ 23,367 $ 37,519 $ 11,568 $ 3,710 $ 76,164
Business-type Activities:

Water Rec
& Sewer
Electric
Utility
Water
Utility
Refuse
Collection
& Disposal
Total
Business
Type
Accounts receivable, net $ 1,440 $ 20,442 $ 4,042 $ 2,653 $ 28,577 Interest receivable 97 246 47 112 502
Total $ 1,537 $ 20,688 $ 4,089 $ 2,765 $ 29,079
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 out standing 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 r eceives 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 in terest 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 J une 30, 2024). 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, 2024, the notes receivable balance was $37,476, net of an allowance for doubtful accounts of $30,455.
58 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 r eceivable balance for CDBG as of June 30, 2024, was $0, net of an allowance for doubtful accounts of $2,707, in both the governmental activities and the governmental funds. The notes receivable balance for HOME as of June 30, 2024, is $0, net of an allowance for doubtful accounts of $13,082 , in both the governmental activities and the governmental funds. (10) COMMITMENTS AND CONTINGENCIES
Litigation
The City is presently involved in certain matters of litiga tion that have arisen in the normal course of conducting City business. City management believes, based upon consultation with the City attorne y, that these cases, in the aggregate, are not expected to result in a material adverse financial imp act 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 unfavorabl e 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 $10,251 Regional Intermodal Transportation Center Solar and Storage Project, $6,231 Golden State Substation Rebuil d, $5,123 Adva nced Metering Infra structure, $4,304 BWP Master Plan of Drainage, $3,013 Police Dept CAD Replacement. (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 seve ral "take or pay" and “take and pay” contracts through its participation in two joint power agencies, the Intermountai n Power Agency (IPA) and the Southern California Public Power Authority (SCPPA), in order 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 thes e contracts refer.

Under the “take or pay” contract, the City is obligated to pa y 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 pa y” 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, 2024, and June 30, 2023, the Electric F und made payments totaling $40,145 and $44,348 for "take or pay" contracts, respectively, and $17,487 and $27,480 for the "take and pay" contracts, respectively. 59 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 Ang eles, 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 gener ated by the Intermountain Powe r Project (IPP) in Utah.

The City, through contract, is entitled to 60 megawatts (MW) or 3.371% of the 1,800 MW of gener ation at the plant. In addition, the City entered into an Excess Powe r 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 b ecame effective in Ja nuary 2007, prohibits any investment in baseload generation that does not meet specific emissions performance s tandards, subject to certain exceptions. In light of this restriction, the initial power sales contracts will terminate on June 15, 2027, a nd will be replaced with combined cycle natural gas units by Ju ly 1, 2025, and con tinue 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 complian ce with greenhouse gas ("GHG") emissions performance standards. Some of the power purchasers under the origin al power sales contracts will continue to be IPP participants under the Renewal Power Sales Contracts. Th e cities of Anaheim, Riversid e, and Pasa dena 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 both increased 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 Cali fornia, 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, acqui ring, constructing, operati ng, and mainta ining 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, consisti ng 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 in terest 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% owners hip in the Arizona Nu clear 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.
60 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 th e STS, which provides for the transmission of energy from the Intermountain Generating Station in Utah to Sout hern California. STS commenced commercial operations in July 1986. The Depar tment of Water and Power of the City of Los Angeles (LADWP), a member of SCPPA, serves as project manage r and operating agent of IPP. The STS cons ists of a 488-mile transmission line and the associated converter station on each end. The 500 kV DC bi-pole transmission lines ar e currently rated at 2,400 megawatts (MW) as a result 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, Cerr itos, Colton, Glendale, and Pasadena, entered into a power sales agreement with SCPPA for MPP. MPP commenced commerci al operations in Burbank, California in September 2005. MPP is a combined-cycle n atural 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 outsta nding 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 por tion of the long-term savings, reduce the remaining volumes of gas to be delivered, and shorten the overall duration of five prepaid agreem ents (with the City, and the Cities of Anaheim, Colton, Glendale, and Pasadena).

The City’s natural gas supply agreement with SCPP A is expected to provide approximately one-fourth of the City’s gas requirements for MPP. The City has no obligati on 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 commerci al operations in November 2009. The fac ility is a 200 MW nameplate capacity wind farm comprised of 97 wind turbine generators, delivered by a 90-mile transmission line, 345 kV, ex tending from the generation site to the IPP switc hyard 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 Pa sadena, California) acquire d 100.000% of th is facility and issued bonds in 2010 to finan ce the purchase by prepayment of a specified quantity of energy from this facility over the 20-year delivery term, with a guaranteed annual qua ntity 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 Decemb er 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 61 City of Burbank

11.534%.

Tieton Hydro Project (THP)
This facility was acquired by SCPPA in November 2009 with 100.000% of en titlement shares. Each of the two project participants, the City and the City of Glend ale, 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 tr ansmission 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 flo ws into the Tieton River from the Rimrock Lake reservoir, which was created by the dam. Average annual genera tion 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% inter est in the Mead-Marketplace component. The project is a 256-mile, 500 kV AC trans mission line with a rati ng 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 refina ncing 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 oblig ated to pay for such production capacity, including amounts required to pay debt service on bonds issued to finan ce their respective share of the NGP, on a "take or pay" basis. The City has 14.286% of entitlement shares in the Pined ale, 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 Ga s Project is in Valencia , California near Lake Castaic and began commercial operations in November 2010. The renewa ble 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.
62 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 be gan 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 located in Gilliam County, Oregon, n ear the town of Arlington and began commercial operations in early 2009. The te rm 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 a pproximately 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 th e 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 Anah eim and Vernon, entered into a power sales agreement with SCPPA for Desert Harvest Project. The Desert Harvest Project is located 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 ar e the participants. The City contracted to purchase approximately 31.34% of its output.
63 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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, 2024, 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% $ 54,433 $ 91,690 SCPPA:(2)
Southern Transmission System 4.498% 58,008 110,988
Magnolia Power Project (Project A) 32.350% 67,984 87,605 Prepaid Natural Gas Project #1 33.000% 81,579 108,377
Milford I Wind Project 5.000% 3,781 4,375
Tieton Hydropower Project 50.000% 15,400 21,912
Natural Gas Project - Barnett 100.000% 7,302 9,191
Natural Gas Project - Pinedale 100.000% 2,358 2,968
SCPPA Total 236,412 345,416
Total $ 290,845 $ 437,106
*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. 64 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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 th at 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). 2024/25 2025/26 2026/27 2027/28
Principal Interest Principal Interest Principal Interest Principal Interest Intermountain Power Project $- $ 2,726 $- $ 2,726 $ 1,654 $ 2,685 $ 1,736 $ 2,602 SCPPA:

Southern Transmission System 1,217 2,612 1,328 3,001 1,494 2,931 1,721 2,766 Magnolia Power Project (Project A) 3,529 2,501 3,711 2,369 3,905 2,229 4,110 2,081 Prepaid Natural Gas Project #1 4,241 4,024 4,886 3,784 5,166 3,520 5,858 3,231 Milford I Wind Project 556 175 584 147 613 117 644 85
Tieton Hydropower Project 650 733 1,458 672 618 615 650 583 Natural Gas Project - Barnett 930 410 888 357 854 305 824 254 Natural Gas Project - Pinedale 300 132 287 115 276 98 266 82 Total $ 11,423 $ 13,313 $ 13,142 $ 13,171 $ 14,580 $ 12,500 $ 15,809 $ 11,684 2028/29 2029/34 2034/39 2039/44
Principal Interest Principal Interest Principal Interest Principal Interest Intermountain Power Project $ 1,821 $ 2,514 $ 10,554 $ 11,086 $ 13,430 $ 8,141 $ 17,113 $ 4,352 SCPPA:

Southern Transmission System 860 2,618 5,872 12,277 7,779 10,587 9,645 8,411 Magnolia Power Project (Project A) 4,324 1,925 25,264 6,956 23,142 1,561 - - Prepaid Natural Gas Project #1 6,588 2,912 42,961 8,728 11,880 599 - - Milford I Wind Project 676 52 710 18 ----
Tieton Hydropower Project 680 550 3,950 2,189 5,043 1,075 2,353 95 Natural Gas Project - Barnett 801 205 3,005 357 ----
Na t u r a l G a s P r o j e c t - P i n e d a l e 2 5 9 6 6 9 7 0 1 1 5---- Total $ 16,009 $ 10,842 $ 93,286 $ 41,726 $ 61,274 $ 21,963 $ 29,111 $ 12,858 2044/49 2049/54 Total
Principal Interest Principal Interest Principal Interest Intermountain Power Project $ 8,124 $ 424 $- $- $ 54,432 $ 37,256 SCPPA:

Southern Transmission System 12,311 5,671 15,782 2,106 58,009 52,980 Magnolia Power Project (Project A) ---- 67,985 19,622
Prepaid Natural Gas Project #1 ---- 81,580 26,798
Milford I Wind Project ---- 3,783 594
Tieton Hydropower Project ---- 15,402 6,512
Natural Gas Project - Barnett ---- 7,302 1,888
Na t u r a l G a s P r o j e c t - P i n e d a l e ---- 2,358 608 Total $ 20,435 $ 6,095 $ 15,782 $ 2,106 $ 290,851 $ 146,258 65 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(12) ACCRUED LIAB ILITIES
Accrued liabilities for Governmental and Business Type Activities June 30, 2024, consist of the following:

Govern-
mental
Business
Type
Accrued expenditures $ 254 $ 6,186
Accrued payroll 7,384 -
Other liabilities 8,322 -
Total $ 15,960 $ 6,186
(13) DEFERRED COMPENSATION PLANS
The City has adopted a deferred compensation plan in accordance with Internal Re venue 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 ri ghts are held in trust for the exclusive benefit of the participants and their beneficiaries. These assets are no longer the property of the Cit y, 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, 2024, the City's deferred compensation plan had accumulated assets of $248,242 under the 457 plan, and $979 under the 457p plan.
(14) PREPAID ITEMS AND DEPOSITS
The City shows a total of $33,596 in pre paid items and deposits. $17,402 of the pre paid items are in the Electric Utility, $5,527 are in Water Utility, $251 are in Re fuse Collection and Dis posal, $294 are in Water Reclamation and Sewer, $9,268 in internal service funds, and $854 in the Governmental Fund ($352 in the general fund and $502 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 wo rkers compensation claim. At June 30, 2024, $9,685 was accrue d for general liability claims, and $38,872 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, 2024, are dependent on future developments, based upon information provided from the City Attorney, outside legal c ounsel and others involved with the administration of the programs, City management believes that the aggregate accrual is adequate to cover su ch losses. The City is insured with outside insurance carriers for up to $65,000 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 th e 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 $55,000 of excess coverage, for total coverage of $65,000. The layers of coverage above $10,000 are not pooled, but rather jointly purchased. 66 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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
2023-24 2022-23
Claims Payable July 1 $ 47,948 $ 45,709
Claims and changes in estimates 10,291 11,218
Claims payments during the year (9,682) (8,979)
Liability June 30 $ 48,557 $ 47,948
The claims liability is repor ted 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:

The City has six active leases. The leases have receipts that range from $5 to $506 and interest rate of 5.9300%. As of June 30, 2024, the total combined value of the lease r eceivable is $942, the total combined value of the short-term lease receivable is $517, and the combined value of the deferred inflow of resources is $869.

Business-Type Activities:

Burbank Power & Water has one active Building lease. The leas e receipt totals to $431 and has an interest rate of

2.7400%. As of June 30, 2024, the total combin ed value of the lease receivable is $4,247, the total combined value of the short-term lease receivable is $319, and the combined value of the deferred inflow of resources is $4,087.

Burbank Power & Water has one active Infrastru cture lease. The lease receipt totals to $27 and has an interest rates of

2.7400%. As of June 30, 2024, the total comb ined value of the lease receivable is $155, the to tal combined value of the short-term lease receivable is $23, and the combined value of the deferred inflow of resources is $149.

Refuse Collection & Disposal has one active Building lease. The lease receipt totals to $240 and in terest rates of

0.9670%. As of June 30, 2024, the total combin ed value of the lease receivable is $1,188, the total combined value of the short-term lease receivable is $233, and the combined value of the deferred inflow of resources is $1,170.

Governmental Activities Business-Type Activities
Principal Interest Principal Interest Total
2025 $ 517 $4 2 $ 575 $ 136 $ 1,270
2026 207 16 586 124 933
2027 44 12 598 112 766
2028 38 9 611 99 757
2029 14 8 623 87 732
2030-2034 86 24 1,964 225 2,299
2035 and thereafter 36 3 633 14 686
Total minimum lease payments $ 942 $ 114 $ 5,590 $ 797 $ 7,443 67 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(16) LEASES AND SUBSCRIPTION (CONTINUED)
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, 2024, the value of the lease liability is $55.

The City is required to make monthly fixed payments of $2. The lease has an inter est rate of 2.1567%. The value of the right to use asset is $97, with accumulated amortization of $42, and is included with Equipment on the Lease Class activities table found below.

On July 1, 2021, the Communications E quipment 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, 2024 the value of the lease liability is $400. 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 is $540, with accu mulated amortization of $170, and is in cluded with Infrastructure on the Lease Class activities table found below.

Business-Type Activities:

On July 1, 2021, the Electric Utility 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 th e amount of $694. As of June 30, 2024, the value of the lease liability is $253. The Electric Utility Fund is require d to make annual payments of $123. The lease has an interest rate of 2.7400%. The value of the right to use asse t is $694, with accumulated amortization of $352, and is in cluded with Equipment on the Lease Class activities table found below.

On April 1, 2022, the Electric Utility 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, 2024, th e value of the lease liability is $263. The Electric Uti lity Fund is required to make monthly fixed payments of $8. The lease has an in terest rate of 2.7400%. The va lue of the right to use asset is $457, with accumulated amortization of $206, and is included with Infrastructure on the Lease Class activities table found below.

Asset Schedule:

Asset Class
Governmental
Activities
Business-Type
Activities Activities
Buildings $ 540 $- $ 540
Equipment 97 1,151 1,248
Less: accumulated amortization (212) (558) (770)
Total $ 425 $ 593 $ 1,018
Subscriptions payable
Governmental Activities:

The City has seven active subscriptions. The subscriptions have payments that range from $0 to $698 and interest rates that range from 1.7100% to 3.7417%. As of June 30, 2024, the total combined value of the subscription liability is $2,197, and th e total combined value of the short-term subscripti on liability is $725. The combined value of the right to use asset is $3,461, with accumulated amortization of $781, and is in cluded within the Subscription Class activities table found below.
68 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(16) LEASES AND SUBSCRIPTION (CONTINUED)
Governmental activities:

Balance
June 30
2023 Additions Deletions
Balance
June 30
2024
Subscription liability software:

Biddle online testgenius $ - $ 28 $ (9) $ 19
Medic clipboard 127 - (42) 85
Symphony saas 69 - (69) -
ProctorU 19 - (10) 9
OATI data center 166 - (34) 132
GenScheduler on-line 1,081 - (134) 947
ArcGIS software 61 - (61) -
Defender O365 397 1,437 (884) 950
UPsafety software - 55 - 55
Total subscriptions liability -
Governmental activities $ 1,920 $ 1,520 $ (1,243) $ 2,197 Business-Type Activities:

Burbank Power & Water has five active subscriptions. The subs criptions have payments that range from $0 to $333 and interest rates that range from 1.7100% to 3.0183%. As of June 30, 2024, the to tal combined value of the subscription liability is $1,647, and th e total combined value of the short-t erm subscription lia bility is $820. The combined value of the right to use asset is $2,683, with accumulated amortization of $887, and is included within the Subscription Class activities table found below.

Business-Type activities:

Balance
June 30
2023 Additions Deletions
Balance
June 30
2024
Subscription liability software:

Defender O365 $ 178 $ 616 $ (387) $ 407
RNI software - 153 - 153
Home energy portal management platfor
m - 644 (317) 327
KnowBe4 security 30 - (15) 15
ArcFM license 46 - (46) -
Recyclist program tracker 38 - (38) -
OATI data center 991
- (246) 745
Total subscriptions liability -
Business-type activities $ 1,283 $ 1,413 $ (1,049) $ 1,647 (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, ag ent multiple-employer defined benefit pension plans 69 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(17) PENSION PLANS (CONTINUED)
A - General Information about the Pension Plans (continued) Plan Descriptions (continued)
administered by the California Public Employees’ Retir ement System (CalPERS), which acts as a common investment and administrative agent for its participati ng 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 provi sions, 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 a nd 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 cla ssic 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 retirem ent 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 Survi vor Benefit, or the Optional Settlement 2W Death Benefit. Safety members can receive a special death benefit if the membe r 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, 2023 measurement date, are summarized as follows:

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 service 5 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 % 7.81
Required employer contribution rates % 11.110 % 10.000
Payment of unfunded liabilit
y $ 18,844 $ -
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 service 5 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 % 10.65 % 13.75
Required employer contribution rates % 24.010 % 24.010
Payment of unfunded liabilit
y $ 7,176 $ -
70 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(17) PENSION PLANS (CONTINUED)
A - General Information about the Pension Plans (continued) Benefits Provided (continued)
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 service 5 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 % 9.85 % 12.00
Required employer contribution rates % 18.800 % 18.800
Payment of unfunded liabilit
y $ 4,465 $ -
71 City of Burbank

Miscellaneous Police Fire
Inactive employees or beneficiaries currently receiving benefits 1,415 264 195 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 p lan 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 yea r, 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 contri butions to CalPERS for th e fiscal y ear were $58,186 (Miscellaneous $35,876; Police $14,247, and Fire $8,063). 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, 2023, using an annual actuarial valuation as of June 30, 2022 rolled forward to June 30, 2023 using standard update procedures. A su mmary 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, 2024
(in thousands)
(17) PENSION PLANS (CONTINUED)
B - Net Pension Liability (continued)
Actuarial Assumptions
The June 30, 2022 actuarial valuation was rolled forward to determine the June 30, 2023 total pension liability, based on the following actuarial methods and assumptions:

Miscellaneous Police Fire
Valuation Date June 30, 2022 June 30, 2022 June 30, 2022 Measurement Date June 30, 2023 June 30, 2023 June 30, 2023 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%
Salary Increases (1) (1) (1)
Mortalit
y (2) (2) (2)
Post Retirement Benefit Increase (3) (3) (3)
(1) Varies by entry age and service.
(2) The mortality table used was developed ba sed on CalPERS-specific data. The probabilities o f
mortality are based on the "2021 CalPERS Experience Study and Review of Actuarial Assumptions".

Pre-retirement and Post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the So ciety of Actuaries. For more details on this table, please refer to the 2021 experience st udy report from November 2021 that can be found on the CalPERS website.
(3) The lesser of contract COLA or 2.30% until Purchasing Power Protection Allowance floor on purchasing power applies, 2.30% thereafter.

Discount Rate
The discount rate used to measure the total pensi on 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 statutor ily required rates, actuarially determined. Based on those assumptions, the Plan's fiduc iary net position was projected to be available to make all projected future be nefit 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.

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 (exp ected 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, Ca lPERS 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. 73 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(17) PENSION PLANS (CONTINUED)
B - Net Pension Liability (continued)
Long-term Expected Rate of Return (continued)
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 2022 Asset Management Liability study. 74 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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, 2022 $ 1,048,427 $ 813,246 $ 235,181 Changes in the Year:

Service cost 15,841 - 15,841
Interest on the total pension liability 71,034 - 71,034 Difference between actual and expected experience 2,185 - 2,185 Contribution - employer - 35,876 (35,876)
Contribution - employee - 7,299 (7,299)
Net investment income 1 50,595 (50,594)
Administrative expenses - (598) 598
Benefit payments, including refunds of employee contributions (58,115) (58,115) - Net Changes 30,946 35,057 (4,111)
Balance at measurement date June 30, 2023 $ 1,079,373 $ 848,303 $ 231,070 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, 2022 $ 365,744 $ 260,879 $ 104,865 Changes in the Year:

Service cost 6,726 - 6,726
Interest on the total pension liability 24,977 - 24,977 Difference between actual and expected experience 3,452 - 3,452 Contribution - employer - 14,247 (14,247)
Contribution - employee 1 3,034 (3,033)
Net investment income - 16,217 (16,217)
Administrative expenses - (192) 192
Benefit payments, including refunds of employee contributions (21,154) (21,154) - Net Changes 14,002 12,152 1,850
Balance at measurement date June 30, 2023 $ 379,746 $ 273,031 $ 106,715 75 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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, 2022 $ 279,744 $ 213,894 $ 65,850 Changes in the Year:

Service cost 4,297 - 4,297
Interest on the total pension liability 18,981 - 18,981 Difference between actual and expected experience 682 - 682 Contribution - employer - 8,063 (8,063)
Contribution - employee - 2,041 (2,041)
Net investment income - 13,097 (13,097)
Administrative expenses - (157) 157
Benefit payments, including refunds of employee contributions (14,969) (14,969) - Net Changes 8,991 8,075 916
Balance at measurement date June 30, 2023 $ 288,735 $ 221,969 $ 66,766 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% Decrease Current Discount Rate 1% Increase
Percent 5.90% 6.90% 7.90%
Net Pension Liability $372,587 $231,070 $114,397
Police Pension Plan
1% Decrease Current Discount Rate 1% Increase
Percent 5.90% 6.90% 7.90%
Net Pension Liability $157,208 $106,715 $65,322
Fire Pension Plan
1% Decrease Current Discount Rate 1% Increase
Percent 5.90% 6.90% 7.90%
Net Pension Liability $104,849 $66,766 $35,401
Pension Plan Fiduciary Net Position
Detailed information about each pension plan’s fiduciary net pos ition 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, 2024
(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, 2023, the City re cognized pension expe nse/(income) of $41,505 for Miscellaneous, $16,692 for Police and $10,279 for Fire. At June 30, 2024, 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 $ 35,876 $- Differences between actual and expected experience 1,705 1,294 Change of assumptions 11,039 -
Net differences between projected and actual earnings on plan investments 38,176 - Total $ 86,796 $ 1,294
$35,876 reported as deferred outfl ows of resources related to contributions subsequent to the measurement date w ill be recognized as a reduction of the net pension liability in the year ending June 30, 2025. Other amounts reported as deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Year Ending
June 30 Amount
2025 $ 15,738
2026 6,048
2027 26,851
2028 989
Thereafter -
Police plan
Deferred
Outflows
of Resources
Deferred
Inflows
of Resources
Pension contributions subsequent to measurement date $ 14,247 $- Differences between actual and expected experience 3,115 2,524 Change of assumptions 5,988 -
Net differences between projected and actual earnings on plan investments 12,308 - Total $ 35,658 $ 2,524
77 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(17) PENSION PLANS (CONTINUED)
D - Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions (continued) Police plan (continued)
$14,247 reported as deferred outfl ows of resources related to contributions subsequent to the measurement date w ill be recognized as a reduction of the net pension liability in the year ending June 30, 2025. Other amounts reported as deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Year Ending
June 30 Amount
2025 $ 5,367
2026 3,704
2027 9,489
2028 327
Thereafter -
Fire plan
Deferred
Outflows
of Resources
Deferred
Inflows
of Resources
Pension contributions subsequent to measurement date $ 8,063 $- Differences between actual and expected experience 759 284 Change in assumptions 4,220 -
Net differences between projected and actual earnings on plan investments 10,216 - Total $ 23,258 $ 284
$8,063 reported as deferred outflows of res ources related to contributions subsequent to the measurement date w ill be recognized as a reduction of the net pension liability in the year ending June 30, 2025. 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
2025 $ 3,387
2026 2,783
2027 8,382
2028 359
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 s tate of California's government code, is a define d benefit agent multiple employer plan.

The City pays the required PEMHCA minimum contributi on for all miscellaneous and safety employees retiring directly from the City who enroll in a CalPER S medical plan. The 2024 PEMHCA minimu m contribution 78 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(18) POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) PEMHCA (continued)
amount is $157 per month. In additi on, the City pays retiree health c ontribution amounts of $100 per month for 13 management retirees, and $188 per month for 9 IBEW retirees. For th ese management/IBEW retirees, the PEMHCA minimum required contribution of $157 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 offici als. 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 unrepresen ted 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 particip ate in BERMT. BERMT plan provisions and contribution requirements are established by and may be amended by the BERMT board. Th e 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 th e City, and have reached age 58 with a minimum of 5 years of contributions in to the plan. The benef it ranges from $150 to $630 in reimbursements per month based on number of contributi ons, for eligible medical expenses. For the fiscal year 2023-24, the City contributed $1,574 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 empl oyees 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 excep tion that for qualifying employees who retire after December 16, 2015 and who have not contributed to Medicare wh ile 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 pa yments from BERMT, PEMHCA min imum and Utility Retiree Medical Trust. For the fiscal year 2023-24, 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 (AD C) each year. For th e fiscal year 2023-24 (measurement period of June 30, 2023), the City contri buted $5,505 c onsisting of $1,782 in imp lied subsidy payment contributions netted against $3,123 in benefit payments and administrative expense. The City's General Fund is the major fund used to liquidate the PEMHCA Plan while the Electric U tility Fund is the sole source of liquidation for the URMT Plan.

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, 2024 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, 2024
(in thousands)
(18) POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) Employees Covered (continued)

PEMHCA URMT
Inactive employees or beneficiaries currently receiving benefits 639 72 Inactives entitled to but not yet receiving benefits 585 - Active employees 1,293 146
Total 2,517 218
Contributions
The URMT and PEMHCA contribution requirements are es tablished by City policy and may be amended. The annual contribution is based on the actuarially determined contribu tion. For the fiscal year ende d June 30, 2024, 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, 2023 and the total OPE B liability used to calculate the net OPEB liability was determined by an actu arial valuation dated June 30, 2022. A su mmary of the principal assumptions and methods used to determine the total OPEB liability is shown below.

PEMHCA URMT
Valuation Date June 30, 2022 June 30, 2022
Measurement Date June 30, 2023 June 30, 2023
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) 6.25% Medicare (Kaiser)

7.50% Medicare (non-Kaiser)

8.5% Non-Medicare
decreasing to 3.45% in 2076 and later
Benefit Increase trend rates (URMT) 0% to 2023, then 3.5% after Pre-retirement turnover Derived from CALPERS pension plan Mortalit
y (2) (2)
(2)The probabilities of mortality are derived using CalPER S 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, 2023 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, 2024
(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 OPE B 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 contri butions will be made at r ates equal to the actuarially determined contribution rates. Based on those assumptions, the plan's fiduciary ne t position was projected to be available to make all projected OPEB payments for current active and inactive employees a nd 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, 2023 valuation was 6.25%, which did not change from the June 30, 2022 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, 2022 (Measurement date) $- $ 38,902 $ 25,501 Changes in the year:

Service cost - - 1,448
Interest on the total OPEB liability - - 4,024
Differences between actual and expected experience - - (8,295) Changes in assumptions - - (716)
Contributions - employer - 5,505 (5,505)
Net investment income - 2,627 (2,627)
Administrative expenses - (28) 28
Benefit payments - (2,952) -
Net changes (6,491) 5,152 (11,643)
Balance at June 30, 2023 (Measurement date) $ 57,912 $ 44,054 $ 13,858 81 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(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, 2022 (Measurement date) $- $ 12,821 $ (2,007) Changes in the year:

Service cost 289 - 289
Interest on the total OPEB liabilit
y 686 - 686
Differences between actual and expected experience (689) - (689) Changes in assumptions 145 - 145
Contributions - employer - 323 (323)
Contributions - employee - 76 (76)
Net investment income - 843 (843)
Administrative expenses - (4) 4
Benefit payments (248) (248) -
Net changes 183 990 (807)
Balance at June 30, 2023 (Measurement date) $ 10,997 $ 13,811 $ (2,814) 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 Rate 1% Increase
Percent 5.25% 6.25% 7.25%
Net OPEB Liability $21,409 $13,858 $7,573
URMT
1% Decrease Current Discount Rate 1% Increase
Percent 5.25% 6.25% 7.25%
Net OPEB Liability/(Asset) $(854) $(2,814) $(4,373)
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 $7,018 $13,858 $22,202
URMT
1% Decrease Current Trend 1% Increase
Net OPEB Liability/(Asset) $(5,448) $(2,814) $531
82 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(18) POST EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) Sensitivity of the net OPEB liability/(asset) to changes in healthcare cost trend rates (continued) OPEB expense and deferred outflows/inflows of resources related to OPEB For the fiscal year ended June 30, 2024 the City recognized OPEB expense of ($33) and ($146) for PEMHCA and URMT, respectively. At June 30, 2024, the City reported defe rred 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 $ 4,768 $- Differences between actual and expected experience - 10,697 Change in assumptions 4,937 5,666
Differences between projected and actual earnings 2,477 - Total $ 12,182 $ 16,363
URMT
Deferred
Outflows
of Resources
Deferred
Inflows
of Resources
OPEB contributions subsequent to measurement date $7 0 $- Differences between actual and expected experience 125 1,329 Change in assumptions 196 1,402
Differences between projected and actual earnings 812 - Total $ 1,203 $ 2,731
$4,768 and $70 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, 2025. 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
2025 $ (3,027) $ (248)
2026 (3,253) (317)
2027 840 162
2028 (686) (464)
2029 (922) (468)
Thereafter (1,901) (263)
$ (8,949) $ (1,598)
83 City of Burbank

NOTES TO THE BASIC FINANCIAL STATEMENTS
For the Year Ended June 30, 2024
(in thousands)
(19) ADDITIONAL INFORMATION
Burbank Operable Unit (BOU)
Pursuant to a consent decree of March 25, 1992, Lockheed Ma rtin 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 recogni zed ownership of the BOU on December 1, 1998. However, due to the major uncertainties that existed concerning the realizability within r easonable limits of a fair valu e of the BOU, the City did not recognize any value associated with the BOU in the acco mpanying 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, th e United States Environmental Protection Agency (EPA) issued a Unilateral Administrative Order (UAO) requiring Lockheed to design, construct and operate wells and conveyance piping th at will enable Lockheed to pump and convey groundwater from the eastern portion of the N orth 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 th e Burbank City Council approved two agreements c oncerning 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 pro jected that remed iation 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 def icit net position of $22,454, which is expected to be offset by future tax increment revenues to the extent that they are received. (20) HEDGE POLICIES AND OUTS TANDING HEDGE CONTRACTS
The Electric Utility Fund utilizes natural gas hedging as outlin ed in its Energy Risk Ma nagement 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 June 30, 2024, the fair value of the financial natural gas hedges was approximately $3,729, and was 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, 2024
(in thousands)
(20) HEDGE POLICIES AND OUTSTANDING HEDGE CONTRACTS (CONTINUED) Derivative Instruments (continued)
The Electric Utility Fund entered into natural gas hedging c ontracts 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 financ ial transactions. Financial hedges are variable to fixed- price swaps, and hedge transactions are layered in to achiev e dollar cost averaging. For the prior fiscal year, the Electric Fund entered three FY 2023-24 gas hedging contracts that resulted in the purchase of natural gas and were recorded in the Power supply expenses-retail account. As such, the related deferrals recorded in FY 2022-23 have been eliminated.

As of June 30, 2024, 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
FY24-28 3,651,000 MMBtu* $6.366 avg July 1, 2024 June 30, 2028 ($3,729) *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. (21) SUBSEQUENT EVENT
In July 2024, th e Electric and Water Funds issued new revenue bonds to refund th eir 2010B re venue bond issues’ outstanding debt. The Electric revenue refunding bonds, Ser ies 2024, were issu ed for $46,060 with a premium of $6,419 at an interest rate of 3.231377% due in 2040. The 2010B out standing electric revenue bonds (Build America Bonds), including the 2024 bonds cost of issuance and the 2010B bonds accrued interest, were paid off in the amount of $53,079.

The Water revenue refunding bonds, Series 2024, were issued for $23,475 with a premium of $3,109 at an interest rate of

3.357718% due in 2040. The 2010B outstanding water revenue bonds (Build America Bonds), including the 2024 bonds cost of issuance and the 2010B bonds accrued interest, were paid off in the amount of $26,240. 85 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

MISCELLANEOUS PLAN
Last Ten Fiscal Years*
Fiscal year ended 2024 2023 2022 2021 2020
Measurement period: 2023 2022 2021 2020 2019
Total pension liability:

Service cost $ 15,841 $ 16,210 $ 14,577 $ 14,013 $ 14,097 Interest on total pension liability 71,034 68,905 67,399 65,128 63,160 Changes in assumptions - 29,438 - - -
Differences between expected and actual experience 2,185 (3,450) 2,475 (1,637) 3,662 Benefit payments, including refunds of employee
contributions (58,116) (54,409) (51,190) (49,072) (47,051) Net change in total pension liability 30,944 56,694 33,261 28,432 33,868 Total pension liability - beginning of year 1,048,428 991,734 958,473 930,041 896,173 Total pension liability - end of year (a) $ 1,079,372 $ 1,048,428 $ 991,734 $ 958,473 $ 930,041 Plan fiduciary net position:

Contributions - employer $ 35,876 $ 34,659 $ 33,911 $ 34,628 $ 21,362 Contributions - employee 7,299 6,932 6,840 6,366 6,083
Net investment income 50,594 (67,749) 167,618 35,639 44,748 Benefit payments (58,116) (54,409) (51,190) (49,072) (47,051) Plan to plan resource movement - ----
Administrative expense (598) (557) (737) (1,003) (490)
Other miscellaneous income/(expense) - - - - 2
Net change in plan fiduciary net position 35,055 (81,124) 156,442 26,558 24,654 Plan fiduciary net position - beginning of year 813,247 894,371 737,929 711,371 686,717 Plan fiduciary net position - end of year (b) $ 848,302 $ 813,247 $ 894,371 $ 737,929 $ 711,371 Net pension liability - ending (a)-(b) $ 231,070 $ 235,181 $ 97,363 $ 220,544 $ 218,670 Plan fiduciary net position as a percentage of the total pension liability %78.59 %77.57 %90.18 %76.99 %76.49
Covered payroll $ 87,809 $ 86,409 $ 80,860 $ 80,246 $ 81,437 Net pension liability as a percentage of
covered payroll % 263.15 % 272.17 % 120.41 % 274.83 % 268.51 Notes to schedule:

Benefit changes:

The figures above include any liability impact th at 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 Val uation Date is not included.

Changes in assumptions:
-Effective with June 30, 2022 valuation date (2023 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.
86 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

MISCELLANEOUS PLAN
Last Ten Fiscal Years*
Fiscal year ended 2019 2018 2017 2016 2015
Measurement period: 2018 2017 2016 2015 2014
Total pension liability:

Service cost $ 14,127 $ 13,740 $ 12,370 $ 12,555 $ 13,181 Interest on total pension liability 60,798 59,537 58,556 56,944 55,431 Changes in assumptions (3,975) 49,266 - (13,841) -
Differences between expected and actual experience (8,843) (12,763) (9,763) (12,737) - Benefit payments, including refunds of employee
contributions (44,019) (42,023) (39,699) (37,451) (35,412) Net change in total pension liability 18,088 67,757 21,464 5,470 33,200 Total pension liability - beginning of year 878,085 810,328 788,864 783,394 750,194 Total pension liability - end of year (a) $ 896,173 $ 878,085 $ 810,328 $ 788,864 $ 783,394 Plan fiduciary net position:

Contributions - employer $ 19,060 $ 16,774 $ 15,318 $ 13,697 $ 12,180 Contributions - employee 6,415 6,161 6,148 6,443 6,416
Net investment income 54,901 66,930 3,282 13,820 94,170 Benefit payments (44,019) (42,023) (39,699) (37,451) (35,412) Plan to plan resource movement (2) - - - -
Administrative expense (1,018) (895) (379) (700) -
Other miscellaneous income/(expense) (1,933) - - - -
Net change in plan fiduciary net position 33,404 46,947 (15,330) (4,191) 77,354 Plan fiduciary net position - beginning of year 653,313 606,366 621,696 625,887 548,533 Plan fiduciary net position - end of year (b) $ 686,717 $ 653,313 $ 606,366 $ 621,696 $ 625,887 Net pension liability - ending (a)-(b) $ 209,456 $ 224,772 $ 203,962 $ 167,168 $ 157,507 Plan fiduciary net position as a percentage of the total pension liability %76.63 %74.40 %74.83 %78.81 %(20.11)
Covered payroll $ 78,991 $ 78,910 $ 78,721 $ 79,289 $ 78,428 Net pension liability as a percentage of
covered payroll % 265.16 % 284.85 % 259.09 % 210.83 % 200.83 Notes to schedule:

Benefit changes:

The figures above include any liability impact that may have resu lted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Tw o 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, 2022 valuation date (2023 measurement date):
-The discount rate was re duced from 7.15% to 6.90%. In addition, demographic a ssumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Exper ience Study and Review of Actuarial Assumptions.
-The accounting discount rate was 7.15% for meas urement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.5% for measurement date 2014.
87 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

MISCELLANEOUS PLAN
(In thousands)
Last Ten Fiscal Years*
2024 2023 2022 2021 2020
Actuarially determined contribution $ 27,876 $ 26,659 $ 21,822 $ 25,913 $ 24,622 Contributions in relation to the actuarially
determined contributions (35,876) (34,659) (29,822) (33,913) (34,622) Contribution deficiency (excess) $ (8,000) $ (8,000) $ (8,000) $ (8,000) $ (10,000) Covered payroll $ 101,933 $ 82,961 $ 85,068 $ 80,860 $ 80,246 Contributions as a percentage of covered payroll %35.20 %41.78 %35.06 %41.94 %43.14 Notes to schedule:

Valuation date June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 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 m ortality 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. 88 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

MISCELLANEOUS PLAN
(In thousands)
Last Ten Fiscal Years*
2019 2018 2017 2016 2015
Actuarially determined contribution $ 21,348 $ 19,042 $ 15,318 $ 13,697 $ 12,180 Contributions in relation to the actuarially
determined contributions (21,348) (19,042) (15,318) (13,697) (12,180) Contribution deficiency (excess) $- $- $- $- $-
Covered payroll $ 81,437 $ 78,991 $ 78,910 $ 78,721 $ 79,289 Contributions as a percentage of covered payroll %26.21 %24.11 %19.41 %17.40 %15.36 Notes to schedule:

Valuation date June 30, 2016 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 2024 2023 2022 2021 2020
Measurement period 2023 2022 2021 2020 2019
Total pension liability:

Service cost $ 6,726 $ 6,513 $ 5,693 $ 5,678 $ 6,110
Interest on total pension liability 24,977 24,046 23,696 22,806 22,193 Changes in assumptions - 12,291 - - -
Differences between expected and actual experience 3,452 (5,181) 3,158 (1,386) 2,436 Benefit payments, including refunds of employee
contributions (21,154) (20,114) (19,523) (18,870) (17,406) Net change in total pension liability 14,001 17,555 13,024 8,228 13,333 Total pension liability - beginning of year 365,745 348,190 335,166 326,938 313,605 Total pension liability - end of year (a) $ 379,746 $ 365,745 $ 348,190 $ 335,166 $ 326,938 Plan fiduciary net position:

Contributions - employer $ 14,247 $ 13,396 $ 13,040 $ 13,195 $ 9,132 Contributions - employee 3,034 2,905 2,751 1,819 1,794
Net investment income 16,217 (21,859) 53,915 11,485 14,472 Benefit payments (21,154) (20,114) (19,523) (18,870) (17,406) Plan to plan resource movement -----
Administrative expense ( 192) (179) (236) (324) (158)
Other miscellaneous income/(expense) ---- 1
Net change in plan fiduciary net position 12,152 (25,851) 49,947 7,305 7,835 Plan fiduciary net position - beginning of year $ 260,879 $ 286,730 $ 236,783 $ 229,478 $ 221,643 Plan fiduciary net position - end of year (b) $ 273,031 $ 260,879 $ 286,730 $ 236,783 $ 229,478 Net pension liability - ending (a)-(b) $ 106,715 $ 104,866 $ 61,460 $ 98,383 $ 97,460 Plan fiduciary net position as a percentage of the
total pension liability %71.90 %71.33 %82.35 %70.65 %70.19 Covered payroll $ 19,236 $ 18,359 $ 17,856 $ 19,071 $ 18,221 Net pension liability as a percentage of
covered payroll % 554.77 % 571.20 % 344.20 % 515.88 % 534.88 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.
90 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

POLICE PLAN
(In thousands)
Last Ten Fiscal Years*
Fiscal year ended 2019 2018 2017 2016 2015
Measurement period 2018 2017 2016 2015 2014
Total pension liability:

Service cost $ 5,928 $ 5,939 $ 5,345 $ 5,322 $ 5,538
Interest on total pension liability 21,287 20,593 20,170 19,539 18,902 Changes in assumptions (1,765) 16,968 - (4,702) -
Differences between expected and actual experience 1,142 (3,062) (1,822) (2,164) - Benefit payments, including refunds of employee
contributions (16,726) (15,691) (15,040) (14,546) (13,616) Net change in total pension liability 9,866 24,747 8,653 3,449 10,824 Total pension liability - beginning of year 303,739 278,992 270,339 266,890 256,066 Total pension liability - end of year (a) $ 313,605 $ 303,739 $ 278,992 $ 270,339 $ 266,890 Plan fiduciary net position:

Contributions - employer $ 8,543 $ 7,665 $ 6,464 $ 5,800 $ 5,711 Contributions - employee 1,870 1,816 1,583 1,550 1,592
Net investment income 17,740 21,724 1,023 4,432 31,027
Benefit payments (16,726) (15,691) (15,040) (14,546) (13,616) Plan to plan resource movement (1) - - - -
Administrative expense (329) (289) (123) (227) -
Other miscellaneous income/(expense) (625) - - - -
Net change in plan fiduciary net position 10,472 15,225 (6,093) (2,991) 24,714 Plan fiduciary net position - beginning of year $ 211,171 $ 195,946 $ 202,039 $ 205,030 $ 180,316 Plan fiduciary net position - end of year (b) $ 221,643 $ 211,171 $ 195,946 $ 202,039 $ 205,030 Net pension liability - ending (a)-(b) $ 91,962 $ 92,568 $ 83,046 $ 68,300 $ 61,860 Plan fiduciary net position as a percentage of the
total pension liability %70.68 %69.52 %70.23 %74.74 %76.82 Covered payroll $ 17,901 $ 17,303 $ 17,294 $ 17,523 $ 16,790 Net pension liability as a percentage of
covered payroll % 513.73 % 534.98 % 480.20 % 389.77 % 368.43 Notes to schedule:

Benefit changes:

The figures above include any liability impact that may have resu lted 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 assumpti ons 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.
91 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

POLICE PLAN
(In thousands)
Last Ten Fiscal Years*
2024 2023 2022 2021 2020
Actuarially determined contribution $ 11,247 $ 10,388 $ 8,566 $ 10,037 $ 10,194 Contributions in relation to the actuarially
determined contributions (14,247) (13,388) (11,566) (13,037) (13,194) Contribution deficiency (excess) $ (3,000) $ (3,000) $ (3,000) $ (3,000) $ (3,000) Covered payroll $ 21,958 $ 16,941 $ 18,359 $ 17,856 $ 19,071 Contributions as a percentage of covered payroll % 64.88 % 79.03 % 63.00 % 73.01 % 69.18 Notes to schedule:

Valuation date June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 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.

REQUIRED SUPPLEMENTARY INFORMATION

POLICE PLAN
(In thousands)
Last Ten Fiscal Years*
2019 2018 2017 2016 2015
Actuarially determined contribution $ 9,151 $ 8,548 $ 6,464 $ 5,800 $ 5,711 Contributions in relation to the actuarially
determined contributions (9,151) (8,548) (6,464) (5,800) (5,711) Contribution deficiency (excess) $- $- $- $- $-
Covered payroll $ 18,221 $ 17,901 $ 17,303 $ 17,294 $ 17,523 Contributions as a percentage of covered payroll % 50.22 % 47.75 % 37.36 % 33.54 % 32.59 Notes to schedule:

Valuation date June 30, 2016 June 30, 2015 June 30, 2014 June 30, 2013 June 30, 2012 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.

REQUIRED SUPPLEMENTARY INFORMATION

FIRE PLAN
(In thousands)
Last Ten Fiscal Years*
Fiscal year ended 2024 2023 2022 2021 2020
Measurement period 2023 2022 2021 2020 2019
Total pension liability:

Service cost $ 4,297 $ 4,337 $ 3,635 $ 3,762 $ 3,748
Interest on total pension liability 18,981 18,384 17,958 17,419 17,071 Changes in assumptions - 7,346 - - -
Differences between expected and actual
experience 682 273 329 (2,554) 1,046
Benefit payments, including refunds of employee
contributions (14,969) (14,481) (14,114) (13,676) (13,151) Net change in total pension liability 8,991 15,859 7,808 4,951 8,714 Total pension liability - beginning of year 279,744 263,885 256,077 251,126 242,412 Total pension liability - end of year (a) $ 288,735 $ 279,744 $ 263,885 $ 256,077 $ 251,126 Plan fiduciary net position:

Contributions - employer $ 8,063 $ 8,551 $ 8,489 $ 8,194 $ 5,294 Contributions - employee 2,041 1,957 1,558 1,303 1,303
Net investment income 13,097 (17,847) 44,278 9,428 11,944 Benefit payments (14,969) (14,481) (14,114) (13,677) (13,151) Administrative expense (157) (147) (196) (269) (132)
Other miscellaneous income/(expense) - ----
Net change in plan fiduciary net position 8,075 (21,967) 40,015 4,979 5,258 Plan fiduciary net position - beginning of year $ 213,894 $ 235,861 $ 195,846 $ 190,867 $ 185,609 Plan fiduciary net position - end of year (b) $ 221,969 $ 213,894 $ 235,861 $ 195,846 $ 190,867 Net pension liability - ending (a)-(b) $ 66,766 $ 65,850 $ 28,024 $ 60,231 $ 60,259 Plan fiduciary net position as a percentage of the
total pension liability %76.88 %76.46 %89.38 %76.48 %76.00 Covered payroll $ 15,539 $ 13,940 $ 14,498 $ 14,389 $ 14,434 Net pension liability as a percentage of
covered payroll % 429.67 % 472.38 % 193.30 % 418.59 % 417.48 Notes to schedule:

Benefit changes:

The figures above include any liability impact th at 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 wer e 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.:
94 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

FIRE PLAN
(In thousands)
Last Ten Fiscal Years*
Fiscal year ended 2019 2018 2017 2016 2015
Measurement period 2018 2017 2016 2015 2014
Total pension liability:

Service cost $ 3,775 $ 3,856 $ 3,381 $ 3,239 $ 3,366
Interest on total pension liability 16,480 16,106 15,827 15,385 14,832 Changes in assumptions (1,250) 13,011 - (3,638) -
Differences between expected and actual
experience (1,046) (2,465) (1,841) (594) -
Benefit payments, including refunds of employee
contributions (12,885) (11,914) (11,323) (10,836) (10,251) Net change in total pension liability 5,074 18,594 6,044 3,556 7,947 Total pension liability - beginning of year 237,338 218,744 212,700 209,144 201,197 Total pension liability - end of year (a) $ 242,412 $ 237,338 $ 218,744 $ 212,700 $ 209,144 Plan fiduciary net position:

Contributions - employer $ 4,514 $ 3,998 $ 3,407 $ 2,879 $ 2,633 Contributions - employee 1,338 1,354 1,348 1,238 1,246
Net investment income 14,935 18,413 854 3,875 26,646
Benefit payments (12,885) (11,914) (11,322) (10,836) (10,251) Administrative expense (278) (246) (105) (194) -
Other miscellaneous income/(expense) (528) - - - -
Net change in plan fiduciary net position 7,096 11,605 (5,818) (3,038) 20,274 Plan fiduciary net position - beginning of year $ 178,513 $ 166,908 $ 172,726 $ 175,764 $ 155,490 Plan fiduciary net position - end of year (b) $ 185,609 $ 178,513 $ 166,908 $ 172,726 $ 175,764 Net pension liability - ending (a)-(b) $ 56,803 $ 58,825 $ 51,836 $ 39,974 $ 33,380 Plan fiduciary net position as a percentage of the
total pension liability %76.57 %75.21 %76.30 %81.21 %84.04 Covered payroll $ 14,513 $ 14,392 $ 13,802 $ 13,785 $ 13,400 Net pension liability as a percentage of
covered payroll % 391.39 % 408.73 % 375.57 % 289.98 % 249.10 Notes to schedule:

Benefit changes:

The figures above include any liability impact that may have resu lted 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 wer e 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.:
95 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION

FIRE PLAN
(In thousands)
Last Ten Fiscal Years*
2024 2023 2022 2021 2020
Actuarially determined contribution $ 7,063 $ 6,551 $ 6,489 $ 6,194 $ 5,295 Contributions in relation to the actuarially
determined contributions (8,063) (8,551) (8,489) (8,194) (5,295) Contribution deficiency (excess) $ (1,000) $ (2,000) $ (2,000) $ (2,000) $- Covered payroll $ 15,559 $ 15,539 $ 13,940 $ 14,498 $ 14,389 Contributions as a percentage of covered payroll % 51.82 % 55.03 % 60.90 % 56.52 % 36.80 Notes to schedule:

Valuation date June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 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.

REQUIRED SUPPLEMENTARY INFORMATION

FIRE PLAN
(In thousands)
Last Ten Fiscal Years*
2019 2018 2017 2016 2015
Actuarially determined contribution $ 4,515 $ 3,998 $ 3,407 $ 2,879 $ 2,633 Contributions in relation to the actuarially
determined contributions (4,515) (3,998) (3,407) (2,879) (2,633) Contribution deficiency (excess) $- $- $- $- $-
Covered payroll $ 14,434 $ 14,513 $ 14,392 $ 13,802 $ 13,785 Contributions as a percentage of covered payroll % 31.28 % 27.55 % 23.67 % 20.86 % 19.10 Notes to schedule:

Valuation date June 30, 2016 June 30, 2015 June 30, 2014 June 30, 2013 June 30, 2012 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.

REQUIRED SUPPLEMENTARY INFORMATION
(In thousands)
Last Ten Fiscal Years*

PEMHCA URMT PEMHCA URMT PEMHCA URMT
Fiscal year end 6/30/ 2024 6/30/2024 6/30/2023 6/30/2023 6/30/2022 6/30/2022 6/30/2023 6/30/2023 6/30/2022 6/30/2022 6/30/2021 6/30/2021 Total OPEB Liability:

Service cost $ 1,448 $ 289 $ 1,409 $ 282 $ 1,396 $ 351
Interest on total OPEB liability 4,024 686 3,865 645 3,732 862 Actual vs. expected experience (8,295) (689) - - (4,297) (1,134) Assumption changes (716) 145 - - 8,228 (2,197)
Benefit payments (2,952) (248) (2,610) (287) (2,452) (254) Net change in total OPEB liability (6,491) 183 2,664 640 6,607 (2,372) Total OPEB liability - beginning of year 64,403 10,814 61,739 10,174 55,132 12,546 Total OPEB liability - end of year (a) $ 57,912 $ 10,997 $ 64,403 $ 10,814 $ 61,739 $ 10,174 Plan fiduciary net position:

Contributions - employer $ 5,505 $ 323 $ 1,592 $ 229 $ 2,801 $ 228 Contributions - employee - 76 - 229 - 230
Net investment income 2,627 843 (6,187) (1,966) 10,116 3,154 Administrative expenses (28) (4) (27) (4) (28) (4)
Benefit payments (2,952) (248) (2,610) (287) (2,452) (254) Net change in plan fiduciary net position 5,152 990 (7,232) (1,799) 10,437 3,354 Plan fiduciary net position - beginning of year 38,902 12,821 46,134 14,620 35,697 11,266 Plan fiduciary net position - end of year (b) $ 44,054 $ 13,811 $ 38,902 $ 12,821 $ 46,134 $ 14,620 Net OPEB liability - ending (a)-(b) $ 13,858 $ (2,814) $ 25,501 $ (2,007) $ 15,605 $ (4,446) Plan fiduciary net position as a percentage of the
total OPEB liability %76.07 %125.59 %60.40 %118.56 %74.72 %143.70 Covered employee payroll $ 113,396 $ 18,164 $ 111,714 $ 18,164 $ 114,377 $ 17,448 Net OPEB liability as a percentage of
covered employee payroll % 12.22 % -15.49 % 22.83 % (11.05) % 13.64 % (25.48) 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 seven years are shown. 98 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION
(In thousands)
Last Ten Fiscal Years*

PEMHCA URMT PEMHCA URMT PEMHCA URMT
Fiscal year end 6/30/ 2021 6/30/2021 6/30/2020 6/30/2020 6/30/2019 6/30/2019 6/30/2020 6/30/2020 6/30/2019 6/30/2019 6/30/2018 6/30/2018 Total OPEB Liability:

Service cost $ 1,355 $ 340 $ 1,645 $ 299 $ 1,597 $ 291
Interest on total OPEB liability 3,574 802 4,704 715 4,470 668 Actual vs. expected experience - - (3,095) 320 - -
Assumption changes - - (17,049) 178 - -
Benefit payments (2,787) (266) (2,537) (285) (2,735) (256) Net change in total OPEB liability 2,142 876 (16,332) 1,227 3,332 703 Total OPEB liability - beginning of year 52,990 11,670 69,322 10,443 65,990 9,740 Total OPEB liability - end of year (a) $ 55,132 $ 12,546 $ 52,990 $ 11,670 $ 69,322 $ 10,443 Plan fiduciary net position:

Contributions - employer $ 3,956 $ 170 $ 3,941 $ 167 $ 3,959 $ 154 Contributions - employee - 168 - 167 - 154
Net investment income 1,162 405 2,052 657 2,212 717
Administrative expenses (32) (5) (20) (2) (68) (17)
Benefit payments (2,787) (266) (2,537) (285) (2,735) (256) Net change in plan fiduciary net position 2,299 472 3,436 704 3,368 752 Plan fiduciary net position - beginning of year 33,398 10,794 29,962 10,090 26,594 9,338 Plan fiduciary net position - end of year (b) $ 35,697 $ 11,266 $ 33,398 $ 10,794 $ 29,962 $ 10,090 Net OPEB liability - ending (a)-(b) $ 19,435 $ 1,280 $ 19,592 $ 876 $ 39,360 $ 353 Plan fiduciary net position as a percentage of the
total OPEB liability %64.75 %89.80 %63.03 %92.49 %43.22 %96.62 Covered employee payroll $ 124,607 $ 19,521 $ 112,032 $ 17,698 $ 110,329 $ 17,084 Net OPEB liability as a percentage of
covered employee payroll % 15.60 % 6.56 % 17.49 % 4.95 % 35.68 % 2.07 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 seven years are shown. 99 City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION
(In thousands)
Last Ten Fiscal Years*

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

Service cost $ 1,550 $ 283
Interest on total OPEB liability 4,246 623
Actual vs. expected experience - -
Assumption changes - -
Benefit payments (2,331) (222)
Net change in total OPEB liability 3,465 684
Total OPEB liability - beginning of year 62,525 9,056
Total OPEB liability - end of year (a) $ 65,990 $ 9,740 Plan fiduciary net position:

Contributions - employer $ 3,168 $ 148
Contributions - employee - 148
Net investment income 2,548 889
Administrative expenses (29) (5)
Benefit payments (2,331) (222)
Net change in plan fiduciary net position 3,356 958
Plan fiduciary net position - beginning of year 23,238 8,380 Plan fiduciary net position - end of year (b) $ 26,594 $ 9,338 Net OPEB liability - ending (a)-(b) $ 39,396 $ 402
Plan fiduciary net position as a percentage of the
total OPEB liability %40.30 %95.87
Covered employee payroll $ 109,489 $ 18,086
Net OPEB liability as a percentage of
covered employee payroll % 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 seven years are shown. 100
City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION
(In thousands)
Last Ten Fiscal Years*

PEMHCA URMT PEMHCA URMT PEMHCA URMT
6/30/2024 6/30/2024 6/30/2023 6/30/2023 6/30/2022 6/30/2022 Actuarially determined contribution $ 2,934 $1 8 $ 2,854 $1 7 $ 2,798 $ 231 Contributions in relation to the actuarially determined contributions (4,768) (70) (5,505) (323) (1,592) (229) Contribution deficiency (excess) $ (1,834) $ (52) $ (2,651) $ (306) $ 1,206 $2 Covered employee payroll 144,240 17,306 113,396 18,164 111,714 17,448 Contributions as a percentage of covered employee payroll %3.31 %0.40 %4.85 %1.78 %1.43 %1.31 Notes to schedule:

Methods and assumptions used to
determine contribution rates:

Actuarial cost method Entry age normal, Level percentage of pa y Amortization method Level percentage of pa y
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%
Mortalit
y CalPERS 1997-2015 experience study
* Fiscal year 2018 was the first year of implementation, therefore only seven years are shown. 101
City of Burbank

REQUIRED SUPPLEMENTARY INFORMATION
(In thousands)
Last Ten Fiscal Years*

PEMHCA URMT PEMHCA URMT PEMHCA URMT
6/30/2021 6/30/2021 6/30/2020 6/30/2020 6/30/2019 6/30/2019 Actuarially determined contribution $ 2,714 $ 224 $ 4,112 $ 170 $ 4,027 $ 167 Contributions in relation to the actuarially determined contributions (2,801) (228) (3,992) (170) (4,027) (167) Contribution deficiency (excess) $ (87) $ (4) $ 120 $- $- $- Covered employee payroll 114,377 18,172 124,607 19,521 112,032 17,698 Contributions as a percentage of covered employee payroll %2.45 %1.25 %3.20 %0.87 %3.59 %0.94 Notes to schedule:

Methods and assumptions used to
determine contribution rates:

REQUIRED SUPPLEMENTARY INFORMATION
(In thousands)
Last Ten Fiscal Years*

PEMHCA URMT
6/30/2018 6/30/2018
Actuarially determined contribution $ 3,959 $ 154
Contributions in relation to the actuarially determined contributions (3,959) (154) Contribution deficiency (excess) $- $-
Covered employee payroll 110,329 $ 17,084
Contributions as a percentage of covered employee payroll %- %(0.90) Notes to schedule:

Methods and assumptions used to
determine contribution rates:

NONMAJOR GOVERNMENTAL FUNDS

SPECIAL REVENUE FUNDS
104 - Proposition A Transportation Fund
105 - Proposition C Transportation Fund
106 - Air Quality Management District (AQMD) Transportation Fund 107 - Measure R Transportation Fund
108 - Measu re M Transportation Fund
109 – Measure W Stormwater Fund
117 - Section 8 Voucher Program Fund
121 - General City Grant Fund
122 - Community Development Block Grant (CDBG) Fund
123 - Road Maintenance and Rehabilitation (RMRA) Fund
124 - Drug Asset Forfeiture Fund
125 - State Gas Tax Fund
128 - HUD Affordable Housing Fund
129 - Street Lighting Fund
131 - Community Services Fund
133 - Tieton HydroPower Project
483 - Magnolia Power Project

NONMAJOR

GOVERNMENTAL FUNDS

CAPITAL PROJECTS FUNDS
127 - Public Improvements Fund
130 - Youth Endowment Services Fund (YES)
310 - Parking Authority Fund
370 - General City Capital Projects Fund
City of Burbank

COMBINING BALANCE SHEET

NONMAJOR GOVERNMENTAL FUNDS
June 30, 2024
(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 $ 4,317 $ 5,888 $ 518 $ 91 $ 1,196 $ 1,955 $ 2,814 Accounts receivable 2 31 35 123 63 14 482
Interest receivable 10 14 1 - 3 - 7
Accounts receivable other 515 ------
Loans receivable, net - - - - (1) - -
Interfund receivable - - - 1 10 50 -
I n v e n t o r i e s - ------
P r e p a i d i t e m s a n d d e p o s i t s - ------ Total assets
$ 4,844 $ 5,933 $ 554 $ 215 $ 1,271 $ 2,019 $ 3,303
Liabilities:

Accounts payable $ 61 $ 369 $ 1 $ 42 $ 86 $ 41 $ -
Accrued liabilities - ---- 1 6-
U n e a r n e d r e v e n u e - ------
Interfund payable - - - 11 - 579 -
D e p o s i t s - ------
Total liabilities
61 369 1 53 86 636 -
Deferred inflow of resources - - - - - - -
Fund balances:

Nonspendable:

Restricted:

Transportation 4,783 5,564 ---- 3,303
Federal and state grants - - 553 162 1,185 1,383 -
Public safet
y - ------
Capital projects - ------
Committed:

Transportation - ------
Continuing Appropriations - ------
Total fund balances (deficits) 4,783 5,564 553 162 1,185 1,383 3,303 Total liabilities and fund balances $ 4,844 $ 5,933 $ 554 $ 215 $ 1,271 $ 2,019 $ 3,303 (Continued)
104
City of Burbank

COMBINING BALANCE SHEET

NONMAJOR GOVERNMENTAL FUNDS
June 30, 2024
(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 $ 1,337 $ 2,586 $ 431 $ 29 $ 218 $ 7,738 Accounts receivable 250 611 ----
Interest receivable 3 6 2 - 1 19
Accounts receivable other - -----
Loans receivable, net - -----
Interfund receivable - -----
I n v e n t o r i e s - 1 0----
P r e p a i d i t e m s a n d d e p o s i t s - ---- 2 5 Total assets
$ 1,590 $ 3,213 $ 433 $2 9 $ 219 $ 7,782
Liabilities:

Accounts payable $ 45 $ - $ - $ - $ - $ 300
Accrued liabilities - -----
U n e a r n e d r e v e n u e - ---- 1,000
Interfund payable - -----
D e p o s i t s - 3 8 8----
Total liabilities
45 388 - - - 1,300
Deferred inflow of resources - - - - - -
Fund balances:

Nonspendable:

Restricted:

Transportation 1,545 2,825 - - - 6,482
Federal and state grants - - - 29 - -
Public safet
y - - 433 - 219 -
Capital projects - -----
Committed:

Transportation - -----
Continuing Appropriations - -----
Total fund balances (deficits) 1,545 2,825 433 29 219 6,482 Total liabilities and fund balances $ 1,590 $ 3,213 $ 433 $2 9 $ 219 $ 7,782 (Continued)
105
City of Burbank

COMBINING BALANCE SHEET

NONMAJOR GOVERNMENTAL FUNDS
June 30, 2024
(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 $ 9 4 $ 277 $ 4,959 $ 5,316 $ 24,475 $ 2,012 $ 32,965 $ 99,216 Accounts receivable 4,675 452 - - 1,750 32 2,274 10,794 Interest receivable - - 12 13 59 5 79 234
Accounts receivable other - - - - - - - 515
Loans receivable, net - - - - - - 26 25
Interfund receivable - - - - - - - 61
Inventories - - - - - - - 10
Prepaid items and deposits 476 - - - - - - 501
Total assets
$ 5,245 $ 729 $ 4,971 $ 5,329 $ 26,284 $ 2,049 $ 35,344 $ 111,356 Liabilities:

Accounts payable $ 1,727 $ 373 $ 76 $ 24 $ 520 $ 112 $ 764 $ 4,541 Accrued liabilities 2 - - - - 42 - 60
Unearned revenue - - - - 3,000 - 4,975 8,975
Interfund payable 199 111 - - - - - 900
Deposits 3,317 245 - - - - - 3,950
Total liabilities
5,245 729 76 24 3,520 154 5,739 18,426
Deferred inflow of resources - - - - 1,710 - 2,234 3,944 Fund balances:

Nonspendable:

Restricted:

Transportation - - 4,895 - - - - 29,397
Federal and state grants - - - - - - - 3,312
Public safety -- - - -- - 6 5 2
Capital projects - - - 5,305 - 1,895 - 7,200
Committed:

Transportation - - - - 21,054 - - 21,054
Continuing Appropriations - - - - - - 27,371 27,371
Total fund balances (deficits) - - 4,895 5,305 21,054 1,895 27,371 88,986 Total liabilities and fund balances $ 5,245 $ 729 $ 4,971 $ 5,329 $ 26,284 $ 2,049 $ 35,344 $ 111,356 106
City of Burbank

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

NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended June 30, 2024
(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 $ 3,013 $ 2,319 $ - $ - $ - $ - $ -
Use of money or propert
y 220 498 23 - 56 32 82
Intergovernmental 292 - 141 923 281 16,045 2,766
Charges for services 111 68 -----
O t h e r r e v e n u e s - ------
Total revenues 3,636 2,885 164 923 337 16,077 2,848
Expenditures:

General government:

Public safety:

Police - ------
Environmental:

Community development 2,279 3,023 104 922 346 15,841 -
Capital outlay:

Street improvements - ----- 2,314
General capital improvements - ------
C a p i t a l o u t l a y C o m m u n i t y D e v e l o p m e n t - ------ Total capital outlay - - - - - - 2,314
Total expenditures 2,279 3,023 104 922 346 15,841 2,314 Excess (deficiency) of revenues
over expenditures 1,357 (138) 60 1 (9) 236 534
Other financing sources (uses):

T r a n s f e r s i n - 5 0 9-----
Transfers out (509) ------
Total other financing sources (uses)
(509) 509 - - - - -
Net change in fund balance 848 371 60 1 (9) 236 534
Fund balances, (deficits), July 1, 2023 3,935 5,193 493 161 1,194 1,147 2,769 Fund balances, (deficits), June 30, 2024 $ 4,783 $ 5,564 $ 553 $ 162 $ 1,185 $ 1,383 $ 3,303 (Continued)
107
City of Burbank

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

NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended June 30, 2024
(in thousands)
Special Revenue Funds
State Gas
Tax
Street
Lighting
General
City Grants
Comm.

Services
Drug Asset
Forfeiture
Measure R
Transp.

Revenues:

Taxes $ - $ - $ - $ - $ - $ 1,739
Use of money or propert
y 35 345 38 - 12 227
Intergovernmental 2,888 - 396 - 11 (1)
Charges for services - 2,867 - - - -
O t h e r r e v e n u e s - ---- -
Total revenues 2,923 3,212 434 - 23 1,965
Expenditures:

General government:

Public safety:

Police - - 311 - 40 -
Environmental:

C o m m u n i t y d e v e l o p m e n t - ---- -
Capital outlay:

Street improvements 2,544 2,360 - - - 514
General capital improvements - ---- 2 0 3
C a p i t a l o u t l a y C o m m u n i t y D e v e l o p m e n t - ---- - Total capital outlay 2,544 2,360 - - - 717
Total expenditures 2,544 2,360 311 - 40 717
Excess (deficiency) of revenues
over expenditures 379 852 123 - (17) 1,248
Other financing sources (uses):

T r a n s f e r s i n - ---- -
Transfers out - - (90) - - -
Total other financing sources (uses)
- - (90) - - -
Net change in fund balance 379 852 33 - (17) 1,248
Fund balances, (deficits), July 1, 2023 1,166 1,973 400 29 236 5,234 Fund balances, (deficits), June 30, 2024 $ 1,545 $ 2,825 $ 433 $2 9 $ 219 $ 6,482 (Continued)
108
City of Burbank

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

NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended June 30, 2024
(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 $ - $ - $ - $ 1,458 $ - $ - $ - $ 8,529
Use of money or propert
y 20 - 158 193 1,049 58 1,442 4,488
Intergovernmental - - 1,964 - 694 - 124 26,524
Charges for services 24,923 1,781 - - 3,643 1,093 - 34,486 Other revenues - - - - - - 1 1
Total revenues 24,943 1,781 2,122 1,651 5,386 1,151 1,567 74,028 Expenditures:

General government:

Public safety:

Police - - - ---- 3 5 1
Environmental:

Community development 24,943 1,781 - - 3,866 601 - 53,706 Capital outlay:

Street improvements - - 533 ---- 8,265
General capital improvements - - - 294 - - 3,307 3,804
Capital outlay Community Development - - - - 1,800 - 33 1,833 Total capital outlay - - 533 294 1,800 - 3,340 13,902
Total expenditures 24,943 1,781 533 294 5,666 601 3,340 67,959 Excess (deficiency) of revenues
over expenditures - - 1,589 1,357 (280) 550 (1,773) 6,069 Other financing sources (uses):

Transfers in - - - - 250 - 1,509 2,268
T r a n s f e r s o u t -- - ---- (599)
Total other financing sources (uses)
- - - - 250 - 1,509 1,669
Net change in fund balance - - 1,589 1,357 (30) 550 (264) 7,738 Fund balances, (deficits), July 1, 2023 - - 3,306 3,948 21,084 1,345 27,635 81,248 Fund balances, (deficits), June 30, 2024 $- $- $ 4,895 $ 5,305 $ 21,054 $ 1,895 $ 27,371 $ 88,986 109
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
PROP. A TRANSP.

For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Taxes $ 3,148 $ 3,148 $ 3,013 $ (135)
Use of money or property 102 102 220 118
Intergovernmental 85 85 292 207
Charges for services 3 3 111 108
Total revenues
3,338 3,338 3,636 298
Expenditures:

Environmental:

Community development 2,464 3,405 2,279 1,126
Total expenditures 2,464 3,405 2,279 1,126
Excess (deficiency) of revenues over (under) expenses 874 (67) 1,357 1,424 Other financing sources (uses):

Transfers out (213) (213) (509) (296)
Total other financing sources (uses) (213) (213) (509) (296) Net change in fund balance 661 (280) 848 1,128
Fund balance, July 1, 2023 3,935 3,935 3,935 -
Fund balance, June 30, 2024 $ 4,596 $ 3,655 $ 4,783 $ 1,128 110
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
PROP. C TRANSP.

For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Taxes $ 2,528 $ 2,528 $ 2,319 $ (209)
Use of money or property 291 291 498 207
Intergovernmental - - (1) (1)
Charges for services 100 100 69 (31)
Total revenues
2,919 2,919 2,885 (34)
Expenditures:

Environmental:

Community development 3,435 5,711 3,023 (2,688)
Total expenditures 3,435 5,711 3,023 2,688
Excess (deficiency) of revenues over (under) expenses (516) (2,792) (137) 2,655 Other financing sources (uses):

Transfers in 213 213 509 296
Total other financing sources (uses) 213 213 509 296
Net change in fund balance (303) (2,579) 371 2,950
Fund balance, July 1, 2023 5,193 5,193 5,193 -
Fund balance, June 30, 2024 $ 4,890 $ 2,614 $ 5,564 $ 2,950 111
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
AQMD TRANSP.

For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 12 $ 12 $ 23 $ 11
Intergovernmental 135 135 141 6
Total revenues
147 147 164 17
Expenditures:

Environmental:

Community development 178 194 104 (90)
Total expenditures 178 194 104 90
Excess (deficiency) of revenues over (under) expenses (31) (47) 60 107 Fund balance, July 1, 2023 493 493 493 -
Fund balance, June 30, 2024 $ 462 $ 446 $ 553 $ 107
112
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

AFFORDABLE HOUSING PROGRAM
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Intergovernmental $ 623 $ 1,360 $ 923 $ (437)
Total revenues 623 1,360 923 (437)
Expenditures:

Environmental:

Community development 656 1,393 922 (471)
Total expenditures 656 1,393 922 471
Excess (deficiency) of revenues over (under) expenses (33) (33) - 33 Fund balance, July 1, 2023 161 161 161 -
Fund balance, June 30, 2024 $ 128 $ 128 $ 162 $3 4
113
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, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 28 $ 28 $ 56 $ 28
Intergovernmental 1,048 2,588 281 (2,307)
Total revenues
1,076 2,616 337 (2,279)
Expenditures:

Environmental:

Community development 1,540 3,325 346 (2,979)
Total expenditures 1,540 3,325 346 2,979
Excess (deficiency) of revenues over (under) expenses (464) (709) (8) 701 Fund balance, July 1, 2023 1,194 1,194 1,194 -
Fund balance, June 30, 2023 $ 730 $ 485 $ 1,185 $ 700
114
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
SECTION 8 HOUSING
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 29 $ 29 $ 32 $ 3
Intergovernmental 12,200 13,640 16,045 2,405
Total revenues
12,229 13,669 16,077 2,408
Expenditures:

Environmental:

Community development 13,128 14,836 15,841 1,005
Total expenditures 13,128 14,836 15,841 (1,005)
Excess (deficiency) of revenues over (under) expenses (899) (1,167) 235 1,402 Fund balance, July 1, 2023 1,147 1,147 1,147 -
Fund balance, June 30, 2024 $ 248 $ (20) $ 1,383 $ 1,403 115
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
ROAD MAINT & REHAB.

For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 78 $ 78 $ 82 $ 4
Intergovernmental 2,650 2,650 2,766 116
Total revenues
2,728 2,728 2,848 120
Expenditures:

Capital outlay:

Street improvements 2,527 4,827 2,314 (2,513)
Total expenditures 2,527 4,827 2,314 2,513
Excess (deficiency) of revenues over (under) expenses 201 (2,099) 534 2,633 Fund balance, July 1, 2023 2,769 2,769 2,769 -
Fund balance, June 30, 2024 $ 2,970 $ 670 $ 3,303 $ 2,633 116
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

STATE GAS TAX
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 22 $ 22 $ 35 $ 13
Intergovernmental 3,024 3,024 2,888 (136)
Total revenues
3,046 3,046 2,923 (123)
Expenditures:

Capital outlay:

Street improvements 2,247 2,468 2,544 76
Total expenditures 2,247 2,468 2,544 (76)
Excess (deficiency) of revenues over (under) expenses 799 578 380 (198) Fund balance, July 1, 2023 1,166 1,166 1,166 -
Fund balance, June 30, 2024 $ 1,965 $ 1,744 $ 1,545 $ (199) 117
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

STREET LIGHTING
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 62 $ 62 $ 345 $ 283
Intergovernmental - - (1) (1)
Charges for services 3,884 3,884 2,868 (1,016)
Total revenues
3,946 3,946 3,212 (734)
Expenditures:

Capital outlay:

Street improvements 3,920 6,393 2,360 (4,033)
Total expenditures 3,920 6,393 2,360 4,033
Excess (deficiency) of revenues over (under) expenses 26 (2,447) 853 3,300 Fund balances, July 1, 2023 1,973 1,973 1,973 -
Fund balances, June 30, 2023 $ 1,999 $ (474) $ 2,825 $ 3,299 118
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

GENERAL CITY GRANTS
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 16 $ 16 $ 38 $ 22
Intergovernmental 425 699 396 (303)
Total revenues
441 715 434 (281)
Expenditures:

Public safety:

Police - 327 311 (16)
Total expenditures - 327 311 16
Excess (deficiency) of revenues over (under) expenses 441 388 124 (264) Other financing sources (uses):

Transfers out - 90 (90) -
Total other financing sources (uses) - (90) (90) -
Net change in fund balances 441 298 33 (265)
Fund balance, July 1, 2023 400 400 400 -
Fund balance, June 30, 2023 $ 841 $ 698 $ 433 $ (265)
119
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
COMM. SERVICES
For the Year Ended June 30, 2024
(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, 2023 29 29 29 -
Fund balance, June 30, 2023 $2 9 $2 2 $2 9 $7
120
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

DRUG ASSET FORFEITURE
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 8 $ 8 $ 12 $ 4
Intergovernmental 18 18 11 (7)
Total revenues
26 26 23 (3)
Expenditures:

Public safety:

Police 45 75 40 (35)
Total expenditures 45 75 40 35
Excess (deficiency) of revenues over (under) expenses (19) (49) (17) 32 Fund balance, July 1, 2023 236 236 236 -
Fund balance, June 30, 2023 $ 217 $ 187 $ 219 $3 2
121
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
MEASURE R TRANSP.

For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Taxes $ 1,896 $ 1,896 $ 1,739 $ (157)
Use of money or property 162 162 227 65
Intergovernmental - 1,000 (1) (1,001)
Charges for services 285 285 - (285)
Total revenues
2,343 3,343 1,965 (1,378)
Expenditures:

Capital outlay:

Street improvements 217 2,084 514 (1,570)
General capital improvements 913 964 203 (761)
Total expenditures 1,130 3,048 717 2,331
Excess (deficiency) of revenues over (under) expenses 1,213 295 1,249 954 Fund balance, July 1, 2023 5,234 5,234 5,234 -
Fund balance, June 30, 2024 $ 6,447 $ 5,529 $ 6,482 $ 953 122
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

MAGNOLIA POWER PROJECT
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ - $ - $ 20 $ 20
Charges for services 27,809 27,809 24,923 (2,886)
Total revenues
27,809 27,809 24,943 (2,866)
Expenditures:

Environmental:

Community development 27,809 28,492 24,943 (3,549)
Total expenditures 27,809 28,492 24,943 3,549
Excess (deficiency) of revenues over (under) expenses - (683) - 683 Net change in fund balances - (683) - 683
Fund balance, July 1, 2023 ----
Fund balance, June 30, 2024 $- $ (683) $- $ 683
123
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

TIETON HYDROPOWER
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Charges for services $ 1,880 $ 1,880 $ 1,781 $ (99)
Total revenues 1,880 1,880 1,781 (99)
Expenditures:

Environmental:

Community development 1,829 1,828 1,781 (47)
Capital outlay:

General capital improvements 51 404 - (404)
Total expenditures 1,880 2,232 1,781 451
Excess (deficiency) of revenues over (under) expenses - (352) - 352 Fund balance, July 1, 2023 - - - -
Fund balance, June 30, 2024 $- $ (352) $- $ 352
124
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
MEASURE M TRANSP.

For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 108 $ 108 $ 158 $ 50
Intergovernmental 2,149 2,149 1,964 (185)
Total revenues
2,257 2,257 2,122 (135)
Expenditures:

Capital outlay:

Street improvements 2,212 4,557 533 (4,024)
Total expenditures 2,212 4,557 533 4,024
Excess (deficiency) of revenues over (under) expenses 45 (2,300) 1,589 3,889 Fund balance, July 1, 2023 3,306 3,306 3,306 -
Fund balance, June 30, 2024 $ 3,351 $ 1,006 $ 4,895 $ 3,889 125
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

MEASURE W STORMWATER
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Taxes $ 1,437 $ 1,437 $ 1,458 $ 21
Use of money or property 86 86 193 107
Total revenues
1,523 1,523 1,651 128
Expenditures:

Capital outlay:

General capital improvements 1,180 1,653 294 (1,359)
Total expenditures 1,180 1,653 294 1,359
Excess (deficiency) of revenues over (under) expenses 343 (130) 1,357 1,487 Fund balance, July 1, 2023 3,948 3,948 3,948 -
Fund balance, June 30, 2024 $ 4,291 $ 3,818 $ 5,305 $ 1,487 126
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL
PUBLIC IMPROVE.

For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 567 $ 567 $ 1,049 $ 482
Intergovernmental 663 6,661 694 (5,967)
Charges for services 299 299 3,643 3,344
Total revenues
1,529 7,527 5,386 (2,141)
Expenditures:

Environmental:

Community development 3,810 15,968 3,866 (12,102)
Capital outlay Community Development - 1,800 1,800 -
Total expenditures
3,810 17,768 5,666 12,102
Excess (deficiency) of revenues over (under) expenses (2,281) (10,241) (284) 9,957 Other financing sources (uses):

Transfers in - 250 250 -
Total other financing sources (uses) - 250 250 -
Net change in fund balances (2,281) (9,991) (30) 9,961
Fund balance, July 1, 2023 21,084 21,084 21,084 -
Fund balance, June 30, 2024 $ 18,803 $ 11,093 $ 21,054 $ 9,961 127
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, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 48 $ 48 $ 58 $ 10
Charges for services 646 646 1,093 447
Total revenues
694 694 1,151 457
Expenditures:

Environmental
Community development 791 1,951 601 (1,350)
Total expenditures 791 1,951 601 1,350
Excess (deficiency) of revenues over (under) expenses (97) (1,257) 550 1,807 Fund balance, July 1, 2023 1,345 1,345 1,345 -
Fund balance, June 30, 2024 $ 1,248 $8 8 $ 1,895 $ 1,807 128
City of Burbank

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL

GENERAL CAPITAL PROJECTS
For the Year Ended June 30, 2024
(in thousands)
Original
Budget
Final
Budget Actual
Variance
with Final
Positive
(Negative)
Revenues:

Use of money or property $ 919 $ 919 $ 1,442 $ 523
Intergovernmental 8,742 13,417 124 (13,293)
Other revenues - - 1 1
Total revenues
9,661 14,336 1,567 (12,769)
Expenditures:

General government
Public safety
Environmental
Culture and recreation
Librar
y (1) (1) - 1
General capital improvements 4,767 20,424 3,307 (17,117) Capital outlay Community Development 6,258 6,358 33 (6,325) Total expenditures 11,024 26,781 3,340 23,441
Excess (deficiency) of revenues over (under) expenses (1,363) (12,445) (1,773) 10,672 Other financing sources (uses):

Transfers in 1,402 1,509 1,509 -
Total other financing sources (uses) 1,402 1,509 1,509 - Net change in fund balances 39 (10,936) (264) 10,672
Fund balances, (deficit) July 1, 2023 28,361 28,361 27,635 (726) Fund balances, (deficit) June 30, 2023 $ 28,400 $ 17,425 $ 27,371 $ 9,946 129

City of Burbank

COMBINING STATEMENT OF NET POSITION

INTERNAL SERVICE FUNDS
June 30, 2024
(in thousands)
General
Liability
Insurance
Workers
Compensation
Insurance
Vehicle
Equipment
Replacement
Office
Equipment
Replacement
Municipal
Infrastructure
Assets:

Current assets:

Pooled cash and investments $ 28,578 $ 60,253 $ 32,266 $ 5,004 $ 45,024 Accounts receivable 7 432 53 3 2,732
Interest receivable 69 144 73 10 108
Interfund receivable 6 1 - - -
Inventories - - 529 - -
Prepaid expenses 99 72 7,167 1,515 55
Total current assets
28,759 60,902 40,088 6,532 47,919
Capital assets:

Buildings and improvements - - 2,777 - -
Accumulated depreciation - - (2,181) - -
Machinery and equipment - - 50,002 7,623 -
Accumulated depreciation - - (33,930) (6,167) -
Lease assets -----
B u i l d i n g s - r i g h t s t o u s e -----
S u b s c r i p t i o n a s s e t s -----
Accumulated depreciation -----
Construction in progress - - 173 - -
Total assets $ 28,759 $ 60,902 $ 56,929 $ 7,988 $ 47,919 Liabilities:

Current liabilities:

Accounts payable $ 320 $ 359 $ 4,688 $ 53 $ 3,015
Compensated absences - 2 27 - -
Lease payable -----
Outstanding claims - self insurance 2,909 7,793 - - -
S u b s c r i p t i o n s -----
Total current liabilities
3,229 8,154 4,715 53 3,015
Long-term liabilities (net of current portion):

Compensated absences 43 66 119 - -
Lease payable -----
S u b s c r i p t i o n s -----
Outstanding claims - self insurance 6,776 31,079 - - -
Total long-term liabilities
6,819 31,145 119 - -
Total liabilities 10,048 39,299 4,834 53 3,015
Net position:

Net investment in capital assets - - 16,785 1,454 -
Unrestricted 18,711 21,603 35,310 6,481 44,904
Total net position $ 18,711 $ 21,603 $ 52,095 $ 7,935 $ 44,904 (Continued)
130
City of Burbank

COMBINING STATEMENT OF NET POSITION

INTERNAL SERVICE FUNDS
June 30, 2024
(in thousands)
Communication
Equipment
Replacement
Information
Technology Fund Total
Assets:

Current assets:

Pooled cash and investments $ 4,531 $ 25,761 $ 201,417
Accounts receivable 7 - 3,234
Interest receivable 11 61 476
Interfund receivable 1 28 36
Inventories 174 - 703
Prepaid expenses 7 353 9,268
Total current assets
4,731 26,203 215,134
Capital assets:

Buildings and improvements 3,490 - 6,267
Accumulated depreciation (1,869) - (4,050)
Machinery and equipment 17,970 19,378 94,973
Accumulated depreciation (14,300) (18,229) (72,626)
Lease assets 540 - 540
Buildings - rights to use (170) - (170)
Subscription assets - 1,619 1,619
Accumulated depreciation - (155) (155)
Construction in progress 408 3,323 3,904
Total assets $ 10,800 $ 32,139 $ 245,436
Liabilities:

Current liabilities:

Accounts payable $ 184 $ 1,460 $ 10,079
Compensated absences - 51 80
Lease payable 53 - 53
Outstanding claims - self insurance - - 10,702
Subscriptions - 470 470
Total current liabilities
237 1,981 21,384
Long-term liabilities (net of current portion):

Compensated absences 229 534 991
Lease payable 347 - 347
Subscriptions - 538 538
Outstanding claims - self insurance - - 37,855
Total long-term liabilities
576 1,072 39,731
Total liabilities 813 3,053 61,115
Net position:

Net investment in capital assets 5,641 4,325 28,205
Unrestricted 4,346 24,761 156,116
Total net position $ 9,987 $ 29,086 $ 184,321
131
City of Burbank

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

INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2024
(in thousands)
General
Liability
Insurance
Workers
Compensation
Insurance
Vehicle
Equipment
Replacement
Office
Equipment
Replacement
Municipal
Infrastructure
Operating revenues:

Charges for services $ 12,217 $ 10,593 $ 10,375 $ 701 $ - Total operating revenues 12,217 10,593 10,375 701 -
Operating expenses:

Operations and maintenance 12,672 8,976 6,951 264 19,252 Depreciation/amortization - - 2,787 433 -
Total operating expenses 12,672 8,976 9,738 697 19,252
Operating income (loss) (455) 1,617 637 4 (19,252)
Non-operating income (expense):

Interest income 1,194 2,874 1,509 244 2,307
O t h e r t a x e s ---- 15,695
Gain (loss) on disposal of capital assets - - 225 (27) - Other income (expense) 2,242 33 6,231 968 1
Total non-operating income (expense)
3,436 2,907 7,965 1,185 18,003
Income (loss) before transfers and
capital contributions 2,981 4,524 8,602 1,189 (1,249)
Transfers in - - - 240 4,700
T r a n s f e r s o u t -----
Change in net position 2,981 4,524 8,602 1,429 3,451
Net position, July 1, 2023 15,730 17,079 43,493 6,506 41,453 Net position, June 30, 2024 $ 18,711 $ 21,603 $ 52,095 $ 7,935 $ 44,904 (Continued)
132
City of Burbank

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

INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2024
(in thousands)
Communication
Equipment
Replacement
Information
Technology Fund Total
Operating revenues:

Charges for services $ 3,094 $ 13,136 $ 50,116
Total operating revenues 3,094 13,136 50,116
Operating expenses:

Operations and maintenance 2,609 10,626 61,350
Depreciation/amortization 1,063 1,001 5,284
Total operating expenses 3,672 11,627 66,634
Operating income (loss) (578) 1,509 (16,518)
Non-operating income (expense):

Interest income 249 1,101 9,478
Other taxes - - 15,695
Gain (loss) on disposal of capital assets (2) (5) 191
Other income (expense) 27 72 9,574
Total non-operating income (expense)
274 1,168 34,938
Income (loss) before transfers and
capital contributions (304) 2,677 18,420
Transfers in - 3,963 8,903
Transfers out - 116 116
Change in net position (304) 6,524 27,207
Net position, July 1, 2023 10,291 22,562 157,114
Net position, June 30, 2024 $ 9,987 $ 29,086 $ 184,321
133
City of Burbank

COMBINING STATEMENT OF CASH FLOWS

Cash received from customers $ 12,218 $ 10,449 $ 10,413 $ 697 $ (219) Cash paid to suppliers (11,730) (8,143) (6,711) (1,735) (20,549) Cash paid to employees (346) (529) (1,646) - -
Other income 2,243 34 963 22 15,696
Net cash provided by (used in) operating activities 2,385 1,811 3,019 (1,016) (5,072) Cash flows from noncapital financing activities :

Transfers from other funds - - 5,269 1,187 4,700
Transfers to other funds - - - - -
Net cash provided by noncapital financing activities - - 5,269 1,187 4,700 Cash flows from capital and related financing activities:

Proceeds/(loss) from sales of capital assets - - 225 (27) - Acquisition and construction of capital assets - - (6,593) (84) - Net cash provided by (used in) capital and related financing activities - - (6,368) (111) -
Cash flows from investing activities:

Interest received 748 1,803 928 129 1,432
Change in fair value 429 1,040 567 114 854
Net cash provided by investing activities 1,177 2,843 1,495 243 2,286 Net increase (decrease) in cash and cash equivalents 3,562 4,654 3,415 303 1,914 Cash and cash equivalents July 1, 2023 25,016 55,599 28,851 4,701 43,110 Cash and cash equivalents, June 30, 2024 $ 28,578 $ 60,253 $ 32,266 $ 5,004 $ 45,024 (Continued)
134
City of Burbank

COMBINING STATEMENT OF CASH FLOWS

INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2024
(in thousands)
Communication
Equipment
Replacement
Information
Technology Fund Total
Cash flows from operating activities:

Cash received from customers $ 3,095 $ 13,181 $ 49,834
Cash paid to suppliers (1,253) (3,445) (53,566)
Cash paid to employees (1,316) (5,805) (9,642)
Other income 27 2 18,987
Net cash provided by (used in) operating activities 553 3,933 5,613 Cash flows from noncapital financing activities :

Transfers from other funds - 4,032 15,188
Transfers to other funds - (116) (116)
Net cash provided by noncapital financing activities - 3,916 15,072 Cash flows from capital and related financing activities:

Proceeds/(loss) from sales of capital assets (2) (5) 191 Acquisition and construction of capital assets (1,123) (4,351) (12,151) Net cash provided by (used in) capital and related financing activities (1,125) (4,356) (11,960) Cash flows from investing activities:

Interest received 137 755 5,932
Change in fair value 111 327 3,442
Net cash provided by investing activities 248 1,082 9,374 Net increase (decrease) in cash and cash equivalents (324) 4,575 18,099 Cash and cash equivalents July 1, 2023 4,855 21,186 183,318 Cash and cash equivalents, June 30, 2024 $ 4,531 $ 25,761 $ 201,417 (Continued)
135
City of Burbank

COMBINING STATEMENT OF CASH FLOWS

Net income/loss from operating activities $ (455) $ 1,617 $ 637 $ 4 $ (19,252) Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:

Depreciation - - 2,787 433 -
Other income (expense) 2,243 34 963 22 15,696
(Increase) decrease in inventories - - (36) - -
(Increase) decrease in accounts receivable 1 (143) 38 (3) (219) (Increase) decrease in prepaid items (88) (72) (5,044) (1,515) (29) Increase (decrease) in accounts payable 138 309 3,717 43 (1,268) Increase (decrease) in outstanding claims payable 563 46 - - - Increase (decrease) in compensated absences (17) 20 (43) - - Increase (decrease) in net lease liabilit
y -- - --
Total adjustments 2,840 194 2,382 (1,020) 14,180
Net cash provided (used) by operating activities 2,385 1,811 3,019 (1,016) (5,072) (Continued)
136
City of Burbank

COMBINING STATEMENT OF CASH FLOWS

INTERNAL SERVICE FUNDS
For the Year Ended June 30, 2024
(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 $ (578) $ 1,509 $ (16,518) Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:

Depreciation 1,063 1,001 5,284
Other income (expense) 27 2 18,987
(Increase) decrease in inventories (2) - (38)
(Increase) decrease in accounts receivable 1 45 (280)
(Increase) decrease in prepaid items (6) (64) (6,818)
Increase (decrease) in accounts payable 82 1,524 4,545
Increase (decrease) in outstanding claims payable - - 609 Increase (decrease) in compensated absences 15 (84) (109) Increase (decrease) in net lease liabilit
y (49) - (49)
Total adjustments 1,131 2,424 22,131
Net cash provided (used) by operating activities 553 3,933 5,613 137

City of Burbank
Table 1 - Net Position by Component
Last Ten Fiscal Years (accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2024 2023 2022 2021 2020
Governmental activities:

Net investment in capital assets $ 701,659 $ 690,046 $ 687,067 $ 682,223 $ 681,697 Restricted 113,452 97,747 86,422 81,986 72,123
Unrestricted 119,986 85,053 57,022 1,325 (11,932)
Total governmental activities 935,097 872,846 830,511 765,534 741,888 Business-type activities:

Net investment in capital assets 386,335 404,244 397,850 389,957 388,772 Restricted 2,814 2,007 10,939 9,243 2,603
Unrestricted 121,129 83,740 82,247 90,772 76,516
Total business-type activities net position 510,278 489,991 491,036 489,972 467,891 Primary government:

Net investment in capital assets 1,087,994 1,094,290 1,084,917 1,072,180 1,070,469 Restricted 116,266 99,754 97,361 91,229 74,726
Unrestricted 241,115 168,793 139,269 92,097 64,584
Total primary government net position $ 1,445,375 $ 1,362,837 $ 1,321,547 $ 1,255,506 $ 1,209,779 (Continued)
SOURCE: City Financial Services Department
138
City of Burbank
Table 1 - Net Position by Component
Last Ten Fiscal Years (accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2019 2018 2017 2016 2015
Governmental activities:

Net investment in capital assets $ 684,259 $ 688,278 $ 682,070 $ 688,518 $ 692,032 Restricted 102,820 61,628 63,610 63,051 62,827
Unrestricted (56,055) (42,672) (9,364) (11,249) (36,215) Total governmental activities 731,024 707,234 736,316 740,320 718,644 Business-type activities:

Net investment in capital assets 363,419 340,870 323,782 312,885 298,664 Restricted -----
Unrestricted 92,639 106,078 107,628 87,055 74,679
Total business-type activities net position 456,058 446,948 431,410 399,940 373,343 Primary government:

Net investment in capital assets 1,047,678 1,029,148 1,005,852 1,001,403 990,696 Restricted 102,820 61,628 63,610 63,051 62,827
Unrestricted 36,584 63,406 98,264 75,806 38,464
Total primary government net position $ 1,187,082 $ 1,154,182 $ 1,167,726 $ 1,140,260 $ 1,091,987 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,
2024 2023 2022 2021 2020
Expenses
Governmental activities:

General government $ 29,072 $ 25,880 $ 9,479 $ 16,578 $ 18,763 Police 82,709 74,326 51,038 62,074 64,315
Fire 64,421 50,190 32,432 41,232 40,217
Public works 40,800 45,499 19,428 36,837 41,521
Community development 80,577 63,803 53,055 61,168 54,619 Parks and recreation 41,265 34,765 21,937 24,880 26,199 Librar
y 8,986 8,118 6,169 7,759 8,528
Interest on long-term debt - 10 147 282 404
Total governmental activities expenses 347,830 302,591 193,685 250,810 254,566 Business-type activities:

Water reclamation & sewer 19,066 15,028 14,300 17,491 17,472 Golf course -----
Electric utility 204,429 233,172 189,599 197,359 188,119 Water utility 37,354 33,815 32,291 32,679 33,699
Refuse collection & disposal 22,595 20,991 18,153 18,307 15,506 Total business-type activities expenses 283,444 303,006 254,343 265,836 254,796 Total primary government expenses $ 631,274 $ 605,597 $ 448,028 $ 516,646 $ 509,362 Program revenues
Governmental activities:

Charges for services:

General government $ 9,610 $ 10,944 $ 1,824 $ 2,108 $ 1,817 Police 18,120 14,167 3,879 3,493 3,878
Fire 19,194 10,878 5,158 3,832 5,012
Public works 11,564 6,758 2,243 1,799 2,417
Community development 24,625 19,902 12,439 11,609 13,464 Parks and recreation 12,975 14,702 9,618 6,461 5,425
Librar
y 4,322 1,063 19 38 117
Operating grants and contributions 57,410 51,232 52,221 68,456 44,268 Capital grants and contributions 107 762 415 - -
Total governmental activities program revenues 157,927 130,408 87,816 97,796 76,398 Business-type activities:

Charges for services:

Water reclamation & sewer 19,559 18,135 18,225 17,198 18,901 Golf course -----
Electric 203,597 212,886 182,390 200,974 181,091
Water 36,636 33,967 33,959 34,025 33,257
Refuse collection & disposal 21,453 20,218 19,127 17,789 17,765 Operating grants and contributions 1,465 876 2,316 6 141 Capital grants and contributions 2,981 7,508 3,243 4,274 7,088 Total business-type activities program revenues 285,691 293,590 259,260 274,266 258,243 Total primary government program revenues $ 443,618 $ 423,998 $ 347,076 $ 372,062 $ 334,641 Net (expense)/revenue
Governmental activities $ (189,903) $ (172,183) $ (105,869) $ (153,014) $ (178,168) Business-type activities 2,247 (9,416) 4,917 8,430 3,447 Total primary government net expense $ (187,656) $ (181,599) $ (100,952) $ (144,584) $ (174,721) (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,
2019 2018 2017 2016 2015
Expenses
Governmental activities:

General government $ 7,613 $ 15,475 $ 17,252 $ 13,335 $ 14,600 Police 59,907 59,865 55,824 47,318 48,613
Fire 37,855 41,417 36,504 30,174 29,771
Public works 37,664 35,468 30,064 34,119 39,550
Community development 49,786 48,726 47,832 43,219 44,946 Parks and recreation 23,732 18,790 19,613 20,660 19,241 Librar
y 7,484 7,203 6,671 6,919 6,735
Interest on long-term debt 512 565 2,762 2,943 3,743
Total governmental activities expenses 224,553 227,509 216,522 198,687 207,199 Business-type activities:

Water reclamation & sewer 18,340 14,832 13,925 13,961 13,146 Golf course - - 664 703 753
Electric utilit
y 189,486 177,330 178,993 186,306 198,286
Water utility 30,523 32,525 28,969 28,924 28,350
Refuse collection & disposal 17,117 15,699 14,158 13,871 14,076 Total business-type activities expenses 255,466 240,386 236,709 243,765 254,611 Total primary government expenses $ 480,019 $ 467,895 $ 453,231 $ 442,452 $ 461,810 Program revenues
Governmental activities:

Charges for services:

General government $ 632 $ 526 $ 642 $ 220 $ 189
Police 4,182 4,242 4,065 3,784 3,856
Fire 4,803 5,053 4,301 4,383 3,474
Public works 1,041 1,643 1,665 1,896 2,126
Community development 10,206 8,392 6,632 5,862 10,350
Parks and recreation 6,139 4,158 4,004 3,903 3,817
Librar
y 163 148 193 194 188
Operating grants and contributions 38,788 43,547 41,238 19,340 18,637 Capital grants and contributions 50 77 - - -
Total governmental activities program revenues 66,004 67,786 62,740 39,582 42,637 Business-type activities:

Charges for services:

Water reclamation & sewer 17,778 17,514 17,214 17,321 17,654 Golf course ---- 1 9
Electric 193,050 204,375 205,634 207,850 212,282
Water 31,211 34,040 30,503 28,367 29,068
Refuse collection & disposal 17,974 17,365 17,420 16,700 16,841 Operating grants and contributions 149 119 269 886 5,044 Capital grants and contributions 8,786 7,338 1,648 4,040 1,007 Total business-type activities program revenues 268,948 280,751 272,688 275,164 281,915 Total primary government program revenues $ 334,952 $ 348,537 $ 335,428 $ 314,746 $ 324,552 Net (expense)/revenue
Governmental activities $ (158,549) $ (159,723) $ (153,782) $ (159,105) $ (164,562) Business-type activities 13,482 40,365 35,979 31,399 27,304 Total primary government net expense $ (145,067) $ (119,358) $ (117,803) $ (127,706) $ (137,258) (Continued)
SOURCE: City Financial Services Department
141
City of Burbank
Table 2 - Changes in Net Position
Last Ten Fiscal Years (accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2024 2023 2022 2021 2020
General revenues and other changes in net position
Governmental activities:

Property tax $ 75,169 $ 68,099 $ 62,088 $ 61,375 $ 55,042 Sales tax 79,217 77,734 74,398 59,300 61,326
Utility users tax 18,687 18,646 16,392 15,596 16,761
Franchise tax 2,768 3,087 5,235 4,690 5,169
Motor-vehicle in-lieu tax -----
Transient occupancy taxes 13,183 12,208 10,526 5,531 9,344 Transient parking tax 4,564 4,303 3,833 1,283 2,813
Unrestricted investment earnings 21,690 1,974 (10,641) 5,393 12,752 Other
Other taxes 12,170 11,554 14,344 - -
Grants/contributions not restricted to specific programs 17 70 180 - - Other $ 24,215 $ 16,122 $ (5,923) $ 23,512 $ 25,474
Other 36,402 27,746 8,601 23,512 25,474
Extraordinary gain on dissolution of redevelopment agency 191 373 - - - Transfers 268 348 414 (20) 351
Total governmental activities 252,139 214,518 170,846 176,660 189,032 Business-type activities:

Unrestricted investment earnings 15,239 4,330 (4,957) 1,041 6,976 Other 3,660 3,271 1,518 3,064 1,761
Gain from sale of capital assets (794) - - - -
Transfers (268) (348) (414) 20 (351)
Total business-type activities
17,837 7,253 (3,853) 4,125 8,386
Total primary government $ 269,976 $ 221,771 $ 166,993 $ 180,785 $ 197,418 Change in net position
Governmental activities $ 62,236 $ 42,335 $ 64,977 $ 23,646 $ 10,864 Business-type activities 20,084 (2,163) 1,064 12,555 11,833 Total primary government $ 82,320 $ 40,172 $ 66,041 $ 36,201 $ 22,697 (Continued)
SOURCE: City Financial Services Department
142
City of Burbank
Table 2 - Changes in Net Position
Last Ten Fiscal Years (accrual basis)
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2019 2018 2017 2016 2015
General revenues and other changes in net position
Governmental activities:

Property tax $ 54,980 $ 52,848 $ 48,924 $ 47,113 $ 37,351 Sales tax 43,747 34,605 35,197 34,228 30,441
Utility users tax 17,520 18,702 19,185 19,384 19,312
Franchise tax 5,161 5,470 5,596 9,352 5,309
Motor-vehicle in-lieu tax ---- 9,147
Transient occupancy taxes 11,112 11,734 11,204 10,595 7,902 Transient parking tax 3,462 3,353 3,190 2,955 2,846
Unrestricted investment earnings 11,625 1,005 5,445 10,052 13,883 Other
O t h e r t a x e s -----
Grants/contributions not restricted to specific programs ----- Other $ 33,923 $ 26,161 $ 10,772 $ 35,198 $ 31,157
Other 33,923 26,161 10,772 35,198 31,157
Extraordinary gain on dissolution of redevelopment agency ----- Transfers (91) 17,089 10,265 11,077 11,084
Total governmental activities 181,439 170,967 149,778 179,954 168,432 Business-type activities:

Unrestricted investment earnings 8,116 986 565 3,654 2,176 Other 1,921 2,046 5,191 2,621 3,790
Gain from sale of capital assets -----
Transfers 91 (17,089) (10,265) (11,077) (11,084)
Total business-type activities
10,128 (14,057) (4,509) (4,802) (5,118)
Total primary government $ 191,567 $ 156,910 $ 145,269 $ 175,152 $ 163,314 Change in net position
Governmental activities $ 22,890 $ 11,244 $ (4,004) $ 20,849 $ 3,870 Business-type activities 23,610 26,308 31,470 26,597 22,186 Total primary government $ 46,500 $ 37,552 $ 27,466 $ 47,446 $ 26,056 SOURCE: City Financial Services Department
143
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,
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
General fund
Nonspendable $ 389 $ 220 $ 1,431 $ 10,113 $ 16,773 $ 23,477 $ 31,838 $ 33,281 $ 44,081 $ 46,171 Restricted 26,100 18,431 11,129 12,281 712 1,491 1,319 1,476 1,281 1,023 Assigned 16,211 11,330 6,222 3,447 2,851 6,222 1,557 2,060 3,551 2,356 Unassigned (deficit) 119,107 110,685 111,260 86,907 92,567 86,404 67,319 63,708 57,097 48,320 Total general fund 161,807 140,666 130,042 112,748 112,903 117,594 102,033 100,525 106,010 97,870 All other governmental funds
Nonspendable - 5 123 67 88 237 161 213 174 208
Restricted 88,056 80,430 75,290 69,705 71,411 70,769 65,996 105,796 106,781 110,217 Committed 21,054 21,084 18,508 19,129 17,580 16,883 20,177 17,873 20,392 19,576 Assigned 27,371 27,634 29,252 30,964 33,581 33,456 29,705 31,353 29,645 29,195 Unassigned (deficit) - (5) (172) (166) (36) (187) (13) (71) - (816) Total all other
governmental
funds
136,481 129,148 123,001 119,699 122,624 121,158 116,026 155,164 156,992 158,380 Total governmental funds $ 298,288 $ 269,814 $ 253,043 $ 232,447 $ 235,527 $ 238,752 $ 218,059 $ 255,689 $ 263,002 $ 256,250 SOURCE: City Financial Services Department
144
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,
2024 2023 2022 2021 2020
Revenues
Sales tax $ 63,522 $ 61,698 $ 74,398 $ 59,300 $ 61,326
Property tax 61,366 55,917 62,088 61,375 55,042
Utility users tax 18,687 18,646 16,392 15,596 16,761
Other taxes 37,581 35,699 5,618 (2,251) 5,382
Total taxes 181,156 171,960 158,496 134,020 138,511
Licenses & permits 11,301 7,464 9,799 6,915 7,284
Fines, forfeitures and penalties 2,168 1,198 1,667 2,074 1,896 Use of money or propert
y 14,550 3,216 (5,467) 4,827 9,988
Intergovernmental 48,605 43,471 43,672 57,803 36,484
Charges for services 63,006 54,812 50,844 50,164 48,652 Total revenues 320,786 282,121 259,011 255,803 242,815
Expenditures
General government 18,853 21,024 20,285 20,452 22,643
Public safety 121,619 107,385 98,648 99,988 98,014
Environmental 87,208 73,830 68,650 79,008 69,966
Culture and recreation 42,214 36,720 33,029 30,354 30,109 Capital outla
y 13,902 13,715 9,237 20,952 16,305
Debt service:

Principal - 175 2,510 2,260 2,035
Interest - 10 159 293 414
Total expenditures 283,796 252,859 232,518 253,307 239,486 Excess (deficiency) of revenue over (under) expenditures 36,990 29,262 26,493 2,496 3,329 Other financing sources (uses)
Transfers in 2,358 1,103 1,266 6,854 2,699
Transfers out (10,877) (13,594) (7,165) (12,432) (6,017) Other revenues 1 - 2 2 4
Total other financing sources (uses)
(8,518) (12,491) (5,897) (5,576) (3,314)
Net change in fund balances $ 28,472 $ 16,771 $ 20,596 $ (3,080) $ 15 Debt service as a percentage of non-capital expenditures % -% 0.1 % 1.2 % 1.1 % 1.1 (Continued)
SOURCE: City Financial Services Department
145
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,
2019 2018 2017 2016 2015
Revenues
Sales tax $ 43,747 $ 34,605 $ 35,197 $ 34,228 $ 30,441
Property tax 54,980 52,848 48,924 47,113 37,351
Utility users tax 17,520 18,702 19,185 19,384 19,312
Other taxes 16,019 11,915 10,324 14,013 27,370
Total taxes 132,266 118,070 113,630 114,738 114,474
Licenses & permits 6,543 5,907 5,928 4,929 5,852
Fines, forfeitures and penalties 2,286 2,529 2,406 2,380 2,570 Use of money or propert
y 9,533 6,303 4,303 7,188 14,575
Intergovernmental 36,201 38,025 29,001 29,639 31,763
Charges for services 41,804 37,522 38,166 31,940 34,375 Total revenues 228,633 208,356 193,434 190,814 203,609
Expenditures
General government 12,605 16,308 18,776 12,900 15,640
Public safety 92,470 92,699 91,108 84,953 80,519
Environmental 62,726 58,357 59,847 52,196 52,005
Culture and recreation 27,752 24,875 24,190 24,567 23,517 Capital outla
y 13,240 18,368 10,592 14,899 14,337
Debt service:

Principal 1,825 45,960 3,920 3,670 53,185
Interest 522 740 2,779 2,959 4,041
Total expenditures 211,140 257,307 211,212 196,144 243,244 Excess (deficiency) of revenue over (under) expenditures 17,493 (48,951) (17,778) (5,330) (39,635) Other financing sources (uses)
Transfers in 5,611 17,193 16,505 15,896 14,867
Transfers out (5,658) (5,894) (6,064) (4,793) (4,294)
Other revenues 7 22 24 152 92
Total other financing sources (uses)
(40) 11,321 10,465 11,255 10,665
Net change in fund balances $ 17,453 $ (37,630) $ (7,313) $ 5,925 $ (28,970) Debt service as a percentage of non-capital expenditures % 1.2 % 19.5 % 3.3 % 3.7 % 25.0 SOURCE: City Financial Services Department
146
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
2023-24 49,794 48,736 67,060 - 14,326 6,961
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
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
147
City of Burbank
Table 6 - Electricity Rates
Last Ten Fiscal Years
(Unaudited)
Fiscal Year Residential Commercial
Large
Commercial
2023-24 0.19250 0.18510 0.16019
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
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
148
City of Burbank
Table 7 - Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Governmental activities:

Lease payables $ 457 $ - $ - $ - $ - $ - $ - $ - $ - $ - Subscription payables 2,196 ---------
Pension obligation bonds - - 175 2,685 4,945 6,980 8,805 10,440 11,895 13,185 Revenue bonds ------- 44,325 46,790 49,170
Total governmental
activities 2,653 - 175 2,685 4,945 6,980 8,805 54,765 58,685 62,355 Business-type activities:

Revenue bonds 235,947 241,700 113,390 87,549 90,475 110,517 117,833 124,988 131,993 138,867 Loans - - - 5,530 5,973 6,404 6,825 7,234 7,634 8,023
Total business-type
activities 235,947 241,700 113,390 93,079 96,448 116,921 124,658 132,222 139,627 146,890 Total primary government $ 238,600 $ 241,700 $ 113,565 $ 95,764 $ 101,393 $ 123,901 $ 133,463 $ 186,987 $ 198,312 $ 209,245 Percentage of personal income (1) %1.53 %0.03 %1.53 %1.38 %1.58 %2.00 %2.24 %3.33 %3.82 %4.24 Per capita (2) 1.08 2.31 1.08 0.92 0.97 1.18 1.25 1.78 1.89 1.97 (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
149
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)
2023-24 - - - -% -
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
(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
150
City of Burbank
Table 9 - Schedule of Direct and Overlapping Debt
June 30, 2024
(in thousands)
(Unaudited)
City assessed valuation $ 22,336,898
Redevelopment agency incremental valuation 9,501,361
Total assessed valuation $ 31,838,259
Percentage
Applicable (1)
Outstanding
Debt 23/24
Estimated Share of
Overlapping Debt
Los Angeles County %1.588 2,479,230 39,370
Burbank Unified School District % 100.000 126,584 126,584 Los Angeles Community College District % 2.803 5,155,845 144,518 Total overlapping debt 7,761,659 310,472
City direct debt:

Pension obligation bonds -
Lease payables 457
Subscription payables 2,196
Total city direct debt 2,653
Total direct and overlapping debt $ 313,125
Note: (1) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assesse d 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
151
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)
2023-24 4,775,739 23,635 4,752,104 0.49%
2022-23 5,516,201 29,680 5,486,521 0.54%
2021-22 4,012,823 35,405 3,977,418 0.88%
2020-21 3,935,284 40,390 3,894,894 1.03%
2019-20 3,750,928 47,535 3,703,393 1.27%
2018-19 3,592,248 54,385 3,537,863 1.51%
2017-18 3,463,247 54,050 3,409,197 1.56%
2016-17 3,218,528 66,525 3,152,003 2.07%
2015-16 3,111,620 72,949 3,038,671 2.34%
2014-15 2,877,262 112,235 2,765,027 3.90%
Note: (1) Full title: Total net debt applicable to the limit as a percentage of the debt limit Net assessed value $ 31,838,259
Debt limit - 15% of assessed value 4,775,739
Amount of debt applicable to debt limit:

Successor agency - tax allocation bonds(1) 23,635
Total 23,635
Less:

Reserves in debt service funds available for payment of principal:

Successor Agency -
Total -
Total amount of debt applicable to debt limit 23,635
Legal debt margin $ 4,752,104
(1) Reflected in the Fiduciary Trust Fund statements
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,
2024 2023 2022 2021 2020
Electric Utility Fund
Gross revenues (1) $ 215,305 $ 218,908 $ 183,439 $ 203,907 $ 185,688 Operations & maintenance expenses (2) 183,609 211,879 167,942 178,196 167,957 Net revenues 31,696 7,029 15,497 25,711 17,731
Debt service requirement (3) 11,505 4,578 3,295 7,049 7,465 Times coverage 2.75 3.65 4.70 3.65 2.38
Water Utility Fund
Gross revenues 40,044 35,215 34,297 34,677 34,386
Operations & maintenance expenses 32,891 29,337 27,998 28,471 29,627 Net revenues 7,153 5,878 6,299 6,206 4,759
Debt service requirement 3,998 3,997 2,995 2,592 2,593
Times coverage 1.79 2.39 2.10 2.39 1.84
Refuse Collection and Disposal Fund
Gross revenues 24,151 21,356 17,893 18,011 19,439
Operations & maintenance expenses 20,858 20,222 16,840 16,058 14,029 Net revenues 3,293 1,134 1,053 1,953 5,410
Debt service requirement - - - 753 749
Times coverage - - - 2.59 7.22
Water Reclamation and Sewer Fund
Gross revenues 22,800 18,823 16,848 17,620 20,379
Operations & maintenance expenses 15,791 11,854 11,148 14,321 14,079 Net revenues 7,009 6,969 5,700 3,299 6,300
Debt service requirement 1,226 1,220 1,221 1,225 1,216
Times coverage 5.72 5.71 4.67 2.69 5.18
(Continued)
Notes:
(1) Gross revenues include total operating revenues, interest in come, 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
153
City of Burbank
Table 11 - Pledged Revenue Coverage
Last Ten Fiscal Years
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2019 2018 2017 2016 2015
Electric Utility Fund
Gross revenues (1) $ 198,589 $ 206,505 $ 207,257 $ 211,450 $ 219,508 Operations & maintenance expenses (2) 171,205 159,938 161,947 168,081 179,878 Net revenues 27,384 46,567 45,310 43,369 39,630
Debt service requirement (3) 7,468 7,468 7,465 7,469 7,465 Times coverage 3.67 6.24 6.07 5.81 5.31
Water Utility Fund
Gross revenues 32,368 34,664 31,115 27,542 29,872
Operations & maintenance expenses 26,594 28,842 28,969 22,918 24,558 Net revenues 5,774 5,822 2,146 4,624 5,314
Debt service requirement 2,596 2,596 2,593 2,593 2,492
Times coverage 2.22 2.24 0.83 1.78 2.05
Refuse Collection and Disposal Fund
Gross revenues 19,532 17,597 18,143 17,870 17,743
Operations & maintenance expenses 15,665 14,724 14,675 13,782 13,514 Net revenues 3,867 2,873 3,468 4,088 4,229
Debt service requirement 748 748 752 759 748
Times coverage 5.17 3.84 4.61 5.39 5.65
Water Reclamation and Sewer Fund
Gross revenues 19,710 17,679 17,358 18,352 19,443
Operations & maintenance expenses 14,599 10,794 13,925 10,466 9,714 Net revenues 5,111 6,885 3,433 7,886 9,729
Debt service requirement 1,217 1,217 1,222 1,222 1,223
Times coverage 4.20 5.66 2.81 6.45 7.96
SOURCE: City Financial Services Department
154
City of Burbank
Table 11 - Pledged Revenue Coverage
Last Ten Fiscal Years
(in thousands)
(Unaudited)
Fiscal year ended June 30,
2024 2023 2022 2021 2020
Tax allocation bonds
Tax increment $ 8,838 $ 7,314 $ 8,838 $ 17,824 $ 17,549 Debt service:

Principal 4,985 5,725 4,985 7,145 6,850
Interest 1,595 1,327 1,595 1,887 2,203
Times coverage 1.34 1.04 1.34 1.97 1.94
Fiscal year ended June 30,
2019 2018 2017 2016 2015
Tax allocation bonds
Tax increment $ 17,431 $ 18,746 $ 13,239 $ 19,500 $ 10,387 Debt service:

Principal 6,525 6,655 6,425 6,805 6,365
Interest 3,583 3,583 3,853 4,081 5,909
Times coverage 1.72 1.83 1.29 1.79 0.85
SOURCE: City Financial Services Department
155
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)
2023-24 105,603 8,268,926 78,302 7.0%
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%
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 156
City of Burbank
Table 13 - Principal Employers
Current Year and Ten Years Ago
(Unaudited)
2024 2014
Number of
Employees %
Number of
Employees %
Warner Bros. Discovery 10,890 11.7% 7,400 11.6%
The Walt Disney Company 10,000 10.7% 7,900 12.3%
Hollywood Burbank Airport 2,734 2.9% 2,400 3.7%
Providence St. Joseph Medical Center 2,574 2.8% 2,850 4.5% Burbank Unified School District 2,200 2.4% 1,800 2.8%
City of Burban
k 1,557 1.7% 1,600 2.5%
Nickelodeon 895 1.0% - -%
Netflix, Inc. 850 0.9% - -%
Cast & Crew 727 0.8% - -%
Deluxe Shared Services 611 0.7% 1,600 2.5%
Other employers 60,122 64.5% 38,460 60.1%
(1) 93,160 100% 64,010 100%
(1) The total employees figure includes all empl oyees 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 157
City of Burbank
Table 14 - Full-Time and Part-Time City Employees by Function Last Ten Fiscal Years
(Unaudited)
Fiscal year ended June 30,
2024 2023 2022 2021 2020
General government 193 191 233 229 229
Police 266 263 274 271 274
Fire 144 137 136 136 136
Public works 125 107 88 90 88
Community development 110 93 64 58 60
Parks and recreation 194 185 167 168 168
Librar
y 67 65 64 64 64
Water reclamation and sewer 15 13 12 12 12
Electric utilit
y 300 293 287 286 286
Water utility 54 54 53 53 53
Refuse collection & disposal 68 63 63 63 63
1,536 1,464 1,441 1,430 1,433
Fiscal year ended June 30,
2019 2018 2017 2016 2015
General government 186 158 220 165 145
Police 269 269 271 271 266
Fire 136 136 136 136 135
Public works 88 88 111 111 108
Community development 51 51 51 51 49
Parks and recreation 167 166 165 231 222
Librar
y 65 65 65 65 63
Water reclamation and sewer 12 12 11 11 11
Electric utilit
y 286 286 286 286 286
Water utility 53 53 51 53 51
Refuse collection & disposal 62 62 55 56 55
1,375 1,346 1,422 1,436 1,391
SOURCE: City Financial Services Department
158
City of Burbank
Table 15 - Operating Indicators by Function, concluded
Last Ten Fiscal Years
(Unaudited)
Fiscal year ended June 30,
2024 2023 2022 2021 2020
Police:

Arrests 4,170 4,019 3,832 - 3,659
Reports taken 10,209 10,392 11,596 - 10,662
Service calls 43,211 41,351 41,338 - 42,026
Animals entering shelter 1,544 1,357 1,115 - 1,188
Moving violations issued 7,622 9,690 8,425 - 8,059
Fire:

Safety employees 124 120 120 120 120
Fire incidents 1,140 1,430 1,274 1,193 1,330
Medical incidents 10,704 10,369 9,490 8,467 8,690
Community development:

Building permits 4,597 4,481 4,200 3,967 4,250
Burbank bus ridership 211,543 171,507 161,971 139,823 248,267 Business licenses 645 865 900 854 978
Business tax registrations 11,467 11,750 11,500 11,840 12,260 Parks and recreation:

Number of street trees 30,780 30,749 30,749 - 27,875
Sports participants 13,854 11,781 17,799 - 10,389
Afterschool and daycamp participants 4,631 4,498 3,317 - 766 Special interest participants 10,323 7,768 5,814 - 7,881 Volunteer hours served 42,790 41,161 - - 59,979
Librar
y:

Number of books 252,608 266,430 293,487 312,031 322,177 Number of audiovisual recordings 59,878 64,413 64,933 67,003 69,287 Water reclamation & sewer:

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

Number of meters 55,422 54,922 54,445 54,172 53,884
Generating capacity (KW) 225,000 225,000 225,000 225,000 225,000 Peak demand (KW) 322,000 290,400 322,000 292,000 283,000 Water utility:

Number of meters 27,139 27,106 27,082 27,065 27,012
Average daily gallons used 11,560 11,530 13,520 14,080 13,650 Refuse collection & disposal:

Customer accounts 49,154 48,913 48,680 48,485 47,871
Golf course:

Rounds of full golf 64,094 60,232 70,199 - 46,617
Rounds of 3 par golf 10,721 8,617 7,381 - 3,949
(Continued)
159
City of Burbank
Table 15 - Operating Indicators by Function, concluded
Last Ten Fiscal Years
(Unaudited)
Fiscal year ended June 30,
2019 2018 2017 2016 2015
Police:

Arrests 4,785 4,699 4,964 5,155 5,601
Reports taken 10,808 11,830 14,976 13,016 11,848
Service calls 45,816 50,587 48,923 47,432 44,663
Animals entering shelter 1,496 1,796 1,944 2,013 2,220
Moving violations issued 8,025 11,665 12,672 12,019 15,377 Fire:

Safety employees 120 120 120 135 125
Fire incidents 1,961 1,409 1,348 1,331 1,221
Medical incidents 8,622 9,127 9,004 8,759 7,818
Community development:

Building permits 3,961 4,245 4,097 4,372 4,060
Burbank bus ridership 278,272 280,363 300,118 330,103 317,178 Business licenses 915 940 960 965 938
Business tax registrations 12,455 12,567 12,639 12,903 13,043 Parks and recreation:

Number of street trees 27,875 28,051 28,375 28,532 28,505 Sports participants 19,875 14,830 15,599 15,709 15,230
Afterschool and daycamp participants 1,200 1,787 1,488 4,935 13,924 Special interest participants 11,495 10,966 11,421 11,000 11,004 Volunteer hours served 109,206 109,206 128,881 138,407 119,955 Librar
y:

Number of books 348,223 403,172 423,707 438,872 480,374 Number of audiovisual recordings 70,871 69,397 75,301 88,869 85,482 Water reclamation & sewer:

Customer accounts 47,766 47,620 47,506 47,529 47,371
Electric utility:

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

Number of meters 27,923 27,811 27,670 26,820 27,003
Average daily gallons used 13,560 14,180 13,023 12,095 14,694 Refuse collection & disposal:

Customer accounts 53,307 52,073 51,475 50,728 49,853
Golf course:

Rounds of full golf 45,710 44,983 54,000 51,200 56,000
Rounds of 3 par golf 3,281 3,747 6,000 7,852 13,000
160
City of Burbank
Table 16 - Capital Asset Statistics
Last Ten Fiscal Years
(Unaudited)
Fiscal year ended June 30,
2024 2023 2022 2021 2020
Police:

S t a t i o n s 11111
Fire:

S t a t i o n s 66666
Public works:

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

Number of parks 27 32 32 27 27
Swimming pools 22222
Tennis courts 22 22 22 21 21
Ballfields 15 15 15 15 15
C o m m u n i t y g y m n a s i u m s 33333
Librar
y:

M a i n a n d b r a n c h l i b r a r i e s 33333
Water reclamation & sewer:

Miles of sewers 230 230 230 230 230
Electric utility:

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

Miles of water mains 280 276 310 280 280
(Continued)
161
City of Burbank
Table 16 - Capital Asset Statistics
Last Ten Fiscal Years
(Unaudited)
Fiscal year ended June 30,
2019 2018 2017 2016 2015
Police:

S t a t i o n s 11111
Fire:

S t a t i o n s 66666
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 9,568 9,551 9,335 9,180
Miles of storm drains 63 63 63 63 63
Signalized intersections 196 196 196 196 196
Parks and recreation:

Number of parks 32 32 32 28 28
Swimming pools 22222
Tennis courts 21 23 21 21 21
Ballfields 15 15 15 13 13
C o m m u n i t y g y m n a s i u m s 33333
Librar
y:

M a i n a n d b r a n c h l i b r a r i e s 33333
Water reclamation & sewer:

Miles of sewers 230 230 225 225 225
Electric utility:

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

Miles of water mains 280 280 280 280 280
162
City of Burbank
Table 17 - Schedule of Credits
June 30, 2024
(Unaudited)
Jennifer Becker
Financial Services Director General Overvie w
Management's Discussion & Analysis
Letter of Transmittal
Leana Mkrtchyan
Deputy Financial Services Director General Overvie
w
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
Projects Accounting
Emer Shum
Senior Accountant Capital Assets Accounting
Internal Service Funds
Special Revenue Funds
GASB Implementations
Grant Activity Report for Single Audit
Notes to Financial Statements
Marysol Corea
Accountant Capital Assets Accounting
Internal Service Funds
Notes to Financial Statements
Caleb Abegg
Account Clerk Inventory Accounting
Parking Authority Funds
Special Revenue Funds
163

Burbank City CouncilJanuary 28, 2025

Burbank City Council
January 28, 2025