Agenda packet — Carson City Council, February 3, 2026 (part 1 of 4)

** Revised **

CITY OF CARSONHOUSING AUTHORITY/SUCCESSOR AGENCY/PUBLIC FINANCINGAUTHORITY/CITY COUNCIL AGENDA Tuesday, February 3, 2026
701 East Carson Street
City Hall
5:00 PM
Lula Davis-Holmes, Mayor
Dr. Jawane Hilton, District 1 Councilmember Cedric L. Hicks, Sr., Mayor Pro Tem and District 3 Councilmember Jim Dear, District 2 Councilmember Arleen Bocatija Rojas, District 4 Councilmember Dr. Khaleah Bradshaw, City Clerk Monica Cooper, City Treasurer “In accordance with the Americans with Disabilities Act of 1990, if you require a disability related modificationor accommodation to attend or participate in this meeting, including auxiliary aids or services, please call theCity Clerk’s office at 310-952-1720 at least 48 hours prior to the meeting.” (Government Code Section 54954.2)

PUBLIC INFORMATION

The public may address the members of the City Council on any matters within the jurisdiction of the CityCouncil or on any items on the agenda of the City Council during the designated public comment periods.There will be two Oral Communication sessions: one for Agendized Items (comment about items ON theagenda) and the other for non-Agendized items (comment about items NOT on the Agenda). The OralCommunications portion of the agenda is limited to a duration of one hour unless otherwise approved by theCity Council. Comment time is normally 3 minutes depending on the number of speakers.

PUBLIC VIEWING AVAILABLE BY:

Livestream on the City’s website: The meeting will be streamed live over the internet via: www.carsonca.gov Youtube : www.youtube.com/@CityofCarsonCalifornia
Cable TV: Spectrum (Channel 35) and ATT (Channel 99)

IF YOU ARE NOT ABLE TO ATTEND THE MEETING IN-PERSON, PUBLIC COMMENTS CAN BE SUBMITTEDBEFORE THE MEETING AT/VIA:

Email: Public comments can be emailed to [email protected]. The cut-off time to submit any emailcommunications is 3:00 p.m. on the day of the meeting.

Written: Written comments can be dropped off at the City Clerk’s Office at City Hall. The cut-off time to submit any written communications is 3:00 p.m. on the day of the meeting. Written comments dropp CALL TO ORDER: CITY COUNCIL/SUCCESSOR AGENCY/HOUSING AUTHORITY (5:00 pm)

ROLL CALL (CITY CLERK)

FLAG SALUTE
INVOCATION (Item 1)

1. PASTOR QUENTIN ODEN FROM TRIEDSTONE MISSIONARY BAPTIST CHURCH CLOSED SESSION (Item 2)

REPORT ON ANY PUBLIC COMMENTS ON CLOSED SESSION ITEMS (CITY CLERK)

ANNOUNCEMENT OF CLOSED SESSION ITEMS (CITY ATTORNEY)
RECESS INTO CLOSED SESSION UNTIL 6:00 P.M. OR UNTIL THE END OF CLOSED SESSION,

WHICHEVER OCCURS FIRST

2. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION (CITY COUNCIL) — A closed session will be held, pursuant to Government Code Section 54956.9(d)(2) or (d)(3) and (e)(1), because there is a significant exposure to litigation in 5 case(s).

RULES OF DECORUM:

1. No person attending a Public Meeting shall engage in disorderly or boisterous conduct, including but not limited to applause, whistling, stamping of feet, booing, or making any loud, threatening, profane, abusive, personal, impertinent, or slanderous utterance-that disturbs, disrupts, or otherwise impedes the orderly conduct of the meeting.

2. All remarks by members of the public shall be addressed to the Mayor or the Chair and not to any other member of the public or to any single Council, Board or Commission Member unless in response to a question from that Member.

3. Signs, placards, banners, or other similar items shall not be permitted in the audience during a Public Meeting if the presence of such item disturbs, disrupts or otherwise impedes the orderly conduct of the meeting.

4. All persons attending a Public Meeting shall remain seated in the seats provided, unless addressing the body at the podium or entering or leaving the meeting.

5. All persons attending a Public Meeting shall obey any lawful order of the Presiding Officer to enforce the Rules of Decorum.
• Treat everyone courteously
• Listen to others respectfully
• Exercise self-control
• Give open-minded consideration to all viewpoints
• Focus on the issues and avoid personalizing debate
• Embrace respectful disagreement and dissent as democratic rights that are inherent components of an inclusive public process and tools for forging sound decisions RECONVENE TO OPEN SESSION AT 6:00 P.M. OR AT THE END OF CLOSED SESSION,

WHICHEVER OCCURS FIRST

REPORT ON CLOSED SESSION ACTIONS (CITY ATTORNEY)
INTRODUCTIONS (MAYOR) (Items 3-4)

3. REPORT FROM CAPTAIN NORMAN OF CARSON SHERIFF'S STATION

4. REPORT FROM ASSISTANT CHIEF KANE OF LOS ANGELES COUNTY FIRE PRESENTATIONS (Items 5-11)

5. FISCAL YEAR 2024/25 ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) PRESENTATION

6. PROCLAMATION RECOGNIZING FEBRUARY AS BLACK HISTORY MONTH

7. PROCLAMATION RECOGNIZING FEBRUARY AS AMERICAN HEART MONTH

8. PROCLAMATION RECOGNIZING WOMENS HEART WEEK

9. PROCLAMATION RECOGNIZING DOMINICAN REPUBLIC INDEPENDENCE DAY

10. RECOGNITION OF THE CITY OF CARSON FOR PLATINUM-LEVEL ACHIEVEMENT IN ENERGY-

SAVING AND SUSTAINABILITY PROGRAMS BY THE SOUTH BAY CITIES COUNCIL OF GOVERNMENTS AND THE SOUTHERN CALIFORNIA REGIONAL ENERGY NETWORK.

11. FOISIA PARK RE-OPENING CEREMONY RECAP VIDEO

ORAL COMMUNICATIONS FOR MATTERS LISTED ON THE AGENDA (MEMBERS OF THE

PUBLIC) (LIMITED TO ONE HOUR)
The public may address the members of the City Council/Housing Authority/Successor Agency on any matters within the jurisdiction of the City Council/Housing Authority/Successor Agency or on any items on the agenda of the City Council/Housing Authority/Successor Agency, other than closed session matters, prior to any action taken on the agenda. Speakers are limited to no morethan three minutes, speaking once. Oral communications will be limited to one (1) hour unless extended by order of the Mayor with approval of the City Council.

APPROVAL OF MINUTES (Item 12)

12. APPROVAL OF THE FOLLOWING CARSON CITY COUNCIL/SUCCESSOR AGENCY/HOUSING AUTHORITY MEETING MINUTES - JANUARY 20, 2026 (REGULAR)

RECOMMENDED ACTION
— 1. APPROVE the minutes as listed.

CONSENT (Items 13-22)

ANY ITEM OR ITEMS MAY BE REMOVED FOR DISCUSSION
These items are considered to be routine items of business and have, therefore, been placed on the CONSENT CALENDAR. For items remaining on the CONSENT CALENDAR, a single motion to ADOPT the recommended action is in order.

13. CONSIDER ACCEPTANCE OF THE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2025 (CITY COUNCIL)

RECOMMENDED ACTION
— RECEIVE and FILE the FY 2024-2025 Annual Comprehensive Financial Report.

14. CONSIDER ADOPTING RESOLUTION NO. 26-014, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARSON RATIFYING CLAIMS AND DEMANDS IN THE AMOUNT OF $7,267,681.27, DEMAND CHECK NUMBERS 182981 THROUGH 183324 (CITY COUNCIL)

RECOMMENDED ACTION
— 1. WAIVE further reading and ADOPT Resolution No. 26-014, "A RESOLUTION OF THE CITY

COUNCIL OF THE CITY OF CARSON RATIFYING CLAIMS AND DEMANDS IN THE AMOUNT OF $7,267,681.27, DEMAND CHECK NUMBERS 182981 THROUGH 183324"

15. CONSIDER AN UPDATE ON CITY COMMISSIONS (CITY COUNCIL)

RECOMMENDED ACTION
— 1. RECEIVE and FILE this report.

16. CONSIDER AWARDING AND APPROVING A CONTRACT SERVICES AGREEMENT WITH DUDEK FOR

ENVIRONMENTAL CONSULTING SERVICES IN SUPPORT OF THE CITY OF CARSON NEIGHBORHOOD

PRIDE PROGRAM (CITY COUNCIL)

RECOMMENDED ACTION
— 1. APPROVE the proposed Contract Services Agreement with Dudek for on-call environmental services for a five-year term, for a not-to-exceed amount of $105,000 annually, or $525,000 for the five-year term (Exhibit No. 1; the "Agreement") — 2. AUTHORIZE the Mayor to execute the agreement, following approval as to from by the City Attorney.

17. CONSIDER ADOPTING AN UPDATED COUNCIL POLICY & PROCEDURE 01.01.04 REGARDING THE

USE OF SOCIAL MEDIA FOR THE CITY OF CARSON (CITY COUNCIL)

RECOMMENDED ACTION
— 1. ADOPT the proposed social media policy.

18. CONSIDER APPROVAL OF A CONTRACT WITH PLACER LABS INC. FOR DATA ANALYTICS TO

SUPPORT BUSINESS RECRUITMENT AND IMPLEMENTATION OF THE ECONOMIC DEVELOPMENT

STRATEGIC PLAN (CITY COUNCIL)

RECOMMENDED ACTION
— 1. APPROVE the contract with Placer Labs Inc. for a three year term at a cost of $81,609. — 2. AUTHORIZE the Mayor to execute the agreement, following approval as from by the City Attorney.

19. CONSIDER APPROVAL OF THE FIFTH AMENDED AND RESTATED JOINT POWERS AGREEMENT FOR

THE SOUTH BAY CITIES COUNCIL OF GOVERNMENTS (CITY COUNCIL)

RECOMMENDED ACTION
— 1. APPROVE and AUTHORIZE the Mayor to execute the Fifth Amended and Restated Joint Powers Agreement (JPA) of the South Bay Cities Council of Governments (SBCCOG), which allows the City of Los Angeles to designate a non-elected senior staff member as an alternate to the SBCCOG Governing Board representative.

20. CONSIDER ADOPTION OF RESOLUTION NO. 26-006, APPROVING A BUDGET TRANSFER IN FISCAL YEAR 2025-2026 WITHIN THE PUBLIC SAFETY & EMERGENCY MANAGEMENT DEPARTMENT BUDGET

TO SUPPORT CONTRACTED CROSSING GUARD SERVICES (CITY COUNCIL)

RECOMMENDED ACTION
— 1. WAIVE further reading and ADOPT Resolution No. 26-006, "A RESOLUTION OF THE CARSON CITY COUNCIL APPROVING THE FISCAL YEAR 2025-2026 BUDGET TRANSFER OF $53,000.00 FOR PUBLIC SAFETY TO SUPPORT CONTRACTED CROSSING GUARD SERVICES".

21. CONSIDER APPROVAL OF FINAL PARCEL MAP NO. 84388: SUBDIVISION OF ONE PARCEL INTO TWO RESIDENTIAL PARCELS AT 125 W. 219TH PLACE (CITY COUNCIL)

RECOMMENDED ACTION
— 1. APPROVE the proposed Parcel Map No. 84388 for a lot split for Residential purposes located at 125 W. 219th Place;
— 2. MAKE the findings listed in the body of this report; and, — 3. INSTRUCT the City Clerk to endorse the certificate that embodies the approval of said Parcel Map on the face of Parcel Map No. 84388.

22. CONSIDER ACCEPTANCE OF THE EDWARD BYRNE MEMORIAL JUSTICE ASSISTANCE GRANT (JAG) PROGRAM FOR FISCAL YEAR 2022 AND 2023 (CITY COUNCIL)

RECOMMENDED ACTION
— 1. ACCEPT the Fiscal Year 2022 Edward Byrne Memorial Justice Assistance Grant funding in the amount of $32,488.00.
— 2. ACCEPT the Fiscal Year 2023 Edward Byrne Memorial Justice Assistance Grant funding in the amount of $34,992.00.
— 3. ACCEPT the Award Conditions and AUTHORIZE the City Manager to execute the award conditions and any related grant documents subject to approval as to form by the City Attorney.

SPECIAL ORDERS OF THE DAY (Item 23)
Public testimony is restricted to three minutes per speaker, speaking once (excepting applicants who are afforded a right of rebuttal, if desired), unless extended by order of the Mayor with the approval of the City Council.

23. CONSIDER ADOPTION OF A RESOLUTION MAKING FINDINGS PURSUANT TO CEQA GUIDELINES SECTIONS 15162 AND 15168(c)(2) AND ADOPTING GENERAL PLAN AMENDMENT NO. 03-25, AN AMENDMENT TO THE NOISE ELEMENT OF THE CITY’S GENERAL PLAN TO CLARIFY ITS ALIGNMENT WITH EXISTING LANGUAGE IN THE CITY’S NOISE ORDINANCE AND TO ESTABLISH CLEAR

STANDARDS FOR NEW DEVELOPMENT PROJECTS WHILE PROTECTING THE COMMUNITY NOISE

ENVIRONMENT (CITY COUNCIL)

RECOMMENDED ACTION
— 1. OPEN public hearing, TAKE public comments, and CLOSE the public hearing; and — 2. WAIVE further reading and ADOPT Resolution No. 26-009, "A RESOLUTION OF THE CITY

COUNCIL OF THE CITY OF CARSON MAKING FINDINGS PURSUANT TO CEQA GUIDELINES SECTIONS 15162 AND 15168(c)(2) AND ADOPTING GENERAL PLAN AMENDMENT NO. 03-25, AN AMENDMENT TO THE NOISE ELEMENT OF THE CITY’S GENERAL PLAN TO CLARIFY ITS ALIGNMENT WITH EXISTING LANGUAGE IN THE CITY’S NOISE ORDINANCE AND TO ESTABLISH

CLEAR STANDARDS FOR NEW DEVELOPMENT PROJECTS WHILE PROTECTING THE COMMUNITY NOISE ENVIRONMENT"
DISCUSSION (Items 24-26)

24. CONSIDER AN UPDATE ON CITY PROJECTS (CITY COUNCIL)

RECOMMENDED ACTION
— 1. CONSIDER, RECEIVE, and FILE this report.

25. CONSIDER INTRODUCTION AND FIRST READING, BY TITLE ONLY, OF ORDINANCE NO. 26-2603, AN ORDINANCE AMENDING CHAPTER 8 (PIPELINE FRANCHISES) OF ARTICLE VI (TAXES AND

LICENSES) OF THE CARSON MUNICIPAL CODE AS A COMPREHENSIVE UPDATE (CITY COUNCIL)

RECOMMENDED ACTION
— 1. INTRODUCE for first reading by title only, and with full reading WAIVED, Ordinance No. 26- 2603, "AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CARSON, CALIFORNIA, AMENDING CHAPTER 8 (PIPELINE FRANCHISES) OF ARTICLE VI (TAXES AND LICENSES) OF THE CARSON MUNICIPAL CODE AS A COMPREHENSIVE UPDATE"

26. CONSIDERATION OF ONLY LOCAL UNCONTESTED APPOINTMENTS TO THE CITY’S COMMISSIONS,

COMMITTEES, AND BOARDS, AND CITY AFFILIATED ORGANIZATIONS BY MAYOR AND CITY COUNCIL

AND CONSIDER ALL (CONTESTED AND UNCONTESTED) APPOINTMENTS TO ALL COMMISSIONS (CITY COUNCIL)

RECOMMENDED ACTION
— 1. CONSIDER and only APPOINT uncontested members to the City Commissions, Committees, and Boards;
— 2. CONSIDER and APPOINT all (contested and uncontested) members to all commissions; — 3. CONSIDER and APPOINT members to City Affiliated Organizations; — 4. DIRECT the City Clerk to notify all affected appointments of this action in writing; — 5. IF APPLICABLE, DIRECT the City Clerk to post and publish in accordance with the Maddy Act

ORDINANCE SECOND READING

ORAL COMMUNICATIONS FOR MATTERS NOT LISTED ON THE AGENDA (MEMBERS OF THE

PUBLIC)
The public may at this time address the members of the City Council/Housing Authority/Successor Agency on any matters within the jurisdiction of the City Council/Housing Authority/Successor Agency. No action may be taken on non-agendized items except as authorized by law. Speakers are requested to limit their comments to no more than three minutes each, speaking once.

COUNCIL MEMBER REQUESTS TO ADD ITEMS TO FUTURE AGENDAS

ORAL COMMUNICATIONS (COUNCIL MEMBERS)

ANNOUNCEMENT OF UNFINISHED OR CONTINUED CLOSED SESSION ITEMS (AS

NECESSARY)

RECESS TO CLOSED SESSION

RECONVENE TO OPEN SESSION

REPORT OF ACTIONS ON UNFINISHED OR CONTINUED CLOSED SESSION ITEMS

MEMORIAL ADJOURNMENTS

ADJOURNMENT
Date Posted: January 28, 2026

CITY OF CARSON

File #: Version:

Report to City Council, Successor Agency, andHousing Authority Tuesday, February 3, 2026, 5:00 PM
APPROVAL OF MINUTES 12. To: City Council, Successor Agency, and Housing Authority From: Joy Simarago, Deputy City Clerk CCO Administration Subject: APPROVAL OF THE FOLLOWING CARSON CITY COUNCIL/SUCCESSOR AGENCY/HOUSINGAUTHORITY MEETING MINUTES - JANUARY 20, 2026 (REGULAR) I. SUMMARY
The City Clerk’s Oﬃce is seeking approval of the following minutes:

Tuesday, January 20, 2026 (Regular)
II. RECOMMENDATION
APPROVE the minutes as listed.

III. ALTERNATIVES
None.

IV. BACKGROUND
None.

V. FISCAL IMPACT
None.

VI. EXHIBITS

1. Minutes, January 20, 2026 (Regular)
Prepared by: Dr. Khaleah K. Bradshaw, City Clerk and Joy Simarago, Deputy City Clerk

Attachments
Minutes - CC Reg Mtg 01-20-26.pdf
701 East Carson Street

CITY OF CARSON

MINUTES

CARSON CITY COUNCIL/

SUCCESSOR AGENCY/HOUSING AUTHORITY

REGULAR MEETING

JANUARY 20, 2026

CALL TO ORDER: CITY COUNCIL/SUCCESSOR AGENCY/HOUSING AUTHORITY (5:00 pm) The meeting was called to order at 5:00 P.M. by Mayor/Agency Chairman/Authority Chairman Lula Davis-Holmes in the Helen Kawagoe Council Chambers, Carson City Hall, located at 701 E. Carson Street, Carson, California 90745.

ROLL CALL (CITY CLERK)
City Clerk/Agency Secretary/Authority Secretary, Dr. Khaleah K. Bradshaw noted the roll:

Council Members/Agency Members/Authority Board Members Present:

Mayor/Agency Chairman/Authority Chairman Lula Davis-Holmes Mayor Pro Tempore/Agency Vice Chairman/Authority Vice Chairman Cedric Hicks, Sr.

Council Member/Agency Member/Authority Board Member Jim Dear Council Member/Agency Member/Authority Board Member, Dr. Jawane Hilton Council Member/Agency Member/Authority Board Member Arleen Rojas Also Present:

Monica Cooper, City/Agency/Authority Treasurer; Sunny Soltani, City/Agency/Authority Attorney; David C. Roberts, Jr., City Manager; Dr. Robert Lennox, Assistant City Manager; John Raymond, Executive Director; Michael Whittiker, Jr., Director of Community Services; Dr. Arlington Rodgers, Jr., Director of Public Works; Nora Garcia, Director of Public Safety; William Jefferson, Director of Finance; Gary Carter, Director of Information Technology and Security; Joshua Boudreaux, Director of Human Resources; Thomas Toman, Deputy City Manager; Armine Chaparyan, Deputy City Manager; Nathan Freeman, Director of Community and Economic Development; Michael George, Government Affairs Officer; and Kourtney Cullors, Chief Deputy City Clerk

FLAG SALUTE
Council Member/Agency Member/Authority Board Member Dear led the Pledge of Allegiance.

INVOCATION (Item 1)

1. PASTOR VADA HEDGEMAN FROM REACH THE CITY CHURCH
Pastor Vada Hedgeman gave the invocation.

CLOSED SESSION (Item 2)

ACTION: No reportable action was taken on four of the five cases. 2A. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION (CITY COUNCIL) - A closed session will be held, pursuant to Government Code Section 54956.9(d)(1), because there is a significant exposure to litigation in the matter of Pulido versus the City of Carson.

ACTION: No reportable action was taken.

REPORT ON ANY PUBLIC COMMENTS ON CLOSED SESSION ITEMS (CITY CLERK) This item was heard after Item No. 6 which there were none.

ANNOUNCEMENT OF CLOSED SESSION ITEMS (CITY ATTORNEY)
City/Agency/Authority Attorney Soltani announced the Closed Session items and asked for a subsequent need item be added in the matter of Pulido versus City of Carson pursuant to Governmanet Code Section 54956.9(d)(1).

Motion to add subsequent need item in the matter of Pulido versus City of Carson to the agenda as Item No. 2A submitted by Council Member, Dr. Jawane Hilton seconded by Mayor Pro Tempore Cedric Hicks, Sr. resulting in 5-0-0-0-0.

RECESS INTO CLOSED SESSION UNTIL 6:00 P.M. OR UNTIL THE END OF CLOSED SESSION,

WHICHEVER OCCURS FIRST
The meeting was recessed at 6:04 P.M. by Mayor/Agency Chairman/Authority Chairman Davis- Holmes to Closed Session.

2. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION (CITY COUNCIL) 2A. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION (CITY COUNCIL) RULES OF DECORUM:

The Rules of Decorum recording was presented earlier in the meeting.

RECONVENE TO OPEN SESSION AT 6:00 P.M. OR AT THE END OF CLOSED SESSION, WHICHEVER

OCCURS FIRST
The meeting was reconvened at 7:28 P.M. by Mayor Pro Tempore/Agency Vice Chairman/Authority Vice Chairman Hicks, Sr. except Mayor Davis-Holmes and Council Member Dear absent. (Mayor/Agency Chairman/Authority Chairman Davis-Holmes reentered the meeting at 7:29 P.M.)

REPORT ON CLOSED SESSION ACTIONS (CITY ATTORNEY)
City/Agency/Authority Attorney Soltani gave the Closed Session Report.

INTRODUCTIONS (MAYOR) (Item 3)

3. REPORT FROM CAPTAIN NORMAN OF CARSON SHERIFF'S STATION- 7:29 PM Captain Norman summarized the recent law enforcement activities and gave a crime report. (Council Member/Agency Member/Authority Board Member Dear reentered the meeting.) PRESENTATIONS (Items 4-6)

4. RECOGNITION OF THE CITY OF CARSON FOR PLATINUM-LEVEL ACHIEVEMENT IN ENERGY-

SAVING AND SUSTAINABILITY PROGRAMS BY THE SOUTH BAY CITIES COUNCIL OF

GOVERNMENTS AND THE SOUTHERN CALIFORNIA REGIONAL ENERGY NETWORK City Manager Roberts, Jr. requested to postpone Item No. 4 to the next meeting which was ordered by Mayor Davis-Holmes with no objection heard.

5. RECOGNITION FOR CARSON HIGH SCHOOL FOOTBALL TEAM FOR THEIR 2025 CIF L.A. CITY

SECTION CHAMPIONSHIP
Item No. 5 was heard after Item No. 1.

The Mayor and City Council congratulated the Carson High School Football Team for their 2025 CIF L.A. City Section Championship and recognized the team, coaches, and principal.

6. RECOGNITION FOR CARSON HIGH SCHOOL FLAG FOOTBALL TEAM FOR WINNING THE L.A.

CITY SECTION DIVISION I CHAMPIONSHIP
The Mayor and City Council congratulated the Carson High School Flag Football Team for winning the L.A. City Section Division 1 Championship and recognized the team, coaches, and principal.

ORAL COMMUNICATIONS FOR MATTERS LISTED ON THE AGENDA (MEMBERS OF THE PUBLIC) (LIMITED TO ONE HOUR)
None.

APPROVAL OF MINUTES (Item 7)

7. APPROVAL OF THE FOLLOWING CARSON CITY COUNCIL/SUCCESSOR AGENCY/HOUSING AUTHORITY MEETING MINUTES - JANUARY 6, 2026 (REGULAR)- 7:33 PM Motion To Approve submitted by Cedric L. Hicks Sr. seconded by Dr. Jawane Hilton resulting in 5-0-0-0-0
CONSENT (Items 8-26)
Motion To Approve submitted by Cedric L. Hicks Sr. seconded by Jim Dear resulting in 5-0-0-0-0

8. CONSIDER A REPORT OF ALL CITY CONTRACTS APPROVED UNDER CITY MANAGER AUTHORITY FOR THE PERIOD NOVEMBER 1, 2025 THROUGH DECEMBER 31, 2025 PURSUANT TO CMC SECTION 2604 (CITY COUNCIL)

RECOMMENDED ACTION
— 1. RECEIVE and FILE this report.

ACTION: Item No. 8 was approved on Consent.

9. CONSIDER A REPORT OF ALL THROUGH DECEMBER 31, 2025 PURSUANT TO CMC SECTION 2604 (CITY COUNCIL)

RECOMMENDED ACTION
— 1. RECEIVE and FILE this report.

ACTION: Item No. 9 was approved on Consent.

10. CONSIDER A REPORT OF ALL NEW BUSINESS LICENSES ISSUED BY THE CITY OF CARSON FOR THE PERIOD NOVEMBER 1, 2025 THROUGH NOVEMBER 30 AND DECEMBER 1, 2025, THROUGH DECEMBER 31, 2025 (CITY COUNCIL)

RECOMMENDED ACTION
— 1. RECEIVE and FILE this report.

ACTION: Item No. 10 was approved on Consent.

11. CONSIDER A REPORT ON ALL INTRADEPARTMENTAL BUDGET TRANSFERS APPROVED UNDER THE CITY MANAGER OR DESIGNEE AUTHORITY FOR THE MONTHS OF NOVEMBER 2025 AND DECEMBER 2025 PER ORDINANCE 24-2401 (CITY COUNCIL)

RECOMMENDED ACTION
— 1. RECEIVE and FILE the report (Exhibit No. 1 and Exhibit No. 2) ACTION: Item No. 11 was approved on Consent.

12. CONSIDER ADOPTING RESOLUTION NO. 26-007, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARSON RATIFYING CLAIMS AND DEMANDS IN THE AMOUNT OF $2,520,206.43, DEMAND CHECK NUMBERS 182862 THROUGH 182980 AND 285 FOR GENERAL DEMAND (CITY

COUNCIL)

RECOMMENDED ACTION
— 1. WAIVE further reading and ADOPT Resolution No. 26-007, "A RESOLUTION OF THE CITY

COUNCIL OF THE CITY OF CARSON RATIFYING CLAIMS AND DEMANDS IN THE AMOUNT OF $2,520,206.43, DEMAND CHECK NUMBERS 182862 THROUGH 182980 AND 285 FOR GENERAL DEMAND".

ACTION: Item No. 12 was approved on Consent.

13. CONSIDER ADOPTING RESOLUTION NO. 26-01-CSA, A RESOLUTION OF THE CARSON SUCCESSOR AGENCY CLAIMS AND DEMANDS IN THE AMOUNT OF $11,256.00, DEMAND CHECK NUMBER SA-001976 THROUGH SA-001980 (CITY COUNCIL)

RECOMMENDED ACTION
— 1. WAIVE further reading and ADOPT Resolution No. 26-01-CSA, "A RESOLUTION OF THE CARSON SUCCESSOR AGENCY CLAIMS AND DEMANDS IN THE AMOUNT OF $11,256.00, DEMAND CHECK NUMBERS SA-001976 THROUGH SA-001980".

ACTION: Item No. 13 was approved on Consent.

14. CONSIDER MONTHLY INVESTMENT AND CASH REPORT FOR THE CITY OF CARSON, CARSON HOUSING AUTHORITY, CARSON SUCCESSOR AGENCY-MONTH ENDING DECEMBER 31, 2025 (CITY COUNCIL)

RECOMMENDED ACTION
— 1. RECEIVE and FILE the report.

ACTION: Item No. 14 was approved on Consent.

15. CONSIDER ADOPTING RESOLUTION NO. 26-01-CHA, A RESOLUTION OF THE CARSON HOUSING AUTHORITY RATIFYING CLAIMS AND DEMANDS IN THE AMOUNT OF $92,952.11, DEMAND CHECK NUMBERS HA-002082 THROUGH HA-002095 (CITY COUNCIL)

RECOMMENDED ACTION
— 1. WAIVE further reading and ADOPT Resolution No. 26-01-CHA, "A RESOLUTION OF THE

CARSON HOUSING AUTHORITY RATIFYING CLAIMS AND DEMANDS IN THE AMOUNT OF $92,952.11, DEMAND CHECK NUMBERS HA-002082 THROUGH HA-002095".

ACTION: Item No. 15 was approved on Consent.

16. CONSIDER APPROVAL OF THE 2026 STUDENT CULTURAL EXCHANGE DELEGATION TO SOKA,

JAPAN (CITY COUNCIL)

RECOMMENDED ACTION
— 1. DECLARE that the City of Carson expenditures toward the 2026 Soka, Japan Student Exchange Program serves a public purpose.
— 2. APPROVE the composition of five student delegates to be selected as the 2026 Student Cultural Exchange delegation to Soka, Japan.
— 3. APPROVE the selection of a representative on staff or a representative from the Carson Sister Cities Association as chaperon for the student delegation. — 4. APPROVE $6,650 to cover the cost for the chaperon ($1,900) and one-half of the airfare for the student delegates ($4,750).

ACTION: Item No. 16 was approved on Consent.

17. CONSIDER APPROVAL OF AN AGREEMENT WITH JOE A. GONSALVES & SON FOR STATE OF

CALIFORNIA PROFESSIONAL LEGISLATIVE ADVOCACY SERVICES (CITY COUNCIL)

RECOMMENDED ACTION
— 1. AWARD and APPROVE the proposed Contract Services Agreement with Joe A. Gonsalves & Son for State of California legislative advocacy services for a five-year term, for a not-to-exceed Contract Sum of $300,000 for the five-year term (Exhibit No. 1; "Agreement”); and — 2. AUTHORIZE the Mayor to execute the Agreement following approval as to form by the City Attorney
ACTION: Item No. 17 was approved on Consent.

18. CONSIDER APPROVING THE USE OF COPS (CITIZENS' OPTION FOR PUBLIC SAFETY) GRANT

FUNDING FOR LAW-ENFORCEMENT SUPPORT TECHNOLOGY AND EQUIPMENT (CITY COUNCIL)

RECOMMENDED ACTION
— 1. APPROVE the use of COPS grant funding for Public Safety technology and equipment in support of law-enforcement operations in Carson.

ACTION: Item No. 18 was approved on Consent.

19. CONSIDER APPROVAL OF AMENDMENT NO. 1 TO THE CONTRACT SERVICES AGREEMENT

WITH CALIFORNIA STATE UNIVERSITY DOMINGUEZ HILLS FOUNDATION TO CONTINUE

IMPLEMENTING BROWNFIELD GRANT COMMUNITY ENGAGEMENT ACTIVITIES AND ASSIST THE

CITY IN PURSUING THE STATE OF CALIFORNIA'S TRANSFORMATIVE CLIMATE COMMUNITIES (TCC) GRANT (CITY COUNCIL)- 7:34 PM

RECOMMENDED ACTION
— 1. APPROVE the proposed Amendment No. 1 to the Contract Services Agreement with CSUDH Foundation to provide community engagement services and assistance with brownfield program implementation and assistance with Transformative Climate Communities (TCC) grant application preparation.
— 2. AUTHORIZE the City Manager to execute the proposed Amendment No. 1.

ACTION: Item No. 19 was approved on Consent.

20. CONSIDER APPROVAL OF AMENDMENT NO. 1 TO PROVIDE ON CALL PROFESSIONAL LABOR

COMPLIANCE SERVICES IN CONNECTION WITH THE FACADE IMPROVEMENT PROGRAM FOR THE

COMMUNITY & ECONOMIC DEVELOPMENT SPECIAL PROJECTS DIVISION (CITY COUNCIL)

RECOMMENDED ACTION
— 1. APPROVE the proposed Amendment No. 1 to the Contract Services Agreement with GCAP Services, Inc. to provide On-Call Professional Labor Compliance Services for the extended term from December 31, 2025 through June 30, 2028.
— 2. AUTHORIZE the Mayor to execute the Contract Services Agreement following approval as to form by the City Attorney.

ACTION: Item No. 20 was approved on Consent.

21. CONSIDER APPROVAL OF A PUBLIC WORKS AGREEMENT WITH ED’S FENCING, INC. TO

REPLACE THE TENNIS COURT FENCING AND IRRIGATION BACKFLOW CAGE AT STEVENSON PARK (CITY COUNCIL)

RECOMMENDED ACTION
— 1. APPROVE the proposed Public Works Agreement with Ed’s Fencing, Inc. to replace the fencing around the tennis courts and the irrigation backflow cage at Stevenson Park, for a total contract amount not to exceed $63,400 (see Exhibit No. 1, the “Agreement”); and, — 2. AUTHORIZE the Mayor to execute the Agreement, subject to approval as to form by the City Attorney.

ACTION: Item No. 21 was approved on Consent.

22. CONSIDER APPROVING AMENDMENT NO. 1 TO EXTEND THE CONTRACT SERVICES

AGREEMENT WITH DAVEY COACH SALES, LLC FOR ONE ADDITIONAL YEAR TO PROVIDE

CONTINUED BUS MAINTENANCE AND REPAIR SERVICES (CITY COUNCIL)

RECOMMENDED ACTION
— 1. APPROVE the proposed Amendment No. 1 to the existing Contract Services Agreement between the City of Carson and Davey Coach Sales, LLC, which would extend the agreement for one additional year and update the contract terms as described in this report; and, — 2. AUTHORIZE the Mayor to execute Amendment No. 1, following approval as to form by the City Attorney.

ACTION: Item No. 22 was approved on Consent.

23. CONSIDER AWARD OF A PROFESSIONAL SERVICES CONTRACT TO WEST COAST ARBORISTS, INC. FOR DEVELOPMENT OF THE CITY’S URBAN FORESTRY MASTER PLAN (CITY COUNCIL)

RECOMMENDED ACTION
— 1. APPROVE and AWARD the proposed Professional Services Contract with West Coast Arborists, Inc. to develop the City’s Urban Forestry Master Plan, in an amount not to exceed $170,800; and,
— 2. AUTHORIZE the Mayor to execute the contract, following approval as to form by the City Attorney.

ACTION: Item No. 23 was approved on Consent.

24. CONSIDER APPROVAL OF LETTER OF AGREEMENT BETWEEN THE CITY OF CARSON AND THE

LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY (LACMTA) FOR THE

AVALON BOULEVARD FIRST/LAST MILE RECONNECTING COMMUNITIES AND NEIGHBORHOODS (RCN) PROJECT RELATED TO THE 2028 OLYMPIC AND PARALYMPIC GAMES (CITY COUNCIL)

RECOMMENDED ACTION
— 1. APPROVE the proposed Letter of Agreement between the City of Carson and the Los Angeles County Metropolitan Transportation Authority (LACMTA) for the Avalon Boulevard First/Last Mile Reconnecting Communities and Neighborhoods Project, and authorize the City Manager to execute the agreement.

ACTION: Item No. 24 was approved on Consent.

25. CONSIDER APPROVAL OF A PROJECT EXPENSE INCREASE AND AUTHORIZATION OF A FUNDING TRANSFER FOR CAPITAL IMPROVEMENT PROJECT NO. 1368 – CARRIAGE CREST PARK EXPANSION AND IMPROVEMENTS, AND ADOPTION OF RESOLUTION NO. 26-011 AMENDING THE FY 2025-26 BUDGET IN THE GENERAL FUND AND SPECIAL REVENUE FUNDS (CITY COUNCIL)

RECOMMENDED ACTION
— 1. APPROVE an increase to the project expense account in an amount not to exceed $300,000 for Capital Improvement Project No. 1368 - Carriage Crest Park Expansion and Improvements, to fund additional work associated with installing underground electrical and conduit infrastructure needed to support a future closed-circuit television (CCTV) camera system; and,
— 2. WAIVE further reading and ADOPT Resolution No. 26-011, "A RESOLUTION OF THE CITY OF CARSON CITY COUNCIL AMENDING THE FISCAL YEAR 2025-26 BUDGET IN THE GENERAL FUND AND SPECIAL REVENUE FUNDS" to transfer funds from account 101-80-820- 101-6004 to account 101-99-999-904-8008 to fully fund the proposed increase to the project expense account.

ACTION: Item No. 25 was approved on Consent.

26. CONSIDER ADOPTING RESOLUTION NO. 26-010, A RESOLUTION OF THE CITY COUNCIL OF

THE CITY OF CARSON, CALIFORNIA, APPROVING AN INTERFUND LOAN FROM THE GENERAL

FUND TO THE COMMUNITY BROADBAND CAPITAL OUTLAY ENTERPRISE FUND IN AN AMOUNT NOT TO EXCEED $27,000,000 TO PROVIDE FUNDING FOR PHASE I OF A CITYWIDE MUNICIPAL

FIBER OPTIC NETWORK, AUTHORIZING REIMBURSEMENT OF EXPENDITURES FROM FUTURE TAX-

EXEMPT OBLIGATIONS, AND AUTHORIZING THE PREPARATION AND EXECUTION OF RELATED DOCUMENTS; AND CONSIDER ADOPTING RESOLUTION NO. 26-012, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARSON, CALIFORNIA AMENDING THE FISCAL YEAR 2025-26 BUDGET IN THE GENERAL FUND AND SPECIAL REVENUE FUNDS, AND AMENDING THE FISCAL YEAR 2025- 26 BUDGET IN THE GENERAL FUND, SPECIAL REVENUE FUNDS, ENTERPRISE FUNDS, AND CAPITAL IMPROVEMENT PROGRAM (CIP) FUND. (CITY COUNCIL)

RECOMMENDED ACTION
— 1. WAIVE further reading and ADOPT Resolution NO. 26-010, "A RESOLUTION OF THE

CITY COUNCIL OF THE CITY OF CARSON, CALIFORNIA, APPROVING AN INTERFUND

LOAN FROM THE GENERAL FUND TO THE COMMUNITY BROADBAND CAPITAL OUTLAY ENTERPRISE FUND IN AN AMOUNT NOT TO EXCEED $27,000,000 TO PROVIDE FUNDING

FOR PHASE I OF A CITYWIDE MUNICIPAL FIBER OPTIC NETWORK, AUTHORIZING

REIMBURSEMENT OF EXPENDITURES FROM FUTURE TAX-EXEMPT OBLIGATIONS, AND AUTHORIZING THE PREPARATION AND EXECUTION OF RELATED DOCUMENTS.” — 2. WAIVE further reading and ADOPT Resolution No. 26-012, "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARSON, CALIFORNIA, AMENDING THE FISCAL YEAR 2025-26

BUDGET IN THE GENERAL FUND AND SPECIAL REVENUE FUNDS, ENTERPRISE FUNDS, AND AMENDING THE FISCAL YEAR 2025-26 CAPITAL IMPROVEMENT PROGRAM (CIP) FUND."
ACTION: Item No. 26 was approved on Consent.

SPECIAL ORDERS OF THE DAY (Item 27)

27. CONSIDER ADOPTION OF AN INTERIM URGENCY ORDINANCE ESTABLISHING A

MORATORIUM ON THE ESTABLISHMENT OR EXPANSION OF RESTAURANT DRIVE-THROUGH OPERATIONS FOR A PERIOD OF 45 DAYS (CITY COUNCIL)

RECOMMENDED ACTION
— 1. WAIVE further reading and ADOPT Urgency Ordinance No. 26-2602U, "AN INTERIM

URGENCY ORDINANCE OF THE CITY OF CARSON, CALIFORNIA, ENACTED PURSUANT TO CALIFORNIA GOVERNMENT CODE SECTION 65858 ESTABLISHING A FORTY-FIVE (45) DAY

TEMPORARY MORATORIUM ON THE ESTABLISHMENT OR EXPANSION OF RESTAURANT

DRIVE-THROUGH OPERATIONS WITHIN CITY LIMITS DURING THE PENDENCY OF THE CITY’S REVIEW AND ADOPTION OF PERMANENT ZONING REGULATIONS FOR SUCH USES," by at least a 4/5ths vote.
— 2. DIRECT the City Manager to have the Community and Economic Development Department and Planning Commission review the City's development standards and land use regulations for restaurant drive-through operations, conduct research, and survey land use regulations and development standards for drive-through restaurants in other cities.

City Clerk/Agency Secretary/Authority Secretary, Dr. Bradshaw noted the urgency 45 days moratorium does not require noticing per Director Freeman.

Motion To Approve submitted by Jim Dear seconded by Dr. Jawane Hilton resulting in 5-0-0-0- 0 DISCUSSION (Items 28-30)

28. CONSIDER AN INFORMATIONAL UPDATE ON THE CITY OF CARSON STRATEGIC PLAN FOR THE 2028 OLYMPIC AND PARALYMPIC GAMES AND ON THE CITY'S PREPARATIONS TO DATE (CITY

COUNCIL)

RECOMMENDED ACTION
— 1. RECEIVE and FILE this informational update to the City Council.

Deputy City Manager Armine Chaparyan gave a PowerPoint presentation.

Questions were asked and answered.

ACTION: Mayor/Agency Chairman/Authority Chairman Davis-Holmes ordered this item received and filed with no objection heard.

29. ACTING AS THE HOUSING AUTHORITY BOARD, CONSIDER THE APPOINTMENT OF THREE

CARSON RECLAMATION AUTHORITY BOARD MEMBERS, AND ACTING AS THE BOARDS OF COMMUNITY FACILITIES DISTRICT NO. 2012-1 AND COMMUNITY FACILITIES DISTRICT NO. 2012- 2, CONSIDER THE APPOINTMENT OF A CARSON RECLAMATION AUTHORITY BOARD MEMBER (HOUSING AUTHORITY)

RECOMMENDED ACTION
— 1. ACTING AS THE HOUSING AUTHORITY BOARD, NOMINATE and RATIFY the appointment of a member of the Carson Planning Commission to a five-year term on the Carson Reclamation Authority, subject to continued qualification. NOMINATE and RATIFY the appointment of a member of the Carson Environmental Commission or the Carson Public Works Commission to a five-year term on the Carson Reclamation Authority, subject to continued qualification. NOMINATE and RATIFY the appointment of a member of the Carson Economic Development Commission to a five-year term on the Carson Reclamation Authority, subject to continued qualification.
— 2. ACTING AS THE BOARDS OF COMMUNITY FACILITIES DISTRICT NO. 2012-1 AND COMMUNITY FACILITIES DISTRICT NO. 2012-2, NOMINATE and RATIFY one member to a five-year term on the Carson Reclamation Authority.

Executive Director Raymond noted Mayor acting as Chair of the Carson Housing Authority and Chair of the Community Facilities District for the appointments.

ACTION: Housing Authority Chair Davis-Holmes appointed Planning Commission Member Dianne Thomas, Economic Development Commission Member Ray Aldridge, Jr., and Environmental Commission Member Lillian Hopson to a five-year term on the Carson Reclamation Authority.

Motion to ratify the appointments of Dianne Thomas, Ray Aldridge, Jr., and Lillian Hopson made by Housing Authority Chair Davis-Holmes submitted by Chair Lula Davis-Holmes seconded by Dr. Jawane Hilton resulting in 5-0-0-0-0.

Community Facilities District Chair Davis-Holmes appointed Cedric Hicks, Sr. to a five-year term on the Carson Reclamation Authority.

Motion to ratify the appointment of Cedric Hicks, Sr. made by Chair Lula Davis-Holmes submitted by Chair Lula Davis-Holmes seconded by Dr. Jawane Hilton resulting in 5-0-0-0-

0. 30. CONSIDERATION OF ONLY LOCAL UNCONTESTED APPOINTMENTS TO THE CITY’S

COMMISSIONS, COMMITTEES, AND BOARDS, AND CITY AFFILIATED ORGANIZATIONS BY MAYOR

AND CITY COUNCIL AND CONSIDER ALL (CONTESTED AND UNCONTESTED) APPOINTMENTS TO ALL COMMISSIONS (CITY COUNCIL)- 8:08 PM

Public Works Commission
Mayor Davis-Holmes appointed John Holloway as Alternate 2 to the Public Works Commission.

Discussion ensued regarding the Public Works Commission.

Women's Issues Commission
Mayor Davis-Holmes appointed Veronica Johnson as Alternate 1 to the Women's Issues Commission, thereby, creating a vacancy of Alternate 3.

Mayor Davis-Holmes vacated Keichun Graves, Alternate 1, from the Women's Issues Commission, who is now her Council Aide.

Mobilehome Park Rental Review Board
Mayor Davis-Holmes appointed Sheila Richardson as Resident Homeowner and her uncontested appointment to the Mobilehome Park Rental Review Board, thereby, creating a vacancy of the Resident Homeowner Alternate 2 position.

Motion to ratify the Mayor's appointments submitted by Mayor Lula Davis-Holmes seconded by Mayor Pro Tempore Cedric Hicks, Sr. resulting in 4-0-0-0-1 absent was Dr. Jawane Hilton.

ORDINANCE SECOND READING
None.

ORAL COMMUNICATIONS FOR MATTERS NOT LISTED ON THE AGENDA (MEMBERS OF THE

PUBLIC)
Lisa Nereu
Expressed concern of permit parking on Hillford Avenue
Director Rodgers, Jr. and Director Garcia discussed the enforcement and permit parking.

Harriett Graves
Spoke about the five permit maximum and requested a temporary parking permit (24 hours) in the Mills Park area
Mayor/Agency Chairman/Authority Chairman Davis-Holmes requested staff to revisit the parking permit process.

Lisa Gent
Asked if one has a handicap placard would they be exempt with the parking permit Director Rodgers, Jr. responded to Lisa Gent's question.

Paul Randall
Stated he is the Director of Mama Rosa's Food Pantry located in the City of Gardena and provided the 2025 status; requested a letter of support from the City Council Mayor/Agency Chairman/Authority Chairman Davis-Holmes advised Paul Randall to provide his contact information to the City Manager.

COUNCIL MEMBER REQUESTS TO ADD ITEMS TO FUTURE AGENDAS
None.

ORAL COMMUNICATIONS (COUNCIL MEMBERS)
Mayor/Agency Chairman/Authority Chairman Davis-Holmes wished everyone Happy New Year.

Mayor Pro Tempore/Agency Vice Chairman/Authority Vice Chairman Hicks, Sr. attended the Martin Luther King, Jr. Tribute held on January 9, 2026, at the Carson Event Center, which was an outstanding event. He thanked staff, volunteers, Carson Citizens Cultural Arts Foundation, Dianne Thomas, and Director Whittiker, Jr. for their assistance.

Council Member/Agency Member/Authority Board Member Dear attended the Martin Luther King, Jr. Tribute held on January 9, 2026, at the Carson Event Center, which was a great event.

ANNOUNCEMENT OF UNFINISHED OR CONTINUED CLOSED SESSION ITEMS (AS NECESSARY) None.

RECESS TO CLOSED SESSION
None.

RECONVENE TO OPEN SESSION
None.

REPORT OF ACTIONS ON UNFINISHED OR CONTINUED CLOSED SESSION ITEMS None.

MEMORIAL ADJOURNMENTS
City Clerk/Agency Secretary/Authority Secretary, Dr. Bradshaw presented the following Memorial Adjournment Requests:

Patricia Ann Gray
Michael Jerome Henley
Rose Laolagi
Milton Arthur Salisbury, Jr.

Murphy Robinson, Sr.

Norma De Los Reyes
Vernon Ryan
City/Agency/Authority Attorney Soltani requested to add the 16,500 youth murdered in Iran to the Memorial Adjournment Requests.

Council Member/Agency Member/Authority Board Member Rojas requested to add Leticia Bocatija Bautista to the Memorial Adjournment Requests.

Pastor K.W. Tulloss and Council Aide to Council Member, Dr. Hilton gave a prayer.

ADJOURNMENT
The meeting was adjourned at 8:34 P.M. by Mayor/Agency Chairman/Authority Chairman Davis- Holmes.

___________________________________________________
Lula Davis-Holmes
Mayor/Agency Chairman/Authority Chairman
ATTEST:

____________________________________________________
Dr. Khaleah K. Bradshaw
City Clerk/Agency Secretary/Authority Secretary

_________________________
Signature
CITY OF CARSON 701 East Carson Street
Report to Honorable Mayor and City Council
Tuesday, February 3, 2026, 5:00 PM
CONSENT 13. To: Honorable Mayor and City Council From: William Jefferson, Director of Finance FIN Accounting Subject: CONSIDER ACCEPTANCE OF THE ANNUAL COMPREHENSIVE FINANCIAL REPORT FORFISCAL YEAR ENDED JUNE 30, 2025 (CITY COUNCIL) I. SUMMARY
The City’s independent Auditor, Vasquez & Company LLP has completed the audit of the City’s Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2024-2025. This nancial report provides an overview of the City’s financial status as of June 30, 2025.

II. RECOMMENDATION
RECEIVE and FILE the FY2024-2025 Annual Comprehensive Financial Report.

III. ALTERNATIVES
TAKE another action as deemed appropriate by the City Council.

IV. BACKGROUND
The Finance Department prepares and publishes the City’s Annual Comprehensive Financial Report (ACFR) after the completion of an independent and certied audit by the independent auditor, Vasquez & Company, LLP. The ACFR is an extensive financial report that summarizes the nancial activities of the City’s scal year 2024-2025.

The ACFR is prepared in compliance with Governmental Accounting Standards Board (GASB) standards. Pursuant to GASB guidelines, the City’s ACFR is divided into three sections: Introductory, Financial and Statistical. The City’s ACFR summarizes the City’s nancial position, economic outlook, operational controls, and major initiatives for the scal year ending June 30, 2025.

At the completion of the audit, the auditor has expressed and issued an unmodied (“reasonable assurance”) opinion on the City’s nancial statements for the scal year ended June 30, 2025. This means that their examination, testing, and audit procedures allowed them to conclude that the City’s nancial statements were presented fairly in all material aspects.

The City has also received the Certicate of Achievement for Excellence in Financial Reporting from the Government Finance O ﬃ cers Association (GFOA) for the scal year ended June 30, 2024. The GFOA's Certicate is the highest form of recognition in governmental accounting and nancial reporting, and its attainment represents a significant accomplishment. For FY 2024-2025 and moving forward, Finance staff will continue to strive for excellency in the City’s nancial reporting and to achieve the Certicate of Achievement for Excellence from GFOA.

V. FISCAL IMPACT
No Fiscal Impact.

VI. EXHIBITS

1. Annual Comprehensive Financial Report for Fiscal Year Ended June 2025. (Posted on the City's Website under Finance)

Attachments
City of Carson ACFR 2025 - Final.pdf

CITY OF CARSON, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Fiscal Year Ended June
30, 2025
Prepared by F
inance Department
Willia
m Jefferson
Director of Finance
Hnin Phyu
Accounting Manager
Phat Nguyen
S
enior Accountant
Priscilla Carreras Janelle Morris Jane Manalo
Accountant Accountant Accountant

The Jewel of the South Bay

CITY OF CARSON
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2025
Table of Contents

Page
Number

INTRODUCTORY SECTION
Letter of Transmittal i
Directory of City Officials ix
Organization Chart x
Certificate of Achievement for Excellence in Financial Reporting (GFOA) xi

FINANCIAL SECTION
Independent Auditor’s Report 1

Management’s Discussion and Analysis (Required Supplementary Information) 5

Basic Financial Statements:

Government-wide Financial Statements
Statement of Net Position 21
Statement of Activities 22

Fund Financial Statements:

Governmental Funds:

Balance Sheet 23
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Position

24 Statement of Revenues, Expenditures and Changes in Fund Balances 25 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the
Statement of Activities

26 Fiduciary Funds:

Statement of Fiduciary Net Position 27
Statement of Changes in Fiduciary Net Position 28

Notes to Basic Financial Statements 29

REQUIRED SUPPLEMENTARY INFORMATION:

California Public Employees’ Retirement System - Miscellaneous Plan:

Schedule of Changes in the Net Pension Liability and Related Ratios 112 Schedule of Contributions 114
Schedule of Changes in the Net OPEB Liability and Related Ratios 116 Schedule of Contributions – OPEB Plan 117

CITY OF CARSON
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2025
Table of Contents

Page
Number

REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED):

Major Governmental Funds:

Fund Descriptions 118
Budgetary Comparison Schedules:

General Fund 119
Carson Housing Authority Special Revenue Fund 121
Prop 68 Parks & Water Bond Act Of 2018, 0GALS Special Revenue Fund 122 Note to Required Supplementary Information 123

SUPPLEMENTARY INFORMATION:

Nonmajor Governmental Funds:

Fund Descriptions 124
Combining Balance Sheet – Nonmajor Governmental Funds 128 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds

129
Combining Balance Sheet - Nonmajor Special Revenue Funds 130 Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Special Revenue Funds 143

Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual:

State Gas Tax Special Revenue Fund 156
TDA Article 3 Special Revenue Fund 157
Proposition A Local Return Special Revenue Fund 158
Proposition C Local Return Special Revenue Fund 159
Air Quality Improvement Special Revenue Fund 160
Capital Asset Replacement Special Revenue Fund 161
Measure R Special Revenue Fund 162
Restricted Administrative Tow Fee Special Revenue Fund 163 City Special Events Special Revenue Fund 164
MTA Call For Projects Special Revenue Fund 165
Park Development Special Revenue Fund 166
Los Angeles County Park District Revenue Fund 167
Beverage Container Recycling Special Revenue Fund 168
State Cops Grant Special Revenue Fund 169
Used Oil State Grant Special Revenue Fund 170

CITY OF CARSON
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2025
Table of Contents

Page
Number

SUPPLEMENTARY INFORMATION (CONTINUED):

Nonmajor Governmental Funds (Continued):

Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (Continued):

Proposition 1B Special Revenue Fund 171
Family Support Grant Special Revenue Fund 172
HOME Grant Special Revenue Fund 173
Community Development Block Grant Special Revenue Fund 174 Federal Highway Planning Grant Special Revenue Fund 175 Neighborhood Stabilization Grant Special Revenue Fund 176 Building Plan Retention Special Revenue Fund 177
Facilities Maintenance Fees Special Revenue Fund 178
Load Shed Program Special Revenue Fund 179
Public Education and Government Access (PEG) Special Revenue Fund 180 Raised Median In-Lieu Special Revenue Fund 181
Development Impact Fees Special Revenue Fund 182
Utility Underground In-Lieu Special Revenue Fund 183
SB1 Special Revenue Fund 184
Measure M Special Revenue Fund 185
Measure R Highway Program Special Revenue Fund 186
Community Facilities District Special Revenue Fund 187 Carson Stormwater Special Revenue Fund 188
Cooperation Agreement Bond Proceeds Projects Special Revenue Fund 189 American Rescue Plan Act 2 Special Revenue Fund 190
State CIP Grants Special Revenue Fund 191
Measure M PS & E and Construction Special Revenue Fund 192 SB1383 Special Revenue Fund 193
Equitable City Revitalization Special Revenue Fund 194 Hazard Mitigation Grant Program (HMGP) Special Revenue Fund 195 Permanent Local Housing Allocation (PLHA) Special Revenue Fund 196 Fed Hwy Infrastructure Program Special Revenue Fund 197 Enhanced Infrastructure Financing District (EIFD) Special Revenue Fund 198 Safe, Clean Water Program - Regional Program Special Revenue Fund 199 African American Cultural Heritage Special Revenue Fund 200 Measure R Transit Investment Special Revenue Fund 201
EPA Brownfields Program Special Revenue Fund 202
Measure M & R Local Street Capital Projects Fund 203

CITY OF CARSON
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2025
Table of Contents

Page
Number

SUPPLEMENTARY INFORMATION (CONTINUED):

Custodial Funds:

Fund Descriptions 204
Combining Statement of Fiduciary Net Pension 205
Combining Statement of Changes in Fiduciary Net Pension 206

STATISTICAL SECTION (UNAUDITED):

Description of Statistical Section 207
Financial Trends:

Net Position by Component - Last Ten Fiscal Years 208
Changes in Net Position - Last Ten Fiscal Years 209
Fund Balances of Governmental Funds - Last Ten Fiscal Years 211 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 212

Revenue Capacity:

General Governmental Revenues by Source - Last Ten Fiscal Years 213 Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years

214
Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years 215 Principal Property Taxpayers - Current Year and Nine Years Ago 216 Property Tax Levies and Collections - Last Ten Fiscal Years 217

Debt Capacity:

Direct and Overlapping Governmental Activities Debt 218 Legal Debt Margin Information - Last Ten Fiscal Years 219 Ratios of total net Direct Debt - Last Ten Fiscal Years 220 Pledged-Revenue Coverage - Last Ten Fiscal Years 221

Demographic and Economic Information:

Demographic and Economic Statistics - Last Ten Calendar Years 222 Principal Employers - Current Year and Nine Years Ago 223

Operating Information:

Full-Time Equivalent City Government Employees by Function/Workgroup - Last Ten Fiscal Years

224
Operating Indicators by Workgroup - Last Ten Fiscal Years 225 Capital Asset Statistics by Function - Last Ten Fiscal Years 226

INTRODUCTORY SECTION

CITY OF CARSON, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

The Jewel of the South Bay

i
ii
iii
iv
v
vi
vii
viii
City of Carson Elected Officials
Fiscal Year 2025
Lula Davis-Holmes
Mayor
Dr. Khaleah Bradshaw
City Clerk
Monica Cooper
City Treasurer
Cedric L. Hicks, Sr.

Mayor Pro Tem
District 3
Dr. Jawane Hilton
Councilmember
District 1
Jim Dear
Councilmember
District 2
Arleen Bocatija Rojas
Councilmember
District 4
__________________
City Management
David C. Roberts, Jr., City Manager
Dr. Robert Lennox, Assistant City Manager
Thomas Toman, Deputy City Manager
Arminé Chaparyan, Deputy City Manager
John S. Raymond, Executive Director
William Jefferson, Director of Finance
Joshua Boudreaux, Director of Human Resources
Gary Carter, Director of Information Technology & Security Nora A. Garcia, Director of Public Safety & Emergency Management Dr. Arlington C. Rodgers, Jr, Director of Public Works
Michael Whittiker, Jr., Director of Community Services/Recreation/Park Maintenance ix
x
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Carson
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2024
Executive Director/CEO
xi

The Jewel of the South Bay

FINANCIAL SECTION

CITY OF CARSON, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

The Jewel of the South Bay

1 Independent Auditor’s Report

To the City Council
City of Carson, California

Report on the Audit of the Financial Statements

Opinions

We have audited the financial statements of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City of Carson, California (the City), as of and for the year ended June 30, 2025, 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 accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City of Carson, California as of June 30, 2025, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

Responsibilities of Management for the Financial Statements

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.

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

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a h igh level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a m aterial 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 with GAAS and Government Auditing Standards, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, no such opinion is expressed.

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

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

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

3 Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management's discussion and analysis on pages 5 through 20 and the required supplementary information on pages 112 through 123 be presented to supplement the basic financial statements. Such infor mation is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedure s to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The combining and individual fund financial statements and budgetary comparison schedules as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accoun ting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information

Management is responsible for the other information included in the annual 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 informat ion 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.

4 Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards , we have also issued our report dated December 18, 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 descri be 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.

Glendale, California
December 18, 2025

MANAGEMENT’S DISCUSSION

AND ANALYSIS

CITY OF CARSON, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR 2024-25

The Jewel of the South Bay

MANAGEMENT’S DISCUSSION AND ANALYSIS

5 The City of Carson’s management is pleased to present the Management’s Discussion and Analysis (MD&A) as part of the City’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025.

This section provides a narrative overview and analysis of the City’s financial performance and activities for the year. Our goal is to help residents and other interested readers gain a clear understanding of the City’s overall financial position. We suggest the readers review this analysis together with the accompanying transmittal letter, the City’s basic financial statements, and the supplementary information included in this report.

FINANCIAL HIGHLIGHTS

During the fiscal year ended June 30, 2025, the City maintained a stable financial position, allowing it to continue the delivery of essential services to the community while continuing to move forward with vital economic development initiatives and infrastructure projects.

 Government-wide Financial Highlights

Net Position – The City’s total assets and deferred outflows of resources exceeded its total liabilities and deferred inflows of resources on June 30, 2025, by $595.1 million . This amount is referred to as the City’s net position. Of this amount, $434.6 million represents net investment in capital assets, $84.6 million is restricted, and $75.9 million is unrestricted net position.

The City’s net position increased by approximately $36.5 million, from $558.6 million (as restated) in fiscal year 23-24 to $595.1 million in fiscal year 24-25.

The City’s total long-term liabilities increased by $94.2 million, from $185.5 million in fiscal year 23- 24 to $279.7 million in fiscal year 24-25.

 Fund Financial Highlights

Governmental Funds - As of June 30, 2025, the City’s governmental funds reported a combined ending fund balance of $367.8 million , reflecting an increase of $56.2 million from the prior fiscal year’s balance of $311.6 million, prior to restatement . Of this total, approximately $82.9 million remains unassigned.

General Fund - As of June 30, 2025, the City’s General Fund balance was $252.5 million , reflecting an increase of $32.7 million from the prior year’s balance of $219.7 million. The General Fund balance increased despite significant spending on citywide capital improvement projects, and decreases in sales tax, utility users’ tax, and oil business tax. Of the total balance, $91.3 million remains unassigned and available for future use at the City’s discretion.

In Fiscal Year 2024-2025, the City’s General Fund Revenues exceeded Expenditures by $15.4 million before other financing sources/uses.

BASIC FINANCIAL STATEMENTS

This discussion and analysis serve as an introduction to the City’s basic financial statements, which consist of three key components: (1) Government -wide Financial Statements, (2) Fund Financial Statements, and (3) Notes to the Financial Statements. In addition to the basic financial statements, this report includes other supplementary information intended to provide further insight into the City’s financial condition.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

6 The financial statements presented herein encompass all activities of the City, as required by Governmental Accounting Standards Board (GASB) Statement No. 34.

I. Government -wide Financial Statements

The Government-wide Financial Statements provide readers with a broad review of the City’s financial and economic resources, in a similar manner to a private-sector entities. These statements include all the City’s assets, including infrastructure, as well as all liabilities, including long -term debt. They comprise of:

• Statement of Net Position – summarizes the City’s assets and deferred outflows of resources, as well as its liabilities and deferred inflows of resources. The difference between these amounts is reported as net position. The changes in net position over time may serve as an indicator of whether the City’s financial condition is improving or deteriorating. This statement combines and consolidates the current financial resources of governmental funds with the City’s capital assets and long-term obligations.

• Statement of Activities – presents information on how the government’s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are recognized in this statement for certain items that will result in cash flows in future fiscal periods, such as uncollected taxes, and earned but unused vacation leave.

In both Statement of Net Position and Statement of Activities , the City’s activities are separated as follows:

• Governmental Activities – This category includes most of the City’s basic services, such as public services, public works, community development (planning and engineering), parks and recreation, and community services. These activities are primarily funded through a variety of revenue sources, including property taxes, sales taxes, transient occupancy taxes, user fees, interest incomes, franchise fees, state and federal grants, contributions from other agencies, and other revenues.

• Component Unit Activities – The City of Carson is the primary government unit, with three (3) component units that are legally separate entities:

o The Carson Joint Powers Financing Authority’s activities are reported as part of the City’s financial statements. The City Council also serves as the governing board of the Financing Authority. Separate financial statements are not issued for the Financing Authority.

o The Carson Housing Authority’s activities are reported as a major special revenue fund in the City’s financial statements. Separate financial statements are not issued for the Housing Authority.

o The Carson Reclamation Joint Powers Authority’s (CRA) activities are reported as a discretely presented component unit in the City’s financial statements. Separate financial statements are not issued for the CRA.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

7 II. Fund Financial Statements

A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure compliance with finance -related legal requirements. The fund financial statements provide detailed information about each of the City’s most significant funds, referred to as Major Funds. The concept of Major Funds, and the criteria used to determine them , was established by GASB Statement No. 34 (GASB 34) . This approach replaces the concept of combining similar funds and presenting them in aggregate. Under GASB 34, each Major Fund is presented individually, while all Non-Major Funds are combined and presented in a single column. The City’s two (2) types of fund financial statements are (1) Governmental Fund and (2) Fiduciary Fund.

• Governmental Funds - Governmental funds account for essentially the same functions reported as governmental activities in the government -wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the City’s near-term financial requirements. Because t he 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. Reconciliation of the Fund Financial Statements to the Government-Wide Financial Statements are provided to explain the differences created by this integrated approach.

The City maintains several individual governmental funds. The General Fund, Carson Housing Authority Special Revenue Fund, Prop 68 Parks & Water Bond Act of 2018, 0GALS Special Revenue Fund, and CPFA 2024 Lease Revenue Bonds Fund are presented separately as major funds in the Governmental Fund Balance Sheet and in the Governmental Fund Statement of Revenues, Expenditures and Changes in Fund Balance. Financial data for the remaining non-major governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non -major governmental funds is provided in the form of combining statements in the non-major governmental funds’ supplementary information section of this report.

• Fiduciary Funds - Fiduciary Fund account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government -wide financial statements because the resources of those funds are not available to support the City’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. These funds are custodial in nature and the measurement of operations is not appropriate. The fiduciary funds include the Successor Agency to the D issolved Redevelopment Agency Private-purpose Trust Fund and the Custodial Funds.

III. Notes to the Basic Financial Statements

The notes provide additional information that is essential to fully understand the data provided in the government-wide and financial statements.

Other Supplementary Information

In addition to the basic financial statements and accompanying notes, this report also includes certain required supplementary information. This section presents the comparison of budgeted and actual results for the major

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

8 governmental funds, the schedule of funding progress for other post -employment benefits, the schedule of changes in the City’s net pension liability and related ratios, and the schedule of the City’s pension contributions. This information is located after the Notes to the Financial Statements.

The combining statements for the other governmental and fiduciary funds, as previously mentioned, are presented in the supplementary information section, that follows the required supplementary information noted above.

GOVERNMENT-WIDE FINANCIAL ANALYSIS

The analysis below focuses on the net position (Table 1) and changes in net position (Table 2) of the City’s governmental activities.

Net Position - The City’s net position serves as a key indicator of the City’s overall financial condition. The City’s net position increased by $36.5 million, rising from a restated amount of $558.6 million in fiscal year 2023–2024 to $595.1 million in fiscal year 2024–2025.

The City’s net position consists of three components: Net Investment in Capital Assets, Restricted Net Position, and Unrestricted Net Position.

The largest component of the City’s net position is represented by its $434.6 million net investment in capital assets (e.g., lands, buildings and improvements, infrastructures, equipment, and construction in progress) less accumulated depreciation and any outstanding debt used to acquire the capital assets. These capital assets are 2025 2024
(Restated)

ASSE TS
Cash and other assets $ 407,286,233 $ 336,372,431
Capital assets net of accumulated depreciation 486,863,823 423,682,290 Total assets 894,150,056 760,054,721
Deferred outflows of resources 36,046,422 39,429,618
Total deferred outflow s of resources 36,046,422 39,429,618

LIABILITIES
Current and other liabilities 32,269,079 31,439,875
Long-term liabilities 279,683,271 185,515,397
Total liab ilities 311,952,350 216,955,272
Deferred inflows of resources 23,131,260 23,923,842
Total deferred outflow s of resources 23,131,260 23,923,842

NET POS ITION
Net investment in capital assets 434,585,810 415,508,977 Restricted 84,580,831 86,392,434
Unrestricted 75,946,227 56,703,814
Total net position $ 595,112,868 $ 558,605,225
Tabl e 1
City of Carson's Net Position
June 30, 2025 and 2024
Gov ernmental Activ ities

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

9 used to provide services to the community; therefore, are not available to finance future operations. In addition, the resources required to repay the associated debt must come from other funding sources, as the capital assets themselves cannot be liquidated to settle these obligations.

Governmental Activities

In fiscal year 2024-25, the City’s overall governmental activities generated $194.4 million in total revenue and incurred $157.9 million in total expenses, resulting in an increase of $36.5 million in the net position.

Compared to the prior year, revenues from governmental activities increased by $24 million (14.1%), while expenses decreased by $4.3 million (2.6%).

2025 2024
(Restated)
Program rev enues:

Charges for services $ 19,348,234 $ 21,268,501 Operationg grants and contributions 23,896,314 15,187,091 Capital grants and contributions 898,846 1,425,245 General rev enues:

Taxes:

Sales tax es 59,615,800 58,799,529
Property tax es 27,290,994 27,672,621
Utility us er taxes 11,037,003 10,311,117
Transient occupancy tax es 2,120,917 2,412,925 Franchise tax es 13,214,723 17,067,871
Oil industry business tax 24,586,805 5,278,791 Motor vehicle license fee, unrestricted 147,919 115,935 Investm ent incom e 7,512,640 7,965,148
Other revenue 4,714,948 2,925,407
Total rev enues 194,385,143 170,430,181
E xpenses:

Gov ernmental Activ ities
G eneral governm ent 53,938,899 40,333,499
Com m unity developm ent 9,290,538 15,656,693 Public works 17,450,851 40,309,541
Com m unity services 35,190,626 29,450,168
Public safety 34,871,274 32,525,513
Interest 7,135,312 3,878,791
Total expenses 157,877,500 162,154,205
Change in net position 36,507,643 8,275,976
Net position, beginning, as restated 558,605,225 550,329,249 Net position, ending $ 595,112,868
$ 558,605,225
Tabl e 2
City of Carson's Changes in Net Position
Y ears end ed June 30, 2025 and 2024
Gov ernmental Activ ities

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

10 The key factors in significant increases or decreases in both revenues and expenses during the fiscal year 2024- 2025 are summarized below:

Revenues

• Sales Taxes – increased by $ 0.8 million compared to the prior fiscal year , mainly due to higher consumers spending in the City, which boosted local sales tax revenue.

• Property Taxes – The City is considered as a “no -and-low-property tax” community. Property taxes decreased by $0.4 million compared to prior year. Contributing factors include timing delays in the assessment of new development, higher delinquency rate, and slower growth or decline in assessed property values.

• Utility Users Taxes (UUT) – increased by 0.7 million compared to prior fiscal year, mainly due to the inflation of the cost of utility consumption, despite increased use of energy -efficient appliances, equipment, and expended use of renewable energy sources such as solar panels.

• Transient Occupancy Taxes (TOT) – decreased by $0.3 million compared to prior year. The decline is primarily due to reduced demand for tourism, lower local lodging, and decreased travel activity.

• Franchise Taxes – decreased by $3.9 million compared to prior year. The increase or decrease in franchise taxes varies upon the annual change in the Los Angeles, Anaheim, and Riverside CPI factors.

• Oil Industry Business Taxes – increased by $19.3 million compared to prior fiscal year. The City received “an audit recovery” of backpay oil tax payments, which had temporarily increased significant oil business tax revenue.

• Investment income – decreased by $0.5 million compared to prior year due to decline in market interest rates and dividend income, which reduce the yield on bonds, CDs, and other investment accounts (i.e. money market funds, and certificates of deposit.)

Revenues by Source – Governmental Activities

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

11 Expenses

• General Government remained the largest expenses category within the governmental activities, totaling $53.9 million, or 34.2% of the total governmental expenses. This represents an increase of $13.6 million compared to prior fiscal year. Contributing factors include higher personnel costs, technology upgrades, debt servicing, and other necessary expenditures to meet public needs.

• Community Services was the second largest governmental expense totaling $35.2 million, or 22.3% of the overall governmental expenditure. This represents an increase of $5.7 million compared to the prior year, mainly due to expanded ongoing funding for the City-hosted events, activities, and programs for seniors and residents.

• Public Safety was the City’s third largest governmental expense, totaling $34.9 million, or 22.1% of the overall governmental expenditure. This reflects an increase of $2.3 million compared to prior fiscal year. Contributing factors were higher costs for law enforcement services with the Los Angeles County Sheriff’s Department, as well as increased investments in public safety preventive programs, emergency preparedness, disaster responses, and equipment.

• Public Works was the City’s fourth largest governmental expense, totaling $17.5 million, or 11.1% of the overall governmental expenditure. This reflects a decrease of $22.9 million compared to prior fiscal year due to unfilled vacant positions, and completion of major projects.

• Community Development was the City’s fifth largest governmental expense, totaling $9.3 million, or

5.9% of the overall governmental expenditure. This reflects a decrease of $6.4 million compared to prior fiscal year. The reduction in the department expenditure was due to organizational restructuring of divisions, cost saving initiatives, and renegotiation of the contracts that tied to the need for economic development, affordable housing, and urban planning and zoning.

10.00 20.00

30.00 40.00

50.00 60.00Millions
Expenses by departments - Governmental Activities
2025 2024

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

12 GOVERNMENTAL FUNDS FINANCIAL ANALYSIS

The City uses fund accounting methods to ensure transparency and compliance with finance -related legal requirements.

The focus of the City’s governmental funds is on providing a clear picture of near-term inflows, outflows, and available resources, which helps stakeholders understand the City’s financial position and funding needs. Of particular importance is the unassigned fund balance, which reflects the portion of resources the City can freely use, offering insight into its flexibility and capacity for discretionary spending at the end of the fiscal year.

As of the end of fiscal year 2025, the City’s governmental funds reported a total fund balance of $367.8 million, representing an increase of $ 63.0 million compared to the prior year , after restatement . Of the total fund balance, approximately $0.7 million is non-spendable (e.g., prepaid expenditures and inventories), $173.8 million is restricted, $30.9 million is committed, $79.5 million is assigned for specific purposes and $82.9 million is unassigned and available for the City’s future operational needs.

General Fund

The General Fund serves as the City’s primary operating fund, accounting for all discretionary revenues and expenditures needed to support basic government functions that are not recorded in other special revenue or grant funds. As of fiscal year ended 2025, the General Fund balance was $252.5 million, reflecting an increase of $32.8 million from the prior year’s balance of $219.7 million. The increase in the General Fund balance from the recurring payments of Oil Business tax revenues.

Of the total $252.5 million General Fund balance, approximately 91.3 million remains unassigned and readily available for future spending at the City’s discretion, $0. 7 million is non -spendable (e.g., inventories), $50 million is restricted, $31 million is committed, and $79.5 million is assigned for specific purposes.

Other Major Fund Balance Changes

 Carson Housing Authority Special Revenue Fund

The Carson Housing Authority (CHA) is dedicated to developing and preserving affordable housing through partnerships with developers and the strategic use of federal, state, and local funding. As the successor agency to the former Carson Redevelopment Agency, CHA also manages legacy housing assets and administers programs such as rental assistance and single-family home repairs to support low - and moderate -income residents.

In fiscal year 2024–25, the Carson Housing Authority (CHA) fund reported total revenues and transfers -in of $0.6 million, compared with total expenditures of $0.7 million. This resulted in an excess of expenditures over revenues of $0.1 million, decreasing the CHA fund balance to $13.4 million by the end of the fiscal year.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

13 Projects accomplished by the Carson Housing Authority include:

Affordable Housing Sites Compliance Units
Avalon Courtyard Senior 91
Carson City Senior Housing AKA The Gateway 85
Carson Terrace 61
Via 425 65
Via 425 Phase II 40
Arbor Green 40
Villagio (Grace Housing) 40
Villagio (Carson Housing) 84
Bella Vita 65
Carson Arts 65
Veterans Village 46
Total 693

• Moderate Income Projects:
o The Renaissance at City Center – 150 Units
o Union South Bay – 357 Units

• Other Housing Opportunities
o Carson Garden Retirement Apartments – Open waiting list o Camino Village Senior Complex – Open waiting list

 Prop 68 Parks & Water Bond Act of 2018, OGALS Special Revenue Fund

The Prop 68 Parks & Water Bond Act of 2018, OGALS Special Revenue Fund deficit in fund balance increased by $6.2 million due to additional capital expenditures reported during the year which were not collected by the City within its revenue availability criteria.

 CPFA 2024 Lease Revenue Bonds Debt Service Fund

The CPFA 2024 Lease Revenue Bonds Debt Service Fund was used to record the proceeds of the bonds issued by the City and the capital expenditures reported during the year. The fund balance increased by $39 million which represents unspent bond proceeds as of the end of the year.

General Fund Budgetary Highlights

The City remains committed to sound financial management, maintaining a strong General Fund balance and achieving a balanced budget for the fiscal year. These accomplishments demonstrate the City’s dedication to fiscal responsibility and prudent stewardship of public resources, ensuring that funds are managed efficiently and directed toward essential operations and community priorities.

General Fund revenues – The primary sources of General Fund revenues include taxes and charges for services, which provide critical funding for the City’s core governmental functions. These functions encompass public safety, community development, parks and recreation, and public works operations.

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

14 As presented in the table below, actual General Fund revenues for the fiscal year totaled $ 162.7 million, exceeding the final adopted budget of $14 0.2 million by approximately $22.4 million. This variance is primarily attributable to higher -than-expected collections in key revenue categories and reflects a favorable budgetary outcome for the year.

General Fund expenditures – The General Fund expenditure budget reflects all amendments approved by the City Council throughout the fiscal year. These adjustments include revisions to departmental budgets to accommodate evolving priorities, operational requirements, and unforeseen ci rcumstances that arose during the year.

V ariance with
Final Budget
Budgeted Am ounts Pos itive
Original Final Actual (Negative)
Rev enues:

Tax es $ 117,335,690 $ 117,335,690 $ 136,594,675 $ 19,258,985 6,083,272 6,083,272 8,099,900 2,016,628 Fines and forfeitures 4,465,022 4,465,022 3,368,705 (1,096,317) Intergovernm ental 106,079 106,079 497,919 391,840 Charges for services 5,536,594 5,536,594 6,183,342 646,748 Investm ent incom e 5,724,471 5,724,471 3,275,459 (2,449,012) Miscellaneous 1,007,407 1,007,407 4,640,181 3,632,774 Total revenues 140,258,535 140,258,535 162,660,181 22,401,646 Other Financing Sources:

Transfers in - - 17,822,141 17,822,141 SBITA Financing - - 1,214,430 1,214,430 Total other financing sources - - 19,036,571 19,036,571 Total Rev enues $ 140,258,535 $ 140,258,535 $ 181,696,752 $ 41,438,217

SUMMARY OF GENERAL FUND REVENUES

BUDGET AND ACTUAL
Y ear E nd ed June 30, 2025
Licenses and permits

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

15 As shown in the table below, total General Fund actual expenditures amounted to $147. 3 million, which was $30 million lower than the final budgeted amount of $177.2 million. This significant variance is primarily attributable to conservative spending practices, unfilled and vacant positions, and the deferral of capital outlay projects.

CITY’S ANNUAL BUDGET AND ECONOMIC FACTORS

The City’s annual budget serves as the foundation for financial planning and fiscal control, enabling the City Council to prioritize expenditures in alignment with the community’s core values. City staff prepare detailed revenue and expenditure estimates and present their findings and recommendations to both the City Council and the public during budget workshops. For the 2024-2025 fiscal year, the City conducted budget workshops on April 15
th and May 6th, followed by a public budget hearing on June 17th, 2 025, at when the budget was formally adopted.

General Fund Reserve

The General Fund – Fund Balance serves as the foundation of the City’s financial reserve. In accordance with Resolution No. 17-043, the City is required to maintain a minimum General Fund Balance committed as a “Reserve for Economic Uncertainties” equal to 20% of annual General Fund appropriations, excluding non- spendable, restricted, and assigned fund balances. This reserve demonstrates the City’s ability to manage financial risks and sustain essential services during periods of economic uncertainty. To en sure adequate emergency funding, the City Council has established a policy mandating that at least 20% of the General Fund operating budget be maintained as a minimum reserve level. The chart below presents the historical trend of the City’s General Fund – Fund Balance over the past five fiscal years.

The City has consistently maintained a healthy Fund Balance (“reserve”) and anticipates that this positive trend will continue into the upcoming fiscal year. Notably, for the fourth time in approximately a decade, the proposed Fiscal Year 2025–2026 budget was adopted as a structurally balanced budget, with projected ongoing revenues expected to fully offset proposed operating expenditures. To sustain this fiscal stability in the years Variance w ith
Final Budget
Positiv e
Original Final Actual (Negative)
Ex penditures:

G eneral governm ent $ 38,637,853 $ 38,658,741 $ 43,124,575 $ (4,465,834) Public safety 32,240,799 32,241,274 31,852,478 388,796 Com m unity developm ent 9,395,106 9,395,106 6,367,189 3,027,917 Public works 25,107,886 25,114,199 23,558,578 1,555,621 Com m unity services 25,768,858 25,780,686 24,652,821 1,127,865 Capital im provem ent program 38,586,503 38,586,503 9,131,721 29,454,782 Debt service 7,415,000 7,415,000 8,596,639 (1,181,639) 177,152,005 177,191,509 147,284,001 29,907,508 Other financing (uses):

Transfers out - - 1,675,188 (1,675,188) Total other financing sources (uses) - - 1,675,188 (1,675,188) Total Expenditures $ 177,152,005 $ 177,191,509 $ 148,959,189 $ 28,232,320

SUMMARY OF GENERAL FUND EXPENDITURES

BUDGET AND ACTUAL
Y ear E nd ed June 30, 2025
Budgeted Amounts
Total ex penditures

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

16 ahead, the City will continue to closely manage ongoing expenditures while remaining mindful of potential long-term revenue fluctuations.

General Fund Projected Revenues

The City’s financial revenue forecast provides valuable insight into the potential long-term trends affecting the City’s General Fund resources. This forward -looking perspective enables the City Council to make informed policy and budgetary decisions with a clear understanding of anticipated changes in future revenue streams.

For FY 2025–2026, the City’s projected revenues total $155,259,564, representing a 10.6% increase over the prior year’s projection of $140,258,535 . Sales tax remains the City’s largest revenue so urce, accounting for approximately 25.2% of total projected revenues. Revenue estimates for sales and property taxes are provided by HdL (Hinderliter de Llamas and Associates), a consulting firm specializing in municipal revenue analysis.

HdL utilizes econometric modeling and historical data to produce accurate forecasts for the City’s primary revenue drivers. In addition, the City has enga ged HdL to conduct ongoing audits and evaluations of tax revenues to ensure proper allocation and to confirm that all funds due to the City are received.

-
50 100
150
200
250
300
FY20/21 FY21/22 FY22/23 FY23/24 FY24/25
Millions
General Fund Balances by Fiscal Year
Rev enues
FY 2024-25
Adopted B udg et
FY 2025-26
Propos ed B udg et % Difference
Sales Tax 39,063,239$ 39,149,000$ 0.22% Property Tax 22,521,901 25,594,667 13.64% Franchise Fees 17,745,550 21,180,000 19.35% Transiaction and Use Tax (Measure K) 19,505,000 19,900,000 2.03% Utility Users Tax (Measure R) 10,000,000 11,500,000 15.00% License and Permits 6,004,691 9,749,738 62.37% Oil Business Tax (Measure C) 6,500,000 8,600,000 32.31% Use of Money and Property 6,102,754 7,119,181 16.66% Fines and Fees 7,610,509 6,051,704 -20.48% Transient Occupancy Tax (TOT) 2,000,000 2,500,000 25.00% Charges of Services 1,271,265 1,494,694 17.58% Intergovernm ental Revenues 106,079 150,000 41.40% Other Revenues 1,827,547 2,270,580 24.24% Total rev enues 140,258,535$ 155,259,564$

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

17 Governmental Funds Projected Expenditures

The following table presents the City’s proposed FY 2025– 2026 operating expenditures by department.

Salaries and benefits represent all employee-related costs funded by the City, including wages, overtime, medical insurance, and other employee benefits for both full-time and part-time staff. Full-time positions are approved by the City Council and budgeted annually, considering factors such as merit increases, cost -of- living adjustments, and annual CalPERS retirement contribution increases. The General Fund provides the primary source of funding for most City personnel. The Operations and Maintenance (O&M) budget reflects the expenses necessary to support the City’s day -to-day functions. These costs include contractual services, professional fees, supplies, travel and training expenses, publications, and other essential operating costs that ensure the effective delivery of services to the community.

 Los Angeles County Sheriff Contract

As a contracted city, the City partner with the Los Angeles County Sheriff’s Department (LASD) to serve as our local law enforcement agency. This partnership allows us to provide high-quality public safety services while accessing the specialized resources of one of the largest and most experi enced law enforcement agencies in the nation. For F Y 2025-2026, the City appropriated $26,829,671 (a 4.81% increase of funding from last years $25,599,202.29 and 17.3% of the total appropriations in the general fund for this fiscal year) to support this partnership.

LASD provides continuous public safety coverage through around-the -clock patrols, rapid emergency response, traffic enforcement, and criminal investigations. LASD also conducts targeted suppression operations to address nuisance activities such as illegal fireworks, street racing, and the theft of valuable auto parts Advanced tools, including Automated License Plate Reader (ALPR) technology, assist deputies in locating stolen vehicles, often leading to the apprehension of wanted individuals and supporting ongoing investigations. These proactive measures contribute directly to maintaining low crime rates within the community. Beyond enforcement, LASD fosters strong community partnerships through Neighborhood Watch programs, safety education initiatives, and ongoing outreach efforts that promote public engagement and trust.

Departments
FY 2024-25
Rev ised Budget
FY 2025-26
Propos ed B udg et % Difference
City Council 1,130,043$ 924,898$ -18.15% City Attorney Legal Services 3,940,000 3,900,000 -1.02% City Clerk 1,783,072 1,712,550 -3.96% City Treasurer 891,034 1,040,083 16.73% City Manager 10,165,017 8,529,382 -16.09% Innovation and Sustainability 3,598,649 4,150,723 15.34% Inform ation Technology and Security 7,618,477 5,968,083 -21.66% Public Safety and Emergency Management 34,541,800 36,155,461 4.67% Finance 5,689,392 6,249,392 9.84% Human Resources 2,538,324 3,082,778 21.45% Com m unity Developm ent 55,643,485 65,544,554 17.79% Public Works 110,870,478 157,295,549 41.87% Community Services (Parks & Rec) 32,688,362 33,647,829 2.94% Non-Departmental 112,890,983 64,324,381 -43.02% Total Expenses 383,989,116$ 392,525,663$

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

18  Full-Time Employee (FTE) Budget for Fiscal Year 2025-2026

The City continues to manage staffing levels strategically to balance service delivery with fiscal responsibility. During the fiscal year, total Full-Time Equivalent (FTE) positions remained stable at 388, reflecting the City’s ongoing commitment to mainta ining essential services while managing personnel costs efficiently. Minor adjustments to staffing occurred across departments to align resources with operational priorities. In particular, Public Safety, and Information Technology and Security experienced targeted staffing addition to support high-demand functions and enhance service responsiveness.

Capital Asset and Debt Administration

Capital Assets

The City’s total infrastructure assets are recorded at approximately $486.9 million at the end of FY 2025. Most of these assets are depreciable, as they deteriorate over time and require periodic rehabilitation. Since the $486.9 million represents the historical cost, the actual cost to rehabilitate or replace these assets in today’s dollars would be significantly higher.

Assuming an average useful life of 30 years for the City’s infrastructure, an estimated $15 million per year (in historical dollars) should be invested in rehabilitation to maintain the existing asset base. This estimate excludes new infrastructure needs, which continue to grow as the community develops. Current demands include roadway safety enhancements, new traffic signals, and expanded stormwater drainage facilities to support both safety and growth.

As of June 30, 2025, the City’s net investment in capital assets for its governmental activities totals $ 434.6 million (net of $ 364.5 million in accumulated depreciation and related debt). This investment includes land, buildings and improvements, infrastructure (such as roads, sidewalks, and s treetlights), machinery and equipment, and lease assets. Capital assets are essential for providing services to residents and supporting the City’s long-term operational capacity.

Departments FY 2024-25
FTE Count
FY 2025-26
FTE Count
City Council 5 5
City Attorney Legal Services - - City Clerk 6 6
City Treasurer 5 5
City Manager 23 23
Innovation and Sustainability 12 12 Information Technology and Security 15 17 Public Safety and Emergency Management 30 31 Finance 34 34
Human Resources 12 13
Community Development 19 19
Public Works 125 125
Community Services (Parks & Rec) 102 102 Total Expenses 388 392

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

19 Additional details regarding the City’s capital assets can be found in Note 4 to the basic financial statements.

Debt Administration

At the end of the fiscal year 2024 -2025, the City had total outstanding long-term debt of $224.7 million , compared to $136.4 million in the prior year. This balance includes Pension Obligation Bonds, Revenue Lease Bonds, Measure M/Measure R Local Street Project Bonds, capital leases, compensated absences, claims payable and lease and SBITA liabilities.

In October 2019, the City issued $18.8 million of Carson Public Financing Authority Revenue Bonds, Series 2019 (Measure M & R Local Street Project). The proceeds from the Bonds are being used to finance the design, acquisition, and construction of the City’s streets improvement, as well as to cover costs associated with the Bonds issuance. As of fiscal year 2024-25, the unamortized Measure M & R bonds (MMMR) were $14 million.

In June 2020, the City issued $108 million Pension Obligation Bonds (POB). The proceeds from the Bonds are being used to pay the City’s unamortized, unfunded accrued liability to the California Public Employees’ Retirement System (“CalPERS”) for the benefi t of City employees, as well as to cover the costs associated with the Bonds issuance. As of fiscal year 2024 -25, the unamortized Pension Obligation Bonds was $95.6 million.

On August 22, 2024, the City issued $81.4 million of Carson Public Financing Authority 2024 Lease Revenue Bonds. The proceeds from the 2024 Lease Revenue Bonds are being used to finance improvement of the City’s roads and facilities, as well as to cover costs associated with the Bonds issuance. The repayment of the bonds is secured by the revenues pledged under the Indenture, which primarily include Base Rental payments made by the City to the Authority for the rental of real property and improvements. Additional sources of repayment include certain funds held under the Indenture, investment earnings, and net proceeds of from insurance or condemnation awards related to the Leased Property. As of fiscal year 2024 -25, the 2024 unamortized Lease Revenue Bonds balance was $78.6 million.

In June 2020, the City of Carson entered into a zero percent interest on-bill financing agreement with Southern California Edison Company (SCE) for the installation of certain energy efficient equipment. The loan will be repaid in monthly principal installments in the amount of $12,438 through July 2026.

2025 2024
Land, land rights, land im provem ents $ 101,470,031 $ 101,470,031 Infrastructure - street trees 18,970,757 18,970,757
Buildings and im provem ents 70,716,112 73,166,198
Machinery and equipm ent 11,348,761 9,673,755
Infrastructure 238,020,090 208,660,043
Right-of-use lease asset 402,982 80,937
SBITA asset 1,428,423 1,264,080
Construction in progress 44,506,667 10,396,489
$ 486,863,823 $ 423,682,290
Gov ernmental Activ ities
Capital Assets
(Net of Accumulated Depreciation)
June 30, 2025 and 2024

MANAGEMENT’S DISCUSSION AND ANALYSIS
(Continued)

20 On January 29, 2021, the City secured $6 million financing lease contract with JP Morgan to finance the improvement of air quality and heating, ventilation, and air conditioning (HVAC) at the City Hall and Juanita Millender-McDonald Community Center. As of fiscal year 2024-25, the HVAC unamortized loan balance was $3.7 million.

The City continues to maintain a strong credit rating of AA-, which reflects its prudent financial management and commitment to responsible debt practices. Additional information on the City’s long-term liabilities can be found on Note 6.

Additional Information

The following information about the City’s finances and budgets are available on the City’s website at https://ci.carson.ca.us/.

• Annual Comprehensive Financial Reports, and Single Audit Reports • Budget Workshops sessions, and Budget portal “Open Finance” to access City’s financial information • Treasurer’s reports and Cash Disbursement reports can be found in Council Agendas

Requests for Information

This financial report is intended to provide readers a general overview of the City’s financial position. Any questions regarding the information presented, or requests for additional financial details should be directed to the City of Carson, Finance Department, 701 East Carson Street, Carson, CA 90745. 2025 2024
G overnmental activities:

Bonded indebtedness:

Measure M&R bonds $ 14,000,000 $ 14,915,000
Pension obligation bonds 95,575,000 99,790,000
Lease revenue bonds 78,635,000 -
Bond prem ium 12,831,438 3,132,852
Direct borrowings:

SCE loan 18,105 137,516
Lease-purchase obligation 3,715,377 4,300,416
Other long-term liabilities
Compensated absences 9,234,770 7,179,339
Self-insurance claims payable 8,947,216 5,688,956
Right-of-us e leas e liability 413,820 88,245
SBITA liability 1,352,981 1,183,874
Total $ 224,723,707 $ 136,416,198
Outstanding Debt and Obligations
June 30, 2025 and 2024
Gov ernmental Activ ities

BASIC FINANCIAL STATEMENTS

CITY OF CARSON, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

The Jewel of the South Bay

CITY OF CARSON

STATEMENT OF NET POSITION

June 30, 2025

21 See accompanying notes to basic financial statements.

Primary
G overnm ent Com ponent Unit
G overnm ental Reclamation
Activities Authority
ASSETS
Cash and investm ents $ 317,840,089 $ 1,181,462 Restricted cash and investments - 14,493,585 Cash and investm ents with fiscal agents 50,752,149 - Receivables
Tax es 12,262,357 -
Accounts 4,756,890 -
Accrued interest 286,989 14,005
Loans, net of allowance for uncollectible accounts 3,050,665 - Leases 1,316,639 -
Due from Successor Agency and Custodial funds 2,317,832 - Due from com ponent unit 5,720,029 -
Due from governm ent agencies 7,689,580 11,530 Due from prim ary governm ent - - Inventory 684,941 6,722,330
Prepaid and other assets 36,135 1,556,649 Land held for resale 571,938 -
Capital assets not being depreciated 164,947,455 92,401,051 Capital assets, net of accumulated depreciation 321,916,368 - TOTAL ASSETS 894,150,056 116,380,612

DEFERRED OUTFLOWS OF RESOURCES
Deferred am ounts from pension 21,300,349 - Deferred amounts from OPEB 14,746,073 -
TOTAL DEFERRED OUTFLOWS OF RESOURCES 36,046,422 -

LIABILITIES
Accounts payable and accrued liabilities 21,774,153 708,310 Accrued payroll 3,603,253 4,549
Interest payable 1,510,785 -
Due to other governm ental agencies 472,551 - Due to prim ary governm ent - 5,720,029 Retention payable 2,491,168 -
Refundable deposits 2,417,169 300,000
Unearned revenues - 469,922
Long-term liabilities
Due within one year 14,577,659 -
Due in m ore than one year 210,146,048 -
Net pension liability - due in m ore than one year 19,672,006 - Net OPEB liability - due in m ore than one year 35,287,558 - Landfill rem ediation liability - due in m ore than one year - 130,100,000 TOTA L LIA BILITIES 311,952,350 137,302,810

DEFERRED INFLOWS OF RESOURCES
Deferred amounts from leases 1,290,600 - Deferred am ounts from pension 258,311 - Deferred amounts from OPEB 21,582,349 -
TOTAL DEFERRED INFLOWS OF RESOURCES 23,131,260 - NET POSITION:

Net investment in capital assets 434,585,810 92,401,051 Restricted for:

Econom ic developm ent 402,017 -
Public works 63,111,736 -
Housing projects 13,396,196 -
Com m unity services 7,670,882 -
Unrestricted 75,946,227 (113,323,249)
TOTAL NET POSITION $ 595,112,868 $ (20,922,198)

CITY OF CARSON

STATEMENT OF ACTIVITIES

For the year ended June 30, 2025

22 See accompanying notes to basic financial statements.

Primary
Charges Operating Capital G overnm ent Com ponent unit
for G rants and G rants and G overnm ental Reclamation
Ex penses Services Contributions Contributions Activities Authority Gov ernmental Activ ities
G eneral governm ent $ 53,938,899 $ 6,446,396 $ 517,525 $ - $ (46,974,978) $ - Public safety 34,871,274 1,458,596 277,638 - (33,135,040) - Com m unity developm ent 9,290,538 3,773,961 133,346 220,323 (5,162,908) - Public works 17,450,851 5,151,081 22,911,504 46,646 10,658,380 - Com m unity services 35,190,626 2,518,200 56,301 631,877 (31,984,248) - Interest 7,135,312 - - - (7,135,312) - Total governmental activities 157,877,500 19,348,234 23,896,314 898,846 (113,734,106) - Com ponent unit:

Reclamation authority 8,968,357 - - - - (8,968,357) Total primary government $ 166,845,857 $ 19,348,234 $ 23,896,314 $ 898,846 (113,734,106) (8,968,357) G eneral revenues:

Tax es:

Property tax es 27,290,994 -
Sales tax es 59,615,800 -
Transient occupancy tax es 2,120,917 -
Franchise tax es 13,214,723 -
Utility us ers tax 11,037,003 -
Oil industry business tax 24,586,805 -
Motor vehicle license fee, unrestricted 147,919 - Investm ent incom e (loss) 7,512,640 202,734
Other revenues 4,714,948 -
Total general revenues 150,241,749 202,734
Change in net position 36,507,643 (8,765,623)
Net position at beginning of year, as previously reported 565,365,225 (12,156,575) Prior year adjustm ents (6,760,000) -
Net position at beginning of year, as restated 558,605,225 (12,156,575) Net position at end of year $ 595,112,868 $ (20,922,198) Net (Ex penses) Revenues and
Changes in Net Position
Functions/program s
Program Revenues

CITY OF CARSON

GOVERNMENTAL FUNDS

BALANCE SHEET

June 30, 2025

23 See accompanying notes to basic financial statements.

G eneral Fund
Carson
Housing
Special
Revenue Fund
Prop 68 Parks
& Water Bond
Act of 2018,
OG ALS Special
Revenue Fund
CPFA 2024
Lease Revenue
Bonds Debt
Service Fund
Nonm ajor
G overnm ental
Funds
Total
G overnm ental
Funds
ASSETS
Cash and investm ents
$
238,467,155

$ 9,976,982

$ - 13,009,068 56,386,884

$ 317,840,089
Cash and investm ents with fiscal agent 1,551,691 1,029,651 - 26,002,776 22,168,031 50,752,149 Receivables:

Tax es 12,262,357 - - - - 12,262,357 Accounts 4,084,218 170,026 - - 502,646 4,756,890 Accrued interest 286,989 - - - - 286,989 Due from governm ent agencies - - 6,513,168 - 1,176,412 7,689,580 Loans, net of allowance 7,786 2,570,328 - - 472,551 3,050,665 Leases 1,316,639 - - - - 1,316,639 Due from other funds 13,081,481 50,898 - - - 13,132,379 Due from Carson Reclamation Agency 5,720,029 - - - - 5,720,029 Due from Successor Agency and Custodial funds 1,648,304 669,528 - - - 2,317,832 Prepaid items 14,575 - - - 21,560 36,135 Inventory 684,941 - - - - 684,941 Land held for resale - 571,938 - - - 571,938 TOTAL ASSETS $ 279,126,165 $ 15,039,351 $ 6,513,168 39,011,844 80,728,084 $ 420,418,612 -

LIA BILITIES, DEFERRED INFLOW S OF

RESOURCES AND FUND BALANCES
$ 17,687,488 $ 277 $ 1,039,844 38,774 3,007,770 $ 21,774,153 3,502,982 14,835 - - 85,436 3,603,253 - 1,607,043 5,162,838 - 6,362,498 13,132,379 Due to governm ent agencies - - - - 472,551 472,551 1,443,001 - 310,486 - 737,681 2,491,168 2,396,169 21,000 - - - 2,417,169 TOTA L LIA BILITIES 25,029,640 1,643,155 6,513,168 38,774 10,665,936 43,890,673 DEFERRED INFLOWS OF RESOURCES:

Leases 1,290,600 - - - - 1,290,600 Unavailable revenues 341,742 - 6,513,168 - 546,157 7,401,067 TOTAL DEFERRED INFLOWS OF RESOURCES 1,632,342 - 6,513,168 - 546,157 8,691,667 FUND BALANCES:

Nonspendable 699,516 - - - 21,560 721,076 Restricted 50,000,000 13,396,196 - 38,973,070 71,384,826 173,754,092 Co mmitted 30,956,996 - - - - 30,956,996 Assigned 79,460,209 - - - - 79,460,209 Unassigned 91,347,462 - (6,513,168) (1,890,395) 82,943,899 TOTAL FUND BALANCES 252,464,183 13,396,196 (6,513,168) 38,973,070 69,515,991 367,836,272

TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES$ 279,126,165 $ 15,039,351 $ 6,513,168 39,011,844 80,728,084 $ 420,418,612 Retentions payable
Refundable deposits
LIABILITIES:

Accounts payable and accrued liabilities
Accrued payroll
Due to other funds

CITY OF CARSON

RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET

TO THE STATEMENT OF NET POSITION

June 30, 2025

24 See accompanying notes to basic financial statements.

Fund balances - total governmental funds $ 367,836,272
Amounts reported for governmental activities in the Statement of Net Position are different because:

Capital assets used in governmental activities are not current financial resources and therefore, are not reported in the governmental funds. The capital assets consist of:

Capital assets $ 797,331,224
Accumulated depreciation (312,298,806) 485,032,418
Right-of-use lease asset, net of amortization reported in governmental activities are not current resources and, therefore, are not reported in the governmental funds balance sheet. 402,982
SBITA asset, net of amortization reported in governmental activities are not current resources and, therefore, are not reported in the governmental funds balance sheet. 1,428,423
Long-term liabilities are not due and payable in the current period and therefore, are not reported in the governmental funds.

Self insurance claims (8,947,216)
Compensated absences (9,234,770)
Loan payable (3,733,482)
Bonds payable (188,210,000)
Bond premium (12,831,438)
SBITA Liability (1,352,981)
Right-of-use lease liability (413,820) (224,723,707) Accrued interest payable on long-term debt is not due and payable in the current period and is not reported in the governmental funds. (1,510,785) Unavailable revenues are not available to pay for current period expenditures and therefore are deferred in the funds and recognized as revenue in the Statement of Activities. 7,401,067
Pension-related debt applicable to the City's governmental activities are not due and payable in the current period and accordingly are not reported as fund liabilities.

Deferred outflows of resources and deferred inflows of resources related to pensions are only reported in the statement of net position, as the changes in these amounts affect only the government-wide statements for governmental activities.

Deferred outflows of resources 21,300,349
Deferred inflows of resources (258,311)
Net pension liability (19,672,006) 1,370,032
OPEB-related debt applicable to the City's governmental activities is not due and payable in the current period and accordingly is not reported as fund liabilities.

Deferred outflows of resources related to OPEB are only reported in the statement of net position, as the changes in these amounts affect only the government-wide statements for governmental activities.

Deferred outflows of resources 14,746,073
Deferred inflows of resources (21,582,349)
Net OPEB liability (35,287,558)
(42,123,834)
Net position of governmental activities
$ 595,112,868

CITY OF CARSON

GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

For the year ended June 30, 2025

25 See accompanying notes to basic financial statements.

G eneral Fund
Carson Housing
Special Revenue
Fund
Prop 68 Parks &
Water Bond Act
of 2018, OGALS
Special Revenue
Fund
CPFA 2024
Lease Revenue
Bonds Debt
Service Fund
Nonm ajor
G overnm ental
Funds
Total
G overnm ental
Funds
REVENUES:

Tax es $ 136,594,675 $ - - $ - 11,627,113 $ 148,221,788 Licenses and permits 8,099,900 - - - 33,537 8,133,437 Fines and forfeitures 3,368,705 - - - - 3,368,705 Intergovernm ental 497,919 220,323 342,052 - 5,097,832 6,158,126 Charges for services 6,183,342 - - - 355,355 6,538,697 Use of m oney and property 3,275,459 96,752 - - 7,260,015 10,632,226 Developer impact fee - - - - 557,749 557,749 Miscellaneous 4,640,181 283,995 - - 54,269 4,978,445 TOTA L REVENUES 162,660,181 601,070 342,052 - 24,985,870 188,589,173 -
EXPENDITURES:

Current:

G eneral governm ent 43,124,575 - - - 1,418,591 44,543,166 Public safety 31,852,478 - - - 145,068 31,997,546 Com m unity developm ent 6,367,189 710,767 - - 615,400 7,693,356 Public works 23,558,578 - - - 2,181,185 25,739,763 Com m unity services 24,652,821 - 101,748 - 4,386,261 29,140,830 Capital im provem ent program s 9,131,721 - 6,411,420 29,420,693 17,446,534 62,410,368 Debt service:

Principal paym ents 5,341,337 - - 2,770,000 1,136,662 9,247,999 Interest 3,255,302 - - 2,928,319 694,432 6,878,053 Cost of issuance - - - 798,637 - 798,637 TOTAL EXPENDITURES: 147,284,001 710,767 6,513,168 35,917,649 28,024,133 218,449,718 -

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 15,376,180 (109,697) (6,171,116) (35,917,649) (3,038,263) (29,860,545) OTHER FINANCING SOURCES (USES):

Proceeds from issuance of bonds - - - 81,405,000 - 81,405,000 Par value bonds prem ium - - - 10,196,413 - 10,196,413 SBITA financing 1,214,430 - - - 1,214,430 Transfers in 17,822,141 - - - 8,458,884 26,281,025 Transfers out (1,675,188) - - (16,710,694) (7,895,143) (26,281,025) TOTAL OTHER FINANCING SOURCES (USES) 17,361,383 - - 74,890,719 563,741 92,815,843 NET CHANGE IN FUND BALANCES 32,737,563 (109,697) (6,171,116) 38,973,070 (2,474,522) 62,955,298 FUND BALANCES:

BEG INNING OF Y EAR, as previously reported 219,726,620 13,505,893 - - 78,408,461 311,640,974 Change in financial reporting entity (Nonm ajor to m ajor fund) - - (342,052) - 342,052 - Prior year adjustm ents - - - - (6,760,000) (6,760,000) BEGINNING OF YEAR, as restated 219,726,620 13,505,893 (342,052) - 71,990,513 304,880,974 END OF YEAR $ 252,464,183 $ 13,396,196 $ (6,513,168) 38,973,070 69,515,991 $ 367,836,272

CITY OF CARSON

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, 2025

26 See accompanying notes to basic financial statements. $ 62,955,298
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 cost of those assets is allocated over their estimated useful lives as depreciation expense or are allocated to the appropriate functional expense when the cost is below the capitalization threshold. This activity includes right of use and SBITA assets and is reconciled as follows:

Capital outlay $ 76,457,325
Depreciation and amortization expense (13,275,792) 63,181,533 The issuance of long-term debt provides current financial resources to governmental funds while repayment of principal and issuance costs consumes current financial resources of the governmental funds. In the Statement of Activities, the issuance of long-term debt increases long-term liabilities and the repayment of debt reduces long-term liabilities.

The amounts are the net effect of these differences in the treatment of long-term debt:

Debt Issuance Proceeds (91,601,413)
Principal payments of bonds, loans and lease payable 8,278,875 New SBITA Liability, net of payment during the year (169,107) Governmental funds report interest in the fiscal year it is paid; however, in the Statement of Activities, interest is recorded in the fiscal year it is incurred. This is the net change in accrued interest for the current period. 62,675
Some expenses reported in the Statement of Activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds
Compensated absences (2,055,431)
Claims and judgments (3,258,260)
Bond premium amortization expense 497,827 (4,815,864) Pension expense reported in the governmental funds includes the annual required contributions. In the statement of activities, pension expense includes the change in the net pension liability and related change in pension amounts for deferred outflows of resources and deferred inflows of resources. (8,508,116) OPEB expense reported in the governmental funds includes the actuarial determined contributions. In the statement of activities, OPEB expense includes the change in the net OPEB liability and related change in OPEB amounts for deferred outflows of resources. 1,327,792
Revenues that are measurable but not available are recorded as unavailable revenue under the modified accrual basis of accounting. 5,795,970 Change in net position of governmental activities $ 36,507,643 Net change in fund balances - total governmental funds

CITY OF CARSON

FIDUCIARY FUNDS

STATEMENT OF FIDUCIARY NET POSITION

June 30, 2025

27 See accompanying notes to basic financial statements.

Successor Agency
to the Dissolved
Redevelopm ent
Agency
Private-purpose Custodial
Trust Fund Funds
ASSETS:

Cash and investm ents $ 22,982,242 $ 3,540,266 Cash and investm ents with fiscal agents 5,365,828 3,380,350 Receivables
Interest 39,082 -
TOTAL ASSETS 28,387,152 6,920,616
DEFERRED OUTFLOWS OF RESOURCES:

Deferred am ounts on refundings 2,433,226 - LIABILITIES:

Accounts payable and accrued liabilities 31,876 - Accrued interest payable 1,367,731 -
Retention and refundable deposits 241,172 2,323,311 Due to City of Carson 1,328,675 989,157
Noncurrent liabilities
Due within one year 11,555,000 -
Due in m ore than one year 95,356,571 -
TOTA L LIA BILITIES 109,881,025 3,312,468
NET POSITION:

Restricted for:

Private Purpose $ (79,060,647)
Other Organizations $ 3,608,148

CITY OF CARSON

FIDUCIARY FUNDS

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

For the year ended June 30, 2025

28 See accompanying notes to basic financial statements.

Successor Agency
to the Dissolved
Redevelopment
Agency
Private-purpose Custodial
Trust Fund Funds
ADDITIONS:

Property tax and other assessments $ 68,089,657 $ - Investment income 498,680 45,247
Other income 2,353,090 -
TOTAL ADDITIONS 70,941,427 45,247
DEDUCTIONS:

General government 52,070,439 -
Property tax administration costs 1,122,732 - Interest and fiscal charges 4,833,312 -
Other expenses 220,323 -
TOTAL DEDUCTIONS 58,246,806 -
CHANGE IN NET POSITION 12,694,621 45,247
NET POSITION - BEGINNING OF YEAR (91,755,268) 3,562,901 NET POSITION - END OF YEAR $ (79,060,647) $ 3,608,148

NOTES TO THE BASIC

FINANCIAL STATEMENTS

CITY OF CARSON, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

The Jewel of the South Bay

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

29 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the City of Carson, California (the City) have been prepared in accordance with accounting principles generally accepted in the United States of America ( U.S. GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the City’s accounting policies are described below.

A. Reporting Entity

The City was incorporated under the provisions of Act 279, P.A. 1909, as amended (Home Rule City Act). The City operates under a Council -Manager form of government and provides a full range of services, including city administration, economic development, public works, community development, transportation, public safety and recreational and cultural activities. The City contracts with the County of Los Angeles for police protection and building and safety services. Library services, fire protection and sewer services are provided by Special Districts of the County of Los Angeles.

As defined by U.S. GAAP established by the Governmental Accounting Standards Board, the financial reporting entity consists of the primary government, as well as its component financial reporting units, which are legally separate organizations that must be included in the financial report of the primary government.

The accompanying basic financial statements present the City of Carson (the primary government) and its component units, entities for which the government is considered to be financially accountable.

Blended component units are, in substance, part of the primary government’s operations, even though they are legally separate entities. Thus, blended component units are appropriately presented as funds of the primary government. Each discretely presented component unit is reported in a separate column in the g overnment-wide financial statements to emphasize that it is legally separate from the government.

Blended Component Units

The Carson Joint Powers Financing Authority (Financing Authority) was established pursuant to a Joint Exercise of Powers Agreement dated November 17, 1992, between the City and the former Carson Redevelopment Agency. The Financing Authority was created for the purpose of providing financing for public capital improvements for the former Redevelopment Agency and the City. Even though it is legally separate, it is reported as if it were part of the City because the City Council serves as the governing board of the Financing Authority and a financial benefit/burden relationship exists. Separate financial statements of the Financing Authority are not issued.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

30 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. Reporting Entity (Continued)

Blended Component Units (Continued)

The Carson Housing Authority (Housing Authority) was established on March 8, 2011, to carry out the housing function of the former Carson Redevelopment Agency in accordance with the California Housing Authority Law and other applicable housing-related regulations. Even though it is legally separate, it is reported as if it were part of the City because the City Council serves as the governing board of the Housing Authority and a financial benefit/burden relationship exists. Separate financial statements of the Housing Authority may be obtained at City Hall.

The Carson Community Facilities Districts Nos. 2012 -1 and 2012-2 (Districts) were established pursuant to the Mello-Roos Community Facilities Act of 1982 to provide funding for the ongoing operation, maintenance and monitoring of environmental remediation systems and for the construction of public facilities and infrastructure improvements, respectively, related to the 157 acre site owned by the Carson Reclamation Authority. The City Council serves as the governing board for these Districts and a financial benefit/burden relationship exists. For the fiscal year ended June 30, 2025, the Districts did not have any financial activity. Separate financial statements of the Districts are not issued.

Discretely Presented Component Unit

The Carson Reclamation Joint Powers Authority (Reclamation Authority or CRA) was formed in February 2015 by the governing boards of the Housing Authority and the Carson Community Facilities Districts Nos. 2012-1 and 2012-2. The purpose of the Reclamation Authority is to oversee and facilitate the remediation of contaminated properties in the City. The Reclamation Authority’s role is to facilitate and fund the environmental study, investigation, and remediation and reclamation of any and all contaminated properties in the City, or the acquisition and subsequent reclamation of contaminated properties. These powers also include any improvements on property related to environmental cleanup and any negotiations or processing of property reclamation required in connection with the California Department of Toxic Substances Control or any other state or federal environmental agency.

The Reclamation Authority is governed by a five-member board. The Housing Authority appoints a voting majority of this board. Since the Reclamation Authority was formed to remediate contamination of a 157 acre site within the City boundaries and to make the property marketable in order to create economic development opportunities for the benefit of the City and its residents and since management oversight of the Reclamation Authority’s operations is performed by the City’s Director of Community Development, it would be misleading to exclude the Reclamation Authority from these financial statements.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

31 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

B. Measurement Focus, Basis of Accounting, and Financial Presentation

The statement of net position and statement of activities (i.e., the government-wide financial statements) display information on all of the nonfiduciary activities of the primary government (the City) and its blended component units. A separate column has been included to report the Reclamation Authority, a discretely presented component unit. Eliminations have been made to minimize the effect of interfund activity. The City does not have any business-type activities.

The statement of activities presents a comparison between direct expenses and program revenues for each function of the City’s governmental activities. Direct expenses are those that are specifically associated with a program or function and are clearly identifiable to a particular function. Program revenues include (1) charges paid by the recipients of goods or services offered by the functions or programs and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues.

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Under the economic resources measurement focus, all assets, deferred outflows of resources, liabilities, and deferred inflows of resources (whether current or noncurrent) associated with their activity are included on their statement of net position. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows.

The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity with a self -balancing set of accounts established for the purpose of carrying out specific activities or attaining certain objectives in accordance with applicable regulations, restrictions or limitations. The governmental funds financial statements are provided for major funds individually and nonmajor funds in the aggregate, as well as for the fiduciary activities, even though the latter is excluded from the government-wide financial statements.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under the current financial resources measurement focus, only current assets, current liabilities and deferred inflows of resources are generally included on their balance sheets. The reported fund balance is considered to be a measure of “available spendable resources.”

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

32 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

B. Measurement Focus, Basis of Accounting, and Financial Presentation (Continued)

Under the modified accrual basis of accounting, revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period.

For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, except for principal and interest on long-term liabilities, claims payable, and compensated absences which are recognized as expenditures to the extent they have matured. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of long-term liabilities are reported as other financing sources.

Sales taxes, property taxes, franchise fees, gas taxes, motor vehicle in -lieu, and transient occupancy taxes, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when the related cash is received by the government.

Exchange transactions are recognized as revenues in the period in which they are earned (i.e., the related goods or services are provided). Locally imposed derived tax revenues are recognized as revenues in the period in which the underlying exchange trans action upon which they are based takes place.

Imposed nonexchange transactions are recognized as revenues in the period for which they were imposed. If the period of use is not specified, they are recognized as revenues when an enforceable legal claim to t he revenues arises or when they are received, whichever occurs first. Government - mandated and voluntary nonexchange transactions are recognized as revenues when all applicable eligibility requirements have been met.

Nonexchange transactions, in which the City gives (or receives) value without directly receiving (or giving) equal value in exchange include property taxes, grants, entitlements, and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year, which the taxes are levied.

Revenue from grants, entitlements, and donations is recognized in the fiscal year in which all the eligibility requirements have been satisfied.

Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in fund balance. Accordingly, they are said to present a summary of sources and uses of “available spendable resources” during a period.

The City’s fiduciary fund financial statements are comprised of a private-purpose trust fund and custodial funds. The private-purpose trust fund and custodial funds are reported using the “economic resources measurement focus” and the “accrual basis of accounting.”

C. Fund Classifications

The funds designated as major funds are determined by a mathematical calculation consistent with GASB No. 34, Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments and GASB No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

33 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fund Classifications (Continued)

The City reports the following major governmental funds:

General Fund - The General Fund is the general operating fund of the City. All general tax revenues and other receipts that are not allocated by law or contractual agreement to a specific fund are accounted for in this fund. Expenditures of this fund include general operating costs and capital improvement costs that are not paid through other funds.

Carson Housing Authority Special Revenue Fund - The Carson Housing Authority Fund accounts for assets used for low and moderate income housing activities in accordance with the applicable housing- related regulations. The housing assets of the dissolved redevelopment agency’s Low and Moderate Income Housing Fund were transferred to Carson Housing Authority.

The Prop 68 Parks & Water Bond Act of 2018 0GALS Fund accounts for City facilities, parks, and community infrastructure, specifically, to provide additional funding for the Carriage Crest Park Expansion Project.

CPFA 2024 Lease Revenue Bonds Fund accounts for the proceeds from the issuance of the 2024 Lease Revenue Bonds.

The City’s fund structure also includes the following fund types:

Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditure for specific purposes.

Capital Projects Fund is used to account for the construction, rehabilitation and acquisition of capital assets.

Fiduciary Funds are used to account for assets held by the City as an agent for individuals, private organizations, other governmental units and/or other funds. The City has the following Fiduciary Funds:
• Successor Agency to the Dissolved Redevelopment Agency Private-purpose Trust Fund - This fund is used by the City to report trust arrangements under which principal and income benefit other governments. This fund reports the assets, liabilities and activities of the Successor Agency to the Dissolved Carson Redevelopment Agency. Private -purpose Trust Fund follow accrual basis of accounting and reports a Statement of Fiduciary Net Position and a Statement of Changes in Fiduciary Net Position.

• Custodial Funds - These funds account for money and property held by the City as trustee or custodian. Among the activities are the disposition of funds, deposits made for the account of other governmental agencies, developers, and others under the terms of agreements for which the deposits were made.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

34 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fund Classifications (Continued)

Custodial funds use the economic measurement focus and report Statement of Fiduciary Net Position and a Statement of Changes in Fiduciary Net Position.

D. New Accounting Pronouncements

During the year ended June 30, 2025 , the City implemented the following Governmental Accounting Standards Board (GAS B) new standard. The financial statements included herein apply the requirements and provisions of the standard.

GASB Statement No. 101 - Compensated Absences. This Statement establishes recognition and measurement guidance for liabilities related to compensated absences, such as vacation and sick leave. The requirements of this statement are effective for reporting periods beginning after December 15, 2023. The retroactive application of GASB 101 did not have a material impact on the government -wide financial statements and therefore, a prior period adjustment was not considered necessary.

GASB Statement No. 102 - Certain Risk Disclosures. This Statement requires disclosure of certain risks that could significantly affect a government's financial position or operations, including concentration and contingency risks. The requirements of this statement are effective for reporting periods beginning after June 15, 2024.

Released GASB Statements to be implemented in future financial statements are as follows:

GASB Statement No. 103 - Financial Reporting Model Improvements . The requirements of this statement are effective for reporting periods beginning after June 15, 2025.

GASB Statement No. 104 - Disclosure of Certain Capital Assets. The requirements of this statement are effective for reporting periods beginning after June 15, 2025.

The City has not yet adopted these standards and is currently assessing the impact of these new standards on its financial statements.

E. Investments

Investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of the investments is generally based on published market prices and quotations from custodians. Investment earnings are allocated based on the source of funds.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

35 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

E. Investments (Continued)

Changes in fair value that occur during a fiscal year are recognized as investment income reported for that fiscal year. Investment income also reports interest earnings, rental income, and any gains or losses realized upon the liquidation, maturity, or sale of investments.

F. Property Taxes

Property tax revenue is recognized in the fiscal year for which the taxes have been levied providing they become available. Available means due, or past due and receivable within the current period and collected within the current period or expected to be collected soon enough thereafter (not to exceed 60 days) to be used to pay liabilities in the current period.

The City receives funds from the State of California via the County, as the City is considered to be a “no and low” property tax City. The City’s current year allocation of the “no and low” property tax of $10,653,689 was included in the General Fund tax revenues.

Under California law, property taxes are assessed and collected by the counties up to 1% of assessed value plus other increases approved by the voters. Property taxes are assessed and collected each fiscal year according to the following property tax calendar:

Lien Date: January 1
st
Levy Date: July 1st to June 30th
Due Date: First Installment - November 1st
Second Installment - March 1st
Delinquent Date: First Installment - December 10th
Second Installment - April 10th
G. Receivables

The City extends credit to customers in the normal course of operations. Uncollectible amounts are accounted for by the reserve method, which establishes an allowance for doubtful accounts based upon historical losses and review of past due accounts.

The City leases communication sites to multiple entities with agreements ranging from 3 to 20 years and an interest rate of 3%. The City recognized $49,502 of lease revenue during the fiscal year ended June 30, 202 5, and reported $1,316,639 and $1,290,600 of lease receivables and deferred inflows of resources, respectively, as of June 30, 2025.

H. Interfund Transactions

Interfund transactions are reflected as either loans, services provided, reimbursements, or transfers.

Loans are reported as receivables and payables as appropriate, are subject to elimination upon consolidation and are referred to as either “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the noncurrent portion of interfund loans).

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

36 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

H. Interfund Transactions (Continued)

Services provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements are when one fund incurs costs, charges the appropriate benefiting fund and reduces its related costs as a reimbursement. All other interfund transactions are treated as transfers.

I. Inventory and Prepaid Items

Inventory is stated at cost on a first -in, first-out (FIFO) basis. The City uses the consumption method which means that inventory is expense d as the items are used. Inventory in the General Fund consists principally of fuel, office supplies, recreational activity supplies and other miscellaneous materials and supplies. Inventory in the Component Unit Reclamation Authority consists principally of liner, backfill material, gravel, pile cap boots, geotextile and miscellaneous landfill gas components. Material s and supplies are charged to inventories when purchased and treated as expenditures when issued. Inventory amounts in the General Fund are classified as nonspendable in the fund balance since they do not represent available spendable resources.

Prepaid items represent expenditures paid in advance and are accounted for using consumption method.

J. Capital Assets

Capital assets are recorded at their initial acquisition value (value at the date of acquisition). All capital assets are recorded at their historical cost and at estimated historical cost where such records are not available. Generally, capital asset purchases exceeding $10,000 are capitalized if they have an expected useful life of one year or more. Donated capital assets or donated works of art are reported at acquisition value.

Infrastructure assets, which include and not limited to land rights, roads, streets, overpasses, sidewalks, medians, trees, and storm drains, etc. are capitalized at the threshold cost that exceeds $200,000 with an expected useful life greater than one year.

Capital assets are depreciated using the straight -line method over their estimated useful lives in the government-wide financial statements.

The following schedule summarizes capital assets' estimated useful lives:

• Machinery and Equipment 5 - 10 years
• Buildings and improvements 25 - 50 years
• Infrastructure:
o Roadways 7 - 100 years
o Sewer 25 - 50 years
o Storm drains 20 - 50 years

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

37 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

K. Subscription IT Assets (SBITA)

The City has recorded the subscription assets in accordance with GASB Statement No. 96, SBITAs .

The subscription assets are initially measured at an amount equal to the related subscription liability plus payments associated with the SBITA contract made to the SBITA vendor at the commencement of subscription term, if applicable and capitalizable initial implementation costs less any SBITA vendor incentives received from SBITA vendor at the commencement of subscription term.

A subscription asset is amortized in a systematic and rational manner over the shorter of the subscription term or the useful life of the underlying IT assets. The amortization of the subscription asset is reported as an outflow of resources (for example, amortization expense), which may be combined with depreciation expense related to other capital assets for financial reporting purposes. Amortization begins at the commencement of the subscription term.

L. Land Held for Resale

Land held for resale in the Carson Housing Authority Fund represents housing properties transferred to the Carson Housing Authority from the Low- and Moderate-Income Housing Fund of the former Redevelopment Agency. Land held for resale in the Fiduciary Funds represents land purchased by the former Redevelopment Agency to further the Redevelopment Plan. This property will be sold, and proceeds will be sent to the County of Los Angeles for distribution to affected taxing agencies. Land held for resale is recorded at the lower of acquisition cost or estimated net realizable value.

M. Employee Compensated Absences

It is the policy of the City to record the cost of employee compensated absences in the government - wide financial statements as earned. A liability is recorded for unused vacation and similar compensatory leave balances since the employees’ entitlement to these balances are attributable to services already rendered and it is probable that virtually all of these balances will be liquidated by either paid time off or payments upon leave redemption, termination, or retirement.

In accordance with GASB Statement No. 101, Compensated Absences, a liability is recorded for unused sick leave balances, since the employees’ entitlement to these balances accumulates, are attributable to services already rendered, and it is more likely than not that virtually all of these balances will be liquidated by either paid time off or payments upon termination or retirement.

The liability for unused leave is measured using the employee’s pay rate as of the financial statement date and includes salary -related payments directly and incrementally associated with payments for leave.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

38 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

N. Deferred Outflows/Inflows of Resources

In addition to assets, the statement of net position reports a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period and will not be recognized as an outflow of resources (expense) until that time. The City has the following items that qualify for reporting in this category:

• Deferred outflows related to OPEB and pension plans equal to employer contributions made after the measurement date of the net OPEB liability and the net pension liability, respectively.

• Deferred outflows related to OPEB and pensions plans for differences between actual and expected experiences. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with retiree healthcare benefits or pensions through the plans.

• Deferred outflows from pension plans resulting from changes in assumptions. These amounts are amortized over a closed period equal to the average expected remaining service lives of all employees that are provided with pensions through the plans.

In addition to liabilities, the statement of net position and governmental funds balance sheet report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net asset or fund balance that applies to a future period and will not be recognized as an inflow of resources (revenue) until that time. The City has the following items that qualify for reporting in this category:

• Deferred inflows from unavailable revenues, which are reported only in the governmental funds balance sheet. The governmental funds report unavailable revenues from two sources:
taxes and grants. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available.

• Deferred inflows related to pension plans for differences between actual and expected experiences. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with pensions through the plans.

• Deferred inflows from OPEB and pension plans resulting from changes in assumptions. These amounts are amortized over a closed period equal to the average expected remaining service lives of all employees that are provided with retiree healthcare benefits or pensions through the plans.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

39 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

N. Deferred Outflows/Inflows of Resources (Continued)

• Deferred inflows related to OPEB and pension plans resulting from the net differences between projected and actual earnings on plan investments of the OPEB and pension plan’s fiduciary net position. These amounts are amortized over five years.

• Deferred inflows from leases, which are measured at the present value of future lease payments and reported in the governmental funds Balance Sheet and government-wide Statement of Net Position. These amounts are deferred and recognized as an inflow of resources over the terms of the leases.

O. Pensions

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

P. Postemployment Benefits Other Than Pensions (OPEB)

For purposes of measuring the net OPEB liability and deferred outflows/inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s OPEB Plan and additions to/deductions from the OPEB Plans’ fiduciary net position have been determined on the same basis as they are reported by the Plan. For this purpose, the City’s OPEB Plan recognizes benefit payments when due and payable in accordance with the benefit terms. Investments are reported at fair value.

Q. Fund Balances and Flow Assumptions

The fund balances reported in the governmental funds financial statements consist of the following classifications that comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of the resources reported in governmental funds:

Nonspendable fund balance includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. The City’s nonspendable fund balance represents prepaid expenses and inventory.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

40 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Q. Fund Balances and Flow Assumptions (Continued)

Restricted fund balance includes resources that are subject to externally enforceable legal restrictions.

It includes amounts that can be spent only for the specific purposes stipulated by the constitution, external resource providers, or through enabling legislation. The City’s restricted fund balances represent resources restricted for programs funded by grants and other restricted sources, capital projects and the low/moderate income housing program, and more.

Committed fund balance includes amounts that can be used only for the specific purposes determined by formal action of the City’s highest level of decision-making authority. The City Council, as the City’s highest level of decision-making authority, may commit, through a resolution, fund balance for specific purposes pursuant to constraints imposed by such formal actions taken. Committed amounts cannot be used for any other purpose unless the City Council removes or changes the specific use through the same type of formal action taken to establish the commitment.

Assigned fund balance consists of funds that are set aside for specific purposes by the City’s highest level of decision -making authority or a body or official that has been given the authority to assign funds. The City Council delegates the authority to assign fund balance to the City Manager and the Administrative Services General Manager for purposes of reporting in the annual financial statements in accordance with Resolution No. 11-084, Classifying the Various Components of the Fund Balance of the City of Carson.

Unassigned fund balance is the residual classification for the City’s fund balance and includes all spendable amounts not contained in the other classifications. This category also provides the resources necessary to meet unexpected expenditures and revenue shortfalls. The general fund is the only fund that reports a positive unassigned fund balance amount. In other governmental funds, if expenditures incurred for specific purposes exceeded the amounts restricted, committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund balance in that fund.

The City considers the restricted fund balances to have been spent when expenditures are incurred for purposes for which both unrestricted and restricted fund balance is available. The City considers unrestricted fund balances to have been spent when an expenditure is incurred for purposes for which amounts in any of the unrestricted classifications of fund balance could be used. When expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used, it is the policy of the City to reduce the committed amounts first, followed by assigned amounts, and then unassigned amounts.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

41 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

R. Net Position and Flow Assumptions

Net position is the excess of all the City’s assets and deferred outflows of resources over all its liabilities and deferred inflows of resources. Net position is divided into three captions. These captions are described below and apply only to the net position, which is applicable only to the government-wide financial statements.

Net investment in capital assets - describes the portion of net position which is represented by the current net book value of the City’s capital assets, less the outstanding balance of any debt issued to finance these capital assets and capital-related payables.

Restricted - describes the portion of net position which is restricted as to use by the terms and conditions of agreements with outside parties, governmental regulations, laws, or other restrictions which the City cannot unilaterally alter.

Unrestricted - describes the portion of net position which is not restricted as to use.

Sometimes the City will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government -wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied.

It is the City’s practice to consider restricted net position to have been depleted before unrestricted net position is applied.

S. Use of Estimates

The preparation of basic financial statements in accordance with U.S. GAAP requires City management to make estimates and assumptions that affect certain reported amounts. Accordingly, actual results could differ from those estimates.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

42 NOTE 2 - CASH AND INVESTMENTS

Cash and Investments

Cash and investments as of June 30, 2025, are classified in the accompanying financial statements as follows:

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

Investments Authorized by the California Government Code and the City’s Investment Policy

The following table identifies the investment types that are authorized for the City and its component units by the California Government Code and the City’s investment policy. The table also identifies certain provisions of the California Government Code (or the City’s investment policy, if 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 California Government Code or the City’s investment policy.

Government-
Wide
Statement of Private-purpose Custodial
Net Position Trust Fund Funds Total
Unrestricted assets:

Cash and investments $ 319,021,551 $ 22,982,242 $ 3,540,266 $ 345,544,059 Restricted assets:

Cash and investments 14,493,585 - - 14,493,585 Cash and investments with fiscal agents 50,752,149 5,365,828 3,380,350 59,498,327 Total cash and investments $ 384,267,285 $ 28,348,070 $ 6,920,616 $ 419,535,971 Fiduciary Fund
Statement of Net Position
Cash on hand $ 4,050
Deposits with financial institutions 141,351,019
Investments 278,180,902
Total cash and investments $ 419,535,971

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

43 NOTE 2 - CASH AND INVESTMENTS (CONTINUED)

Investments Authorized by Administration Agreement

Restricted cash and investments of the Reclamation Authority are to adhere to the City’s investment policy pursuant to an enterprise fund administration agreement with the California Department of Toxic Substances Control. The Reclamation Authority may only draw down funds from these restricted accounts upon submission of payment requests to the California Department of Toxic Substances Control.

Authorized by Maximum Maximum
Investment Maximum Percentage Investment
Authorized Investment Type Policy Maturity* of Portfolio* In One Issuer United States Treasury Bills Yes 5 Years None None
Federal Government Obligations Yes 5 Years None 40%
Collaterized Time Deposits Yes 5 Years 50% None
Banker's Acceptance Yes 7 Days 10% None
Commercial Paper Yes 270 Days 15% 10%
Negotiable Certificates of Deposit Yes 5 Years 30% None Certificates of Deposit - Private Placement Yes 5 Years 30% None Local Agency Investment Fund (LAID) Yes N/A $75 Million None Money Market Funds or Mutual Funds Yes 5 Years 20% 10%
Medium-Term Corporate Notes Yes 5 Years 20% 5%
State/Municipal Bonds Yes 5 Years 20% None
Supranational Obligations Yes 5 Years 10% 5%
Bond Revenue Yes 5 Years None None
Maximum Maturities Yes 3 Years None None
Common Stocks No N/A N/A N/A
Derivative Based Instruments No N/A N/A N/A
Repurchase Agreements No N/A N/A N/A
Reverse Repurchase Agreements No N/A N/A N/A
Inverse Floaters No N/A N/A N/A
Futures and Options No N/A N/A N/A
Mortgage Backed Securities No N/A N/A N/A
*Based on state law requirements or investment policy requirements, whichever is more restrictive.

N/A - Not Applicable

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

44 NOTE 2 - CASH AND INVESTMENTS (CONTINUED)

Investments Authorized by Debt Agreements

Investments of debt proceeds held by fiscal agent are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy. The table below identifies the investment types that are authorized for investments held by fiscal agent. The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk.

Disclosures Relating to Interest Rate Risk

Interest rate risk pertains to the changes in market interest rates that 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 cl ose to maturity over time as necessary to provide the cash flow and liquidity needed for operations.

Maximum Maximum
Maximum Percentage Investment
Authorized Investment Type Maturity of Portfolio In One Issuer Local Agency Bonds None None None
U.S. Treasury Obligations None None None
U.S. Agency Securities None None None
Banker's Acceptance 1 Year None None
Commercial Paper 270 Days None None
Negotiable Certificates of Deposit None None None
Repurchase Agreement 30 Days None None
Money Market Mutual Funds N/A None None
Local Agency Investment Fund (LAIF) N/A None None
Investment Agreements N/A None None
N/A - Not Applicable

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

45 NOTE 2 - CASH AND INVESTMENTS (CONTINUED)

Disclosures Relating to Interest Rate Risk (Continued)

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

Disclosures Relating to Credit Risk

Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the California Government Code, the City’s investment policy, or debt agreements, and the actual rating by Standard & Poor’s as of year-end for each investment type.

12 Months 13 to 24 25-60
Investment Type Or Less Months Months Total
Local Agency Investment Fund (LAIF) $ 27,674,815 $ - $ - $ 27,674,815 U.S. Treasury Obligations 5,995,490 992,970 4,026,990 11,015,450 Federal Agency Obligations 15,582,460 - 7,009,490 22,591,950 Money Market Funds 154,978,023 - - 154,978,023 Medium-Term Corporate Notes 1,945,769 476,568 - 2,422,337 Held by Fiscal Agent:

Money Market Funds 59,498,327 - - 59,498,327 $ 265,674,884 $ 1,469,538 $ 11,036,480 $ 278,180,902 Remaining Maturity (in Months)
Investm ent Type
Total as of
June 30, 2025
M in imu m
Legal Rating AAA AA+ AA- Not Rated
Local Agency Investm ent Fund (LAIF) $ 27,674,815 N/A $ - $ - $ - $ 27,674,815 Money Market Funds 154,978,023 AAA 154,978,023 - - - U.S. Treasury Obligations 11,015,450 N/A - 11,015,450 - - Federal Agency Obligations 22,591,950 N/A - 22,591,950 - - Medium -Term Corporate Notes 2,422,337 A - - 2,422,337 - Held by Fiscal Agent:

Money Market Funds 59,498,327 N/A 59,498,327 - - - Total $ 278,180,902 $ 214,476,350 $ 33,607,400 $ 2,422,337 $ 27,674,815

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

46 NOTE 2 - CASH AND INVESTMENTS (CONTINUED)

Concentration of Credit Risk

The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. There are no investments in any one issuer (other than U.S. Treasury securities, mutual funds, and external investment pools) that represent 5% or more of total City investments.

Custodial Credit Risk

Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits: The California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The market value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits.

Investment in State Investment Pool

The City is a voluntary participant in LAIF which is regulated by the California Government Code 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. LAIF’s and the City’s exposure to risk (credit, market or legal) is not currently available.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

47 NOTE 2 - CASH AND INVESTMENTS (CONTINUED)

Fair Value Measurement

The City categorizes its fair value measurement within the fair value hierarchy established by U.S. GAAP.

The hierarchy is based on the valuation inputs used to measure the fair value of the investments. Level 1 inputs are quoted prices in active markets for identical assets, Level 2 inputs are quoted prices of similar assets in active markets or significant other observable inputs , and Level 3 inputs are significant unobservable inputs.

U.S. Treasur y Obligations are valued using quoted market price s. Federal Agency obligations and Corporate Notes are valued using a matrix pricing model. Matrix pricing is used to value securities based on securities’ relationships to benchmark quoted prices.

NOTE 3 - LOANS RECEIVABLE

Details of the City’s loans receivable as of June 30, 2025 are as follows:

Because of the nature of various loans receivable in relation to development projects under various disposition and development agreements, the City provides an allowance for collectability against such loans. The City reports such loans as program costs.

Investm ent Type
Quoted Prices
Level 1
Observable
Inputs
Level 2
Unobservable
Inputs
Level 3 Totals
U.S. Treasury Obligations $ 11,015,450 $ - $ - $ 11,015,450 Federal Agency Obligations - 22,591,950 - 22,591,950 Medium -Term Corporate Notes - 2,422,337 - 2,422,337 Total Leveled Investments $ 11,015,450 $ 25,014,287 $ - $ 36,029,737 Local Agency Investm ent Fund (LAIF) 27,674,815
Money Market Funds 154,978,023
Held by Fiscal Agent:

Money Market Funds 59,498,327
Total Investm ent Portfolio $ 278,180,902
Loans relative to developm ent projects under various
disposition and developm ent agreem ents $ 71,314,626
First Tim e Hom ebuyer Loan Program 2,570,328
Com puter Loan Program 7,786
HOME Loan Program 307,551
Neighborhood Stabilization Program Loans 165,000
Total loans receivable 74,365,291
Less: Allowance for uncollectible accounts (71,314,626) Loans receivable, net $ 3,050,665

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

48 NOTE 4 - CAPITAL ASSETS

Governmental Activities

The following is a summary of changes in capital assets of the Governmental Activities for the year ended June 30, 2025:

Balance at
July 1, 2024 Additions
Deletions /
Transfers
Balance at
June 30, 2025
Capital assets not being depreciated:

Land $ 26,261,802 $ - $ - $ 26,261,802 Land rights 75,208,229 - - 75,208,229 Infrastructure-street trees 18,970,757 - - 18,970,757 Construction-in-progress 10,396,489 71,942,930 (37,832,752) 44,506,667 Total capital assets, not
being depreciated 130,837,277 71,942,930 (37,832,752) 164,947,455 Capital assets, being depreciated and amortized:

Buildings and im provem ents 122,889,207 - - 122,889,207 Machinery and equipm ent 23,593,318 3,370,025 (838,594) 26,124,749 Infrastructure - -
Roadways 390,524,593 37,565,126 - 428,089,719 Sewer 20,500,503 - - 20,500,503 Storm drain 34,511,965 267,626 - 34,779,591 Right-of-use lease asset 219,684 414,331 - 634,015 SBITA asset 2,289,009 1,214,430 (484,391) 3,019,048 Total capital assets,
being depreciated 594,528,279 42,831,538 (1,322,985) 636,036,832 Less accumulated depreciation for:

Buildings and Im provem ents (49,723,009) (2,450,086) - (52,173,095) Machinery and equipm ent (13,919,563) (1,695,019) 838,594 (14,775,988) Infrastructure
Roadways (212,491,849) (7,590,350) - (220,082,199) Sewer (18,605,815) (189,538) - (18,795,353) Storm drain (5,779,354) (692,817) - (6,472,171) Total accumulated depreciation (300,519,590) (12,617,810) 838,594 (312,298,806)

Less accumulated amortization for:

Right-of-use lease asset (138,747) (92,286) - (231,033) Right-of-use SBITA (1,024,928) (769,353) 203,656 (1,590,625) Total accumulated amortization (1,163,675) (861,639) 203,656 (1,821,658)

Total capital assets,
being depreciated and am ortized, net 292,845,014 29,352,089 (280,735) 321,916,368 Total governmental activities
capital assets, net $ 423,682,291 $ 101,295,019 $ (38,113,487) $ 486,863,823

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

49 NOTE 4 - CAPITAL ASSETS (CONTINUED)

Governmental Activities (Continued)

Depreciation expense was charged to the following functions in the Statement of Activities for the year ended June 30, 2025:

Reclamation Authority - Discretely Presented Component Unit

The following is a summary of changes in capital assets of the Reclamation Authority for the year ended June 30, 2025:

Right-of-Use Lease and Subscription IT Assets

Right-of-use lease and Subscription IT assets as of June 30, 2025 amounted to $634,015 and $3,019,048, respectively.

Provision for amortization related to subscription IT assets for the year ended June 30, 2025 amounted to $769,353.

Provision for amortization for right-of-use asset amounted to $92,286 for the year ended June 30, 2025.

G eneral G overnment $ 5,246,941
Com m unity services 906,235
Public works 3,032,003
Com m unity developm ent 3,432,631
Total depreciation ex pense $ 12,617,810
Balance at
July 1, 2024 Additions
Deletions /
Transfers
Balance at
June 30, 2025
Capital assets, not being depreciated:

Land $ 21,977,052 $ - $ - $ 21,977,052 C
onstruction-in-progress 70,423,999 - - 70,423,999 Total $ 92,401,051 $ - $ - $ 92,401,051

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

50 NOTE 5 – INTERFUND TRANSACTIONS

Due From/To Other Funds

Due from/due to other funds as of June 30, 2025, are as follows:

Current interfund receivables and payables were due to (1) short -term borrowings to eliminate negative cash, (2) reimbursement of certain administrative costs, and (3) short-term borrowing for project costs.

Interfund Transfers

Transfers in and out for the year ended June 30, 2025, were as follows:

The transfer of $16,710,694 from CPFA 2024 Lease Revenue Bonds to the General Fund was to fund capital and other expenditures that were paid initially by the General Fund for projects that are funded by the bond proceeds. The transfers from nonmajor gover nmental funds to the General Fund of $1,111,447 and to other nonmajor governmental funds of $6,783,696 were to reimburse the General Fund and nonmajor governmental funds for expenditures that are funded by other nonmajor governmental funds.

Carson Housing Prop 68
Authority Parks & Water Nonm ajor
Special Revenue Bond Act of G overnm ental
Due from Other Funds Fund 2018, OGALS Funds Total
G eneral Fund $ 1,607,043 $ 5,162,838 $ 6,311,600 $ 13,081,481 Carson Housing Authority Special Revenue
Fund - - 50,898 50,898 $ 1,607,043 $ 5,162,838 $ 6,362,498 $ 13,132,379 G eneral Fund
Due from Carson Reclam ation Authority 5,720,029$
Due from Successor Agency and Custodial funds 2,317,832 8,037,861$
Due to Other Funds
Nonm ajor
G eneral G overnm ental
Transfers Out Fund Funds Total
Nonm ajor G overnm ental Funds $ 1,111,447 $ 6,783,696 $ 7,895,143 G eneral Fund - 1,675,188 1,675,188 CPFA 2024 Lease Revenue Bonds 16,710,694 - 16,710,694 Totals $ 17,822,141 $ 8,458,884 $ 26,281,025 Tranfers In

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

51 NOTE 6 - LONG-TERM LIABILITIES

The following is a summary of changes in long-term liabilities for the year ended June 30, 2025:

Carson Public Financing Authority Revenue Bonds, Series 2019

In October 2019, the City of Carson issued $18,830,000 of Carson Public Financing Authority Revenue Bonds, Series 2019 (Measure M & R Local Street Project) (the “Bonds”). The Bonds were issued to finance the design, acquisition, and construction of certain local roadway and street improvement projects in the City, purchase a debt service reserve policy to satisfy the reserve requirement for the Bonds and, to pay the costs of issuing the Bonds. The proceeds of the bonds are to fund only projects that constitute Measure M Project or a Measure R Project. Principal installments are due annually, ranging in amounts from $640,000 to $1,410,000 plus interest at 3.00% to 5.00% through June 1, 2039. The outstanding balance at June 30, 2025 is $14,000,000.

The Bonds are payable from the revenues, pledged under the indenture, consisting primarily of installment payments to be made by the City to the Carson Public Financing Authority from Measure M and Measure R nonmajor special revenue funds receipts. For the fiscal year ended June 30, 2025 , principal and interest payments were $915,000 and $683,950, respectively. Measure R and Measure M Special Revenue Funds taxes collected that are pledged for this debt total $1,504,497 and $1,704,546, respectively, which, in total, represent 201% of the current year required debt service payments.

The Financing Authority Revenue Bonds, Series 2019 , are subject to federal arbitrage regulations. The City calculated and paid $1,056,606 of arbitrage rebate for the fiscal year ended June 30, 2025. The next arbitrage calculation is due in May 2030.

Balance at Balance at Due Within Due in More
July 1, 2024 Additions Deletions June 30, 2025 One Y ear Than One Y ear G overnmental activities:

Bonded indebtedness:

Measure M&R bonds, series 2019 $ 14,915,000 $ - $ (915,000) $ 14,000,000 $ 960,000 $ 13,040,000 Lease revenue bonds, series 2024 - 81,405,000 (2,770,000) 78,635,000 1,765,000 76,870,000 Bond prem ium 3,132,852 10,196,413 (497,827) 12,831,438 704,229 12,127,209 2020 Pension obligation bonds 99,790,000 - (4,215,000) 95,575,000 4,295,000 91,280,000 Direct borrowings:

SCE loan 137,516 - (119,411) 18,105 18,105 - Financed purchase obligation 4,300,416 - (585,039) 3,715,377 594,546 3,120,831 Other long-term liabilities
Compensated absences 7,179,339 2,055,431 - 9,234,770 - 9,234,770 Self-insurance claims payable 5,688,956 6,691,112 (3,432,852) 8,947,216 5,398,964 3,548,252 Right-of-us e leas e liability 88,245 433,455 (107,880) 413,820 122,431 291,389 SBITA liability 1,183,874 1,214,430 (1,045,323) 1,352,981 719,384 633,597 Total $ 136,416,198 $ 101,995,841 $ (13,688,332) $ 224,723,707 $ 14,577,659 $ 210,146,048

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

52 NOTE 6 - LONG-TERM LIABILITIES (CONTINUED)

Carson Public Financing Authority Revenue Bonds, Series 2019 (Continued)

The following schedule summarizes the debt service to maturity requirement for the Carson Public Financing Authority Revenue Bonds, Series 2019 as of June 30, 2025:

2020 Taxable Pension Obligation Bonds

In June 2020, the City of Carson issued $108,020,000 in 2020 Taxable Pension Obligation Bonds. The Bonds were issued to pay the City’s currently unamortized, unfunded accrued actuarial liability to CalPERS for the benefit of City employees and pay the cost of issuing the Bonds. The City is not required to maintain a reserve fund for the bonds. Principal installments are due annually ranging in amounts from $3,775,000 to $5,885,000 plus interest at 1.503% to 3.696% through January 15, 2044.

The Bonds maturing on or after January 15, 2031, may be redeemed at the option of the City from any source of funds on any date on or after January 15, 2030 in whole or in part from such maturities. The Bonds maturing on January 15, 2038 and January 15, 2044 are subject to mandatory sinking fund redemption at a redemption price equal to the principal amount thereof, plus accrued interest to the redemption date, without premium.

This liability is primarily liquidated from the General Fund.

Y ear Ending June 30 Principal Interest Total
2026 $ 960,000 $ 638,200 $ 1,598,200 2027 1,010,000 590,200 1,600,200 2028 1,060,000 539,700 1,599,700 2029 1,110,000 486,700 1,596,700 2030 1,170,000 431,200 1,601,200 2031-2035 5,900,000 1,261,350 7,161,350 2036-2039 2,790,000 284,600 3,074,600 Totals $ 14,000,000 $ 4,231,950 $ 18,231,950

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

53 NOTE 6 - LONG-TERM LIABILITIES (CONTINUED)

2020 Taxable Pension Obligation Bonds (Continued)

The following schedule summarizes the debt service to maturity requirement for the 2020 Taxable Pension Obligation Bonds as of June 30, 2025:

Carson Public Financing Authority Revenue Bonds, Series 2024

In August 2024, the City of Carson issued $81,405,000 of Carson Public Financing Authority Lease Revenue Bonds, Series 2024 (the “Bonds”). The Bonds were issued to finance the costs of improvements to certain roads and facilities in the City, and to pay the costs incurred with the issuance of the Bonds. The Bonds were issued with an original issue premium of $10,196,413.

The 2024 Bonds are payable from the revenues pledged under the Indenture, as defined herein, consisting primarily of base rental payments (the “Base Rental”) to be paid by the City of Carson (the “City”) to the Carson Public Financing Authority (the “Authority”) for rental of certain property (the “Leased Property”) pursuant to a Property Lease, as defined herein, and from certain funds held under the Indenture and insurance or condemnation awards.

Principal installments are due annually on June 1 of each year, ranging in amounts from $1,765,000 to $4,250,000 plus interest at 5.00% through June 1, 2044, or earlier, optional, sinking account, or mandatory redemption. For the fiscal year ended June 30, 2025, principal and interest payments were $2,770,000 and $2,928,319, respectively.

The outstanding balance at June 30, 2025 is $78,635,000.

Y ear Ending June 30 Principal Interest Total
2026 $ 4,295,000 $ 3,103,381 $ 7,398,381 2027 4,390,000 3,006,830 7,396,830
2028 4,495,000 2,901,558 7,396,558
2029 4,610,000 2,787,609 7,397,609
2030 4,730,000 2,668,441 7,398,441
2031-2035 25,760,000 11,220,113 36,980,113 2036-2040 28,510,000 6,535,516 35,045,516 2041-2044 18,785,000 1,646,938 20,431,938 Totals $ 95,575,000 $ 33,870,386 $ 129,445,386 2020 Pension Obligation Bonds

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

54 NOTE 6 - LONG-TERM LIABILITIES (CONTINUED)

Carson Public Financing Authority Revenue Bonds, Series 2024

The following schedule summarizes the debt service to maturity requirement for the Carson Public Financing Authority Revenue Bonds, Series 2024, as of June 30, 2025:

Default Provision

If an event of default occurs and is continuing under the Property Lease, there is no remedy of acceleration of any Base Rental which have not come due and payable in accordance with the Property Lease. If the City defaults in performance of its obligations under the Property Lease, the Trustee, as assignee of the Authority, may elect not to terminate the Property Lease and may re-enter and relet the Leased Property and may enforce the Property Lease and hold the City liable for all Base Rental on an annual basis while re-entering and reletting the Leased Property.

SCE Loan

The following schedule summarizes the debt service to maturity requirement for the SCE loan as of June 30, 2025:

Compensated Absences

The City’s policies relating to compensated absences are described in Note 1. The liability is primarily liquidated from the General Fund.

Y ear Ending June 30 Principal Interest Total
2026 $ 1,765,000 $ 3,931,750 $ 5,696,750 2027 1,855,000 3,843,500 5,698,500
2028 1,950,000 3,750,750 5,700,750
2029 2,045,000 3,653,250 5,698,250
2030 2,150,000 3,551,000 5,701,000
2031-2035 12,460,000 16,032,000 28,492,000 2036-2040 15,905,000 12,589,500 28,494,500 2041-2045 20,295,000 8,195,500 28,490,500 2046-2049 20,210,000 2,587,500 22,797,500 Totals $ 78,635,000 $ 58,134,750 $ 136,769,750 -
Year Ending June 30 Principal Interest Total
2026 $ 18,105 $ - $ 18,105 Totals $ 18,105 $ - $ 18,105 SCE Loan

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

55 NOTE 6 - LONG-TERM LIABILITIES (CONTINUED)

Financed-Purchase Agreement
On January 29, 2021, the City entered into a master financ ed-purchase agreement to finance the development and implementation of air quality and heating, ventilation, and air conditioning (HVAC) improvement at the City Hall and Juanita Millender -McDonald Community Center. No lease payment is due until the lessee ac cepts the equipment under the lease agreement or the parties execute an escrow agreement. The escrow agreement was executed and the proceeds of the loan of $6,000,000 were transferred to an escrow account under the name of the City in February 2021. The lease bears an interest rate of 1.625% payable annually starting on January 29, 2022 through January 2031.

The following schedule summarizes the debt service to maturity requirement for the lease as of June 30, 2025:

Leases

Right-of-use Lease Liability

The City has entered into an agreement to lease copiers for 5 years with quarterly payments of $13,374.

The lease liability is measured at a discount rate of 6%. As a result of the lease, the City recorded a right - of-use asset with a net book value of $ 402,982 and a right-of-use lease liability of $ 413,820 on June 30, 2025. The future minimum lease payments as of June 30, 2025 were as follows:

Y ear Ending June 30 Principal Interest Total
2026 $ 594,546 $ 60,375 $ 654,921 2027 604,208 50,713 654,921 2028 614,026 40,895 654,921 2029 624,004 30,917 654,921 2030 634,144 20,777 654,921 2031 644,449 10,472 654,921 Totals $ 3,715,377 $ 214,149 $ 3,929,526 Financed Purchase
Y ear Ending June 30 Principal Interest Total
2026 $ 122,431 $ 26,459 $ 148,890 2027 89,965 18,803 108,768 2028 96,949 11,819 108,768 2029 104,475 4,293 108,768 Totals $ 413,820 $ 61,374 $ 475,194

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

56 NOTE 6 - LONG-TERM LIABILITIES (CONTINUED)

SBITA Liability

The City has entered into IT software subscription agreements with various SBITA vendors with subscription terms ranging from 2-5 years. Subscription payable is measured at the present value of the subscription payments expected to be made during the subsc ription term. The annual interest rate used is equivalent to the City’s incremental borrowing rate of 2 % to 7.5% for fiscal year 2025. The City reported a total payment of $421,072 on IT software subscription for the fiscal year ended June 30, 202 5. The subscription payable as of June 30, 2025 amounted to $1,352,981.

The future minimum subscription obligations as of June 30, 2025, are as follows:

Self-Insurance Claims Payable

The City’s self-insurance claims payable is described in Note 7.

NOTE 7 - SELF-INSURANCE PROGRAMS

The City is self -insured for unemployment benefits. Additionally, the City is self -insured for the first $250,000 per liability claim, including employment practices. The liability excess insurance carrier is PRISM (Public Risk Innovation, Solutions, and M anagement). The City is self -insured for the first $750,000 per workers’ compensation claim. The workers’ compensation excess insurance is provided through PRISM (Public Risk Innovation, Solutions, and Management). The City insures its real and personal property through Alliant Property Insurance Program (“APIP”) with a deductible of $25,000 per claim. The City’s crime insurance is provided through Alliant Crime Insurance Program (“ACIP”).

At June 30, 2025, $8,947,216 has been accrued for claims payable. Such amount represents estimates of amounts to be paid for reported claims as well as a provision for incurred but not reported claims. The amount is based upon the City’s past experience, as modified for current trends and information on the total liability. While the ultimate amount of losses incurred through June 30, 2025, is dependent on future developments, based upon information from the independent claims administrators and others involved with the administration of the programs, City management believes that the aggregate accrual is adequate to cover such losses.

Principal Interest
Year ended June 30, Payment Payment Total
2026 $ 719,384 $ 68,420 $ 787,804
2027 633,597 33,319 666,916
Total future minimum
subscription obligations $ 1,352,981 $ 101,739 $ 1,454,720

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

57 NOTE 7 - SELF-INSURANCE PROGRAMS (CONTINUED)

A summary of the City’s claims activity for the two years through June 30, 2025, is as follows:

NOTE 8 - DEFINED BENEFIT PENSION PLAN

A. General Information about the Pension Plan

Plan Description

All qualified permanent and probationary employees are eligible to participate in the City’s Miscellaneous Plan, an agent multiple -employer defined benefit pension plan administered by the California Public Employees’ Retirement System (CalPERS). Benefit provisions under the Plan are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions, and membership information that can be found on the CalPERS website.

CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 to 62 with statutorily reduced benefits. All members are eligible for non-industrial disability benefits after five (5) years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

Workers'
Compensation
Claims
General
Liability
Claims Totals
Balance at June 30, 2023 $ 2,712,676 $ 2,469,656 $ 5,182,332 Additions 637,079 865,977 1,503,056
Payments (150,050) (846,382) (996,432)
Balance at June 30, 2024 3,199,705 2,489,251 5,688,956 Additions 3,366,606 3,324,506 6,691,112
Payments (401,154) (3,031,698) (3,432,852)
Balance at June 30, 2025 $ 6,165,157 $ 2,782,059 $ 8,947,216

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

58 NOTE 8 - DEFINED BENEFIT PENSION PLAN (CONTINUED)

A. General Information about the Pension Plan (Continued)

Plan Description (Continued)

The Plan’s provisions and benefits in effect at the fiscal year ended June 30, 2025 , are summarized as follows:

Employees Covered

At the measurement date ended June 30, 20 24, the following employees were covered by the benefit terms of the Plan:

Contributions

Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. City 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.

Prior to Prior to On or After
Hire date November 21, 2010 January 1, 2013 January 1, 2013 Benefit formula 3%@60 2%@55 2%@62
Benefit vesting schedule 5 years of service 5 years of service 5 years of service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 - 67 & up 50 - 67 & up 52 - 67 & up
Monthly benefits, as a % of eligible compensation 2.000% to 3.000% 1.426% to 2.418% 1.000% to 2.500% Required employee contribution rates 8% 7% 7%
Required employer contribution rates:

Normal cost rate 11.600% 11.600% 6.80%
Payment of unfunded liability $ - $ 580,106 $ - Miscellaneous
Inactive employees or beneficiaries currently receiving benefits 474 Inactive employees entitled to but not yet receiving benefits 291 Active employees 382
Total 1,147

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

59 NOTE 8 - DEFINED BENEFIT PENSION PLAN (CONTINUED)

B. Net Pension Liability

The City’s net pension liability for the Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of the Plan is measured as of June 30, 2024, using an annual actuarial valuation as of June 30, 2023, rolled forward to June 30, 2024, using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is shown below.

Actuarial Assumptions

The total pension liability in the June 30, 2023 actuarial valuation was determined using the following actuarial assumptions:

Long-term Expected Rate of Return

The long-term expected rate of return on pension plan investments was determined using a building- block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

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

Valuation Date
Measurement Date
Actuarial Cost Method
Actuarial Assumptions:

Discount Rate 6.90%
Inflation 2.30%
P
rojected Salary Increase (1)
Mortality Rate Table (2)
Post Retirement Benefit Increase (3)
(1) Varies by entry age and service
(2)
(3)
Miscellaneous
June 30, 2023
June 30, 2024
Entry-Age Normal
Cost Method
The mortality table used was developed based on C alPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvementusing 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the 2021 experience study report from November 2021 that can be found on the The lesser of contract COLA or 2.30% until P urchasing Power Protection Allowance floor on purchasing power applies, 2.30% thereafter

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

60 NOTE 8 - DEFINED BENEFIT PENSION PLAN (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:

Discount Rate

The discount rate used to measure the total pension liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members.

Therefore, the long -term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

Asset Class (a)
Assumed
Asset
Allocation
Real Return
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) (a) An expected inflation of 2.30% used for this period. (b) Figures are based on the 2021 Asset Liability Management study.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

61 NOTE 8 - DEFINED BENEFIT PENSION PLAN (CONTINUED)

C. Changes in the Net Pension Liability

The changes in the net pension liability for the Miscellaneous Plan, using the measurement date of June 30, 2024 are as follows:

Total
Pension
Liability
Plan
Fiduciary
Net Position
Net Pension
Liability
(Asset)
Balance at June 30, 2023 $ 351,910,018 $ 336,800,217 $ 15,109,801 Changes in the Year:

Service cost 5,910,237 - 5,910,237 Interest on the total pension liability 24,708,051 - 24,708,051 Change of benefit term s - - - Differences between ex pected
and actual ex perience 12,646,621 - 12,646,621 Contribution - em ployer - 4,518,489 (4,518,489) Contribution - em ployees - 2,930,509 (2,930,509) Net investm ent incom e - 31,527,761 (31,527,761) Benefit paym ents, including refunds
of em ployee contributions (18,848,102) (18,848,102) - Administrative ex penses - (274,055) 274,055 Net Changes 24,416,807 19,854,602 4,562,205 Balance at June 30, 2024
(Measurement Date) $ 376,326,825 $ 356,654,819 $ 19,672,006

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

62 NOTE 8 - DEFINED BENEFIT PENSION PLAN (CONTINUED)

C. Changes in the Net Pension Liability (Continued)

Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate

The following presents the net pension liability of the City for the Plan, calculated using the discount rate for the 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:

Pension Plan Fiduciary Net Position

Detailed information about the pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.

D. Pension Expense and Deferred Outflows/Inflows of Resources Related to Pensions

For the year ended June 30, 202 5, the City recognized pension expense of $12,980,459. At June 30, 2025, the City reported deferred outflows and deferred inflows of resources related to pensions from the following sources:

Miscellaneous
1% Decrease 5.90%
Net pens ion liability 67,294,888$
Current discount rate 6.90%
Net pens ion liability 19,672,006$
1% Increase 7.90%
Net pens ion liability (as s et) (19,950,097)$
Deferred
Outflows
of Resources
Deferred
Inflows
of Resources
Contributions made subsequent to the measurement date $ 4,439,752 $ - Differences between actual and expected experience 9,693,693 (258,311) Change of assumptions 1,169,432 -
Net differences between projected and actual earnings on plan investments 5,997,472 - Total $ 21,300,349 $ (258,311)

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

63 NOTE 8 - DEFINED BENEFIT PENSION PLAN (CONTINUED)

D. Pension Expense and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)

The $4,439,752 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending June 30, 2026 . Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:

E. Payable to the Pension Plan

At June 30, 2025, the City had no outstanding amount of contributions to the pension plan required for the fiscal year ended June 30, 2025.

The General Fund have been used to liquidate pension liability.

NOTE 9 - OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN

A. General Information about the OPEB Plan

Plan Description

The City offers a defined benefit OPEB plan, which provides medical insurance benefits to eligible retirees and qualified family members through an agent multiple employer trust administered by CalPERS.

An employee is eligible for the City contribution provided they are vested in their CalPERS pension benefit and commence payment of their pension benefit within 120 days of retirement with the City. Vesting requires at least 5 years of PERS eligible service. The surviving spouse of an eligible retiree who elected spouse coverage under CalPERS is eligible for the employer contribution upon the death of the retiree.

The City contributes to the retiree health coverage of eligible retirees and eligible surviving spouses.

The City’s financial obligation is to pay for the retiree and eligible dependent coverage up to a monthly maximum.

Y ear Ending
June 30 Am ount
2026 $ 4,982,002
2027 13,145,303
2028 220,524
2029 (1,745,543)
2030 -
Thereafter -

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

64 NOTE 9 - OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED)

A. General Information about the OPEB Plan (Continued)

City’s Funding Policy

Contributions
The Plan provisions and contribution requirements of plan members and the City are established and may be amended by City Council. The City joined the California Employer’s Retiree Benefit Trust (CERBT) to pre -fund its OPEB liability. No contributions were made to CERBT during the current year. However, the City did directly pay retiree insurance premiums of $2,552,600 during the current year, and the implicit rate subsidy for the OPEB Plan was $ 597,241, resulting in total payments of $3,149,841.

Plan Membership
As of June 30, 2024, the measurement date, the following current and former employees were covered by the benefit terms under the plan:

B. Net OPEB Liability

The City’s net OPEB liability was measured as of June 30, 20 24 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation dated July 1, 2023 . A summary of the principal assumptions and methods used to determine the total OPEB liability is shown below.

Actuarial Assumptions
The total OPEB liability in the July 1, 2023 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified:

Inactive plan members or beneficiaries currently receiving benefits 354 Active plan members 443
Total 797
V aluation Date July 1, 2023
Measurement Date June 30, 2024
Actuarial Cost Method Entry Age Norm al Level % of Salary m ethod A
ctuarial Assum ptions:

Discount Rate 6.40%
Projected Salary Increase
Ex pected Long Term Investm ent Rate of Return 6.40% assuming CERBT asset allocation Healthcare Cost Trend Rates 7.75% in 2025, decreasing to an ultimate rate of

4.5% for 2031 and thereafter

2.80% per year, plus merit increases for Miscellaneous employees based the 2021 CalPERS pension plan valuation.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

65 NOTE 9 - OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED)

B. Net OPEB Liability (Continued)

Actuarial Assumptions (Continued)
The actuarial assumptions used in the July 1, 2023 valuation were based on a standard set of assumptions the actuary has used for similar valuations, modified as appropriate for the City.

The long-term expected rate of return was determined using a building -block method in which best- estimate ranges of expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighing the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

Best estimates of arithmetic real rates of return for each major asset class included in the OPEB plan’s target asset allocation as of June 30, 2024 , the measurement date, are summarized in the following table:

Discount Rate

The rate used for a funded plan is the real rate of return expected for plan assets plus long-term inflation assumption. For an unfunded plan, the discount rate is based on an index of 20-year general obligation municipal bonds. For partially funded plans, the discount rate is a blend of the funded and unfunded rates.

The discount rate used to measure the total OPEB liability was 6. 40%, consistent with information provided by CERBT. The City does not currently have a pre-funding policy or practice for additional prefunding but does not reimburse for its current retiree payments from the Trust. The projection of cash flows used to determine the discount rate assumed that no future contributions are made to the Trust.

Asset Class
New
Strategic
Allocation
Long-Term
Expected Real
Rate of Return
CERBT (Strategy 1):

Global Equity 49.00% N/A
Global Debt Securities 23.00% N/A
Inflation Assets 5.00% N/A
Commodities 3.00% N/A
REITs 20.00% N/A
Total 100.00% 6.40%

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

66 NOTE 9 - OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED)

C. Changes in the Net OPEB Liability

Change of Assumptions:

There have been no substantive plan provision changes since the last full valuation, which was for the fiscal year ending June 30, 2023.

The following assumptions have also been updated in accordance with GASB 75:

1. Reflecting actual premium rates increases for 2023/24. This update led to an increase in liabilities.

2. Reflecting the updated CalPERS risk adjustments for 2025. This update resulted in a slight decrease in liabilities

3. Updating the discount rate from 6.00% as of June 30, 2023 to 6.40% as of June 30, 2024. This update led to a decrease in liabilities.

Total OPEB
Liability
Plan Fiduciary Net
Position
Net OPEB Liability
(Asset)
Balance at June 30, 2023 $ 57,269,199 $ 23,279,801 $ 33,989,398 Changes in the Year:

Service cost 2,212,702 - 2,212,702 Interest on the total OPEB liability 3,486,615 - 3,486,615 Differences between expected net actual experience 3,868,048 - 3,868,048 Changes in assumptions (2,933,555) - (2,933,555) Change of benefit terms - - - Contribution- employer - 2,783,864 (2,783,864) Net investment income - 2,559,375 (2,559,375) Administrative expenses - (7,589) 7,589 Benefit payments (2,783,864) (2,783,864) - Net Changes 3,849,946 2,551,786 1,298,160 Balance at June 30, 2024
(Measurem ent Date) $ 61,119,145 $ 25,831,587 $ 35,287,558 Increase (Decrease)

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

67 NOTE 9 - OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED)

C. Changes in the Net OPEB Liability (Continued)

Subsequent Events

There were no subsequent events that would materially affect the results presented in this disclosure.

Sensitivity of the Net OPEB Liability to Changes in the Discount Rate

The following presents the net OPEB liability of the City, as well as what the City’s net OPEB liability would be if it were calculated using a discount rate that is 1 -percentage point lower or 1-percentage point higher than the current discount rate:

Sensitivity of the Net OPEB Liability to Changes in Health-Care Cost Trend Rates

The following presents the net OPEB liability of the City, as well as what the City’s net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 -percentage point lower or 1- percentage point higher than the current healthcare cost trend rates:

1% Decrease Discount Rate 1% Increase
(5.40%) (6.40%) (7.40%)
Net OPEB Liability $ 43,065,702 $ 35,287,558 $ 28,837,476 Current Healthcare
1% Decrease Cost Trend Rate 1% Increase

6.75% decreasing
to 3.5%

7.75% decreasing
to 4.50%

8.75% decreasing
to 5.50%
Net OPEB Liability $ 27,631,561 $ 35,287,558 $ 44,746,655

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

68 NOTE 9 - OTHER POSTEMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED)

D. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB

For the year ended June 30, 2025 , the City recognized OPEB expense of $1,822,049. At June 30, 202 5, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

$3,149,841 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability in the year ending June 30, 202 6. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as OPEB expense as follows:

E. Payable to the OPEB Plan

At June 30, 2025, the City had no outstanding amount of contributions to the OPEB plan required for the year ended June 30, 2025.

The General Fund have been used to liquidate OPEB liability.

Deferred
Outflows
of Resources
Deferred
Inflows
of Resources
$ 3,149,841 $ -
Differences between expected and actual experience 3,481,243 (9,903,335) Changes in assumptions 7,873,142 (11,679,014) Differences between projected and actual earnings on
plan investments 241,847 -
Total $ 14,746,073 $ (21,582,349)
OPEB contributions subsequent to measurement date
Y ear ending June 30 Am ount
2026 $ (2,621,048)
2027 (1,808,329)
2028 (2,091,214)
2029 (2,072,693)
2030 (1,840,129)
Thereafter 447,296

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

69 NOTE 10 - GOVERNMENTAL FUND BALANCE CLASSIFICATIONS

The various fund balance classifications established as of June 30, 2025, were as follows:

The amount committed for economic uncertainty is in accordance with the City’s policy adopted by the City Council to set aside 20% of the City’s General Fund’s annual expenditures budget.

Debt Service Fund
G eneral Fund
Carson Housing
Authority
Prop 68 Parks & Water
Bond Act of 2018,
OGA LS
CPFA 2024 Lease
Revenue Bonds
Nonm ajor
G overnm ental Funds
Nonspendable:

Prepaid ex penses $ 14,575 $ - $ - $ - $ 21,560 Inventory 684,941 - - - - Total nonspendable 699,516 - - - 21,560 Restricted for:

Housing projects - 13,396,196 - - - Special revenue funds - - - - 52,780,050 Capital projects 50,000,000 - - 38,973,070 18,604,776 Total restricted 50,000,000 13,396,196 - 38,973,070 71,384,826 Co mmitted :

Economic uncertainties 30,956,996 - - - - Total committed 30,956,996 - - - - Assigned:

Self insurance & others 79,460,209 - - - - Unassigned 91,347,462 - (6,513,168) - (1,890,395) Total fund balances $ 252,464,183 $ 13,396,196 $ (6,513,168) $ 38,973,070 $ 69,515,991 Special Revenue Funds

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

70 NOTE 11 - OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES

Deficit Fund Balances

The following funds reported accumulated deficits in fund balance as of June 30, 2025:

Management expects that these deficits will be remedied after the related reimbursements from the grants are received or by transfers from the General Fund.

Accumulated
Deficit
Major Fund:

Prop 68 Parks & Water Bond Act of 2018, OGALS (6,513,168)$ Nonm ajor Special Revenue Funds:

TDA Article 3 (270)
City Special Events (1,999)
Los Angeles County Park District (284,960)
Proposition 1B (3,574)
HOME Grant (4,713)
Com m unity Developm ent Block G rant (142,956)
Federal Highway Planning G rant (439,041)
Building Plan Retention (381,767)
Public Education and G overnm ent Access (PEG ) (5,856) Measure R Highway Program (6,443)
Measure M PS&E and Construction (263,773)
Equitable City Revitalization Revenue (192,930)
Hazard Mitigation G rant Program (HMG P) (6,825)
Federal Highway Infrastructure Program (316)
African American Cultural Heritage (73,142)
Measure R Transit Investment (49,561)
EPA Brownfields Program (10,709)

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

71 NOTE 11 - OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES (CONTINUED)

Excess Expenditures over Appropriations

For the year ended June 30, 2025, expenditures exceeded appropriations of the following City funds:

Final V ariance with
Budget Actual Final Budget
Major Fund:

G eneral Fund
G eneral G overnment $ 38,658,741 $ 43,124,575 $ (4,465,834) Debt service:

Principal paym ents 4,215,000 5,341,337 (1,126,337) Interest 3,200,000 3,255,302 (55,302) Prop 68 Parks & Water Bond Act of 2018, OGALS
Com m unity services - 101,748 (101,748) Capital im provem ent program s 3,800,000 6,411,420 (2,611,420) Nonm ajor special revenue funds:

State G as Tax Special Revenue Fund
Com m unity services - 210 (210) TDA Article 3 Special Revenue Fund
Com m unity services - 483 (483) Capital im provem ent program s 66,610 75,687 (9,077) Measure R Special Revenue Fund
Public works 278,790 292,662 (13,872) Com m unity services - 271 (271) City Special Events Special Revenue Fund
G eneral governm ent 708,710 712,161 (3,451) MTA Call for projects Special Revenue Fund
Public works - 21,113 (21,113) Los Angeles County Park District Special Revenue Fund
Capital im provem ent program s 7,524 48,481 (40,957) State Cops G rant Special Revenue Fund
Public safety 145,000 145,068 (68) Federal Highway Planning G rant Special Revenue Fund
Public works - 4,906 (4,906) American Rescue Plan ACT 2 Special Revenue Fund
Debt service:

Principal paym ents - 221,662 (221,662) Interest - 10,483 (10,483) SB1383 Special Revenue Fund
Public works - 114,362 (114,362) Hazard Mitigation G rant Program (HMG P)
Capital im provem ent program s - 2,008 (2,008) Perm anent Local Housing Allocation (PLHA)
G eneral governm ent - 78,582 (78,582) African American Cultural Heritage
Com m unity developm ent - 7,152 (7,152) Measure R Transit Investment
Public works - 59,384 (59,384)

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

72 NOTE 12 - DEBT ISSUED WITHOUT GOVERNMENT COMMITMENT

Reassessment Revenue Refunding Bonds, Series 2019

In July 2019, the Carson Public Financing Authority (Authority) issued $18,975,000 of Reassessment Revenue Refunding Bonds, Series 2019 (the Authority Bonds). The Bonds were issued to fund a reserve fund for the Bonds, pay costs of issuance and to purchase the concurrently-issued City of Carson Reassessment District No. 2001-1 (Dominguez Technology Center West) Limited Obligation Refunding Improvement Bonds, Series 2019 (the "Reassessment Bo nds"), the proceeds of which were, in turn, used to refund a series of reassessment bonds (the "2006 City Bonds") previously issued by the City, and thereby provide funds to refund two series of bonds issued by the Public Financing Authority, proceeds of which were used by the Public Financing Authority to acquire the 2006 City Bonds and to finance certain public capital improvements. The Reassessment Bonds are payable from Reassessments levied by the City on property in the City's Reassessment District No. 2001-1 (Dominguez Technology Center West).

The City's and Public Financing Authority's obligation to transfer funds to the Redemption Fund in the event of delinquent installments is limited to the balance in the Reserve Fund. The City and Public Financing Authority are in no way liable for repaymen t but are only acting as an agent for the property owners in collecting the assessments, forwarding the collections to bondholders, and initiating foreclosure proceedings for the benefit of the bondholders.

For these reasons, neither the debt nor the related debt service transactions are recorded on the City's basic financial statements. The principal balance outstanding at June 30, 2025 is $12,375,000.

NOTE 13 - CONTINGENCIES - CLAIMS

The City is a defendant in several general damage and personal injury lawsuits and claims. These claims arise primarily from injuries sustained by the claimants while on property owned or maintained by the City.

City management believes that the reported claims and provisions for incurred but not reported claims accrued as of June 30, 2025 is adequate to cover any losses.

NOTE 14 - HOUSING AUTHORITY COMMITMENTS UNDER DEVELOPMENT AGREEMENTS

Following are details of the Housing Authority’s commitments under Development Agreements:

East Carson Housing Partners, L.P.

On June 15, 2010, the former Carson Redevelopment Agency (Agency) entered into a disposition and development agreement (DDA) with East Carson Housing Partners, L.P. (Developer) for the development of a 65-unit workforce housing community on a 1.75- acre Agency-owned property (Property) located at 425 E. Carson Street. The development was completed and fully leased by June 2012. The site provides housing for very low, low and moderate-income households. The product type ranges from one- bedroom to three-bedroom units.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

73 NOTE 14 - HOUSING AUTHORITY COMMITMENTS UNDER DEVELOPMENT AGREEMENTS (CONTINUED)

East Carson Housing Partners, L.P. (Continued)

The Agency provided assistance for the development of the project by selling the Property to the Developer for the fair market value of $1,906,500 (Purchase Price). In addition, the Agency provided project assistance in the amount of $6,888,000 towards Project development costs (Agency Assistance). The combined value of the land and set-aside funds are evidenced by a promissory note and secured by a Deed of Trust recorded on March 9, 2011. The Purchase Price and the Agency Assistance totals $8,794,500. This amount is to be repaid by the Developer with residual receipts over a 55-year period, with interest accruing at 0.5% per annum (Note). Any balance on the Note is due and payable at the end of 55 years from the commencement of their permanent loan. The permanent loan commenced March 1, 2013. At June 30, 2025, the balance on the Note is $7,737,386.

East Carson II Housing Partners, L.P.

On February 19, 2013, the Housing Authority entered into an Affordable Housing Agreement with East Carson II Housing Partners, L.P. (Developer) for the development of a 40 -unit workforce housing community on approximately 1.0 acre Housing Authority-owned property. On November 25, 2013, the Housing Authority closed escrow for the sale of the property and the Developer began construction. The project was completed with a grand opening ceremony held on April 2, 2015. The development serves as phase two to the East Carson Housing Partners, L.P. project at 425 E. Carson Street, which was completed in June 2012.

The Housing Authority’s financial assistance for this project included a loan of $3,320,000 for pre- development and construction costs and the property purchase price of $1,565,446 for a total assistance amount of $4,885,446. The total assistance amount was provided by a promissory note (Note) and secured by a Deed of Trust to be recorded at the time the Housing Authority sells the property to the Developer.

The Note is to be repaid by the Developer with residual receipts over a 55 year period, with interest accruing at 0.5% per annum. Any balance on the Note will be due and payable at the end of 55 years from commencement of the permanent senior loan. The permanent financing began on November 25, 2013. At June 30, 2025, the balance on the Note is $4,814,220.

Affirmed Housing Group, Inc.

On March 1, 2011, the Agency entered into a disposition and development agreement (DDA) with Affirmed Housing Group, Inc. (Developer) for the development of a 40-unit workforce housing community on Agency-owned property located at 21227 Figueroa Street (Property). The Agency’s financial assistance for this project included a loan of $2,855,000 for pre-development and construction costs, and the property purchase price of $1,345,000 for a total assistance amount of $4,200,000 (Agency Assistance). The Agency Assistance is evidenced by a promissory note (Note) and secured by a Deed of Trust recorded on December 24, 2012. The Agency Assistance is to be repaid by the Developer with residual receipts over a 55 year period, with interest accruing at 0.5% per annum (Note). Any balance on the Note is due and payable at the end of 55 years from issuance of a certificate of occupancy. The certificate of occupancy was issued on March 6, 2014. At June 30, 2025, the balance on the Note is $4,200,000.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

74 NOTE 14 - HOUSING AUTHORITY COMMITMENTS UNDER DEVELOPMENT AGREEMENTS (CONTINUED)

Thomas Safran & Associates

In July 1992, the Agency entered into a disposition and development agreement (DDA) with Thomas Safran & Associates (Developer) for the development and operation of an affordable senior citizen housing project (Project). Pursuant to the DDA, the Developer executed a promissory note for a loan in the amount of $2,681,000 with a simple interest rate of 5%. The amount of Developer loan repayments is equal to 50% of the positive cash flow generated by the Project. As of June 30, 2025 , the outstanding loans receivable from the Developer is $5,627,391. Pursuant to the DDA, as amended, the Agency is also required to provide the Developer a rent subsidy in the amount of $160,524 per year for 30 years following the date of the certificate of occupancy for the Project (or until August 1, 2025).

Carson Terrace, L.P.

In June 1999, the Agency entered into an Owner Participation Agreement (OPA) with Carson Terrace, L.P. (Original Developer) for the development and operation of an affordable senior citizen housing project (Project). Carson Terrace, L.P. includes Los Angeles Housing Partnership, Inc. a California non-profit public benefit corporation, (“LAHP”) as the general partner, and LAHP Holdings III, LLC as the limited partner.

Pursuant to the OPA, the Developer executed a promissory note for a short-term construction loan in the amount of $2,205,000 with a simple interest rate of 3%. Subsequently, the Original Developer executed a promissory note (Note) for a long-term loan with a 5% simple interest rate for the purpose of retiring the construction loan.

An amendment dated December 15, 2000, increased the amount of the long -term loan to $2,296,988. The amount of Original Developer loan repayments is equal to 50% of the positive cash flow generated by the Project. Pursuant to the OPA, the Agency is also required to provide the Original Developer a rent subsidy in the amount of $73,320 per year for 30 years following the date of the certificate of occupancy issued in 2001 (or until December 26, 2030).

In late 2017, LAHP, the limited partner with Original Developer, approached the Authority about additional assistance to help them apply for 5% Tax Credit assistance and Affordable Housing Program (AHP) funding in order to undertake a major interior remode l. Specifically, LAHP and The Richman Group of California Development Company, a California limited liability company (“TRG”) executed a Joint Development Agreement to serve as the New Developer. On May 7, 2019, a new OPA was entered into with the New Developer. As of December 12, 2019, the New Developer also executed a new promissory note (Note) amounting to $4,115,366, which is recorded on January 8, 2020. The promissory note is a residual receipts loan that accrues simple interest at three percent (3%) per annum, payable in fifty-five (55) years following the recordation of the Release of Construction Covenants (or until December 31, 2077). Repayment of the Loan is made in annual payments from fifty percent 50% of the Net Cash Flow. At June 30, 2025 , the balance on the Note remains at $4,033,454.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

75 NOTE 14 - HOUSING AUTHORITY COMMITMENTS UNDER DEVELOPMENT AGREEMENTS (CONTINUED)

Gramercy Urban Housing, LLC - 21521 Avalon Boulevard

On January 21, 2014, the Housing Authority entered into a purchase and sale agreement with Gramercy Urban Housing, LLC (Developer) for the sale of approximately 1.0-acre Housing Authority-owned property located at 21521 Avalon Boulevard. Once purchased, the Developer will build a mixed-use commercial/residential project generally consistent with the City’s Carson Street Master Plan. The Developer desires to assemble the property with its property at the northwest corner of Avalon Boulevard and Carson Street, and the Carson Successor Agency -owned property located at 615 E. Carson Street for the mixed-use development. There was no Housing Authority assistance in connection with this sale. The property was sold for the highest and best use fair market appraised value of $1,000,000. Escrow closed on August 12, 2015. The parcel was combined with another Agency -owned parcel plus a privately owned shopping center to assemble property for a 357 -unit market rate housing project plus 30,000 square feet of commercial and retail space. Construction of the project commenced in Q2 2017 and was completed in 2021.

AHGI - Sepulveda Senior Housing

As part of a Development Agreement, the Developer proposed a 65-unit senior affordable housing project.

The original DDA provided that the City would grant the property for the development, at no cost to the developer, as required by the tax-exempt bonds issued to acquire the property. The land was acquired for $3,135,000. In addition, the Housing Authority was to provide cash assistance in the amount of $2,765,000, which is evidenced by a promissory note secured by a deed of trust. The note will bear interest at 3% and have a term of 55 years. As a result of the developer not being able to obtain a TCAC award, they asked and gained additional assistance from the City, totaling $2,700,000 in the form of a grant award, to be disbursed in the form of construction draws. Work started on the project in December 2016 and the project was completed and opened in September 2018. At June 30, 2025 , the balance on the note is $2,765,000.

21205 Carson Arts LP

This Agreement is for the development of 45 units of affordable housing with 21205 Carson Arts LP (Developer). The Agreement provides that the Housing Authority will provide $4,200,000 in cash as a loan to the Developer to assist in acquiring the land, as well as provide an additional $2,800,000 in the form of a grant to the Developer's non-profit partner. The loan is evidenced by a promissory note (Note) and is secured by a Deed of Trust on the property. An agreement with the Developer was approved in March 2017, and the Developer proceeded with the acquisition and demolition of the property. The project received an allocation of Low-Income Housing Tax Credits (LIHTC) in September 2017 and commenced construction in April 2018 . The project was completed on December 24, 2019. At June 30, 2025 , the balance on the Note remains at $4,200,000.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

76 NOTE 14 - HOUSING AUTHORITY COMMITMENTS UNDER DEVELOPMENT AGREEMENTS (CONTINUED)

Carson Figueroa Affordable Housing, LP

On January 24, 2017, the Housing Authority approved an agreement with Carson Figueroa Affordable Housing, LP to provide financial assistance to develop a 51-unit affordable housing community at 600 West Carson Street with a leasing preference to veterans of the United States Armed Forces. The project will be developed at “market rate quality” and will include amenities such as a community room, open outdoor courtyard with grilling and seating areas, a fitness center, a computer room and classes/social servi ces for the residents.

The Housing Authority’s assistance consisted of providing land valued at $2,930,000 for the project and providing $5,500,000 in financial assistance towards development costs. The developer also received a 9% Low Income Housing Tax Credit award from the California Tax Credit Allocation Committee (TCAC) to finance the project. On March 31, 2017, the Housing Authority closed escrow on the property. Following the close of escrow, the Housing Authority and the developer executed the Cal ReUSE Regulatory Agreement and the document was recorded on April 25, 2017.

The official groundbreaking was held on March 1, 2018. Construction on the project was completed in February 2020. The Certificate of Occupancy was issued earlier this year. At June 30, 2025, the balance on the note is $6,128,600.

NOTE 15 - CHANGES IN LEGISLATION AFFECTING CALIFORNIA REDEVELOPMENT

AGENCIES

On June 28, 2011, Assembly Bills x1 26 (the Dissolution Act) and x1 27 w ere enacted, whereby each California redevelopment agency (each Dissolved RDA) was dissolved as of February 1, 2012, and the sponsoring community that formed the Dissolved RDA, together with other designated entities, have initiated the process under the Dissolution Act to unwind the affairs of the Dissolved RDA. On January 10, 2012, the City became the Successor Agency of the former redevelopment agency by operation of law in accordance with the Bill.

The Dissolution Act allowed the sponsoring community that formed the Dissolved RDA to elect to assume the housing functions and take over certain housing assets of the Dissolved RDA. The Housing Authority elected on January 27, 2012 to serve as the Housing Successor Agency.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

77 NOTE 15 - CHANGES IN LEGISLATION AFFECTING CALIFORNIA REDEVELOPMENT

AGENCIES (CONTINUED)

As of the date of dissolution, the housing assets, obligations, and activities of the Dissolved RDA have been transferred and are reported in the Carson Housing Authority Special Revenue Fund in the financial statements of the City. All other assets, obligations, and activities of the Dissolved RDA have been transferred and are reported in a fiduciary fund (private -purpose trust fund) in the financial statements of the City.

In the current and future fiscal years, the Successor Agency will only be allocated revenue from the County of Los Angeles in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the Dissolved RDA until all enforceable obligations of the Dissolved RDA have been paid in full and all assets have been liquidated.

NOTE 16 - SUCCESSOR AGENCY DISCLOSURES

The accompanying financial statements also include the Private-purpose Trust Fund for the Successor Agency to the City’s former Redevelopment Agency (Successor Agency). The City, as the Successor Agency, serves in a fiduciary capacity, as custodian for the assets and to wind down the affairs of the former Redevelopment Agency. Its assets are held in trust for the benefit of the taxing entities within the former Redevelopment Agency’s boundaries and as such, are not available for the use of the City.

Loans Receivable

Details of the Successor Agency’s loans receivable as of June 30, 2025, are as follows:

Because of the nature of various loans receivable in relation to development projects under various disposition and development agreements, the Successor Agency provides an allowance for uncollectibility against such loans.

Loans relative to developm ent projects under various
disposition and developm ent agreem ents $ 4,738,131
Less: Allowance for uncollectible accounts (4,738,131)
Loans Receivable, Net $ -

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

78 NOTE 16 - SUCCESSOR AGENCY DISCLOSURES (CONTINUED)

Long-term Liabilities

The following is a summary of changes in long-term liabilities for the year ended June 30, 2025:

All bonds are in compliance with their respective reserve requirements, by either the purchase of a surety bond or the placement of cash in a reserve account with the fiscal agent trustee.

Balance Balance Due Within Due in More
July 1, 2024 Additions Deletions June 30, 2025 One Y ear Than One Y ear Other Long-term Liabilities :

Redevelopment Project Area I:
2003B Tax Allocation Bonds $ 14,180,422 $ 714,525 $ (2,210,000) $ 12,684,947 $ 2,210,000 $ 10,474,947 2014A Tax Allocation
Refunding Bonds 6,380,000 - - 6,380,000 - 6,380,000 2016A Tax Allocation
Refunding Bonds 12,745,000 - (2,980,000) 9,765,000 295,000 9,470,000 2017A Tax Allocation
Refunding Bonds 8,565,000 - (580,000) 7,985,000 595,000 7,390,000 Less: Bond Discounts (292,274) - 23,808 (268,466) - (268,466) Redevelopment Project Area 2:
2014A Tax Allocation
Refunding Bonds 1,925,000 - (1,925,000) - - - 2020B Subordinate Tax Allocation
Refunding Bonds 11,205,000 - (185,000) 11,020,000 820,000 10,200,000 Add: Bond Prem ium 1,991,568 - (171,934) 1,819,634 - 1,819,634 Low and Moderate Incom e Housing:
2020A Tax Allocation
Refunding Bonds 17,505,000 - (2,075,000) 15,430,000 1,610,000 13,820,000 Successor Agency:
2015B Subordinate
T a x Allocation
Refunding Bonds 27,105,000 - (3,495,000) 23,610,000 5,290,000 18,320,000 2018 Tax Allocation Bonds 18,495,000 - (705,000) 17,790,000 735,000 17,055,000 Add: Bond Prem ium 738,248 - (42,792) 695,456 - 695,456 Total $ 120,542,964 $ 714,525 $ (14,345,918) $ 106,911,571 $ 11,555,000 $ 95,356,571

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

79 NOTE 16 - SUCCESSOR AGENCY DISCLOSURES (CONTINUED)

Long-term Liabilities - Redevelopment Project Area 1

2003B Tax Allocation Bonds

In December 2003, the Carson Redevelopment Agency issued $32,495,863 of Tax Allocation Bonds, Series 2003B for Redevelopment Project Area No. 1 to fund redevelopment projects within the project area. The first principal installment was due on October 1, 2004; and then on October 1, 2017 annually thereafter ranging from $466,575 to $3,940,000 plus interest at 2.0% to 5.25% through October 2034. In April 2014, this debt was partially defeased when the Successor Agency of the former Carson Redevelopment Agency issued the Tax Allocation Refunding Bonds, Series 2014A. The capital appreciation bonds of $5,410,863 that were issued as part of the bond issuance Tax Allocation Bonds, Series 2003B with maturity dates from October 1, 2023 through 2032 were not defeased. Prior to their applicable maturity dates, each capital appreciation bond will accrete interest on the principal component, with all interest accreting through the applicable maturity date and payable only upon the maturity or prior payment of the principal component. Accreted interest of $8,755,160 has been reflected as long-term debt.

The following schedule summarizes the debt service to maturity requirement for the Redevelopment Project Area 1 - 2003B Tax Allocation Bonds as of June 30, 2025:

Y ear ending June 30 Principal Interest Total
2026 $ 671,951 $ 1,538,049 $ 2,210,000 2027 - - - 2028 626,539 1,693,461 2,320,000 2029 590,138 1,729,862 2,320,000 2030 555,640 1,764,360 2,320,000 2030-2033 1,485,519 5,474,481 6,960,000 Subtotals $ 3,929,787 $ 12,200,213 $ 16,130,000 Accreted Interest 8,755,160 - 8,755,160 Totals $ 12,684,947 $ 12,200,213 $ 24,885,160

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

80 NOTE 16 - SUCCESSOR AGENCY DISCLOSURES (CONTINUED)

Long-term Liabilities - Redevelopment Project Area 1 (Continued)

2014A Tax Allocation Refunding Bonds

In April 2014, the Successor Agency of the former Carson Redevelopment Agency issued $26,190,000 Tax Allocation Refunding Bonds, Series 2014A, for Redevelopment Project Area No. 1 to advance refund $1,540,000 of the outstanding 2003 Tax Allocation Refunding Bonds and $26,850,000 of the outstanding 2003B Tax Allocation Bonds, establish a reserve account for the bonds, and to pay the cost of issuing the bonds. Principal installments are due annually ranging in amounts from $245,000 to $3,600,000 plus interest at 3.0% to 5.0% through October 1, 2034. The interest and principal of the bonds are payable from pledged tax increment revenues of the Redevelopment Obligation Retirement Fund.

As a result of the refunding, the entire 2003 Tax Allocation Refunding Bonds and $26,850,000 of the 2003B Tax Allocation Bonds are considered to be defeased and the liability for these bonds has been removed from the statement of fiduciary net position in the accompanying fiduciary fund financial statements.

The following schedule summarizes the debt service to maturity requirement for the Redevelopment Project Area 1 - 2014A Tax Allocation Refunding Bonds as of June 30, 2025:

2016A Tax Allocation Refunding Bonds

In December 2016, the Successor Agency of the Carson Redevelopment Agency issued $21,350,000 Tax Allocation Refunding Bonds Series 2016A, for Redevelopment Project Area No. 1 to advance refund $19,930,000 of the outstanding 2009A Tax Allocation Refunding Bonds, establish a reserve account for the bonds, and to pay the cost of issuing the bonds. Principal installments are due annually ranging in amounts from $575,000 to $3,140,000 plus interest at 1.545% to 3.625% through February 1, 2037. The interest and principal of the bonds are payable from pledged tax increment revenues of the Redevelopment Obligation Retirement Fund.

Y ear ending June 30 Principal Interest Total
2026 $ - $ 286,338 $ 286,338 2027 2,025,000 235,713 2,260,713 2028 - 185,088 185,088 2029 - 185,088 185,088 2030 - 185,088 185,088 2031-2035 4,355,000 742,366 5,097,366 Total $ 6,380,000 $ 1,819,681 $ 8,199,681 -

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

81 NOTE 16 - SUCCESSOR AGENCY DISCLOSURES (CONTINUED)

Long-term Liabilities - Redevelopment Project Area 1 (Continued)

2016A Tax Allocation Refunding Bonds (Continued)

Of the Series 2016A proceeds, $23,032,015 were used to purchase U.S. Government securities to refund in full the 2009A Tax Allocation Refunding Bonds. Those securities were placed in an irrevocable trust with an escrow agent to provide for all future debt service payments on the entire balance of the 2009A Tax Allocation Refunding Bonds. As a result, the entire 2009A Tax Allocation Refunding Bonds are considered to be defeased, and the liability for these bonds has been removed from the statement of fiduciary net position in the accompanying fiduciary fund financial statements. This defeased debt was fully redeemed on October 1, 2019.

The defeasance resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $2,859,009. This difference, reported in the accompanying statements as a deferred outflow of resources, is being charged to interest expense through 2037. The remaining balance at June 30, 2025, is $1,642,167.

The following schedule summarizes the debt service to maturity requirement for the Redevelopment Project Area 1 - 2016A Tax Allocation Refunding Bonds as of June 30, 2025:

2017A Tax Allocation Refunding Bonds

In February 2017, the Successor Agency of the Carson Redevelopment Agency issued $12,315,000 Tax Allocation Refunding Bonds Series 2017A, for Redevelopment Project Area No. 1 to advance refund $11,055,000 of the outstanding Carson Public Financing Authority Lease Revenue Bonds (Redemption Project Series 2009), establish a reserve account for the bonds, and to pay the cost of issuing the bonds.

Principal installments are due annually ranging in amounts from $490,000 to $875,000 plus interest at 1.765% to 3.25% through February 1, 2036. The interest and principal of the bonds are payable from pledged tax increment revenues of the Redevelopment Obligation Retirement Fund.

Y ear ending June 30 Principal Interest Total
2026 $ 295,000 $ 424,110 $ 719,110 2027 310,000 413,416 723,416 2028 325,000 399,937 724,937 2029 335,000 385,806 720,806 2030 350,000 371,241 721,241 2031-2035 2,000,000 1,612,715 3,612,715 2036-2037 6,150,000 406,437 6,556,437 Total $ 9,765,000 $ 4,013,662 $ 13,778,662

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

82 NOTE 16 - SUCCESSOR AGENCY DISCLOSURES (CONTINUED)

Long-term Liabilities - Redevelopment Project Area 1 (Continued)

2017A Tax Allocation Refunding Bonds (Continued)

Of the Series 2017A proceeds, $12,663,099 were used to purchase U.S. Government securities to refund in full the 2009 Revenue Bonds. Those securities were placed in an irrevocable trust with an escrow agent to provide for all future debt service payments on the entire balance of the 2009 Revenue Bonds. As a result, the entire 2009 Revenue Bonds are considered to be defeased, and the liability for these bonds has been removed from the statement of fiduciary net position in the accompanying fiduciary fund financial statements. This defeased debt was fully redeemed on October 1, 2019.

The defeasance resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $1,325,830. The difference reported in the accompanying statements as a deferred outflow of resources is being charged to interest expense through 2036. The remaining balance at June 30, 2025, is $735,889.

The following schedule summarizes the debt service to maturity requirement for the Redevelopment Project Area 1 – 2017A Tax Allocation Refunding Bonds as of June 30, 2025:

Long-term Liabilities - Redevelopment Project Area 2

2014A Tax Allocation Refunding Bonds

In April 2014, the Successor Agency of the former Carson Redevelopment Agency issued $17,040,000 Tax Allocation Refunding Bonds, Series 2014A, for Redevelopment Project Area No. 2 to advance refund $10,720,000 of the outstanding 2003A Tax Allocation Refunding Bonds, $2,455,000 of the outstanding 2003B Tax Allocation Refunding Bonds, $7,885,000 of the outstanding 2003C Tax Allocation Bonds, and to pay the cost of issuing the bonds. Principal installments are due annually ranging in amounts from $1,660,000 to $1,925,000 plus interest at 4.0% to 5.0% through October 1, 2024. The interest and principal of the bonds are payable from pledged tax increment revenues of the Redevelopment Obligation Retirement Fund.

Y ear ending June 30 Principal Interest Total
2026 $ 595,000 $ 317,456 $ 912,456 2027 620,000 296,631 916,631 2028 640,000 274,931 914,931 2029 665,000 249,331 914,331 2030 695,000 222,731 917,731 2031-2035 3,895,000 672,706 4,567,706 2036 875,000 36,095 911,095 $ 7,985,000 $ 2,069,881 $ 10,054,881

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

83 NOTE 16 - SUCCESSOR AGENCY DISCLOSURES (CONTINUED)

Long-term Liabilities - Redevelopment Project Area 2 (Continued)

2014A Tax Allocation Refunding Bonds (Continued)

The outstanding balance of the 2014A Tax Allocation Refunding Bonds of $1,925,000 was fully settled during the fiscal year ended June 30, 2025.

2020B Subordinate Tax Allocation Refunding Bonds

In September 2020, the Successor Agency of the former Carson Redevelopment Agency issued $11,900,000 Subordinate Tax Allocation Refunding Bonds, 2020 Series B, for Redevelopment Project Area No.2 to refund the outstanding Merged and Amended Project Area Subordinate Lien Tax Allocation Refunding Bonds, Series 2007A and to pay the cost of issuing the bonds. Principal installments are due annually ranging amounts from $170,000 to $1,210,000 plus interest at 3% to 4% through February 1, 2036.

The interest and principal of the bonds are payable from pledged tax revenues on a parity with the pledge of Pledged Tax Revenues to the 2015B Bonds.

As a result of the refunding, the entire 2007A Tax Allocation Refunding Bonds are considered to be defeased and the liability for these bonds has been removed from the statement of fiduciary net position in the accompanying fiduciary fund financial statements.

The following schedule summarizes the debt service to maturity requirement for the Redevelopment Project Area 2 - 2020B Subordinate Tax Allocation Refunding Bonds as of June 30, 2025:

Y ear ending June 30 Principal Interest Total
2026 $ 820,000 $ 440,800 $ 1,260,800 2027 850,000 408,000 1,258,000 2028 880,000 374,000 1,254,000 2029 920,000 338,800 1,258,800 2030 955,000 302,000 1,257,000 2031-2035 5,385,000 904,800 6,289,800 2036 1,210,000 48,400 1,258,400 $ 11,020,000 $ 2,816,800 $ 13,836,800

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

84 NOTE 16 - SUCCESSOR AGENCY DISCLOSURES (CONTINUED)

Long-term Liabilities - Low and Moderate Income Housing

2020A Tax Allocation Housing Refunding Bonds

In September 2020, the Successor Agency of the former Carson Redevelopment Agency issued $23,220,000 Tax Allocation Housing Refunding Bonds, 2020 Series A, for Low and Moderate Income Housing to refund the outstanding Taxable Tax Allocation Housing Bonds 2010 Series A-T and Tax Allocation Housing Bonds 2010 Series A and to pay the cost of issuing the bonds. Principal installments are due annually ranging amounts from $1,110,000 to $2,075,000 plus interest at 0.809% to 2.775% through August 1, 2036. The interest and principal of the bonds are payable from pledged tax revenues on a parity with the pledge of all Housing Tax Revenues that were eligible for allocation to the former redevelopment agency with respect to the Project Area and are allocated to the Successor Agency.

As a result of the refunding, the entire 20 10A-T Tax Allocation Hosing Bonds and 2010A Tax Allocation Housing Bonds are considered to be defeased and the liability for these bonds has been removed from the statement of fiduciary net position in the accompanying fiduciary fund financial statements.

The following schedule summarizes the debt service to maturity requirement for the Low and Moderate Income Housing – 2020A Tax Allocation Housing Refunding Bonds as of June 30, 2025:

Long-term Liabilities – Successor Agency

2015B Subordinate Tax Allocation Refunding Bonds

In August 2015, the Successor Agency to the Carson Redevelopment Agency issued $52,920,000 of Tax Allocation Refunding Bonds Series, 2015B to refund certain outstanding indebtedness previously issued by the Successor Agency. Interest payments are due semi -annually beginning on February 1, 2016 with interest rates ranging from 2.26% to 5.41% through February 1, 2036. Principal installments are due annually beginning on February 1, 2020.

Y ear ending June 30 Principal Interest Total
2026 $ 1,610,000 $ 331,152 $ 1,941,152 2027 1,630,000 307,483 1,937,483 2028 1,110,000 284,292 1,394,292 2029 1,130,000 262,960 1,392,960 2030 1,150,000 239,415 1,389,415 2031-2035 6,160,000 778,789 6,938,789 2036-2037 2,640,000 72,982 2,712,982 Total $ 15,430,000 $ 2,277,073 $ 17,707,073

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

85 NOTE 16 - SUCCESSOR AGENCY DISCLOSURES (CONTINUED)
Long-term Liabilities – Successor Agency (Continued)

2015B Subordinate Tax Allocation Refunding Bonds (Continued)

The following schedule summarizes the debt service to maturity requirement for the Successor Agency - 2015B Subordinate Tax Allocation Refunding Bonds as of June 30, 2025:

The above outstanding debt issuances are collateralized by pledged tax increment revenue. The term of the commitment of pledged revenues and the purposes for which the proceeds of these debt issuances were utilized are disclosed in the debt descriptions pr ovided herein. The amount of the remaining commitment of the pledge is equal to the amount of the remaining debt service to maturity of the related debt issuances as disclosed above.

Tax Allocation Refunding Bonds, Series 2018

On February 27, 2018, the Successor Agency issued $21,715,000 Successor Agency Tax Allocation Refunding Bonds, Series 2018 to advance refund the 2006 Tax Allocation Bonds. Principal installments are due annually in amounts ranging from $595,000 to $1,365,000 plus interest semiannually ranging from

2.00% to 3.5% through October 1, 2041. The principal and interest of the bonds are payable from pledged tax increment revenues of the Redevelopment Obligation Retirement Fund.

The 2006 Tax Allocation Bonds are now considered to be defeased, and the liability for these bonds has been removed from the statement of fiduciary net position in the accompanying fiduciary fund financial statements.

The defeasance resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $80,446. This difference, reported in the accompanying financial statements as a deferred outflow of resources, is being charged to interest expense through 2041. The remaining balance at June 30, 2025, is $55,170.

Y ear ending June 30 Principal Interest Total
2026 $ 5,290,000 $ 1,233,648 $ 6,523,648 2027 4,875,000 963,911 5,838,911 2028 1,175,000 715,334 1,890,334 2029 1,240,000 655,421 1,895,421 2030 1,300,000 592,194 1,892,194 2031-2035 7,990,000 1,840,673 9,830,673 2036 1,740,000 94,046 1,834,046 Total $ 23,610,000 $ 6,095,227 $ 29,705,227

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

86 NOTE 16 - SUCCESSOR AGENCY DISCLOSURES (CONTINUED)

Long-term Liabilities – Successor Agency (Continued)

Tax Allocation Refunding Bonds, Series 2018 (Continued)

The following schedule summarizes the debt service to maturity requirement for the Successor Agency Tax Allocation Refunding Bonds, Series 2018 as of June 30, 2025:

Commitments Under Development Agreements

BP West Coast Products, LLC/Tesoro Corporation

On November 15, 2005, the Agency entered into an agreement with BP West Coast Products, LLC, a Delaware limited liability company (Developer), for development of a new office/business park campus of up to 280,000 square feet in potentially three different phases. The first phase consisted of an office building of approximately 125,000 square feet.

The Agency agreed to sell the 4.5 acre development parcel, located at 2254 E. 223rd Street, to the Developer for the sum of one dollar ($1.00) and a note amount equal to $2,960,000 (Note). Each year, seventy-five percent (75%) of the site tax increment is credited against any amounts outstanding under the Note. The term is for 15 years and simple interest accrues at two percent (2%) per annum. On June 1, 2013, the Developer sold the property and transferred all rights and responsibilities under the Note to Tesoro Corporation. As of June 30, 2025, the Agency fully paid the Note amounting to $1,086,882.

Y ear ending June 30 Principal Interest Total
2026 $ 735,000 $ 656,769 $ 1,391,769 2027 775,000 619,019 1,394,019 2028 815,000 579,269 1,394,269 2029 850,000 537,644 1,387,644 2030 895,000 494,019 1,389,019 2031-2035 5,075,000 1,896,703 6,971,703 2036-2040 5,965,000 991,931 6,956,931 2041-2042 2,680,000 94,674 2,774,674 Total $ 17,790,000 $ 5,870,028 $ 23,660,028

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

87 NOTE 16 - SUCCESSOR AGENCY DISCLOSURES (CONTINUED)

Commitments Under Development Agreements (Continued)

Thomas Safran (Developer) - The Gateway at City Center - 720 E. Carson St. & the Renaissance at City Center - 21800 S. Avalon

On March 18, 2008, the Agency entered into three separate agreements with Thomas Safran (Developer), for a mixed-use development with two major components: an affordable senior housing component and a commercial component. This large scale development is l ocated on a 4.5 acre site at the southeast corner of Carson Street and Avalon Boulevard.

On April 7, 2009, the Agency entered into an Owner Participation Agreement (OPA) with the Developer to develop a mixed-use project that includes 85 units of affordable senior rental housing plus one market - rate manager’s unit, approximately 10,000 square foot of commercial space, and underground and surface- level parking (Phase I). On May 3, 2010, the Agency provided $13,900,000 in financial assistance in the form of a secured, 57.5 year, interest-free loan for the senior housing component (this note was transferred to the Carson Housing Authority as part of the Agency’s dissolution). Payment of the principal balance is due upon maturity. In the event of default, principal plus 3% accrued interest is due immediately. Phase I was completed in April 2011.

On June 1, 2010, the Agency entered into a Disposition and Development Agreement (DDA) with Thomas Safran & Associates, Inc. and Carson City Center South LLC (Developer) for Phase II, a mixed-used project consisting of 150 new market -rate rental housing un its, and approximately 25,000 square feet of commercial space, including subterranean and surface parking. The Agency sold three parcels to the developer immediately adjacent to the site for $2,340,000 (fair market value). The Agency-owned properties together with the Developer’s properties constitute the full development site.

On July 29, 2010, the Agency provided $7,500,000 in financial assistance in the form of a grant to assist with the commercial component of the project.

As of June 30, 2025, there are two notes totaling $1,667,702 associated with the commercial component of this project. The two notes are secured by deeds of trust and accrue interest at 3%. The notes and any accrued interest are due in full on January 1, 2039.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

88 NOTE 16 - SUCCESSOR AGENCY DISCLOSURES (CONTINUED)

WIN Chevrolet, Properties, LLC - 2201 E. 223rd St.

On April 21, 2009, the Agency approved the purchase of the C -P Land Company (Developer) property at 2201 E. 223rd Street (Property). The Agency then leased Property to the Cormier Chevrolet Company (Dealership) at the same address. In November 2011, after entering into a partnership with the Win Company (Win), with Win as majority interest partner, the Dealership exercised its repurchase rights of the Property under the DDA. The Agency sold the Property to the partnership, which renamed the new dealership Win Chevrolet. The Property was sold for $12,000,000; there was a $5,000,000 cash payment and a performance promissory note (Note) of $7,000,000 which was carried back by the Agency. The Note amount will be reduced at a rate of 1/20 of the original principal balance each year that the dealership operates in compliance with the 20 -year operating covenant. If the new dealership ceases to operate, the balance of the Note will become due and payable to the Agency. As of June 30, 2025, WIN Chevrolet has a loan balance of S2,450,000.

Hilland - Nissan Real Estate - 1505 E. 223rd St.

On July 6, 2010, the Agency and Hilland Nissan (Owner) entered into a Disposition and Development Agreement (DDA) pursuant to which the Agency provided the Owner with $3,000,000 of financial assistance to facilitate the Owner’s long-term operation of a new Nissan dealership at the property located at 1505 E. 223rd St. (Site). Pursuant to the terms of the DDA, the Agency provided the Owner with a $3,000,000 loan backed by a performance promissory note (Note), secured by a deed of trust on the Site.

Principal due on the 15-year Note is reduced annually by an amount equal to 50% of the sales tax generated above a threshold gross sales amount defined in the Note. In mid- 2017, Owner entered an Agreement to sell the site to Lithia Motors. Such sale was presented t o the Oversight Board on August 28, 2017 and approved by the California Department of Finance on October 10, 2017. The Note has now been assigned to Lithia Motors. As of June 30, 2025, the Agency fully paid the loan balance amounting $1,091,184.

NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS

CAM-CARSON, LLC

CAM-CARSON, LLC, a Delaware limited liability company (Developer), a joint venture of The Macerich Company of Santa Monica, California, and SI -Carson, an affiliate of Simon Property Group proposed developing a “Project” on a portion of the 157 Acre Site currently owned by the Reclamation Authority and which was to be conveyed to the Developer through the agreements described below, which was to be a high-quality, state of the art, fashion outlet and retail center of not less than 450,000 GBA square feet (fo r Phase I only) and up to 711,500 GBA square feet (taking into account Phase I and Phase II, which may be developed separately or concurrently), on a part of the Site called the Cell 2 Subsurface Lot.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

89 NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CAM-CARSON, LLC (CONTINUED)

City Role in the Project

The City has no real property interest in the 157 Acre Site, which is wholly owned by the Reclamation Authority. However, the City possesses the legal authority to regulate the zoning of the 157 Acre Site, to approve and modify the general plan designation and specific plans, to approve development agreements, all pursuant to state law, and to undertake environmental review and approve mitigation programs and development applications for specific projects including to the Project (the “Entitlement Obligatio ns”). In addition to such regulatory authority, City provides public infrastructure and services to the 157 Acre Site, including streets, sidewalks, parkways, sewer, water, drainage, lighting, and other utilities, and must assure public accessibility to th e 157 Acre Site including, without limitation, by assuring construction of the Offsite Improvements and installation and maintenance of all utilities required or reasonably necessary for the Project and compliance with the Conditions of Approval and SEIR M itigation Measures applicable to the foregoing (the “Infrastructure Obligations”).

Project Agreements

In September, 2018 (1) the Reclamation Authority separately entered into a “Conveyancing Agreement” with Developer whereby Reclamation Authority would convey and Developer would acquire the Developer Property through a ground lease; and (2) the City enter ed into a Cooperation Agreement with Reclamation Authority (Cooperation Agreement) whereby Reclamation Authority agreed to construct certain public infrastructure on behalf of City and City agreed to provide sales tax proceeds to Reclamation Authority to enable Reclamation Authority to meet its obligations to, among other things, remediate Cell 2 and construct the Offsite Improvements. The Development Agreement, the Cooperation Agreement and the Conveyancing Agreement are contingent upon one another. The Conveyancing Agreement provided Developer with a legal or equitable interest in the portion of the 157 Acre Site, described as the Developer Property.

Because the entire 157 Acre Site, including the Cell 2 Subsurface Lot, is a contaminated landfill, the cost to develop the Project on the Cell 2 Surface Lot was projected to greatly exceed the cost to develop the Project on an uncontaminated parcel of nati ve soil, and that therefore development of the Project on the Cell 2 Surface Lot would be financially infeasible without substantial financial participation by the Reclamation Authority. However, the City and Reclamation Authority believed the environmental benefits of legally closing the landfill and the benefits of economic development justify such investment.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

90 NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CAM-CARSON, LLC (CONTINUED)

Project Agreements (Continued)

The division of responsibility on the Site was driven in part by the environmental liability, as well as developing a manageable and equitable business deal for both sides. The Reclamation Authority agreed to (i) construct the Remedial Systems and Building Protection Systems (BPS) in accordance with applicable governmental requirements, (ii) deliver foundation systems within the subsurface lot and a structural slab upon which Developer can construct, (iii) the Developer will not have to undertake constructi on or maintenance within the contaminated soils or groundwater of the Subsurface Lot, and (iv) these mechanisms in accordance with the insurance provided for in the Agreements would limit Developer’s exposure to environmental liability in the undertaking of the Project.

The Reclamation Authority contracted with third parties to construct the Remedial Systems and perform its related obligations, to operate remedial systems, to manage the construction process and remedial systems, and provide various related expert services (the Horizontal Master Developer) for the entire 157 Acre Site.

The Reclamation Authority and Developer worked together to coordinate and share information with respect to plans and specifications, bidding materials, insurance, phasing, scheduling and con sultants and contractors for the foregoing. Until the Reclamation Authority completes its work on the Cell 2 Subsurface Lot up to the regulatory sign-off by the Department of Toxic Substances Control (DTSC), the Reclamation Authority retains site control over all of Cell 2.

Working under the Conveyancing Agreement approved in September 2018 and through its Horizontal Master Developer, the Reclamation Authority began undertaking all the work on the site that involved environmental liability in October 2018. Some non-remediatio n work performed in the regulated layer, such as installing the piles or the structural slab, was to be reimbursed to the Reclamation Authority by the Developer. Work falls on a spectrum from clearly environmental (installing the remedial systems) to purely vertical (the vertical construction of the core and shell of the mall). Some work undertaken by the Reclamation Authority, as described above, would be at the Developer’s cost.

After performing construction on the Site for approximately a year, in November 2019, work on the Project stopped, as it was the Horizontal Master Developer and the Reclamation Authority that needed to work through payment issues with the civil general con tractor and its subcontractors. That workout and settlement are described in the next section.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

91 NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CAM-CARSON, LLC (CONTINUED)

Project Agreements (Continued)

These obligations are documented in the Conveyancing Agreement and the Cooperation Agreement. In addition to the conveyance of the Developer Property pursuant to the Conveyancing Agreement, Reclamation Authority agreed to carry out the following work and to provide the following assurances to City and Developer:

1. Remedial Systems. The Remedial Action Plan (RAP) requires that the Remedial Systems be constructed and operated and maintained for many years to cap the landfill and remove gas and contaminants which would pollute air or groundwater or endanger human health. This work includes excavation and grading necessary to install such systems. Reclamation Authority was to cause the construction and operation of (i) the Remedial Systems other than the BPS at its sole cost, and (ii) the BPS, which was to be funded by R eclamation Authority up to an agreed-upon dollar cap.

2. Infrastructure. Under the terms of the Conveyancing Agreement, the Reclamation Authority would construct required public offsite infrastructure and other improvements (the “Offsite Improvements”). Due to the Reclamation Authority’s shortage of resources to complete all its necessary work, Developer was to advance Ten Million Dollars ($10,000,000) to the Reclamation Authority for this purpose.

3. Excess Development Costs. Due to the contaminated condition of the 157 Acre Site and uncompacted condition of the soils thereon, resulting in excessive development costs, the 157 Acre Site has been undevelopable despite the interest of numerous developers over decades. These costs include grading and site work and installing structural sub-foundation systems including piles, all of which must be done in contaminated soils using special safeguards. More specifically, prior to the conveyance of the Developer Property to Developer, Reclamation Authority was to carry out the work defined in the Conveyancing Agreement as the “Site Development Improvements,” which includes the following: (i) site grading, the excavation of soil and relocation and consolidation of waste layers (Site Preparation Work) on the 157 Acre site; (ii) installation of structural piles and pile caps, grade beams, vaults, and under -slab utilities (Sub -Foundation Work); (iii) establishing underground utility runs from the property lines to the building (Utility Work); (iv) constructing the structural slab for the foundation of the buildings.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

92 NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CAM-CARSON, LLC (CONTINUED)

Construction Issues

A significant amount of work was completed by the Reclamation Authority under this section in 2019, but certain unknown site conditions manifested as major issues for the schedule and the project budget, including “pile refusal” and excessive amounts of waste consolidation. Both the project delays and the rapid cost escalation were due in large part to these unknown site conditions, which are generally inherent in brownfield projects. The tight project schedule meant that the Reclamation Authority was often identifying problems too late to pause, reassess, and redesign the project to potentially do the same activity more cost effectively given the financial consequences of trying to pause construction work (standby changes, lost productivity, and demobilization/ remobilization costs).

Major delays occurred in the first quarter 2019 in grading and waste consolidation activity due to weather. TRC, the environmental general contractor, was trying to get “ahead” of the pile driving schedule by having the south end of the Site graded and wa ste consolidated before pile driving commenced in April, but an unanticipated amount of waste consolidation and significant rain during Q1 2019 meant the grading and pile driving schedules ended up closer together, with grading occurring just ahead of pile installation.

The problem with waste consolidation originated with an inaccurate and incomplete “top of trash” map produced by the prior environmental contractor, Tetra Tech; based on the information in the map, it was anticipated that about 19,000 cubic yards of waste would need to be relocated – consolidated – from one part of Cell 2 to another to produce the flat site necessary for the mall. By the time grading was completed, however, crews had moved more than 202,000 cubic yards, a task that pulled grading resources away from other tasks for several critical months during pile driving, when TRC could have made up lost time on the schedule. The additional waste consolidation also cost the Reclamation Authority an unanticipated $14 million more than the anticipated project budget. The remedy, however, would have been to flag the problem in April 2019, when the waste consolidation quantities first went over the estimate, and request (again) from DTSC to pothole the entire cell, at extra time and expense, and stop work on the project just when pile drilling was commencing. This is because the solution would have been to raise the elevation of the slab by several feet by importing several hundred thousand yards of dirt to lift it above the additional waste, but that would have required a redesign of the building, all the structural systems including the piles, the civil engineering, and the landfill liner. It was estimated such a delay would have been 6-9 months and resulted in millions of dollars in wasted design costs and other construction delay costs.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

93 NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CAM-CARSON, LLC (CONTINUED)

Construction Issues (Continued)

The other major delay was encountering “refusal” during pile installation, the delay in obtaining DTSC approval for a pile driving work plan, and ultimately the resulting loss of productivity in installing piles.

The 2018 indicator pile program showed the pile driving rigs encountering “refusal” in several locations: compacted sand in certain undefined areas of the site was too hard for the piles to be driven into without destroying the structural integrity of the pile. This required a modification of the p ile driving work plan, allowing pre -drilling of the piles into the soil below the trash. The possibility of drilling too far and opening up a pathway for landfill leachate (liquid waste) to flow into the groundwater below the landfill was of paramount concern to DTSC, and a number of iterations of plans were necessary to finally receive their approval. Pile installation did commence in April and fortunately only a handful of piles (3) encountered refusal requiring their abandonment of the 2,238 piles installed.

All the pile installation was completed in early October 2019. However, the anticipated design and contracted rate of pile installation in 2018 was 9 piles per pile rig per day; mostly, because of the double drilling (the pre-drilling into the soil below the waste was with a smaller diameter auger than the drilling through the waste, requiring the use of two drills on each hole) most rigs only achieved 6-7 piles per day, stretching the duration of pile drilling and complicating the grading/ trenching/waste consolidation activity as well. One proposed solution considered at the same time the Reclamation Authority was redrafting the pile driving work plan would have been to redesign the pile grid to install more, shorter piles with less embedment in the formation (soil) below the waste. An earlier iteration of the CAM plan featured about 2,900 shorter piles, while the final number ended up being about 2,200 deeper piles.

Part of the decision by CAM to go to fewer piles in the first place, however, was in par t to save time and money on pile installation but also partly driven by the complexity of designing the landfill liner with utility trenches and 35% more piles. Similar to the waste consolidation issue above, such a redesign would have caused a work stoppage of at least six months while the pile grid and structural systems as well as the liner and other remedial systems were redesigned, which would have needed to be redesigned and rebid on behalf of the Reclamation Authority.

Based on several of these extraordinary cost increases, the Reclamation Authority notified CAM in October, 2019 of its inability to fund the completion of its remedial system work. CAM ceased making reimbursement payments at that time, leaving more than $10 million in unpaid bills for the Reclamation Authority to cover. Work on the horizontal and civil construction (Snyder Langston) ceased on November 26, 2019 and environmental construction work (TRC) funded by the Reclamation Authority stopped about January 30, 2020. O&M work as required by DTSC remains ongoing. Information about the settlement of the Snyder Langston claims is included below.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

94 NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CAM-CARSON, LLC (CONTINUED)

Litigation Issues

Further, on April 30, 2020 CAM filed suit in Los Angeles Superior Court against the Reclamation Authority, its contractor RES, the City of Carson and the Successor Agency to the former Redevelopment Agency, seeking damages of $80 million.

In March 2022, CAM indicated their desire to return to the project and the CRA and CAM tolled the litigation and CAM returned via a Second Amendment to the Conveyancing Agreement. The agreement was approved by the CRA in August 2022 and fully executed in October 2022. The basic terms of the Second Amendment allowed for CAM to make a “deep dive” on the project to confirm the condition of the existing installed improvements and determine the amount of “rework” necessary on systems that may have deteriorated over the previous three years because of exposure to the elements (e.g. corrosion, vegetation growth)

The original term of the agreement was October 11, 2022 to January 9, 2023; CAM extended it on a technicality to January 30, 2023. Based on CAM’s request for additional time to perform their diligence work, the CRA agreed to extend the agreement to June 1 5, 2023, with the condition that any renegotiation of the economic deal (sales tax sharing) must occur by August 15, 2023.

After the successful renegotiation of the sales tax sharing deal, where the City agreed to increase the sales tax share from 50% over 25 years to 75% over 40 years, the CRA agreed to extend the due diligence agreement to December 15, 2023. Upon CAM’s request, the CRA granted one final extension of the agreement, to March 15, 2024. Based on a dispute over the issue of carrying costs, however, CAM terminated the agreement and the parties returned to litigation in May 2024.

During the due diligence period, certain milestones in the litigation were also noted. The parties were still in the discovery and pre -trial motion phase. On March 15, 2021, the Los Angeles Superior Court granted a demurrer to the City of Carson and the C arson Successor Agency, removing them from the action (and awarded the City attorney’s fees), and approved the removal of the negligence and negligent supervision claims against the CRA , making the legal action largely contractual (notwithstanding the appeal rights of CAM-Carson). CAM appealed the decision. In the Fall of 2022, the Court of Appeals overturned the lower court ruling removing the City, agreeing that there may be merit to the City’s claims of non-involvement put it was premature to remove the City from the action via a demurrer.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

95 NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CAM-CARSON, LLC (CONTINUED)

Litigation Issues (Continued)

If, through settlement of litigation or trial, CAM opted not to pursue the project and elected to market the property instead, the CRA would move as quickly as possible to negotiate with another developer for Cell 2. The question then would be whether the existing improvements would be usable for a different project, meaning the already -installed piles, liner, BPS, and slab. That process of finding a new developer, negotiating a new agreement, and determining how a new project would fit on top of the alread y-installed improvements could take several months although there are viable parties interested in the Site. Redesign and re- entitlement by a new developer could add several years to the project timeline.

In October 2025, the CRA approved a Settlement Agreement and Mutual Release (the “Settlement Agreement”) and associated agreements with the City of Carson and CAM, resolving the CAM-Carson LLC litigation (e.g., CAM -Carson LLC v. Carson Reclamation Authority, et al., Case No. 20STCV16461 (“Litigation”)) which started in 2020. The CRA Board approved the Settlement Agreement on October 22, 2025. The deadline to complete the actions outlined in the Settlement Agreement, including wiring the settlement payment to escrow was October 27, 2025, which was met by all parties.

On September 5, 2025, CAM, the City of Carson, and the CRA attended a Mandatory Settlement Conference with a retired judge and, in the interest of avoiding the burden, expense, inconvenience, and distraction of further litigation, agreed to end the Litigation, and to terminate their contractual relationship. The Settlement Agreement terminates all the Project Agreements shown in Exhibit A attached to the Settlement Agreement, along with the Easement Agreement in Exhibit B and the Development Agreement in Exhibit C (which is a City Agreement). It also includes the release of the Construction Deed of Trust CAM recorded against Cell 2 as shown in Exhibit D.

As required by the Settlement Agreement, the CRA made a payment to CAM of $35,100,000 (“Settlement Amount”) and all claims were released by and upon all parties. There is no admission of wrongdoing or liability by any party. The only other party to the Litigation, RE|Solutions, LLC had previously agreed to separately settle the claims against it brought by CAM.

The settlement of the Litigation opens Cell 2 to other developers. As noted above, it is the CRA’s desire to move as quickly as possible to negotiate an agreement with a new developer on Cell 2 as quickly as possible, subject to compliance with all applicable laws and regulations, including Surplus Land Act compliance and DTSC requirements and regulations. A Term Sheet with Carson Goose Owner, LLC (CGO) was also approved by the CRA Board whereby CGO agreed to advance the Settlement Amount for the right to negotiate an agreement the Cell 2 property. Such agreement has not been negotiated yet but will be presented to the CRA Board for approval on a future CRA agenda.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

96 NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CAM-CARSON, LLC (CONTINUED)

Litigation Issues (Continued)

Since the CRA already has an agreement with CGO for the development of Cells 3, 4, and 5, its approach will likely be to incorporate Cell 2 into the agreement. The division of responsibility on the new site will likely mirror the original agreement – CGO will take on the responsibility for the redesign and installation of al the remaining remedial systems (notwithstanding work the CRA has already completed or is constructing right now) as well as horizontal improvements. CGO expects the vertical developers – currently anticipated to be two very large retail users – to construct their own buildings and surface improvements.

FARING CAPITAL, LLC AGREEMENTS FOR CELL 3, 4, AND 5

Project Agreements

In September 2019, the CRA issued an RFQ seeking a developer for Cells 3, 4, and 5 (the “Remainder Cells”), which required the developers to bear the responsibility for all vertical and horizontal (including remediation) project costs based on the CRA’s experience on the Cell 2 Project and demonstrate that their project pro forma reflected that. As a result, most of the 2019 proposals received were for industrial/warehouse uses, given the strong real estate economics of such uses, as opposed to retail, entertainment or other commercial, which have weakened over the past several years. The 2019 RFQ included much more detailed information learned from Cell 2 to inform proposers of the developer’s responsibilities, rather than deferring these discussions to t he negotiation of the definitive agreements.

Following the RFQ, in March 2020, the CRA Board selected Faring Capital, LLC (“Faring”) to proceed with negotiations for its proposed project on the Remainder Cells, to include a 12-acre signature community park with restaurants, park and playground space, retail, and entertainment uses along with an industrial/fulfillment/logistics center along the back of the Remainder Cells (“Project”).

On December 16, 2020, the CRA approved an agreement with Faring Capital, LLC (its entity for the project is Carson Goose Owner, LLC) for the Remainder Cells, who have agreed to (i) construct all of the remedial systems on their cells at their own cost without a contribution or subsidy from the CRA or from the Enterprise Fund, and (ii) pay a “residual value” of $45,000,000 for the site in two payments, generally upfront. It was estimated in early 2020 that such an amount would be enough to complete the Cell 2 work, though such work would have needed to be rebid prior to resumption.

The first deposit for CEQA processing and other entitlement was received the next day. The Option Agreement contained a 30-day due diligence period, after which the first deposit of $12,500,000 (plus accrued carrying costs and other costs) were paid to th e CRA on January 19, 2021; the second $32,500,000 is due upon the earlier of (i) receiving the entitlement for the Faring project from the City, or (ii) CAM Carson, LLC, the Cell 2 developer (CAM), is prepared to recommence its work on Cell 2 and has paid the CRA its outstanding obligations under the original Conveyancing Agreement.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

97 NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

FARING CAPITAL, LLC AGREEMENTS FOR CELL 3, 4, AND 5 (CONTINUED)

Project Agreements (Continued)

The Faring Business Deal

The Option Agreement describes the obligation to comply with the Remedial Action Plan (“RAP”) approved by DTSC in 1995, and requires that Faring complete all remediation work, provide any financial assurances associated with the construction of the Project , and complete the remedy as required under the Compliance Framework Agreement (“CFA”), the RAP, the Management Approach to Phased Occupancy (“MAPO”) and all other applicable regulatory documents and agreements.

Unlike the Cell 2 transaction, Faring will fund and perform all remediation work on the Remainder Cells at its sole cost and expense, including the investigation of the environmental conditions, testing, and the development of the remediation plan on these Cells. From a regulatory perspective, however, the CRA will remain the responsible party for closure of the landfill and will oversee and approve the remedial design and construction activities conducted by Faring on the Remainder Cells. The CRA will also remain responsible for the performance of all O&M activities at the Site, during the construction period and, through a Community Facilities District, after the completion of the Project.

Faring’s acquisition of the Remainder Cells pursuant to the Option Agreement shall include (i) all permits, licenses, authorizations, consents, approvals and certificates relating to the Remainder Cells, to the extent assignable from CRA; and (ii) all righ ts, privileges, easements, rights -of-way and appurtenances used or connected with the beneficial use or enjoyment of the “Surface Lot” of the Remainder Cells, including without limitation, development rights and air rights.

Fortunately, the Faring transaction provided the CRA with a substantial infusion of cash that was available to allow CRA to resume the Cell 2 work upon either settlement with CAM or the acquisition of the Cell 2 Project by another developer. Just as signi ficant is the agreement by Faring to bear all the financial obligation, as well as the design and contracting responsibility, for the installation of the Remedial Systems on the Remainder Cells. This is a major departure from the Cell 2 deal structure and a much simpler and more conventional brownfield development transaction. In short, it is a significant benefit to the CRA in completing the closure and full redevelopment of the landfill.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

98 NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

FARING CAPITAL, LLC AGREEMENTS FOR CELL 3, 4, AND 5 (CONTINUED)

Project Agreements (Continued)

Carrying Cost Reimbursement

Faring will also reimburse 100% of the CRA’s monthly carrying costs attributable to the Remainder Cells on a pro rata basis (60%), based on the acreage of the Remainder Cells in relation to the overall net Site acreage. Such carrying costs include: O&M fo r the installed Remedial Systems; general Site maintenance; utilities; security; DTSC oversight costs; and similar expenses, up to a negotiated monthly cap amount. Faring is also responsible for reimbursement of the City of Carson’s costs for entitlement and legal work attributable to the Remainder Cells development.

Insurance Program

Faring will participate in the CRA’s Pollution Legal Liability (“PLL”) insurance program, which had five years of term remaining in 2022 (it expires in 2027), on a pro -rata or risk allocation basis based on acreage or construction values. During FY 2023 -2024, the CRA and Faring obtained a “Bridge” PLL policy with a limit of $50 million, which steps up to the limit upon the expiration of the current PLL, adding an additional 6 years of term. Faring bore the cost of the policy. The CRA and Faring are also developing a new CPL/PLI, Builder’s Risk, and General Liability/OCIP program to support the development of the Remainder Cells separate from the Cell 2 CAM -Carson programs.

Construction of Remedial Systems, Building Protection Systems (“BPS”), and Landfill Operations Center (“LOC”)

Unlike the Cell 2 project, Faring will construct and install the Remedial Systems (to the extent not already completed) on CRA’s behalf and install BPS on, under and within the Remainder Cells at its sole cost in accordance with applicable governmental req uirements, including all requirements under the RAP and CFA approved by the DTSC. This is a significant change in how the project is funded, of course, but it also requires coordination between the environmental designer and general contractor (both of whom are retained by Faring) and the CRA (as the property owner and responsible party), and with DTSC as the lead regulatory authority.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

99 NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

FARING CAPITAL, LLC AGREEMENTS FOR CELL 3, 4, AND 5 (CONTINUED)

Project Agreements (Continued)

Construction of Remedial Systems, Building Protection Systems (“BPS”), and Landfill Operations Center (“LOC”) (Continued)

The “Remedial Systems” consist of the following: (i) a groundwater extraction and treatment system (“GETS”) that serves the entire 157 Acre Site, (ii) the landfill gas collection and control system (“GCCS”) on the Remainder Cells and required buffer areas, and (iii) the landfill cap and liner on the Remainder Cells and required buffer areas. Faring’s obligations include rough grading (cut and fill) and waste consolidation/reconsolidation of the “Subsurface Lot” of the Remainder Cells, and placement and compaction of imported fill on the Subsurface Lot of the Remainder Cells as needed to enable vertical development. All of these were tasks undertaken by the CRA on Cell 2 as part of the CAM agreement.

1. GETS. The GETS construction has been completed and was approved by DTSC in 2014. The Project is not expected to conflict with the existing GETS, so no work associated with the GETS is anticipated as part of Faring’s responsibilities to complete the Remedial Sys tems or perform the site development improvements, except to the extent necessary to relocate specific existing GETS components if conflicts with the Project are identified in the future. The operation of the GETS is included in the monthly carrying costs, which Faring pays on the pro rata basis described above.

2. GCCS. Part of the GCCS has already been built on Cells 3, 4 and 5, and Faring will finish construction of the GCCS on the Remainder Cells. As part of their Workplan for “bottom of trash” investigation, they were forced to cut through certain areas of already- installed liner to access the sub -surface area. DTSC required that they reseal the damaged liner and cover the cuts with bentonite (a type of clay) to reduce the chance of fugitive methane, but that such remedy was only acceptable if the liner was sac rificial and would be replaced.

While Faring had intended to use and not replace the installed liner on the Remainder Cells, nearly all the previously installed liner will be replaced and many of the GCCS wells will be relocated to be outside building foot prints.

GCCS horizontal collectors, vertical wells, lateral piping, and vaults have been installed or will be installed on the Remainder Cells within the footprint of buried landfill waste (most areas except former haul roads). Header piping and sumps on the Rema inder Cells have generally been installed within the former haul road footprints (Stamps and Lenardo). The remaining GCCS infrastructure, except perimeter probes, is located within the LOC.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

100
NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

FARING CAPITAL, LLC AGREEMENTS FOR CELL 3, 4, AND 5 (CONTINUED)

Project Agreements (Continued)

Construction of Remedial Systems, Building Protection Systems (“BPS”), and Landfill Operations Center (“LOC”) (Continued)

Completion of the GCCS work for the Remainder Cells consists of: installation of remaining horizontal collectors and vertical wells; lateral piping for new and existing inactive vertical wells; possible relocation of existing GCCS components if in conflict with the Project; startup of the existing installed but inactive horizontal collectors and vertical wells; startup of the newly installed GCCS components; documentation of the GCCS completion on the Remainder Cells via submittal of a Remedial Action Completion Report (“RACR”) to DTSC; and approval of the Remainder Cells RACR by DTSC.

3. Landfill Cap. Part of the landfill cap and liner has already been installed on portions of the Remainder Cells as part of the installation of the GCCS in these areas, and Faring will replace most of the installed liner (as described above) and finish construction of the landfill cap and liner on the Remainder Cells. The liner design will not change from the approved design, as follows: the first layer of the landfill cap will be a minimum 24 -inch soil foundation layer placed immediately above t he waste mat erial within the Remainder Cells; a 60 mil LLDPE geomembrane will serve as the primary impermeable barrier of the landfill cap system and be placed on top of the foundation layer and will contain drainage strips that will direct surface water off of the landfill cap to help avoid accumulation or infiltration; the drainage strips will be covered by a geotextile fabric layer to help avoid the accumulation of silt and clogging of the drainage system; the geotextile layer will then be covered with aggregate fil l as may be required as part of the BPS below the structural slab, or with a minimum of 12 inches of select cover soil topped with an orange snow fence or similar colored witness barrier to demarcate the boundary between the Subsurface Lot and the Surface Lot; and, finally, an additional two (2) feet of cover soil and/or paving base will be placed above the orange snow fence to achieve final grade in areas outside of the structural slab.

New replacement membrane liner will be substantially the same design as described here.

Portions of the landfill cap were installed by Tetra Tech between 2008 and 2012 in portions of the Remainder Cells that were planned for parking under the outdated “The Boulevards at South Bay” development plan. In addition, clay caps were installed along perimeter slopes along the Torrance Lateral and the I -405 San Diego Freeway. Completion of the landfill cap on these Cells was documented in Addendum #1 to Landfill Cap Completion Report #4, Geosynthetic Cap Areas in Cells 3 and 4, prepared by Tetra Tech.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

101
NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

FARING CAPITAL, LLC AGREEMENTS FOR CELL 3, 4, AND 5 (CONTINUED)

Project Agreements (Continued)

Construction of Remedial Systems, Building Protection Systems (“BPS”), and Landfill Operations Center (“LOC”) (Continued)

4. Landfill Operations Center. Faring is also responsible for finishing out the construction of the Landfill Operations Center (“LOC”), including the operations building and office and other related improvements, if needed by the CRA.

5. Building Protection System . While Building Protection Systems (“BPS”) are a mitigation measure required by the County of Los Angeles, Faring is responsible for completing and installing BPS in all buildings and structures on the Remainder Cells that are part of the Project.

BPS de sign and installation includes both below -ground and related above -ground improvements including venting systems and gas monitoring systems, as well as any necessary methane monitoring and venting equipment within buildings con structed on the Remainder Cells. DTSC reviews the BPS design because of its integration with the liner and the other Remedial Systems.

Offsite Improvements

While Faring is solely responsible for performing the environmental remediation of the Remainder Cells and completion of the Remedial Systems in the Subsurface Lot of the Remainder Cells, as noted above, except as otherwise provided in the Option Agreement , the CRA remains obligated to: (i) develop on behalf of the City, the offsite public infrastructure required to serve and support the Project, including streets, sidewalks, parkways, sewer, water, drainage, lighting, and other utilities (Lenardo Drive and Stamps Road); and (ii) prior to the transfer of the Remainder Cells to Faring, perform the Stormwater Work and the measures under the Standard Urban Stormwater Mitigation Plan (SUSMP) for Los Angeles County. The CRA remains obligated to perform all the operations and maintenance activities for the Remedial Systems at the Site in perpetuity, subject to proportional reimbursement for such costs by Faring and other developers and Site users. All such work by Faring or the CRA, as applicable, will be perform ed in strict compliance with all Environmental Laws, including without limitation, the RAP, CFA, MAPO, and the technical requirements of the 1995 Consent Decree to the extent pertaining specifically to such work.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

102
NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

FARING CAPITAL, LLC AGREEMENTS FOR CELL 3, 4, AND 5 (CONTINUED)

Project Agreements (Continued)

Offsite Improvements (Continued)

The CRA inherited the approved- and partially constructed street plans when it acquired the Cal Compact Landfill in 2015. As originally designed in the 2009-2010 period, Lenardo was intended to be partially “submerged,” with a 25’ depression in the middle to be bridged by overhead connecting roads between Cell 2 and Cells 4 and 5. Some of the wet utilities - stormwater and sewer - had been installed in 2011 based on the submerged street design. When the decision was made to return the street to “at-grade,” the street needed to be designed to accommodate utilities which would now be nearly 30’ below grade. That wet utility redesign process occurred in the 2017-2019 period and did not require a full reconstruction of the utilities, but rather recommended saf ety features to protect the pipes from additional load and ensure worker safety.

Additional street design in 2017-2019 was redesigning the grading plan for Cell 2 needed to line up with the (old) grading plan of the Remainder Cells, since there was not an active development on those cells at the time. Faring’s plan, approved in 2022, changed the site grading once again. Changes in grading plans affect the hydrology of the site and storm drain plan for the street and necessitated additional design changes to the street. Additionally, all the utility plans for the site (which travel through the street) needed to be finalized or redesigned based on changes to the project. The previous owner did not fully complete all the utility design and approval before they conveyed the site to the CRA in 2015, and everything that was completed had to be reapproved based on changes to the site plan.

The CRA undertook the finalization of the street improvement plans and the utility design in late 2022, as the Second Amendment to the Conveyancing Agreement with CAM was being approved. Under “predesign” work, the CRA contracted for electrical system design as well as the other utilities, in addition to the street improvement plans.

As of November 2025, the Guaranteed Maximum Price (“GMAX”) contract for the first scopes of work is final and work (grubbing and clearing the Lenardo Lenardo commenced in June. The sewer and storm drain plans were approved and the protection of the sewer line with a concrete “bridge” constructed over the top to take the load of 25’ of additional soil on top in the middle of the Lenardo Depression is nearly complete, and the replacement of 700 linear feet of storm drain pipe with thicker, higher strength pipe is nearly complete. Grading work on the work has commenced as well.

Even while construction is underway, the CRA continues to finalize the design and permitting of other trades and scopes in the project. All the civil engineering design including grading, hydrology, stormwater, street improvement plans, striping and signal ing, streetlights, and median island landscaping is complete, as is the geotechnical investigation related to streetlights, traffic signals, and transformer foundations.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

103
NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

FARING CAPITAL, LLC AGREEMENTS FOR CELL 3, 4, AND 5 (CONTINUED)

Project Agreements (Continued)

Offsite Improvements (Continued)

Southern California Gas, Spectrum, and AT&T design work is complete. California Water Company (domestic water) design is done, their deposit paid and construction will commence in November; West Basin Municipal Water District (recycled water) design is com plete and the required flushing station for the recycled water system to be located on Cell 2 is approved and construction of the recycled water will occur at the same time as the domestic water system.

The CRA worked to accommodate SCE’s concerns about gas migration into their underground structures, including design alternatives to be able to construct as many vaults and transformers on top of native soil, with even overhead electrical service raised as a solution. SCE has recently expressed objections to owning or maintaining infrastructure on site, including vaults, lines, gear, or poles. They are concerned about the landfill gas issue, even after the CRA demonstrated that the lines located in clean corridors and any vault location on a cell would be located on an excavated area with engineered backfill. Their concern is the potential for methane migration from the adjacent landfill cells.

SCE has instead proposed delivering primary power from the substation to a switch and a meter on an above-ground slab at the property line, with the CRA would taking it from there and distributing power to customers on site. This means the CRA could have to create a small public utility to own the infrastructure and deliver the power to the customers on all five cells.

The on-site backbone has been designed to SCE’s standards, and once the site and design of the three “off-site” switch locations is determined, the contractor can begin to price and bid the installation of the backbone, which is the empty conduit and vaults. This will occur within the next few months.

The CRA access to a portion of the Caltrans right of way on the Avalon Boulevard side of the Torrance Lateral to allow for Lenardo to connect to Avalon Boulevard has a path forward for construction access.

Caltrans and the CRA agreed that full relinquishment was not necessary for public and vehicular access, which is a major time saver in the approval process. However, the utilities themselves (SCE and Cal Water) need to be the applicants for their lines that will extend over the bridge, and not the CRA/Ci ty.

If the CRA is the party installing the electrical power over the bridge, it would be the applicant to Caltrans for access, not SCE.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

104
NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

FARING CAPITAL, LLC AGREEMENTS FOR CELL 3, 4, AND 5 (CONTINUED)

Project Agreements (Continued)

Offsite Improvements (Continued)

During FY 2023-2024, the CRA worked on developing cost estimates for the offsite infrastructure; in addition, because of CAM’s termination of the Second Amendment, the CRA now needed to factor in the installation of landfill gas vaults on the edge of Lenardo on Cell 2 and the design and implementation of the Cell 2 “buffer,” a 20’ strip of landfill liner that keys into an anchor trench in the street and covers a portion of the unclosed cell. Under the Management Approach to Phased Occupancy (MAPO) approved by DTSC in 2018, a buffer of at least 100’ from an unclosed portion of the landfill (in this case, Cell 2) to a cell seeking a Certificate of Occupancy (ultimately, Cells 3, 4, and 5) is required. The Lenardo Drive right of way counts as 80’ toward the 100’ buffer, but 20’ of liner is still required to be installed on Cell 2. The estimated cost for the buffer one plus the installation of 13 landfill gas vaults on Cell 2 is estimated to be $11 million.

The scope of work for environmental work is now under bid. The CRA is constructing the landfill liner “buffer zone” on Cell 2, replacing a section of GCCS header, installing GCCS laterals across Lenardo, and installing the 13 GCCS vaults.

As part of a value engineering exercise, the CRA and its designers evaluated the option of not constructing the buffer on Cell 2, but the cost savings vs. the difficulty for a developer later were minimal because the landfill gas header still needs to be i nstalled in Lenardo because it’s 17’ below grade, and it connects the 13 vaults which are located behind the sidewalk on Cell 2, and the laterals connecting the system on Cells 3, 4, and 5 cross Lenardo, too. All those improvements must be installed as part of the construction of the street and the membrane liner wrapping it is only part of that cost. The CRA expects to be able to use the Carson Goose Owner, LLC (“CGO”) Infrastructure Improvements contribution of $12,500,000 and the City’s 2024 Lease Revenue Bond funds which allocated $26,000,000 for the completion of Lenardo for this work. The City also recently received an award of $8,000,000 from the Metropolitan Transportation Authority (“Metro”) toward the Lenardo Drive construction though the Grant Agreement has not yet been presented for approval.

During the 2020-2024 period, the CRA also cooperated with Faring in their site design to incorporate its impacts on traffic and street design. With logistics being a significant part of the site design, the entire project needed to go through a new Specific Plan amendment and redesign and a several changes had to be made to the street. These changes involved driveway modifications on both sides of the street; measures to limit or prohibit truck traffic from entering from or exiting to Avalon Boulevard; reducing median width to accommodate t ruck movements, which had a spillover effect or street light location and landscaping; and the installation of additional storm drain inlets on the Remainder Cells 5 side of the street due to the changed hydrology.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

105
NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

FARING CAPITAL, LLC AGREEMENTS FOR CELL 3, 4, AND 5 (CONTINUED)

Project Agreements (Continued)

Offsite Improvements (Continued)

The combination of the core street work based on the 2019 estimate from the CRA ’s civil general contractor, of about $26 million, plus the environmental costs, plus the landfill gas system vaults and the Cell 2 buffer (the Cell 2 work), has pushed the potential overall costs for Lenardo/Stamps to over $60 million. The original reven ue to the CRA from the City of Carson, plus Faring, to construct the improvements was approximately $23.0 million in City Measure R/Measure M bonds plus $12,500,000 from Faring pursuant to the Option Agreement (as amended), for a total of about $35,500,000, with the remainder today coming from the City’s 2024 Lease Revenue Bonds (a $26,000,000 allocation), $700,000 from a traffic mitigation fee paid by the developer of the Evolve Apartments on Del Amo (which property is in the Boulevards at South Bay Specific Plan), and a now the $8,000,000 Measure M Allocation from Metro.

Environmental Responsibility

Notwithstanding their agreement to fund and construct the Remedial Systems, Faring is not directly assuming any payment obligation under any of the Consent Decrees applicable to the Site and is not assuming any liability from the CRA with respect to the presence or existence of Hazardous Materials at the Site prior to the effective date of the Option Agreement, Environmental Impact Report ( EIR) (and any supplement or amendment thereto), and the Mitigation Monitoring and Reporting Program under the EIR. To facilitate Faring’s construction and/or maintenance of the Remedial Systems on the Remainder Cells, BPS, and other site development improvements, the CRA will allow access to the Subsurface Lot of the Remainder Cells pursuant to a License Agreement.

Until the closing with Faring, the CRA shall retain ultimate Site control on the Remainder Cells. After the closing, expected by the end of 2024, Faring will own and control the Surface Lot of the Remainder Cells, and the CRA will continue to own the Subsurface Lot and shall continue to perform all responsibilities and liabilities related to the performance of O&M of the Remedial Systems after DTSC’s approval of RACRs for all the Remainder Cells.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

106
NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

DISPOSITION OF CELL 1 OF THE 157 ACRE SITE

The CRA has offered Cell 1 for sale/transfer numerous times since its acquisition of the Property in 2015, including pursuant to a Master Developer Request for Qualifications in 2016, an Invitation to Propose in 2017/18 and another Invitation to Propose in 2019. Following those unsuccessful efforts, the CRA still proposes to put up the Property for sale and enter negotiations with potential private developers for the disposition of Cell 1. However, in 2019, Governor Newsom signed into law AB 1486, which significantly expanded the procedural requirements that a local agency must adhere to prior to selling or leasing properties it owns to a private party (the Surplus Land Act or “Act”). The Act now governs the disposition of land owned by a city or local age ncy (including the CRA), which is sought to be sold or leased when it is no longer necessary for the city’s/agency’s use. The Act went into effect on January 1, 2020, and its penalty provisions for failures by any city/agency to comply with the new terms and procedural requirements under the Act took effect until January 1, 2021.

The Act requires that prior to any sale or lease of property owned by a local agency (or even entering negotiations with a prospective transferee), the agency must formally declare land as either “surplus land” or “exempt surplus land” as supported by writ ten findings in a Resolution approved by the local agency (i.e., the CRA Board) at a regular public meeting of the agency. The CRA Board adopted a Resolution declaring Cell 1 “surplus land” under the recent changes to the Act, and Cells 3, 4, and 5 constitute “exempt surplus land.”

CELL 1 DISPOSITION

Surplus Land Act

In August 2021, the CRA adopted a resolution declaring Cell 1 of the Site as “surplus” pursuant to the State’s Surplus Land Act. The cell is zoned residential (approved for up to 1,200 units) and went through the Surplus Land Act process with the California Department of Housing and Community Development (HCD). One offer was received by an affordable housing developer by the November 14, 2021 deadline, Standard Property Company, Inc. As housing, any Cell 1 project will always need a subsidy of at least a portion of the cost of the remedial systems. The 90 -day negotiation period with the proposer expired on February 14, 2022 though the CRA kept the offer open pending the resolution of Cell 2.

The CRA and Standard negotiated an Exclusive Negotiating Agreement in November 2022, and they are updating their cost estimates due to inflation in materials and labor and are also updating their financing model. They originally anticipated using tax-exempt bonds for all- or a part of their construction (or take out) but the tax-exempt bond market has suffered in the rising interest rate environment making that option much less feasible. Their revised offer no longer assumes the CRA would provide millions of dollars in remediation assistance but still requires a substantial grant-funded subsidy to close the feasibility gap faced by previous residential proposers.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

107
NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CELL 1 DISPOSITION (CONTINUED)

Surplus Land Act (Continued)

Because Cell 1 (and its approved housing allocation in the District at South Bay Specific Plan) is included in the City’s General Plan and Housing Element, the State will require any proposal for a use other than housing on Cell 1 to require the City to fi nd another alternative site in Carson to accommodate the “lost” 1,200 units of capacity at that site for Housing Element compliance. The site and its 1,200 allocated units have become critically important to the approval of the City’s Housing Element by HCD. Notwithstanding the extraordinary foundation costs for housing on the Cell 1 site, developers are still especially motivated to pursue it for high density housing because the project across the street, Evolve South Bay, recently sold to a San Diego investor for the highest per -unit cost of any rental property in the South Bay, or $570,000 per unit.

Since Cell 1 constitutes a 15 -acre portion of the overall 157 Acre Site, any potential developer (including any Responding Entities to the CRA ’s Notice of Availability) shall be required to comply with the Site’s regulatory requirements (and any others imposed by the State and/or DTSC with respect to such development) and pay for all costs associated with its proposed development.

Additionally, Cell 1 currently does not currently constitute a legally developable parcel, since it forms a part of the overall 157 Acre Site, and therefore, any proposed developer/purchaser of it will be required to parcelize the Cell (the “Parcelization Requirement”) prior to acquisition in accordance with the requirements under the Subdivision Map Act. However, the 157 Acre Site has been vertically subdivided into a surface lot (the “Surface Lot”) and a subsurface lot (the “Subsurface Lot”), and thus, t he purchaser/developer of Cell 1 shall only be required to acquire the Surface Lot following the Parcelization Requirement; the CRA shall retain the Subsurface Lot of the Property. Any Responding Entity or proposed developer of the Property shall be required to obtain access from the CRA to the Subsurface Lot to implement and comply with the above-referenced Development Requirements.

CLOSURE AND POST-CLOSURE LANDFILL REMEDIATION

In January 2017, the CRA , to prepare for the commencement of the development of the 157 Acre Site, entered into a series of agreements that ultimately transferred the responsibility for landfill closure and post- closure costs related to the former Cal Compact Landfill from the pr evious environmental firm operating the site under a “risk transfer” contract, Tetra Tech, to the CRA. As a result, the CRA has the commitments described below.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

108
NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CLOSURE AND POST-CLOSURE LANDFILL REMEDIATION (CONTINUED)

Pursuant to an Enterprise Fund Administration Agreement with the DTSC, the CRA established a separate investment account to receive contributions of $31,367,397 that came from the termination of a trust that had held funds for the purpose of landfill closure and post -closure activity on the 157 -acre site. The investment account is comprised of two subaccounts: one for funding designated to remediation work (closure activity) and one for funding designated to operating and maintenance work (post-closure activity).

The CRA must submit payment requests and detailed supporting documentation to the DTSC to utilize these funds for their intended purpose.

As a result of the compliance requirements established by the DTSC, the balance in this investment account at fiscal year-end is reported as restricted cash and investments on the statement of net position.

Pursuant to a release and commutation agreement with AIG, the holder of a previous Environmental Protection Program insurance policy, the CRA also received contributions of $7,180,811 for the purpose of landfill closure and post -closure activities from the commutation of an insurance policy that the previous owner of the property had established. These funds were used toward the closure activity on Cell 2.

The landfill closure and post -closure activity for the former landfill site is regulated by the following documents:

1. State of California, Environmental Protection Agency, Department of Toxic Substances Control, Remedial Action Order and Consent Order pursuant to Health and Safety Code Sections 25355.5(a)(1)(B) and 25355.5(a)(1)(C), Docket No. HSA 94/95-035, issued to Res pondent BKK Corporation, dated May 25, 1995.

2. Final Remedial Action Plan, Cal Compact Landfill (Upper Operable Unit), Carson, California, submitted by BKK Corporation, dated October 1995.

3. Consent Decree Resolving Claims Against BKK Corporation, in the case styled as The California Department of Toxic Substances Control v. Commercial Realty Projects, Inc. et al. , in the United States District Court for the Central District of California, dated February 4, 2004.

4. Final Remedial Action Plan for Lower Operable Unit, Cal Compact Landfill, Carson, California, prepared by URS Corporation, dated January 2005.

5. Compliance Framework Agreement by and between the California Department of Toxic Substances Control, the Hazardous Waste Control Account and the Hazardous Substances Account, on the one hand, and Carson Marketplace LLC on the other hand, dated September 28, 2006.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

109
NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CLOSURE AND POST-CLOSURE LANDFILL REMEDIATION (CONTINUED)

6. First Amendment to the Compliance Framework Agreement by and between the California Department of Toxic Substances Control, the Hazardous Waste Control Account and the Hazardous Substances Account, on the one hand, and Carson Marketplace LLC on the other hand, dated December 31, 2007.

7. Assignment and Assumption Agreement by and among the California Department of Toxic Substances Control, Carson Marketplace, LLC and CRA dated as of May 18, 2015.

Management of the CRA has reevaluated the estimated total current costs of remaining landfill closure and post-closure activities as of fiscal year-end as follows:

Landfill Closure (1)

1) Estimated landfill closure costs include completion of the installation of a landfill cap and the construction of a landfill gas collection, control, and treatment system, plus the ongoing O&M obligations during the development period.

2) Cell 1 anticipates a “button up” cost, meaning there is no vertical development but rather the installation of the GCCS and liner without vertical development. This number has been increased by 60% to reflect construction cost escalation over the past 9 years, to $25 million.

3) Cell 2 anticipates the completion of the remedial system work associated with the partially finished improvements on Cell 2. All the GGCS wells are already installed but the system is not connected to the Landfill Operations Center, and about 1/3 of the liner is installed. This amount will be reduced by about $12,000,000 in the current year, as the “Cell 2 Work” constructed as part of the Lenardo Drive project – the GCCS vaults and the Cell 2 buffer zone -- is included in this number.

Cell 1 (2) $ 25,000,000
Cell 2 (3) 42,200,000
Cell 3, 4, 5 (4) 29,900,000
Subtotal 97,100,000
Operation and Maintenance of Landfill Systems (5) 25,000,000 Other Soft Costs (6) 8,000,000
Total Estimated Costs $ 130,100,000

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

110
NOTE 17 - DISCRETELY PRESENTED RECLAMATION AUTHORITY COMMITMENTS (CONTINUED)

CLOSURE AND POST-CLOSURE LANDFILL REMEDIATION (CONTINUED)

Landfill Closure (1) (Continued)

4) Cells 3, 4, and 5 Estimate. This number was originally estimated at $18,700,000 which was used as part of the cost allocation in the EFAA and was a “button up” -only number as there was already 42 acres (out of 86) of installed liner and 64 landfill gas wells out of about 130. Based on a similar cost escalation as Cell 1 (about 60% over 9 years), the new estimated button up cost is $29,900,000. This assumes Faring does not mover forward, as their plan is to abandon all the installed liner, install new wells, and relocate a number of already installed wells.

Their cost, which includes liner with pile caps, pile cap boots, and other features necessary to tie the remedial systems to the structural systems, plus install the BPS under the slab, is well over $100 million. If the CRA had to button up those cells after Faring’s work had commenced (but, hypothetically, wasn’t finished) it would be significantly more than $29,900,000. On the other hand, Faring’s obligation to fund all the improvements effectively lower’s the CRA’s obligation on these cells to zero.

5) Estimate is for only five years. Once properties have been developed, the existing Community Facilities Districts will be assessing the Surface Lot owners to cover subsequent operating and maintenance costs of the landfill systems. In the meantime, the O& M costs (without including construction support) are currently about $5,000,000 per year, which includes the O&M contract, utilities, and security. Some of these costs (like security) will decline when the project is completed and the CFD is fully in place, but not all.

6) Other soft costs include administration, legal costs, and site-specific insurance.

NOTE 18 – ADJUSTMENT AND RESTATEMENT OF BEGINNING BALANCES

Error Corrections

During the fiscal year 2025, the City determined that certain drawdowns made from its escrow account were improperly recorded as revenue during the fiscal year 2024. The effect of the adjustment is shown in the table below.

CITY OF CARSON
Notes to Basic Financial Statements
June 30, 2025

111
NOTE 18 – ADJUSTMENT AND RESTATEMENT OF BEGINNING BALANCES (CONTINUED)

Changes to or Within the Financial Reporting Entity
Other Prop 68 Parks & Water Bond Act of 2018 OGALS Special Revenue Fund was previously reported as a nonmajor fund in the 2024 Annual Comprehensive Financial Report. However, the size criteria for the current year changed the presentation for the fund from a nonmajor to a major fund. The effects of these changes within the financial reporting entity are summarized below in the following table.

NOTE 19 – SUBSEQUENT EVENT

The City has evaluated events subsequent to June 30, 2025 to assess the need for potential recognition or disclosure in the financial statements. Such events were evaluated through December 18, 2025, the date the financial statements were available to be issued. Based upon this evaluation, it was determined that , no subsequent events occurred that require recognition or additional disclosure in the financial statements other than the information in Note 17.

Adjustment -
June 30, 2024 Prop 68 Parks & Water
As Previously Bond Act of 2018 Error June 30, 2024
Reported as major fund Corrections As Restated
Government-Wide
Governmental Activities $ 565,365,225 $ - $ (6,760,000) $ 558,605,225 Governmental Funds
Major Fund
Prop 68 Parks & Water Bond Act of
2018 OGALS Special Revenue Fund$ - $ (342,052) $ - $ (342,052) Nonmajor Governmental Funds $ 78,408,461 $ 342,052 $ (6,760,000) $ 71,990,513

The Jewel of the South Bay

REQUIRED SUPPLEMENTARY

INFORMATION

CITY OF CARSON, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

The Jewel of the South Bay

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CITY OF CARSON

SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS

CA PUBLIC EMPLOYEES RETIREMENT SYSTEM- MISCELLANEOUS PLAN

Last Ten Fiscal Years

112

June 30, 2025 June 30, 2024 J une 30, 2023 June 30, 2022 June 30, 2021 Measurement period June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Total Pens ion Liability:

Service cost $ 5,910,237 5,137,603 $ 4,835,301 $ 4,390,630 $ 4,522,067 Interest on total pension liability 24,708,051 23,138,118 22,324,219 21,889,618 21,302,839 Changes of benefit term s - 302,983 Changes in assum ptions - - 9,940,169 - - Differences between ex pected and
actual ex perience 12,646,621 1,861,904 (2,195,639) (1,080,591) 1,032,485 Benefit paym ents, including refunds of
em ployee contributions (18,848,102) (18,263,905) (17,095,896) (16,616,517) (16,327,319) Net Change in Total Pension Liability 24,416,807 12,176,703 17,808,154 8,583,140 10,530,072 Total Pension Liability - Beginning of Y ear 351,910,018 339,733,315 321,925,161 313,342,021 302,811,949 Total Pension Liability - End of Y ear (a) $ 376,326,825 3 51,910,018 $ 339,733,315 $ 321,925,161 $ 313,342,021 P
lan Fiduciary Net Position:

Plan to plan resource m ovem ent $ $ $ - $ - C
ontributions - em ployer 4,518,489 3,778,386 3,191,190 2,779,693 116,735,668 Contributions - em ployee 2,930,509 2,103,707 2,004,119 1,757,039 2,025,219 Net investm ent incom e 31,527,761 19,870,242 (27,374,118) 68,858,355 9,928,404 Benefit payments (18,848,102) (18,263,905) (17,095,896) (16,616,517) (16,327,319) Adm inistrative ex pense (274,055) (242,339) (229,902) (312,261) (282,674) Other miscellaneous income/(ex pense) - - - Net Change in Plan Fiduciary Net Position $ 19,854,602 7 ,246,091 $ (39,504,607) $ 56,466,309 $ 112,079,298 P
lan Fiduciary Net Position - Beginning of Y ear 336,800,217 329,554,126 369,058,733 312,592,424 200,513,126 Plan Fiduciary Net Position - End of Y ear (b) $ 356,654,819 3 36,800,217 $ 329,554,126 $ 369,058,733 $ 312,592,424 N
et Pension Liability - Ending (a)-(b) $ 19,672,006 1 5,109,801 $ 10,179,189 $ (47,133,572) $ 749,597 P
lan Fiduciary net position as a percentage of
the total pens ion liability 94.77% 95.71% 97.00% 114.64% 99.76% Covered payroll $ 30,782,486 2 6,185,542 $ 24,200,705 $ 23,656,414 $ 24,156,342 N
et pension liability as percentage of
covered payroll 63.91% 57.70% 42.06% -199.24% 3.10%
Notes to Schedule:

Benefit Changes:

Changes in Assum ptions:

Fiscal Y ear ended
The figures a bove generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Y earsAdditional Service Credit (a.k.a. G oldenHandshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability im pact is deem ed to be m aterial by the plan actuary.

There were n o assum ption changes in 2023or 2024.Effective with the June 30, 2021,valuation date (June 30, 2022,measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determ ining the long-term ex pected rate of return, CalPERS took into account long-term m arket return ex pectations as well as the ex pectedpension fund cash flows .In addition, dem ographic assum ptions and the price inflation assum ption were changed in accordance with the 2021 CalPERS Ex perienceStudy and Review of Actuarial Assum ptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.

CITY OF CARSON

SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS

CA PUBLIC EMPLOYEES RETIREMENT SYSTEM- MISCELLANEOUS PLAN (CONTINUED)
Last Ten Fiscal Years

113

June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Measurement period June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Total Pens ion Liability:

Service cost $ 4,524,317 $ 4,901,075 $ 4,806,568 $ 4,558,044 $ 4,326,829 Interest on total pension liability 20,562,599 19,821,114 19,276,794 18,605,765 17,550,999 Changes of benefit term s
Changes in assum ptions - (1,676,966) 15,778,040 - (4,237,527) Differences between ex pected and
actual ex perience 245,232 (1,748,992) (923,400) 2,148,324 6,597,837 Benefit paym ents, including refunds of
em ployee contributions (15,203,216) (13,614,042) (12,569,527) (10,930,075) (9,777,863) Net Change in Total Pension Liability 10,128,932 7,682,189 26,368,475 14,382,058 14,460,275 Total Pension Liability - Beginning of Y ear 292,683,017 285,000,828 258,632,353 244,250,295 229,790,020 Total Pension Liability - End of Y ear (a) $ 302,811,949 $ 292,683,017 $ 285,000,828 $ 258,632,353 $ 244,250,295 Plan Fiduciary Net Position:

Plan to plan resource m ovem ent $ - $ (447) $ - $ - $ (228,538) Contributions - em ployer 8,358,878 7,293,749 6,899,003 6,254,187 5,746,641 Contributions - em ployee 1,875,759 1,930,908 2,015,333 2,155,129 2,169,417 Net investm ent incom e 12,642,645 15,376,239 18,521,130 1,013,852 3,717,143 Benefit payments (15,203,216) (13,614,042) (12,569,527) (10,930,075) (9,777,863) Adm inistrative ex pense (137,712) (284,877) (248,333) (103,489) (191,232) Other miscellaneous income/(ex pense) 447 (540,987) - - - Net Change in Plan Fiduciary Net Position $ 7,536,801 $ 10,160,543 $ 14,617,606 $ (1,610,396) $ 1,435,568 Plan Fiduciary Net Position - Beginning of Y ear 192,976,325 182,815,782 168,198,176 169,808,572 168,373,004 Plan Fiduciary Net Position - End of Y ear (b) $ 200,513,126 $ 192,976,325 $ 182,815,782 $ 168,198,176 $ 169,808,572 Net Pension Liability - Ending (a)-(b) $ 102,298,823 $ 99,706,692 $ 102,185,046 $ 90,434,177 $ 74,441,723 Plan Fiduciary net position as a percentage of
the total pens ion liability 66.22% 65.93% 64.15% 65.03% 69.52% Covered payroll $ 23,533,511 $ 25,068,155 $ 24,225,433 $ 25,529,537 $ 23,784,241 Net pension liability as percentage of
covered payroll 434.69% 397.74% 421.81% 354.23% 312.99% Fiscal Y ear ended
Notes to Schedule:

Benefit Changes:

Changes in Assum ptions:

The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Y earsAdditional Service Credit (a.k.a. G oldenHandshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability im pact is deem ed to be m aterial by the plan actuary.

There were no assum ption changes in 2023or 2024.Effective with the June 30, 2021,valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determ ining the long-term ex pected rate of return, CalPERS took into account long-term m arket return ex pectations as well as the ex pectedpension fund cash flows .In addition, dem ographic assum ptions and the price inflation assum ption were changed in accordance with the 2021 CalPERS Ex perienceStudy and Review of Actuarial Assum ptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.

CITY OF CARSON

SCHEDULE OF CONTRIBUTIONS

CA PUBLIC EMPLOYEES RETIREMENT SYSTEM- MISCELLANEOUS PLAN

Last Ten Fiscal Years*

114

June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Contractually required contribution
(actuarially determined) $ 4,439,752 $ 4,518,489 $ 3,778,386 $ 3,191,190 $ 2,779,693 Contributions in relation to the actuarially
determ ined contributions (4,439,752) (4,518,489) (3,778,386) (3,191,190) (2,779,693) Contribution deficiency (ex cess) $ - $ - $ - $ - $ - Covered payroll $ 38,151,461 $ 30,782,486 $ 26,185,542 $ 24,200,705 $ 23,656,414 Contributions as a percentage of covered
payroll 11.64% 14.68% 14.43% 13.19% 11.75%
Notes to Schedule:

V aluation Date June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 Methods and Assum ptions Used to Determ ine Contribution Rates:

Actuarial cost method Entry Age Entry Age Entry Age Entry Age Entry Age Am ortization m ethod (1) (1) (1) (1) (1)
Asset valuation m ethod Fair Value Fair Value Fair Value Fair Value Fair Value Inflation 2.500% 2.500% 2.500% 2.500% 2.625%
Salary increases (2) (2) (2) (2) (2)
Investment rate of return 7.00% (3) 7.00% (3) 7.00% (3) 7.00% (3) 7.25% (3) Retirement age (4) (4) (4) (4) (4)
Mortality (5) (5) (5) (5) (5)
(1) Level percentage of payroll, closed
(2) Depending on age, service, and type of em ploym ent (3) Net of pension plan investm ent ex pense, including inflation (4) The probabilities of retirem ent are based on the 2017 CalPERS Ex perience Study for the period from 1997 to 2015. (5) The probabilities of m ortality are based on the 2017 CalPERS Ex perience Study for the period from 1997 to 2015.

Mortality rates include 15 years of projected m ortality im provem ent using 90% of Scale MP -2016 published by the Society of Actuaries Fiscal year ended

CITY OF CARSON

SCHEDULE OF CONTRIBUTIONS

CA PUBLIC EMPLOYEES RETIREMENT SYSTEM- MISCELLANEOUS PLAN (CONTINUED)
Last Ten Fiscal Years*

115

June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Contractually required contribution
(actuarially determined) $ 9,864,540 $ 8,358,878 $ 7,293,749 $ 6,899,003 $ 6,254,187 Contributions in relation to the actuarially
determ ined contributions (116,735,668) (8,358,878) (7,293,749) (6,899,003) (6,254,187) Contribution deficiency (ex cess) $ (106,871,128) $ - $ - $ - $ - Covered payroll $ 24,156,342 $ 23,533,511 $ 25,068,155 $ 24,225,433 $ 25,529,537 Contributions as a percentage of covered
payroll 483.25% 35.52% 29.10% 28.48% 24.50%
Notes to Schedule:

V aluation Date June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 June 30, 2013 Methods and Assum ptions Used to Determ ine Contribution Rates:

Actuarial cost method Entry Age Entry Age Entry Age Entry Age Entry Age Am ortization m ethod (1) (1) (1) (1) (1)
Asset valuation m ethod Fair Value Fair Value Fair Value Fair Value Fair Value Inflation 2.625% 2.75% 2.75% 2.75% 2.75%
Salary increases (2) (2) (2) (2) (2)
Investment rate of return 7.25% (3) 7.375% (3) 7.50% (3) 7.50% (3) 7.50% (3) Retirement age (4) (4) (4) (4) (4)
Mortality (5) (5) (5) (5) (5)
(1) Level percentage of payroll, closed
(2) Depending on age, service, and type of em ploym ent (3) Net of pension plan investm ent ex pense, including inflation (4) The probabilities of retirem ent are based on the 2017 CalPERS Ex perience Study for the period from 1997 to 2015. (5) The probabilities of m ortality are based on the 2017 CalPERS Ex perience Study for the period from 1997 to 2015.

Mortality rates include 15 years of projected m ortality im provem ent using 90% of Scale MP -2016 published by the Society of Actuaries Fiscal year ended

CITY OF CARSON

SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS

Last Ten Fiscal Years*

116

6/30/2025 6/30/2024 6/30/2023 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 Measurement date 6/30/2024 6/30/2023 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 Total OPEB Liability:

Service cost $ 2,212,702 1,658,958 $ 1,087,353 $ 1,696,552 $ 1,810,290 $ 1,971,400 $ 2,393,726 $ 2,296,140 Interes t on total OPEB Liability 3,486,615 3,497,327 3,256,568 3,837,393 3,808,169 3,614,491 3,287,464 3,150,579 Change in benefit term s - 2,100 2,179,625 Changes of assum ptions (2,933,555) 2,837,454 8,499,350 (15,168,312) (2,141,914) (4,565,917) (9,857,740) - Difference between ex pected
and actual ex perience 3,868,048 (5,700,332) (2,112,048) (5,758,334) (3,019,237) 908,566 - - Benefit paym ents, including refunds
and the im plied subsidy benefit paym ents (2,783,864) (3,264,705) (2,903,847) (2,794,181) (2,897,579) (2,565,759) (2,572,106) (2,074,858) Net Change in Total OPEB Liability 3,849,946 (969,198) 10,007,001 (18,186,882) (2,440,271) (637,219) (6,748,656) 3,371,861 Total OPEB Liability - Beginning of Y ear 57,269,199 58,238,397 48,231,396 66,418,278 68,858,549 69,495,768 76,244,424 72,872,563 Total OPEB Liability - End of Y ear (a) 61,119,145 57,269,199 58,238,397 48,231,396 66,418,278 68,858,549 69,495,768 76,244,424 Plan Fiduciary Net Position:

Contributions - em ployer 2,783,864 3,264,705 2,903,847 2,794,181 2,897,579 2,565,759 1,572,106 1,409,106 Net investm ent incom e 2,559,375 1,405,275 (3,382,785) 5,451,160 677,019 1,114,064 1,395,100 1,757,999 Administrative ex penses (7,589) (6,357) (6,401) (7,504) (9,361) (3,868) (9,260) (8,868) Other income/(ex penses) - - - (23,399) - Benefit paym ents, including refunds
and the im plied subsidy benefit paym ents (2,783,864) (3,264,705) (2,903,847) (2,794,181) (2,897,579) (2,565,759) (2,572,106) (2,074,858) Net Change in Plan Fiduciary Net Position 2,551,786 1,398,918 (3,389,186) 5,443,656 667,658 1,110,196 362,441 1,083,379 Plan Fiduciary Net Position - Beginning of Y ear 23,279,801 21,880,883 25,270,069 19,826,413 19,158,755 18,048,559 17,686,118 16,602,739 Plan Fiduciary Net Position - End of Y ear (b) 25,831,587 23,279,801 21,880,883 25,270,069 19,826,413 19,158,755 18,048,559 17,686,118 Net OPEB Liability - Ending (a)-(b) $ 35,287,558 33,989,398 $ 36,357,514 $ 22,961,327 $ 46,591,865 $ 49,699,794 $ 51,447,209 $ 58,558,306 Plan fiduciary net position as a percentage of the
total OPEB liability 42.26% 40.65% 37.57% 52.39% 29.85% 27.82% 25.97% 23.20% Covered payroll $ 34,179,348 39,508,380 $ 38,450,978 $ 23,949,613 $ 29,684,243 $ 28,889,774 $ 22,542,046 $ 22,542,046 Net OPEB liability as a percentage of
covered payroll 103.24% 86.03% 94.56% 95.87% 156.96% 172.03% 228.23% 259.77% Notes to Schedule:

Benefit Changes:

There were no changes in benefits
Changes in assum ptions:
* Fiscal year 2018 was the first year of im plem entation; therefore, only eight years are shown.

For the fiscal years ended June 30, 2018, 2019, 2020, 2021, 2022, 2023, 2024, and 2025 the discount rates were 4.25%, 5.15%, 5.50%, 5.75%, 6.40%, 6.00%, 6.00% and 6.40%, respectively.

Fiscal year end

CITY OF CARSON

SCHEDULE OF CONTRIBUTIONS – OPEB PLAN

Last Ten Fiscal Years*

117

June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 Actuarially determ ined contribution $ 6,422,918 6,002,211 $ 3,649,998 $ 3,559,814 $ 5,150,253 $ 5,150,253 $ 4,612,779 $ 4,572,804 3,149,841 2,783,864 3,264,705 2,903,847 2,794,181 3,342,678 2,565,759 1,572,106 Contribution deficiency (ex cess) $ 3,273,077 3,218,347 $ 385,293 $ 655,967 $ 2,356,072 $ 1,807,575 $ 2,047,020 $ 3,000,698 Covered payroll $ 38,151,461 34,179,348 $ 39,508,380 $ 38,450,978 $ 23,949,613 $ 29,684,243 $ 28,889,774 $ 22,542,046

8.26% 8.14% 8.26% 7.55% 11.67% 11.26% 8.88% 6.97%
Notes to Schedule:

V aluation Date June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2017 June 30, 2017 Actuarial cost method
Am ortization m ethod
Asset valuation m ethod
Discount Rate 6.40% 6.00% 6.00% 6.40% 5.75% 5.50% 5.15% 4.25% Inflation
Project Salary Increase
Ex pected long-term Investm ent Rate of Return
Medical Trend (3) (3) (3) (3) (3) (2) (1) (1)
Pre-Retirement Turnover, Retirement (5) (5) (5) (5) (5) (5) (4) (4) Mortality (6) (6) (6) (6) (6) (6) (4) (4)
(1) 6.0% HMO/6.5% PPO, decreasing to half a percent per year to 5%. (2) 6.5% decreasing a half percent per year to 4.5% in fiscal year 2028 (3) 6.5% decreasing a half percent per year to 4.5% in fiscal year 2030 (4) 2014 CalPERS ex perience study
(5) 2017 CalPERS ex perience study
(6) Society of Actuaries (SOA) Pub-2010
*Fiscal year 2018 was the first year of implementation; therefore, only seven years are shown.

3.00% per annum , in aggregate

7.00%
Contributions in relation to the actuarially
determ ined contribution
Contributions as a percentage of
covered-em ployee payroll
Methods and assum ptions used to
determ ine contribution rates:

Investm ent gains and losses spread over 5-year rolling period Entry age norm al
Level percentage of payroll

2.75%

The Jewel of the South Bay

CITY OF CARSON
Major Governmental Funds

118

GENERAL FUND

The General Fund accounts for all financial resources that are not restricted as to their use or required to be accounted for in another fund. These resources include sales and use tax, property taxes, utility users tax, franchise taxes, business license fees, building permits, interest on investments, fines and forfeitures, charges for services, and other miscellaneous revenues.

General Fund resources are used to finance the general governmental operations of the City of Carson. The city departments that are listed below are supported by the General Fund. The list likewise shows the services that each department provides.

City Council Administrative Services City Manager
Local legislative policy Revenue collection Implementation of City Council policies Business license Intergovernmental relations
City Attorney Budget preparation Public information
Legal advisor to City Council and
departments Financial reporting Preparation of agendas
Preparations of resolutions and ordinances Grants accounting Human resources Contract review Accounts payable Recruitment/training
Litigation Payroll Worker's compensation
Purchasing Risk assessment and management
City Clerk Reproduction and mail services Benefits administration Records management Warehouse operations
Preparation of minutes Information technology Public Works Codification of municipal code General engineering
Elections Community Services Contract administration
Parks and recreation Construction engineering
City Treasurer Special events Public Works
Investments Sherriff's contract Street and parkway maintenance Cash management Code enforcement and compliance Vehicle and equipment maintenance Cashiering Security services Median and tree maintenance Youth services Waste management
Community Development Safety and emergency services Environmental Employment development Pedestrian safety Building and landscape maintenance Business development Senior services
Successor Agency Fine Arts Non-Departmental
Housing Authority Transportation Retiree health insurance Housing and neighborhood Community center Program support Planning
Building and safety

CARSON HOUSING AUTHORITY SPECIAL REVENUE FUND

The Carson Housing Authority Special Revenue Fund accounts for assets used for low/moderate income housing activities in accordance with the applicable housing-related regulations. The housing assets of the dissolved redevelopment agency's Low and Moderate Income Housing Fund were transferred to Carson Housing Authority.

PROP 68 PARKS & WATER BOND ACT OF 2018 0GALS FUND

CPFA 2024 LEASE REVENUE BONDS FUND

CPFA 2024 Lease Revenue Bonds accounts for the proceeds from the issuance of the 2024 Lease Revenue Bonds.

CITY OF CARSON

BUDGETARY COMPARISON SCHEDULE

GENERAL FUND

For the year ended June 30, 2025

119
See note to required supplementary information.

V ariance with
Final Budget
Budgeted Am ounts Pos itive
Original Final Actual (Negative)
Rev enues
Tax es:

Sales and use tax $ 58,568,239 $ 58,568,239 $ 59,591,800 $ 1,023,561 Franchise tax 17,745,550 17,745,550 13,214,723 (4,530,827) Property tax allocation from state 22,171,901 22,171,901 22,248,379 76,478 Transient occupancy tax 2,000,000 2,000,000 2,120,917 120,917 Utility Us ers tax 10,000,000 10,000,000 11,037,003 1,037,003 Real property transfer tax 350,000 350,000 3,795,048 3,445,048 Oil industry business tax 6,500,000 6,500,000 24,586,805 18,086,805 Total tax es 117,335,690 117,335,690 136,594,675 19,258,985 Business licenses 2,800,000 2,800,000 3,152,545 352,545 Building perm its 2,000,000 2,000,000 3,115,117 1,115,117 Other licenses and permits 1,283,272 1,283,272 1,832,238 548,966 Total licenses and permits 6,083,272 6,083,272 8,099,900 2,016,628 Fines and forfeitures:

Traffic and parking fines 1,224,562 1,224,562 1,596,547 371,985 Other fines, forfeitures and penalties 3,240,460 3,240,460 1,772,158 (1,468,302) Total fines and forfeitures 4,465,022 4,465,022 3,368,705 (1,096,317) Intergovernm ental:

Motor vehicle licenses 101,079 101,079 147,919 46,840 Other intergovernm ental 5,000 5,000 350,000 345,000 Total intergovernm ental 106,079 106,079 497,919 391,840 Charges for services:

Planning and public works 61,401 61,401 361,954 300,553 Recreation 433,039 433,039 729,943 296,904 Other service charges 5,042,154 5,042,154 5,091,445 49,291 Total charges for services 5,536,594 5,536,594 6,183,342 646,748 Investm ent incom e
Interest on investm ents 4,150,000 4,150,000 2,433,564 (1,716,436) Interest on leases - - 32,612 32,612 Rents and com m issions 1,004,559 1,004,559 (76) (1,004,635) Com m unity Center revenue 569,912 569,912 809,359 239,447 Total investm ent incom e 5,724,471 5,724,471 3,275,459 (2,449,012) Miscellaneous 1,007,407 1,007,407 4,640,181 3,632,774 Total rev enues$ 140,258,535 $ 140,258,535 $ 162,660,181 $ 22,401,646 Licenses and permits:

CITY OF CARSON

BUDGETARY COMPARISON SCHEDULE

GENERAL FUND
(CONTINUED)
For the year ended June 30, 2025

120
See note to required supplementary information.

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
E xpenditures
Current:

G eneral G overnment
City Council $ 1,130,043 $ 1,130,043 $ 1,088,504 $ 41,539 City Attorney 3,940,000 3,940,000 4,820,546 (880,546) Human Resources 2,097,376 2,104,507 2,256,697 (152,190) Non-departm ental 8,664,711 8,669,491 13,960,827 (5,291,336) Inform ation Technology & Security 3,341,649 3,348,649 2,185,365 1,163,284 City Clerk 1,782,872 1,783,072 1,596,477 186,595 City Treasurer 891,034 891,034 937,901 (46,867) City Manager 1,995,167 1,995,167 2,250,553 (255,386) Administrative Services 14,795,001 14,796,778 14,027,705 769,073 Total general governm ent 38,637,853 38,658,741 43,124,575 (4,465,834) Public Safety 32,240,799 32,241,274 31,852,478 388,796 Com m unity Developm ent 9,395,106 9,395,106 6,367,189 3,027,917 Public Works 25,107,886 25,114,199 23,558,578 1,555,621 Com m unity Services 25,768,858 25,780,686 24,652,821 1,127,865 Capital Im provem ent Program 38,586,503 38,586,503 9,131,721 29,454,782 Debt Service
Principal Payments 4,215,000 4,215,000 5,341,337 (1,126,337) Interest 3,200,000 3,200,000 3,255,302 (55,302) Total debt service 7,415,000 7,415,000 8,596,639 (1,181,639) 177,152,005 177,191,509 147,284,001 29,907,508 E xcess of rev enues ov er (under) expenditures (36,893,470) (36,932,974) 15,376,180 52,309,154 Other financing sources (uses)
SBITA financing - - 1,214,430 1,214,430 Transfers in - - 17,822,141 17,822,141 Transfers out - - (1,675,188) (1,675,188) Total other financing sources (uses) - - 17,361,383 17,361,383 Change in fund balance (36,893,470) (36,932,974) 32,737,563 69,670,537 Fund balance - beginning of year 219,726,620 219,726,620 219,726,620 - Fund balance - end of year $ 182,833,150 $ 182,793,646 $ 252,464,183 $ 69,670,537 Budgeted Am ounts
Total expenditures

CITY OF CARSON

BUDGETARY COMPARISON SCHEDULE

CARSON HOUSING AUTHORITY SPECIAL REVENUE FUND

For the year ended June 30, 2025

121
See note to required supplementary information.

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Intergovernmental $ - $ - $ 220,323 $ 220,323 Investment income - - 96,752 96,752 Miscellaneous - - 283,995 283,995 Total revenues - - 601,070 601,070 Expenditures
Current:

Community development 926,185 927,295 710,767 216,528 Total expenditures 926,185 927,295 710,767 216,528 Excess of revenues over (under) expenditures (926,185) (927,295) (109,697) 817,598 (926,185) (927,295) (109,697) 817,598 Fund balance - beginning of year 13,505,893 13,505,893 13,505,893 - Fund balance - end of year $ 12,579,708 $ 12,578,598 $ 13,396,196 $ 817,598 Budgeted Amounts
Change in fund balance

CITY OF CARSON

BUDGETARY COMPARISON SCHEDULE
PROP 68 PARKS & WATER BOND ACT OF 2018, OGALS SPECIAL REVENUE FUND

For the year ended June 30, 2025

122
See note to required supplementary information.

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ - $ - $ 342,052 $ 342,052 Total rev enues - - 342,052 342,052 E xpenditures
Current:

Com m unity services - - 101,748 (101,748) Capital im provem ent program s 3,800,000 3,800,000 6,411,420 (2,611,420) Total expenditures 3,800,000 3,800,000 6,513,168 (2,713,168) Ex cess (deficiency) of revenues
over ex penditures (3,800,000) (3,800,000) (6,171,116) (2,371,116) Net change in fund balance (3,800,000) (3,800,000) (6,171,116) (2,371,116) Fund balances (deficit), beginning of year (342,052) (342,052) (342,052) - Fund balances (deficit), end of year $ (4,142,052) $ (4,142,052) $ (6,513,168) $ (2,371,116) Budgeted Am ounts

CITY OF CARSON
Note to Required Supplementary Information
June 30, 2025

123
NOTE 1 – BUDGETARY CONTROL AND ACCOUNTING

The following procedures are utilized by the City in formulating its annual budget:

• Early in the calendar year, the Directors prepare estimates of required appropriations for the following fiscal year. These estimates are compiled into a proposed operating budget.

• The City Manager submits the proposed budget to the City Council for the subsequent fiscal year.

The operating budget includes both the sources and types of funds for the proposed expenditures.

The City Council and staff meet in budget workshops in order t o relate requests with available resources.

• Public hearings are conducted to obtain taxpayer comments on the proposed budget being adopted.

Pursuant to provisions of the Carson Municipal Code, the General Fund budget must be adopted no later than July 20 of the new fiscal year. The budget is legally enacted through passage of a resolution.

• The City Manager is authorized to transfer budgeted amounts between departments within any fund; however, any revision that alters the total expenditures of any fund must be approved by the City Council. The budget is generally amended during the fiscal ye ar to reflect adjustments, as authorized by the City Council. Expenditures may not legally exceed appropriations at the fund level.

• Formal budgetary integration is employed as a management control device during the year.

• Commitments for materials and services, such as purchase orders and contracts are recorded during the year as encumbrances in order to reserve that portion of the applicable appropriation.

Encumbrances outstanding at year -end are treated as a reservation o f fund balance since they do not constitute expenditures or liabilities.

• It is the practice of the City to give Finance staff some discretion with respect to budget amounts for year-end purposes.

Budgeted amounts are reported on the same basis of accounting as the fund types they relate to (modified- accrual) and adopted on a basis consistent with U.S. GAAP. All unexpended appropriations expire at year- end and, if warranted, are reappropriated in the next budget cycle. Annual budgets are prepared for all governmental fund types expected to have activity during the fiscal year. No budgets were adopted for the Asset Forfeiture Special Revenue Fund, the Proposition 1B Special Revenue Fund, Youth Services Program Special Revenue Fund, Neighborhood Stabilization Grant Special Revenue Fund, Building Plan Retention Special Revenue Fund, Utility Underground In-Lieu Special Revenue Fund, Community Facilities District Special Revenue Fund, Hazard Mitigation Grant (HEMA) Special Revenue Fund, HUD Energy Resiliency Special Revenue Fund, and the Measure M & R Local Street Project Special Revenue Fund.

SUPPLEMENTARY

INFORMATION

CITY OF CARSON, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

The Jewel of the South Bay

CITY OF CARSON
Nonmajor Governmental Funds

124
Special Revenue funds are used to account for specific revenues that are legally restricted to expenditure for a particular purpose.

The Asset Forfeiture Fund accounts for funds accumulated through seizure and forfeiture of properties, which are then used to supplement funds for public safety services.

The State Gas Tax Fund accounts for revenues apportioned under the Streets and Highway Code of the State of California. These funds can be expended for any street-related purpose.

The TDA Article 3 Fund accounts for Transportation Development Act grant monies received for building or improving bicycle paths and handicapped accesses.

The Proposition A Local Return Fund is used to account for the City's share of an additional one -half cent sales tax, which was approved by the electorate in November 1980. These funds must be used for local transportation programs.

The Proposition C Local Return Fund is used to account for the City's share of an additional one -half cent sales tax, which was approved by the electorate in November 1990. These funds must be used for local transportation programs.

The Air Quality Improvement Fund accounts for revenues and expenditures for clean air measures authorized by AB2766, which increased motor vehicle registration fees.

The Capital Asset Replacement Fund is used to account for and finance the on-going replacement of the City's stock of vehicles, heavy equipment, specialized equipment, and office furniture and equipment. It is also used to renovate and construct City building and park facilities.

The Measure R Fund is used to account for the City's share of an additional half-cent sales tax that became effective on July 1, 2009. The fund is used for transportation and highway projects.

The Restricted Administrative Tow Fee Fund represents the $56 out of the $175 collected for administering the City's towing program, which is being exclusively used to address the public safety and code enforcement issues in the City.

The Youth Services Program Fund accounts for funds related to the implementation of the following youth services program: (a) Parent Project (b) Positive Choices (c) Anger Management (d) Youth and the Law and (e) Community Services.

The City Special Events Fund accounts for restricted donations received from the Community for various annual City events, as well as contributions from the General Fund.

The MTA Call for Projects Fund accounts for the Los Angeles County Metropolitan Transportation Authority (MTA) Call-for -Project programs. The fund is used to improve all modes of surface transportation.

The Parks and Recreation Funds represent two funds used to account for capital improvements at City parks and recreation facilities. Included in this category is the Park Development Fund, which accounts for monies used to implement capital improvements to various parks and the Los Angeles County Park District Fund.

CITY OF CARSON
Nonmajor Governmental Funds

125
The State Grant Funds represent f ive funds used for specific community programs. The Beverage Container Recycling Fund is used for the effective disposal of recyclable containers while preserving the environment. The State COPS Grant Fund is used to provide a Community Oriented Policing program. The Used Oil State Grant Fund is used to increase public awareness of the benefits of recycling oil. The Proposition 1 B passed in 2006, is also dedicated to the reduction of traffic congestion and increase in traffic safety. The State CIP Grants Fund is used to account for grants from the State for the City’s non-recurring capital improvement program.

The Federal Support Grant Funds account for six types of federal grant monies. The Family Support Grant Fund provides funds for a Youth Enrichment Scholarship Program available to children ages 17 and under, who are local area residents and are in financial need. The HOME and Community Development Block Grant Funds account for funds used for a variety of projects, and programs primarily benefiting low- income residents. These funds were originally authorized under the Housing and Community Development Act of 1974 and their expenditure is approved by the Department of Housing and Urban Development (HUD). The Federal Highway Planning Grant Fund accounts for federal monies passed through the State of California Department of Transportation to local cities for the construction and repair of inter-connected Interstate highways and other public roads important to interstate commerce and travel. The Workforce Investment Act (WIA) Grant Fund provides assistance for youth employment, training efforts, and dislocated worker support services. The Neighborhood Stabilization Grant Fund accounts for monies received for the purpose of stabilizing communities that have suffered from foreclosures and abandonment.

This grant was authorized under the American Recovery and Reinvestment Act (ARRA).

The Building Plan Retention Fund accounts for building plan maintenance and retention fees imposed by the County. The fees must be used to maintain an official copy of plans for every building in the City, during the life of the building.

The Facility Maintenance Fund accounts for the 10% surcharge on the Community Center and Park Facility rental fees.

The Load Shed Program Fund accounts for revenues received by the City from Southern California Edison for participating on the Load Shed Program. As part of the Load Shed Program Southern California Edison will notify the City of peak usage times and the City will turn off lights fo r 1 hour during peak usage.

The Public Education and Government Access (PEG) Fund accounts for fees that are restricted to broadcasting.

The Raised Median In-Lieu Fund accounts for fees collected from development in-lieu and is restricted for construction of raised medians.

The Development Impact Fees Fund accounts for the revenues collected from the various development impact fees. Fees are levied against new development within the City in order to pay for construction or improvement of public facilities as a result of City growth.

The Utility Underground In-Lieu Fund accounts for undergrounding of utility lines funded by a development in-lieu fee.

The SBl Fund accounts for revenues and expenditures of the Road Maintenance and Rehabilitation Account under the SB1 Road Repair and accountability Act of 2017.

CITY OF CARSON
Nonmajor Governmental Funds

126
The Measure M Fund accounts for the half -cent sales tax and continued half -cent relief tax partially distributed to cities approved by the Los Angeles County voters in November 2017 to fund transportation needs.

The Measure R Highway Program Grant accounts for revenues and expenditures under the Measure R Highway Program grant received through the LACMTA.

The Community Facilities District Fund accounts for fees and moneys received related to the activities within the operation of the Communities Facilities District.

The Carson Stormwater Fund accounts for grant money received for the City’s Stormwater projects.

The Measure M PS & E and Construction Special Revenue Fund accounts for all expenditures related to South Bay Highway Operational Improvements funded by Measure M.

The Cooperation Agreement Bond Proceeds Special Revenue Fund accounts for unspent bond proceeds transferred to the City from the Successor Agency to the Dissolved Carson Redevelopment Agency (Successor Agency) in accordance with the Cooperation Agreement entered into by and between the City of Carson and the Successor Agency. Under this fund, the City will report the expenditures of the bond proceeds pursuant to the original bond covenants.

The SB 1383 Special Revenue Fund accounts for grant funds and expenditures related to conducting education and outreach on organic recycling.

The American Rescue Plan Act 2 (ARPA) Fund accounts for the funds provided by the federal government to cover revenue shortfalls and COVID-19 related costs.

The Equitable City Revitalization Fund accounts for one-time reimbursed fund for Sywest project at 20151 Main St.

The Hazard Mitigation Grant Program (HMGP) accounts for enhancing public safety and environmental protection against natural, human-caused, and technological hazards.

The Permanent Local Housing Allocation (PLHA) Fund accounts for funds from the State Department of Housing and Community Development used for providing financial assistance to local governments for eligible housing-related projects and programs to assist in addressing the unmet housing needs of the local communities.

The Federal Highway Infrastructure Program Fund accounts for one-time up-front funding/awarded specifically for PW#1612 – Traffic Signal Main/Broadway.

The Enhanced Infrastructure Financing District (EIFD) Fund accounts for a Limited Tax Increment Financing District created after the dissolution of redevelopment agencies in 2012. An EIFD allows governmental entities to contribute a portion of their future property tax revenues from a defined district for the construction of certain infrastructure projects.

CITY OF CARSON
Nonmajor Governmental Funds

127
The Safe, Clean Water Program - Regional Program Fund accounts for funds received from LA County Flood Control District for projects aimed for increasing stormwater and urban runoff capture and reducing stormwater and urban runoff pollution in the City.

The African American Cultural Heritage Fund accounts for funds approved by the National Trust for Historic Preservation (the “National Trust”). Grants from the AACHAF are designed to advance ongoing preservation activities for historic places representing African American cultural heritage.

The HUD Energy Resiliency Fund accounts for funds for the purpose of making Community Project Funding/Congressionally directed grants. These Fiscal Year 2023 Community Project Funding (CPF) grants will be administered by the Congressional Grants Division of the U.S. Department of Housing and Urban Development (HUD).

The Measure R Transit Investment Fund accounts for funds for Carson Circuit: Fashion Outlet Regional Transit Center, LACMTA Project ID# MRS24.02 and FTIP# LA9919119 (the project).

The EPA Brownfields Program Special Revenue Fund is used to account for the grant funded by the U.S.

Environmental Protection Agency for purposes of cleaning up contaminated, hazardous, and pollutant industrial and commercial land fields that are now idle, abandoned, or underused and may be contaminated.

CITY OF CARSON

NONMAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET

June 30, 2025

128

Special Capital
Revenue Projects
Funds Fund Total
ASSETS
Cash and investments $ 56,386,884 $ - $ 56,386,884 Cash and investments with fiscal agent - 22,168,031 22,168,031 Receivables:

Accounts 502,646 - 502,646
Due from government agencies 1,176,412 - 1,176,412 Loans, net of allowance 472,551 - 472,551 Prepaid items 21,560 - 21,560 Total assets $ 58,560,053 $ 22,168,031 $ 80,728,084 Accounts payable and accrued liabilities $ 3,007,770 $ - $ 3,007,770 Accrued payroll 85,436 - 85,436 Due to other funds 2,799,243 3,563,255 6,362,498 Due to government agencies 472,551 - 472,551 Retentions payable 737,681 - 737,681 Total liabilities 7,102,681 3,563,255 10,665,936

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues 546,157 - 546,157 Nonspendable 21,560 - 21,560 Restricted 52,780,050 18,604,776 71,384,826
Unassigned (1,890,395) - (1,890,395) Total fund balances 50,911,215 18,604,776 69,515,991 Total liabilities and fund balances$ 58,560,053 $ 22,168,031 $ 80,728,084

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

For the year ended June 30, 2025

129

Special Capital
Revenue Projects
Funds Fund Total
Rev enues
Tax es $ 11,627,113 $ - $ 11,627,113 Licenses and permits 33,537 - 33,537 Intergovernm ental 5,097,832 - 5,097,832 Charges for services 355,355 - 355,355 Investm ent incom e (loss) 6,275,058 - 6,275,058 Developer impact fee 557,749 - 557,749 Use of m oney and property - 984,957 984,957 Miscellaneous 54,269 - 54,269 Total rev enues 24,000,913 984,957 24,985,870 Current:

G eneral governm ent 1,418,591 - 1,418,591 Com m unity developm ent 615,400 - 615,400 Public works 2,181,185 - 2,181,185 Com m unity services 4,386,261 - 4,386,261 Public safety 145,068 - 145,068 Capital im provem ent program s 16,389,928 1,056,606 17,446,534 Debt service:

Principal paym ents 221,662 915,000 1,136,662 Interest 10,483 683,949 694,432 Total expenditures 25,368,578 2,655,555 28,024,133 Ex cess (deficiency) of revenues
over ex penditures (1,367,665) (1,670,598) (3,038,263) Transfers in 6,859,934 1,598,950 8,458,884 Transfers out (2,692,410) (5,202,733) (7,895,143) Total other financing sources (uses) 4,167,524 (3,603,783) 563,741 Net change in fund balance 2,799,859 (5,274,381) (2,474,522) Fund balances (deficit), beginning of year, as prev iously reported 53,769,304 24,639,157 78,408,461 Change within Financial Reporting Entity (Nonm ajor to Major Fund) 342,052 - 342,052 Prior period adjustm ents (6,000,000) (760,000) (6,760,000) Fund balances (deficit), beginning of year, as restated 48,111,356 23,879,157 71,990,513 Fund balances, end of year $ 50,911,215 $ 18,604,776 $ 69,515,991 Other financing sources (uses)
E xpenditures

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CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET

June 30, 2025

130

Asset State TDA Proposition A
Forfeiture G as Tax Article 3 Local Return
Fund Fund Fund Fund

ASSE TS
Cash and investm ents $ - $ 4,057,816 $ 40,371 $ 7,292,580 Receivables:

Accounts - 370 - - Due from governm ent agencies - 221,416 270 - Loans, net of allowance - - - - Prepaid items - - - - Total assets $ - $ 4,279,602 $ 40,641 $ 7,292,580 Accounts payable and accrued liabilities $ - $ 462,768 $ 40,641 $ 301,836 Accrued payroll - 8,677 - 28,935 Due to other funds - - - - Due to governm ent agencies - - - - Retentions payable - 20,522 - - Total liab ilities - 491,967 40,641 330,771

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - 370 270 - Nonspendable - - - - Restricted - 3,787,265 - 6,961,809 Unassigned - - (270) - Total fund balances - 3,787,265 (270) 6,961,809 Total liab ilities and fund b alances$ - $ 4,279,602 $ 40,641 $ 7,292,580

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONTINUED)
June 30, 2025

131

Proposition C Air Quality Capital Asset Measure
Local Return Im provem ent Replacement R
Fund Fund Fund Fund

ASSE TS
Cash and investm ents $ 6,604,479 $ 574,500 $ 196,999 $ 702,999 Receivables:

Accounts - - - - Due from governm ent agencies - 31,996 - - Loans, net of allowance - - - - Prepaid items - - - - Total assets $ 6,604,479 $ 606,496 $ 196,999 $ 702,999 Accounts payable and accrued liabilities $ 424,269 $ 36,321 $ - $ 99,123 Accrued payroll 5,136 - - 17,531 Due to other funds - - - - Due to governm ent agencies - - - - Retentions payable - - - 76,374 Total liab ilities 429,405 36,321 - 193,028

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - Nonspendable - - - - Restricted 6,175,074 570,175 196,999 509,971 Unassigned - - - - Total fund balances 6,175,074 570,175 196,999 509,971 Total liab ilities and fund b alances$ 6,604,479 $ 606,496 $ 196,999 $ 702,999

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONTINUED)
June 30, 2025

132

Restricted Y outh
Adminis trative Services City MTA Call
Tow Fee Program Special Events for Projects
Fund Fund Fund Fund

ASSE TS
Cash and investm ents $ 214,568 $ - $ 36,666 $ 389,628 Receivables:

Accounts - - 12,206 114,606 Due from governm ent agencies - - - - Loans, net of allowance - - - - Prepaid items - - 16,000 - Total assets $ 214,568 $ - $ 64,872 $ 504,234 Accounts payable and accrued liabilities $ 42,779 $ - $ 32,361 $ - Accrued payroll - - - - Due to other funds - - - 19,426 Due to governm ent agencies - - - - Retentions payable - - - 1,727 Total liab ilities 42,779 - 32,361 21,153

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - 34,510 96,889 Nonspendable - - 16,000 - Restricted 171,789 - 386,192 Unassigned - - (17,999) - Total fund balances 171,789 - (1,999) 386,192 Total liab ilities and fund b alances$ 214,568 $ - $ 64,872 $ 504,234

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONTINUED)
June 30, 2025

133

Los Angeles Beverage State
Park County Park Container COPS
Developm ent Dis trict Recycling Gra n t
Fund Fund Fund Fund

ASSE TS
Cash and investm ents $ 2,172,316 $ 130,835 $ 19,466 $ 1,024,086 Receivables:

Accounts - - - - Due from governm ent agencies - 36,732 - - Loans, net of allowance - - - - Prepaid items - - - - Total assets $ 2,172,316 $ 167,567 $ 19,466 $ 1,024,086 Accounts payable and accrued liabilities $ 16,995 $ 372,116 $ - $ - Accrued payroll - - - - Due to other funds - - - - Due to governm ent agencies - - - - Retentions payable 19,844 43,679 - - Total liab ilities 36,839 415,795 - -

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - 36,732 - - Nonspendable - - - - Restricted 2,135,477 - 19,466 1,024,086 Unassigned - (284,960) - - Total fund balances 2,135,477 (284,960) 19,466 1,024,086 Total liab ilities and fund b alances$ 2,172,316 $ 167,567 $ 19,466 $ 1,024,086

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONTINUED)
June 30, 2025

134

Used Oil Family
State Proposition Support HOME
Gra n t 1B Gra n t Gra n t
Fund Fund Fund Fund

ASSE TS
Cash and investm ents $ 23,154 $ - $ - $ 153,485 Receivables:

Accounts - - - - Due from governm ent agencies - - 46,101 - Loans, net of allowance - - - 307,551 Prepaid items - - - - Total assets $ 23,154 $ - $ 46,101 $ 461,036 Accounts payable and accrued liabilities $ - $ - $ - $ - Accrued payroll - - - - Due to other funds - 3,574 38,562 158,198 Due to governm ent agencies - - - 307,551 Retentions payable - - - - Total liab ilities - 3,574 38,562 465,749

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - 4,347 - Nonspendable - - - - Restricted 23,154 - 3,192 - Unassigned - (3,574) - (4,713) Total fund balances 23,154 (3,574) 3,192 (4,713) Total liab ilities and fund b alances$ 23,154 $ - $ 46,101 $ 461,036

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONTINUED)
June 30, 2025

135

Com m unity Federal Workforce Neighborhood
Developm ent Highway Investment Act Stabilization
Block G rant Planning G rant (WIA) Grant Gra n t
Fund Fund Fund Fund

ASSE TS
Cash and investm ents $ - $ - $ - $ 402,017 Receivables:

Accounts 310,249 - - - Due from governm ent agencies - 332,630 - - Loans, net of allowance - - - 165,000 Prepaid items 5,560 - - - Total assets 315,809 332,630 $ - $ 567,017 Accounts payable and accrued liabilities $ 31,477 $ - $ - $ - Accrued payroll - - - - Due to other funds 424,187 444,043 - - Due to governm ent agencies - - - 165,000 Retentions payable 3,101 - - - Total liab ilities 458,765 444,043 - 165,000

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - 327,628 - - Nonspendable 5,560 - - - Restricted - - - 402,017 Unassigned (148,516) (439,041) - - Total fund balances (142,956) (439,041) - 402,017 Total liab ilities and fund b alances$ 315,809 $ 332,630 $ - $ 567,017

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONTINUED)
June 30, 2025

136

Building Public Education
Plan Facility Load Shed and G overnm ent
Retention Maintenance Program Access (PEG )
Fund Fund Fund Fund

ASSE TS
Cash and investm ents $ - $ 222,737 $ 516,124 $ - Receivables:

Accounts - - 57,436 - Due from governm ent agencies - - - - Loans, net of allowance - - - - Prepaid items - - - - Total assets $ - $ 222,737 $ 573,560 $ - Accounts payable and accrued liabilities $ - $ - $ 57,435 $ - Accrued payroll - - - - Due to other funds 381,767 - - 5,218 Due to governm ent agencies - - - - Retentions payable - - - 638 Total liab ilities 381,767 - 57,435 5,856

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - Nonspendable - - - - Restricted - 222,737 516,125 - Unassigned (381,767) - - (5,856) Total fund balances (381,767) 222,737 516,125 (5,856) Total liab ilities and fund b alances$ - $ 222,737 $ 573,560 $ -

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONTINUED)
June 30, 2025

137

Raised Utility
Median Developm ent Underground
In-Lieu Impact Fees In-Lieu SB1
Fund Fund Fund Fund

ASSE TS
Cash and investm ents $ 456,304 $ 11,792,744 $ 709,056 $ 4,229,876 Receivables:

Accounts - - - - Due from governm ent agencies - - - 451,147 Loans, net of allowance - - - - Prepaid items - - - - Total assets $ 456,304 $ 11,792,744 $ 709,056 $ 4,681,023 Accounts payable and accrued liabilities $ - $ 201,014 $ - $ - Accrued payroll - - - - Due to other funds - - - - Due to governm ent agencies - - - - Retentions payable - 178,355 - 101,048 Total liab ilities - 379,369 - 101,048

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - Nonspendable - - - - Restricted 456,304 11,413,375 709,056 4,579,975 Unassigned - - - - Total fund balances 456,304 11,413,375 709,056 4,579,975 Total liab ilities and fund b alances$ 456,304 $ 11,792,744 $ 709,056 $ 4,681,023

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONTINUED)
June 30, 2025

138

Measure R Com m unity
Highway Facilities Cars on
Measure M Program Dis trict Stormwater
Fund Fund Fund Fund

ASSE TS
Cash and investm ents $ 1,437,939 $ - $ 2,342,359 $ 6,313,946 Receivables:

Accounts - - 7,779 - Due from governm ent agencies - 45,411 - - Loans, net of allowance - - - - Prepaid items - - - - Total assets $ 1,437,939 $ 45,411 $ 2,350,138 $ 6,313,946 Accounts payable and accrued liabilities $ 626,744 $ - $ - $ 101,412 Accrued payroll 10,310 - - - Due to other funds - 6,443 - - Due to governm ent agencies - - - - Retentions payable 94,954 - - 908 Total liab ilities 732,008 6,443 - 102,320

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - 45,411 - - Nonspendable - - - - Restricted 705,931 - 2,350,138 6,211,626 Unassigned - (6,443) - - Total fund balances 705,931 (6,443) 2,350,138 6,211,626 Total liab ilities and fund b alances$ 1,437,939 $ 45,411 $ 2,350,138 $ 6,313,946

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONTINUED)
June 30, 2025

139

Cooperation
Agreem ent Bond State CIP American Measure M
Proceeds Special G rants Special Rescue Plan PS&E and
Revenue Fund Revenue Fund Act 2 Construction

ASSE TS
Cash and investm ents $ 1,863,720 $ 32,811 $ 193,562 $ - Receivables:

Accounts - - - - Due from governm ent agencies - - - - Loans, net of allowance - - - - Prepaid items - - - - Total assets $ 1,863,720 $ 32,811 $ 193,562 $ - Accounts payable and accrued liabilities $ 7,815 $ - $ 29,812 $ - Accrued payroll 14,847 - - - Due to other funds 796,603 - - 263,773 Due to governm ent agencies - - - - Retentions payable - 32,781 163,750 - Total liab ilities 819,265 32,781 193,562 263,773

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - Nonspendable - - - - Restricted 1,044,455 30 - - Unassigned - - (263,773) Total fund balances 1,044,455 30 - (263,773) Total liab ilities and fund b alances$ 1,863,720 $ 32,811 $ 193,562 $ -

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONTINUED)
June 30, 2025

140

Hazard Permanent
SB1383 Equitable City Mitigation Local Housing
Special Revitalization Grant Program Allocation
Revenue Fund Revenue Fund (HM GP) (PLHA )

ASSE TS
Cash and investm ents $ - $ - $ - $ 1,267,174 Receivables:

Accounts - - - - Due from governm ent agencies - - - - Loans, net of allowance - - - - Prepaid items - - - - Total assets $ - $ - $ - $ 1,267,174 Accounts payable and accrued liabilities $ - $ 76,034 $ - $ 1,603 Accrued payroll - - - - Due to other funds - 116,896 6,825 - Due to governm ent agencies - - - - Retentions payable - - - - Total liab ilities - 192,930 6,825 1,603

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - Nonspendable - - - - Restricted - - - 1,265,571 Unassigned - (192,930) (6,825) - Total fund balances - (192,930) (6,825) 1,265,571 Total liab ilities and fund b alances$ - $ - $ - $ 1,267,174

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONTINUED)
June 30, 2025

141

Enhanced Safe, Clean African
Fed Hwy Infrastructure Water Program American
Infrastructure Financing Regional Cultural
Program District (EIFD) Program Heritage

ASSE TS
Cash and investm ents $ - $ 685,858 $ 286,709 $ - Receivables:

Accounts - - - - Due from governm ent agencies - - - - Loans, net of allowance - - - - Prepaid items - - - - Total assets $ - $ 685,858 $ 286,709 $ - Accounts payable and accrued liabilities $ - $ 34,506 $ - $ - Accrued payroll - - - - Due to other funds 316 - - 73,142 Due to governm ent agencies - - - - Retentions payable - - - - Total liab ilities 316 34,506 - 73,142

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - Nonspendable - - - - Restricted - 651,352 286,709 - Unassigned (316) - - (73,142) Total fund balances (316) 651,352 286,709 (73,142) Total liab ilities and fund b alances$ - $ 685,858 $ 286,709 $ -

LIABILITIES

FUND BALANCES (DEFICIT)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING BALANCE SHEET
(CONCLUDED)
June 30, 2025

142

EPA Total
Measure R Brownfields Nonm ajor
HUD Energy Trans it Program Special Revenue
Res iliency Investm ent Fund Funds

ASSE TS
Cash and investm ents $ - $ - $ - $ 56,386,884 Receivables:

Accounts - - - 502,646 Due from governm ent agencies - - 10,709 1,176,412 Loans, net of allowance - - - 472,551 Prepaid items - - - 21,560 Total assets $ - $ - $ 10,709 $ 58,560,053 Accounts payable and accrued liabilities $ - $ - $ 10,709 $ 3,007,770 Accrued payroll - - - 85,436 Due to other funds - 49,561 10,709 2,799,243 Due to governm ent agencies - - - 472,551 Retentions payable - - - 737,681 Total liab ilities - 49,561 21,418 7,102,681

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - 546,157 Nonspendable - - - 21,560 Restricted - - - 52,780,050 Unassigned - (49,561) (10,709) (1,890,395) Total fund balances - (49,561) (10,709) 50,911,215 Total liab ilities and fund b alances$ - $ - $ 10,709 $ 58,560,053

LIABILITIES

FUND BALANCES (DEFICIT)

This page intentionally left blank.

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

For the year ended June 30, 2025

143

Asset State TDA Proposition A
Forfeiture G as Tax Article 3 Local Return
Fund Fund Fund Fund
Rev enues
Tax es $ - $ 2,596,801 $ - $ 2,418,842 Licenses and permits - - - - Intergovernm ental - - 75,686 56,301 Charges for services - - - 48,195 Investm ent incom e (loss) - 423,473 - 868,616 Developer impact fee - - - - Miscellaneous - - - 6,115 Total rev enues - 3,020,274 75,686 3,398,069 Current:

G eneral governm ent - - - - Com m unity developm ent - - - - Public works - - - - Com m unity services - 210 483 2,233,099 Public safety - - - - Capital im provem ent program s - 2,612,559 75,687 - Debt service
Principal paym ents - - - - Interest - - - - Total expenditures - 2,612,769 76,170 2,233,099 Ex cess (deficiency) of revenues
over ex penditures - 407,505 (484) 1,164,970 Transfers in - 4,485 - - Transfers out - (47,127) - - SBITA financing - - - - Total other financing sources (uses) - (42,642) - - Net change in fund balance - 364,863 (484) 1,164,970 Fund balances (deficit), beginning of year, as previously reported - 3,422,402 214 5,796,839 Change within financial reporting entity (Nonm ajor to Major Fund) - - - - Prior period adjustm ents - - - - Fund balances (deficit), beginning of year, as restated - 3,422,402 214 5,796,839 Fund balances (deficit), end of year $ - $ 3,787,265 $ (270) $ 6,961,809 E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONTINUED)
For the year ended June 30, 2025

144

Proposition C Air Quality Capital Asset Measure
Local Return Im provem ent Replacement R
Fund Fund Fund Fund
Rev enues
Tax es $ 2,006,368 $ - $ - $ 1,504,497 Licenses and permits - - - - Intergovernm ental - 122,528 - - Charges for services - - - - Investm ent incom e (loss) 808,839 70,358 - 86,095 Developer impact fee - - - - Miscellaneous - - 5,505 - Total rev enues 2,815,207 192,886 5,505 1,590,592 Current:

G eneral governm ent - - - - Com m unity developm ent - - - - Public works - - - 292,662 Com m unity services 2,026,003 21,484 - 271 Public safety - - - - Capital im provem ent program s - 213,497 - 3,352,461 Debt service
Principal paym ents - - - - Interest - - - - Total expenditures 2,026,003 234,981 - 3,645,394 Ex cess (deficiency) of revenues
over ex penditures 789,204 (42,095) 5,505 (2,054,802) Transfers in - - - 2,897,313 Transfers out - - - (683,950) SBITA financing - - - - Total other financing sources (uses) - - - 2,213,363 Net change in fund balance 789,204 (42,095) 5,505 158,561 Fund balances (deficit), beginning of year, as previously reported 5,385,870 612,270 191,494 351,410 Change within financial reporting entity (Nonm ajor to Major Fund) - - - - Prior period adjustm ents - - - - Fund balances (deficit), beginning of year, as restated 5,385,870 612,270 191,494 351,410 Fund balances (deficit), end of year $ 6,175,074 $ 570,175 $ 196,999 $ 509,971 E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONTINUED)
For the year ended June 30, 2025

145

Restricted Y outh
Adminis trative Services City MTA Call
Tow Fee Program Special Events for Projects
Fund Fund Fund Fund
Rev enues
Tax es $ - $ - $ - $ - Licenses and permits 33,537 - - - Intergovernm ental - - - 333,443 Charges for services - - 262,726 - Investm ent incom e (loss) 26,278 - - - Developer impact fee - - - - Miscellaneous - - - - Total rev enues 59,815 - 262,726 333,443 Current:

G eneral governm ent - - 712,161 - Com m unity developm ent - - - - Public works - - - 21,113 Com m unity services 47,711 - - - Public safety - - - - Capital im provem ent program s 40,059 - - 226,605 Debt service
Principal paym ents - - - - Interest - - - - Total expenditures 87,770 - 712,161 247,718 Ex cess (deficiency) of revenues
over ex penditures (27,955) - (449,435) 85,725 Transfers in - - 449,435 35,461 Transfers out - - - (393,103) SBITA financing - - - - Total other financing sources (uses) - - 449,435 (357,642) Net change in fund balance (27,955) - - (271,917) Fund balances (deficit), beginning of year, as previously reported 199,744 - (1,999) 658,109 Change within financial reporting entity (Nonm ajor to Major Fund) - - - - Prior period adjustm ents - - - - Fund balances (deficit), beginning of year, as restated 199,744 - (1,999) 658,109 Fund balances (deficit), end of year $ 171,789 $ - $ (1,999) $ 386,192 E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONTINUED)
For the year ended June 30, 2025

146

Los Angeles Beverage State
Park County Park Container COPS
Developm ent Dis trict Recycling Gra n t
Fund Fund Fund Fund
Rev enues
Tax es $ - $ 35,750 $ - $ - Licenses and permits - - - - Intergovernm ental - - - 277,638 Charges for services - - - - Investm ent incom e (loss) 266,039 - - 125,418 Developer impact fee - - - - Miscellaneous - - - - Total rev enues 266,039 35,750 - 403,056 Current:

G eneral governm ent - - - - Com m unity developm ent - - - - Public works - 315,915 - - Com m unity services - - - - Public safety - - - 145,068 Capital im provem ent program s 238,994 48,481 - - Debt service
Principal paym ents - - - - Interest - - - - Total expenditures 238,994 364,396 - 145,068 Ex cess (deficiency) of revenues
over ex penditures 27,045 (328,646) - 257,988 Transfers in - - - - Transfers out - - - - SBITA financing - - - - Total other financing sources (uses) - - - - Net change in fund balance 27,045 (328,646) - 257,988 Fund balances (deficit), beginning of year, as previously reported 2,108,432 43,686 19,466 766,098 Change within financial reporting entity (Nonm ajor to Major Fund) - - - - Prior period adjustm ents - - - - Fund balances (deficit), beginning of year, as restated 2,108,432 43,686 19,466 766,098 Fund balances (deficit), end of year $ 2,135,477 $ (284,960) $ 19,466 $ 1,024,086 E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONTINUED)
For the year ended June 30, 2025

147

Used Oil Family
State Proposition Support HOME
Gra n t 1B Gra n t Gra n t
Fund Fund Fund Fund
Rev enues
Tax es $ - $ - $ - $ - Licenses and permits - - - - Intergovernm ental - - 58,346 - Charges for services - - - - Investm ent incom e (loss) - - - - Developer impact fee - - - - Miscellaneous - - - - Total rev enues - - 58,346 - Current:

G eneral governm ent - - - - Com m unity developm ent - - - - Public works - - - - Com m unity services - - 57,000 - Public safety - - - - Capital im provem ent program s - - - - Debt service
Principal paym ents - - - - Interest - - - - Total expenditures - - 57,000 - Ex cess (deficiency) of revenues
over ex penditures - - 1,346 - Transfers in - - - - Transfers out - - - - SBITA financing - - - - Total other financing sources (uses) - - - - Net change in fund balance - - 1,346 - Fund balances (deficit), beginning of year, as previously reported 23,154 (3,574) 1,846 (4,713) Change within financial reporting entity (Nonm ajor to Major Fund) - - - - Prior period adjustm ents - - - - Fund balances (deficit), beginning of year, as restated 23,154 (3,574) 1,846 (4,713) Fund balances (deficit), end of year $ 23,154 $ (3,574) $ 3,192 $ (4,713) E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONTINUED)
For the year ended June 30, 2025

148

Com m unity Federal Workforce Neighborhood
Developm ent Highway Investment Act Stabilization
Block G rant Planning G rant (WIA) Grant Gra n t
Fund Fund Fund Fund
Rev enues
Tax es $ - $ - $ - $ - Licenses and permits - - - - Intergovernm ental 631,837 23,030 - - Charges for services - - - - Investm ent incom e (loss) - - - - Developer impact fee - - - - Miscellaneous - - - - Total rev enues 631,837 23,030 - - Current:

G eneral governm ent 627,848 - - - Com m unity developm ent 4,028 - - - Public works - 4,906 - - Com m unity services - - - - Public safety - - - - Capital im provem ent program s - 15,539 - - Debt service
Principal paym ents - - - - Interest - - - - Total expenditures 631,876 20,445 - - Ex cess (deficiency) of revenues
over ex penditures (39) 2,585 - - Transfers in - 15,383 - - Transfers out - - - - SBITA financing - - - - Total other financing sources (uses) - 15,383 - - Net change in fund balance (39) 17,968 - - Fund balances (deficit), beginning of year, as previously reported (142,917) (457,009) - 402,017 Change within financial reporting entity (Nonm ajor to Major Fund) - - - - Prior period adjustm ents - - - - Fund balances (deficit), beginning of year, as restated (142,917) (457,009) - 402,017 Fund balances (deficit), end of year $ (142,956) $ (439,041) $ - $ 402,017 E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONTINUED)
For the year ended June 30, 2025

149

Building Public Education
Plan Facility Load Shed and G overnm ent
Retention Maintenance Program Access (PEG )
Fund Fund Fund Fund
Rev enues
Tax es $ - $ - $ - $ 112,742 Licenses and permits - - - - Intergovernm ental - - - - Charges for services - 44,434 - - Investm ent incom e (loss) - 27,279 - - Developer impact fee - - - - Miscellaneous - - 9,430 - Total rev enues - 71,713 9,430 112,742 Current:

G eneral governm ent - - - - Com m unity developm ent - - - - Public works - - - - Com m unity services - - - - Public safety - - - - Capital im provem ent program s - - - 553,554 Debt service
Principal paym ents - - - - Interest - - - - Total expenditures - - - 553,554 Ex cess (deficiency) of revenues
over ex penditures - 71,713 9,430 (440,812) Transfers in - - 1,016,219 - Transfers out - - - - SBITA financing - - - - Total other financing sources (uses) - - 1,016,219 - Net change in fund balance - 71,713 1,025,649 (440,812) Fund balances (deficit), beginning of year, as previously reported (381,767) 151,024 5,490,476 434,956 Change within financial reporting entity (Nonm ajor to Major Fund) - - - - Prior period adjustm ents - - (6,000,000) - Fund balances (deficit), beginning of year, as restated (381,767) 151,024 (509,524) 434,956 Fund balances (deficit), end of year $ (381,767) $ 222,737 $ 516,125 $ (5,856) E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONTINUED)
For the year ended June 30, 2025

150

Raised Utility
Median Developm ent Underground
In-Lieu Impact Fees In-Lieu SB1
Fund Fund Fund Fund
Rev enues
Tax es $ - $ - $ - $ - Licenses and permits - - - - Intergovernm ental - - - 2,869,203 Charges for services - - - - Investm ent incom e (loss) - 1,544,117 - 518,025 Developer impact fee 83,580 474,169 - - Miscellaneous - - - - Total rev enues 83,580 2,018,286 - 3,387,228 Current:

G eneral governm ent - - - - Com m unity developm ent - - - - Public works - 1,258,861 - - Com m unity services - - - - Public safety - - - - Capital im provem ent program s - 3,556,610 - 204,230 Debt service
Principal paym ents - - - - Interest - - - - Total expenditures - 4,815,471 - 204,230 Ex cess (deficiency) of revenues
over ex penditures 83,580 (2,797,185) - 3,182,998 Transfers in - - - - Transfers out - - - - SBITA financing - - - - Total other financing sources (uses) - - - - Net change in fund balance 83,580 (2,797,185) - 3,182,998 Fund balances (deficit), beginning of year, as previously reported 372,724 14,210,560 709,056 1,396,977 Change within financial reporting entity (Nonm ajor to Major Fund) - - - - Prior period adjustm ents - - - - Fund balances (deficit), beginning of year, as restated 372,724 14,210,560 709,056 1,396,977 Fund balances (deficit), end of year $ 456,304 $ 11,413,375 $ 709,056 $ 4,579,975 E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONTINUED)
For the year ended June 30, 2025

151

Measure R Com m unity
Highway Facilities Cars on
Measure M Program Dis trict Stormwater
Fund Fund Fund Fund
Rev enues
Tax es $ 1,704,546 $ - $ 714,864 $ - Licenses and permits - - - - Intergovernm ental - 33,084 - - Charges for services - - - - Investm ent incom e (loss) 176,101 - 286,865 773,257 Developer impact fee - - - - Miscellaneous - - 20,209 - Total rev enues 1,880,647 33,084 1,021,938 773,257 Current:

G eneral governm ent - - - - Com m unity developm ent - - - - Public works 113,982 - - - Com m unity services - - - - Public safety - - - - Capital im provem ent program s 2,305,419 - - 748,445 Debt service
Principal paym ents - - - - Interest - - - - Total expenditures 2,419,401 - - 748,445 Ex cess (deficiency) of revenues
over ex penditures (538,754) 33,084 1,021,938 24,812 Transfers in 2,305,419 - - - Transfers out (915,000) - - - SBITA financing - - - - Total other financing sources (uses) 1,390,419 - - - Net change in fund balance 851,665 33,084 1,021,938 24,812 Fund balances (deficit), beginning of year, as previously reported (145,734) (39,527) 1,328,200 6,186,814 Change within financial reporting entity (Nonm ajor to Major Fund) - - - - Prior period adjustm ents - - - - Fund balances (deficit), beginning of year, as restated (145,734) (39,527) 1,328,200 6,186,814 Fund balances (deficit), end of year $ 705,931 $ (6,443) $ 2,350,138 $ 6,211,626 E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONTINUED)
For the year ended June 30, 2025

152

Cooperation
American Agreem ent Bond State CIP Measure M
Rescue Plan Proceeds Special G rants Special PS&E and
Act 2 Revenue Fund Revenue Fund Construction
Rev enues
Tax es $ - $ - $ - $ - Licenses and permits - - - - Intergovernm ental - - - - Charges for services - - - - Investm ent incom e (loss) - - - - Developer impact fee - - - - Miscellaneous - - - - Total rev enues - - - - Current:

G eneral governm ent - - - - Com m unity developm ent 334,082 - - 1,135 Public works - - - - Com m unity services - - - - Public safety - - - - Capital im provem ent program s 1,868,839 321,368 - - Debt service
Principal paym ents 221,662 - - - Interest 10,483 - - - Total expenditures 2,435,066 321,368 - 1,135 Ex cess (deficiency) of revenues
over ex penditures (2,435,066) (321,368) - (1,135) Transfers in - - - - Transfers out (556,223) - - - SBITA financing - - - - Total other financing sources (uses) (556,223) - - - Net change in fund balance (2,991,289) (321,368) - (1,135) Fund balances (deficit), beginning of year, as previously reported 2,991,289 1,365,823 30 (262,638) Change within financial reporting entity (Nonm ajor to Major Fund) - - - - Prior period adjustm ents - - - - Fund balances (deficit), beginning of year, as restated 2,991,289 1,365,823 30 (262,638) Fund balances (deficit), end of year $ - $ 1,044,455 $ 30 $ (263,773) E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONTINUED)
For the year ended June 30, 2025

153

Hazard Permanent
SB1383 Equitable City Mitigation Local Housing
Special Revitalization Grant Program Allocation
Revenue Fund Revenue Fund (HM GP) (PLHA )
Rev enues
Tax es $ - $ - $ - $ - Licenses and permits - - - - Intergovernm ental - 76,367 23,616 429,746 Charges for services - - - - Investm ent incom e (loss) - - - 155,189 Developer impact fee - - - - Miscellaneous - - - 13,010 Total rev enues - 76,367 23,616 597,945 Current:

G eneral governm ent - - - 78,582 Com m unity developm ent - 269,003 - - Public works 114,362 - - - Com m unity services - - - - Public safety - - - - Capital im provem ent program s - - 2,008 - Debt service
Principal paym ents - - - - Interest - - - - Total expenditures 114,362 269,003 2,008 78,582 Ex cess (deficiency) of revenues
over ex penditures (114,362) (192,636) 21,608 519,363 Transfers in - - 38,425 - Transfers out - - (66,858) - SBITA financing - - - - Total other financing sources (uses) - - (28,433) - Net change in fund balance (114,362) (192,636) (6,825) 519,363 Fund balances (deficit), beginning of year, as previously reported 114,362 (294) - 746,208 Change within financial reporting entity (Nonm ajor to Major Fund) - - - - Prior period adjustm ents - - - - Fund balances (deficit), beginning of year, as restated 114,362 (294) - 746,208 Fund balances (deficit), end of year $ - $ (192,930) $ (6,825) $ 1,265,571 E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONTINUED)
For the year ended June 30, 2025

154

Prop 68 Parks & Enhanced Safe, Clean
Fed Hwy Water Bond Infrastructure Water Program
Infrastructure Act of 2018, Financing Regional
Program OGA LS District (EIFD) Program
Rev enues
Tax es $ - $ - $ 532,703 $ - Licenses and permits - - - - Intergovernm ental - - - - Charges for services - - - - Investm ent incom e (loss) - - 83,996 35,113 Developer impact fee - - - - Miscellaneous - - - - Total rev enues - - 616,699 35,113 Current:

G eneral governm ent - - - - Com m unity developm ent - - - - Public works - - - - Com m unity services - - - - Public safety - - - - Capital im provem ent program s - - 5,573 - Debt service
Principal paym ents - - - - Interest - - - - Total expenditures - - 5,573 - Ex cess (deficiency) of revenues
over ex penditures - - 611,126 35,113 Transfers in - - 79,325 - Transfers out - - - - SBITA financing - - - - Total other financing sources (uses) - - 79,325 - Net change in fund balance - - 690,451 35,113 Fund balances (deficit), beginning of year, as previously reported (316) (342,052) (39,099) 251,596 Change within financial reporting entity (Nonm ajor to Major Fund) - 342,052 - - Prior period adjustm ents - - - - Fund balances (deficit), beginning of year, as restated (316) - (39,099) 251,596 Fund balances (deficit), end of year $ (316) $ - $ 651,352 $ 286,709 E xpenditures
Other financing sources (uses)

CITY OF CARSON

NONMAJOR SPECIAL REVENUE FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (CONCLUDED)
For the year ended June 30, 2025

155

African EPA Total
American HUD Measure R Brownfields Nonm ajor
Cultural Energy Trans it Program Special Revenue
Heritage Res iliency Investm ent Fund Funds
Rev enues
Tax es $ - $ - $ - $ - $ 11,627,113 Licenses and permits - - - - 33,537 Intergovernm ental 75,000 - 12,007 - 5,097,832 Charges for services - - - - 355,355 Investm ent incom e (loss) - - - - 6,275,058 Developer impact fee - - - - 557,749 Miscellaneous - - - - 54,269 Total rev enues 75,000 - 12,007 - 24,000,913 Current:

G eneral governm ent - - - - 1,418,591 Com m unity developm ent 7,152 - - - 615,400 Public works - - 59,384 - 2,181,185 Com m unity services - - - - 4,386,261 Public safety - - - - 145,068 Capital im provem ent program s - - - - 16,389,928 Debt service
Principal paym ents - - - - 221,662 Interest - - - 10,483 Total expenditures 7,152 - 59,384 - 25,368,578 Ex cess (deficiency) of revenues
over ex penditures 67,848 - (47,377) - (1,367,665) Transfers in - - 18,469 - 6,859,934 Transfers out - - (19,440) (10,709) (2,692,410) SBITA financing - - - - - Total other financing sources (uses) - - (971) (10,709) 4,167,524 Net change in fund balance 67,848 - (48,348) (10,709) 2,799,859 Fund balances (deficit), beginning of year, as previously reported (140,990) - (1,213) - 53,769,304 Change within financial reporting entity (Nonm ajor to Major Fund) - - - - 342,052 Prior period adjustm ents - - - - (6,000,000) Fund balances (deficit), beginning of year, as restated (140,990) - (1,213) - 48,111,356 Fund balances (deficit), end of year $ (73,142) $ - $ (49,561) $ (10,709) $ 50,911,215 E xpenditures
Other financing sources (uses)

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

STATE GAS TAX SPECIAL REVENUE FUND

For the year ended June 30, 2025

156

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Taxes $ - $ - $ 2,596,801 $ 2,596,801 Investment income (loss) - - 423,473 423,473 Total revenues - - 3,020,274 3,020,274 Expenditures
Current:

Community services - - 210 (210) Capital improvement programs 2,716,087 2,716,087 2,612,559 103,528 Total expenditures 2,716,087 2,716,087 2,612,769 103,318 Excess (deficiency) of revenues
over expenditures (2,716,087) (2,716,087) 407,505 3,123,592 Other Financing Sources
Transfers in - - 4,485 4,485 Transfers out - - (47,127) (47,127) Total other financing sources (uses) - - (42,642) (42,642) Net change in fund balance (2,716,087) (2,716,087) 364,863 3,080,950 Fund balances (deficit), beginning of year 3,422,402 3,422,402 3,422,402 - Fund balances (deficit), end of year $ 706,315 $ 706,315 $ 3,787,265 $ 3,080,950 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL
TDA ARTICLE 3 SPECIAL REVENUE FUND

For the year ended June 30, 2025

157

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ - $ - $ 75,686 75,686 Total rev enues - - 75,686 75,686 E xpenditures
Current:

Com m unity services - - 483 (483) Capital im provem ent program s 66,610 66,610 75,687 (9,077) Total expenditures 66,610 66,610 76,170 (9,560) Ex cess (deficiency) of revenues
over ex penditures (66,610) (66,610) (484) 66,126 Net change in fund balance (66,610) (66,610) (484) 66,126 Fund balances (deficit), beginning of year 214 214 214 - Fund balances (deficit), end of year $ (66,396) $ (66,396) $ (270) $ 66,126 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

PROPOSITION A LOCAL RETURN SPECIAL REVENUE FUND

For the year ended June 30, 2025

158

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Tax es $ - $ - $ 2,418,842 $ 2,418,842 Intergovernm ental - - 56,301 56,301 Charges for services - - 48,195 48,195 Investm ent incom e - - 868,616 868,616 Miscellaneous - - 6,115 6,115 Total rev enues - - 3,398,069 3,398,069 E xpenditures
Current:

Com m unity services 3,016,223 3,195,663 2,233,099 962,564 Total expenditures 3,016,223 3,195,663 2,233,099 962,564 Ex cess (deficiency) of revenues
over ex penditures (3,016,223) (3,195,663) 1,164,970 4,360,633 Net change in fund balance (3,016,223) (3,195,663) 1,164,970 4,360,633 Fund balances (deficit), beginning of year 5,796,839 5,796,839 5,796,839 - Fund balances (deficit), end of year $ 2,780,616 $ 2,601,176 $ 6,961,809 $ 4,360,633 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

PROPOSITION C LOCAL RETURN SPECIAL REVENUE FUND

For the year ended June 30, 2025

159

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Tax es $ - $ - $ 2,006,368 $ 2,006,368 Investm ent incom e (loss) - - 808,839 808,839 Total rev enues - - 2,815,207 2,815,207 E xpenditures
Current:

Com m unity services 2,201,238 2,228,339 2,026,003 202,336 Total expenditures 2,201,238 2,228,339 2,026,003 202,336 Ex cess (deficiency) of revenues
over ex penditures (2,201,238) (2,228,339) 789,204 3,017,543 Net change in fund balance (2,201,238) (2,228,339) 789,204 3,017,543 Fund balances (deficit), beginning of year 5,385,870 5,385,870 5,385,870 - Fund balances (deficit), end of year $ 3,184,632 $ 3,157,531 $ 6,175,074 $ 3,017,543 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

AIR QUALITY IMPROVEMENT SPECIAL REVENUE FUND

For the year ended June 30, 2025

160

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ - $ - $ 122,528 $ 122,528 Investm ent incom e - - 70,358 70,358 Total rev enues - - 192,886 192,886 E xpenditures
Current:

Com m unity services 30,000 30,000 21,484 8,516 Capital im provem ent program s 490,490 490,490 213,497 276,993 Total expenditures 520,490 520,490 234,981 285,509 Ex cess (deficiency) of revenues
over ex penditures (520,490) (520,490) (42,095) 478,395 Net change in fund balance (520,490) (520,490) (42,095) 478,395 Fund balances (deficit), beginning of year 612,270 612,270 612,270 - Fund balances (deficit), end of year $ 91,780 $ 91,780 $ 570,175 $ 478,395 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

CAPITAL ASSET REPLACEMENT SPECIAL REVENUE FUND

For the year ended June 30, 2025

161

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Miscellaneous $ - $ - $ 5,505 $ 5,505 Total revenues - - 5,505 5,505 Expenditures
Capital improvement programs 715,989 715,989 - 715,989 Total expenditures 715,989 715,989 - 715,989 Excess (deficiency) of revenues
over expenditures (715,989) (715,989) 5,505 721,494 Net change in fund balance (715,989) (715,989) 5,505 721,494 Fund balances (deficit), beginning of year 191,494 191,494 191,494 - Fund balances (deficit), end of year $ (524,495) $ (524,495) $ 196,999 $ 721,494 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

MEASURE R SPECIAL REVENUE FUND

For the year ended June 30, 2025

162

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Tax es $ - $ - $ 1,504,497 $ 1,504,497 Investm ent incom e - - 86,095 86,095 Total rev enues - - 1,590,592 1,590,592 E xpenditures
Current:

Public works 278,790 278,790 292,662 (13,872) Com m unity services - - 271 (271) Capital im provem ent program s 4,741,368 4,741,368 3,352,461 1,388,907 Total expenditures 5,020,158 5,020,158 3,645,394 1,374,764 Ex cess (deficiency) of revenues
over ex penditures (5,020,158) (5,020,158) (2,054,802) 2,965,356 Other Financing Sources
Transfers in - - 2,897,313 2,897,313 Transfers out - - (683,950) (683,950) Total other financing sources (uses) - - 2,213,363 2,213,363 Net change in fund balance (5,020,158) (5,020,158) 158,561 5,178,719 Fund balances (deficit), beginning of year 351,410 351,410 351,410 - Fund balances (deficit), end of year $ (4,668,748) $ (4,668,748) $ 509,971 $ 5,178,719 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

RESTRICTED ADMINISTRATIVE TOW FEE SPECIAL REVENUE FUND

For the year ended June 30, 2025

163

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Licenses and permits $ - $ - $ 33,537 $ 33,537 Investm ent incom e - - 26,278 26,278 Total rev enues - - 59,815 59,815 E xpenditures
Current:

Public works 2,000 2,000 - 2,000 Com m unity services 60,112 60,112 47,711 12,401 Capital im provem ent program s 73,000 73,000 40,059 32,941 Total expenditures 135,112 135,112 87,770 47,342 Ex cess (deficiency) of revenues
over ex penditures (135,112) (135,112) (27,955) 107,157 Net change in fund balance (135,112) (135,112) (27,955) 107,157 Fund balances (deficit), beginning of year 199,744 199,744 199,744 - Fund balances (deficit), end of year $ 64,632 $ 64,632 $ 171,789 $ 107,157 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

CITY SPECIAL EVENTS SPECIAL REVENUE FUND

For the year ended June 30, 2025

164

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Charges for services $ - $ - $ 262,726 $ 262,726 Total rev enues - - 262,726 262,726 E xpenditures
Current:

G eneral governm ent 707,770 708,710 712,161 (3,451) Total expenditures 707,770 708,710 712,161 (3,451) Ex cess (deficiency) of revenues
over ex penditures (707,770) (708,710) (449,435) 259,275 Other Financing Sources
Transfers in - - 449,435 449,435 Total other financing sources (uses) - - 449,435 449,435 Net change in fund balance (707,770) (708,710) - 708,710 Fund balances (deficit), beginning of year (1,999) (1,999) (1,999) - Fund balances (deficit), end of year $ (709,769) $ (710,709) $ (1,999) $ 708,710 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

MTA CALL FOR PROJECTS SPECIAL REVENUE FUND

For the year ended June 30, 2025

165

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ - $ - $ 333,443 $ 333,443 Total rev enues - - 333,443 333,443 E xpenditures
Current:

Public works - - 21,113 (21,113) Capital im provem ent program s 2,526,477 2,526,477 226,605 2,299,872 Total expenditures 2,526,477 2,526,477 247,718 2,278,759 Ex cess (deficiency) of revenues
over ex penditures (2,526,477) (2,526,477) 85,725 2,612,202 Other Financing Sources
Transfers in - - 35,461 35,461 Transfers out - - (393,103) (393,103) Total other financing sources (uses) - - (357,642) (357,642) Net change in fund balance (2,526,477) (2,526,477) (271,917) 2,254,560 Fund balances (deficit), beginning of year 658,109 658,109 658,109 - Fund balances (deficit), end of year $ (1,868,368) $ (1,868,368) $ 386,192 $ 2,254,560 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

PARK DEVELOPMENT SPECIAL REVENUE FUND

For the year ended June 30, 2025

166

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Investment income $ - $ - $ 266,039 $ 266,039 Total revenues - - 266,039 266,039 Expenditures
Capital improvement programs 2,701,880 2,701,880 238,994 2,462,886 Total expenditures 2,701,880 2,701,880 238,994 2,462,886 Excess (deficiency) of revenues
over expenditures (2,701,880) (2,701,880) 27,045 2,728,925 Net change in fund balance (2,701,880) (2,701,880) 27,045 2,728,925 Fund balances (deficit), beginning of year 2,108,432 2,108,432 2,108,432 - Fund balances (deficit), end of year $ (593,448) $ (593,448) $ 2,135,477 $ 2,728,925 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

LOS ANGELES COUNTY PARK DISTRICT SPECIAL REVENUE FUND

For the year ended June 30, 2025

167

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Tax es $ - $ - $ 35,750 $ 35,750 Total rev enues - - 35,750 35,750 E xpenditures
Current:

Public works 450,000 450,000 315,915 134,085 Capital im provem ent program s 7,524 7,524 48,481 (40,957) Total expenditures 457,524 457,524 364,396 93,128 Ex cess (deficiency) of revenues
over ex penditures (457,524) (457,524) (328,646) 128,878 Net change in fund balance (457,524) (457,524) (328,646) 128,878 Fund balances (deficit), beginning of year 43,686 43,686 43,686 - Fund balances (deficit), end of year $ (413,838) $ (413,838) $ (284,960) $ 128,878 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

BEVERAGE CONTAINER RECYCLING SPECIAL REVENUE FUND

For the year ended June 30, 2025

168

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues $ $ $ $ -
Total rev enues - - - - E xpenditures
Current:

Public Works 23,112 23,112 - 23,112 Total expenditures 23,112 23,112 - 23,112 Ex cess (deficiency) of revenues
over ex penditures (23,112) (23,112) - 23,112 Net change in fund balance (23,112) (23,112) - 23,112 Fund balances (deficit), beginning of year 19,466 19,466 19,466 - Fund balances (deficit), end of year $ (3,646) $ (3,646) $ 19,466 $ 23,112 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

STATE COPS GRANT SPECIAL REVENUE FUND

For the year ended June 30, 2025

169

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ - $ - $ 277,638 $ 277,638 Investm ent incom e - - 125,418 125,418 Total rev enues - - 403,056 403,056 E xpenditures
Current:

Public safety 145,000 145,000 145,068 (68) Total expenditures 145,000 145,000 145,068 (68) Ex cess (deficiency) of revenues
over ex penditures (145,000) (145,000) 257,988 402,988 Net change in fund balance (145,000) (145,000) 257,988 402,988 Fund balances (deficit), beginning of year 766,098 766,098 766,098 - Fund balances (deficit), end of year $ 621,098 $ 621,098 $ 1,024,086 $ 402,988 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

USED OIL STATE GRANT SPECIAL REVENUE FUND

For the year ended June 30, 2025

170

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues $ $ $ $
Total rev enues - - - - E xpenditures
Current:

Public Works 43,204 43,204 - 43,204 Total expenditures 43,204 43,204 - 43,204 Ex cess (deficiency) of revenues
over ex penditures (43,204) (43,204) - 43,204 Other Financing Sources
Transfers out (20,000) (20,000) - 20,000 Total other financing sources (uses) (20,000) (20,000) - 20,000 Net change in fund balance (63,204) (63,204) - 63,204 Fund balances (deficit), beginning of year 23,154 23,154 23,154 - Fund balances (deficit), end of year $ (40,050) $ (40,050) $ 23,154 $ 63,204 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL
PROPOSITION 1B SPECIAL REVENUE FUND

For the year ended June 30, 2025

171

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues $ - $ - $ - $ - Total revenues - - - - Expenditures - - - - Total expenditures - - - - Excess (deficiency) of revenues
over expenditures - - - - Net change in fund balance - - - - Fund balances (deficit), beginning of year (3,574) (3,574) (3,574) - Fund balances (deficit), end of year $ (3,574) $ (3,574) $ (3,574) $ - Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

FAMILY SUPPORT GRANT SPECIAL REVENUE FUND

For the year ended June 30, 2025

172

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ 57,000 $ 57,000 $ 58,346 $ 1,346 Total rev enues 57,000 57,000 58,346 1,346 E xpenditures
Current:

Com m unity services 60,123 60,123 57,000 3,123 Total expenditures 60,123 60,123 57,000 3,123 Ex cess (deficiency) of revenues
over ex penditures (3,123) (3,123) 1,346 4,469 Net change in fund balance (3,123) (3,123) 1,346 4,469 Fund balances (deficit), beginning of year 1,846 1,846 1,846 - Fund balances (deficit), end of year $ (1,277) $ (1,277) $ 3,192 $ 4,469 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

HOME GRANT SPECIAL REVENUE FUND

For the year ended June 30, 2025

173

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues $ - $ - $ - $ - Total rev enues - - - - E xpenditures
Current:

Com m unity developm ent 50,000 50,000 - 50,000 Total expenditures 50,000 50,000 - 50,000 Ex cess (deficiency) of revenues
over ex penditures (50,000) (50,000) - 50,000 Net change in fund balance (50,000) (50,000) - 50,000 Fund balances (deficit), beginning of year (4,713) (4,713) (4,713) - Fund balances (deficit), end of year $ (54,713) $ (54,713) $ (4,713) $ 50,000 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

COMMUNITY DEVELOPMENT BLOCK GRANT SPECIAL REVENUE FUND

For the year ended June 30, 2025

174

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ - $ - $ 631,837 $ 631,837 Total rev enues - - 631,837 631,837 E xpenditures
Current:

G eneral governm ent 712,194 712,194 627,848 84,346 Com m unity developm ent 5,000 5,000 4,028 972 Total expenditures 717,194 717,194 631,876 85,318 Ex cess (deficiency) of revenues
over ex penditures (717,194) (717,194) (39) 717,155 Net change in fund balance (717,194) (717,194) (39) 717,155 Fund balances (deficit), beginning of year (142,917) (142,917) (142,917) - Fund balances (deficit), end of year $ (860,111) $ (860,111) $ (142,956) $ 717,155 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

FEDERAL HIGHWAY PLANNING GRANT SPECIAL REVENUE FUND

For the year ended June 30, 2025

175

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ - $ - $ 23,030 $ 23,030 Total rev enues - - 23,030 23,030 E xpenditures
Current:

Public works - - 4,906 (4,906) Capital im provem ent program s 1,277,000 1,277,000 15,539 1,261,461 Total expenditures 1,277,000 1,277,000 20,445 1,256,555 Ex cess (deficiency) of revenues
over ex penditures (1,277,000) (1,277,000) 2,585 1,279,585 Other Financing Sources
Transfers in - - 15,383 15,383 Total other financing sources (uses) - - 15,383 15,383 Net change in fund balance (1,277,000) (1,277,000) 17,968 1,294,968 Fund balances (deficit), beginning of year (457,009) (457,009) (457,009) - Fund balances (deficit), end of year $ (1,734,009) $ (1,734,009) $ (439,041) $ 1,294,968 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

NEIGHBORHOOD STABILIZATION GRANT SPECIAL REVENUE FUND

For the year ended June 30, 2025

176

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Investment income (loss) $ - $ - $ - $ - Total revenues - - - - Expenditures
Total expenditures - - - - Excess (deficiency) of revenues
over expenditures - - - - Net change in fund balance - - - - Fund balances (deficit), beginning of year 402,017 402,017 402,017 - Fund balances (deficit), end of year $ 402,017 $ 402,017 $ 402,017 $ - Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

BUILDING PLAN RETENTION SPECIAL REVENUE FUND

For the year ended June 30, 2025

177

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues $ - $ - $ - $ - Total revenues - - - - Expenditures - - - - Total expenditures - - - - Excess (deficiency) of revenues
over expenditures - - - - Net change in fund balance - - - - Fund balances (deficit), beginning of year (381,767) (381,767) (381,767) - Fund balances (deficit), end of year $ (381,767) $ (381,767) $ (381,767) $ - Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

FACILITIES MAINTENANCE SPECIAL REVENUE FUND

For the year ended June 30, 2025

178
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Charges for services $ - $ - $ 44,434 $ 44,434 Investment income - - 27,279 27,279 Total revenues - - 71,713 71,713 Expenditures
Capital improvement programs 131,758 131,758 - 131,758 Total expenditures 131,758 131,758 - 131,758 Excess (deficiency) of revenues
over expenditures (131,758) (131,758) 71,713 203,471 Net change in fund balance (131,758) (131,758) 71,713 203,471 Fund balances (deficit), beginning of year 151,024 151,024 151,024 - Fund balances (deficit), end of year $ 19,266 $ 19,266 $ 222,737 $ 203,471 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

LOAD SHED PROGRAM SPECIAL REVENUE FUND

For the year ended June 30, 2025

179

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Miscellaneous $ - $ - $ 9,430 $ 9,430 Total rev enues - - 9,430 9,430 E xpenditures
Capital im provem ent program s 4,173,325 4,173,325 - 4,173,325 Total expenditures 4,173,325 4,173,325 - 4,173,325 Ex cess (deficiency) of revenues
over ex penditures (4,173,325) (4,173,325) 9,430 4,182,755 Other Financing Sources
Transfers in - - 1,016,219 1,016,219 Total other financing sources - - 1,016,219 1,016,219 Net change in fund balance (4,173,325) (4,173,325) 1,025,649 5,198,974 Fund balances (deficit), beginning of year, as prev iously 5,490,476 5,490,476 5,490,476 - Prior period adjustm ents (6,000,000) (6,000,000) (6,000,000) - Fund balances (deficit), beginning of year, as restated (509,524) (509,524) (509,524) - Fund balances (deficit), end of year $ (4,682,849) $ (4,682,849) $ 516,125 $ 5,198,974 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

PUBLIC EDUCATION AND GOVERNMENT ACCESS (PEG) SPECIAL REVENUE FUND

For the year ended June 30, 2025

180

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Taxes $ - $ - $ 112,742 $ 112,742 Total revenues - - 112,742 112,742 Expenditures
Capital improvement programs 564,468 564,468 553,554 10,914 Total expenditures 564,468 564,468 553,554 10,914 Excess (deficiency) of revenues
over expenditures (564,468) (564,468) (440,812) 123,656 Net change in fund balance (564,468) (564,468) (440,812) 123,656 Fund balances (deficit), beginning of year 434,956 434,956 434,956 - Fund balances (deficit), end of year $ (129,512) $ (129,512) $ (5,856) $ 123,656 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

RAISED MEDIAN IN-LIEU SPECIAL REVENUE FUND

For the year ended June 30, 2025

181

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Developer impact fee $ - $ - $ 83,580 $ 83,580 Total revenues - - 83,580 83,580 Expenditures
Total expenditures - - - - Excess (deficiency) of revenues
over expenditures - - 83,580 83,580 Net change in fund balance - - 83,580 83,580 Fund balances (deficit), beginning of year 372,724 372,724 372,724 - Fund balances (deficit), end of year $ 372,724 $ 372,724 $ 456,304 $ 83,580 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

DEVELOPMENT IMPACT FEES SPECIAL REVENUE FUND

For the year ended June 30, 2025

182

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Investm ent incom e (loss) $ - $ - $ 1,544,117 $ 1,544,117 Developer impact fee 1,206,000 1,206,000 474,169 (731,831) Total rev enues 1,206,000 1,206,000 2,018,286 812,286 E xpenditures
Current:

Public works 2,603,443 2,603,443 1,258,861 1,344,582 Capital im provem ent program s 8,036,945 8,036,945 3,556,610 4,480,335 Total expenditures 10,640,388 10,640,388 4,815,471 5,824,917 Ex cess (deficiency) of revenues
over ex penditures (9,434,388) (9,434,388) (2,797,185) 6,637,203 Net change in fund balance (9,434,388) (9,434,388) (2,797,185) 6,637,203 Fund balances (deficit), beginning of year 14,210,560 14,210,560 14,210,560 - Fund balances (deficit), end of year $ 4,776,172 $ 4,776,172 $ 11,413,375 $ 6,637,203 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

UTILITY UNDERGROUND IN-LIEU SPECIAL REVENUE FUND

For the year ended June 30, 2025

183

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues $ $ $ $
Total rev enues - - - - E xpenditures
Total expenditures - - - - Ex cess (deficiency) of revenues
over ex penditures - - - - Net change in fund balance - - - - Fund balances (deficit), beginning of year 709,056 709,056 709,056 - Fund balances (deficit), end of year $ 709,056 $ 709,056 $ 709,056 $ - Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL
SB1 SPECIAL REVENUE FUND

For the year ended June 30, 2025

184

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Intergovernmental $ - $ - $ 2,869,203 $ 2,869,203 Investment income - - 518,025 518,025 Total revenues - - 3,387,228 3,387,228 Expenditures
Capital improvement programs 1,277,816 1,277,816 204,230 1,073,586 Total expenditures 1,277,816 1,277,816 204,230 1,073,586 Excess (deficiency) of revenues
over expenditures (1,277,816) (1,277,816) 3,182,998 4,460,814 Net change in fund balance (1,277,816) (1,277,816) 3,182,998 4,460,814 Fund balances (deficit), beginning of year 1,396,977 1,396,977 1,396,977 - Fund balances (deficit), end of year $ 119,161 $ 119,161 $ 4,579,975 $ 4,460,814 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

MEASURE M SPECIAL REVENUE FUND

For the year ended June 30, 2025

185

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Tax es $ - $ - $ 1,704,546 $ 1,704,546 Investm ent incom e - - 176,101 176,101 Total rev enues - - 1,880,647 1,880,647 E xpenditures
Current:

Public works 128,891 128,891 113,982 14,909 Capital im provem ent program s 3,206,120 3,206,120 2,305,419 900,701 Total expenditures 3,335,011 3,335,011 2,419,401 915,610 Ex cess (deficiency) of revenues
over ex penditures (3,335,011) (3,335,011) (538,754) 2,796,257 Other Financing Sources
Transfers in - - 2,305,419 2,305,419 Transfers out (801,000) (801,000) (915,000) (114,000) Total other financing sources (uses) (801,000) (801,000) 1,390,419 2,191,419 Net change in fund balance (4,136,011) (4,136,011) 851,665 4,987,676 Fund balances (deficit), beginning of year (145,734) (145,734) (145,734) - Fund balances (deficit), end of year $ (4,281,745) $ (4,281,745) $ 705,931 $ 4,987,676 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

MEASURE R HIGHWAY PROGRAM SPECIAL REVENUE FUND

For the year ended June 30, 2025

186

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ - $ - $ 33,084 $ 33,084 Total rev enues - - 33,084 33,084 E xpenditures
Current:

Com m unity developm ent 1,000,000 1,000,000 - 1,000,000 Total expenditures 1,000,000 1,000,000 - 1,000,000 Ex cess (deficiency) of revenues
over ex penditures (1,000,000) (1,000,000) 33,084 1,033,084 Net change in fund balance (1,000,000) (1,000,000) 33,084 1,033,084 Fund balances (deficit), beginning of year (39,527) (39,527) (39,527) - Fund balances (deficit), end of year $ (1,039,527) $ (1,039,527) $ (6,443) $ 1,033,084 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

COMMUNITY FACILITIES DISTRICT SPECIAL REVENUE FUND

For the year ended June 30, 2025

187
Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Taxes $ - $ - $ 714,864 $ 714,864 Investment income - - 286,865 286,865 Miscellaneous - - 20,209 20,209 Total revenues - - 1,021,938 1,021,938 Expenditures
Total expenditures - - - - Excess (deficiency) of revenues
over expenditures - - 1,021,938 1,021,938 Net change in fund balance - - 1,021,938 1,021,938 Fund balances (deficit), beginning of year 1,328,200 1,328,200 1,328,200 - Fund balances (deficit), end of year $ 1,328,200 $ 1,328,200 $ 2,350,138 $ 1,021,938 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

CARSON STORMWATER SPECIAL REVENUE FUND

For the year ended June 30, 2025

188

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Investment income $ - $ - $ 773,257 $ 773,257 Total revenues - - 773,257 773,257 Expenditures
Capital improvement programs 2,072,500 2,072,500 748,445 1,324,055 Total expenditures 2,072,500 2,072,500 748,445 1,324,055 Excess (deficiency) of revenues
over expenditures (2,072,500) (2,072,500) 24,812 2,097,312 Net change in fund balance (2,072,500) (2,072,500) 24,812 2,097,312 Fund balances (deficit), beginning of year 6,186,814 6,186,814 6,186,814 - Fund balances (deficit), end of year $ 4,114,314 $ 4,114,314 $ 6,211,626 $ 2,097,312 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

COOPERATION AGREEMENT BOND PROCEEDS SPECIAL REVENUE FUND

For the year ended June 30, 2025

189

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues $ - $ - $ - $ - Total revenues - - - - Expenditures
Capital improvement programs 1,861,043 1,861,043 321,368 1,539,675 Total expenditures 1,861,043 1,861,043 321,368 1,539,675 Excess (deficiency) of revenues
over expenditures (1,861,043) (1,861,043) (321,368) 1,539,675 Net change in fund balance (1,861,043) (1,861,043) (321,368) 1,539,675 Fund balances (deficit), beginning of year 1,365,823 1,365,823 1,365,823 - Fund balances (deficit), end of year $ (495,220) $ (495,220) $ 1,044,455 $ 1,539,675 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL
AMERICAN RESCUE PLAN ACT 2 SPECIAL REVENUE FUND
For the year ended June 30, 2025

190

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Investm ent incom e $ - $ - $ - $ - Total rev enues - - - - E xpenditures
Current:

G eneral governm ent 250,000 250,000 - 250,000 Com m unity developm ent 398,033 398,033 334,082 63,951 Capital im provem ent program s 2,531,333 2,531,333 1,868,839 662,494 Debt service
Principal paym ents - - 221,662 (221,662) Interest - - 10,483 (10,483) Total expenditures 3,179,366 3,179,366 2,435,066 744,300 Ex cess (deficiency) of revenues
over ex penditures (3,179,366) (3,179,366) (2,435,066) 744,300 Other Financing Sources
Transfers out - - (556,223) (556,223) Total other financing sources (uses) - - (556,223) (556,223) Net change in fund balance (3,179,366) (3,179,366) (2,991,289) 188,077 Fund balances (deficit), beginning of year 2,991,289 2,991,289 2,991,289 - Fund balances (deficit), end of year $ (188,077) $ (188,077) $ - $ 188,077 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

STATE CIP GRANTS SPECIAL REVENUE FUND

For the year ended June 30, 2025

191

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues $ - $ - $ - $ - Total revenues - - - - Expenditures - - - - Capital improvement programs - 990 - 990 Total expenditures - 990 - 990 Net change in fund balance - (990) - 990 Fund balances (deficit), beginning of year 30 30 30 - Fund balances (deficit), end of year $ 30 $ (960) $ 30 $ 990 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

MEASURE M PS&E AND CONSTRUCTION SPECIAL REVENUE FUND

For the year ended June 30, 2025

192

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues $ - $ - $ - $ - Total rev enues - - - - E xpenditures
Current:

Com m unity developm ent 4,696 4,696 1,135 3,561 Total expenditures 4,696 4,696 1,135 3,561 Ex cess (deficiency) of revenues
over ex penditures (4,696) (4,696) (1,135) 3,561 Net change in fund balance (4,696) (4,696) (1,135) 3,561 Fund balances (deficit), beginning of year (262,638) (262,638) (262,638) - Fund balances (deficit), end of year $ (267,334) $ (267,334) $ (263,773) $ 3,561 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL
SB1383 SPECIAL REVENUE FUND

For the year ended June 30, 2025

193

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Investm ent incom e $ - $ - $ - $ - Total rev enues - - - - E xpenditures
Current:

Public works - - 114,362 (114,362) Total expenditures - - 114,362 (114,362) Ex cess (deficiency) of revenues
over ex penditures - - (114,362) (114,362) Net change in fund balance - - (114,362) (114,362) Fund balances (deficit), beginning of year 114,362 114,362 114,362 - Fund balances (deficit), end of year $ 114,362 $ 114,362 $ - $ (114,362) Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

EQUITABLE CITY REVITALIZATION SPECIAL REVENUE FUND

For the year ended June 30, 2025

194

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ - $ - $ 76,367 $ 76,367 Total rev enues - - 76,367 76,367 E xpenditures
Current:

Com m unity developm ent 1,397,500 1,397,500 269,003 1,128,497 Total expenditures 1,397,500 1,397,500 269,003 1,128,497 Ex cess (deficiency) of revenues
over ex penditures (1,397,500) (1,397,500) (192,636) 1,204,864 Net change in fund balance (1,397,500) (1,397,500) (192,636) 1,204,864 Fund balances (deficit), beginning of year (294) (294) (294) - Fund balances (deficit), end of year $ (1,397,794) $ (1,397,794) $ (192,930) $ 1,204,864 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

HAZARD MITIGATION GRANT PROGRAM (HMGP) SPECIAL REVENUE FUND

For the year ended June 30, 2025

195

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Intergovernmental $ - $ - $ 23,616 $ 23,616 Total revenues - - 23,616 23,616 Expenditures
Capital improvement programs - - 2,008 (2,008) Total expenditures - - 2,008 (2,008) Excess (deficiency) of revenues
over expenditures - - 21,608 21,608 Other Financing Sources
Transfers in - - 38,425 38,425 Transfers out - - (66,858) (66,858) Total other financing sources (uses) - - (28,433) (28,433) Net change in fund balance - - (6,825) (6,825) Fund balances (deficit), beginning of year - - - - Fund balances (deficit), end of year $ - $ - $ (6,825) $ (6,825) Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

PERMANENT LOCAL HOUSING ALLOCATION (PLHA) SPECIAL REVENUE FUND

For the year ended June 30, 2025

196

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ - $ - $ 429,746 $ 429,746 Investm ent incom e - - 155,189 155,189 Miscellaneous - - 13,010 13,010 Total rev enues - - 597,945 597,945 E xpenditures
Current:

G eneral governm ent - - 78,582 (78,582) Total expenditures - - 78,582 (78,582) Ex cess (deficiency) of revenues
over ex penditures - - 519,363 519,363 Net change in fund balance - - 519,363 519,363 Fund balances (deficit), beginning of year 746,208 746,208 746,208 - Fund balances (deficit), end of year $ 746,208 $ 746,208 $ 1,265,571 $ 519,363 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

FED HWY INFRASTRUCTURE PROGRAM SPECIAL REVENUE FUND

For the year ended June 30, 2025

197

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Total rev enues$ - $ - $ - $ - E xpenditures
Capital im provem ent program s 100,000 100,000 - 100,000 Total expenditures 100,000 100,000 - 100,000 Ex cess (deficiency) of revenues
over ex penditures (100,000) (100,000) - 100,000 Net change in fund balance (100,000) (100,000) - 100,000 Fund balances (deficit), beginning of year (316) (316) (316) - Fund balances (deficit), end of year $ (100,316) $ (100,316) $ (316) $ 100,000 Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

ENHANCED INFRASTRUCTURE FINANCING DISTRICT (EIFD) SPECIAL REVENUE FUND

For the year ended June 30, 2025

198

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Taxes $ - $ - $ 532,703 $ 532,703 Investment income (loss) - - 83,996 83,996 Total revenues - - 616,699 616,699 Expenditures
Capital improvement programs 25,000 25,000 5,573 19,427 Total expenditures 25,000 25,000 5,573 19,427 Excess (deficiency) of revenues
over expenditures (25,000) (25,000) 611,126 636,126 Other Financing Sources
Transfers in - - 79,325 79,325 Total other financing sources (uses) - - 79,325 79,325 Net change in fund balance (25,000) (25,000) 690,451 715,451 Fund balances (deficit), beginning of year (39,099) (39,099) (39,099) - Fund balances (deficit), end of year $ (64,099) $ (64,099) $ 651,352 $ 715,451 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

SAFE, CLEAN WATER PROGRAM - REGIONAL PROGRAM SPECIAL REVENUE FUND

For the year ended June 30, 2025

199

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Investment income $ - $ - $ 35,113 $ 35,113 Total revenues - - 35,113 35,113 Expenditures
Total expenditures - - - - Excess (deficiency) of revenues
over expenditures - - 35,113 35,113 Net change in fund balance - - 35,113 35,113 Fund balances (deficit), beginning of year 251,596 251,596 251,596 - Fund balances (deficit), end of year $ 251,596 $ 251,596 $ 286,709 $ 35,113 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

AFRICAN AMERICAN CULTURAL HERITAGE SPECIAL REVENUE FUND

For the year ended June 30, 2025

200

Variance with
Final Budget
Positive
Original Final Actual (Negative)
Revenues
Intergovernmental $ - $ - $ 75,000 $ 75,000 Total revenues - - 75,000 75,000 Expenditures
Current:

Community development - - 7,152 (7,152) Total expenditures - - 7,152 (7,152) Excess (deficiency) of revenues
over expenditures - - 67,848 67,848 Net change in fund balance - - 67,848 67,848 Fund balances (deficit), beginning of year (140,990) (140,990) (140,990) - Fund balances (deficit), end of year $ (140,990) $ (140,990) $ (73,142) $ 67,848 Budgeted Amounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

MEASURE R TRANSIT INVESTMENT SPECIAL REVENUE FUND

For the year ended June 30, 2025

201

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Intergovernm ental $ - $ - $ 12,007 $ 12,007 Total rev enues - - 12,007 12,007 E xpenditures
Current:

Public works - - 59,384 (59,384) Total expenditures - - 59,384 (59,384) Ex cess (deficiency) of revenues
over ex penditures - - (47,377) (47,377) Other Financing Sources
Transfers in - - 18,469 18,469 Transfers out - - (19,440) (19,440) Total other financing sources (uses) - - (971) (971) Net change in fund balance - - (48,348) (48,348) Fund balances (deficit), beginning of year (1,213) (1,213) (1,213) - Fund balances (deficit), end of year $ (1,213) $ (1,213) $ (49,561) $ (48,348) Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

EPA BROWNFIELDS PROGRAM SPECIAL REVENUE FUND

For the year ended June 30, 2025

202

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues $ $ $ $
Total rev enues - - - - E xpenditures
Total expenditures - - - - Ex cess (deficiency) of revenues
over ex penditures - - - - Other Financing Sources
Transfers out - - (10,709) (10,709) Total other financing sources (uses) - - (10,709) (10,709) Net change in fund balance - - (10,709) (10,709) Fund balances (deficit), beginning of year - - - - Fund balances (deficit), end of year $ - $ - $ (10,709) $ (10,709) Budgeted Am ounts

CITY OF CARSON

SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE – BUDGET AND ACTUAL

MEASURE M & R LOCAL STREET CAPITAL PROJECTS FUND

For the year ended June 30, 2025

203

V ariance with
Final Budget
Pos itive
Original Final Actual (Negative)
Rev enues
Investm ent incom e $ - $ - $ 984,957 $ 984,957 Total rev enues - - 984,957 984,957 E xpenditures
Capital im provem ent program - - 1,056,606 (1,056,606) Debt service:

Principal paym ents - - 915,000 (915,000) Interest - - 683,949 (683,949) Total expenditures - - 2,655,555 (2,655,555) - - (1,670,598) (1,670,598) Other financing sources (uses)
Transfers in - - 1,598,950 1,598,950 Transfers out - - (5,202,733) (5,202,733) Total other financing sources (uses) - - (3,603,783) (3,603,783) - - (5,274,381) (5,274,381) Fund balances (deficit), beginning of year, as prev iously 24,639,157 24,639,157 24,639,157 - Prior period adjustm ents (760,000) (760,000) (760,000) - Fund balances (deficit), beginning of year, as restated 23,879,157 23,879,157 23,879,157 - Fund balance - end of year $ 23,879,157 $ 23,879,157 $ 18,604,776 $ (5,274,381) Budgeted Am ounts
E xcess of rev enues ov er (under) expenditures
Change in fund balance

CITY OF CARSON
Custodial Funds

204
The Custodial Funds are used to account for assets that are held in a custodial relationship for various individuals and private organizations.

A custodial fund is accounted for in essentially the same manner as governmental funds; however, its purpose is custodial in nature; the measurement of results is appropriate and similar to private-purpose trust funds.

The following custodial funds are funds deposited with the City by various individuals and private organizations:

The Trust and Agency Fund is used to account for money deposited to the City for the benefit of certain Organizations and individuals.

The Wilmington Avenue Assessment District Fund is used to account for the $2.2 million Assessment District Limited Obligation Refunding Improvement Bonds, Series 1995. The bonds were used to finance the installations and construction of certain public improvements within the boundaries of the District. The City is in no way liable for the repayment of the bonds but is only acting as an agent for the property owners in collecting the assessments, forwarding the collections to bondholders and initiating forec losure proceedings for the benefit of the bondholders.

The Sepulveda Boulevard Assessment District Fund is used to account for the $13.1 million Limited Obligation Improvement Bonds, Series 1992. The bonds were used to finance the cost of certain street improvements. The City is in no way liable for repayment of the bonds but is only acting as an agent for the property owners in collecting the assessments, forwarding the collections to bondholders and initiating foreclosure proceedings for the benefit of the bondholders.

The Dominquez Technology Center West Assessment District Fund is used to account for the $18.9 million Reassessment Revenue Refunding Bonds, Series 2019A. The bonds were used to finance the acquisition costs for improvements within the Assessment District, to establish the Reserve Fund and to pay the cost of issuing the bonds. The City is in no way liable for repayment of the bonds but is only acting as an agent for the property owners in collecting the assessments, forwarding the collections to bondholders and initiating foreclosure proceedings for the benefit of the bondholders.

CITY OF CARSON

CUSTODIAL FUNDS

COMBINING STATEMENT OF FIDUCIARY NET POSITION

June 30, 2025

205

Dom inquez
Trust
Wilm ington
Avenue
Sepulveda
Boulevard
Tech Center
West Total
and Assessm ent Assessm ent Assessm ent Custodial
Agency Dis trict Dis trict Dis trict Funds
ASSETS:

Cash and investm ents $ 2,323,311 $ 787,092 $ 429,863 $ - $ 3,540,266 Cash and investm ents with fiscal agents - - - 3,380,350 3,380,350 Other tax es receivable - - - - - Total assets 2,323,311 787,092 429,863 3,380,350 6,920,616 LIABILITIES:

Refundable deposits 2,323,311 - - - 2,323,311 Due to City of Carson - - - 989,157 989,157 Total liab ilities 2,323,311 - - 989,157 3,312,468 FIDUCIARY NET POSITION:

Restricted for other organizations - 787,092 429,863 2,391,193 3,608,148 Total net position$ - $ 787,092 $ 429,863 $ 2,391,193 $ 3,608,148

CITY OF CARSON

CUSTODIAL FUNDS

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

For the year ended June 30, 2025

206

Dom inquez
Wilm ington
Avenue
Sepulveda
Boulevard
Tech Center
West
Trust and Assessm ent Assessm ent Assessm ent
Agency Dis trict Dis trict Dis trict Total
ADDITIONS:

Investm ent incom e $ - $ - $ - $ 45,247 $ 45,247 TOTAL ADDITIONS - - - 45,247 45,247 DEDUCTIONS:

TOTAL DEDUCTIONS - - - - - CHANGE IN NET POSITION - - - 45,247 45,247 NET POSITION - BEGINNING OF YEAR - 787,092 429,863 2,345,946 3,562,901 NET POSITION - END OF YEAR $ - $ 787,092 $ 429,863 $ 2,391,193 $ 3,608,148

The Jewel of the South Bay

STATISTICAL SECTION

(Not covered by Independent Auditor’s Report)

CITY OF CARSON, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

The Jewel of the South Bay

CITY OF CARSON
Description of Statistical Section

207
This part of the City of Carson’s annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City 's overall financial health.

Contents

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

Revenue Capacity
These schedules contain information to help the reader assess the City's most significant local revenue source, the property tax.

Debt Capacity
These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future.

Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place.

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

Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year.

TABLE 1

CITY OF CARSON, CALIFORNIA
Net Position By Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)

208

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
$ 369,068,436 $ 380,935,329 $ 385,341,066 $ 386,414,281 $ 386,769,892 $ 402,303,357 $ 394,564,955 $ 403,386,258 $ 415,508,976 $ 434,585,810 Restricted for:

Economic development - 758,063 460,782 353,012 382,053 333,772 331,557 334,075 402,017 402,017 Development services/public works 2,397,487 7,273,415 11,822,412 21,399,782 46,786,410 47,289,886 54,597,607 58,337,554 63,819,804 63,111,736 Low and moderate income housing 33,115,931 23,595,980 10,646,958 11,162,327 11,909,385 12,224,891 11,855,780 12,043,273 13,505,893 13,396,196 Community services 28,535,274 11,096,410 3,698,916 4,664,319 6,080,992 8,718,039 22,681,158 18,972,514 15,424,720 7,670,882 Unrestricted (75,486,338) (82,118,193) (111,097,624) (106,831,996) (132,071,581) (119,871,136) (55,879,322) 63,030,882 56,703,814 75,946,227 $ 357,630,790 $ 341,541,004 $ 300,872,510 $ 317,161,725 $ 319,857,151 $ 350,998,809 $ 428,151,735 $ 556,104,556 $ 565,365,224 $ 595,112,868 Source: City of Carson
Total governmental activities net position
Governmental activities
Invested in capital assets, net of accumulated
depreciation and related debt
Fiscal Year
TABLE 2

CITY OF CARSON, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)

209

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General government 35,319,096$ 49,415,055$ 37,566,169$ 34,064,482$ 40,303,918$ 26,066,129$ 22,067,231$ 34,268,450$ 40,333,500$ 53,938,899$ Community development 42,477,759 19,633,718 23,131,014 10,254,671 10,054,529 21,232,635 13,245,928 13,271,841 15,656,693 9,290,538 Community services 12,330,080 21,436,486 17,823,301 17,524,467 17,925,723 6,239,238 21,076,356 23,508,829 29,450,168 35,190,626 Public safety - - 21,265,535 22,635,739 24,381,967 28,697,914 24,680,637 27,435,123 32,525,513 34,871,724 Public works 19,819,103 20,204,915 19,520,884 18,843,054 19,134,477 13,644,261 17,294,653 25,787,474 40,309,541 17,450,851 Interest and other charges - - - - 449,073 4,354,424 3,912,905 3,975,062 3,878,791 7,135,312 Total governmental activities expenses 109,946,038 110,690,174 119,306,903 103,322,413 112,249,687 100,234,601 102,277,710 128,246,779 162,154,206 157,877,950 Total primary government expenses 109,946,038$ 110,690,174$ 119,306,903$ 103,322,413$ 112,249,687$ 100,234,601$ 102,277,710$ 128,246,779$ 162,154,206$ 157,877,950$ Program Revenues:

Governmental activities:

Charges for services 13,725,032$ 14,425,776$ 19,617,597$ 21,244,520$ 14,529,229$ 11,603,061$ 17,075,778$ 18,981,781$ 22,028,501$ 19,348,234$ Operating contributions and grants 11,159,230 13,900,254 12,939,593 11,115,977 11,324,884 11,409,044 30,659,237 14,499,095 15,187,091 23,896,314 Capital contributions and grants 1,335,164 255,576 1,199,345 8,632,654 8,860,450 4,811,802 5,871,113 2,595,743 1,425,245 898,846 Total governmental activities program revenues 26,219,426 28,581,606 33,756,535 40,993,151 34,714,563 27,823,907 53,606,128 36,076,619 38,640,837 44,143,394 Total primary government program revenues 26,219,426$ 28,581,606$ 33,756,535$ 40,993,151$ 34,714,563$ 27,823,907$ 53,606,128$ 36,076,619$ 38,640,837$ 44,143,394$ Net (Expenses) Revenues
Governmental activities (83,726,612)$ (82,108,568)$ (85,550,368)$ (62,329,262)$ (77,534,854)$ (72,410,694)$ (48,671,582)$ (92,170,160)$ (123,513,369)$ (113,734,556)$ Total primary government net (expense) revenues (83,726,612)$ (82,108,568)$ (85,550,368)$ (62,329,262)$ (77,534,854)$ (72,410,694)$ (48,671,582)$ (92,170,160)$ (123,513,369)$ (113,734,556)$ Expenses
Governmental activities:

Fiscal Year
TABLE 2

CITY OF CARSON, CALIFORNIA
Changes in Net Position (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)

210

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General Revenues and Other Changes in
net position
Governmental activities:

Taxes
Sales taxes 25,364,057$ 24,721,304$ 24,439,171$ 28,554,425$ 28,473,022$ 30,133,399$ 47,018,045$ 62,610,700$ 58,799,529$ 59,615,800$ Property taxes 15,128,210 15,026,130 15,702,099 16,385,673 17,759,759 20,559,180 18,146,493 23,419,439 27,672,621 27,290,994 Transient occupancy taxes 2,138,378 2,225,416 2,242,192 2,245,815 1,788,645 1,648,497 2,026,323 2,077,142 10,311,117 2,120,917 Franchise taxes 8,587,698 8,094,969 9,094,861 9,817,355 9,314,519 11,355,476 12,663,295 16,188,600 2,412,925 13,214,723 Utility users tax 6,754,075 7,030,672 8,129,186 7,892,486 7,458,906 8,670,112 11,828,914 16,509,125 17,067,871 11,037,003 Oil industry business tax 2,331,338 3,256,127 3,490,671 3,013,731 14,063,172 82,786,004 5,278,791 24,586,805 Motor vehicle license fee, unrestricted 37,584 42,108 49,309 45,024 74,083 68,289 105,953 96,206 115,935 147,919 Investment income 1,199,856 1,326,385 1,102,793 1,614,696 2,368,837 933,031 471,601 2,546,158 7,965,148 7,512,640 Gain on sale of land and building - - - - - 23,767,689 7,292,712 - - - Transfer from Successor Agency - - - - - 8,720 - - - - Other revenue 3,699,275 7,551,798 15,217,121 7,895,876 7,085,251 3,394,228 12,208,002 13,889,607 2,925,407 4,714,948 Total governmental activities 63,165,476 66,018,782 78,308,070 77,707,477 77,813,693 103,552,352 125,824,510 220,122,981 132,549,344 150,241,749 Total primary government 63,165,476$ 66,018,782$ 78,308,070$ 77,707,477$ 77,813,693$ 103,552,352$ 125,824,510$ 220,122,981$ 132,549,344$ 150,241,749$ Change in Net Position
Governmental activities (20,561,136)$ (16,089,786)$ (7,242,298)$ 15,378,215$ 278,839$ 31,141,658$ 77,152,928$ 127,952,821$ 9,035,975$ 36,507,193$ Total primary government (20,561,136)$ (16,089,786)$ (7,242,298)$ 15,378,215$ 278,839$ 31,141,658$ 77,152,928$ 127,952,821$ 9,035,975$ 36,507,193$ Source: City of Carson
Fiscal Year
TABLE 3

CITY OF CARSON, CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)

211
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General fund
Nonspendable 342,432$ 267,772$ 240,436$ 313,734$ 262,227$ 677,723$ 764,071$ 421,759$ 562,335$ 699,516$ Restricted 1,431,403 250,000 250,000 683,361 2,262,501 2,262,501 - 27,000,000 23,291,526 50,000,000 Committed 16,710,504 15,324,165 15,324,165 15,324,165 15,324,165 15,324,165 15,324,165 24,146,695 30,769,094 30,956,996 Assigned 226,096 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 91,574,302 92,080,926 79,460,209 Unassigned - 2,121,065 18,405,368 27,850,152 26,335,503 40,134,685 90,769,658 79,772,944 73,022,739 91,347,462 18,710,435 18,963,002 35,219,969 45,171,412 45,184,396 59,399,074 107,857,894 222,915,700 219,726,620 252,464,183 Housing Authority
Nonspendable - - - - - - - - - - Restricted 33,115,931 23,595,980 5,146,958 11,162,327 11,909,385 12,224,891 11,855,780 12,043,273 13,505,893 13,396,196 33,115,931 23,595,980 5,146,958 11,162,327 11,909,385 12,224,891 11,855,780 12,043,273 13,505,893 13,396,196 American Rescue Plan Act 2 Fund
Restricted 8,849,895 - - - Cooperation Agreement Bond Proceeds Fund
Restricted 24,870,947 9,400,111 2,279,182 2,587,758 2,444,470 2,328,888 2,272,540 - - - Measur e M&R Local Str eet Pr oj ects
Capital Projects Fund
Nonspendable - - - - - - - - - - Restricted - - - - 22,604,831 22,606,028 22,618,860 - - - - - - - 22,604,831 22,606,028 22,618,860 - - - State CIP Grants Special Revenue Fund
Unassigned - (2,067,793) (1,491,505) (1,495,784) (87,705) - - - - - Prop 68 Parks & Water Bond Act of 2018, OGALS
Unassigned - - - - - - - - - (6,513,168) CPFA 2024 Lease Revenue Bonds
Restricted - - - - - - - - - 38,973,070 Nonmajor government funds
Nonspendable - - - - - - - - 252,421 21,560 Restricted 6,403,356 9,048,634 12,081,312 21,992,402 24,670,665 39,946,041 45,743,323 79,308,110 80,138,371 71,384,826 Assigned - - - - - - - - - - Unassigned (611,104) (987,537) (1,126,734) (820,437) (1,092,591) (1,376,509) (1,683,818) (1,747,541) (1,982,331) (1,890,395) 5,792,252 8,061,097 10,954,578 21,171,965 23,578,074 38,569,532 44,059,505 77,560,569 78,408,461 69,515,991 Total Government Funds 82,489,565$ 57,952,397$ 52,109,182$ 78,597,678$ 105,633,451$ 135,128,413$ 195,241,934$ 312,519,542$ 311,640,974$ 367,836,272$ Source: City of Carson
Fiscal Year
TABLE 4

CITY OF CARSON, CALIFORNIA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)

212

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Revenues
Taxes 63,052,429$ 62,101,246$ 69,045,441$ 76,782,091$ 76,273,100$ 83,353,898$ 115,419,511$ 213,676,755$ 131,290,248$ 148,221,788$ Licenses and permits 7,273,620 7,295,475 11,321,941 9,517,560 7,847,382 7,101,475 8,413,677 9,426,386 8,893,486 8,133,437 Fines, forfeitures and penalties 1,588,678 1,821,718 1,710,330 1,542,202 1,502,207 1,315,833 1,560,652 1,988,740 1,782,444 3,368,705 Use of money and property 7,397,268 5,649,775 7,140,768 2,454,790 3,194,882 996,766 24,720,813 6,031,811 11,560,657 10,632,226 Intergovernmental 3,461,862 3,839,798 3,451,997 12,002,740 11,467,713 8,209,843 3,080,268 4,345,184 5,846,012 6,158,126 Charges for services 2,285,175 2,523,923 2,182,063 6,595,654 2,671,376 902,025 1,027,487 3,320,933 10,472,615 6,538,697 Developer impact fees 1,688,872 2,661,162 222,372 1,642,001 3,441,038 2,671,516 953,851 557,749 Contributions from property owners 2,262,501 - - - - - Miscellaneous 4,341,491 7,749,126 15,845,145 8,662,499 5,070,474 4,161,925 12,384,133 14,018,714 3,368,101 4,978,445 Total revenues 89,400,523$ 90,981,061$ 112,386,557$ 120,218,698$ 110,512,007$ 107,683,766$ 170,047,579$ 255,480,039$ 174,167,414$ 188,589,173$ Expenditures
General government 29,956,664 40,590,297 24,702,999 27,882,251 140,644,643 22,528,366 23,499,138 28,844,659 34,873,636 44,543,166 Community development 25,284,113 17,508,039 15,621,462 15,313,325 14,155,892 10,911,314 11,541,999 6,998,303 9,152,803 7,693,356 Community services 37,723,099 17,632,443 24,794,115 5,932,648 7,797,334 5,277,637 20,247,175 19,202,332 25,705,912 29,140,830 Public safety -
- 21,265,535 22,635,739 24,381,967 25,224,443 25,774,588 26,971,053 31,297,516 31,997,546 Public works 15,626,079 15,435,447 14,957,321 16,623,965 17,782,870 17,252,762 18,941,179 22,235,728 37,182,489 25,739,763 Debt service
Bond principal - - - - 640,000 885,248 800,000 5,766,535 6,042,047 9,247,999 Bond interest - - - - 498,898 2,735,804 4,112,164 4,177,642 4,085,306 6,878,053 Other bond financing costs - - - - 1,251,282 199,800 - - - 798,637 Capital improvement programs 6,698,272 24,352,003 16,888,340 11,245,012 12,322,414 6,944,328 10,058,744 25,497,404 26,860,433 62,410,368 Interfund reimbursement - - - - - - - - - - Total expenditures 115,288,227$ 115,518,229$ 118,229,772$ 99,632,940$ 219,475,300$ 91,959,702$ 114,974,987$ 139,693,656$ 175,200,142$ 218,449,718$ Excess (Deficiency) of Revenues
Over (Under) Expenditures (25,887,704)$ (24,537,168)$ (5,843,215)$ 20,585,758$ (108,963,293)$ 15,724,064$ 55,072,592$ 115,786,383$ (1,032,728)$ (29,860,545)$ Other Financing Sources (Uses)
SBITA Financing 154,160 1,214,430
Transfers in 145,757 3,554,443 896,866 985,871 1,289,342 1,927,187 1,864,683 3,712,321 3,171,943 26,281,025 Transfers out (145,757) (3,554,443) (896,866) (985,871) (1,289,342) (1,918,467) (1,864,683) (3,712,321) (3,171,943) (26,281,025) Loan Proceeds - - - - 545,982 6,000,000 - - - - Bond Proceeds - - - - 126,850,000 127,817 - - - 91,601,413
Payment to escrow agent - - - - 3,974,720 - - - - - Sale of land - - - 402,738 2,211,777 5,305,473 7,369,817 - - - Total other financing sources (uses) -$ -$ -$ 402,738$ 133,582,479$ 11,442,010$ 7,369,817$ -$ 154,160$ 92,815,843$ Net Change in Fund Balances (25,887,704)$ (24,537,168)$ (5,843,215)$ 20,988,496$ 24,619,186$ 27,166,074$ 62,442,409$ 115,786,383$ (878,568)$ 62,955,298$ Debt Service as a percentage of
Noncapital expenditures 0.00% 0.00% 0.00% 0.00% 0.01% 0.04% 0.05% 0.09% 0.07% 0.11% Source: City of Carson
Fiscal Year
TABLE 5

CITY OF CARSON, CALIFORNIA
General Governmental Revenues by Source
Last Ten Fiscal Years

213
Motor Utility ^ Interest Business Building
Year Property Sales Franchise Vehicle Users Income on License Construction Federal Ended Tax Tax Tax License Fees Tax Investments Fees Permits Grants 2014 14,182,112$ 23,668,796$ 7,933,064$ 41,716$ 9,284,071$ 716,643$ 2,546,608$ 2,899,460$ 3,269,370$ 2015 14,720,272 21,820,128 8,274,908 40,296 8,135,144 748,051 2,698,782 2,903,621 3,944,432 2016 15,128,210 25,364,057 8,587,699 37,584 6,754,075 1,199,856 2,791,431 3,835,990 2,773,613 2017 15,026,130 24,721,304 8,094,969 42,108 7,030,672 1,326,385 2,765,967 3,399,219 1,651,906 2018 15,702,099 24,439,717 9,094,861 49,309 8,129,186 1,102,793 2,915,618 6,926,822 1,270,698 2019 16,385,673 28,554,425 9,817,355 45,024 7,892,468 1,614,696 2,922,141 4,568,945 1,506,499 2020 17,759,759 28,483,022 9,314,519 74,083 7,458,906 2,368,837 2,861,020 3,608,186 848,555 2021 20,559,180 30,133,399 11,355,476 68,289 8,670,113 933,031 2,784,442 2,708,920 859,213 2022 18,146,493 43,214,964 12,663,295 105,953 11,828,914 480,590 2,921,771 4,284,106 18,884,483 2023 23,419,439 62,610,700 16,188,600 96,206 16,509,125 2,546,158 3,149,971 5,019,175 1,498,224 2024 27,672,621 58,799,529 17,067,871 115,935 10,311,117 483,585 3,335,176 3,776,682 1,201,187 2025 27,290,994$ 59,615,800$ 13,214,723$ 147,919$ 11,037,003$ 7,512,640$ 3,336,509$ 3,117,133$ 795,632$ Source: City of Carson
TABLE 6

CITY OF CARSON, CALIFORNIA
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
(in thousands of dollars)

214
Fiscal Year Taxable Taxable Total
Ended Less: Assessed Less: Assessed Direct Tax
June 30 Secured Unsecured Exemptions Value Secured Unsecured Exemptions Value Rate 2016 12,797,251$ 1,214,303$ (89,369)$ 13,922,185$ 3,871,550$ 590,427$ (15,651)$ 4,446,327$ 1.00% 2017 12,891,308$ 1,235,484$ (87,813)$ 14,038,978$ 4,065,057$ 578,066$ (15,351)$ 4,627,772$ 1.00% 2018 13,222,623$ 1,277,667$ (86,807)$ 14,413,483$ 4,301,309$ 573,759$ (15,254)$ 4,859,813$ 1.00% 2019 13,925,710$ 1,305,672$ (85,831)$ 15,145,551$ 4,545,311$ 610,678$ (15,276)$ 5,140,713$ 1.00% 2020 14,488,929$ 1,319,598$ (84,931)$ 15,723,597$ 4,883,774$ 630,401$ (15,211)$ 5,498,964$ 1.00% 2021 15,328,326$ 1,325,095$ (83,206)$ 16,570,216$ 5,264,577$ 644,176$ (14,949)$ 5,893,803$ 1.00% 2022 15,323,133$ 1,510,954$ (82,281)$ 16,751,806$ 5,465,447$ 559,318$ (14,802)$ 6,009,963$ 1.00% 2023 18,558,961$ 1,101,603$ (81,479)$ 19,579,085$ 5,844,252$ 594,351$ (14,664)$ 6,423,939$ 1.00% 2024 19,922,214$ 1,203,846$ (79,827)$ 21,046,233$ 6,314,234$ 615,343$ (14,258)$ 6,915,319$ 1.00% 2025 20,820,208$ 1,251,338$ (78,651)$ 21,992,895$ 6,628,003$ 655,315$ (14,034)$ 7,269,284$ 1.00% Note:

Source: Los Angeles County Assessor's Office
In 1978, the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With a few exceptions, property is only re-assessed at the time that it is sold to a new owner. At that point, the new assessed value is re-assessed at the purchase price of the property sold. The valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitation described above.

Entire City Redevelopment Agency
TABLE 7

CITY OF CARSON, CALIFORNIA
Direct and Overlapping Property Tax Rates
(Rate per $100 of assessed value)
Last Ten Fiscal Years

215

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
City Direct Rates:

City basic rate 1.0000$ 1.0000$ 1.0000$ 1.0000$ 1.0000$ 1.0000$ 1.0000$ 1.0000$ 1.0000$ 1.0000$

1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 Overlapping Rates:

Compton Community College District 0.0093$ 0.0092$ 0.0095$ 0.0234$ 0.0232$ 0.0090$ 0.0091$ 0.0158$ 0.0202$ 0.0166$ Compton Unified School District 0.0724 0.1259 0.1223 0.1183 0.1113 0.1193 0.1320 0.0803 0.1295 0.1233 LA Community College District 0.0358 0.0360 0.0460 0.0462 0.0272 0.0402 0.0438 0.0249 0.0602 0.0514 Los Angeles Unified Schools 0.1297 0.1311 0.1222 0.1232 0.1255 0.1399 0.1132 0.1211 0.1242 0.1280 Metropolitan Water District 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0070

1.2506$ 1.3057$ 1.3035$ 1.3146$ 1.2907$ 1.3119$ 1.3016$ 1.2455$ 1.3377$ 1.3262$ Note:

Source: Los Angeles County Assessor's Office
In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1% fixed amount. This 1% is shared by all taxing agencies for which the subject property resides within. In addition to the 1% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of various inter-governmental overlapping debt.

Total City Direct Rate
Total Direct Rate
Fiscal Year
TABLE 8

CITY OF CARSON, CALIFORNIA
Principal Property Tax Payers
Current Year and Ten Years Ago

216
Percent of Total City Percent of Total City
Taxable Assessed Taxable Assessed Taxable Assessed Taxable Assessed Taxpayer Value* Value Value Value
TESORO LLC 3,737,318,333 16.93% 1,842,945,538 13.15% WATSON PARTNERS LP 746,713,584 3.38% 0.00% PHILLIPS 66 COMPANY 492,730,489 2.23% 546,143,195 3.90% GATX TANK STORAGE TERMINALS CORPORATIO 348,471,996 1.58% 349,048,631 2.49% REXFORD INDUSTRIAL REALTY LP 219,103,557 0.99% 0.00% PROLOGIS LLC 194,360,596 0.88% 0.00%
MG EVOLVE APARTMENTS LLC ET AL 184,758,195 0.84% 0.00% EQUILON ENTERPRISES LLC/SHELL 179,539,531 0.81% 138,579,815 0.99% PROLOGIS LP/CATELLUS 164,586,402 0.75% 118,741,200 0.85% INEOS POLYPROPYLENE LLC 163,663,848 0.74% 0.00% WATSON LAND COMPANY 0.00% 503,805,317 3.60% WATSON COGENERATION COMPANY 0.00% 243,123,293 1.74% GENERAL MILLS OPERATIONS INC 0.00% 138,470,276 0.99% HOME DEPOT CENTER ANSCHUTZ SO CA 0.00% 125,940,647 0.90% CARSON DOMINGUEZ PROPERTIES L P 0.00% 115,107,329 0.82% 6,431,246,531$ 29.14% 4,121,905,241$ 29.42% Total City Taxable Assessed Value 22,071,545,820$ 14,011,553,926$ Source: Los Angeles County Assessor's Office
*The amounts shown include assessed value data for both the City and the Redevelopment Agency. 2024/2025 2015/2016
TABLE 9

CITY OF CARSON, CALIFORNIA
Property Tax Levies and Collections
Last Ten Fiscal Years

217

Fiscal Taxes Levied Collections in
Year Ended for the Per cent Subsequent Per cent
June 30 Fiscal Year Amount of Levy Ye ars Amount of Levy 2016 28,869,646$ 28,368,269$ 98.26% 501,377$ 28,869,646$ 100.00% 2017 41,886,952 41,297,617 98.59% 589,335 41,886,952 100.00% 2018 42,672,136 41,977,300 98.37% 694,836 42,672,136 100.00% 2019 46,915,395 46,483,736 99.08% 431,659 46,915,395 100.00% 2020 49,228,078 48,320,458 98.16% 907,620 49,228,078 100.00% 2021 42,709,869 41,996,685 98.33% 713,183 42,709,869 100.00% 2022 45,702,862 44,757,459 97.93% 945,402 45,702,862 100.00% 2023 48,114,403 47,418,379 98.55% 696,024 48,114,403 100.00% 2024 53,042,057 52,262,931 98.53% 779,126 53,042,057 100.00% 2025 58,093,611 57,512,959 99.00% 580,652 58,093,611 100.00% Note: The amounts presented include city property taxes and Redevelopment Agency tax increment.

This schedule also includes amounts collected by the City and Redevelopment Agency that were passed-through to other agencies.

Source: Los Angeles County Auditor Controller
N/A - Not Available
Fiscal Year of Levy Total Collections to Date
Collected within the
TABLE 10

CITY OF CARSON, CALIFORNIA
Direct and Overlapping Government Activities Debt
June 30, 2025

218
2024-25 Assessed Valuation: $22,071,545,820
Estimated
Outstanding Overlapping
% Applicable Debt Exclusions * Debt **
DIRECT DEBT:

Bonded indebtedness:

Measure M&R bonds 14,000,000$ -$ 14,000,000$ Lease revenue bonds 78,635,000 - 78,635,000 Bond premium 12,831,439 - 12,831,439 Pension obligation bonds 95,575,000 - 95,575,000 SCE loan 18,105 - 18,105 Lease-purchase obligation 3,715,377 - 3,715,377 Righ- of- use Lease Libaility 413,820 413,820 SBITA Liability 1,352,980 1,352,980
206,541,721$ -$ 206,541,721$ OVERLAPPING GENERAL FUND OBLIGATION DEBT:

Los Angeles County General Fund Obligations 1.050% 3,036,637,390 3,004,752,697 31,884,693 Los Angeles County Superintendent of Schools Certificates of Participation 1.050% 2,331,775 2,307,291 24,484 Compton Unified School District Certificates of Participation 13.638% 19,265,000 16,637,639 2,627,361 Los Angeles Unified School District Certificates of Participation 2.035% 225,010,000 220,431,047 4,578,954 TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 3,283,244,165$ 3,244,128,675$ 39,115,490$ OVERLAPPING TAX AND ASSESSMENT DEBT:

City of Carson 1915 Act Bonds 100.000% 13,825,000$ -$ 13,825,000$ Metropolitan Water District 0.546% 18,210,000 18,110,573 99,427 Compton Community College District 7.552% 151,206,912 139,787,766 11,419,146 Los Angeles Community College District 1.670% 5,155,845,000 5,069,742,389 86,102,612 Compton Unified School District 13.52% 221,194,505 191,280,160 29,914,345 Los Angeles Unified School District 2.040% 10,723,385,000 10,504,627,946 218,757,054 TOTAL GROSS OVERLAPPING TAX AND ASSESSMENT DEBT 16,283,666,417$ 15,923,548,834$ 360,117,583$ LESS: Los Angeles Unified School District General Obligation Bonds, Election of 2005, Series J & H Qualified School Construction Bonds: Amount accumulated in Interest and Sinking Fund for Set Aside Repayment - 6,109,319 6,109,319 TOTAL NET OVERLAPPING TAX AND ASSESSMENT DEBT 16,283,666,417$ 15,923,548,834$ 354,008,264$ OVERLAPPING TAX INCREMENT DEBT (Successor Agency) : 100.000% 95,909,788$ -$ 95,909,788$ TOTAL ESTIMATED NET DIRECT AND OVERLAPPING DEBT 489,033,542$ Notes:
*
** Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city.

Source: California Municipal Statistics, Inc.

The net bonded debt estimates the portion of the outstanding debt of the overlapping governments that is borne by the residents and businesses of the city.

Direct debt exclusions represent bonds which are not general obligation bonds of the city and do not represent a claim against the General Fund revenues of the city.

TABLE 11

CITY OF CARSON, CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years

219

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Debt limit - 15% of Total Assessed Value 2,120,679,259$ 2,136,224,221$ 2,195,617,201$ 2,308,062,352$ 2,395,334,829$ 2,520,936,517$ 2,556,672,947$ 2,980,675,337$ 3,201,483,484$ 3,358,716,066$ Amount of debt applicable to limit - - - - - - - - - - Legal debt margin 2,120,679,259$ 2,136,224,221$ 2,195,617,201$ 2,308,062,352$ 2,395,334,829$ 2,520,936,517$ 2,556,672,947$ 2,980,675,337$ 3,201,483,484$ 3,358,716,066$ Total net debt applicable to the limit
as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Legal Debt Margin Calculation
Assessed value 13,922,184,669 14,038,978,338 14,413,482,816 15,145,550,687 15,723,596,570 16,570,216,153 16,751,805,715 19,579,085,415 21,046,232,867 21,992,894,702 Add back: Exempt real property 215,677,060 202,516,469 223,965,192 241,531,658 245,302,293 236,027,294 292,680,598 292,083,500 296,990,358 398,545,736 Total assessed value 14,137,861,729$ 14,241,494,807$ 14,637,448,008$ 15,387,082,345$ 15,968,898,863$ 16,806,243,447$ 17,044,486,313$ 19,871,168,915$ 21,343,223,225$ 22,391,440,438$ Debt limit (15% of total assessed value) 2,120,679,259$ 2,136,224,221$ 2,195,617,201$ 2,308,062,352$ 2,395,334,829$ 2,520,936,517$ 2,556,672,947$ 2,980,675,337$ 3,201,483,484$ 3,358,716,066$ Debt applicable to limit:

General obligation bonds - - - - - - - - - - Less: Amount set aside for repayment
of general obligation debt - - - - - - - - - - Total net debt applicable to limit - - - - - - - - - - Legal debt margin 2,120,679,259$ 2,136,224,221$ 2,195,617,201$ 2,308,062,352$ 2,395,334,829$ 2,520,936,517$ 2,556,672,947$ 2,980,675,337$ 3,201,483,484$ 3,358,716,066$ Note:

The City of Carson has no bonded debt.
211,804,234$ 204,552,229$ 193,647,229$ 183,839,972$ 172,760,124$ 198,589,930$ 144,760,850$ 133,878,576$ 120,542,964$ 106,911,571$ Source: County of Los Angeles, Auditor-Controller/Disbursements/Tax Division, California Municipal Statistics, Inc. and City of Carson, Finance Department.

The Carson Redevelopment Agency has
bonded debt (Tax Allocation)
Fiscal Year
TABLE 12

CITY OF CARSON, CALIFORNIA
Ratios of Total Net Direct Debt (in $ Thousands)
Last Ten Fiscal Years

220

Measure M
& R Bonds
Lease
Revenue
Bonds
Bond
Premiums
Pension
Obligation
Bonds SCE Loan
Lease
Obligation
Compensated
Absenses
Payable
Self-Insurance
Claims
Payable
Right-of-Use
Lease
Liability
SBITA
Liability
Total Direct
Debt
2016 -$ -$ -$ -$ -$ -$ -$ -$ -$ 0.00% - 0.00% 2017 - - - - - - - - - 0.00% - 0.00% 2018 - - - - - - - - - 0.00% - 0.00% 2019 - - - - - - - - - 0.00% - 0.00% 2020 18,190,000 - 3,856,324 108,020,000 545,982 - 4,522,696 3,558,224 - - 138,693,226 11.34% 1,489.60 53.80% 2021 17,420,000 - 3,759,423 108,020,000 558,551 6,000,000 4,713,410 3,651,708 - - 144,123,092 11.50% 1,572.23 53.53% 2022 16,620,000 - 3,550,566 108,020,000 426,056 5,442,579 4,848,383 5,479,017 178,453 - 144,565,054 11.59% 1,565.20 51.36% 2023 15,790,000 - 3,341,709 103,935,000 266,841 4,876,100 6,594,748 5,182,332 134,692 1,209,169 141,330,591 13.85% 1,533.10 45.64% 2024 14,915,000 - 3,132,852 99,790,000 137,516 4,300,416 7,179,339 5,688,956 88,245 1,183,874 136,416,198 15.43% 1,484.01$ 40.01% 2025 14,000,000 78,635,000 12,831,439 95,575,000 18,105 3,715,377 9,234,770 8,947,216 413,820 1,352,980 224,723,707 9.79% 2,447.65$ 63.26% 1 2
3 4
5 Source: City of Carson, Finance Department.

Total Net Direct
Debt Per Total
Personal Income 5
Ratios are calculated using Personal Income data from the Demographic and Economic section of the statistical information (Table 14) Total Net Direct
Debt Per Capita 4
Details regarding the City's Outstanding Debt and Obligations can be found in the Debt and Administration sections of the financial statements (pg 17) Ratios are calculated using estimated actual value of taxable property shown in the section of statistical information (Table 6) Ratios are calculated using Per Capita/Population data from the Demographic and Economic section of the statistical information (Table 14) Governmental Activities
Ratio of
Total Net
Direct Debt to
Estimated Actual
Value of Property 3
The City of Carson has no bonded debt prior to 2019 (Table 11) TABLE 13

CITY OF CARSON, CALIFORNIA
Pledged-Revenue Coverage
Last Ten Fiscal Years

221

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Gross tax increment 33,543,626$ 37,287,260$ 36,644,470$ 45,406,959$ 43,471,213$ 49,847,252$ 46,146,690$ 58,952,742$ 58,722,453$ 68,089,657$ Less Mandatory Costs:

Admin & Pass-Thru 10,897,192 9,966,670 16,626,144 25,443,062 23,777,224 29,961,095 26,269,055 39,659,134 33,088,951 48,881,490 20% Housing Set aside - - - - - - - - - - Total 10,897,192 9,966,670 16,626,144 25,443,062 23,777,224 29,961,095 26,269,055 39,659,134 33,088,951 48,881,490 Net tax increment 22,646,434 27,320,590 20,018,326 19,963,897 19,693,989 19,886,157 19,877,635 19,293,608 25,633,502 19,208,167 Debt service
Principal 6,915,000$ 10,500,000$ 10,905,000$ 10,575,000$ 11,730,000$ 10,280,000$ 12,330,000$ 13,190,000$ 13,735,000$ 14,345,918$ Interest 7,909,443 8,900,444 8,077,198 8,119,276 7,620,316 6,368,280 5,324,794 4,776,452 4,524,654 4,094,437 14,824,443$ 19,400,444$ 18,982,198$ 18,694,276$ 19,350,316$ 16,648,280$ 17,654,794$ 17,966,452$ 18,259,654$ 18,440,355$ Coverage 2.26 1.92 1.93 2.43 2.25 2.99 2.61 3.28 3.22 3.69 Note: The pledged tax increment revenues and the debt service payments refer to the City of Carson Redevelopment Agency.

Source: City of Carson, Finance Department
Fiscal Year
TABLE 14

CITY OF CARSON, CALIFORNIA
Demographic and Economic Statistics
Last Ten Calendar Years

222

Personal Income Per Capita Unemployment
Calendar Population (in thousands) Personal Income Rate Year (1) (1) (1) (3)
2015 93,993 2,184,434$ 23,240$ 8.6% 2016 93,674 2,250,827 24,028 6.8% 2017 93,799 2,336,518 24,909 5.8% 2018 93,604 2,431,970 25,981 4.9% 2019 93,108 2,578,048 27,688 4.8% 2020 91,668 2,692,494 29,372 13.6% 2021 92,362 2,814,953 30,477 9.9% 2022 92,186 3,096,931 33,594 5.2% 2023 91,924 3,409,871 37,094 4.9% 2024 91,812 3,552,550 38,693 5.7% Sources: HDL Data Report
(1) U.S. Bureau of Economic Analysis (data shown is for Los Angeles, CA) (3) State of California Employment Development Department TABLE 15

CITY OF CARSON, CALIFORNIA
Principal Employers
Current Year and Ten Years Ago

223
Number Percent of Number Percent of
of Total City of Total City
Employer Employees (1) Rank Employment Employees (1) Rank Employment The Salvation Army 1,438 2.84%
Marathon Refining Logistics Services 1,010 2.00% Kaiser Foundation Health Plan Inc 1,000 1.98% Lakeshore Learning Materials, LLC 968 1.91% 446 3 1.17% See's Candy Shops Inc 576 1.14% 427 5 1.12% Amazon.Com Services LLC 440 0.87%
Select Staffing 375 0.74% 472 2 1.23% County Of L A Department Of Children & Fam 375 0.74% Pepsico Beverage Sales, LLC 314 0.62%
Dermalogica 309 0.61%
Tesoro Refining & Marketing Company LLC 1,110 1 2.90% Cedarlane Natural Foods Inc 428 4 1.12%
Huck International Inc 396 6 1.03%
Prime Wheel Corporation 369 7 0.96%
Mag Aerospace Industries LLC 366 8 0.96% The Pepsi Bottling Group 290 9 0.76%
Defense Contract Management Agency 278 10 0.73% Total 6,805 13.45% 4,582 11.98% Total City Employment (2) 50,567 38,270
Sources: (1) City of Carson, Finance Department
(2) State of California Employment Development Department 2025 2016
TABLE 16

CITY OF CARSON, CALIFORNIA
Full-Time-Equivalent City Government Employees
By Function/Workgroup
Last Ten Fiscal years

224
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Function/Department
General government
City Council 5 5 5 5 5 5 5 7 7 5
City Attorney 0 0 0 0 0 0 0 0 0 0
City Clerk 4 4 4 6 6 4 5 6 6 6
City Treasurer 5 5 4 4 4 4 5 5 5 5
City Manager 26 26 13 16 16 17 17 17 20 23
Innovation, Sustainability & Performance Mgmt (ISPM) ** 0 0 0 0 0 0 0 9 9 10 Information Technology & Security (IT) ** 0 0 0 0 0 0 0 13 13 15 Public Safety 25 25 25 25 25 25 25 25 25 30
Finance 34 33 31 32 32 32 33 35 32 34
Human Resources 11 11 11 11 11 11 13 9 10 12
Community Development 31 29 27 22 22 23 21 20 19 19
Public Works 130 131 114 130 130 130 135 148 119 125
Community Services 88 82 63 65 65 67 71 69 100 102
Total 359 351 297 316 316 318 330 363 365 386
Source: City of Carson, Finance Department
NOTE ** ISPM & IT Departments are formed after reorg in FY2023 Full-Time-Equivalent Employees as of June 30
TABLE 17

CITY OF CARSON, CALIFORNIA
Operating Indicators
By Function
Last Ten Fiscal years

225
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Public Safety and Emergency Management Services
Number of Parking Citation ^ N/A N/A N/A N/A N/A N/A N/A N/A 31,122 26,543 Number of Administrative Citation N/A N/A N/A N/A N/A N/A N/A N/A 362 - Homelessness Prevention Program (placed in permanent housing) *** N/A N/A N/A N/A N/A N/A N/A 34 51 32 Community Developments
Mobile Home Rent Control (CPI Applications) – Processed 7 - 12 12 10 15 53 10 10 10 Commercial Façade Improvement Application Received – Received ^ - - - - - - - - 19 2 Commercial Façade Improvement Application Funded – Funded ^ - - - - - - - - 6 5 Commercial Façade Improvement Application Completed – Completed ^ - - - - - - - - - 1 Brownfield Phase I Environmental Assessment Completed ^ - - - - - - - - - 4 Brownfield Phase II Environmental Assessment Completed ^ - - - - - - - - 1 4 CMO
Housing and Community Development Block Grant Division:

Mobile Home Rehab Grants (Qualified and Approved) 20 11 9 11 9 4 3 14 6 8 Mobile Home Rehab Grants (Funded Dollar Value) 157,595$ 102,434$ 127,710$ 123,370$ 107,050$ 44,870$ 31,970$ 206,720$ 101,790$ 38,185$ Single Family Rehab Loans (Qualified and Approved) 24 18 37 11 9 6 13 20 24 31 Single Family Rehab Loans (Funded Dollar Value) 336,549$ 261,024$ 645,231$ 168,659$ 181,295$ 97,390$ 331,775$ 445,345$ 635,784$ 238,913$ Public Works
Landscaping Services 498 450 540 1,101 910 972 879 771 295 32 Graffiti Abatement Services 937 823 740 805 685 1,032 907 1,059 1,940 226 Street Maintenance Services ** N/A N/A N/A N/A N/A 362 345 700 811 470 Waste Management Services ** N/A N/A N/A N/A N/A 1,157 1,008 1,090 4,441 1,899 Community Services & Culture
Park and Recreation Programs Attendance ** N/A N/A N/A N/A N/A 5,463 3,123 5,466 25,934 43,442 Transportation Services (# of Dial-A-Ride) * N/A N/A N/A 16,254 13,626 5,374 5,320 4,859 21,340 20,385 Source: City of Carson, Departments
N/A - Not Available
* The data available from FY2019
** The data available from FY2021
*** The data available from FY2023
^ The data available from FY2024
Fiscal Year
TABLE 18

CITY OF CARSON, CALIFORNIA
Capital Asset Statistics
By Function
Last Ten Fiscal years

226
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Public Services:

City square miles 19.2 19.2 19.2 19.2 19.2 19.2 19.2 19.2 19.2 19.2 City Hall 1 1 1 1 1 1 1 1 1 1
Corporate yard 1 1 1 1 1 1 1 1 1 1
Public Safety & Emergency Services Center 1 1 1 1 1 1 1 1 1 1 Aquatic center/Swimming pools 4 4 4 4 4 4 4 4 4 4
Basketball courts 28 28 28 28 28 28 28 28 28 28
Boxing Center 0 1 1 1 1 1 1 1 1 1
Facilities square footage 320,004 320,004 320,004 320,004 320,004 320,004 320,004 320,004 320,004 320,004 Flagpoles 17 17 17 17 17 17 17 17 17 17
Gymnasiums 3 4 4 4 4 4 4 4 4 4
Ornamental fountains 3 3 3 3 3 3 3 3 3 3
Parking lots 23 23 23 23 23 23 23 23 23 23
Parks - Full Service 12 12 12 12 12 12 12 12 12 12
Parks - mini 3 4 4 4 4 4 4 4 4 4
Parks acreage 147.8 147.8 147.8 147.8 147.8 147.8 147.8 147.8 147.8 147.8 Racquetball courts 8 8 8 8 8 8 8 8 8 8
Snack bars 10 10 10 10 10 10 10 10 10 10
Splash pads 0 1 1 1 1 1 1 1 1 1
Sports Complex 1 1 1 1 1 1 1 1 1 1
Tennis courts 18 18 18 18 18 18 18 18 18 18
Volleyball courts 4 4 4 4 4 4 4 4 4 4
Source: City of Carson
https://ci.carson.ca.us/CommunityServices/Parks_Rec_AboutUs.aspx Fiscal Year

The Jewel of the South Bay

CITY OF CARSON 701 East Carson Street
Report to Honorable Mayor and City Council

CONSENT 14. To: Honorable Mayor and City Council From: William Jefferson, Director of Finance FIN Accounting Subject: CONSIDER ADOPTING RESOLUTION NO. 26-014, A RESOLUTION OF THE CITY COUNCIL OFTHE CITY OF CARSON RATIFYING CLAIMS AND DEMANDS IN THE AMOUNT OF $7,267,681.27, DEMANDCHECK NUMBERS 182981 THROUGH 183324 (CITY COUNCIL) I. SUMMARY
RESOLUTION NO. 26-014, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARSON RATIFYINGCLAIMS AND DEMANDS IN THE AMOUNT OF $7,267,681.27, DEMAND CHECK NUMBERS 182981THROUGH 183324.

II. RECOMMENDATION
WAIVE further reading and ADOPT Resolution No. 26-014, "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARSON RATIFYING CLAIMS AND DEMANDS IN THE AMOUNT OF $7,267,681.27, DEMAND CHECK NUMBERS 182981 THROUGH 183324"
III. ALTERNATIVES
NONE.

IV. BACKGROUND

THE CITY COUNCIL OF THE CITY OF CARSON DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:

SECTION 1: The claims and demands have been reviewed and verified for accuracy and compliance with the budget and applicable agreements and are hereby ratified in the amount herein after set forth, a copy of which is attached hereto as Exhibit No. 1.

SECTION 2: On February 3, 2026, the City Council ratified the above demand numbers 182981 through 183324.

The City Treasurer is hereby directed to pay out the funds named hereon, to each of the claimants listed above, the amount of warrant appearing opposite their respective names, for the purpose stated on the respective demands, making a total of $7,267,681.27.

SECTION 3: That the City Clerk shall certify to the passage and adoption of this Resolution and enter it into the book of original resolutions.

PASSED, APPROVED, and ADOPTED this 3RD DAY OF FEBRUARY, 2026.

APPROVED AS TO FORM:
________________________________________
Sunny K. Soltani, City Attorney

CITY OF CARSON:
_________________________________________
Lula Davis-Holmes, Mayor

ATTEST:
_________________________________________
Dr. Khaleah K. Bradshaw, City Clerk

V. FISCAL IMPACT

CERTIFICATION
In accordance with Section 37202 of the California Government Code, I hereby certify that the above demands are accurate and that funds are available for payment thereof. I certify under penalty of perjury that the foregoing is true and correct.

EXECUTED THE 3RD DAY OF FEBRUARY, 2026 AT CARSON, CALIFORNIA:

____________________________________
David C. Roberts, Jr., City Manager

STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.

CITY OF CARSON )

I, Dr. Khaleah K. Bradshaw, City Clerk of the City of Carson, California, hereby attest to and certify that the foregoing resolution, being Resolution No. 26-014, adopted by the City of Carson City Council at its meeting held on February 3, 2026 by the following vote:

AYES: COUNCIL MEMBERS:

NOES: COUNCIL MEMBERS:

ABSTAIN: COUNCIL MEMBERS:

ABSENT: COUNCIL MEMBERS:
_____________________________________
Dr. Khaleah K. Bradshaw, City Clerk
VI. EXHIBITS
EXHIBIT TO DEMAND REGISTER RESOLUTION #26-014

Attachments
Exhibit 1 Demand Register Resolution#26-014.pdf
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Report to Honorable Mayor and City Council
Tuesday, February 3, 2026, 5:00 PM
CONSENT 15. To: Honorable Mayor and City Council From: Saron Shiferaw, Senior Clerk CMO Administration Subject: CONSIDER AN UPDATE ON CITY COMMISSIONS (CITY COUNCIL) I. SUMMARY
This report provides an informational update to the City Council on the recent activities of City Commissions.

Carson City CouncilFebruary 3, 2026

Carson City Council
February 3, 2026