Responsibilities of Management for the Financial Statements
The City’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
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 high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance 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.
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To the Honorable Mayor and Members of the City Council
of the City of Chino
Chino, California
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, budgetary comparison schedules for the General Fund and major special revenue funds, and the required pension and OPEB schedules be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
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 Park Development Capital Projects Fund budgetary comparison schedule, combining nonmajor fund financial statements, and the individual budgetary comparison schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements.
The City’s Park Development Capital Projects Fund, combining nonmajor fund financial statements, and the individual budgetary comparison schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such 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 auditing standards generally accepted in the United States of America. In our opinion, Park Development Capital Projects Fund, the combining nonmajor fund financial statements, and the individual budgetary comparison schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole.
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To the Honorable Mayor and Members of the City Council
of the City of Chino
Chino, California
Other Information
Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises of the introductory and the statistical sections included in the annual comprehensive financial report but does not include the financial statements and our auditor's report thereon. Our opinions on the 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 financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 31, 2026 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of 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.
Badawi & Associates, CPAs
Emeryville, California
March 31, 2026
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS
As Management of the City of Chino (“City”), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2025. We encourage the readers to consider the information presented here in conjunction with additional information furnished in the Letter of Transmittal and the accompanying basic financial statements. The financial information presented in the Management Discussion and Analysis may differ from the Financial Report due to rounding.
FINANCIAL HIGHLIGHTS
Government-Wide Financial Statements
Total assets and deferred outflows of resources of the City were $1.0 billion and total liabilities with deferred inflows were $186.6 million as of June 30, 2025. The assets and deferred outflows of resources exceeded liabilities by $815.4 million (net position). Of this amount, $113.6 million (unrestricted net position) may be used to meet the City’s ongoing obligations to citizens and creditors.
Total revenues from all sources were $250.6 million and total expenses for all functions/programs were $226.6 million.
Of total revenues, program revenues were $125.9 million and general revenues were $124.7 million. Program revenues are broken into three categories: Charges for Services, $87.1 million; Operating Grants and Contributions, $13.4 million; and Capital Grants and Contributions, $25.4 million.
Fund Financial Statements
Total assets of the General Fund were $50.6 million, total liabilities were $7.4 million, and deferred inflows of resources were $3.0 million. The assets exceeded liabilities and deferred inflows of resources by $40.2 million (fund balance). General Fund balance reflected that $3.6 million is non-spendable, $20 million is committed, $9.7 million is assigned and $6.9 million is unassigned. Please refer to the Fund Balance Analysis section of this MD&A for a detailed explanation of these balances.
For the General Fund, total revenues were $132.4 million, and transfers in were $8.7 million totaling $141.1 million. Total expenditures were $98.3 million and transfers out were $34.1 million, totaling $132.4 million.
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the City of Chino’s basic financial statements. The City of Chino’s basic financial statements are comprised of three components: 1) Government-Wide Financial Statements, 2) Fund Financial Statements, and 3) Notes to the Financial Statements. This report also contains other supplementary information in addition to the basic financial statements themselves.
Government-Wide Financial Statement
These statements are designed to provide information about the activities of the City of Chino as a whole and present a long-term view of the City’s finances. They are prepared using the accrual basis of accounting, which is similar to the accounting used by most private sector companies.
The Statement of Net Position presents information on all the City’s assets, deferred outflows of resources and liabilities and deferred inflows of resources, with the difference between reported as net position. In time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
The Statement of Activities presents information on how the City’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 reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes or earned/unused vacation leave).
Program Revenues – Revenues derived directly from the program itself.
General Revenues – Revenues received from the citizenry or taxpayer.
In both the Statement of Net Position and Statement of Activities, we divide the City into three kinds of activities:
Governmental activities – Most of the City’s basic services are reported here, including General Government (City Council, City Administration, Human Resources, and Finance), Public Safety, Public Works, Community Development, and Community Services, Parks, and Recreation. Sales taxes, property taxes, franchise taxes and business license taxes finance most of these activities.
Business-type activities – The City charges a fee to customers to help cover all or most of the cost of certain services it provides. The City’s water, storm drain, sewer, and street maintenance are reported here.
Component unit – The City has included in this report the City of Chino Public Financing Authority. Although legally separate, the City is financially accountable for this component unit.
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
The government-wide financial statements include the City and the City of Chino Public Financing Authority. The City of Chino Public Financing Authority is known as a Blended Component Unit and functions for practical purposes, as a part of the City and, therefore, have been included (blended) as an integral part of the primary government.
Fund Financial Statements
The Fund Financial Statements provide detailed information about the most significant funds—not the City as a whole. A fund is a group of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. Consistent with other state and local governments, the City uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. All the funds can be divided into three categories: governmental funds, proprietary funds and fiduciary funds. The City uses all three types, each using different accounting methods.
Governmental funds – Governmental funds are used to 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 a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the City’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.
Governmental funds report financial transactions using an accounting method called modified accrual accounting. Information is presented separately in the Governmental Funds – Balance Sheet and in the Governmental Funds – Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund, the Facilities Development Special Revenue Fund, the City Affordable Housing Special Revenue Fund, Transportation Grants Special Revenue Fund, and the Park Development Capital Projects Fund. All are considered major funds.
Data from non-major governmental funds are combined into a single presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements. The City adopts an annual appropriated budget for all its governmental funds. A budgetary comparison statement has been provided for each of the funds to demonstrate compliance with this budget.
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
Proprietary funds – Proprietary funds are primarily used to account for charges for services the City provides, whether to outside customers or to other units of the City. These funds are reported in the same way all activities are reported in the Statement of Net Position and the Statement of Activities, using an accrual basis of accounting. In fact, the City’s enterprise funds (a component of proprietary funds) are the same as the business-type activities we report in the government-wide financial statements, but provide more detail and additional information, such as the statement of cash flows. The City uses internal service funds (the other component of proprietary funds) to report activities providing supplies and services for the City’s other programs and activities, such as the Employee Benefits Fund.
Fiduciary funds – Fiduciary funds are used to account for resources held for the benefit of parties outside the City. In these cases, the City has a fiduciary responsibility and is acting as a trustee. The Statement of Fiduciary Net Position separately reports all the City’s fiduciary activities. The City excludes these activities from the City’s other financial statements because the City cannot use these assets to finance its operations. However, the City is responsible for ensuring the financial resources reported in these funds are used for their intended purposes.
Notes to the Financial Statements – Notes provide additional information essential to a full understanding of the data provided in the government-wide and fund financial statements.
Other Information
In addition to the basic financial statements and accompanying notes, this report also presents certain combining statements referred to earlier, in connection with, non-major governmental and proprietary funds. These combining and individual fund statements and schedules can be found immediately following the Notes to the Financial Statements.
GOVERNMENT – WIDE FINANCIAL ANALYSIS
This analysis will focus on the fiscal year ending June 30, 2025, for Net Position (Table 1) and Changes in Net Position (Table 2) of the City’s governmental and business-type activities. These tables summarize the statements.
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
Net Position
(in millions)
The City’s government-wide total net position was $815.4 million, reflecting $1.0 billion in assets and deferred outflows of resources and $186.6 million in liabilities and deferred inflows of resources. The net investment in capital assets of $590.6 million represents 72.4 percent of the City’s total net position. Investment in capital assets (e.g., infrastructure, land, buildings, machinery, and equipment) for this purpose is reduced by any related debt used to acquire those assets still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
The net position of $111.2 million (13.6 percent) represents resources subject to external restrictions on how they may be used. The unrestricted net position of $113.6 million (13.9 percent) may be used to meet the government’s ongoing obligations to citizens and creditors within the program areas.
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
Changes in Net Position
(in millions)
Government-Wide Totals – The government-wide net position increased $19.9 million with total revenues of $250.6 million and total expenses of $226.6 million. (see table 2). Program revenues were $125.9 million and general revenues were $124.7 million. The largest single program revenue category was Charges for Services at $87.1 million. Capital Grants and Contributions was the second largest program revenue at $25.4 million.
2025 2024 2025 2024 2025 2024
Revenues
Program revenues:
Charges for services 20.1$ 24.7$ 67.0$ 63.4$ 87.1$ 88.1$ Operating grants and contributions 12.8 9.4 0.6 1.0 13.4 10.4 Capital grants and contributions 14.9 39.1 10.5 9.6 25.4 48.7 Sub-total program revenues 47.8 73.2 78.1 74.0 125.9 147.2 General revenues:
Sales taxes 61.3 36.0 - - 61.3 36.0 Property taxes, levied for general purposes 38.9 38.2 - - 38.9 38.2 Franchise taxes 4.1 4.0 - - 4.1 4.0 Business license taxes 1.0 1.2 - - 1.0 1.2 Other taxes 5.9 5.9 - - 5.9 5.9 Revenues not restricted to specific programs 5.0 5.5 0.0 0.2 5.0 5.7 Investment earnings (loss) 4.7 6.2 3.7 3.5 8.5 9.7 Sub-total general revenues 121.0 97.0 3.8 3.7 124.7 100.7 Total revenues 168.8 170.2 81.9 77.7 250.6 247.9 Expenses
General government 12.8 11.4 - - 12.8 11.4 Public safety 69.2 71.3 - - 69.2 71.3 Public works 40.2 35.8 - - 40.2 35.8 Community development 18.7 18.5 - - 18.7 18.5 Parks and community services 11.1 16.6 - - 11.1 16.6 Unallocated infrastructure depreciation 5.4 5.2 - - 5.4 5.2 Interest expense 0.1 - - - 0.1 - Sanitation - - 11.7 10.5 11.7 10.5 Water - - 34.7 33.0 34.7 33.0 Storm drain - - 5.4 7.0 5.4 7.0 Sewer - - 16.9 15.4 16.9 15.4 Sewer Lift Station - - 0.2 0.2 0.2 0.2 Total expenses 157.6 158.8 69.0 66.1 226.6 224.9 Excess (deficiency) in revenues over (under) expenses 11.2 11.4 12.9 11.6 24.1 23.0 Transfers (0.2) (3.4) 0.2 3.4 - - Increase (decrease) in net position 11.0 8.0 13.1 15.0 24.1 23.0 Net position, beginning of year, as restated 493.7 487.8 301.8 284.7 795.5 772.5 Restatement-Prior Year Adjustment (3.8) (2.1) (0.4) 2.1 (4.2) - Net position, end of year 500.9$ 493.7$ 314.5$ 301.8$ 815.4$ 795.5$ Governmental Activities Business-type Activities Government-wide Totals 10 184
City of Chino
Management’s Discussion and Analysis
June 30, 2025
Governmental Activities – Governmental activities net position increased by $7.2 million from the prior year. General revenues in Governmental Activities increased by $23.9 million while program revenues decreased by $25.4 million, resulting in an overall net decrease of $1.4 million. The decrease is largely due to a $24.2 million decline in capital grants and contributions, driven by the prior year’s one-time receipt of $16.9 million in CFD no. 03-03 bond proceeds, with no similar bond activity in the current year, combined with reduced development impact fee revenues. An increase in Sales Tax revenue of $25.3 million was the result of the new Measure V receipts of $24.8 million in fiscal year 2025. Net transfers from Governmental activities to business-type activities decreased $3.2 million. The cost of all governmental activities this year was $157.6 million or 69.6 percent of the government-wide expenses. However, as shown in the Statement of Activities, the amount taxpayers were charged for these services was only $20.1 million. The City subsidizes the remaining “public benefit” portion of governmental activities through a combination of general revenues and various grant funds.
The largest general revenue source was Sales Taxes at $61.3 million or a 70.3 percent increase from prior year. The significant increase was due to the implementation of Measure V, one percent sales tax at the beginning of the fiscal year. The City’s second largest general revenue source was property tax at $38.9 million. Property tax increased from $38.2 million to $38.9 million due to the addition of new residential and industrial units. Investment earnings declined from $6.2 million to $4.7 million.
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
Graph 1 represents the costs of each of the City’s five functions – General Government, Public Safety, Public Works, Community Development, and Parks and Community Services, as well as each program’s revenues. The net cost (total expenses less program revenues) is the amount funded through a combination of general revenues and grant funding.
Expenses and Program Revenues – Governmental Activities
General Government had expenses of $12.8 million with program revenues of $4.1 million, while Public Safety had expenses of $69.2 million, with program revenues of $4.9 million. Expenses in Public Works were $40.2 million, with program revenues of $23.5 million; Community Development had expenses of $18.7 million, with $5.5 million of program revenues; and, finally, Community Services, Parks and Recreation had expenses of $11.1 million, with $9.8 million of corresponding program revenues. Public Safety and Community Development had the lowest percentage of program revenue to expenses at 7.1 percent and 29.5 percent, respectively.
Graph 2 represents revenues by source for Governmental Activities. Program revenues accounted for $47.8 million or 28.4 percent of total revenues, out of which Charges for Services were the largest revenue source of $20.1 million or 11.9 percent. General revenues accounted for $120.7 million or
71.6 percent of total revenues of which the Sales Taxes was the largest revenue source at $61.3 million or 36.4 percent of total revenues.
-
5 10
15 20
25 30
35 40
45 50
55 60
65 70
General
Government
Public Safety Public Works Community
Development
Parks &
Community
Services
($ in millions)
Expenses Program Revenue
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
Revenues by Source – Governmental Activities
Business-Type Activities – Net position as of June 30, 2025, was $314.5 million, with assets and deferred outflows of resources equaling $373.4 million and liabilities, including deferred inflows of resources, of $58.9 million (Table 1). Unrestricted net position represented 28.4 percent or $89.4 million of net position, which may be used to meet the government’s ongoing obligations to citizens and creditors. Net investment in capital assets represented the largest portion of net position at 71.6 percent or $225.2 million. Business-type activities increased the City’s net position by $12.7 million in 2025.
Program Revenues of the City’s business-type activities were $78.1 million. Expenses were $69.0 million, with general revenues and transfers of $4.0 million. Total expenses under business-type activities increased $2.9 million. This increase is primarily due to increased personnel related costs in FY 2024-25.
Graph 3 presents the costs associated with each of the City’s business-type activities and their corresponding program revenues. Since business-type activities primarily involve charging customers for the services provided by the City, program revenues such as charges for services are expected to align closely with the costs of these programs. These revenues serve as the primary funding source for sustaining these activities.
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
Expenses and Program Revenues – Business-type Activities
FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements.
Governmental Funds – The focus of the City’s governmental funds is to provide information on near- term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financing requirements. In particular, the unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year.
The City has five major governmental funds: General Fund, Facilities Development Special Revenue Fund, City Affordable Housing Special Revenue Fund, the Transportation Grants Special Revenue Fund, and the Park Development Capital Projects Fund. The General Fund is discussed in depth in Note 1. The Facilities Development Special Revenue Fund is for the collection of development impact fees for the construction of capital facilities. The City Affordable Housing Fund is used to account for receipts and disbursements for financial assistance to eligible homebuyers and financial incentives to eligible housing developers. The Transportation Grants Fund is to account for receipts and disbursements relating to federal and state transportation grants. The Community Facilities District 03-03 Capital Projects Fund is to account for the acquisition and development of capital projects financed by the issuance of Mello-Roos. The Park Development Capital Projects Fund is used to account for the acquisition and development of parks. Each major fund is discussed in the Notes to the Financial Statements.
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
Fund Balances – As of the end of FY 2024-25, governmental funds reported combined ending fund balances of $170.9 million, a $17.8 million or 9.4 percent decrease from year to year. Transportation Grants Fund decreased by $5.2 million due to multiple offsite construction costs made to Euclid Land Ventures in accordance with Construction Reimbursement Agreement between City of Chino and Euclid Land Venture LLC. Facilities Development Fund balance decreased by $3.6 million due to transfers-out of $5.1 million to reimburse the General Fund for project-related costs. The largest decrease of $25.9 million was the result of moving the Community Facilities District 2003-3 Fund into a nonmajor fund category.
Governmental Revenues – Table 3 presents a summary of governmental fund revenues for the fiscal year ended June 30, 2025.
Comparison of Major Governmental Revenues
(in millions)
Revenues of governmental funds decreased by $3.1 million in FY 2024-25, to $166.5 million. As identified in Table 3 above, Taxes experienced a significant increase of $25.9 million, primarily due to Measure V, 1 percent tax Sales tax which took effect at the beginning of the fiscal year. This was offset by the decrease in the Charges for Services of $6.9 million and Contributions from Property Owners of $23.3 million, respectively. The decline in the Charges for Services is primarily due to the decline in development projects requiring the payment of City Development Impact Fees. However, Contributions from Property Owners declined significantly, reflecting a slowdown in development- related contributions, which may impact funding availability for certain infrastructure improvements.
There are no significant changes in the other revenue categories between fiscal years.
Fiscal Year
Ended June 30,
2025
Fiscal Year
Ended June 30,
2024
Variance
Over/(Under)
Prior Year
Revenues
Taxes 112.5$ 86.6$ 25.9$ Licenses and permits 1.9 2.1 (0.2) Intergovernmental 15.8 14.8 1.0 Charges for services 16.9 23.7 (6.8) Investment income (loss) 11.3 11.5 (0.2) Fines and forfeitures 1.8 1.5 0.3 Other revenues 5.6 5.3 0.3 Contributions from Property Owners 0.7 24.1 (23.4) Total revenues 166.5$ 169.6$ (3.1)$ 15 189
City of Chino
Management’s Discussion and Analysis
June 30, 2025
Governmental Expenditures – Table 4 presents a summary of governmental fund expenditures for the fiscal year ended June 30, 2025.
Comparison Major Governmental Expenditures
(in millions)
Total Expenditures increased by $26.3 million from $163.3 million in FY 2023-24 to $189.7 million in FY 2024-25 mainly due to a significant increase of $23.5 million in Public Works capital reimbursement activity to developers in the current year. General Government increased by $3.7 million compared to prior year largely reflecting the City’s 28 percent cost allocation for the Animal Resource Center of the Inland Empire, which began in the current fiscal year . Public Safety expenditures increased $3.4 million primarily due to increasing cost of fire services and increases in employee-related cost allocations. Capital outlay expenditure decreased by $6.4 million due to decreased drawdown for community facility district projects in the current year.
Proprietary Funds – The City’s Proprietary major Enterprise Funds are the Water, Storm Drain, Sanitation, Sewer Funds, and the Sewer Lift Station Funds being it’s one nonmajor fund. The City’s five Internal Service Funds include Central Services, Liability Insurance, Employee Benefits, Building Management, and Equipment Management. Total operating revenues for all Enterprise Funds for FY 2024-25 were $67.0 million, while non-operating revenues were $4.4 million. Water and Sewer generated the most operating revenue at $33.5 and $17.2 million, respectively. Operating expenses for FY 2024-25 were $70.0 million, while non-operating expenses were very minimal. Again, Water and Sewer had the largest operating expenses at $35.3 and $17.4 million, respectively. The City’s five Internal Service Funds allocate various costs of the City’s services to the departments. The interdepartmental charge for services (operating revenues) in FY 2024-25 was $58.6 million. The Employee Benefits Fund had $34.5 million of revenue, representing 58.9 percent of all Internal Fiscal Year Ended
June 30, 2025
Fiscal Year Ended
June 30, 2024
Variance
Over/(Under)
Prior Year
Expenditures
General government 12.2$ 8.5$ 3.7$ Public safety 68.7 65.3 3.4 Public works 37.6 14.1 23.5 Community development 18.6 18.3 0.3
13.2 11.3 1.9 Operating expenditures 150.3 117.5 32.8 Capital outlay 39.0 45.4 (6.4) Debt service:
Principal 0.3 0.4 (0.1) Interest 0.0 0.0 (0.0) Total expenditures 189.7$ 163.3$ 26.3$ Parks and community services
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
Service Funds revenue. Operating expenses for FY 2024-25 were $51.4 million. Again, the Employee Benefits Fund represented the majority of total expenditure at $30.6 million.
Fiduciary Funds – As previously mentioned, the City uses fiduciary funds to account for resources held for the benefit of parties outside the City, in which the City is acting as trustee. The Statement of Fiduciary Net Position reports the activities for which the City has a fiduciary responsibility. The Successor Agency to the Redevelopment Agency of the City of Chino Private-purpose Trust Fund is used to account for the transactions of the former RDA. In addition, the City administers 23 Community Facilities Districts or Improvement Areas. These districts account for the collection of assessments from owners of the properties within the Districts for the remittance of such assessments to the bondholders.
GOVERNMENTAL FUNDS – FUND BALANCE ANALYSIS
Fund Balance – The City’s Governmental Funds reported combined fund balances of $170.9 million, a decrease of $17.8 million from the prior year. The decline is the net result of decreases in fund balances listed in the table below:
The General Fund balance increased by $7.7 million from $32.4 million to $40.2 million in fiscal year ending June 30, 2025. Facilities Development Fund Balance decreased by $3.6 million due to the decrease in development activities. Transportation Grants Fund decreased by $5.2 million from year to year due to increased capital reimbursement activity to developers and capital outlay expenditures in the current year. The Park Development Fund Balance increased slightly by $1.2 million due to planned park and public facility improvement projects. Community Facilities District 2003-03 Fund shows a $25.9 million decrease; however, this is not an actual reduction but a result of reclassification to the Nonmajor Governmental fund category.
The total fund balance of $170.9 million is classified into five categories, as defined by GASB 54, based on the level of constraints placed on the City’s use of these funds: Non-spendable, Restricted, Committed, Assigned, and Unassigned.
( in thousands)
Ending
Balance
Beginning
Balance Net Change
General Fund 40,205$ 32,457$ 7,748$
Facilities Development Fund 81,336 84,939 (3,603) City Affordable Housing Fund 10,627 10,648 (21) Transportation Grants Fund 702 5,909 (5,207) Community Facilities District 2003-3 Fund - 25,939 (25,939) Park Development Fund 14,125 12,941 1,184 Nonmajor Governmental Funds 23,925 15,878 8,047 Totals 170,920$ 188,711$ (17,791)$
Fund Balance-Governmental Funds
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Management’s Discussion and Analysis
June 30, 2025
Non-spendable Fund Balance – The City has $3.6 million in fund balance classified as non- spendable to indicate that it cannot be readily converted to cash. Non-spendable fund balance increased $1.3 million when compared to the prior fiscal year.
Restricted Fund Balance – The City has $122.6 million in fund balance classified as restricted to indicate that it has an externally imposed restriction on how the money may be spent. The majority of this restricted fund balance ($81.3 million) is from the collection of Facilities Development revenues for the construction of infrastructure facilities around the City. The Nonmajor Governmental funds restricted fund balance of $26.4 million is restricted for the purpose of each fund making up the total for Nonmajor Governmental funds. The Transportation Grants fund is holding $0.7 million for future budgeted projects. Finally, the Park Development Capital Projects fund is holding $14.1 million for the purchase and construction of future parks within the city.
Committed Fund Balance – The City has $31.7 million in fund balance classified as committed to indicate that the City Council has committed how the money will be spent. Of the $31.7 million committed fund balance, $20 million is reserved for unforeseen emergency and economic downturn and $10.6 million is committed for the City Affordable Housing Fund.
Assigned Fund Balance – The City has $9.7 million assigned for ongoing capital projects.
Unassigned Fund Balance – The remaining $2.9 million in fund balance is classified as unassigned, representing the residual balance not otherwise restricted. This amount is comprised mainly of $6.9 million of General Fund balance offset by a negative $3.6 million in Nonmajor Governmental funds.
Additional information on the City’s Fund Balance can be found in Note (16) of the Notes to the Financial Statements.
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
Revenues – For FY 2024-25 General Fund revenues were $132.4 million. Graph 4 shows revenue sources as a percentage of total General Fund revenues.
General Fund revenues for fiscal year 2024-25 totaled $132.4 million, a $22.8 million increase compared to $109.7 million in fiscal year 2023-24. Sales Taxes were the primary contributor to this growth, increasing by $25.3 million as mentioned previously, primarily due to the implementation of Measure V one percent sales tax which took effect at the beginning of the fiscal year. This increase in Sales Tax revenue is offset by the decreases in Charges for Services, Investment Income and Licenses and Permits Revenues of $1.9 million, $0.6 million and $0.2 million, respectively. The decrease in Charges for Services is driven by reduced development impact fee collections from fewer development project applications. Investment activity was temporarily shifted to more conservative investment vehicle resulting in lower interest earnings for the year.
GENERAL FUND – REVENUE AND EXPENDITURE ANALYSIS
General Fund Revenues (Graph 4)
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
General Fund Expenditures (Graph5)
Expenditures – For FY 2024-25, total General Fund expenditures were $98.3 million. Graph 5 illustrates the allocation of functional expenditures as a percentage of total General Fund expenditures.
General Fund expenditures for fiscal year 2024-25 totaled $98.3 million, reflecting a $7.0 million increase compared to $91.2 million in fiscal year 2023-24. Of this increase, Public Safety expenditures accounted for $3.4 million, rising from $65.1 million in the prior fiscal year to $68.5 million in 2024-25. General Government expenditure also rose, increasing by $3.6 million from $8.5 million in fiscal year 2023-24 to $12.1 million in 2024-25. Primary drivers of the increase included higher employee-related cost allocations ($0.5M) and full-time salaries ($4.6M). Growth also reflects increased costs for contracted fire services ($1.1M) and the City’s 28% cost allocation for the Animal Resource Center of the Inland Empire ($2M), which commence in the current fiscal year.
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
GENERAL FUND BUDGETARY HIGHLIGHTS
Throughout the fiscal year, the City Council approved various additional appropriations. The budgetary comparison schedule in the Required Supplemental Information section of this report (page 107) highlights the differences between the originally adopted budget and the final approved budget.
Revenues - For fiscal year 2024-25, the final budgeted amount for estimated revenues (resources available for appropriation) decreased approximately $2.5 million from the original budget of $111.3 million resulting in the final amended budget of $108.8 million.
Expenditures – For fiscal year 2024-25, the final amended appropriation budget for General Fund expenditures was $105.6 million, reflecting an increase of $2.2 million over the original adopted appropriations budget of $103.4 million.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets – The City’s investment in capital assets for its governmental and business-type activities as of June 30, 2025, was $608.0 million (net of accumulated depreciation). This investment in capital assets includes land, buildings, improvements other than buildings, furniture and equipment, and infrastructure. (Table 5)
Capital Assets
(net of depreciation)
(in millions)
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
For FY 2024-25, the final Capital Budget calls for the city to spend another $135.7 million. The city budgeted $53.3 million for water, sewer, storm drain and sanitation projects, $70.2 million for street and transportation improvements, and $9.0 million for park development. Additional information about the City’s capital assets can be found in Note 8 of the Notes to the Basic Financial Statements.
Long-Term Debt – As of June 30, 2025, outstanding long-term debt totaled $24.3 million for Governmental Activities and $41.0 million for Business-type Activities. (Table 6)
Long-Term Debt
(in millions)
Additional information about the City’s long-term debt can be found in Note 9 of the Notes to the Basic Financial Statements.
ECONOMIC FACTORS AND OUTLOOK FOR FUTURE YEARS
FACTORS AFFECTING NEXT YEAR’S BUDGET
The General Fund continues to demonstrate stable financial performance supported by disciplined budgeting and long‑term fiscal planning. For FY 2025‑26, the General Fund budget includes $131.0 million in operating revenues and $100.2 million in operating expenditures, producing a strong operating margin that supports core municipal services such as public safety, community programs, and general government operations. The budget also includes $287,000 in capital project appropriations, reflecting targeted investments in facility and infrastructure needs.
Interfund activity continues to play an important role in the General Fund’s financial structure. For FY 2025‑26, the budget includes $1.8 million in transfers in and $27.9 million in transfers out, with the majority of the transfers out supporting Community Services, Parks and Recreation programs 2025 2024 2025 2024 2025 2024
Claims liabilities 5,688 7,147 - - 5,688 7,147 SRF Loan - - 15,086 1,190 15,086 1,190 Compensated absences 12,234 6,883 1,595 920 13,829 7,803 Lease Liability 213 317 213 317 SBITA Liability 1,342 780 - 35 1,342 815 Note payable Successor Agency, restated 4,850 4,850 - - 4,850 4,850 Total long-term debt 24,327$ 19,977$ 16,681$ 2,145$ 41,008$ 22,122$ Governmental
Activities
Business-type
Activities
Government-wide
Totals
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City of Chino
Management’s Discussion and Analysis
June 30, 2025
that will be fully transitioned to the General Fund beginning in FY 2025‑26. After accounting for these transfers and planned capital allocations, the General Fund is projected to close the year with a net surplus of $4.5 million, contributing to a projected ending fund balance of $39.6 million.
Looking ahead, the City will continue to balance service demands with rising operational costs, particularly in public safety, infrastructure maintenance, and workforce sustainability. City revenues have continued to grow, but they have not kept pace with the rising costs of delivering the broad range of essential services expected by Chino residents and businesses. In addition to the one‑cent Measure V sales tax that became effective in July 2024, the City completed a comprehensive update to its user fee schedule in June 2025, with new rates taking effect in July 2025. These adjustments are expected to strengthen General Fund revenues by better aligning fees with the cost of providing services. Looking ahead, the City will continue to evaluate potential revenue leakages and pursue cost‑control strategies to support long‑term fiscal sustainability.
Master Planning
As the City of Chino continues to grow, adding new residential and industrial developments throughout the community, it is essential to establish a program for the repair and replacement of aging infrastructure to support the City’s long-term success. Over the past several years, the City has completed several Master Plans, which will be incorporated into future financial projections and financial planning efforts.
CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general overview of the City’s finances and to show the City’s accountability for the money it receives. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Director of Finance, City of Chino, 13220 Central Avenue, Chino, California 91710.
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BASIC
FINANCIAL STATEMENTS
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GOVERNMENT-WIDE
FINANCIAL STATEMENTS
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City of Chino
Statement of Net Position
June 30, 2025
Governmental Business-type
Activities Activities Total
ASSETS
Current assets:
Cash and investments 184,567,580$ 96,333,982$ 280,901,562$ Receivables:
Accounts 26,002,379 11,190,486 37,192,865 Taxes 1,188,033 - 1,188,033 Interest 1,023,595 368,609 1,392,204 Leases 745,254 936,056 1,681,310 Internal balances 5,380,302 (5,380,302) - Inventories 110,321 219,085 329,406 Restricted assets:
Cash and investments - 23,863,112 23,863,112 Cash and investments with fiscal agent 13,647,426 - 13,647,426 Total current assets 232,664,890 127,531,028 360,195,918 Noncurrent assets:
Loans receivable, net of allowance 2,013,796 - 2,013,796 Equity Interest in joint venture - 5,502,365 5,502,365 Capital assets:
Nondepreciable 135,988,523 12,862,197 148,850,720 Depreciable 442,144,174 374,400,155 816,544,329 Less accumulated depreciation (210,568,369) (146,823,578) (357,391,947) Total capital assets 367,564,328 240,438,774 608,003,102 Total noncurrent assets 369,578,124 245,941,139 615,519,263 Total assets 602,243,014 373,472,167 975,715,181
DEFERRED OUTFLOWS OF RESOURCES
Pension related 21,251,766 2,837,416 24,089,182 OPEB related 1,624,311 600,772 2,225,083 Total deferred outflows of resources 22,876,077 3,438,188 26,314,265
LIABILITIES
Current liabilities:
Accounts payable 9,645,521 4,360,893 14,006,414 Accrued liabilities 3,409,226 - 3,409,226 Interest payable 50,483 44,680 95,163 Deposits payable 7,413,454 25,380,343 32,793,797 Retentions payable 553,734 171,377 725,111 Due to other governments 2,266,965 - 2,266,965 Due to Successor Agency 402,282 - 402,282 Unearned revenue 606,811 70,252 677,063 Compensated absences - current 3,134,629 230,145 3,364,774 Estimated claims payable - current 1,650,000 - 1,650,000 Total pension liability - current 7,571,296 1,189,720 8,761,016 Total OPEB liability - current 315,409 116,658 432,067 Long-term debt - current 767,202 483,451 1,250,653 Total current liabilities 37,787,012 32,047,519 69,834,531 Noncurrent liabilities:
Note payable to successor agency 4,448,050 - 4,448,050 Compensated absences 9,099,298 1,364,833 10,464,131 Estimated claims payable 4,038,421 - 4,038,421 Total pension liability 43,718,685 6,869,768 50,588,453 Total OPEB liability 10,895,080 4,029,687 14,924,767 Long-term debt 787,217 14,602,485 15,389,702 Total noncurrent liabilities 72,986,751 26,866,773 99,853,524 Total liabilities 110,773,763 58,914,292 169,688,055
DEFERRED INFLOWS OF RESOURCES
Leases related 725,638 900,461 1,626,099 Pension related 5,918,200 36,168 5,954,368 OPEB related 6,820,517 2,522,656 9,343,173 Total deferred inflows of resources 13,464,355 3,459,285 16,923,640
NET POSITION
Net investment in capital assets 365,456,175 225,181,461 590,637,636 Restricted for:
Public safety 2,803,239 - 2,803,239 Public works 4,407,776 - 4,407,776 Community development 3,138,393 - 3,138,393 Capital improvement projects 101,090,967 - 101,090,967 Total restricted 111,440,375 - 111,440,375 Unrestricted 23,984,423 89,355,317 113,339,740 Total net position 500,880,973$ 314,536,778$ 815,417,751$ Primary Government
See accompanying Notes to Basic Financial Statements.
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City of Chino
Statement of Activities
For the year ended June 30, 2025
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Governmental activities:
General government 12,808,105$ 1,660,804$ 2,451,830$ -$ Public safety 69,216,230 2,776,534 2,157,280 - Public works 40,213,273 6,958,510 2,524,476 14,014,867 Community development 18,695,648 4,563,853 31,618 910,527 Parks and community services 11,149,885 4,115,721 5,663,083 - Unallocated infrastructure depreciation 5,444,614 - - - Interest expense 50,138 - - - Total governmental activities 157,577,893 20,075,422 12,828,287 14,925,394 Business-type Activities:
Sanitation 11,720,374 11,360,136 621,042 - Water 34,739,037 33,496,584 - 3,647,100 Storm drain 5,372,002 4,942,904 - 5,304,590 Sewer 16,915,443 16,944,567 - 1,525,152 Sewer lift station 235,020 261,721 - - Total business-type activities 68,981,876 67,005,912 621,042 10,476,842 Total primary government 226,559,769$ 87,081,334$ 13,449,329$ 25,402,236$ General Revenues:
Taxes:
Sales taxes
Property taxes, levied for general purposes
Franchise/allocated revenues
Business license taxes
Other taxes
Total taxes
Revenues not restricted to specific programs
Investment earnings (loss)
Transfers
Total general revenues and transfers
Change in net position
Net position - beginning of year
Restatement
Net position - beginning of year, as restated
Net position - end of year
Program Revenues
See accompanying Notes to Basic Financial Statements.
30 204
Governmental Business-Type
Total Activities Activities Total
4,112,634$ (8,695,471)$ -$ (8,695,471)$ 4,933,814 (64,282,416) - (64,282,416) 23,497,853 (16,715,420) - (16,715,420) 5,505,998 (13,189,650) - (13,189,650) 9,778,804 (1,371,081) - (1,371,081) - (5,444,614) - (5,444,614) - (50,138) - (50,138) 47,829,103 (109,748,790) - (109,748,790) 11,981,178 - 260,804 260,804 37,143,684 - 2,404,647 2,404,647 10,247,494 - 4,875,492 4,875,492 18,469,719 - 1,554,276 1,554,276 261,721 - 26,701 26,701 78,103,796 - 9,121,920 9,121,920 125,932,899$ (109,748,790) 9,121,920 (100,626,870) 61,314,319 - 61,314,319
38,863,674 - 38,863,674
4,078,404 - 4,078,404
1,043,771 - 1,043,771
5,940,284 - 5,940,284
111,240,452 - 111,240,452
4,977,661 34,631 5,012,292
4,739,927 3,724,730 8,464,657
(217,531) 217,531 -
120,740,509 3,976,892 124,717,401
10,991,719 13,098,812 24,090,531
493,729,511 301,797,481 795,526,992
(3,840,257) (359,515) (4,199,772)
489,889,254 301,437,966 791,327,220
500,880,973$ 314,536,778$ 815,417,751$
and Changes in Net Position
Net (Expense) Revenue
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FUND
FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
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City of Chino
Balance Sheet
Governmental Funds
June 30, 2025
General Fund
Facilities
Development
Special Revenue
Fund
City Affordable
Housing Special
Revenue Fund
Transportation
Grants Special
Revenue Fund
ASSETS
Cash and investments 27,919,439$ 80,424,230$ 10,588,059$ 5,339,689$ Cash and investments with fiscal agents - - - - Accounts receivable 15,839,207 1,043,248 20,000 120,197 Taxes receivable 1,180,139 - - - Interest receivable 451,493 366,875 41,257 - Lease receivable 580,804 - - - Inventories 86,344 - - - Due from other funds 959,183 988,803 - - Loans receivable, net of allowances - - - - Advances to other funds 3,531,885 - - - Total assets 50,548,494$ 82,823,156$ 10,649,316$ 5,459,886$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable 4,065,931$ -$ 12,320$ 2,964,686$ Accrued liabilities 1,033,511 - - - Deposits payable 643,993 1,084,590 - 1,500,892 Retentions payable - - - 188,144 Advance from General Fund - - - - Due to other funds 988,803 - - - Due to other governments 209,885 - - - Due to Successor Agency - 402,282 - - Unearned revenue 416,419 - - 104,328 Total liabilities 7,358,542 1,486,872 12,320 4,758,050 Deferred Inflows of Resources
Deferred inflows related to leases 563,756 - - - Unavailable revenue 2,420,999 - 10,000 113 Total deferred inflows of resources 2,984,755 - 10,000 113 Fund Balances:
Nonspendable 3,618,229 - - - Restricted - 81,620,230 - 701,723 Committed 20,000,000 - 10,626,996 - Assigned 9,721,797 - - - Unassigned 6,865,171 (283,946) - - Total fund balances 40,205,197 81,336,284 10,626,996 701,723 Total liabilities, deferred inflows of
resources and fund balances 50,548,494$ 82,823,156$ 10,649,316$ 5,459,886$ Special Revenue Funds
See accompanying Notes to Basic Financial Statements.
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Park
Development
Capital Projects
Fund
Nonmajor
Governmental
Funds
Total
Governmental
Funds
18,069,123$ 13,148,043$ 155,488,583$
- 13,647,426 13,647,426 1,624,847 7,257,109 25,904,608
- 7,894 1,188,033 57,020 106,950 1,023,595
164,450 - 745,254
- - 86,344 - - 1,947,986 - 2,013,796 2,013,796 - - 3,531,885 19,915,440$ 36,181,218$ 205,577,510$
416,369$ 1,026,248$ 8,485,554$
- - 1,033,511 4,182,976 1,003 7,413,454
- 365,590 553,734
- 3,331,038 3,331,038 - 959,183 1,947,986 - 2,053,498 2,263,383 - - 402,282 - - 520,747 4,599,345 7,736,560 25,951,689
161,882 - 725,638
1,028,864 4,519,260 7,979,236
1,190,746 4,519,260 8,704,874
- - 3,618,229 14,125,349 26,429,023 122,876,325
- 1,101,647 31,728,643 - - 9,721,797 - (3,605,272) 2,975,953 14,125,349 23,925,398 170,920,947
19,915,440$ 36,181,218$ 205,577,510$
Capital Project
Funds
37 211
Total Fund Balances - Total Governmental Funds 170,920,947$ Capital assets used in governmental activities were not current financial resources. Therefore, they were not reported in the Governmental Funds Balance Sheet. Except for the internal service funds reported below, the capital assets were adjusted as follows:
Government-
Wide
Statement
of Net Position
Internal
Service
Funds Total
Nondepreciable 135,988,523$ (3,627,772)$ 132,360,751 Depreciable, net 231,575,805 (14,035,488) 217,540,317 Total capital assets 367,564,328$ (17,663,260)$ 349,901,068 Internal service funds were used by management to charge the costs of certain activities, such as insurance, to individual funds. The assets and liabilities of the Internal service funds were included in governmental activities in the Government-Wide Statement of Net Position. 33,888,385
Unavailable revenues recorded in the fund financial statements resulting from activities in which revenues were earned but were not available are reclassified as revenues in the Government-Wide Financial Statements. 7,979,236
In the Government-Wide Financial Statements, deferred employer contributions for pension and OPEB, certain differences between actuarial estimates and actual results, and other adjustments resulting from changes in assumptions and benefits are deferred in the current year.
Government-
Wide
Statement
of Net Position
Internal
Service
Funds
Deferred outflows of resources related to pension 21,251,766$ (1,786,522)$ 19,465,244 Deferred outflows of resources related to OPEB 1,624,311 (378,265) 1,246,046 Deferred inflows of resources related to pension (5,918,200) 22,772 (5,895,428) Deferred inflows of resources related to OPEB (6,820,517) 1,588,339 (5,232,178) Long-term liabilities were not due and payable in the current period.
Therefore, they were not reported in the Governmental Funds Balance Sheet.
Wide
Statement
of Net Position
Internal
Service
Funds Total
Compensated absences - due within one year (3,134,629) 89,548 (3,045,081) Interest payable (50,483) 25,734 (24,749) Long-term debt - due within one year (767,202) 410,308 (356,894) Total pension liability - current (7,571,296) 749,083 (6,822,213) Total OPEB liability - current (315,409) 73,452 (241,957) Compensated absences - due in more than one year (9,099,298) 731,767 (8,367,531) Long-term debt - due in more than one year (787,217) 452,492 (334,725) Total pension liability (43,718,685) 4,325,409 (39,393,276) Total OPEB liability (10,895,080) 2,537,209 (8,357,871) Note Payable to successor agency (4,448,050) - (4,448,050) Total long-term liabilities (80,787,349)$ 9,395,002$ (71,392,347) Net Position of Governmental Activities 500,880,973$
City of Chino
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2025
Amounts reported for governmental activities in the statement of net position are different because:
See accompanying Notes to Basic Financial Statements.
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City of Chino
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the year ended June 30, 2025
General Fund
Facilities
Development
Special Revenue
Fund
City Affordable
Housing Special
Revenue Fund
Transportation
Grants Special
Revenue Fund
REVENUES:
Taxes 111,240,451$ -$ -$ -$ Licenses and permits 1,825,699 - - 47,543 Intergovernmental 1,708,564 - - - Charges for services 8,714,010 4,633,441 11,331 - Investment income (loss) 4,319,192 4,485,884 529,286 223,021 Fines and forfeitures 1,238,146 - - - Contributions from property owners - - - - Other revenues 3,396,313 47,875 394,934 120,848 Total revenues 132,442,375 9,167,200 935,551 391,412 EXPENDITURES:
Current:
General government 12,142,156 - - - Public safety 68,478,191 - - - Public works 513,894 - - 26,423,723 Community development 16,619,012 402,282 956,664 - Parks and community services - - - - Capital outlay 199,486 - - 8,173,417 Debt service:
Principal 320,466 - - - Interest and fiscal charges 12,593 - - - Total expenditures 98,285,798 402,282 956,664 34,597,140
REVENUES OVER (UNDER)
EXPENDITURES 34,156,577 8,764,918 (21,113) (34,205,728) OTHER FINANCING SOURCES (USES):
Transfers in 8,663,651 100,000 - 29,018,048 Transfers out (34,083,146) (13,456,321) - (19,583) Total other financing sources (uses) (25,419,495) (13,356,321) - 28,998,465 Net change in fund balances 8,737,082 (4,591,403) (21,113) (5,207,263) FUND BALANCES:
Beginning of year, as previously presented 32,456,918 84,938,884 10,648,109 5,908,986 Restatement (988,803) 988,803 - - Beginning of year, as restated 31,468,115 85,927,687 10,648,109 5,908,986 End of year 40,205,197$ 81,336,284$ 10,626,996$ 701,723$ Special Revenue Funds
See accompanying Notes to Basic Financial Statements.
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Community
District 03-03
Facilities
Capital Project
Park
Development
Capital Projects
Fund
Nonmajor
Governmental
Funds
Total
Governmental
Funds
-$ -$ 1,270,126$ 112,510,577$ - - - 1,873,242 - 2,299,008 11,820,044 15,827,616 - 959,010 2,578,848 16,896,640 - 831,811 916,559 11,305,753 - - 515,453 1,753,599 - - 741,618 741,618 - 1,151,432 489,763 5,601,165 - 5,241,261 18,332,411 166,510,210 - - - 12,142,156 - - 249,785 68,727,976 - - 12,619,764 39,557,381 - - 608,644 18,586,602 - 281,006 12,957,395 13,238,401 - 6,942,088 21,749,164 37,064,155 - - 11,213 331,679 - - 587 13,180 - 7,223,094 48,196,552 189,661,530 - (1,981,833) (29,864,141) (23,151,320) - 3,166,005 17,686,675 58,634,379 - (248) (5,714,064) (53,273,362) - 3,165,757 11,972,611 5,361,017 - 1,183,924 (17,891,530) (17,790,303) 25,939,329 12,941,425 15,877,599 188,711,250 (25,939,329) - 25,939,329 - - 12,941,425 41,816,928 188,711,250 -$ 14,125,349$ 23,925,398$ 170,920,947$ Capital Project Funds
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City of Chino
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Government-Wide Statement of Activities For the year ended June 30, 2025
Net Change in Fund Balances - Total Governmental Funds (17,790,303)$ Governmental funds reported capital outlay as expenditures. However, in the Government-Wide Statement of Activities, the cost of those assets was allocated over their estimated lives as depreciation expense. This was the amount of capital assets recorded in the current period, net of the amount related to internal service funds. 43,182,712 Disposal of capital asset (23,147)
Depreciation & amortization expense on capital assets & intangible assets were reported in the Government-Wide Statement of Activities, but did not require the use of current financial resources. Therefore, depreciation & amortization expenses were not reported as expenditures in the governmental funds, net of the amount related to internal service funds. (9,365,666) Debt proceeds provide current financial resources to governmental funds, but issuing debt increased long-term liabilities in the Government-Wide Statement of Net Position. Repayment of debt was an expenditure in governmental funds, but the repayment reduced long-term liabilities in the Government-Wide Statement of Net Position.
Long-term debt principal repayments 331,679
Principal payments of successor agency loan 402,282
The amounts below included in the Statement of Activities do no provide or (require) the use of current financial resources and therefore are not reported as revenues or expenditures in the governmental funds (net change):
Interest expense (6,516)
Unavailable revenues 2,276,933
Compensated absences (1,616,692)
Current year employer pension contributions are recorded as expenditures in the governmental funds, however, these amounts are reported as a deferred outflow of resources in the Government- Wide Statement of Net Position. 10,067,353
Pension expense is reported in the Government-Wide Statement of Activities does not require the use of current financial resources, and therefore is not reported as expenditures in governmental funds. (17,072,884)
Current year employer OPEB contributions are recorded as expenditures in the governmental funds, however, these amounts are reported as a deferred outflow of resources in the Government- Wide Statement of Net Position. 432,066
OPEB expense is reported in the Government-Wide Statement of Activities does not require the use of current financial resources, and therefore is not reported as expenditures in governmental funds. (387,139) Internal service funds were used by management to charge the costs of certain activities, such as insurance and fleet management, to individual funds. The net revenue of the internal service funds was reported with governmental activities. 561,041
Change in Net Position of Governmental Activities 10,991,719$ Amounts reported for governmental activities in the Government-Wide Statement of Activities were different because:
See accompanying Notes to Basic Financial Statements.
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43 217
City of Chino
Statement of Net Position
Proprietary Funds
June 30, 2025
Water Storm Drain Sewer
ASSETS
Current Assets:
Cash and investments 77,976,714$ 4,521,038$ 11,460,221$ Accounts receivable 4,006,838 406,619 1,385,094 Unbilled receivables 2,135,944 329,492 1,157,219 Interest receivable 297,239 20,178 42,735 Lease receivable 936,056 - - Inventories 219,085 - - Cash and investments- Restricted - - 23,863,112 Total current assets 85,571,876 5,277,327 37,908,381 Noncurrent:
Equity Interest in joint venture 5,502,365 - - Capital assets:
Nondepreciable capital assets 9,893,380 1,344,212 1,289,387 Depreciable capital assets 171,040,381 102,043,438 95,761,980 Accumulated depreciation (66,926,058) (32,982,186) (46,417,394) Net capital assets 114,007,703 70,405,464 50,633,973 Total noncurrent assets 119,510,068 70,405,464 50,633,973 Total assets 205,081,944 75,682,791 88,542,354
DEFERRED OUTFLOWS OF RESOURCES
Pension related 1,155,984 630,536 735,627 OPEB related 244,759 133,505 155,756 Total deferred outflows of resources 1,400,743 764,041 891,383
LIABILITIES
Current liabilities:
Accounts payable 2,337,247 69,778 1,016,169 Deposits payable 1,517,231 - 23,863,112 Retentions payable 126,009 45,368 - Interest Payable 44,680 - - Accrued benefits payable - - - Due to other governments - - - Unearned revenue 70,252 - - Pension Liability- current 484,701 264,382 308,446 OPEB Liability- current 47,527 25,924 30,245 Estimated claims payable - current - - - Compensated absences - current 124,532 45,458 41,660 Long-term debt - current portion 483,451 - - Total current liabilities 5,235,630 450,910 25,259,632 Noncurrent liabilities:
Estimated claims payable - - - Advance from General Fund 200,847 - - Total pension liability 2,798,794 1,526,615 1,781,051 Compensated absences 561,767 201,488 242,139 Total OPEB liability 1,641,725 895,486 1,044,733 Long-term debt 14,602,485 - - Total noncurrent liabilities 19,805,618 2,623,589 3,067,923 Total liabilities 25,041,248 3,074,499 28,327,555
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to leases 900,461 - - Pension related 14,735 8,037 9,377 OPEB related 1,027,749 560,590 654,022 Total deferred inflows of resources 1,942,945 568,627 663,399
NET POSITION
Net investment in capital assets 98,795,758 70,360,096 50,633,973 Unrestricted 80,702,736 2,443,610 9,808,810 Total net position 179,498,494$ 72,803,706$ 60,442,783$ Adjustment to reflect the consolidation of Internal Service Fund activities related to Enterprise Funds Net position of Business-Type Activities
Business-Type Activities
See accompanying Notes to Basic Financial Statements.
44 218
Sanitation
Sewer Lift
Station Totals
1,855,419$ 520,590$ 96,333,982$ 29,078,997$ 1,087,402 28,048 6,914,001 97,771 642,395 11,435 4,276,485 - 6,444 2,013 368,609 - - - 936,056 - - - 219,085 23,977 - - 23,863,112 - 3,591,660 562,086 132,911,330 29,200,745 - - 5,502,365 - 335,218 - 12,862,197 3,627,772 5,554,356 - 374,400,155 37,646,340 (497,940) - (146,823,578) (23,610,852) 5,391,634 - 240,438,774 17,663,260 5,391,634 - 245,941,139 17,663,260 8,983,294 562,086 378,852,469 46,864,005 315,269 - 2,837,416 1,786,522 66,752 - 600,772 378,265 382,021 - 3,438,188 2,164,787 768,671 169,028 4,360,893 1,159,967 - - 25,380,343 - - - 171,377 - - - 44,680 25,734 - - - 2,375,715 - - - 3,582 - - 70,252 86,064 132,191 - 1,189,720 749,083 12,962 - 116,658 73,452 - - - 1,650,000 18,495 - 230,145 89,548 - - 483,451 410,308 932,319 169,028 32,047,519 6,623,453 - - - 4,038,421 - - 200,847 - 763,308 - 6,869,768 4,325,409 359,439 - 1,364,833 731,767 447,743 - 4,029,687 2,537,209 - - 14,602,485 452,492 1,570,490 - 27,067,620 12,085,298 2,502,809 169,028 59,115,139 18,708,751 - - 900,461 - 4,019 - 36,168 22,772 280,295 - 2,522,656 1,588,339 284,314 - 3,459,285 1,611,111 5,391,634 - 225,181,461 16,800,460 1,186,558 393,058 94,534,772 11,908,470 6,578,192$ 393,058$ 319,716,233 28,708,930$ (5,179,455)
314,536,778$
Nonmajor Enterprise Fund
Business-Type Activities
Governmental
Activities -
Internal Service
Funds
45 219
City of Chino
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
For the year ended June 30, 2025
Water Storm Drain Sewer
OPERATING REVENUES:
Charges for services 31,403,916$ 4,917,945$ 16,855,519$ Connection and extension fees 263,665 - - Other operating 1,829,003 24,959 83,279 Miscellaneous Revenue - - 5,769 Total operating revenues 33,496,584 4,942,904 16,944,567 OPERATING EXPENSES:
Salaries, wages and benefits 5,496,600 2,014,820 2,204,706 Maintenance and operation 5,381,395 1,373,352 2,821,381 Contractual services 1,122,171 281,003 24,738 Purchased water for resale 16,917,078 - - Materials and supplies 1,980,615 7,056 26,364 Utilities 1,186,965 482 10,373,819 Insurance, claims, and charges - - - Depreciation & amortization 3,209,049 1,851,405 1,684,580 Total operating expenses 35,293,873 5,528,118 17,135,588 Operating income (loss) (1,797,289) (585,214) (191,021) NONOPERATING REVENUES (EXPENSES):
Investment income (loss) 2,976,507 174,493 502,810 Grant revenue - - - Gain (loss) from investment in joint venture 34,631 - - Interest expense (14,950) - - Total nonoperating revenues (expenses) 2,996,188 174,493 502,810 Income before contributions and transfers 1,198,899 (410,721) 311,789 CONTRIBUTIONS AND TRANSFERS:
Transfers in - 99,809 250,663 Transfers out (132,941) - - Capital contributions 3,647,100 5,304,590 1,525,152 Total contributions and transfers 3,514,159 5,404,399 1,775,815 Change in net position 4,713,058 4,993,678 2,087,604 NET POSITION:
Beginning of year 174,946,048 67,898,881 58,433,511 Restatements (160,612) (88,853) (78,332) Beginning of year, as restated 174,785,436 67,810,028 58,355,179 End of year 179,498,494$ 72,803,706$ 60,442,783$ Reconciliation of Changes in Net position to the Statement of Activities:
Change in net position per the Statement of Revenues, Expenses and Changes in Net Position- Proprietary Funds Adjustment to reflect the consolidation of Internal Service Fund activities related to Enterprise Funds Change in net position of Business-Type Activities per Statement of Activities Business-Type Activities
See accompanying Notes to Basic Financial Statements.
46 220
Sanitation
Sewer Lift
Station Totals
11,265,541$ 261,721$ 64,704,642$ 58,526,578$ - - 263,665 - 94,595 - 2,031,836 80,046 - - 5,769 - 11,360,136 261,721 67,005,912 58,606,624 1,258,506 - 10,974,632 35,937,405 2,258,859 - 11,834,987 5,681,685 8,096,437 164,146 9,688,495 2,891,579 - - 16,917,078 - 95,943 - 2,109,978 1,098,354 - 70,874 11,632,140 1,710,629 - - - 1,437,469 119,262 - 6,864,296 2,624,792 11,829,007 235,020 70,021,606 51,381,913 (468,871) 26,701 (3,015,694) 7,224,711 51,263 19,657 3,724,730 - 621,042 - 621,042 - - - 34,631 - - - (14,950) (30,442) 672,305 19,657 4,365,453 (30,442) 203,434 46,358 1,349,759 7,194,269 - - 350,472 1,686,384 - - (132,941) (7,264,932) - - 10,476,842 - - - 10,694,373 (5,578,548) 203,434 46,358 12,044,132 1,615,721 6,406,476 346,700 308,031,616 27,383,313 (31,718) - (359,515) (290,104) 6,374,758 346,700 307,672,101 27,093,209 6,578,192$ 393,058$ 319,716,233 28,708,930$ 12,044,132
1,054,680
13,098,812$
Governmental
Activities -
Internal Service
Funds
Business-Type Activities
Nonmajor Enterprise Fund
47 221
City of Chino
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2025
Water Storm Drain Sewer
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers and users 31,830,483$ 4,973,264$ 22,406,400$ Receipts from interfund services provided - - - Other operating receipts 1,821,722 24,959 89,048 Payments to suppliers (26,193,659) (1,770,106) (13,108,500) Payments to employees and employee benefits (4,931,796) (1,745,516) (1,823,998) Net cash provided by operating activities (used in) 2,526,750 1,482,601 7,562,950 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Receipts from grants - - - Transfers from other funds - 99,809 250,663 Transfers to other funds (132,941) - - Net cash provided by noncapital financing activities (used in) (132,941) 99,809 250,663
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Payments related to General Fund advance (392,834) - - Payments for capital assets (1,265,483) (210,651) (1,347,609) Proceeds from settlement (67,815) - - Issuance of long-term debt 13,928,969 - - Interest paid 29,414 - - Net cash provided by capital and related financing activities (used in) 12,232,251 (210,651) (1,347,609) CASH FLOWS FROM INVESTING ACTIVITIES:
Investment income received 2,945,606 167,793 498,157 Net cash provided by investing activities (used in) 2,945,606 167,793 498,157 Net cash flows 17,571,666 1,539,552 6,964,161 CASH AND INVESTMENTS - Beginning of year, as restated 60,405,048 2,981,486 28,359,172 CASH AND INVESTMENTS - End of year 77,976,714$ 4,521,038$ 35,323,333$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss) (1,797,289)$ (585,214)$ (191,021)$ Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:
Depreciation & amortization 3,209,049 1,851,405 1,684,580 (increase) decrease in assets and deferred outflows:
Accounts receivable 242,442 72,263 1,726,469 Lease receivable 55,909 - - Unbilled receivables (121,708) (16,944) (104,439) Inventories (20,475) - - Deferred outflows - pensions 563,009 307,097 358,277 Deferred outflows - OPEB (14,551) (7,938) (9,261) Increase (decrease) in liabilities and deferred inflows:
Accounts payable and accrued liabilities 706,717 (75,260) 196,024 Deposits payable 34,328 - 3,928,851 Retainage payable (176,869) (32,953) (58,222) Due to other governments (114,808) - - Unearned revenue 7,840 - - Total pension liability (asset) 9,733 5,309 6,194 Total OPEB liability 145,962 79,616 92,885 Deferred inflows - pensions (26,674) (14,550) (16,974) Deferred inflows - OPEB (140,235) (76,492) (89,241) Deferred inflows - leases (63,190) - - Estimated claims liabilities - - - Compensated absences 27,560 (23,738) 38,828 Net cash provided by (used in) operating activities 2,526,750$ 1,482,601$ 7,562,950$ NONCASH TRANSACTIONS:
Capital contributions 3,647,100$ 5,304,590$ 1,525,152$ Business-Type Activities
See accompanying Notes to Basic Financial Statements.
48 222
Sanitation Sewer Lift Station Totals
11,726,889$ 260,560$ 71,197,596$ -$ - - - 58,526,578 94,595 - 2,030,324 80,046 (10,428,249) (86,711) (51,587,225) (12,649,708) (839,746) - (9,341,056) (36,671,037) 553,489 173,849 12,299,639 9,285,879 621,042 - 621,042 - - - 350,472 1,686,384 - - (132,941) (7,264,932) 621,042 - 838,573 (5,578,548) - - (392,834) - (14,250) - (2,837,993) (3,806,971) - - (67,815) 682,921 - - 13,928,969 - - - 29,414 (8,614) (14,250) - 10,659,741 (3,132,664) 47,745 19,125 3,678,426 - 47,745 19,125 3,678,426 - 1,208,026 192,974 27,476,379 574,667 647,393 327,616 92,720,715 28,504,330 1,855,419$ 520,590$ 120,197,094$ 29,078,997$ (468,871)$ 26,701$ (3,015,694)$ 7,224,711$ 119,262 - 6,864,296 2,624,792 528,164 364 2,569,702 48,326 - - 55,909 - (66,816) (1,525) (311,432) - - - (20,475) 806 153,548 - 1,381,931 870,106 (3,968) - (35,718) (22,492) 22,990 148,309 998,780 192,439 - - 3,963,179 - - - (268,044) (77,145) - - (114,808) 2,401 - - 7,840 3,181 2,655 - 23,891 15,042 39,808 - 358,271 225,578 (7,274) - (65,472) (41,224) (38,246) - (344,214) (216,726) - - (63,190) - - - - (1,458,238) 272,237 - 314,887 (105,678) 553,489$ 173,849$ 12,299,639$ 9,285,879$ -$ -$ 10,476,842$ -$ Governmental
Activities -
Internal Service
Funds
Business-Type Activities
Nonmajor Enterprise Fund
49 223
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50 224
City of Chino
Statement of Fiduciary Net Position (Deficit)
Fiduciary Funds
June 30, 2025
Private Purpose
Trust Fund
Successor
Agency of the Custodial
Former RDA Funds
ASSETS
Cash and investments 4,830,244$ 19,693,618$
Cash and investments with fiscal agents 607 15,902,783 Taxes receivable - 163,728
Interest receivable 8,681 128,168
Prepaid expenses 108,181 -
Notes receivable from City of Chino 4,850,332 - Total assets 9,798,045 35,888,297
DEFERRED OUTFLOWS
Deferred loss on refunding 411,725 -
Total deferred outflows of resources 411,725 -
LIABILITIES
Accrued interest payable 474,198 -
Due to other funds 3,050 -
Long-term liabilities:
Bonds payable - current 1,970,000 -
Bonds payable - noncurrent 37,048,226 281,723
Total liabilities 39,495,474 281,723
NET POSITION (DEFICIT)
Restricted for:
Individuals, organizations, and other governments - 35,606,574 Restricted for private purposes (29,285,704) -
Total net position (deficit) (29,285,704)$ 35,606,574$ See accompanying Notes to Basic Financial Statements.
51 225
City of Chino
Statement of Changes in Fiduciary Net Position (Deficit) Fiduciary Funds
For the year ended June 30, 2025
Private Purpose
Trust Fund
Successor
Agency of the Custodial
Former RDA Funds
ADDITIONS:
Taxes 3,218,671$ 21,563,824$
Investment income (loss) 145,649 1,394,354 Total additions 3,364,320 22,958,178
DEDUCTIONS:
Administrative costs 6,800 2,672,419
Payment of special tax debt - 8,755,000 Interest expense 1,302,395 9,740,355
Total deductions 1,309,195 21,167,774
Change in net position 2,055,125 1,790,404
NET POSITION (DEFICIT):
Beginning of year (31,340,829) 33,816,170
Beginning of year, as restated (31,340,829) 33,816,170 End of year (29,285,704)$ 35,606,574$
See accompanying Notes to Basic Financial Statements.
52 226
NOTES TO BASIC
FINANCIAL STATEMENTS
53 227
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54 228
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the City of Chino, California (the City), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental agencies. 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. Financial Reporting Entity
The City was incorporated February 1910 under the general laws of the state of California. The City operates under a Council-Manager form of government and provides the following services: public safety, public works, community development, parks and community services, and general administrative services.
The accompanying financial statements present the City and its component units, entities for which the City is considered financially accountable. Blended component units, although legally separate entities, are, in substance, part of the City's operations.
Blended Component Units
The City's component unit is considered to be a blended component unit. The governing board of the component unit is composed of the same membership as the City Council. The City may impose its will on the component unit, including the ability to appoint, hire, reassign, or dismiss management. There is also financial benefit/burden relationship between the City and this entity.
Management has determined the following component unit should be blended based on the criteria above:
The City of Chino Public Financing Authority (the Authority) was founded December 1, 1998, as a joint exercise of power authority between the City and the former Redevelopment Agency for the purpose of financing or refinancing public capital improvements. Separate financial statements are not prepared for the Authority.
B. Basis of Accounting and Measurement Focus
The accounting policies of the City conform to GAAP for local governmental units. The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for by providing a separate set of self-balancing accounts that comprise its assets, liabilities, fund balance, revenues and expenditures, or expenses, as appropriate.
Governmental resources are allocated to and accounted for in individual funds based upon the purpose of which they are to be spent and means by which spending activities are controlled.
Government-Wide Financial Statements
The City's government-wide financial statements include a statement of net position and a statement of activities and changes in net position. These statements present summaries of governmental and business- type activities for the City accompanied by a total column. Fiduciary activities of the City are not included in these statements.
55 229
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued B. Basis of Accounting and Measurement Focus, Continued Government-Wide Financial Statements, Continued
These basic financial statements are presented on an economic resources measurement focus and the accrual basis of accounting. Accordingly, all of the City's assets, deferred outflows of resources, liabilities, and deferred inflows of resources, including capital assets, as well as infrastructure assets, and long-term liabilities, are included in the accompanying statement of net position. The statement of activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred.
Certain types of transactions are reported as program revenues for the City in three categories:
Charges for services
Operating grants and contributions
Capital grants and contributions
Certain eliminations have been made in regard to interfund activities. All internal balances in the statement of net position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the statement of activities, internal service fund transactions have been eliminated; however, those transactions between governmental and business-type activities have not been eliminated. The following interfund activities have been subjected to this elimination process for government-wide purposes:
Due to/from other funds
Note receivable between funds
Advances to/from other funds
Transfers in/out
Governmental Fund Financial Statements
Governmental fund financial statements include a balance sheet and a statement of revenues, expenditures, and changes in fund balances for all major governmental funds and nonmajor funds aggregated. The City has presented all major funds that meet the required criteria. An accompanying schedule is presented to reconcile and explain the differences in net position as presented in these statements to the net position presented in the government-wide financial statements. 56 230
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued B. Basis of Accounting and Measurement Focus, Continued Governmental Fund Financial Statements, Continued
The governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. 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 property tax 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, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, and claims and judgments are recorded only when payment is due.
General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long- term debt and acquisitions under capital leases are reported as other financing sources.
Property taxes, sales taxes, franchise taxes, licenses, grants, and interest associated with the current fiscal period are all considered to be susceptible to accrual and have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the government.
The City reports the following major governmental funds:
The General Fund is the general operating fund of the City. All general tax revenues and other receipts not allocated by law or contractual agreement to other funds are accounted for in this fund.
Expenditures of this fund include general operating costs not paid through other funds.
The Facilities Development Special Revenue Fund is used to account for the collection of development impact fees for the improvement and replacement of capital facilities in the City.
The City Affordable Housing Special Revenue Fund is used to account for receipts and disbursements for financial assistance to eligible home buyers and financial incentives to eligible developers. Sources of revenue include developer contributions, as well as repayment of home loans.
The Transportation Grants Special Revenue Fund is used to account for receipts and disbursements relating to federal and state transportation grants.
The Park Development Fund Capital Projects Fund is used to account for the acquisition and development of parks and is financed by developer fees, state allocations, and other grant. 57 231
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued B. Basis of Accounting and Measurement Focus, Continued Proprietary Fund Financial Statements
Proprietary funds are accounted for using the economic resources measurement focus and the accrual basis of accounting. Accordingly, all assets, deferred outflows of resources, liabilities, and deferred inflows of resources (whether current or noncurrent) are included on the statement of net position. The statement of revenues, expenses, and changes in net position presents increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. Operating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. All other revenues are reported as nonoperating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as nonoperating expenses.
The City reports the following major Enterprise Funds:
The Water Fund is used to account for the City's water utility operations.
The Storm Drain Fund is used to account for the City's storm drain operations.
The Sewer Fund is used to account for the operations of the City's sewer system.
Internal Service Funds
Additionally, the City reports the following fund types:
Internal Service Funds are used to account for the financing of special activities that provide services within the City. Such activities include employee benefits, building management, liability insurance, central services, and equipment management.
Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a statement of fiduciary net position and a statement of changes in fiduciary net position. Fiduciary funds are used to report trust arrangements under which principal and income benefit individuals, private organizations, or other governments. The City maintains two fiduciary fund types: a private-purpose trust fund and custodial funds. Fiduciary fund types are accounted for according to the nature of the fund. The private-purpose trust fund and the custodial funds use the economic resources measurement focus and the accrual basis of accounting.
The City reports the following private-purpose trust fund:
The Successor Agency to the Redevelopment Agency of the City of Chino Private-Purpose Trust Fund is used to account for the assets and liabilities transferred from the former Redevelopment Agency of the City as of February 1, 2012, as well as the activities of the Successor Agency related to required obligation payments and funds received for these payments.
58 232
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued B. Basis of Accounting and Measurement Focus, Continued Fiduciary Fund Financial Statements, Continued
The City reports the following custodial funds:
Community Facilities District Funds are used to account for the collection of assessments from owners of property within their respective districts and for the remittance of such assessments to the bondholders as required by the Mello-Roos Community Facilities Act of 1982.
C. Cash and Cash Equivalents, and Investments
The City pools its available cash for investment purposes. The City's cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturity of three months or less from the date of acquisition. Cash and cash equivalents are combined with investments and displayed as cash and investments. For purposes of the statement of cash flows of the proprietary fund types, cash and cash equivalents include all investments, as the City operates an internal cash management pool that maintains the general characteristics of a demand deposit account.
Investments are reported in the accompanying basic financial statements at fair value, which 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. Investments in external pools are valued based on the stated fair value represented by the external pool.
Changes in fair value that occur during a fiscal year are recognized as investment income or loss reported for that fiscal year. Investment income or loss includes interest earnings, changes in fair value, and any gains or losses realized upon the liquidation or sale of investments. The City pools cash and investments of all funds, except for assets held by fiscal agents. Each fund's share in this pool is displayed in the accompanying financial statements as cash and investments.
D. Cash and Investments with Fiscal Agents
Cash and investments with fiscal agents are restricted for the redemption of bonded debt and the acquisition and construction of capital projects.
E. Interfund Transactions
Activities between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as due to/from other funds (i.e., current portion of interfund loans) and advances from/to other funds (i.e., noncurrent portion of interfund loans). Any residual balances outstanding between the governmental activities and business-type activities are reported in the governmental-wide financial statements as internal balances.
F. Inventory
Inventories are stated at cost using the average cost method. The City utilizes the consumption method of accounting for inventories. Inventories of operating supplies are maintained and accounted for in the General Fund and the Equipment Management Internal Service Fund. The inventory maintained by the Water Utility Enterprise Fund consists primarily of water meters, water pipes, valves, and fittings. 59 233
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued G. Capital Assets
Capital assets include land, site improvements, buildings and improvements, equipment, and infrastructure assets. General infrastructure assets consist of roads, curbs and gutters, sidewalks, medians, street trees, street signs, bus shelters, bridges, trails, traffic signals, storm drains/catch basins, sewer manholes, and sewer lines. Capital assets are defined by the City as assets with an initial cost of more than $5,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value as of the date received. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized.
Capital assets are depreciated using the straight-line method over the following estimated useful lives:
H. Employee Compensated Absences
It is the City's policy to permit employees to accumulate earned but unused vacation, compensatory time, and sick leave (compensated absences). The City implemented GASB Statement No. 101, Compensated Absences during fiscal year 2024-25. Liabilities for leave are assumed to be accrued using the last in, last out method, meaning the most recently earned leave is used first. The City has recorded a liability only when it is more likely than not that the leave will be taken or paid for. All compensated absences are accrued when incurred in the government-wide and proprietary fund financial statements. A liability for those amounts is recorded in the governmental funds only if the liability has matured as a result of employee resignations or retirements. Compensated absences are primarily liquidated in the General Fund.
I. Claims Payable
When it is probable that a claim liability has been incurred at year-end and the amount of the loss can be reasonably estimated, the City records the estimated loss, net of any insurance coverage, under its self- insurance program claims payable, which includes an estimate for incurred but not reported claims and is recorded in the Liability Insurance Internal Service Fund.
J. Unearned Revenue
Unearned revenue is recognized for transactions for which revenue has not yet been earned. Unearned revenue includes monies received in advance from the fiscal agents on the amounts deposited in the reserve funds for various bonds and prepaid charges for services.
Building, Improvements and Leasehold Interests 35 to 50 Years Improvements Other than Building 50 Years
Lines and Mains 50 Years
Infrastructure 25 to 50 Years
Furnitures, Machinery and Equipment 3 to 15 Years
Intangible right-to-use lease assets 5 years
Intangible right-to-use SBITA assets 3 to 10 years
60 234
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued K. Property Taxes
Property taxes are an enforceable lien on property as of January 1 of each year. Taxes are levied on each July 1 and are payable in two installments on November 1 and February 1, which become delinquent on December 10 and April 10, respectively. The County of San Bernardino bills and collects property taxes for the City Remittance of property taxes to the City is accounted for in the City's General Fund.1.
L. Prepaids
Certain payments to vendors for services applicable to future accounting periods are recorded as prepaids in both the government-wide financial and fund financial statements. Prepaid amounts are expensed during the periods benefited.
M. Net Position and Fund Balances
Government-Wide Financial Statements
In the government-wide financial statements, net position is classified in the following categories:
Net Investment in Capital Assets - This amount consists of capital assets net of accumulated depreciation and reduced by outstanding debt and liabilities that are attributed to the acquisition, construction, or improvement of the assets.
Restricted Net Position - This amount is restricted by external creditors, grantors, contributors, or laws or regulations of other governments.
Unrestricted Net Position - This amount is all net position that does not meet the definition of "net investment in capital assets" or "restricted net position." When an expense is incurred for purposes for which both restricted and unrestricted net positions are available, the City's policy is to apply restricted net position first.
Fund Financial Statements
The following classifications describe the relative strength of the spending constraints placed on the purposes for which resources can be used:
Nonspendable - amounts that are not in a spendable form (such as inventory), that are required to be maintained intact, or the long-term note receivable in the general fund.
Restricted - amounts constrained to specific purposes by their providers (such as granters, bondholders, and higher levels of government) through constitutional provisions or by enabling legislation.
Committed - amounts constrained to specific purposes by a government itself using the highest level of decision-making authority; to be reported as committed, amounts cannot be used for any other purpose unless the government takes the same highest level of action to remove or change the constraint. The City Council establishes (and modifies or rescinds) fund balance commitments by passage of a resolution.
61 235
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued M. Net Position and Fund Balances, Continued
Fund Financial Statements, Continued
Assigned - amounts a government intends to use for a specific purpose; intent can be expressed by the governing body or by an official or body to which the governing body delegates the authority. The City delegates the authority to assign amounts to be used for specific purposes to the Finance Director for the purpose of reporting these amounts in the annual financial statements.
Unassigned - amounts that are for any purpose; positive amounts are reported only in a general fund, in the event that funds other than the general fund include an unassigned fund balance, it would be a deficit.
When expenditures are incurred for purposes for which restricted, committed, assigned, or unassigned fund balances are available, the City's policy is to apply the restricted fund balance first, committed second, then assigned fund balance, and finally unassigned fund balance.
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 future periods (expense/expenditure) until that time.
In addition to liabilities, the statement of net position and governmental funds balance sheet reports a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to future periods and will not be recognized as an inflow of resources (revenue) until that time.
O. Leases
Lessor
The City is a lessor for a noncancellable leases of wireless cell towers and buildings. The City recognizes a lease receivable and a deferred inflow of resources in the applicable governmental activities or business- type activities in the government-wide and in the governmental and proprietary fund financial statements. At the commencement of a lease, the City initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease term, on a straight-line basis.
Key estimates and judgments include how the City determines (1 ) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts. The City uses its estimated incremental borrowing rate as the discount rate for leases. The lease term includes the noncancellable period of the lease.
62 236
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued O. Leases, Continued
Lessor, Continued
Lease receipts included in the measurement of the lease receivable are composed of fixed payments from the lessee.
The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable.
P. Pension Plans
For purposes of measuring the total pension liability and deferred outflows/inflows of resources related to pensions and pension expense, information about the fiduciary net position of the City's California Public Employees' Retirement System (CalPERS) plans and additions to/deductions from the plans' fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
Q. New Accounting Pronouncements
The City adopted new accounting standards in order to conform to the following Governmental Accounting Standards Board Statements in Fiscal Year 2024-25:
In June 2022, the GASB issued Statement No. 101, Compensated Absences. The objective of this statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. Implementation of these requirements has significant impact on the City’s Sick leave balance.
Estimates as discussed under Note 19- Retstatements.
In December 2024, the GASB issued Statement No. 102, Certain Risk Disclosures. The objective of this Statement is to provide users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints. Implementation of these requirements did not have a significant impact on the City’s financial statements for the fiscal year ended June 30, 2025.
R. Estimates
The preparation of the basic financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the disclosure of contingent assets and liabilities at the date of the basic financial statements and the related reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management believes that the estimates are reasonable. 63 237
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
2. CASH AND INVESTMENTS
A. Cash and Investments
Cash and investments are presented on the statements of net position as follows at June 30, 2025:
Cash, cash equivalents, and investments consisted of the following at June 30, 2025:
The carrying amounts of the City’s deposits with financial institutions were $4,457,288 at June 30, 2025.
Bank balances before reconciling items were $5,908,123 at that date with total amount insured or collateralized with securities held by the pledging financial institutions in the City’s name.
B. Investments Authorized by the California Government Code and the City’s Investment Policy The Table below identifies the investment types that are authorized for the City by the California Government Code (or the City’s investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City’s investment policy, were more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investment of debt proceeds held by bond trustees that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy.
Fiduciary Funds
Governmental Business-Type Statement of
Activities Activities Total Net position Total
Cash and investments 184,567,580$ 96,333,982$ 280,901,562$ 24,523,862$ 305,425,424$ Restricted:
Cash and investments - 23,863,112 23,863,112 - 23,863,112 Cash and investments
with fiscal agents 13,647,426 - 13,647,426 15,903,390 29,550,816$ Total 198,215,006$ 120,197,094$ 318,412,100$ 40,427,252$ 358,839,352$ Government-Wide Statement of Net Position
Petty cash 21,200$
Deposits with financial institutions 4,457,288
Investments 354,360,864
Total cash and investments 358,839,352$
64 238
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
2. CASH AND INVESTMENTS, Continued
B. Investments Authorized by the California Government Code and the City’s Investment Policy, Continued
C. Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustees are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy.
Investments authorized for funds held by bond trustees include U.S Treasury Obligations, U.S.
Government-Sponsored Agency Securities, Local Agency Bonds, Banker’s Acceptance, Money Market Mutual Funds, and Investment Contracts. There are no limitations on the maximum amount that can be invested in one issuer, maximum percentage allowed, or the maximum maturity of an investment, except for the maturity of Banker’s Acceptance, which are limited to one year. Investment in Investment Contracts have to be approved by the Municipal Bond Insurer.
Maximum
Percentage Maximum
Maximum of Amount Investment
Authorized Investment Type Maturity of Portfolio* in One Issuer U.S Treasury Obligations 5 Years None None
U.S Governmental-Sponsored
Agency Securities 5 Years 50% 40%
Time Certificates Of Deposits 5 Years 20% 250,000$
Banker's Acceptance 180 Days 10% 2,000,000$
Negotiable Certificates Of Deposits 5 Years 20% 250,000$ Repurchase Agreements (1) 2 Weeks 10% 5,000,000$
Local Agency Investment Fund N/A 75,000,000$ 75,000,000$ Per Entity Per Entity
Los Angeles County Investment Pool N/A 100,000,000$ None CalTRUST Investment Pool N/A 100,000,000$ None
Mutual Funds (Investment Pool
Government-Sponsored Agency Securities) N/A 10% 2,000,000$ *Excluding amounts held by bond trustee that are not subject to California Government Code restrictions. (1) Repurchase agreements must be 102% collateralized by US Treasury Obligations that are free and clear of any third-party lien or claim.
N/A – Not Applicable
65 239
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
2. CASH AND INVESTMENTS, Continued
D. Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter-term and longer-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. Information about the sensitivity of the fair values of the City’s investments (including investments held by bond trustee) of the market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investment by maturity:
E. 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 as required by (where applicable) the California Government Code, the City’s investment policy, or debt agreements, and the actual rating, as reported by Standard & Poor’s, as of year-end for each investment type. 12 Months 13 - 24 25 - 60
Investment Type or Less Months Months Total
Local Agency Investment Fund 68,982,888$ -$ -$ 68,982,888$ Los Angeles County Investment Pool 17,415,748 - - 17,415,748 CalTrust Investment Pool 101,501,295 - - 101,501,295 California Asset Management Program 16,012,981 - - 16,012,981 U.S Government-Sponsored Agency Securities:
FFCB 10,901,500 5,969,910 6,016,170 22,887,580 FHLB 10,858,660 18,394,730 18,016,500 47,269,890 FHLMC - - 5,996,070 5,996,070 FNMA 3,007,050 3,007,050
U.S Treasury Note 9,996,129 3,040,410 14,615,940 27,652,479 U.S Bonds - 481,953 6,062,286 6,544,239 Negotiable Certificates of Deposit 1,253,782 1,514,672 4,771,372 7,539,826 Held by Bond Trustee:
Money Market Mutual Funds 29,550,818 - - 29,550,818 Total 266,473,801$ 29,401,675$ 58,485,388$ 354,360,864$ Investment Maturities in Months
66 240
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
2. CASH AND INVESTMENTS, Continued
E. Disclosures Relating to Credit Risk, Continued
All investment agreements and investment agreement providers must comply with the credit rating requirements as contained in the underlying legal documents authorizing the issuance of the associated bond issues. Each of the investment agreements that the City or the Successor Agency to the former Redevelopment Agency (or Bank of New York Mellon acting as a trustee bank on behalf of the City) has entered into carries a credit rating downgrade trigger that is intended to protect the City or the Successor Agency against the deterioration of the credit rating of the investment agreement provider. While each investment agreement may have differing specifications with respect to the credit ratings downgrade trigger, the basic arrangement is that if the investment agreement provider credit rating falls below a certain level, it triggers one of several possible actions aimed at curbing or strengthening the ratings decline. These possible actions include: (1) the investment agreement provider posting the highly rated collateral at levels determined by the credit rating agencies, (2) the investment agreement provider assigning the investment agreement to a new provider that enjoys a higher credit rating, or (3) the investment agreement provider pays the City or the Successor Agency cash representing the balance held under the account including accrued interest.
The table below represents the credit ratings of the City’s investment as of June 30, 2025:
Minimum
Legal Not Required
Investment Type Total rating AAA AA+ Unrated to be Rated Local Agency Investment Fund 68,982,888$ (1) -$ -$ 68,982,888$ -$ Los Angeles County
Investment Pool 17,415,748 (1) - - 17,415,748 - CalTRUST Investment Pool:
Short term 47,252,774 (1) - 47,252,774 - - Liquidity 54,248,521 (1) - - 54,248,521 - California Assset Mgmt Program
CAMP 16,012,981 16,012,981 - - - U.S Government-Sponsored
Agency Securities:
FFCB 22,887,580 (1) - 22,887,580 - - FHLB 47,269,890 (1) - 47,269,890 - - FHLMC 5,996,070 (1) - 5,996,070 - - FNMA 3,007,050 3,007,050
U.S Treasury Note 27,652,479 (1) - - - 27,652,479 US Bonds 6,544,239 (1) - - - 6,544,239 Negotiable Certificates of Deposit 7,539,826 (1) - - 7,539,826 - Held By Bond Trustee:
Money Market Mutual
Funds 29,550,818 AAA 29,550,818 - - - Total Investments 354,360,864$ 45,563,799$ 126,413,364$ 148,186,983$ 34,196,718$ (1) Not applicable.
67 241
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
2. CASH AND INVESTMENTS, Continued
F. Concentration of Credit Risk
The investment policy of the City contains no limitation on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. As of June 30, 2025, the City had investments in the Federal Farm Credit Bank of $22,887,580, Federal Home Loan Bank of $47,269,890, Federal Home Loan Mortgage Corp. $5,996,070 and Federal U.S. Treasury Notes of $27,652,479 which represents 5% or more of total City investments.
G. 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 the City’s deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. At June 30, 2025, the City’s deposits (bank balances) were insured by the Federal Depository Insurance Corporation or collateralized as required under California law.
H. Investment in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that 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. The balance available for withdrawal is based on the accounting records maintained by LAIF. LAIF is not rated.
I. Investment in County Investment Pool
The Los Angeles County Pooled Investment Fund (LACPIF) is a pooled investment fund program governed by the Los Angeles County Board of Supervisors and administered by the Los Angeles County Treasurer and Tax Collector. Investment in the LACPIF are highly liquid, as deposits and withdrawals can be made at any time without penalty. LACPIF does not impose any maximum investment limit. The fair value of the City’s voluntary 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 LACPIF for the entire LACPIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LACPIF. 68 242
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
2. CASH AND INVESTMENTS, Continued
J. Investment in CalTRUST Investment Pool
CalTRUST is a joint powers agency authority created by local public agencies to provide a convenient method for local public agencies to pool their assets for investment purposes. CalTRUST is not subject to any regulatory oversight but is governed by a Board of Trustees (the Board) made up of experienced local agency treasurers and investment officers. The board sets overall policies for the program and selects and supervises the activities of the investment manager and other agents. Investments in CalTRUST are highly liquid, as deposits can be converted to cash within 24 hours without loss of interest. All CalTRUST accounts comply with the limits and restrictions placed on local agency investments by the California Government Code. CalTRUST imposes a $250,000 minimum investment; however, there is no maximum limit. The fair value of the City’s voluntary investment in this pool is reported in the accompanying financial statements at amounts based upon the City’s percentage interest of the fair value provided by CalTRUST for the CalTRUST accounts (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by CalTRUST.
K. Fair Value Measurements
The City categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the relative inputs used to measure the fair value of the investments. Level 1 inputs are quoted prices in active markets for identical assets, Level 2 inputs are valued using a matrix pricing technique in where investments are valued based on the investments' relationship to benchmark quoted prices, and Level 3 inputs are significant unobservable inputs.
69 243
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
2. CASH AND INVESTMENTS, Continued
K. Fair Value Measurements, Continued
The City has the following recurring fair value measurements as of June 30, 2025:
3. INTERFUND BALANCES AND TRANSFERS
Due to/Due From Other Funds
At June 30, 2025, the City had the following short-term interfund receivables and payables.
The interfund amounts between the General Fund and Non-Major Governmental Funds are for short-term loans to cover operations.
Total Level 1 Level 2 Level 3
U.S Government - Sponsored
Agency Securities:
FFCB 22,887,580$ -$ 22,887,580$ -$ FHLB 47,269,890 - 47,269,890 - FHLMC 5,996,070 - 5,996,070 - FNMA 3,007,050 - 3,007,050 - U.S Treasury Note 27,652,479 - 27,652,479 - US Bonds 6,544,239 - 6,544,239 - Negotiable Certificates of Deposit 7,539,826 - 7,539,826 - Total Investment by
Fair Value Level 120,897,134 -$ 120,897,134$ -$ Investment not subject for
Leveling Disclosure:
Local Agency Investment Fund 68,982,888
Los Angeles County Investment Pool 17,415,748
CalTRUST Investment Pool:
Short - Term 47,252,774
CalTRUST Liquidity 54,248,521
California Assset Mgmt Program CAMP 16,012,981
Held Bond by Trustee:
Money Market Mutual Funds 29,550,818
Total Investments Not
Subject for Fair Value
Measurements 233,463,730
Total Investments 354,360,864$
Due From Due To
Other Funds General Fund
Governmental Funds:
General Fund $ 959,183 $ - Non-Major Governmental Funds - 959,183 Total $ 959,183 $ 959,183
Due To Due From
Other Funds General Fund
Governmental Funds:
General Fund $ - $ 988,803 Facilities Development Special Revenue Fund 988,803 - Total $ 988,803 $ 988,803
70 244
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
3. INTERFUND BALANCES AND TRANSFERS, Continued
Transfers
The City had the following transfers for the year ended June 30, 2025:
Transfers provided funding for capital projects, capital acquisitions, debt service, and payment of in-lieu fees by Enterprise Funds. The transfers between the General Fund and the Transportation Grants Special Revenue Fund and Other Governmental Funds are to pay for the General Fund’s share of landscape and lighting costs, General Fund backfill of transportation programs, and the General Fund subsidy for community service programs. The transfers between the Facilities Development Special Revenue Fund and the General Fund and the Water and Storm Drain Enterprise Funds are to pay for current-year project expenditures. Transfers between the Facilities Development Special Revenue Fund and Internal Service Funds are for current-year project expenditures. Transfers from the Facilities Development Special Revenue Fund and Transportation Grants Special Revenue Fund are for project-related expenditures. The transfers between the Internal Service Funds and Other Governmental Funds are for the cost of the Civic Center JPA Maintenance Program. The transfers between Other Governmental Funds and the General Fund and Transportation Grants Special Revenue Fund are for project-related expenditures.
Park Storm
Transportation Development Other Drain Sewer Internal
General Facilities Development Grant Special Capital Project Governmental Enterprise Enterprise Service Transfers Out Fund Special revenue Fund Revenue Fund Fund Fund Fund Fund Fund Total General Fund 88,804$ 100,000$ 12,111,181$ 3,159,407$ 17,455,821$ -$ -$ 1,167,933$ 34,083,146$ Facilities Development 51,766 - 13,054,083 - - 99,809 250,663 - 13,456,321 Special revenue Fund
Transportation Grants 19,583 - - - - - - - 19,583 Special revenue Fund
Park Development - - - 248 - - - - 248 Capital Project Fund
Other Governmental Fund 1,469,420 - 3,852,784 - - - - 391,860 5,714,064 Water Enterprise Fund - - - 6,350 - - - 126,591 132,941 Internal Service Fund 7,034,078 - - - 230,854 - - - 7,264,932 Total 8,663,651$ 100,000$ 29,018,048$ 3,166,005$ 17,686,675$ 99,809$ 250,663$ 1,686,384$ 60,671,235$ Transfer In
71 245
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
3. INTERFUND BALANCES AND TRANSFERS, Continued
Advances to / from Other Funds
At June 30, 2025, the City had the following advances to/from other funds:
The advances between the General Fund and other Funds are considered long-term in nature.
Advance from General Fund – Meter Replacement
During the year ended June 30, 2016, the General Fund advanced to the Water Fund $3,500,000 to assist the Water Fund with its Water Meter Retrofit Project. The advance is due over a 10-year period and carries an interest rate of 3.0%. Semi-annual installments of $203,860 are due July 1 and January 1.
The debt service requirements to maturity of the advance are as follows:
During the year ended June 30, 2025, the General Fund advanced to the Measure I Valley SubArea Program Fund $3,331,038 for the purpose of funding the ongoing CIP projects. The City typically funds CIP projects upfront using unencumbered funds such as the General Fund, Development Impact Fees, Measure I, or Gas Tax, and then seeks periodic reimbursements from SBCTA, Caltrans, or other granting agencies as applicable.
On the government-wide financial statements, advances are displayed as internal balances.
Advance From Advance To
General Fund Other Funds
Governmental Funds:
General Fund $ - $ 3,531,885 Non-Major Governmental Funds 3,331,038 - Proprietary Funds:
Water Fund 200,847 - Total $ 3,531,885 $ 3,531,885
Year Ending June 30, Principal Interest Total
2026 $ 200,847 $ 3,013 203,860 $ Total $ 200,847 $ 3,013 $ 203,860 72 246
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
4. LOANS RECEIVABLE
As of June 30, 2025, the City had outstanding loans related to the following loan programs:
A. Affordable Housing Loans
The City administers housing rehabilitation and affordable housing loan programs to qualifying low-income households. These programs were originally funded through the former Redevelopment Agency and are now accounted for in the City’s Affordable Housing Special Revenue Fund. The loans are secured by deeds of trust, bear interest at either 0 percent or 3 percent, and have terms ranging from 10 to 30 years. Repayments are generally deferred until the end of the loan term or upon sale of the property. Due to the long-term nature of the loans and their repayment terms, the City has established allowances in amounts equal to the outstanding loan balances. Repayments will be recognized as revenue when received.
B. CDBG and HOME Rehabilitation Loans
The City administers rehabilitation loan programs funded through Community Development Block Grant (CDBG) and HOME Investment Partnership funds to qualifying low-income households. These loans are secured by second trust deeds and do not bear interest. Repayment is generally due upon the sale or transfer of the property. Loan repayments are required to be used for eligible CDBG and HOME grant purposes or returned to the granting agency; therefore, outstanding loan balances are offset by a corresponding liability due to other governments.
Affordable Housing Special Revenue Fund (A):
Home Improvement Loans- RDA 1,385,843$
First-Time Home-Buyer In-Fill Housing Loans 1,621,270
Home Loans 6,329,940
Subtotal 9,337,053
Less: allowances (9,337,053)
Total Affordable Housing Special Revenue Fund -$
Other Governmental Funds:
CDBG and HomeRehabilitation Loans (B) 47,834$
HOME Investment Partnership Home-buyer Loans (C) 150,000 CalHOME Loans (D) 1,965,962
NSP Home-Buyer Loans 35,687
Subtotal 2,199,483
Less: allowances (185,687)
Total Other Governmental Funds 2,013,796$
73 247
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
4. LOANS RECEIVABLE, Continued
C. HOME Investment and NSP Homebuyer Loans
The City provides homebuyer assistance loans through the HOME Investment Partnership and Neighborhood Stabilization Program (NSP) to qualifying low-income households in connection with its affordable housing programs. HOME loans have a term of 30 years, while NSP loans have a term of 15 years.
These loans are non-interest bearing and are secured by deeds of trust. Repayment is generally deferred unless certain events occur, such as the sale or transfer of the property. In certain cases, the loans may be partially or fully forgiven if program conditions are met. Due to the long-term nature of these loans and the possibility of forgiveness, the City has established allowances in amounts equal to the outstanding loan balances.
D. CalHome Loans
The City has three loan programs that are funded with CalHome grant proceeds. These loans are secured by a deed of trust and bear interest at either 0% or 3%. Repayments are not required until the end of the term of the loan unless certain events, such as the sale of the home or transfer of title, occur first. One of the loan programs provides for a forgiveness of debt if certain conditions are met. Loan repayments are to be repurposed for eligible CalHome grant purposes or returned to the granting agency; therefore, the outstanding loan balances of the three loan programs are offset by the liability, due to other governments.
5. LOANS RECEIVABLE – DEVELOPERS
On December 1, 2012, the City entered into an Affordable Housing and Loan Agreement with IVY at College Park LP. for $7.2 million. The loan bears interest at a rate of 1% annually, and all outstanding principal and accrued unpaid interest is due December 1, 2067. The borrower will repay the City annual payments equal to
23.68% of the project cash flow for the preceding calendar year. The outstanding balance at June 30, 2025, is $7,200,000.
On October 6, 2015, the City entered into an Affordable Housing and Loan Agreement with BHC College Park II, L.P. for $2.8 million. The loan bears interest at a rate of 1% annually, and all outstanding principal and accrued unpaid interest is due October 6, 2070. The borrower will repay the City annual payments equal to 50% of the project cash flow for the following calendar year. The outstanding balance at June 30, 2025, is $2,800,000. Both loans were used to build residential rental units for low- to moderate-income households and are secured by a deed of trust with assignment of rent amounts.
Due to the long-term nature of these loans and the unknown timing of principal and interest repayments, the City has established allowances equal to the loan amounts. Principal and interest on these loans will be recognized when payments are received.
6. NOTES RECEIVABLE – SUCCESSOR AGENCY
In June of 2009, the former redevelopment agency approved a loan of up to $18,100,000 to the City for the cost of installation and construction of fire station facilities. The loan is to be repaid with fire development impact fees as those fees are collected from developers. The outstanding balance of the note as of June 30, 2025, is $4,850,332.
74 248
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
7. LEASE RECEIVABLE
The City, acting as lessor, leases wireless cell towers and buildings under long-term, noncancelable lease agreements. The leases expire at various dates through 2039 reported in the General Fund, Other Governmental Funds, and Proprietary Funds. The agreements have interest rates ranging from 0.269% to
2.266%. During the year ended June 30, 2025, the City recognized $157,715 and $21,679 in lease revenue and interest revenue, respectively, pursuant to these contracts.
The future lease payments on the leases as of June 30, 2025 are as follows:
Year Ending June 30, Principal Interest Total Principal Interest Total 2026 $ 90,872 $ 22,181 $ 113,053 $ 57,040 $ 1,746 $ 58,786 2027 91,201 24,245 115,446 58,200 1,943 60,143 2028 75,338 22,531 97,869 59,395 2,148 61,543 2029 70,370 27,017 97,387 60,622 2,584 63,206 2030 70,775 27,035 97,810 61,881 2,584 64,465 2031-2035 209,887 41,482 251,369 322,767 16,588 339,355 2036-2040 136,811 17,962 154,773 297,169 20,671 317,840 2040 - - - 18,982 1,311 20,293 Total $ 745,254 $ 182,453 $ 927,707 $ 936,056 $ 49,575 $ 985,631 Governmental Activities Business-Type Activities
75 249
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
8. CAPITAL ASSETS
A. Government-Wide Financial Statements
A summary of changes in the governmental activities capital assets at June 30, 2025, is as follows:
Balance at Balance at
July 1, 2024 Additions Retirements Transfers June 30, 2025 Governmental Activities:
Capital assets, not being depreciated
Land $ 89,137,061 $ - $ - $ - 89,137,061 $ Construction in progress 36,180,390 31,045,130 - (20,396,486) 46,829,034 CIP- Subscription Assets 22,428 - - - 22,428 Total capital assets not being depreciated 125,339,879 31,045,130 - (20,396,486) 135,988,523 Capital assets being depreciated:
Buildings 95,941,747 97,730 - 1,731,231 97,770,708 Improvements other than buildings 42,333,434 2,634,562 - 6,828,166 51,796,162 Furniture, machinery, and equipment 38,149,611 2,450,386 (23,147) 40,576,850 Infrastructure 227,522,355 9,603,825 - 11,837,089 248,963,269 Lease assets- Equipment and Fixtures 711,387 - (183,036) - 528,351 SBITA assets 1,723,236 1,247,157 (461,560) - 2,508,833 - Total capital assets being depreciated 406,381,770 16,033,661 (667,743) 20,396,486 442,144,174 Less accumulated depreciation:
Buildings (29,704,759) (1,903,056) - - (31,607,815) Improvements other than buildings (16,740,298) (1,166,510) - - (17,906,808) Furniture, machinery, and equipment (29,449,440) (2,658,047) 17,138 - (32,090,349) Infrastructure (122,072,211) (5,537,968) - - (127,610,179) Less accumulated amortization:
Lease assets- Equipment and Fixtures (394,376) (105,670) 183,036 - (317,011) SBITA assets (878,559) (619,208) 461,560 - (1,036,207) Total accumulated depreciation and amortization (199,239,643) (11,990,459) 661,734 - (210,568,369) Total capital assets being depreciated, net 207,142,127 4,043,202 (6,009) 20,396,486 231,575,805 Governmental activities capital assets, net 332,482,006$ 35,088,332$ (6,009)$ -$ 367,564,328$ 76 250
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
8. CAPITAL ASSETS, Continued
Depreciation and amortization expenses were charged to functions/programs of the primary government as follows:
A. Government-Wide Financial Statements, Continued
A summary of changes in the business-type activities capital assets at June 30, 2025, is as follows:
Depreciation and amortization expense were charged to functions/programs of the primary government as follows:
Governmental Activities : Depreciation Amortization Total General Government 597,498$ -$ 597,498$ Public Safety 778,057 - 778,057 Public Works 1,263,708 224,753 1,488,461 Community Services 319,081 86,742 405,823 Parks and Recreation 561,166 - 561,166 Internal Service Fund 2,211,409 413,383 2,624,792 Unallocated Infrastructure Depreciation 5,534,662 - 5,534,662 Total depreciation/amortization expense 11,265,581$ 724,878$ 11,990,459$ Balance at Balance at
July 1, 2024 Additions Retirements June 30, 2025
Business-Type Activities:
Capital assets, not being depreciated
Land $ 1,291,570 -$ -$ 1,291,570$ Construction in progress 17,537,780 2,838,132 (8,805,285) 11,570,627 Total capital assets not being depreciated 18,829,350 2,838,132 (8,805,285) 12,862,197 Capital assets being depreciated:
Buildings and structures 9,791,978 1,093,249 - 10,885,227 Improvements other than buildings 344,511,873 18,188,739 - 362,700,612 Furniture, machinery, and equipment 710,544 - - 710,544 SBITA assets 103,772 - - 103,772 Total capital assets being depreciated 355,118,167 19,281,988 - 374,400,155 Less accumulated depreciation:
Buildings and structures (4,696,373) (220,164) - (4,916,537) Improvements other than buildings (134,632,937) (6,587,429) - (141,220,366) Furniture, machinery, and equipment (560,788) (22,113) - (582,901) Less accumulated amortization:
SBITA assets (69,183) (34,590) - (103,773) Total accumulated depreciation and amortization (139,959,282) (6,864,296) - (146,823,578) Total capital assets being depreciated, net 215,158,885 12,417,692 - 227,576,577 Business-type capital assets, net 233,988,235$ 15,255,824$ (8,805,285)$ 240,438,774$ Business-Type Activities: Depreciation
Sewer Fund 1,684,580$
Water Fund 3,209,049
Storm Drain Fund 1,851,405
Sanitation Fund 119,262
Total depreciation/amortization expense 6,864,296$
77 251
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
9. LONG-TERM LIABILITIES
A summary of changes in long-term liabilities for the year ended June 30, 2025, is as follows:
A. Governmental Activities
Claims Liabilities
The amount of net claims liabilities at June 30, 2025, was 5,688,421. See Note 12 for details.
Compensated Absences
Compensated absences liability represents the total unpaid vacation, compensatory time, and sick leave earned by employees of the City. There is no fixed-payment schedule for earned but unpaid compensated absences. The amount of net unpaid compensated absences at June 30, 2025, is $12,233,927.
Due Due in
Balance at Balance at Within More Than
7/1/2024
(as restated) Additions Deletions June 30, 2025 One Year One Year Governmental Activities:
Other Long-Term Liabilities:
Claims Liabilities 7,146,659$ 1,035,279$ (2,493,517)$ 5,688,421$ 1,650,000$ 4,038,421$ Compensated Absences (as restated)* 10,722,913 1,511,014 - 12,233,927 3,134,629 9,099,298 Lease Liability 317,163 - (104,570) 212,593 105,718 106,875 SBITA Liability 779,775 1,247,157 (685,106) 1,341,826 661,484 680,342 Direct Borrowings :
Note Payable to Successor Agency 4,850,332 - - 4,850,332 402,282 4,448,050 Total Governmental Activities 19,976,585 3,793,450 (3,283,193) 24,327,099 5,954,113 18,372,987 Business-Type Activities:
Direct Borrowings :
SRF Loan Payable 1,190,161 13,928,969 (33,194) 15,085,936 483,451 14,602,485 Other Long-Term Liabilities :
Compensated Absences (as restated)* 1,280,091 314,887 - 1,594,978 230,145 1,364,833 SBITA Liability 34,621 - (34,621) - - Total Business-Type Activities 2,145,358 14,243,856 (67,815) 16,680,914 713,596 15,967,318 City total 22,121,943$ 18,037,306$ (3,351,008)$ 41,008,014$ 6,667,709$ 34,340,305$ * The change in compensated absences liability is presented as a Net Change 78 252
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
9. LONG-TERM LIABILITIES, Continued
A. Governmental Activities, Continued
Lease Liability
The City has (2) active equipment lease agreements with Axon Enterprise and Flock Group Inc. In July 2022, the City entered into an agreement with Axon Enterprise, Inc. for its Body-Worn Camera Full Service which include both software subscription and leased equipment. Under the agreement, the City pays $108,045 per year for equipment lease for 5 years. The lease liability is measured at the present value of the future minimum payments expected to be paid during the agreement term at a discount rate of
1.090%, which is an estimated City's incremental borrowing rate at the time of subscription commencement. For the year ended June 30, 2025, the City recognized lease asset of $528,351, and accumulated amortization of $317,011. In October 2022, the City entered into an agreement with Flock Group, Inc. for automated license plate reader which include both software subscription and leased equipment. Under the agreement, the City pays a prorated amount of $84,750 for nine months in the first year and $100,000 for the second year. The lease liability is measured at the present value of the future minimum payments expected to be paid during the agreement term at a discount rate of 1.772%, which is an estimated City's incremental borrowing rate at the time of subscription commencement. During the year FY 2024-25 the lease balance has been fully amortized.
The future annual payments on the lease liability are as follow:
SBITA Liability
e-Plan
In January 2023, the City entered into a Software-as-a-Service (SaaS) agreement with e-Plan, Inc. for use of the electronic plan review software. Under the agreement, the City pays $66,812 per year for 5 years, with 1% increase every year. The subscription asset is measured at the present value of the future minimum payments expected to be paid during the agreement term at a discount rate of 2.425%, which is an estimated City's incremental borrowing rate at the time of subscription commencement. For the year ended June 30, 2025, the City recognized subscription asset of $332,300, and accumulated amortization of $166,150.
Year Ending June 30, Principal Interest Total
2026 105,718$ 2,329$ 108,047$
2027 106,875 1,171 108,046
Total 212,593$ 3,500$ 216,093$
79 253
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
9. LONG-TERM LIABILITIES, Continued
A. Governmental Activities, Continued
SBITA Liability, Continued
Spidr Tech
In July 2021, the City entered into a Software-as-a-Service (SaaS) agreement with Spidr Tech for use of the Spidr Tech's platform to automatically generate and send customized text and email to victims of crime and reporting parties. Under the agreement, the City pays $35,100 per year for 3 years and an initial deployment fee of $2,500. The subscription asset is measured at the present value of the future minimum payments expected to be paid during the agreement term at a discount rate of 0.221%, which is an estimated City's incremental borrowing rate at the time of subscription commencement. During FY 2024- 25 the city extended the agreement for a period of 36 months at a discount rate of 4.281%. For the year ended June 30, 2025, the City recognized subscription asset of $176,316, and accumulated amortization of $8,853.
Veritone
In August 2022, the City entered into a Software-as-a-Service (SaaS) agreement with Veritone for use of the Veritone application software to automatically collect of stop data in support of reporting requirements under the State of California Racial Identity and Profiling Act (RIPA). Under the agreement, the City pays $11,800 per year for 3 years with an option to extend for additional 3 years. The subscription asset is measured at the present value of the future minimum payments expected to be paid during the agreement term at a discount rate of 1.276%, which is an estimated City's incremental borrowing rate at the time of subscription commencement. For the year ended June 30, 2025, the City recognized subscription asset of $68,570, and accumulated amortization of $33,332.
Axon Enterprise, Inc.
In July 2022, the City entered into an agreement with Axon Enterprise, Inc. for its Body-Worn Camera Full Service which include both software subscription and leased equipment. Under the agreement, the City pays $121,760 per year for software subscription, for 5 years. The subscription asset is measured at the present value of the future minimum payments expected to be paid during the agreement term at a discount rate of 1.090%, which is an estimated City's incremental borrowing rate at the time of subscription commencement. For the year ended June 30, 2025, the City recognized subscription asset of $595,415, and accumulated amortization of $357,249.
Dell Technologies
In September 2021, the City entered into a subscription agreement with Dell Technologies for use of the Microsoft 365 software. Under the agreement, the City pays $195,977 per year for 3 years. The subscription asset is measured at the present value of the future minimum payments expected to be paid during the agreement term at a discount rate of 0.206%, which is an estimated City's incremental borrowing rate at the time of subscription commencement. During FY 2024-25 the city extended the contract for 36 months at a discount rate of 4.518%. Under this agreement the city pays $399,077 annually.
For the year ended June 30, 2025, the City recognized subscription asset of $1,070,841, and accumulated amortization of $316,923.
80 254
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
9. LONG-TERM LIABILITIES, Continued
A. Governmental Activities, Continued
SBITA Liability, Continued
PlanetBids, Inc.
In July 2021, the City entered into a subscription agreement with PlanetBids, Inc for use of the procurement software. Under the agreement, the City pays $20,860 per year for 5 years, with 2% increase per year. The subscription asset is measured at the present value of the future minimum payments expected to be paid during the agreement term at a discount rate of 0.221%, which is an estimated City's incremental borrowing rate at the time of subscription commencement. For the year ended June 30, 2025, the City recognized subscription asset of $84,018, and accumulated amortization of $63,014.
Granicus
In July 2023, the City entered into a subscription agreement with Granicus for use of the streaming and digital boardroom software. Under the agreement, the City pays $43,805 per year for 4 years. The subscription asset is measured at the present value of the future minimum payments expected to be paid during the agreement term at a discount rate of 3.305%, which is an estimated City's incremental borrowing rate at the time of subscription commencement. For the year ended June 30, 2025, the City recognized subscription asset of $181,373, and accumulated amortization of $90,686.
The annual debt service requirements on the SBITA liabilities at June 30, 2025 are as follow:
Note Payable to Successor Agency
The amount of the note payable on the governmental activities at June 30, 2025, is $4,850,332. See Note 5 for further details.
B. Business- Type Activities
SRF Loan Payable
During the year ended June 30, 2024 the city borrowed $1,190,161 towards financial assistance to undertake work required for the drinking water construction Project for a period of 30 years at an interest rate of 1.2% per annum. During the FY 2024-25, the city further borrowed $13,928,969 at the same interest rate of 1.2% per annum with a 30 year term consistent with the original loan.
Year Ending June 30, Principal Interest Total
2026 661,484$ 26,623$ 688,107$
2027 668,691 4,276 672,967
2028 11,651 25 11,676
Total 1,341,826$ 30,924$ 1,372,749$
81 255
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
9. LONG-TERM LIABILITIES, Continued
B. Business- Type Activities, Continued
SRF Loan Payable, Continued
The annual debt service requirements on the SRF Loan at June 30, 2025 are as follow:
Compensated Absences
This liability represents the total unpaid vacation, compensatory time, and sick leave earned by employees of the City. There is no fixed-payment schedule for earned but unpaid compensated absences.
The amount of net unpaid compensated absences at June 30, 2025, was $1,594,978.
SBITA Liability
Goaigua, Inc.
In July 2022, the City entered into a Software-as-a-Service (SaaS) agreement with Goaigua, Inc. for use of the data storage and private cloud environment hosting customer software. Under the agreement, the City pays $35,000 per year for 3 years. The subscription asset is measured at the present value of the future minimum payments expected to be paid during the agreement term at a discount rate of 1.090%, which is an estimated City's incremental borrowing rate at the time of subscription commencement. For the year ended June 30, 2025, the subscription asset balance of $103,772 has been fully amortized.
Year Ending June 30, Principal Interest Total
2026 483,451$ 133,672$ 47,476$
2027 441,894 175,229 47,476
2028 447,196 169,927 47,476
2029 452,563 164,560 47,476
2030 457,993 159,130 47,476
2031-2035 2,373,736 711,881 237,378
2036-2040 2,519,620 565,997 237,377
2041-2045 2,674,469 411,148 237,378
2046-2050 2,838,835 246,782 237,378
2051-2054 2,396,179 92,270 189,902
Total 15,085,936$ 2,830,596$ 1,376,793$
82 256
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
10. PENSION PLANS
The following is a summary of pension related items for the year ended June 30, 2025:
Pension liabilities are liquidated from the related employees home program, with the majority funded out of the General Fund.
Miscellaneous and Safety Pension Plans Administered Through CalPERS A. General Information about the Pension Plans
Plan Descriptions
All qualified permanent and probationary employees are eligible to participate in either the City's separate miscellaneous agent multiple-employer defined benefit pension plan (Miscellaneous) or the safety cost-sharing multiple-employer defined benefit pension plan (Safety), administered by CalPERS, which acts as a common investment and administrative agent for its participating member employers.
Benefit provisions under the plans are established by state statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions, and membership information that can be found on CalPERS website.
Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 to 62 with statutorily reduced benefits. For employees hired into a plan with the 1.5% at 65 formula, eligibility for service retirement is age 55 with at least five years of services. PEPRA miscellaneous members become eligible for service retirement upon attainment of age 52 with at least five years of service. All members are eligible for nonduty disability benefits after five years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. Safety members can receive a special death benefit if the member dies while actively employed and the death is job-related. The cost-of-living adjustments for each plan are applied as specified by the Public Employees' Retirement Law.
Pension
Deferred Deferred Total Pension Expense
Outflows Inflows Liability (Income)
Miscellaneous 10,508,952$ 133,950$ 29,849,958$ 9,173,115$ Safety 13,343,795 5,820,418 26,254,196 8,437,920 Supplemental Safety 236,435 - 3,245,315 206,407 Total 24,089,182$ 5,954,368$ 59,349,469$ 17,817,442$ 83 257
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
10. PENSION PLANS, Continued
Miscellaneous and Safety Pension Plans Administered Through CalPERS, Continued A. General Information about the Pension Plans, Continued Benefits Provided, Continued
The Miscellaneous and Safety plans' provisions and benefits in effect at June 30, 2025, are summarized as follows:
On or After
October 17 ,2011
Before Before On or After
Hire date October 17 ,2011 October 17 ,2011 October 17 ,2011 Benefit formula 2.7%@55 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 to 55 50 to 63 52 to 67
Monthly benefits, as a percentage of
eligible compensation 2.0% to 2.7% 1.426% to 2.418% 1.0% to 2.5% Required employee contribution rates 8% 8% 7.25%
Required employer contribution rates 10.64% 10.64% 10.64% Payment of unfunded liability -$ -$ -$ On or After On or After
July 1 ,2011 October 17 ,2011
Before Before Before On or After
Hire date October 17 ,2011 October 17 ,2011 October 17 ,2011 October 17 ,2011 Benefit formula 3.0%@50 3.0%@50 3.0%@55 2.7%@57
Benefit vesting schedule 5 Years of service 5 Years of service 5 Years of service 5 Years of service Benefit payments Monthly For Life Monthly For Life Monthly For Life Monthly For Life Retirement age 50 50 to 55 50 to 55 50 to 57
Monthly benefits, as a percentage of
eligible compensation 3.00% 2.0% to 2.7% 2.4% to 3.0% 2.0% to 2.7% Required employee contribution rates 9% 9% 9% 13.75%
Required employer contribution rates
Normal cost rate 27.32% 27.32% 27.32% 27.32%
Payment of unfunded liability -$ -$ -$ 25,494$ Miscellaneous
Safety
84 258
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
10. PENSION PLANS, Continued
Miscellaneous and Safety Pension Plans Administered Through CalPERS, Continued A. General Information about the Pension Plans, Continued Employees Covered
At the measurement date ended June 30, 2024, the following employees were covered by the benefit terms for the agent multiple-employer 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 the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS' annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. City 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. The City made contributions to the Miscellaneous and Safety plans during the fiscal year ended June 30, 2025, of $4,209,304 and $4,182,340 respectively.
B. Total Pension Liability (Asset)
The City's total pension liability (asset) for each plan is measured as the total pension liability, less the pension plan's fiduciary net position. The total pension liability (asset) of each of the plans 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 total pension liability (asset) is shown below.
Inactive Employees or Beneficiaries Currently
Receiving Benefits 657
Inactive Employees Entitled to but not yet
Receiving Benefits 321
Active Employees 451
Total 1,429
85 259
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
10. PENSION PLANS, Continued
Miscellaneous and Safety Pension Plans Administered Through CalPERS, Continued B. Total Pension Liability (Asset), Continued
Actuarial Assumptions
The total pension liability in the June 30, 2023 actuarial valuation were 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. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach.
The expected rate of return was then adjusted to account for assumed administrative expenses of 10 Basis points.
Miscellaneous Safety
Valuation Date June 30, 2023 June 30, 2023
Measurement Date June 30, 2024 June 30, 2024
Actuarial Cost Method Entry-Age Normal Entry-Age Normal Asset Valuation Method Fair Value of Asset Fair Value of Asset Actuarial Assumptions:
Discount Rate 6.90% 6.90%
Inflation 2.30% 2.30%
Projected Salary Increase Varies by Entry Age and Service Varies by Entry Age and Service Mortality Rate Table (1) (1)
Postretirement Benefit Increase (2) (2)
(1) The mortality table was developed based on CalPERS-specific data. The rates incorporate Generational Mortality to capture ongoing mortality improvement using 80% of Scale MP 2020 published by the Society of Actuaries. For more details, please refer to the 2021 experience study report that can be found on the CalPERS website. (2 ) Contract COLA up to 2.30% until Purchasing Power Protection Allowance Floor on Purchasing Power applies 86 260
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
10. PENSION PLANS, Continued
Miscellaneous and Safety Pension Plans Administered Through CalPERS, Continued B. Total Pension Liability (Asset), 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)
Global Equity - Cap-weighted 30.00 % 4.54 %
Global Equity-Non-Cap-weighted 12.00 3.84
Private Equity 13.00 7.28
Treasury 5.00 0.27
Mortgage-backed Securities 5.00 0.50
Investment Grade Corporates 10.00 1.56
High Yield 5.00 2.27
Emerging Market Debt 5.00 2.48
Private Debt 5.00 3.57
Real Assets 15.00 3.21
Leverage (5.00) (0.59)
Total 100.00
(1) An expected inflation of 2.30% used for this period. (2) Figures are based on the 2021 Asset Liability Management Study.
Assumed Asset
Allocation Real Return(1),(2)
87 261
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
10. PENSION PLANS, Continued
Miscellaneous and Safety Pension Plans Administered Through CalPERS, Continued C. Changes in the Total Pension Liability (Asset)
The changes in the total pension liability (asset) for the Miscellaneous Plan (agent multiple-employer plan), using the measurement date of June 30, 2024, are as follows:
Proportionate Share of the Total Pension Liability (Asset) for the Safety Plan As of June 30, 2025, the City reported total pension liabilities (assets) for its proportionate share of the total pension liability (asset) of the Safety plan as follows:
The City's total pension liability (asset) is measured as the proportionate share of the total pension liability (asset). The total pension liability (asset) is measured as of June 30, 2024, and the total pension liability used to calculate the total pension liability (asset) was determined by an actuarial valuation as of June 30, 2023, rolled forward to June 30, 2024, using standard update procedures. The City's proportionate share of the total pension liability (asset) was based on a projection of the City's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.
Total Plan Total
Pension Fiduciary Pension
Liability Total Pension Liability (Asset)
Balance - June 30, 2023 (Measurement Date) 235,843,258$ 206,081,787$ 29,761,471$ Change Recognized for the measurement period:
Service cost 4,576,797 - 4,576,797 Interest on the total pension liability 16,297,971 - 16,297,971 Changes of benefit terms - - - Differences between expected and actual experience 3,590,910 - 3,590,910 Net Plan to Plan Resource Movement - - - Contributions from the employer - 3,101,140 (3,101,140) Contributions from the employee - 2,155,424 (2,155,424) Net investment income - 19,288,316 (19,288,316) Administrative expenses - (167,689) 167,689 Benefit payments, including refund of the employee
contributions (11,040,181) (11,040,181) - Net changes 13,425,497 13,337,010 88,487 Balance - June 30, 2024 (Measurement Date) 249,268,755$ 219,418,797$ 29,849,958$ Increase (Decrease )
Proportionate
Share of Total Pension
Liability (Asset)
Safety 26,254,196$
88 262
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
10. PENSION PLANS, Continued
Miscellaneous and Safety Pension Plans Administered Through CalPERS, Continued C. Changes in the Total Pension Liability (Asset), Continued Proportionate Share of the Total Pension Liability (Asset) for the Safety Plan, Continued The City's proportionate share of the total pension liability (asset) for the Safety plan as of the measurement dates of June 30, 2023 and 2024, was as follows:
Sensitivity of the Total Pension Liability (Asset) to Changes in the Discount Rate The following presents the total pension liability (asset) of the City for each plan, calculated using the discount rate for each plan, as well as what the City's total pension liability (asset) would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate:
Pension Plans Fiduciary Net Position
Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports at https://www.calpers.ca.gov.
Safety
Proportion - June 30, 2023 0.217785%
Proportion - June 30, 2024 0.216486%
Change - Increase (decrease) -0.001299%
Miscellaneous Safety
1% Decrease 5.90% 5.90%
Total Pension Liability (Asset) 65,067,372$ 55,557,584$ Current Discount Rate 6.90% 6.90%
Total Pension Liability (Asset) 29,849,958$ 26,254,196$ 1% Increase 7.9% 7.9%
Total Pension Liability (Asset) 1,090,358$ 2,288,144$ 89 263
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
10. PENSION PLANS, Continued
Miscellaneous and Safety Pension Plans Administered Through CalPERS, Continued D. Pension Expense and Deferred Outflows/Inflows of Resources Related to Pensions For the year ended June 30, 2025, the City recognized pension expense of $9,173,115 and $8,437,920 for the Miscellaneous and Safety plans, respectively. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Amounts of $4,209,304 and $4,182,340 reported as deferred outflows of resources related to contributions subsequent to the measurement date for the Miscellaneous and Safety plans, respectively, will be recognized as a reduction of the total pension liability in the year ending June 30, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
E. Payable to the Pension Plan
At June 30, 2025, the City had no outstanding amount of contributions to the pension plans required for the year ended June 30, 2025.
Deferred Deferred Deferred Deferred
Outflows Inflows Outflows Inflows
of Resources of Resources of Resources of Resources
Pension contributions subsequent to
measurement date 4,209,304$ -$ 4,182,340$ -$ Changes in assumptions 259,657 - 646,849 - Differences between expected and actual
experience 2,468,752 133,950 2,142,576 69,664 Changes in employer's proportion - - 5,103,022 - - Differences between the employer's contribution
and the employer's proportionate share of
contributions - - - 5,750,754 Net differences between projected and actual
earnings on pension plan investments 3,571,239 - 1,269,008 - Total 10,508,952$ 133,950$ 13,343,795$ 5,820,418$ Miscellaneous Safety
Year Ending June 30 Miscellaneous Safety
2026 1,164,109$ 2,064,911$
2027 6,609,031 2,098,049
2028 (548,172) (387,726)
2029 (1,059,270) (434,197)
Total 6,165,698$ 3,341,037$
Deferred Outflows (Inflows)
of Resources, Net
90 264
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
10. PENSION PLANS, Continued
Safety Retirement Supplemental Plan
A. General Information about the Pension Plan
Plan Description
The City provides an additional single employer retirement supplement pension defined benefit plan to safety employees hired prior to July 1, 1998. The plan is closed to new entrants. The amount of benefit payable is based on each retiree's years of City service. The benefit is payable for the retiree's lifetime; no benefits are payable to surviving spouses or dependents under this plan, except for a limited survivor benefit for qualified management employees.
Employees Covered
At June 30, 2024, the measurement date, the following employees were covered by the benefit terms for the single employer plan:
Funding Policy and Contribution Rates
Currently, contributions are not required from plan members. The funding policy provides for employer contributions on a pay-as-you-go basis. Retirement income benefits cannot be increased unless new labor agreements (MOU) are entered into. Plan assets have not been accumulated in a separately established trust fund. For the year ended June 30, 2025, the City paid pension benefits of $236,435.
B. Total Pension Liability
The City's total pension liability for the plan is measured at June 30, 2024, using an actuarial valuation as of that same date. As summary of principal assumptions and methods used to determine the total pension liability is shown below.
Supplemental
Safety
Inactive employees or beneficiaries currently receiving benefits 48 Active employees 5
Total 53
91 265
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
10. PENSION PLANS, Continued
Safety Retirement Supplemental Plan
B. Total Pension Liability, Continued
Actuarial Assumptions
Supplemental Safety
Valuation date June 30, 2023
Measurement date June 30, 2024
Actuarial cost method Entry-Age Normal
Asset valuation method Not applicable
($0; no pension trust has been established)
Actuarial assumptions:
Discount rate 3.93%
Inflation 2.50%
Projected salary increase 3.00%
Mortality rate table (1)
(1) Mortality rate were projected on generational basis using MacLeod Watts Scale 2022
Changes of Assumptions
In fiscal year 2024-2025, the financial reporting discount rate changed from 4.13% to 3.93%. Deferred outflows of resources and deferred inflows of resources for changes of assumptions represent the unamortized portion of this assumption change.
Discount Rate
The discount rate used to measure the total pension liability was 3.93% for the plan and was based on the Municipal Bond 20-year high grade index since the City has not established a trust for this plan.
C. Changes in the Total Pension Liability
Balance June 30, 2024 3,267,478$
Changes recognized for the measurement period:
Service cost 11,155
Interest on the total pension liability 130,688
Changes in assumptions 64,564
Difference between expected and actual experience -
Benefit payments (228,570)
Net changes during 2023-24 (22,163)
Balance June 30, 2025 (Measurement Date June 30, 2024) 3,245,315$ 92 266
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
10. PENSION PLANS, Continued
Safety Retirement Supplemental Plan
C. Changes in the Total Pension Liability, Continued
Sensitivity of the Total Pension Liability to Changes in the Discount Rate Sensitivity of the Total Pension Liability to Changes in the Discount Rate The following presents the City's total pension liability for the Plan, calculated using the discount rate for each Plan, as well as what the City's total pension liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate:
D. Pension Expense and Deferred Outflows/Inflows of Resources Related to Pension For the year ended June 30, 2025, the City recognized pension expense of $160,125. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to the plan as follows:
An amount of $236,435 was reported as a deferred outflow of resources related to pension benefits paid by the employer subsequent to the measurement date, will be recognized as a reduction of the total pension liability in the year ending June 30, 2026.
Supplemental Safety
1% Decrease 2.93%
Total Pension Liability 3,604,144$
Current Discount Rate 3.93%
Total Pension Liability 3,245,315$
1% Increase 4.93%
Total Pension Liability 2,943,655$
Deferred Deferred
Outflows Inflows
of Resources of Resources
Pension benefits paid by the employer
subsequent to measurement date 236,435$ -$
Total 236,435$ -$
Supplementary Safety
93 267
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
11. OTHER POST EMPLOYMENT BENEFITS (OPEB)
Plan Description
The City provides a single-employer defined benefit health care plan (Retiree Health Plan) for Miscellaneous and Safety plan personnel. The Retiree Health Plan provides a lifetime medical benefit payment for eligible retirees. The City provides a supplemental benefit for retiree benefits for health care to Safety plan employees hired prior to 1998. The Retiree Health Plan pays $15 per month, times years of service. An employee who retires with 30 years of service would receive $5,400 annually ($15 x 12 months x 30 years). The City pays the benefit for the life of the eligible retiree on a pay-as-you-go basis. If a retiree dies within the first 15 years of retirement, the spouse will receive the same benefit for up to 15 years after the retirement date. Separation from service other than by disability or retirement renders employees ineligible for the retiree health contribution. Benefit provisions are established by the City Council. Plan assets have not been accumulated in a separately established trust fund.
Employees Covered
As of the June 30, 2024 measurement date, the following current and former employees were covered by the benefit terms under the plan:
Total OPEB Liability
The City's total OPEB liability of $15,356,834 was measured as of June 30, 2024, and the total OPEB liability was determined by an actuarial valuation dated June 30, 2023.
Actuarial Assumptions and Other Inputs
The total OPEB liability as of measurement date June 30, 2024, was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified:
Inactive employees, spouses, or beneficiaries 90 currently receiving benefits
Active employees 505
Total 595
Valuation date June 30, 2023
Measurement date June 30, 2024
Actuarial cost method Entry-Age Normal Cost Method
Funding policy Pay-as-You-Go-Basis
Actuarial assumption:
Discount rate 3.93%
Inflation 2.50%
Projected salary increase 3.00%
Health-care cost trend rates 6.5% for 2025 , decreasing to 3.9% by 2075 Mortality, retirement, disability, and termination 2021 CalPERS Experience Study 94 268
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
11. OTHER POST EMPLOYMENT BENEFITS (OPEB), Continued
Total OPEB Liability, Continued
The discount rate was based on a 20-year, tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher, since the City has not established a trust for this plan. The municipal bond rate utilized was 4.13% at measurement date of June 30, 2023 and increased to 3.93% for the measurement date of June 30, 2024.
Changes in Total OPEB Liability
Subsequent Events
There were no subsequent events that would materially affect the results presented in this disclosure.
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the City, calculated using the discount rate for the Plan, as well as what the City's total OPEB liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate:
Sensitivity of the Total OPEB Liability to Changes in the Health-Care Cost Trend Rates The following presents the total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using health care cost trend rates that are one percentage point lower (4.6% - down to 3.0%) or one percentage point higher (6.6% down to 5.0%) than current health-care cost trend rates:
Increase (Decrease)
Total OPEB
Liability
Balance - June 30, 2024 (Measurement Date) 14,029,904$
Changes in the year:
Service cost 731,780
Interest on the total OPEB liability 600,258
Benefit payments (455,206)
Change due to change in discount rate 450,098
Balance - June 30, 2025
(Measurement Date June 30, 2024) 15,356,834$
Amount Due within 1 year 432,067$
1% Decrease Discount Rate 1% Increase
2.93% 3.93% 4.93%
Total OPEB Liability 17,929,743$ 15,356,834$ 13,288,460$ Health Care Cost
Trend Rates
1% Decrease Current Rate 1% Increase
Total OPEB Liability 13,002,625$ 15,356,834$ 18,405,802$ 95 269
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
11. OTHER POST EMPLOYMENT BENEFITS (OPEB), Continued
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the year ended June 30, 2025, the City recognized OPEB expense of $351,838. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
The change in assumptions and differences between actual and expected experience are amortized over the expected average remaining service life.
An amount of $432,068 which is reported as deferred outflows of resources related to OPEB benefits paid by the employer subsequent to the measurement date, will be recognized as a reduction of the total OPEB liability in the year ending June 30, 2026.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
12. RISK MANAGEMENT
The City is exposed to various risks of losses related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City currently reports its workers' compensation and general liability claims in the Liability Insurance Internal Service Fund. The City is self- insured for the first $1,000,000 per workers' compensation claim and for the first $1,000,000 per general liability claim. Claims expensed beyond the City's self-insured retention are covered by insurance policies purchased by the City.
Deferred Outflows Deferred Inflows
of Resources of Resources
OPEB benefits paid by the employer 432,068$ -$ subsequent to measurement date
Difference between actual and expected experience - 2,875,173 Change in Assumptions 1,793,015 6,468,000 Total 2,225,083$ 9,343,173$
Year Ending June 30, Amount
2026 (980,199)$
2027 (966,710)
2028 (849,908)
2029 (898,156)
2030 (956,943)
Thereafter (2,898,242)
Total (7,550,158)$
96 270
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
12. RISK MANAGEMENT, Continued
The City's insurance coverage has been reduced during the current fiscal year. Insurance settlements have not exceeded the City's insured limits in any of the last three fiscal years. Claims expenditures and liabilities of the workers' compensation and general liability programs are reported when it is probable that a loss has occurred and the amount of that loss can be reasonably estimated. These losses include an estimate of claims that have been incurred but not reported. Estimates are based upon past experience and modified for current trends and information.
The carrying amount for estimated claims payable does include discounted liabilities using a 2% interest rate assumption. Also, there are no liabilities for which annuity contracts have been purchased in the claimants' names and for which the related liabilities have been removed from the balance sheet.
In addition to the self-insured workers compensation and general liability programs. The City offers a long- term disability program. Under the program, qualifying employees receive full pay from the 41st to the 60th consecutive calendar day of covered illness and two-thirds pay thereafter for a period of no more than two years. This program is administered by the City's Human Resources Department. The cost of the long-term disability benefits is recognized as expenditures as claims are paid on the Employee Benefits Internal Service Fund. For the year ended June 30, 2025, the City paid $56,474 for this program, which benefited 15 participants.
The City continues to carry insurance from commercial companies for other risks of loss, including coverage for property and employee dishonesty.
Workers' General
Compensation Liability Total
Liability June 30 , 2023 6,076,762$ 1,925,310$ 8,002,072$ Incurred Claims and Changes in Estimates During
the Year Ended June 30, 2024 (43,041) 1,681,145 1,638,104 Claim Payments During
the Year Ended June 30, 2024 (522,532) (1,970,985) (2,493,517) Liability June 30 , 2024 5,511,189 1,635,470 7,146,659 Incurred Claims and Changes in Estimates During
the Year Ended June 30, 2025
Claim Payments During (336,660) 1,371,939 1,035,279 the Year Ended June 30, 2025 (522,532) (1,970,985) (2,493,517) Liability June 30, 2025 4,651,997$ 1,036,424$ 5,688,421$ 97 271
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
13. NET POSITION AND DEFICIT FUND BALANCES
A. Fund Financial Statements
Deficit Fund Balances
At June 30, 2025, the following funds had deficits in fund balance/net position:
Transportation Tax Fund - The Transportation Grant Fund had a deficit of $(270,901), resulting from expenditures on projects to be subsequently reimbursed through grants. There currently is a receivable and related unavailable revenue as of June 30, 2025. The receivable and unavailable balances for the fiscal year ended June 30, 2025, are $271,673 each.
Measure I Valley Subarea Program Fund - The Measure I Valley Subarea Program Fund had a deficit of $(3,334,371), resulting from expenditures on projects to be subsequently reimbursed through grants. The City intends to eliminate the deficit when there is grant reimbursement at the end of the projects.
Liability Insurance Fund - The Liability Insurance Fund had a deficit of $(3,583,388), resulting from the accrual of several large outstanding liability claims against the City. The actual loss from these claims could be less than recognized. The City intends to monitor these claims and transfer funds as needed from the other funds to cover the deficit.
Fund Fund Type Deficit
Transportation Tax Nonnmajor Governmental Fund (270,901)$ Measure I Valley SubArea Program Nonnmajor Governmental Fund (3,334,371) Liability Insurance Internal Service Fund (3,583,388)
98 272
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
14. FUND BALANCE CLASSIFICATIONS
The classification of fund balances as of June 30, 2025, are as follows:
Facilities City Affordable Transportation
Development Housing Grants Park
Special Special Special Development Other
General Revenue Revenue Revenue Capital Projects Governmental Fund Fund Fund Fund Fund Funds
Nonspendable:
Inventory 86,344$ -$ -$ -$ -$ -$ Advance 3,531,885 - - - - - Restricted for:
Public safety - 4,563,637 - - - - Transportation - - - 701,723 - - Bridges, Signals and Thoroughfares - 26,638,532 - - - - Facilities - 8,162,880 - - - - Sewer Facilities - 4,352,435 - - - - Storm Drain Facilities - 1,666,099 - - - - Bridges, Signals and Thoroughfares-The Preserve - 11,887,353 - - - - Water - The Preserve - 1,767,883 - - - - Sewer - The Preserve - 783,630 - - - - Storm Drain - The Preserve - 5,743,812 - - - - Library Facilities - The Preserve - 315,334 - - - - Community Facilities - The Preserve - 4,055,165 - - - - Misc. Open Space Amenities - The Preserve - 2,387,646 - - - - Bridges, Signals and Thoroughfares-Congestion Management Plan- 9,295,822 - - - - Asset forfeitures - - - - - 1,180,310 COPS program - - - - - 712,546 Cal-Home - - - - - 63,395 Highway safety improvement - - - - - 35,920 RMRA - - - - - 2,398,928 CDF - ALL - - - - - 2,946,460 Air quality - - - - - 1,746,831 Capital projects - - - - 14,125,349 11,351,629 Measure I sales tax - - - - - 3,706,053 Home investment partnership - - - - - 1,338,270 Public, educational and governmental - - - - - 948,681 Committed to:
Emergency Reserve 20,000,000 - - - - - Affordable housing - - 10,626,996 - - - Environmental improvements and facilities - - - - - 1,101,647 Assigned to:
Continuing Appropriations 2,853,982 - - - - - Capital Projects 6,867,815 - - - - - Unassigned:
Unassigned 6,865,171 (283,946) - - - (3,605,272) Total 40,205,197$ 81,336,284$ 10,626,996$ 701,723$ 14,125,349$ 23,925,398$ 99 273
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
15. CONTINGENCIES AND COMMITMENTS
A. Contractual Commitments
As of June 30, 2025, the City's remaining commitments on open construction contracts are estimated to be $96,936,727 were as follows:
B. Litigation
The City is a defendant in certain legal actions arising in the normal course of operations. In the opinion of management, any liabilities resulting from such actions will not have a material adverse effect on the City's financial position.
Expenditures
as of Remaining
Project Name June 30, 2025 Commitments
Alley/Sanitation Rehabilitation Project FY 21-22 Various 3,898$ 3,117,235$ Alley/Sanitation Rehabilitation Project FY 22-23 at 12th St/Edison to Schaefer 10,354 1,559,253 Benson & Eastside Reservoir Improvement 219,893 4,268,107 Carolyn Owen Community Center Demonstration Garden 6,350 480,984 City Hall Interior Accessibility Improvements 186,736 2,053,666 Citywide ADA Ramp Improvements 89,539 318,308 Kimbal Ave/Preserve Improvements 1,731,391 932,542 Local Street Rehabilitation Project FY2024-Walnut Widening 4,719,550 770,465 Pine Ave Improvements/Chino 356,681 2,035,646 Pine Ave SR71 Interchange Improvement 39,068 3,543,159 Phillips Reservoir 2 Demo 7,528 487,472 Police Department Solar Project 53,921 25,952 Preserve Lift Station Expansion & Improvement Project- DEV.REIMBURSEMENT 1,137,275 853,988 San Antonio Ave Regional Storm Drain 33,587 3,576,047 State Street Water Treatment Project 423,831 57,076,610 Storm Drain Rehab FY 21-22 Philladelphia/Monte Vista to Marshall Elementary - 50,010 Traffic Signal Modification at Eucalyptus & Fern 1,121,089 143,687 Traffic Signal Modification at Grand Spectrum East & West - 118,046 Traffic Signal Installation at Monte Vista and Walnut 16,115 3,527,258 Walnut Park Playground Improvements 155,945 787,803 Water Main Replacement Philadelphia & Walnut 153,156 1,008,844 Water Main Replacement - Russell Ave 9,845 926,155 Water Main Replacement - B St Alley 30,736 2,134,264 Well 11 Pipeline Project 5,720 76,543
Well 16 Upgrade Project 88,386 1,136,321 Well 17 Equipping Project 95,380 5,600,838 Well 4 & 6 Treatment Plan Project 7,283 92,717 Yorba Ave Street Improvements-CVUSD 57,342 234,809 Total 10,760,599$ 96,936,727$
100
274
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
16. COMMUNITY FACILITIES DISTRICT (CFD) BOND ISSUES
The City acts only as an agent and has no obligation or duty to pay any delinquency out of any available funds of the City related to the below bond issues. Neither the faith and credit nor the taxing power of the City is pledged to the payment of the bonds, and therefore, the bonded indebtedness is not shown in the financial statements of the City.
Noncommittal debt amounts issued and outstanding at June 30, 2025, are as follows:
17. SUCCESSOR AGENCY BOND ISSUES
The Successor Agency’s long term debt activities were as follows:
Bonds Bonds
Issues Issued Outstanding
PFA 2015 A (2003 IA2, 2005-1 IA1, 2005-2, and 2006-2) 45,115,000$ 30,125,000$ PFA 2016 A (99-1, 2000-1, and 2006-1) 11,835,000 6,640,000 PFA 2019 A (2005-1 IA2 and 2006-3) 7,255,000 6,155,000 PFA 2021 A (2001-1, 2003-1, 2003-2, 2003-3 IA1, 2003-4, and 2009-1) 43,770,000 32,890,000 CFD No. 2003-3 IA6 13,500,000 11,110,000
CFD No. 2005-1 IA3 2,840,000 2,270,000
CFD No. 2005-1 IA4 6,840,000 5,495,000
CFD No. 2016-1 9,135,000 8,425,000
CFD No. 2016-2 7,670,000 6,715,000
CFD No. 2019-1 10,165,000 9,600,000
CFD No. 2003-3 IA7 (2018 and 2020) 39,685,000 36,285,000 CFD No. 2003-3 IA8 20,955,000 20,150,000
CFD No. 2003-3 IA9 32,265,000 31,735,000
CFD 2003-3 IA10 18,450,000 18,450,000
CFD 2021-1 7,085,000 6,905,000
Total All Issues 276,565,000$ 232,950,000$
Due in
At 7/1/2024 Additions Deletions At 6/30/2025 One Year
2014 Tax Allocation Refunding Bonds 9,815,000$ -$ (1,275,000)$ 8,540,000$ 1,335,000$ 2019 Tax Allocation Bonds 29,945,000 - (615,000) 29,330,000 635,000 Bond Premium 1,356,995 - (208,769) 1,148,226 - Total 41,116,995$ -$ (2,098,769)$ 39,018,226$ 1,970,000$ 101
275
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
17. SUCCESSOR AGENCY BOND ISSUES, Continued
On July 15, 2019, the Successor Agency to the Redevelopment Agency issued the Successor Agency to the Redevelopment Agency of the City of Chino Tax Allocation Refunding Bonds, Series A and B for $16,575,000 each to refund the 2006 Tax Allocation Bonds. The outstanding bonds at June 30, 2025, were $29,330,000.
On June 3, 2014, $27,285,000 of Tax Allocation Refunding Bonds, Series, 2014A and $1,470,000 of Tax Allocation Refunding Bonds, Taxable Series 2014B was issued to refund the 1998 Tax Allocation Refunding Bonds, Series A and B, the 2001 Tax Allocation Refunding Bonds, Series A and B, and the 2003 Tax Allocation Refunding Bonds. The advance refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $1,235,173. The bonds were issued at a premium of $3,444,685. The outstanding bonds and premium at June 30, 2025, were $8,540,000, and $1,148,126, respectively.
The City acts only as an agent and has no obligation or duty to pay any delinquency out of any available funds of the City related to the above bond issues. Neither the faith and credit nor the taxing power of the City is pledged to the payment of the bonds, and therefore, the bonded indebtedness is reported in a fiduciary private-purpose trust fund in the financial statements of the City.
Year Ending June 30, Principal Interest Total
2026 635,000$ 992,228$ 1,627,228$
2027 660,000 970,083 1,630,083
2028 680,000 947,169 1,627,169
2029 700,000 923,571 1,623,571
2030 730,000 911,601 1,641,601
2031/2035 12,770,000 3,686,076 16,456,076
2036/2039 13,155,000 1,143,819 14,298,819
Total 29,330,000$ 9,574,547$ 38,904,547$
Year Ending June 30, Principal Interest Total
2026 1,335,000$ 374,375$ 1,709,375$
2027 1,400,000 315,625 1,715,625
2028 1,460,000 253,750 1,713,750
2029 1,530,000 179,000 1,709,000
2030 1,605,000 100,625 1,705,625
2031/2031 1,210,000 30,250 1,240,250
Total 8,540,000$ 1,253,625$ 9,793,625$
102
276
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
18. JOINT VENTURE
On February 19, 1980, the Water Facilities Authority (the Authority) was created under a joint exercise of powers agreement. It was formed for the acquisition and construction of facilities to supply water to the inhabitants within the boundaries of its members.
The governing Board of Directors consists of one member appointed from each participating agency. The City's investment in the Authority has been recorded on the equity method of accounting and is shown as an investment in joint venture in the Water Enterprise Fund.
The components of the City's investment in the Authority at June 30, 2025, are summarized as follows:
The current participants and nonparticipants and their financial contributions through June 30, 2025, were as follows:
Separate financial statements of the joint venture are available from the Authority at 1775 North Benson, Upland, CA 91786.
City contributed capital 6,695,673$
Cumulative equity in earnings (1,193,308)
Total Investment in Authority 5,502,365$
Amount Percent
City of Chino 6,695,673$ 15.71%
City of Ontario 14,735,409 34.57%
City of Upland 8,552,736 20.07%
Monte Vista Water District 6,993,958 16.41%
City of Chino Hills 5,525,334 12.96%
Nonnparticipants 117,703 0.28%
Total Investment in Authority 42,620,813$ 100.00% 103
277
City of Chino
Notes to Basic Financial Statements
For the Year Ended June 30, 2025
19. RESTATEMENTS
The City’s prior period adjustments in the governmental funds, other than those changes within the financial reporting entity, were as follows:
(a) Change in reporting entity - during the FY 2024-25, Community District 03-03 facilities Capital projects fund was reported as a non-major fund, which was reported as a Major fund in FY 2023-24. This resulted in a restatement per GASB 100 -change in reporting entity amounting to $25,939,329. (b) For the year ended June 30, 2025, the City implemented GASB Statement No. 101, Compensated Absences, which requires recognition of a liability as leave is earned and likely to be used or paid. Adoption of this Statement will enhance the relevance and reliability of information about the liability for compensated absences. The implementation represents a change in accounting principle and resulted in a restatement of the opening balance of compensated absences reported in the Statement of Net Position. This change affected the compensated absence line item within Governmental and Business Type Activities as well as Water, Storm Drain, Sewer, Sanitation and Internal Services funds to reflect previously unrecognized liabilities, and the opening balance net position was restated retrospectively as presented below. (c) Error Corrections- during FY 2024-25, the City identified that certain expenditures totaling to $988,803 reported under Facilities Development Special Revenue Fund during the prior fiscal years, were ineligible and should have not been recorded to this fund. As a result, the General fund is expected to make reiumbursement to Facilities Development Special Revenue Fund for these expenditures. The change has been reflected as an error correction as per GASB 100, restating the beginning fund balances for both these funds.
Summary of the restatements are as follows:
Community
District 03-03
Facilities
Capital
Project
Nonmajor
Government
al Funds
General
Fund
Facilities
Developmen
t Special
Revenue
Fund Water Storm Drain Sewer Sanitation
Internal
Service
Funds
Governmenta
l Activities
Business-
Type
Activities
Fund Balance/net position as
previously reported at June 30,
2024 25,939,329$ 15,877,599$ 32,456,918$ 84,938,884$ 174,946,048$ 67,898,881$ 58,433,511$ 6,406,476$ 27,383,313$ 493,729,511$ 301,797,481$ Change in reporting entity (a) (25,939,329) 25,939,329 - - - - - - - - - Change in Accounting Principle (b) - - - - (160,612) (88,853) (78,332) (31,718) (290,104) (3,840,257) (359,515) Error Corrections (c) - - (988,803) 988,803 - - - - - - - Total restatements (25,939,329) 25,939,329 (988,803) 988,803 (160,612) (88,853) (78,332) (31,718) (290,104) (3,840,257) (359,515) Fund balance/net position as
restated at June 30, 2024 -$ 41,816,928$ 31,468,115$ 85,927,687$ 174,785,436$ 67,810,028$ 58,355,179$ 6,374,758$ 27,093,209$ 489,889,254$ 301,437,966$ Reporting Units Affected by Restatements of Beginning Balances Government-Wide 104
278
REQUIRED
SUPPLEMENTARY INFORMATION
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City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Taxes:
Property 38,181,117$ 38,539,042$ 38,863,673$ 324,631$ Sales and use
36,157,996 36,514,923 61,314,319 24,799,396 Franchise fees 4,352,000 4,194,628 4,078,404 (116,224) Transient occupancy taxes 600,000 640,845 653,453 12,608 Other 6,325,214 5,955,814 6,330,602 374,788 Total taxes 85,616,327 85,845,252 111,240,451 25,395,199 Licenses and permits 2,416,029 1,566,377 1,825,699 259,322 Intergovernmental 978,457 2,255,034 1,708,564 (546,470) Charges for services 10,656,707 7,614,124 8,714,010 1,099,886 Investment income (loss) 3,385,639 3,385,639 4,319,192 933,553 Fines and forfeitures 885,000 885,000 1,238,146 353,146 Other revenues 7,347,161 7,284,280 3,396,313 (3,887,967) Total revenues 111,285,320 108,835,706 132,442,375 23,606,669 EXPENDITURES:
Current:
General government 11,517,019 14,066,107 12,142,156 1,923,951 Public safety 71,737,411 70,985,018 68,478,191 2,506,827 Public works 798,154 235,865 513,894 (278,029) Community development 19,324,592 20,254,097 16,619,012 3,635,085 Capital outlay 14,000 14,000 199,486 (185,486) Debt service:
Principal - - 320,466 (320,466) Interest and fiscal charges - - 12,593 (12,593) Total expenditures 103,391,176 105,555,087 98,285,798 7,269,289
REVENUES OVER (UNDER)
EXPENDITURES 7,894,144 3,280,619 34,156,577 30,875,958 OTHER FINANCING SOURCES (USES):
Transfers in 31,766,495 39,019,790 8,663,651 (30,356,139) Transfers out (42,047,083) (46,364,744) (34,083,146) 12,281,598 Total other financing sources (uses) (10,280,588) (7,344,954) (25,419,495) (18,074,541) Net change in fund balances (2,386,444)$ (4,064,335)$ 8,737,082 12,801,417$ FUND BALANCES:
Beginning of year
32,456,918
Restatement - Prior Period Adjustments (988,803)
Beginning of year, as restated 31,468,115
End of year 40,205,197$
Budgeted Amounts
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City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Facilities Development Special Revenue Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services 17,571,418$ 2,713,086$ 4,633,441$ 1,920,355$ Investment income (loss) 1,830,800 1,830,800 4,485,884 2,655,084 Other revenues 271,657 29,280 47,875 18,595 Total revenues 19,673,875 4,573,166 9,167,200 4,594,034 EXPENDITURES:
Current:
Community development - - 402,282 (402,282) Total expenditures - - 402,282 (402,282)
REVENUES OVER (UNDER)
EXPENDITURES 19,673,875 4,573,166 8,764,918 4,191,752 OTHER FINANCING SOURCES (USES):
Transfers in
- - 100,000 100,000 Transfers out (29,449,745) (50,003,693) (13,456,321) 36,547,372 Total other financing sources (uses) (29,449,745) (50,003,693) (13,356,321) 36,647,372 Net change in fund balances (9,775,870)$ (45,430,527)$ (4,591,403) 40,839,124$ FUND BALANCES:
Beginning of year 84,938,884
Restatement 988,803
Beginning of year 85,927,687
End of year 81,336,284$
Budgeted Amounts
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City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual City Affordable Housing Special Revenue Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services 32,311$ 32,311$ 11,331$ (20,980)$ Investment income (loss) 175,000 175,000 529,286 354,286 Other revenues 30,600 30,600 394,934 364,334 Total revenues 237,911 237,911 935,551 697,640 EXPENDITURES:
Current:
Community development 1,341,491 1,312,154 956,664 355,490 Total expenditures 1,341,491 1,312,154 956,664 355,490
REVENUES OVER (UNDER)
EXPENDITURES (1,103,580) (1,074,243) (21,113) 1,053,130 Net change in fund balances (1,103,580)$ (1,074,243)$ (21,113) 1,053,130$ FUND BALANCES:
Beginning of year 10,648,109
End of year 10,626,996$
Budgeted Amounts
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283
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Transportation Grants Special Revenue Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Licenses and permits -$ -$ 47,543$ 47,543$ Intergovernmental
1,344,537 1,344,537 - (1,344,537) Investment income (loss) 21,000 21,000 223,021 202,021 Other revenues 18,886 33,921 120,848 86,927 Total revenues 1,384,423 1,399,458 391,412 (1,008,046) EXPENDITURES:
Current:
Public works
38,300,940 62,692,692 26,423,723 36,268,969 Capital outlay 75,147 75,147 8,173,417 (8,098,270) Total expenditures 38,376,087 62,767,839 34,597,140 28,170,699
REVENUES OVER (UNDER)
EXPENDITURES (36,991,664) (61,368,381) (34,205,728) 27,162,653 OTHER FINANCING SOURCES (USES):
Transfers in
48,867,673 73,541,235 29,018,048 (44,523,187) Transfers out (547,750) (5,312,734) (19,583) 5,293,151 Total other financing sources (uses) 48,319,923 68,228,501 28,998,465 (39,230,036) Net change in fund balances 11,328,259$ 6,860,120$ (5,207,263) (12,067,383)$ FUND BALANCES:
Beginning of year 5,908,986
End of year 701,723$
Budgeted Amounts
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City of Chino
Required Supplementary Information
For the year ended June 30, 2025
Schedule of Changes in the Total Pension Liability and Related Ratios - Miscellaneous Plan- Last Fiscal 10 Years Fiscal Year Ended 6/30/2016 6/30/2017 6/30/2018 6/30/2019 Measurement Period 6/30/2015 6/30/2016 6/30/2017 6/30/2018
TOTAL PENSION LIABILITY
Service cost 2,922,976$ 2,839,870$ 3,359,015$ 3,533,014$ Interest on total pension liability 10,560,056 10,932,714 11,593,235 12,266,723 Differences between expected and actual experience (336,491) (3,065,871) 1,307,041 2,032,772 Changes in assumptions (2,698,273) - 10,124,806 (540,457) Changes of benefit terms - - - - Benefit payments, including refunds of employee contributions (5,247,998) (5,760,536) (6,703,789) (7,520,484) Change in the total pension liability 5,200,270 4,946,177 19,680,308 9,771,568 Total pension liability - beginning 142,237,228 147,437,498 152,383,675 172,063,983 Total pension liability - ending (a) 147,437,498$ 152,383,675$ 172,063,983$ 181,835,551$
PLAN FIDUCIARY NET POSITION
Contributions - employer 3,026,694$ 3,572,975$ 3,879,119$ 41,851,842$ Contributions - employee 1,321,092 1,471,880 1,580,495 1,585,917 Net investment income 2,549,863 681,248 12,937,277 10,990,102 Benefit payments , Including Refunds of Employee (5,247,998) (5,760,536) (6,703,789) (7,520,484) Net Plan to Plan Resource Movement (361) (130) - (313) Administrative expense (129,601) (70,187) (169,878) (197,251) Other Miscellaneous Income/(Expense) - - - (374,583) Change in plan fiduciary net position 1,519,689 (104,750) 11,523,224 46,335,230 Plan fiduciary net position - beginning 113,644,702 115,164,391 115,059,641 126,582,865 Plan fiduciary net position - ending (b) 115,164,391$ 115,059,641$ 126,582,865$ 172,918,095$ Total pension liability - ending (a) - (b) 32,273,107$ 37,324,034$ 45,481,118$ 8,917,456$ Plan fiduciary net position as a percentage of
the total pension liability 78.11% 75.51% 73.57% 95.10% Covered payroll 16,982,863$ 16,927,455$ 18,905,961$ 19,711,096$ Total pension liability as a percentage of covered payroll 190.03% 220.49% 240.56% 45.24% Notes to the Schedule:
Benefit Changes:
Changes in Assumptions:
From fiscal year June 30, 2015 to June 30, 2016:
From fiscal year June 30, 2016 to June 30, 2017: There were no changes in assumptions.
From fiscal year June 30, 2017 to June 30, 2018: The discount rate was reduced from 7.65% to 7.15%.
From fiscal year June 30, 2018 to June 30, 2019: There were no changes in assumptions.
From fiscal year June 30, 2019 to June 30, 2020: There were no changes in assumptions.
From fiscal year June 30, 2020 to June 30, 2021: There were no changes in assumptions.
From fiscal year June 30, 2021 to June 30, 2024: The discount rate was reduced from 7.15% to 6.90%.
There were no changes in benefits.
GASB 68, paragraph 68 states that the long-term expected rate of return should be determined net of pension plan investment expense but without reduction for pension plan administrative expense. The discount rate of 7.50% used for the June 30, 2014 measurement date was net of administrative expenses. the discount rate of 7.65% used for the June 30, 2015 measurement date is without reduction of pension plan administrative expense.
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286
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 3,471,230$ 3,674,382$ 3,801,316$ 4,084,815$ 4,269,803$ 4,576,797$ 12,988,930 13,539,627 14,202,089 14,823,583 15,427,689 16,297,971 2,242,633 (314,640) 1,084,541 (411,651) (340,076) 3,590,910 - - - 8,049,349 - - - - - - 280,056 - (8,300,865) (8,789,232) (9,404,424) (9,753,413) (10,618,035) (11,040,181) 10,401,928 8,110,137 9,683,522 16,792,683 9,019,437 13,425,497 181,835,551 192,237,479 200,347,616 210,031,138 226,823,821 235,843,258 192,237,479$ 200,347,616$ 210,031,138$ 226,823,821$ 235,843,258$ 249,268,755$ 2,409,340$ 2,813,995$ 3,231,835$ 3,218,786$ 3,720,580$ 3,101,140$ 1,578,035 1,848,147 1,718,451 1,790,656 1,839,684 2,155,424 11,194,752 8,817,486 40,928,988 (16,340,392) 12,105,400 19,288,316 (8,300,865) (8,789,232) (9,404,424) (9,753,413) (10,618,035) (11,040,181) - - - - - - (123,398) (253,299) (183,918) (137,299) (146,470) (167,689) 313 - - - (2,011) - 6,758,177 4,437,097 36,290,932 (21,221,662) 6,899,148 13,337,010 172,918,095 179,676,272 184,113,369 220,404,301 199,182,639 206,081,787 179,676,272$ 184,113,369$ 220,404,301$ 199,182,639$ 206,081,787$ 219,418,797$ 12,561,207$ 16,234,247$ (10,373,163)$ 27,641,182$ 29,761,471$ 29,849,958$
93.47% 91.90% 104.94% 87.81% 87.38% 88.02%
20,468,930$ 22,167,532$ 22,814,783$ 22,917,291$ 24,559,076$ $26,348,842
61.37% 73.23% -45.47% 120.61% 121.18% 113.29%
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City of Chino
Required Supplementary Information
For the year ended June 30, 2025
Schedule of Plan Contributions Miscellaneous Plan - Last 10 Fiscal Years Fiscal Year Ended 2016 2017 2018 2019
Actuarially determined contribution 3,026,694$ 3,872,592$ 4,109,530$ 2,342,244$ Contributions in relation to actuarially
determined contributions (3,026,694) (3,872,592) (41,854,095) (2,342,244) Contribution deficiency (excess) -$ -$ (37,744,565)$ -$ Covered payroll 16,927,455$ 18,905,961$ 19,711,096$ 20,468,930$ Contributions as a percentage of
covered payroll 17.88% 20.48% 20.85% 11.44%
Notes to Schedule
Valuation Date 6/30/2013 6/30/2014 6/30/2015 6/30/2016
Methods and Assumptions used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Entry Age Entry Age Entry Age Amortization Method (1) (1) (1) (1)
Asset Valuation Method Fair Value Fair Value Fair Value Fair Value Inflation 2.75% 2.75% 2.75% 2.75%
Salary Increases (2) (2) (2) (2)
Investment Rate of Return 7.50% (3) 7.50% (3) 7.50% (3) 7.375% (3) Retirement Age (4) (4) (4) (4)
Mortality (5) (5) (5) (5)
(1) Level Percentage of payroll, Closed.
(2) Depending on age, Service, and type of employment
(3) Net of pension plan investment expense, including inflation (4) 2.5%@55, 2.0%@60,2%@62
(5) Mortality Assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by the CalPERS Board.
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288
2020 2021 2022 2023 2024 2025
2,809,189$ 3,187,285$ 3,219,632$ 3,218,786$ 3,101,583$ 4,182,340$ (2,809,189) (3,187,285) (3,219,632) (3,218,786) (3,101,583) (4,182,340) -$ -$ -$ -$ -$ -$ 22,167,532$ 22,814,783$ 22,917,291$ 24,559,076$ 28,708,421$ 33,135,046$
12.67% 13.97% 14.05% 13.11% 10.80% 12.62%
6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2023 Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age (1) (1) (1) (1) (1) (1)
Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value
2.63% 2.50% 2.50% 2.50% 2.30% 2.30%
(2) (2) (2) (2) (2) (2)
7.25% (3) 7.00% (3) 7.00% (3) 7.00% (3) 6.90% (3) 6.90% (3) (4) (4) (4) (4) (4) (4)
(5) (5) (5) (5) (5) (5)
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289
City of Chino
Required Supplementary Information
For the year ended June 30, 2025
Schedule of the City's proportionate Share of the Plan's Total Pension Liability and Related Ratios Safety Plan - Last Fiscal 10 Years
Fiscal Year Ended 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6 /30/2015 6/30/2016 6/30/2017 6/30/2018
0.63316% 0.65499% 0.65182% 0.10718%
26,089,128$ 33,922,916$ 39,017,643$ 6,288,881$ 10,117,974$ 10,811,649$ 11,396,258$ 11,942,294$ 257.85% 313.76% 342.37% 52.66%
78.40% 74.06% 73.31% 75.26%
There were no changes in assumptions.
The discount rate was reduced from 7.65% to 7.15%.
There were no changes in assumptions.
There were no changes in assumptions.
There were no changes in assumptions.
Measurement Period
Plan's proportion of the total pension liability
Plan's proportionate share of
the total pension liability (Asset)
Plan's covered payroll
Plan's proportionate share of
total pension liability as percentage
of its covered payroll
Fiduciary net position as a percentage of the
Total pension liability
Notes to the schedule:
Benefit Changes:
Changes in Assumptions:
From fiscal year June 30, 2015 to June 30, 2016:
From fiscal year June 30, 2016 to June 30, 2017 :
From fiscal year June 30, 2017 to June 30, 2018 :
From fiscal year June 30, 2018 to June 30, 2019 :
From fiscal year June 30, 2019 to June 30, 2020 :
From fiscal year June 30, 2020 to June 30, 2021 :
From fiscal year June 30, 2021 to June 30, 2024: The discount rate was reduced from 7.15% to 6.90%.
GASB 68, paragraph 68 states that the long-term expected rate of return should be determined net of pension plan investment expense but without reduction for pension plan administrative expense. The discount rate of 7.50% used for the June 30, 2014 measurement date was net of administrative expenses. the discount rate of 7.65% used for the June 30, 2015 measurement date is without reduction of pension plan administrative expense.
116
290
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
0.15455% 0.20786% 0.27819% 0.18983% 0.02795% 0.36347%
9,647,636$ 13,848,606$ (9,575,953)$ 21,926,970$ 27,169,395$ 26,254,196$ 11,992,170$ 12,300,729$ 13,367,913$ 13,920,745$ 15,173,214$ $16,156,029
80.45% 112.58% -71.63% 157.51% 179.06% 162.50%
75.26% 75.10% 88.29% 76.68% 79.74% 79.74%
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291
City of Chino
Required Supplementary Information
For the year ended June 30, 2025
Schedule of Plan Contributions Safety Plan - Last 10 Fiscal Years Fiscal Year Ended June 30, 2016 2017 2018 2019
Actuarially determined contribution 2,949,362$ 3,371,422$ 3,703,489$ 2,807,483$ Contributions in relation to the actuarially determined (2,949,362) (3,371,422) (35,080,851) (2,807,483) Contribution deficiency (excess) -$ -$ (31,377,362)$ -$ Covered payroll 10,811,649$ 11,396,258$ 11,942,294$ 11,992,170$ Contributions as a percentage
of covered payroll 27.28% 29.58% 31.01% 23.41%
Notes to Schedule
Valuation Date 6/30/2013 6/30/2014 6/30/2015 6/30/2016
Methods and Assumptions used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Entry Age Entry Age Entry Age Amortization Method (1) (1) (1) (1)
Asset Valuation Method Fair Value Fair Value Fair Value Fair Value Inflation 2.75% 2.75% 2.75% 2.75%
Salary Increases (2) (2) (2) (2)
Investment Rate of Return 7.50% (3) 7.50% (3) 7.50% (3) 7.375% (3) Retirement Age (4) (4) (4) (4)
Mortality (5) (5) (5) (5)
(1) level Percentage of payroll, Closed.
(2) Depending on age, Service, and type of employment
(3) Net of pension plan investment expense, including inflation (4) 50 years for 3.00% @50, 2% @50, and 2.7% @57
(5) Mortality Assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by the CalPERS Board.
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292
2020 2021 2022 2023 2024 2025
2,935,244$ 3,288,900$ 3,552,112$ 3,987,991$ 3,153,208$ 4,182,340$ (2,969,930) (3,326,197) (3,552,112) (3,987,991) (3,153,208) (4,182,340) (34,686)$ (37,297)$ -$ -$ -$ -$ 12,300,729$ 13,367,913$ 13,920,745$ 15,173,214$ 16,307,255$ 17,300,325$
23.86% 24.60% 25.52% 26.28% 19.34% 24.17%
6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2023 Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age (1) (1) (1) (1) (1) (1)
Fair Value Fair Value Fair Value Fair Value Fair Value Fair Value
2.625% 2.50% 2.50% 2.50% 2.30% 2.30%
(2) (2) (2) (2) (2) (2)
7.25% (3) 7.00% (3) 7.00% (3) 7.00% (3) 6.90% (3) 6.90% (3) (4) (4) (4) (4) (4) (4)
(5) (5) (5) (5) (5) (5)
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293
City of Chino
Required Supplementary Information
For the year ended June 30, 2025
Schedule of Changes in the Total Pension Liability and Related Ratios Supplemental Safety Plan- Last 10 Fiscal Years*
Fiscal Year Ended 6/30/2018 6/30/2019 6/30/2020 6/30/2021 Measurement Period 6/30/2017 6/30/2018 6/30/2019 6/30/2020 Total Pension Liability
Service cost 39,094$ 35,621$ 38,335$ 41,549$ Interest 106,068 115,834 111,387 105,491 Differences between expected and
actual experience - - - 170,094 Changes of assumptions (218,667) 68,801 84,537 12,930 Benefit payments (176,910) (183,169) (188,613) (199,913) Net change in the total Pension liability (250,415) 37,087 45,646 130,151 Total Pension Liability - beginning 4,007,135 3,756,720 3,793,807 3,839,453 Total Pension Liability - ending 3,756,720 3,793,807 3,839,453 3,969,604 Covered-employee payroll 2,459,360$ 2,685,209$ 2,232,221$ 2,011,613$ Pension liability as a percentage of covered-employee payroll 152.75% 141.29% 172.00% 197.33% Notes to Schedule:
Benefit Changes:
Changes in Assumptions :
* Fiscal year 2018 was the first year of implementation; therefore, only seven years are shown.
There are no assets accumulated in a trust that meet the criteria of GASB codification P22.101 or P52.101 to pay related benefits for the pension plan.
In 2021,the accounting discount rate decreased from 2.66% to 2.18% In 2022,the accounting discount rate increased from 2.18% to 4.09% There were no changes in benefits.
In 2017,the accounting discount rate increased from 2.68% to 3.13% In 2018,the accounting discount rate decreased from 3.13% to 2.98% In 2019,the accounting discount rate decreased from 2.98% to 2.79% In 2020,the accounting discount rate decreased from 2.79% to 2.66% In 2023,the accounting discount rate increased from 4.09% to 4.13% In 2024,the accounting discount rate decreased from 4.13% to 3.93% 120
294
6/30/2022 6/30/2023 6/30/2024 6/30/2025
6/30/2021 6/30/2022 6/30/2023 6/30/2024
32,369$ 35,148$ 21,358$ 11,155$ 103,696 90,394 132,524 130,688 66,477 - (11,569) - 258,730 (794,329) 17,812 64,564 (207,219) (224,545) (222,972) (228,570) 254,053 (893,332) (62,847) (22,163) 3,969,604 4,223,657 3,330,325 3,267,478 4,223,657 3,330,325 3,267,478 3,245,315 1,885,951$ 1,399,545$ 1,096,468$ 1,003,104$ 223.95% 237.96% 298.00% 323.53%
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295
City of Chino
Required Supplementary Information
For the year ended June 30, 2025
Schedule of Changes in the Total OPEB Liability and Related Ratios Other Postemployment Benefits - Last 10 Fiscal Years*
Fiscal Year Ended 6/30/2018 6/30/2019 6/30/2020 6/30/2021 Measurement Period 6/30/2017 6/30/2018 6/30/2019 6/30/2020 Total OPEB Liability
Service cost 1,108,216$ 1,012,716$ 1,088,776$ 1,183,724$ Interest on Total OPEB liability 466,515 541,577 566,369 585,174 Changes of assumptions (1,335,811) 458,871 646,694 (311,696) Differences between expected and actual experience - - - (1,725,558) Benefit payments (126,971) (368,852) (403,826) (453,133) Net change in the total OPEB liability 111,949 1,644,312 1,898,013 (721,489) Total OPEB liability - beginning 16,362,548 16,474,497 18,118,809 20,016,822 Total OPEB liability - ending 16,474,497 18,118,809 20,016,822 19,295,333 Covered-employee payroll 26,679,011$ 27,638,872$ 28,457,004$ 30,894,581$ Total OPEB liability as a percentage of covered-employee payroll 61.75% 65.56% 70.34% 62.46%
Notes to Schedule:
Benefit Changes:
Changes in Assumptions :
* Fiscal year 2018 was the first year information was available ;therefore, only seven years are shown.
There are no assets accumulated in a trust that meets the criteria of GASB codification to pay related benefits for the OPEB plan.
There were no changes in benefits.
In 2018,the accounting discount rate decreased from 3.13% to 2.98% In 2019,the accounting discount rate decreased from 2.98% to 2.79% In 2024,the accounting discount rate increased from 4.13% to 3.93% In 2023,the accounting discount rate increased from 4.09% to 4.13% In 2020,the accounting discount rate decreased from 2.79% to 2.66% In 2021,the accounting discount rate decreased from 2.66% to 2.18% In 2022,the accounting discount rate increased from 2.18% to 4.09% 122
296
6/30/2022 6/30/2023 6/30/2024 6/30/2025
6/30/2021 6/30/2022 6/30/2023 6/30/2024
1,189,928$ 1,339,147$ 831,210$ 731,780$ 538,901 493,765 714,787 600,258 1,565,704 (6,027,762) (3,931,944) 450,098 (586,494) - - - (451,650) (482,242) (458,779) (455,206) 2,256,389 (4,677,092) (2,844,726) 1,326,930 19,295,333 21,551,722 16,874,630 14,029,904 21,551,722 16,874,630 14,029,904 15,356,834 32,461,448$ 33,539,453$ 36,880,606$ 41,129,987$
66.39% 50.31% 38.04% 37.34%
123
297
City of Chino
Notes to Required Supplementary Information
For the year ended June 30, 2025
1. BUDGET AND BUDGETARY ACCOUNTING
a.
b.
c.
d.
e.
f.
g.
The City follows these procedures in establishing the budgetary data reflected in the financial statements:
Budgets for the General, Special Revenue, Debt Service, and Capital Projects Funds are adopted on a basis substantially consistent with GAAP. Accordingly, actual revenues and expenditures can be compared with related budget amounts without any significant reconciling items. No budgetary comparisons are presented for the Community Facilities Districts 03-03, 05-1, 06-1, 06-3, 16-1, 16-2, and 19-1 Capital Projects Funds since a budget was not adopted for these funds.
The City Council approves all significant budgetary changes.
Under Article XIIIB of the California Constitution (the Gann Spending Limitation Initiative), the City is restricted as to the amount of annual appropriations from proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, the excess must either be refunded to the State Controller or returned to the taxpayers through revised tax rates or revised fee schedules or an excess in one year may be offset against a deficit in following year.
For the fiscal year ended June 30, 2023, based on calculations by City management, proceeds of taxes did not exceed appropriations
Estimated revenue is the original estimate with modifications for new programs that are anticipated to be received during the fiscal year.
Budget control is maintained over all accounts, and expenditures are not allowed to exceed appropriations at the fund level.
Encumbrance accounting under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded to reserve that portion of the applicable appropriation is employed as an extension of formal budgetary integration in the governmental fund types during the year. However, at year-end, all appropriations lapse. Accordingly, encumbrances are canceled and generally reappropriated as part of the following year’s budget.
Encumbrances are not included in reported expenditures.
The annual budget is adopted by the City Council after the holding of a public hearing and provides for the general operation of the City. The operating budget includes proposed expenditures and the means of financing them. 124
298
SUPPLEMENTARY INFORMATION
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300
City of Chino
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Park Development Capital Projects Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 1,476,978$ 1,476,978$ 2,299,008$ 822,030$ Charges for services
1,240,000 487,480 959,010 471,530 Investment income (loss) 322,792 322,792 831,811 509,019 Other revenues 93,988 93,988 1,151,432 1,057,444 Total revenues 3,133,758 2,381,238 5,241,261 2,860,023 EXPENDITURES:
Current:
Parks and community services
3,027,553 5,034,916 281,006 4,753,910 Capital outlay 4,145,789 4,145,789 6,942,088 (2,796,299) Total expenditures 7,173,342 9,180,705 7,223,094 1,957,611
REVENUES OVER (UNDER)
EXPENDITURES (4,039,584) (6,799,467) (1,981,833) 4,817,634 OTHER FINANCING SOURCES (USES):
Transfers in
4,848,619 6,868,019 3,166,005 (3,702,014) Transfers out (974,886) (987,886) (248) 987,638 Total other financing sources (uses) 3,873,733 5,880,133 3,165,757 (2,714,376) Net change in fund balances (165,851)$ (919,334)$ 1,183,924 2,103,258$ FUND BALANCES:
Beginning of year 12,941,425
End of year 14,125,349$
Budgeted Amounts
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302
City of Chino
Nonmajor Governmental Funds
June 30, 2025
SPECIAL REVENUE FUNDS
Special Revenue Funds account for taxes and other revenues set aside in accordance with law or administrative regulations for expenditures restricted or committed for specified services. Special Revenue Funds include the following:
Traffic Safety Fund
Used to account for expenditures financed by revenue generated from enforcement of California vehicle codes and City ordinances. These restricted funds may only be used for traffic signals, school crossing guards, and other related traffic safety expenditures.
Gas Tax Fund
Used to account for the receipts and disbursements of money apportioned under Streets and Highway Code Sections 2105, 2106, and 2107 of the state of California.
Public Education Government
Used to account for franchise fees collected from the City's cable operations. Also used to produce programing for PEG access channels and pay for personnel, equipment, and maintenance costs for the channel.
Transportation Tax Fund
Used to account for receipts and disbursements of money apportioned under the Transportation Act of the state of California.
Measure I Half-Cent Sales Tax Fund
Used to account for receipts and disbursements of money apportioned under the Measure I of the County of San Bernardino.
Community Services
Used to account for expenditures relating to various community services.
Community Development Block Grant Fund
Used to account for the receipts and disbursements of the Community Development Block Grant Program.
Maintenance District Fund
Used to account for City-wide street lighting and landscape maintenance costs and the collection of assessments from property owners and the related costs for areas included in lighting and landscape districts.
SCAQMD Fund
Used to account for receipts and disbursements for air quality improvement.
Local Public Safety Fund
Used to account for revenues received from a voter-approved increase in sales tax for public safety services. 129
303
City of Chino
Nonmajor Governmental Funds
June 30, 2025
SPECIAL REVENUE FUNDS (Continued)
Home Investment Partnership Fund
Used to account for a major federal grant awarded to the City to support housing activities.
Asset Forfeitures Fund
Used to account for the revenues from the seizure of property related to drug crimes. These revenues are to be used for programs related to the preventions of drug abuse and drug enforcement.
Bureau of Justice Assistance Grant Fund
Used to account for the receipts and disbursements of the Bureau of Justice Assistance Grant for local law enforcement.
Citizen's Option for Public Safety (COPS) Program - State AB 3229 Grant Fund Used to account for the receipts and disbursements of the Citizen's Option for Public Safety Program for nonbudgeted front-line public safety services.
Environmental Mitigation Fund
Used to account for receipts and disbursements for managing environmental improvements and enhancing existing public facilities within the Preserve area..
CalHome Fund
Used to account for the receipt and distribution of Proposition 1 C funds to implement various affordable housing programs including first-time home buyers and housing rehabilitation programs.
Highway Safety Improvement Fund
Used to account for receipts and disbursements relating to federal and state transportation grants.
Road Maintenance and Rehabilitation Account (RMRA)
Used to account for the City's share of gas tax monies for the purpose of construction, reconstruction, maintenance, and right-of-way acquisition relating to streets and highways.
Assessment District Fund
Used to account for receipts and disbursements relating to special assessments. 130
304
City of Chino
Nonmajor Governmental Funds
June 30, 2025
SPECIAL REVENUE FUNDS (Continued)
Measure I Valley SubArea Program Fund
Used to account for receipts and disbursements of money apportioned under the Measure I of the San Bernardino County Transit Authority.
CAPITAL PROJECTS FUNDS
The following Capital Projects Funds are used to account for resources that are restricted, committed, or assigned for the acquisition of capital facilities and other capital assets:
Community Facilities District 05-1 Fund
Used to account for capital projects financed by the issuance of Mello-Roos Community Facilities Bonds as required by the Mello-Roos Community Facilities Act of 1982.
Community Facilities District 06-1 Fund
Used to account for capital projects financed by the issuance of Mello-Roos Community Facilities Bonds as required by the Mello-Roos Community Facilities Act of 1982.
Community Faculties District 06-3 Fund
Used to account for capital projects financed by the issuance of Mello-Roos Community Facilities Bonds as required by the Mello-Roos Community Facilities Act of 1982.
Community Facilities District 16-1 Fund
Used to account for capital projects financed by the issuance of Mello-Roos Community Facilities Bonds as required by the Mello-Roos Community Facilities Act of 1982.
Community District 03-03 Facilities Capital Project
Used to account for capital projects financed by the issuance of Mello-Roos Community Facilities Bonds as required by the Mello-Roos Community Facilities Act of 1982.
Community Facilities District 16-2 Fund
Used to account for capital projects financed by the issuance of Mello-Roos Community Facilities Bonds as required by the Mello-Roos Community Facilities Act of 1982.
Community Facilities District 19-1 Fund
Used to account for capital projects financed by the issuance of Mello-Roos Community Facilities Bonds as required by the Mello-Roos Community Facilities Act of 1982.
Community Facilities District 21-1 Fund
Used to account for capital projects financed by the issuance of Mello-Roos Community Facilities Bonds as required by the Mello-Roos Community Facilities Act of 1982.
131
305
City of Chino
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
Traffic
Safety Gas Tax
Public
Education
Government
Transportation
Tax
ASSETS
Cash and investments -$ -$ 926,076$ -$ Cash and investments with fiscal agents - - - - Accounts receivable 14,473 448,819 18,725 271,673 Taxes receivable - - - - Interest receivable 430 - 3,880 - Loans receivable, net of allowances - - - - Total assets 14,903$ 448,819$ 948,681$ 271,673$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ -$ -$ -$ Deposits payable - - - - Retentions payable - - - - Due to other funds 14,903 448,819 - 270,901 Due to other governments - - - - Advances from other funds - - - - Total liabilities 14,903 448,819 - 270,901
Deferred Inflows of Resources
Unavailable revenue - - - 271,673 Total deferred inflows of resources - - - 271,673
Fund Balances:
Restricted - - 948,681 - Committed - - - - Unassigned - - - (270,901) Total fund balances - - 948,681 (270,901) Total liabilities, deferred inflows of
resources and fund balances 14,903$ 448,819$ 948,681$ 271,673$ Special Revenue Funds
132
306
Measure I
Half-Cent
Sales Tax
Community
Services
Community
Development
Block Grant
Maintenance
District SCAQMD
Local
Public Safet
3,770,978$ -$ -$ 480,321$ 873,227$ -$ - - - - - - 461,145 1,239,200 103,322 104,978 32,227 99,762 - - - - - - 19,479 - - - 4,929 - - - 47,834 - - - 4,251,602$ 1,239,200$ 151,156$ 585,299$ 910,383$ 99,762$ 264,695$ 74,997$ 73,629$ 460,528$ -$ -$ - 1,003 - - - - 280,854 - - - - - - - 29,693 - - 99,762 - 16,128 47,834 - - - - - - - - - 545,549 92,128 151,156 460,528 - 99,762 - 359,025 - 85,290 - - - 359,025 - 85,290 - - 3,706,053 788,047 - 39,481 910,383 - - - - - - - - - - - - - 3,706,053 788,047 - 39,481 910,383 - 4,251,602$ 1,239,200$ 151,156$ 585,299$ 910,383$ 99,762$ Special Revenue Funds
133
307
City of Chino
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
Home
Investment
Partnership
Asset
Forfeitures
Bureau of
Justice
Assistance
Grant
COPS Program
State AB 3229
Grant
ASSETS
Cash and investments 1,297,123$ 1,207,040$ -$ 709,780$ Cash and investments with fiscal agents - - - - Accounts receivable 36,093 - - - Taxes receivable - - - - Interest receivable 5,054 4,703 - 2,766 Loans receivable, net of allowances - - - - Total assets 1,338,270$ 1,211,743$ -$ 712,546$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ 7,859$ -$ -$ Deposits payable - - - - Retentions payable - - - - Due to other funds - - - - Due to other governments - 23,574 - - Advances from other funds - - - - Total liabilities - 31,433 - -
Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - -
Fund Balances:
Restricted 1,338,270 1,180,310 - 712,546 Committed - - - - Unassigned - - - - Total fund balances 1,338,270 1,180,310 - 712,546 Total liabilities, deferred inflows of
resources and fund balances 1,338,270$ 1,211,743$ -$ 712,546$ Special Revenue Funds
134
308
Environmental
Mitigation Cal Home
Highway Safety
Improvement RMRA
Assessment
District Fund
Measure I
Valley
SubArea
Program
1,097,371$ -$ 35,781$ 2,050,909$ 93,157$ -$ - - - - - - - 158,500 - 445,232 23,119 3,799,841 - - - - 7,894 - 4,276 - 139 7,991 - - - 1,965,962 - - - - 1,101,647$ 2,124,462$ 35,920$ 2,504,132$ 124,170$ 3,799,841$ -$ -$ -$ 20,468$ 120,739$ 3,333$ - - - - - - - - - 84,736 - - - 95,105 - - - - - 1,965,962 - - - - - - - - - 3,331,038 - 2,061,067 - 105,204 120,739 3,334,371 - - - - 3,431 3,799,841 - - - - 3,431 3,799,841 - 63,395 35,920 2,398,928 - - 1,101,647 - - - - - - - - - - (3,334,371) 1,101,647 63,395 35,920 2,398,928 - (3,334,371) 1,101,647$ 2,124,462$ 35,920$ 2,504,132$ 124,170$ 3,799,841$ Special Revenue Funds
135
309
City of Chino
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
Community
Facilities
District 05-1
Community
Facilities
District 06-1
Community
Facilities
District 06-3
Community
Facilities
District 16-1
ASSETS
Cash and investments -$ 606,280$ -$ -$ Cash and investments with fiscal agents 199,444 - 759,844 772,153 Accounts receivable - - - - Taxes receivable - - - - Interest receivable 688 2,362 2,418 2,458 Loans receivable, net of allowances - - - - Total assets 200,132$ 608,642$ 762,262$ 774,611$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ -$ -$ -$ Deposits payable - - - - Retentions payable - - - - Due to other funds - - - - Due to other governments - - - - Advances from other funds - - - - Total liabilities - - - -
Deferred Inflows of Resources
Unavailable revenue - - - - Total deferred inflows of resources - - - -
Fund Balances:
Restricted 200,132 608,642 762,262 774,611 Committed - - - - Unassigned - - - - Total fund balances 200,132 608,642 762,262 774,611 Total liabilities, deferred inflows of
resources and fund balances 200,132$ 608,642$ 762,262$ 774,611$ Capital Project Funds
136
310
Community
District 03-03
Facilities Capital
Project
Community
Facilities
District 16-2
Community
Facilities
District 19-1
-$ -$ -$ -$ 13,148,043$ 11,308,351 598,745 - 8,889 13,647,426 - - - - 7,257,109 - - - - 7,894 43,278 2,068 - 31 106,950 - - - - 2,013,796 11,351,629$ 600,813$ -$ 8,920$ 36,181,218$ -$ -$ -$ -$ 1,026,248$ - - - - 1,003 - - - - 365,590 - - - - 959,183 - - - - 2,053,498 - - - - 3,331,038 - - - - 7,736,560 - - - - 4,519,260 - - - - 4,519,260 11,351,629 600,813 - 8,920 26,429,023 - - - - 1,101,647 - - - - (3,605,272) 11,351,629 600,813 - 8,920 23,925,398 11,351,629$ 600,813$ -$ 8,920$ 36,181,218$ Total
Nonmajor
Governmental
Funds
Community
Facilities
District 21-1
Capital Project Funds
137
311
City of Chino
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Deficit) Nonmajor Governmental Funds
For the year ended June 30, 2025
Traffic
Safety Gas Tax
Public
Education
Government
Transportation
Tax
REVENUES:
Taxes -$ -$ -$ -$ Intergovernmental
- 2,582,155 - 87,000 Charges for services - - 79,953 - Investment income (loss) 3,133 42,628 45,857 - Fines and forfeitures 98,175 - - - Contributions from property owners - - - - Other revenues - - - - Total revenues 101,308 2,624,783 125,810 87,000 EXPENDITURES:
Current:
Public safety - - - - Public works - - - - Community development - - - - Parks and community services - - - - Capital outlay - - - - Debt service:
Principal - - - - Interest and fiscal charges - - - - Total expenditures - - - -
REVENUES OVER (UNDER)
EXPENDITURES 101,308 2,624,783 125,810 87,000 OTHER FINANCING SOURCES (USES):
Transfers in - - - - Transfers out (101,308) (2,624,783) (69,554) - Total other financing sources (uses) (101,308) (2,624,783) (69,554) - Net change in fund balances - - 56,256 87,000 FUND BALANCES (DEFICIT):
Beginning of year
- - 892,425 (357,901) Restatement - - - - Beginning of year, as restated - - 892,425 (357,901) End of year -$ -$ 948,681$ (270,901)$ Special Revenue Funds
138
312
Measure I
Half-Cent
Sales Tax
Community
Services
Community
Development
Block Grant
Maintenance
District SCAQMD
Local
Public Safet
-$ -$ -$ -$ -$ 1,270,126$ 2,456,005 3,184,300 371,382 - 154,744 - - 1,807,852 - - - - 192,689 - - - 57,776 28,432 - - - - - - - - - - - - - 271,046 - 39,481 - - 2,648,694 5,263,198 371,382 39,481 212,520 1,298,558 - - - - - - 289,269 - - 8,605,549 - - - - 286,169 - 7,935 - - 12,957,395 - - - - 1,285,324 - 85,213 - - - - - - - - - - - - - - - 1,574,593 12,957,395 371,382 8,605,549 7,935 - 1,074,101 (7,694,197) - (8,566,068) 204,585 1,298,558 50,000 7,947,404 - 8,605,549 - - (1,228,003) - - - (391,858) (1,298,558) (1,178,003) 7,947,404 - 8,605,549 (391,858) (1,298,558) (103,902) 253,207 - 39,481 (187,273) - 3,809,955 534,840 - - 1,097,656 - - - - - - - 3,809,955 534,840 - - 1,097,656 - 3,706,053$ 788,047$ -$ 39,481$ 910,383$ -$ Special Revenue Funds
139
313
City of Chino
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Deficit) Nonmajor Governmental Funds (Continued)
For the year ended June 30, 2025
Home
Investment
Partnership
Asset
Forfeitures
Bureau of
Justice
Assistance
Grant
COPS Program
State AB 3229
Grant
REVENUES:
Taxes -$ -$ -$ -$ Intergovernmental - - 24,141 280,256 Charges for services - - - - Investment income (loss) 63,091 51,780 - 33,092 Fines and forfeitures - 417,278 - - Contributions from property owners - - - - Other revenues 36,092 - - - Total revenues 99,183 469,058 24,141 313,348 EXPENDITURES:
Current:
Public safety - 62,593 10,408 176,784 Public works - - - - Community development - - - - Parks and community services - - - - Capital outlay - 103,599 19,999 - Debt service:
Principal - - - 11,213 Interest and fiscal charges - - - 587 Total expenditures - 166,192 30,407 188,584
REVENUES OVER (UNDER)
EXPENDITURES 99,183 302,866 (6,266) 124,764 OTHER FINANCING SOURCES (USES):
Transfers in
- - - - Transfers out - - - - Total other financing sources (uses) - - - - Net change in fund balances 99,183 302,866 (6,266) 124,764 FUND BALANCES (DEFICIT):
Beginning of year
1,239,087 877,444 6,266 587,782 Restatement - - - - Beginning of year, as restated 1,239,087 877,444 6,266 587,782 End of year 1,338,270$ 1,180,310$ -$ 712,546$ Special Revenue Funds
140
314
Environmental
Mitigation Cal Home
Highway Safety
Improvement RMRA
Assessment
District Fund
Measure I
Valley
SubArea
Program
-$ -$ -$ -$ -$ -$ - 153,500 - 2,526,561 - - - - - - 691,043 - 53,375 2,691 1,739 92,265 - - - - - - - - - - - - - - - 143,144 - - - - 53,375 299,335 1,739 2,618,826 691,043 - - - - - - - - - - 326,457 1,412,952 1,985,537 - 314,540 - - - - - - - - - - - - - 1,721,970 - 24,980 - - - - - - - - - - - - - 314,540 - 2,048,427 1,412,952 2,010,517 53,375 (15,205) 1,739 570,399 (721,909) (2,010,517) - - - - 721,909 361,813 - - - - - - - - - - 721,909 361,813 53,375 (15,205) 1,739 570,399 - (1,648,704) 1,048,272 78,600 34,181 1,828,529 - (1,685,667) - - - - - - 1,048,272 78,600 34,181 1,828,529 - (1,685,667) 1,101,647$ 63,395$ 35,920$ 2,398,928$ -$ (3,334,371)$ Special Revenue Funds
141
315
City of Chino
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Deficit) Nonmajor Governmental Funds (Continued)
For the year ended June 30, 2025
Community
Facilities
District 05-1
Community
Facilities
District 06-1
Community
Facilities
District 06-3
Community
Facilities
District 16-1
REVENUES:
Taxes -$ -$ -$ -$ Intergovernmental
- - - - Charges for services - - - - Investment income (loss) 8,925 29,488 31,748 32,269 Fines and forfeitures - - - - Contributions from property owners - - - - Other revenues - - - - Total revenues 8,925 29,488 31,748 32,269 EXPENDITURES:
Current:
Public safety - - - - Public works - - - - Community development - - - - Parks and community services - - - - Capital outlay - - - - Debt service:
Principal - - - - Interest and fiscal charges - - - - Total expenditures - - - -
REVENUES OVER (UNDER)
EXPENDITURES 8,925 29,488 31,748 32,269 OTHER FINANCING SOURCES (USES):
Transfers in - - - - Transfers out - - - - Total other financing sources (uses) - - - - Net change in fund balances 8,925 29,488 31,748 32,269 FUND BALANCES (DEFICIT):
Beginning of year
191,207 579,154 730,514 742,342 Restatement - - - - Beginning of year, as restated 191,207 579,154 730,514 742,342 End of year 200,132$ 608,642$ 762,262$ 774,611$ Capital Project Funds
142
316
Community
District 03-03
Facilities
Capital Project
Community
Facilities
District 16-2
Community
Facilities
District 19-1
Community
Facilities
District 21-1
-$ -$ -$ -$ 1,270,126$ - - - - 11,820,044 - - - - 2,578,848 (1) 26,819 - 118,763 916,559 - - - - 515,453 741,618 - - - 741,618 - - - - 489,763 741,617 26,819 - 118,763 18,332,411 - - - - 249,785 - - - - 12,619,764 - - - - 608,644 - - - - 12,957,395 15,329,317 - - 3,178,762 21,749,164 - - - - 11,213 - - - - 587 15,329,317 - - 3,178,762 48,196,552 (14,587,700) 26,819 - (3,059,999) (29,864,141) - - - - 17,686,675 - - - - (5,714,064) - - - - 11,972,611 (14,587,700) 26,819 - (3,059,999) (17,891,530) - 573,994 - 3,068,919 15,877,599 25,939,329 - - - 25,939,329 25,939,329 573,994 - 3,068,919 41,816,928 11,351,629$ 600,813$ -$ 8,920$ 23,925,398$ Total
Nonmajor
Governmental
Funds
Capital Project Funds
143
317
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Traffic Safety
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Investment income (loss) 1,200$ 1,200$ 3,133$ 1,933$ Fines and forfeitures
70,000 113,159 98,175 (14,984) Total revenues 71,200 114,359 101,308 (13,051) OTHER FINANCING SOURCES (USES):
Transfers out (71,200) (71,200) (101,308) (30,108) Total other financing sources (uses) (71,200) (71,200) (101,308) (30,108) Net change in fund balances -$ 43,159$ - (43,159)$ FUND BALANCES:
Beginning of year -
End of year -$
Budgeted Amounts
144
318
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Gas Tax
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 2,636,547$ 2,614,649$ 2,582,155$ (32,494)$ Investment income (loss)
23,000 23,000 42,628 19,628 Total revenues 2,659,547 2,637,649 2,624,783 (12,866) OTHER FINANCING SOURCES (USES):
Transfers out (2,652,547) (2,652,547) (2,624,783) 27,764 Total other financing sources (uses) (2,652,547) (2,652,547) (2,624,783) 27,764 Net change in fund balances 7,000$ (14,898)$ - 14,898$ FUND BALANCES:
Beginning of year -
End of year -$
Budgeted Amounts
145
319
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Public Education Government
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services -$ -$ 79,953$ 79,953$ Investment income (loss)
18,000 18,000 45,857 27,857 Total revenues 18,000 18,000 125,810 107,810 OTHER FINANCING SOURCES (USES):
Transfers out (285,534) (285,534) (69,554) 215,980 Total other financing sources (uses) (285,534) (285,534) (69,554) 215,980 Net change in fund balances (267,534)$ (267,534)$ 56,256 323,790$ FUND BALANCES:
Beginning of year 892,425
End of year 948,681$
Budgeted Amounts
146
320
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Transportation Tax
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ -$ 87,000$ 87,000$ Total revenues - - 87,000 87,000 Net change in fund balances -$ -$ 87,000 87,000$ FUND BALANCES:
Beginning of year
(357,901)
End of year (270,901)$
Budgeted Amounts
147
321
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure I Half-Cent Sales Tax
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 2,425,650$ 2,338,494$ 2,456,005$ 117,511$ Investment income (loss)
88,000 88,000 192,689 104,689 Total revenues 2,513,650 2,426,494 2,648,694 222,200 EXPENDITURES:
Current:
Public works 3,545,776 4,476,345 289,269 4,187,076 Capital outlay - - 1,285,324 (1,285,324) Total expenditures 3,545,776 4,476,345 1,574,593 2,901,752
REVENUES OVER (UNDER)
EXPENDITURES (1,032,126) (2,049,851) 1,074,101 3,123,952 OTHER FINANCING SOURCES (USES):
Transfers in - - 50,000 50,000 Transfers out (1,212,825) (1,212,825) (1,228,003) (15,178) Total other financing sources (uses) (1,212,825) (1,212,825) (1,178,003) 34,822 Net change in fund balances (2,244,951)$ (3,262,676)$ (103,902) 3,158,774$ FUND BALANCES:
Beginning of year 3,809,955
End of year 3,706,053$
Budgeted Amounts
148
322
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Community Services
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 2,626,598$ 3,322,582$ 3,184,300$ (138,282)$ Charges for services
2,229,191 2,262,861 1,807,852 (455,009) Other revenues 160,033 189,533 271,046 81,513 Total revenues 5,015,822 5,774,976 5,263,198 (511,778) EXPENDITURES:
Current:
Parks and community services 14,585,809 15,300,433 12,957,395 2,343,038 Total expenditures 14,585,809 15,300,433 12,957,395 2,343,038
REVENUES OVER (UNDER)
EXPENDITURES (9,569,987) (9,525,457) (7,694,197) 1,831,260 OTHER FINANCING SOURCES (USES):
Transfers in 9,367,311 9,367,311 7,947,404 (1,419,907) Total other financing sources (uses) 9,367,311 9,367,311 7,947,404 (1,419,907) Net change in fund balances (202,676)$ (158,146)$ 253,207 411,353$ FUND BALANCES:
Beginning of year
534,840
End of year 788,047$
Budgeted Amounts
149
323
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Community Development Block Grant
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 911,535$ 911,535$ 371,382$ (540,153)$ Total revenues 911,535 911,535 371,382 (540,153) EXPENDITURES:
Current:
Community development 911,535 911,535 286,169 625,366 Capital outlay - - 85,213 (85,213) Total expenditures 911,535 911,535 371,382 540,153
REVENUES OVER (UNDER)
EXPENDITURES - - - - Net change in fund balances -$ -$ - -$ FUND BALANCES:
Beginning of year -
End of year -$
Budgeted Amounts
150
324
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Maintenance District
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Other revenues 3,000$ 3,000$ 39,481$ 36,481$ Total revenues 3,000 3,000 39,481 36,481 EXPENDITURES:
Current:
Public works
9,369,778 9,074,154 8,605,549 468,605 Total expenditures 9,369,778 9,074,154 8,605,549 468,605
REVENUES OVER (UNDER)
EXPENDITURES (9,366,778) (9,071,154) (8,566,068) 505,086 OTHER FINANCING SOURCES (USES):
Transfers in 9,363,081 9,363,081 8,605,549 (757,532) Total other financing sources (uses) 9,363,081 9,363,081 8,605,549 (757,532) Net change in fund balances (3,697)$ 291,927$ 39,481 (252,446)$ FUND BALANCES:
Beginning of year -
End of year 39,481$
Budgeted Amounts
151
325
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual SCAQMD
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ -$ 154,744$ 154,744$ Investment income (loss)
19,000 19,000 57,776 38,776 Total revenues 19,000 19,000 212,520 193,520 EXPENDITURES:
Current:
Community development 8,500 8,500 7,935 565 Total expenditures 8,500 8,500 7,935 565
REVENUES OVER (UNDER)
EXPENDITURES 10,500 10,500 204,585 194,085 OTHER FINANCING SOURCES (USES):
Transfers out (391,858) (391,858) (391,858) - Total other financing sources (uses) (391,858) (391,858) (391,858) - Net change in fund balances (381,358)$ (381,358)$ (187,273) 194,085$ FUND BALANCES:
Beginning of year 1,097,656
End of year 910,383$
Budgeted Amounts
152
326
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Local Public Safety
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Taxes 1,330,000$ 1,330,000$ 1,270,126$ (59,874)$ Investment income (loss)
12,000 12,000 28,432 16,432 Total revenues 1,342,000 1,342,000 1,298,558 (43,442) OTHER FINANCING SOURCES (USES):
Transfers out (1,342,000) (1,342,000) (1,298,558) 43,442 Total other financing sources (uses) (1,342,000) (1,342,000) (1,298,558) 43,442 Net change in fund balances -$ -$ - -$ FUND BALANCES:
Beginning of year -
End of year -$
Budgeted Amounts
153
327
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Home Investment Partnership
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Investment income (loss) 23,000$ 23,000$ 63,091$ 40,091$ Other revenues
- - 36,092 36,092 Total revenues 23,000 23,000 99,183 76,183 Net change in fund balances 23,000$ 23,000$ 99,183 76,183$ FUND BALANCES:
Beginning of year 1,239,087
End of year 1,338,270$
Budgeted Amounts
154
328
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Asset Forfeitures
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 70,990$ -$ (70,990)$ Investment income (loss)
13,700 13,700 51,780 38,080 Fines and forfeitures - 19,868 417,278 397,410 Total revenues 13,700 104,558 469,058 364,500 EXPENDITURES:
Current:
Public safety 81,348 172,206 62,593 109,613 Capital outlay - - 103,599 (103,599) Total expenditures 81,348 172,206 166,192 6,014
REVENUES OVER (UNDER)
EXPENDITURES (67,648) (67,648) 302,866 370,514 Net change in fund balances (67,648)$ (67,648)$ 302,866 370,514$ FUND BALANCES:
Beginning of year 877,444
End of year 1,180,310$
Budgeted Amounts
155
329
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Bureau of Justice Assistance Grant
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 24,141$ 45,146$ 24,141$ (21,005)$ Total revenues 24,141 45,146 24,141 (21,005) EXPENDITURES:
Current:
Public safety 30,407 51,412 10,408 41,004 Capital outlay - - 19,999 (19,999) Total expenditures 30,407 51,412 30,407 21,005
REVENUES OVER (UNDER)
EXPENDITURES (6,266) (6,266) (6,266) - Net change in fund balances (6,266)$ (6,266)$ (6,266) -$ FUND BALANCES:
Beginning of year 6,266
End of year -$
Budgeted Amounts
156
330
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual COPS Program State AB 3229 Grant
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 280,101$ 280,256$ 155$ Investment income (loss)
10,000 10,000 33,092 23,092 Total revenues 10,000 290,101 313,348 23,247 EXPENDITURES:
Current:
Public safety 486,059 766,160 176,784 589,376 Debt service:
Principal - - 11,213 (11,213) Interest and fiscal charges - - 587 (587) Total expenditures 486,059 766,160 188,584 577,576
REVENUES OVER (UNDER)
EXPENDITURES (476,059) (476,059) 124,764 600,823 Net change in fund balances (476,059)$ (476,059)$ 124,764 600,823$ FUND BALANCES:
Beginning of year 587,782
End of year 712,546$
Budgeted Amounts
157
331
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Environmental Mitigation
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Investment income (loss) 21,000$ 21,000$ 53,375$ 32,375$ Total revenues 21,000 21,000 53,375 32,375 Net change in fund balances 21,000$ 21,000$ 53,375 32,375$ FUND BALANCES:
Beginning of year
1,048,272
End of year 1,101,647$
Budgeted Amounts
158
332
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Cal Home
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 517,450$ 517,450$ 153,500$ (363,950)$ Investment income (loss)
2,500 2,500 2,691 191 Other revenues 100,801 100,801 143,144 42,343 Total revenues 620,751 620,751 299,335 (321,416) EXPENDITURES:
Current:
Community development 597,450 597,450 314,540 282,910 Total expenditures 597,450 597,450 314,540 282,910
REVENUES OVER (UNDER)
EXPENDITURES 23,301 23,301 (15,205) (38,506) Net change in fund balances 23,301$ 23,301$ (15,205) (38,506)$ FUND BALANCES:
Beginning of year 78,600
End of year 63,395$
Budgeted Amounts
159
333
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Highway Safety Improvement
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Investment income (loss)
200$ 200$ 1,739$ 1,539$ Total revenues 200 200 1,739 1,539 Net change in fund balances 200$ 200$ 1,739 1,539$ FUND BALANCES:
Beginning of year 34,181
End of year 35,920$
Budgeted Amounts
160
334
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual RMRA
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 2,412,207$ 2,337,702$ 2,526,561$ 188,859$ Investment income (loss)
42,000 42,000 92,265 50,265 Total revenues 2,454,207 2,379,702 2,618,826 239,124 EXPENDITURES:
Current:
Public works 3,232,166 3,932,166 326,457 3,605,709 Capital outlay - - 1,721,970 (1,721,970) Total expenditures 3,232,166 3,932,166 2,048,427 1,883,739
REVENUES OVER (UNDER)
EXPENDITURES (777,959) (1,552,464) 570,399 2,122,863 Net change in fund balances (777,959)$ (1,552,464)$ 570,399 2,122,863$ FUND BALANCES:
Beginning of year 1,828,529
End of year 2,398,928$
Budgeted Amounts
161
335
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Assessment District Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services 676,463$ 676,463$ 691,043$ 14,580$ Total revenues 676,463 676,463 691,043 14,580 EXPENDITURES:
Current:
Public works
1,263,594 1,480,518 1,412,952 67,566 Total expenditures 1,263,594 1,480,518 1,412,952 67,566
REVENUES OVER (UNDER)
EXPENDITURES (587,131) (804,055) (721,909) 82,146 OTHER FINANCING SOURCES (USES):
Transfers in 587,132 587,132 721,909 134,777 Total other financing sources (uses) 587,132 587,132 721,909 134,777 Net change in fund balances 1$ (216,923)$ - 216,923$ FUND BALANCES:
Beginning of year -
End of year -$
Budgeted Amounts
162
336
City of Chino
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure I Valley SubArea Program
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Other revenues 25,213,775$ 25,213,775$ -$ (25,213,775)$ Total revenues 25,213,775 25,213,775 - (25,213,775) EXPENDITURES:
Current:
Public works 25,213,775 25,213,775 1,985,537 23,228,238 Capital outlay - - 24,980 (24,980) Total expenditures 25,213,775 25,213,775 2,010,517 23,203,258
REVENUES OVER (UNDER)
EXPENDITURES - - (2,010,517) (2,010,517) OTHER FINANCING SOURCES (USES):
Transfers in - - 361,813 361,813 Total other financing sources (uses) - - 361,813 361,813 Net change in fund balances -$ -$ (1,648,704) (1,648,704)$ FUND BALANCES:
Beginning of year (1,685,667)
End of year (3,334,371)$
Budgeted Amounts
163
337
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164
338
City of Chino
Internal Service Funds
June 30, 2025
Internal Service Funds are used to account for the financing of special activities and services provided by one department of a government to another. Internal Service Funds include the following:
Employee Benefits Fund
Used to account for retirement, medical/dental. long-term disability, life insurance, workers' compensation, and related employee benefit costs.
Building Management Fund
Used to account for building maintenance costs on a cost-reimbursement basis.
Liability Insurance Fund
Used to account for liability claims, premiums, and administrative costs and to maintain a sinking fund for future claims.
Central Services Fund
Used to account for the maintenance and replacement costs of data processing and general office equipment on a cost- reimbursement basis.
Equipment Management Fund
Used to account for the maintenance and replacement of City vehicles and equipment. 165
339
City of Chino
Combining Statement of Net Position
Internal Service Funds
June 30, 2025
Employee
Benefits
Building
Management
Liability
Insurance
Central
Services
Equipment
Management Totals
ASSETS
Current Assets:
Cash and investments 11,646,148$ 1,781,634$ 3,273,258$ 3,519,086$ 8,858,871$ 29,078,997$ Accounts receivable 6,307 2,126 672 - 88,666 97,771 Inventories - - - - 23,977 23,977 Total current assets 11,652,455 1,783,760 3,273,930 3,519,086 8,971,514 29,200,745 Noncurrent:
Capital assets:
Nondepreciable capital assets - 3,618,772 - 9,000 - 3,627,772 Depreciable capital assets - 6,606,549 11,859 7,865,526 23,162,406 37,646,340 Accumulated depreciation - (783,361) (5,930) (5,078,754) (17,742,807) (23,610,852) Net capital assets - 9,441,960 5,929 2,795,772 5,419,599 17,663,260 Total noncurrent assets - 9,441,960 5,929 2,795,772 5,419,599 17,663,260 Total assets 11,652,455 11,225,720 3,279,859 6,314,858 14,391,113 46,864,005 DEFERRED OUTFLOWS OF RESOURCES Pension related 315,269 420,358 210,179 420,358 420,358 1,786,522 OPEB related 66,752 89,004 44,501 89,004 89,004 378,265 Total deferred outflows of resources 382,021 509,362 254,680 509,362 509,362 2,164,787 LIABILITIES Current liabilities:
Accounts payable 135,978 291,348 213,881 79,368 439,392 1,159,967 Interest payable - - - 25,734 - 25,734 Accrued benefits payable 2,375,715 - - - - 2,375,715 Due to other governments 3,134 14 - - 434 3,582 Unearned revenue - - 548 - 85,516 86,064 Pension Liability- current 132,191 176,255 88,127 176,255 176,255 749,083 OPEB Liability- current 12,962 17,283 8,641 17,283 17,283 73,452 Estimated claims payable - current - - 1,650,000 - - 1,650,000 Compensated absences - current 21,071 47,517 20,960 89,548 Long-term debt - current portion - - - 410,308 - 410,308 Total current liabilities 2,659,980 484,900 1,982,268 756,465 739,840 6,623,453 Noncurrent liabilities:
Estimated claims payable - - 4,038,421 - - 4,038,421 Total pension liability 763,308 1,017,743 508,872 1,017,743 1,017,743 4,325,409 Compensated absences - 272,691 100,328 253,073 105,675 731,767 Total OPEB liability 447,743 596,990 298,496 596,990 596,990 2,537,209 Long-term debt - - - 452,492 - 452,492 Total noncurrent liabilities 1,211,051 1,887,424 4,946,117 2,320,298 1,720,408 12,085,298 Total liabilities 3,871,031 2,372,324 6,928,385 3,076,763 2,460,248 18,708,751 DEFERRED INFLOWS OF RESOURCES Pension related 4,019 5,358 2,679 5,358 5,358 22,772 OPEB related 280,295 373,727 186,863 373,727 373,727 1,588,339 Total deferred inflows of resources 284,314 379,085 189,542 379,085 379,085 1,611,111
NET POSITION
Net investment in capital assets - 9,441,960 5,929 1,932,972 5,419,599 16,800,460 Unrestricted 7,879,131 (458,287) (3,589,317) 1,435,400 6,641,543 11,908,470 Total net position 7,879,131$ 8,983,673$ (3,583,388)$ 3,368,372$ 12,061,142$ 28,708,930$ 166
340
City of Chino
Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the year ended June 30, 2025
Employee
Benefits
Building
Management
Liability
Insurance
Central
Services
Equipment
Management Totals
OPERATING REVENUES:
Charges for services 34,522,669$ 4,373,329$ 6,388,424$ 5,900,829$ 7,341,327$ 58,526,578$ Other operating 170 5,288 - 15,981 58,607 80,046 Total operating revenues 34,522,839 4,378,617 6,388,424 5,916,810 7,399,934 58,606,624 OPERATING EXPENSES:
Salaries, wages and benefits 28,726,871 2,409,203 1,228,585 1,936,723 1,636,023 35,937,405 Maintenance and operation 1,369,669 501,240 883,146 787,009 2,140,621 5,681,685 Contractual services 471,243 1,577,093 250,186 125,470 467,587 2,891,579 Materials and supplies 27,387 436,322 25,518 609,083 44 1,098,354 Utilities - 1,375,075 - 335,554 - 1,710,629 Insurance, claims, and charges - - 1,437,469 - - 1,437,469 Depreciation & amortization - 150,593 1,694 911,077 1,561,428 2,624,792 Total operating expenses 30,595,170 6,449,526 3,826,598 4,704,916 5,805,703 51,381,913 Operating income (loss) 3,927,669 (2,070,909) 2,561,826 1,211,894 1,594,231 7,224,711 NONOPERATING REVENUES (EXPENSES):
Interest expense - - - (30,442) - (30,442) Total nonoperating revenues (expenses) - - - (30,442) - (30,442) Income before contributions and transfers 3,927,669 (2,070,909) 2,561,826 1,181,452 1,594,231 7,194,269 CONTRIBUTIONS AND TRANSFERS:
Transfers in - 1,167,933 - - 518,451 1,686,384 Transfers out (2,500,000) (264,932) - - (4,500,000) (7,264,932) Total contributions and transfers (2,500,000) 903,001 - - (3,981,549) (5,578,548) Change in net position 1,427,669 (1,167,908) 2,561,826 1,181,452 (2,387,318) 1,615,721 NET POSITION:
Beginning of year 6,485,114 10,219,082 (6,108,615) 2,304,765 14,482,967 27,383,313 Restatements (33,652) (67,501) (36,599) (117,845) (34,507) (290,104) Beginning of year, as restated 6,451,462 10,151,581 (6,145,214) 2,186,920 14,448,460 27,093,209 End of year 7,879,131$ 8,983,673$ (3,583,388)$ 3,368,372$ 12,061,142$ 28,708,930$ 167
341
City of Chino
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2025
Employee
Benefits
Building
Management
Liability
Insurance
Central
Services
Equipment
Management Totals
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from interfund services provided 34,522,669$ 4,373,329$ 6,388,424$ 5,900,829$ 7,341,327$ 58,526,578$ Other operating receipts 170 5,288 - 15,981 58,607 80,046 Payments to suppliers (1,462,827) (3,950,750) (2,642,211) (1,981,247) (2,612,673) (12,649,708) Payments to employees and employee benefits (28,718,974) (2,182,374) (2,588,628) (1,748,685) (1,432,376) (36,671,037) Net cash provided by (used in)
operating activities 4,341,038 (1,754,507) 1,157,585 2,186,878 3,354,885 9,285,879
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Transfers from other funds - 1,167,933 - - 518,451 1,686,384 Transfers to other funds (2,500,000) (264,932) - - (4,500,000) (7,264,932) Net cash provided by (used in)
noncapital financing activities (2,500,000) 903,001 - - (3,981,549) (5,578,548)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Payments for capital assets - (463,013) 1 (1,140,918) (2,203,041) (3,806,971) Proceeds from settlement - - - 682,921 - 682,921 Interest paid - - - (8,614) - (8,614) Net cash provided by (used in)
capital and related financing activities - (463,013) 1 (466,611) (2,203,041) (3,132,664) Net cash flows 1,841,038 (1,314,519) 1,157,586 1,720,267 (2,829,705) 574,667 CASH AND INVESTMENTS - Beginning of year, as restated 9,805,110 3,096,153 2,115,672 1,798,819 11,688,576 28,504,330 CASH AND INVESTMENTS - End of year 11,646,148$ 1,781,634$ 3,273,258$ 3,519,086$ 8,858,871$ 29,078,997$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss) 3,927,669$ (2,070,909)$ 2,561,826$ 1,211,894$ 1,594,231$ 7,224,711$ Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:
Depreciation & amortization - 150,593 1,694 911,077 1,561,428 2,624,792 (Increase) decrease in:
Accounts receivable (4,988) 224 3,245 - 49,845 48,326 Inventories - - - - 806 806 Deferred outflows - pensions 153,548 204,731 102,365 204,731 204,731 870,106 Deferred outflows - OPEB (3,968) (5,293) (2,645) (5,293) (5,293) (22,492) Increase (decrease) in:
Accounts payable and accrued liabilities 408,507 15,887 (49,137) (124,131) (58,687) 192,439 Retainage payable - (77,145) - - - (77,145) Due to other governments 1,953 14 - - 434 2,401 Unearned revenues - - - - 3,181 3,181 Total pension liability (asset) 2,655 3,539 1,770 3,539 3,539 15,042 Total OPEB liability 39,808 53,077 26,539 53,077 53,077 225,578 Deferred inflows - pensions (7,274) (9,700) (4,850) (9,700) (9,700) (41,224) Deferred inflows - OPEB (38,246) (50,994) (25,498) (50,994) (50,994) (216,726) Estimated claims liabilities - - (1,458,238) - - (1,458,238) Compensated absences (138,626) 31,469 514 (7,322) 8,287 (105,678) Net cash provided by (used in) operating activities 4,341,038$ (1,754,507)$ 1,157,585$ 2,186,878$ 3,354,885$ 9,285,879$ 168
342
City of Chino
Custodial Funds
June 30, 2025
Custodial Funds are used to account for assets held by the City as an agent for individuals, private organizations, other governments, and/or funds. Custodial Funds include the following:
The following Community Facilities District Funds are used to account for the collection of assessments from owners of property with the respective District and for the remittance of such assessments to the bondholders as required by the Mello-Roos Community Facilities Act of 1982.
Community Facilities District No. 99-1 R Fund
Community Facilities District No. 00-1 Fund
Community Facilities District No. 01-1 Fund
Community Facilities District No. 03-1 Fund
Community Facilities District No. 03-2 Fund
Community Facilities District No. 03-3 Fund
Community Facilities District No. 03-4 Fund
Community Facilities District No. 05-1 Fund
Community Facilities District No. 05-2 Fund
Community Facilities District No. 06-2 Fund
Community Facilities District No. 09-1 Fund
Community Facilities District No. 06-1 Fund
Community Facilities District No. 06-3 Fund
Community Facilities District No. 16-1 Fund
Community Facilities District No. 16-2 Fund
Community Facilities District No. 19-1 Fund
Community Facilities District No. 2021 Appeseteche Fund Community Facilities District 2022-1 Falloncrest
Community Facilities District 2023-1 Sage Cedar
169
343
City of Chino
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2025
Community
Facilities District
No. 99-1R
Community
Facilities District
No. 00-1
Community
Facilities District
No. 01-1
Community
Facilities District
No. 03-1
ASSETS
Cash and investments 527,829$ 143,927$ 217,304$ 564,118$ Cash and investments with fiscal agents 49 73 3,795,783 260 Taxes receivable - - - 5,465 Interest receivable 2,055 562 12,928 2,199 Due from other funds - - - 486,522 Total assets 529,933 144,562 4,026,015 1,058,564
LIABILITIES
Due to other funds - - 3,735,483 - Long-term liabilities:
Long-term debt - due in more than one year - - - - Total liabilities - - 3,735,483 -
NET POSITION
Restricted for:
Individuals, organizations, and other governments 529,933 144,562 290,532 1,058,564 Total Net Position 529,933$ 144,562$ 290,532$ 1,058,564$ 170
344
Community
Facilities District
No. 03-2
Community
Facilities District
No. 03-3
Community
Facilities District
No. 03-4
Community
Facilities District
No. 05-1
Community
Facilities District
No. 05-2
Community
Facilities District
No. 06-2
521,074$ 9,769,716$ 440,225$ 2,835,157$ 420,817$ 602,910$ 240 8,151,624 213 533,558 164 263 1,395 100,808 - 28,494 - 2,832 2,029 64,214 1,717 12,890 1,639 2,350 448,020 1,527,570 403,581 - - - 972,758 19,613,932 845,736 3,410,099 422,620 608,355 - - - - - - - - - - - - - - - - - - 972,758 19,613,932 845,736 3,410,099 422,620 608,355 972,758$ 19,613,932$ 845,736$ 3,410,099$ 422,620$ 608,355$ 171
345
City of Chino
Combining Statement of Fiduciary Net Position (Continued) Custodial Funds
June 30, 2025
Community
Facilities District
No. 09-1
Community
Facilities District
No. 06-1
Community
Facilities District
No. 06-3
Community
Facilities District
No. 16-1
ASSETS
Cash and investments 925,184$ 237,583$ 328,630$ 494,553$ Cash and investments with fiscal agents 465 753,185 551,794 533,651 Taxes receivable - 731 - 3,059 Interest receivable 3,606 3,527 3,040 3,624 Due from other funds 869,790 - - - Total assets 1,799,045 995,026 883,464 1,034,887
LIABILITIES
Due to other funds - - - - Long-term liabilities:
Long-term debt - due in more than one year - - - - Total liabilities - - - -
NET POSITION
Restricted for:
Individuals, organizations, and other governments 1,799,045 995,026 883,464 1,034,887 Total Net Position 1,799,045$ 995,026$ 883,464$ 1,034,887$ 172
346
Community
Facilities District
No. 16-2
Community
Facilities District
No. 19-1
Community
Facilities District
2021
Appeseteche
Community
Facilities District
2022-1 Falloncrest
Community
Facilities District
2023-1 Sage Cedar
Total
Custodial
Funds
471,666$ 524,186$ 396,416$ 161,296$ 111,027$ 19,693,618$ 494,137 599,807 487,517 - - 15,902,783 1,222 3,459 13,425 2,838 - 163,728 3,545 3,952 3,229 629 433 128,168 - - - - - 3,735,483 970,570 1,131,404 900,587 164,763 111,460 39,623,780 - - - - - 3,735,483 - - - 167,055 114,668 281,723 - - - 167,055 114,668 4,017,206 970,570 1,131,404 900,587 (2,292) (3,208) 35,606,574 970,570$ 1,131,404$ 900,587$ (2,292)$ (3,208)$ 35,606,574$ 173
347
City of Chino
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the year ended June 30, 2025
Community
Facilities District
No. 99-1R
Community
Facilities District
No. 00-1
Community
Facilities District
No. 01-1
Community
Facilities District
No. 03-1
ADDITIONS:
Taxes 461,885$ 118,150$ 184,291$ 446,310$ Investment income (loss) 34,062 9,329 12,327 40,048 Total additions 495,947 127,479 196,618 486,358 DEDUCTIONS:
Administrative costs 5,318 4,173 5,287 10,990 Payment of special tax debt 415,000 100,000 150,000 365,000 Interest expense 60,244 18,006 30,501 86,822 Total deductions 480,562 122,179 185,788 462,812 Change in net position 15,385 5,300 10,830 23,546 NET POSITION:
Beginning of year 514,548 139,262 279,702 1,035,018 End of year 529,933$ 144,562$ 290,532$ 1,058,564$ 174
348
Community
Facilities District
No. 03-2
Community
Facilities District
No. 03-3
Community
Facilities District
No. 03-4
Community
Facilities District
No. 05-1
Community
Facilities District
No. 05-2
Community
Facilities District
No. 06-2
410,180$ 12,704,589$ 374,126$ 2,321,816$ 490,705$ 548,927$ 36,901 763,773 31,081 127,178 13,271 23,241 447,081 13,468,362 405,207 2,448,994 503,976 572,168 11,766 2,339,703 5,351 57,826 141,893 15,088 340,000 3,975,000 300,000 1,005,000 190,000 305,000 79,223 6,185,385 71,541 865,356 149,000 238,375 430,989 12,500,088 376,892 1,928,182 480,893 558,463 16,092 968,274 28,315 520,812 23,083 13,705 956,666 18,645,658 817,421 2,889,287 399,537 594,650 972,758$ 19,613,932$ 845,736$ 3,410,099$ 422,620$ 608,355$ 175
349
City of Chino
Combining Statement of Changes in Fiduciary Net Position (Continued) Custodial Funds
For the year ended June 30, 2025
Community
Facilities District
No. 09-1
Community
Facilities District
No. 06-1
Community
Facilities District
No. 06-3
Community
Facilities District
No. 16-1
ADDITIONS:
Taxes 829,377$ 240,709$ 329,899$ 533,972$ Investment income (loss) 75,394 23,844 35,422 40,745 Total additions 904,771 264,553 365,321 574,717 DEDUCTIONS:
Administrative costs 5,265 9,371 10,551 9,021 Payment of special tax debt 560,000 150,000 160,000 190,000 Interest expense 273,940 120,856 162,031 330,544 Total deductions 839,205 280,227 332,582 529,565 Change in net position 65,566 (15,674) 32,739 45,152 NET POSITION:
Beginning of year 1,733,479 1,010,700 850,725 989,735 End of year 1,799,045$ 995,026$ 883,464$ 1,034,887$ 176
350
Community
Facilities District
No. 16-2
Community
Facilities District
No. 19-1
Community
Facilities District
2021
Appeseteche
Community
Facilities District
2022-1 Falloncrest
Community
Facilities District
2023-1 Sage Cedar
Total
Custodial
Funds
487,132$ 591,660$ 490,096$ -$ -$ 21,563,824$ 40,349 44,765 38,516 2,512 1,596 1,394,354 527,481 636,425 528,612 2,512 1,596 22,958,178 10,631 10,631 9,946 4,804 4,804 2,672,419 175,000 195,000 180,000 - - 8,755,000 305,925 387,900 374,706 - - 9,740,355 491,556 593,531 564,652 4,804 4,804 21,167,774 35,925 42,894 (36,040) (2,292) (3,208) 1,790,404 934,645 1,088,510 936,627 - - 33,816,170 970,570$ 1,131,404$ 900,587$ (2,292)$ (3,208)$ 35,606,574$ 177
351
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STATISTICAL SECTION
(Unaudited)
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Page
Number
182 - 191
192 - 198
199 - 201
202 - 203
204 - 207
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.
CITY OF CHINO, CALIFORNIA
YEAR ENDED JUNE 30, 2025
This part of the City of Chino's Annual Comprehensive Financial Report represents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information say about the goverment's overall fianancial health.
DESCRIPTION OF STATISTICAL SECTION
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 sources, the property, and sales 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.
181
355
City of Chino
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
2016 2017 2018 2019
Governmental Activities
Net investment in capital assets 218,415,150$ 219,047,841$ 235,577,649$ 244,097,355$ Restricted 74,880,586 83,508,238 97,534,131 97,392,783 Unrestricted 32,425,988 359,260 (8,061,553) 978,164 Total governmental activities net position 325,721,724 302,915,339 325,050,227 342,468,302 Business-type Activities
Net investment in capital assets 104,222,899 118,323,407 139,197,552 156,310,930 Restricted 413,733 414,827 418,485 257 Unrestricted 38,090,412 46,778,706 43,659,580 42,353,571 Total business-type activities net position 142,727,044 165,516,940 183,275,617 198,664,758 Primary Government
Net investment in capital assets 322,638,049 337,371,248 374,775,201 400,408,285 Restricted 75,294,319 83,923,065 97,952,616 97,393,040 Unrestricted 70,516,400 47,137,966 35,598,027 43,331,735 Total primary government net position 468,448,768$ 468,432,279$ 508,325,844$ 541,133,060$ Fiscal Year Ended June 30,
Source: City Finance Department.
182 356
2020 2021 2022 2023 2024 2025
251,859,578$ 292,763,448$ 305,520,331$ 318,251,624$ 331,103,402$ 365,456,175$ 154,995,197 133,429,854 157,014,937 148,245,149 143,497,849 111,440,375 (7,176,117) (3,153,425) 25,144,722 21,301,215 19,128,260 23,984,423 399,678,658 423,039,877 487,679,990 487,797,988 493,729,511 500,880,973 164,986,220 176,235,002 205,297,093 219,533,318 232,324,032 225,181,461 14,915,176 12,541,458 2,801,907 - - - 31,321,147 36,833,053 42,904,839 65,178,855 69,473,449 89,355,317 211,222,543 225,609,513 251,003,839 284,712,173 301,797,481 314,536,778 416,845,798 468,998,450 510,817,424 537,784,942 563,427,434 590,637,636 169,910,373 145,971,312 159,816,844 148,245,149 143,497,849 111,440,375 24,145,030 33,679,628 68,049,561 86,480,070 88,601,709 113,339,740 610,901,201$ 648,649,390$ 738,683,829$ 772,510,161$ 795,526,992$ 815,417,751$ Fiscal Year Ended June 30,
183
357
City of Chino
Changes in Net Position - Expenses and Program Revenues Last Ten Fiscal Years
(accrual basis of accounting)
2016 2017 2018 2019
Expenses:
Governmental Activities:
General government 3,553,023$ 5,387,341$ 6,717,595$ 5,778,928$ Public safety 42,077,998 43,559,043 50,469,203 47,643,494 Public works 26,434,835 17,072,811 18,606,078 17,185,217 Community services 8,672,522 8,473,810 10,067,346 12,335,106 Parks and community services 5,861,187 7,359,074 8,720,548 15,458,112 Interest on long term debt - - - - Unallocated infrastructure depreciation 3,052,664 3,354,253 4,214,911 4,245,950 Total governmental activities net expenses 89,652,229 85,206,332 98,795,681 102,646,807 Business-type Activities:
Sanitation 15,033,922 15,512,301 12,572,481 8,083,523 Water 26,914,109 24,323,471 33,382,823 32,227,071 Storm drain 5,465,333 7,742,279 11,889,295 6,782,930 Sewer 10,959,933 10,136,966 13,079,878 15,472,239 Sewer lift station - - - 76,813 Total business-type activities net expenses 58,373,297 57,715,017 70,924,477 62,642,576 Total primary government expenses 148,025,526$ 142,921,349$ 169,720,158$ 165,289,383$ Program Revenues:
Governmental Activities:
Charges for services:
General government 1,555,185$ 1,156,338$ 1,405,005$ 2,641,122$ Public safety 1,224,825 1,301,196 1,354,512 1,547,708 Public works 3,710,912 12,235,610 11,071,558 1,985,259 Community services 3,722,250 4,731,145 9,919,428 6,056,500 Parks and community services 1,544,463 1,734,527 3,251,712 3,798,909 Operating grants and contributions 7,739,729 4,458,417 4,346,842 5,049,254 Capital grants and contributions 45,581,973 11,130,391 17,634,298 32,729,119 Total governmental activities program revenues 65,079,337 36,747,624 48,983,355 53,807,871 Business-type Activities:
Charges for services:
Sanitation 14,349,817 15,817,321 11,899,685 6,635,793 Water 23,029,926 32,878,446 28,512,153 26,852,557 Storm drain 4,125,661 4,284,548 4,473,751 4,431,273 Sewer 9,313,853 10,984,114 12,304,267 12,404,834 Sewer lift station - - 2,883 82,807 Operating grants and contributions 86,410 145,776 681,097 664,091 Capital grants and contributions 9,304,347 15,205,244 27,726,731 16,847,133 Total business-type activities program revenues 60,210,014 79,315,449 85,600,567 67,918,488 Primary government program revenues 125,289,351$ 116,063,073$ 134,583,922$ 121,726,359$ Net Revenue/(Expense):
Governmental activities (24,572,892)$ (48,458,708)$ (49,812,326)$ (48,838,936)$ Business-type activities 1,836,717 21,600,432 14,676,090 5,275,912 Total primary government net revenue/(expense) (22,736,175)$ (26,858,276)$ (35,136,236)$ (43,563,024)$ Fiscal Year Ended June 30,
Source: City Finance Department.
184 358
2020 2021 2022 2023 2024 2025
5,007,260$ 13,539,605$ 4,993,410$ 6,413,018$ 11,381,030$ 12,808,105$ 56,343,219 62,232,550 37,139,945 79,818,455 71,318,394 69,216,230 16,055,597 33,899,018 25,246,344 29,698,027 35,836,997 40,213,273 12,651,827 14,903,012 15,989,569 16,806,972 18,440,885 18,695,648 8,634,743 10,002,516 9,262,473 13,224,458 16,572,109 11,149,885 - - - 15,384 27,693 50,138 4,238,504 4,309,299 4,503,263 4,886,303 5,205,455 5,444,614 102,931,150 138,886,000 97,135,004 150,862,617 158,782,563 157,577,893 7,800,758 8,158,331 8,043,471 8,710,120 10,517,440 11,720,374 32,489,454 28,801,435 28,005,594 29,898,562 32,955,908 34,739,037 4,641,873 15,739,194 5,501,783 7,509,228 6,954,504 5,372,002 15,170,656 18,710,393 13,509,227 14,281,790 15,421,258 16,915,443 97,067 114,582 119,456 68,289 215,948 235,020 60,199,808 71,523,935 55,179,531 60,467,989 66,065,058 68,981,876 163,130,958$ 210,409,935$ 152,314,535$ 211,330,606$ 224,847,621$ 226,559,769$ 2,729,553$ 2,851,226$ 2,822,139$ 2,494,135$ 1,393,015$ 1,660,804$ 1,379,747 1,483,627 1,932,173 2,046,880 2,863,957 2,776,534 14,999,906 7,318,424 17,187,046 7,284,960 11,257,084 6,958,510 9,186,913 9,706,453 10,316,586 3,509,650 5,167,328 4,563,853 4,907,808 2,308,698 1,906,634 3,810,862 3,996,904 4,115,721 4,725,244 15,454,465 18,263,216 10,882,221 9,424,985 12,828,287 42,848,794 50,904,565 35,994,131 41,824,159 39,091,175 14,925,394 80,777,965 90,027,458 88,421,925 71,852,867 73,194,448 47,829,103 7,071,723 7,517,157 8,040,307 8,588,428 10,284,049 11,360,136 27,748,691 30,950,675 33,458,776 46,431,562 30,781,392 33,496,584 4,476,494 4,609,858 4,685,604 4,681,294 4,792,595 4,942,904 13,211,761 13,365,952 14,428,625 15,042,884 17,340,180 16,944,567 97,149 175,367 195,025 222,911 247,933 261,721 3,888,644 654,443 1,195,299 620,644 996,898 621,042 14,337,124 1,409,905 11,306,800 4,712,833 9,578,321 10,476,842 70,831,586 58,683,357 73,310,436 80,300,556 74,021,368 78,103,796 151,609,551$ 148,710,815$ 161,732,361$ 152,153,423$ 147,215,816$ 125,932,899$ (22,153,185)$ (48,858,542)$ (8,713,079)$ (79,009,750)$ (85,588,115)$ (109,748,790)$ 10,631,778 (12,840,578) 18,130,905 19,832,567 7,956,310 9,121,920 (11,521,407)$ (61,699,120)$ 9,417,826$ (59,177,183)$ (77,631,805)$ (100,626,870)$ Fiscal Year Ended June 30,
185
359
City of Chino
Changes in Net Position - General Revenues
Last Ten Fiscal Years
(accrual basis of accounting)
2016 2017 2018 2019
General Revenues and Other Changes
in Net Position:
Governmental Activities:
Sales taxes 22,620,572$ 24,483,357$ 25,698,683$ 30,148,521$ Property taxes, levied for general purposes 19,302,137 20,698,055 22,733,618 25,058,493 Business license taxes 2,781,218 1,015,299 1,017,187 1,099,960 Franchise 982,924 2,828,462 3,012,096 2,984,951 Other taxes 2,856,304 3,205,904 4,482,223 3,933,637 Revenues not restricted to specific programs 4,774,463 5,149,545 5,549,535 5,242,294 Investment earnings 689,428 157,658 706,004 1,507,903 Gain on sale of capital assets 796,730 - - - Transfers (1,787,702) (1,990,035) (5,952,232) (3,718,748) Total governmental activities 53,016,074 55,548,245 57,247,114 66,257,011 Business-type Activities:
Revenues not restricted to specific programs 54,093 31,235 (142,764) 201,770 Investment earnings 360,853 233,992 338,322 1,431,413 Transfers 1,787,702 1,990,035 5,952,232 3,718,748 Total business-type activities 2,202,648 2,255,262 6,147,790 5,351,931 Total primary government 55,218,722$ 57,803,507$ 63,394,904$ 71,608,942$ Change in Net Position:
Governmental activities 28,443,182$ 7,089,537$ 7,434,788$ 17,418,075$ Business-type activities 4,039,365 23,855,694 20,823,880 10,627,843 Total primary government 32,482,547$ 30,945,231$ 28,258,668$ 28,045,918$ Fiscal Year Ended June 30,
Source: City Finance Department.
186 360
2020 2021 2022 2023 2024 2025
25,374,164$ 35,462,800$ 35,643,318$ 35,598,984$ 36,013,142$ 61,314,319$ 27,018,711 28,430,309 30,267,853 32,506,697 38,163,470 38,863,674 1,020,780 1,069,936 1,049,116 982,429 1,209,873 1,043,771 3,083,920 3,339,653 3,522,402 3,844,908 4,047,526 4,078,404 4,681,031 4,807,152 5,251,798 5,803,268 5,860,818 5,940,284 4,800,984 5,248,186 4,389,779 4,406,525 5,465,933 4,977,661 945,160 (758,829) (4,478,594) 2,667,031 6,246,444 4,739,927 - - - - - - (790,645) (4,270,886) (2,292,480) (6,682,094) (3,351,398) (217,531) 66,134,105 73,328,321 73,353,192 79,127,748 93,655,808 120,740,509 141,927 22,744,601 5,964,513 6,352,343 162,237 34,631 993,435 212,061 (993,572) 841,330 3,479,192 3,724,730 790,645 4,270,886 2,292,480 6,682,094 3,351,398 217,531 1,926,007 27,227,548 7,263,421 13,875,767 6,992,827 3,976,892 68,060,112$ 100,555,869$ 80,616,613$ 93,003,515$ 100,648,635$ 124,717,401$ 43,980,920$ 24,469,779$ 64,640,113$ 117,998$ 8,067,694$ 10,991,719$ 12,557,785 14,386,970 25,394,326 33,708,334 14,949,137 13,098,812 56,538,705$ 38,856,749$ 90,034,439$ 33,826,332$ 23,016,831$ 24,090,531$ Fiscal Year Ended June 30,
187
361
City of Chino
Fund Balance of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2016 2017 2018 2019
General Fund:
Nonspendable 1,568,284$ 4,604,112$ 73,398,134$ 71,343,300$ Restricted 13,045 - - - Assigned 1,285,175 - - - Unassigned 40,067,630 43,048,027 (17,564,262) (9,959,177) Total general fund 42,934,134$ 47,652,139$ 55,833,872$ 61,384,123$ All Other Governmental Funds:
Nonspendable 215,217$ 20,050$ -$ -$ Restricted 57,822,925 68,469,140 80,907,340 80,737,338 Committed 8,891,649 12,461,762 13,868,918 13,719,971 Assigned 8,582,481 - - - Unassigned (239,086) (703,388) (410,626) (95,000) Total all other governmental funds 75,273,186$ 80,247,564$ 94,365,632$ 94,362,309$ Fiscal Year Ended June 30,
Source: City Finance Department.
188 362
2020 2021 2022 2023 2024 2025
68,125,296$ 62,222,865$ 58,840,496$ 55,377,764$ 2,305,413$ 3,618,229$ - - - - - - - - - - - - (7,992,130) (2,076,117) 13,541,338 13,274,421 30,151,505 36,586,968 60,133,166$ 60,146,748$ 72,381,834$ 68,652,185$ 32,456,918$ 40,205,197$ -$ 299$ 7,746$ 1,356$ 570$ -$ 136,238,149 130,298,619 136,301,482 148,278,525 146,600,949 122,592,379 15,566,929 14,214,200 11,726,536 11,516,676 11,696,381 11,728,643 - - - - - - (472,789) (1,072,361) (1,339,380) (2,071,339) (2,043,568) (3,605,272) 151,332,289$ 143,440,757$ 146,696,384$ 157,725,218$ 156,254,332$ 130,715,750$ Fiscal Year Ended June 30,
189
363
City of Chino
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2016 2017 2018 2019
Revenues:
Taxes 53,325,427$ 56,190,756$ 61,266,808$ 67,672,647$ Licenses and permits 1,680,737 2,293,092 2,818,200 1,395,371 Intergovernmental 6,395,923 2,830,483 3,540,927 4,069,460 Charges for services 12,936,697 26,630,749 28,181,735 15,552,261 Investment income 1,625,992 645,971 1,484,177 5,894,013 Fines and forfeitures 741,556 1,144,431 710,670 827,907 Contribution from property owners 18,954,344 29,742 7,410,050 20,976,869 Other revenues 4,141,138 4,025,808 6,840,216 7,495,945 Total revenues 99,801,814 93,791,032 112,252,783 123,884,473 Expenditures:
General government 4,816,857 4,471,106 4,670,298 4,255,560 Public safety 41,360,346 43,132,233 46,024,584 48,476,584 Public works 11,445,695 12,976,827 12,877,786 13,494,392 Community development 10,362,121 8,156,596 9,407,330 11,315,660 Parks and community services 7,039,989 7,107,438 8,187,914 11,991,450 Capital outlay 21,716,003 8,538,219 2,477,586 24,836,957 Debt service:
Principal - - - - Interest and fiscal charges - - - - Total expenditures 96,741,011 84,382,419 83,645,498 114,370,603 Excess (deficiency) of revenues
over (under) expenditures 3,060,803 9,408,613 28,607,285 9,513,870 Other Financing Sources (Uses):
Transfers in 21,086,516 16,120,725 18,508,407 20,294,400 Transfers out (25,907,518) (18,445,515) (24,815,891) (24,261,342) Issuance of long-term debt - - - - Proceeds on disposition of capital assets 2,722,717 - - - Total other financing sources (uses) (2,098,285) (2,324,790) (6,307,484) (3,966,942) Net change in fund balances 962,518 7,083,823 22,299,801 5,546,928 Fund balances - July 1, as restated 117,244,802 120,815,880 127,899,703 150,199,504 Fund balances - June 30 118,207,320$ 127,899,703$ 150,199,504$ 155,746,432$ Debt service as a percentage of noncapital expenditures 0.00% 0.00% 0.00% 0.00% Fiscal Year Ended June 30,
Source: City Finance Department.
190 364
2020 2021 2022 2023 2024 2025
65,799,099$ 75,777,103$ 76,765,107$ 79,316,982$ 86,583,907$ 112,510,577$ 2,352,084 2,315,483 3,616,111 1,736,309 2,064,392 1,873,242 3,144,924 12,295,404 20,883,437 14,479,183 14,747,794 15,827,616 33,168,631 22,906,791 36,016,114 17,108,583 23,692,593 16,896,640 4,935,733 1,047,633 (4,500,908) 7,136,740 11,535,707 11,305,753 730,645 1,098,330 1,115,041 1,511,372 1,514,151 1,753,599 27,901,312 9,985,253 22,303,581 29,938,501 24,137,287 741,618 9,005,324 11,098,163 5,527,906 4,914,963 5,308,690 5,601,165 147,037,752 136,524,160 161,726,389 156,142,633 169,584,521 166,510,210 5,279,578 7,422,683 5,506,624 6,426,010 8,504,100 12,142,156 49,688,761 53,153,271 55,191,109 58,879,707 65,272,511 68,727,976 17,831,644 17,004,330 20,513,442 22,415,301 21,892,839 39,557,381 11,634,439 13,737,037 17,335,767 16,780,323 18,332,686 18,586,602 8,271,801 7,337,354 8,484,823 9,682,273 11,300,977 13,238,401 8,012,403 37,712,219 34,466,088 26,813,403 37,555,221 37,064,155 - - - 422,454 430,252 331,679 - - - 5,813 13,931 13,180 100,718,626 136,366,894 141,497,853 141,425,284 163,302,517 189,661,530 46,319,126 157,266 20,228,536 14,717,349 6,282,004 (23,151,320) 23,974,212 32,474,078 33,598,984 37,304,878 43,208,496 58,634,379 (25,365,672) (37,900,734) (38,336,807) (46,422,731) (44,562,610) (53,273,362) - - - 1,699,689 - - - - - - - - (1,391,460) (5,426,656) (4,737,823) (7,418,164) (1,354,114) 5,361,017 44,927,666 (5,269,390) 15,490,713 7,299,185 4,927,890 (17,790,303) 166,537,789 208,856,895 203,587,505 219,078,218 183,783,360 188,711,250 211,465,455$ 203,587,505$ 219,078,218$ 226,377,403$ 188,711,250$ 170,920,947$
0.00% 0.00% 0.00% 0.35% 0.31% 0.20%
Fiscal Year Ended June 30,
191
365
Fiscal Secured Secured Taxable Total
Year Ended Common Public Unsecured Assessed Direct
June 30 Property Utility (1) Valuation Value (2) Tax Rate 2016 9,946,230,394 456,510 656,854,612 10,603,541,516 0.1080 2017 10,552,738,447 456,298 652,193,745 11,205,388,490 0.1080 2018 11,422,989,093 456,218 717,488,068 12,140,933,379 0.1080 2019 12,548,491,858 454,331 759,166,735 13,308,112,924 0.1080 2020 13,374,712,821 1,113,040 848,119,405 14,223,945,266 0.1080 2021 14,172,031,711 1,113,040 880,829,342 15,053,974,093 0.1080 2022 15,092,742,152 1,113,040 886,589,192 15,980,444,384 0.1080 2023 16,326,719,550 1,113,040 967,760,149 17,295,592,739 0.1080 2024 18,275,878,589 1,210,532 1,207,013,356 19,484,102,477 0.1080 2025 19,644,775,185 1,210,532 1,347,061,537 20,993,047,254 0.1080 (1) Chapter 921 (AB 454) breaks out Unitary values (except Railroads) from Public Utility. Unitary values are valued separately and billed at an average county-wide tax rate. (2) City Assessed Valuation includes Redevelopment Agency Assessed Valuation City
CITY OF CHINO
Assessed Value and
Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
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 the property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only reassessed at the time that it is sold to a new owner. At that point, the new assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.
192
366
Fiscal Secured Secured Taxable Total
Year Ended Common Public Unsecured Assessed Direct
June 30 Property Utility (1) Valuation Value (2) Tax Rate 2016 2,317,253,572 0 233,700,938 2,550,954,510 0.0000
2017 2,511,001,501 0 230,571,450 2,741,572,951 0.0000
2018 2,763,965,409 0 297,222,745 3,061,188,154 0.0000
2019 3,079,549,266 0 317,376,005 3,396,925,271 0.0000
2020 3,189,333,324 0 394,965,720 3,584,299,044 0.0000
2021 3,429,283,815 0 401,076,278 3,830,360,093 0.0000
2022 3,555,221,652 0 380,330,569 3,935,552,221 0.0000
2023 3,686,984,319 0 387,555,531 4,074,539,850 0.0000
2024 3,900,814,591 0 470,733,767 4,371,548,358 0.0000
2025 4,240,466,609 0 439,452,038 4,679,918,647 0.0000
(1) Chapter 921 (AB 454) breaks out Unitary values (except Railroads) from Public Utility. Unitary values are valued separately and billed at an average county-wide tax rate. (2) City Assessed Valuation includes Redevelopment Agency Assessed Valuation Source: Auditor-Controller reports, County of San Bernardino, which assesses property and collects taxes.
CITY OF CHINO
Assessed Value and
Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
Former Redevelopment Agency
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 the property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only reassessed at the time that it is sold to a new owner. At that point, the new assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.
193
367
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
City Direct Rates:
City Basic Rate 0.1080 0.1080 0.1080 0.1080 0.1080 0.1080 0.1080 0.1080 0.1080 0.1080 Redevelopment Agency 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 Total City Direct Rate 0.1080 0.1080 0.1080 0.1080 0.1080 0.1080 0.1080 0.1080 0.1080 0.1080 Overlapping Rates:
School Tax Rate 0.0444 0.0499 0.1022 0.1002 0.1031 0.1008 0.1039 0.1037 0.0885 0.1731 Metropolitan Water District 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0070 County Rates:
Chino Unified School District 0.3103 0.3103 0.3103 0.3103 0.3103 0.3103 0.3103 0.3103 0.3103 0.3103 Education Revenue Augmentation Fund 0.2244 0.2244 0.2244 0.2244 0.2244 0.2244 0.2244 0.2244 0.2244 0.2244 General County Fund 0.1482 0.1482 0.1482 0.1482 0.1482 0.1482 0.1482 0.1482 0.1482 0.1482 Chaffey Community College 0.0429 0.0429 0.0429 0.0429 0.0429 0.0429 0.0429 0.0429 0.0429 0.0429 Chino Valley Independent Fire District 0.0649 0.0649 0.0649 0.0648 0.0648 0.0648 0.0648 0.0648 0.0648 0.0648 Flood Control Zone 1 0.0261 0.0261 0.0261 0.0261 0.0261 0.0261 0.0261 0.0261 0.0261 0.0261 Chino Basin Municipal Water District 0.0460 0.0460 0.0460 0.0460 0.0460 0.0460 0.0460 0.0460 0.0460 0.0460 County Free Library 0.0143 0.0143 0.0143 0.0143 0.0143 0.0143 0.0143 0.0143 0.0143 0.0143 County Superintendent 0.0092 0.0092 0.0092 0.0092 0.0092 0.0092 0.0092 0.0092 0.0092 0.0092 Chino Basin Water Conservation District 0.0033 0.0033 0.0033 0.0033 0.0033 0.0033 0.0033 0.0033 0.0033 0.0033 Flood Control Administration 1 & 2 0.0018 0.0018 0.0018 0.0019 0.0019 0.0019 0.0019 0.0019 0.0019 0.0019 Inland Empire West Resource Conservation District 0.0006 0.0006 0.0006 0.0006 0.0006 0.0006 0.0006 0.0006 0.0006 0.0006 Total Direct Rate 1.0479 1.0534 1.1057 1.1037 1.1066 1.1043 1.1074 1.1072 1.0920 1.1801 Source: Auditor-Controller reports, County of San Bernardino, and HdL Company
CITY OF CHINO
Direct and Overlapping Property Tax Rates
Tax Code Area 1001
Last Ten Fiscal Years
In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of the Chino Unified School District bonds and Metropolitan Water District bonds. 194
368
Taxpayer
Taxable Assessed
Value
Percent of
Total City
Taxable
Assessed
Values
Taxable Assessed
Value
Percent of
Total City
Taxable
Assessed
Values
Watson Land Company 769,737,512$ 3.64% 225,889,912$ 2.12% Westcore Bravo Chino II LLC 462,000,000 2.18% 0 0.00%
Walmart/Sam's 424,992,193 2.01% 0 0.00%
Majestic Realty Company 410,507,544 1.94% 272,852,723 2.56% Homecoming at The Preserve LLC 368,742,146 1.74% 0 0.00% Scannell Properties #404 191,956,024 0.91% 0 0.00%
In-N-Out Burgers 187,532,103 0.89% 0 0.00%
John Hancock Life Insurance Company 185,148,033 0.87% 131,239,000 1.23% MLM Chino Property LLC 151,398,721 0.72% 0 0.00%
Fedex Ground Package System Inc. 148,269,035 0.70% 0 0.00% Spectrum South LLC 0 0.00% 118,162,061 1.11%
Chino Center Inc 0 0.00% 111,965,213 1.05%
Vestar-Chino LLC 0 0.00% 114,589,575 1.07%
PK I Chino Town Square LP 0 0.00% 80,465,148 0.75%
Majestic-AMB South Chino LLC 0 0.00% 80,817,136 0.76%
SY Ventures LLC 0 0.00% 79,477,664 0.74%
Centerpointe Distribution Center LLC 0 0.00% 72,877,768 0.68% Chino Holding Company LLC 0 0.00% 72,499,137 0.68%
PK 1 County Fair SC LP 0 0.00% 46,976,244 0.44%
3,300,283,311$ 15.60% 1,407,811,581$ 13.19%
The amounts shown above include assessed value data for both the City and the Former Redevelopment Agency.
Zero values mean the Taxpayer was not in the Top 10 Property Taxpayers ranking in that particular year.
Source: San Bernardino County Assessor Secured and Unsecured Tax Rolls
CITY OF CHINO
Principal Property Taxpayers
Currrent Year and Nine Years Ago
2025 2016
195
369
Total Collections to Date
Fiscal
Year
Ended
June 30
Taxes Levied
for the Fiscal
Year Amount (2)
Percent of
Levy (3)
Collections
in
Subsequent
Years
Supplemental
Taxes
Collected Amount (1)
Percent
of Levy
Collected (4)
2016 CITY 8,877,358 8,958,991 100.9% 347,199 134,307 9,440,497 106.3% 2017 CITY 9,324,103 9,517,987 102.1% 335,852 149,249 10,003,088 107.3% 2018 CITY 9,973,404 10,101,494 101.3% 342,661 196,281 10,640,436 106.7% 2019 CITY 10,739,892 10,934,650 101.8% 334,747 235,780 11,505,177 107.1% 2020 CITY 11,579,399 11,903,093 102.8% 324,171 174,543 12,401,806 107.1% 2021 CITY 12,053,343 12,533,249 104.0% 385,075 227,293 13,145,617 109.1% 2022 CITY 12,907,542 13,384,430 103.7% 393,965 349,169 14,127,563 109.5% 2023 CITY 14,202,475 14,607,002 102.8% 329,155 450,198 15,386,355 108.3% 2024 CITY 16,267,102 16,695,000 102.6% 2,023,747 375,456 19,094,204 117.4% 2025 CITY 18,586,561 17,595,697 94.7% 767,767 298,099 18,661,563 100.4% (1) Amounts prior to 2013 Include all City property taxes and Redevelopment Agency Property Tax increment: Secured, Unitary, Unsecured, Supplemental, Homeowners, Prior, Airport. (2) Supplemental and Collections in subsequent years are not included in the Taxes Levied amount. Therefore, they are deducted from the amount collected within the fiscal year of levy in order to calculate the Percent of Levy correctly.
(3) Collection of more than 100% of the levied amount is due to roll changes that occurred after the lien date (4) The County does not provide readily available information on adjustment to the annual tax levy. Therefore, the original levy at the start of the fiscal year is presented, as well as the total collections for the fiscal year.
Because of supplemental tax bills and adjustments throughout the fiscal year, the original tax levy amount changes.
Actual collections of property tax may exceed the original levy because of these adjustments.
Source: City Finance Department and Office of the Auditor-Controller, County of San Bernardino Collected within the
Fiscal Year of Levy
CITY OF CHINO
Property Tax Levies and Tax Collections
Last Ten Fiscal Years
196
370
Point of Sale/Seven Major Industry Groups 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Autos and Transportation 2,472,116$ 2,694,086$ 2,567,621$ 3,017,087$ 2,240,337$ 2,397,561$ 1,811,386$ 1,841,181$ 1,616,765$ 1,799,144$ Building and Construction 1,923,014 2,148,330 2,065,872 3,880,810 1,752,132 4,701,008 4,455,387 4,620,192 4,360,280 4,240,242 Business and Industry 7,510,480 8,546,060 10,198,016 10,494,650 10,494,133 13,750,558 14,349,596 14,245,111 14,739,010 15,568,631 Food and Drugs 512,384 531,527 516,968 583,076 624,238 735,218 703,691 700,715 726,741 747,532 Fuel and Service Stations 1,153,275 1,158,079 1,169,310 1,458,174 1,227,362 1,285,684 2,019,245 1,702,543 1,751,245 1,532,946 General Consumer Goods 5,178,713 5,258,722 4,846,883 5,382,562 4,566,227 5,034,300 5,383,178 5,143,491 5,526,744 5,133,442 Restaurants and Hotels 1,479,791 1,543,794 1,643,525 1,794,441 1,568,572 1,745,184 2,133,070 2,355,403 2,458,276 2,627,250 Transfers & Unidentified (11,742) 3,613 22,831 35,765 62,248 59,736 67,812 54,129 79,803 82,132 Total Point of Sale (1)
20,218,031$ 21,884,211$ 23,031,026$ 26,646,565$ 22,535,249$ 29,709,249$ 30,923,365$ 30,662,765$ 31,258,864$ 31,731,319$ City Direct Sales Tax Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.00% Total State, City, and County Sales Tax Rate (2)
8.00% 8.00% 7.75% 7.75% 7.75% 7.75% 7.75% 7.75% 7.75% 7.75% Notes:
(1) Point of Sale does not include State and County Pool Allocations (2) Rate in effect on July 1
Source: HdL Companies and California State Board of Equalization City of Chino
Taxable Sales by Category
Last Ten Fiscal Years
197
371
Fiscal Year Fiscal Year
2024-25 2019-20
7 Eleven Argos Material Distribution
Argos Material Distribution Best Buy
Best Buy California Sod Center
Chino Hills Ford Chino Hills Ford
Circle K Circle K
Corona Millworks Corona Millworks
Fisher Scientific Creative Bus Sales
Focused Energy El & El Wood Products
Home Depot Fisher Scientific
Main Electric Supply Home Depot
McKesson Medical Supply Intelligrated Systems
McKesson Medical Surgical Main Electric Supply
McKesson Medical Surgical Government Solutions McKesson Medical Surgical MK Smith Chevrolet MK Smith Chevrolet
Model 1 Commercial Vehicles** Nordstrom Rack
NGY Stones & Cabinet Redbuilt
Princess Polly USA Ross
Redbuilt Sams Club w/ Fuel
Ross Shell
Sams Club w/ Fuel Sika Chemical Corporation
Sika Chemical Corporation Stater Bros
Stater Bros Target
Target TJ Maxx
TJ Maxx Walmart Fufillment Center
Walmart Supercenter Walmart Supercenter
Total Point of Sale Sales 31,258,862$ 22,535,248$ Top 25 Total 19,211,613$ 14,726,781$
Top 25 as Percent of Total 61% 65%
Notes:
* Presented on a cash basis, and it does not include State and County Pool Allocations ** Formerly Creative Bus Sales
Source: HdL Companies
City of Chino
Principal Sales Tax Remitters
In Alphabetical Order
Current Year and Five Years Ago
198
372
Fiscal
Year General Tax Percent of Percent of
Ended Obligation Allocation Assessed Per Personal
June 30, Bonds Bonds (2) Total Value (1) Capita Income
2015 - - - - - -
2016 - - - - - -
2017 - - - - - -
2018 - - - - - -
2019 - - - - - -
2020 - - - - - -
2021 - - - - - -
2022 - - - - - -
2023
2024
Fiscal Year
Ended Certificates of
Installment
Obligation Loan Leases SBITA Reimbursement Leases SBITA Percent of
Assessed Per
Percent of
Personal
June 30, Participation (3) WFA (5) Payable Payable (6) Payable (6) Agreement (2) Payable (6) Payable (6) Total (4) Value Capita (4) Income (4) 2016 1,965,000$ - $ - $ - $ - $ -$ - $ -$ -$ 1,965,000 $ n/a 23 0.09% 2017 1,195,000 - - - - - - - - 1,195,000 n/a 14 0.05% 2018 395,000 - - - - - - - - 395,000 n/a 4 0.02% 2019 - - - - - - - - - - n/a - 0.00% 2020 - - - - - - - - - - n/a - 0.00% 2021 - - - - - - - - - - n/a - 0.00% 2022 - - - - - - - - - - n/a - 0.00% 2023 - - - - 68,866 - - 520,573 1,085,099 1,674,538 n/a 18 0.05% 2024 - - 1,190,161 - 34,621 - - 317,162 779,776 2,321,720 n/a 25 0.07% 2025 - - 15,085,936 - - - - 212,591 1,341,828 16,640,355 n/a 179 0.52% NOTE:
(1) Assessed value has been used because the actual value of taxable property is not readily available in California
(2) Due the dissolution of Redevelopment Agency, the outstanding debt was transferred to the Successor Agency in 2012
(3) 2003 Water COPs and 2003 Storm Drain COPs
(4) In FY 13-14 CAFR, Totals restated due to inclusion of COPs into the schedule (5) In FY 14-15 CAFR, Totals restated due to inclusion of Installment Obligation into the schedule (6) In FY 23-24, Totals restated due to inclusion of Leases and SBITA Payables Sources: California Department of Finance, US Census Bureau City of Chino
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
Section 108
Loan
Outstanding General Bonded Debt
Business Type Activities Governmental Activities
199
373
2024-25 Assessed Valuation: $20,993,047,254
OVERLAPPING DEBT Total Debt City’s Share of
REPAID WITH PROPERY TAXES AND ASSESSMENTS: 6/30/2025 % Applicable (1) Debt 6/30/25 Metropolitan Water District 17,155,000$ 0.516% 88,520$ Chaffey Community College District 440,580,000 12.134 53,459,977 Chino Valley Unified School District 753,707,971 50.851 383,268,040 Chaffey Union High School District 640,477,530 0.069 441,929 Mountain View School District School Facilities Improvement District No. 1 4,369,676 0.497 21,717 Mountain View School District School Facilities Improvement District No. 2 78,489,793 0.965 757,427 City of Chino Community Facilities District No. 99-1 2,235,000 100 2,235,000 City of Chino Community Facilities District No. 2000-1 655,000 100 655,000 City of Chino Community Facilities District No. 2001-1 1,310,000 100 1,310,000 City of Chino Community Facilities District No. 2003-1 3,615,000 100 3,615,000 City of Chino Community Facilities District No. 2003-2 3,300,000 100 3,300,000 City of Chino Community Facilities District No. 2003-3, I.A. No. 1 12,470,000 100 12,470,000 City of Chino Community Facilities District No. 2003-3, I.A. No. 2 12,185,000 100 12,185,000 City of Chino Community Facilities District No. 2003-3, I.A. No. 6 11,110,000 100 11,110,000 City of Chino Community Facilities District No. 2003-3, I.A. No. 7 36,285,000 100 36,285,000 City of Chino Community Facilities District No. 2003-3, I.A. No. 8 20,150,000 100 20,150,000 City of Chino Community Facilities District No. 2003-3, I.A. No. 9 31,735,000 100 31,735,000 City of Chino Community Facilities District No. 2003-3, I.A. No. 10 18,450,000 100 18,450,000 City of Chino Community Facilities District No. 2003-4 2,980,000 100 2,980,000 City of Chino Community Facilities District No. 2005-1, I.A. No. 1 10,440,000 100 10,440,000 City of Chino Community Facilities District No. 2005-1, I.A. No. 2 1,690,000 100 1,690,000 City of Chino Community Facilities District No. 2005-1, I.A. No. 3 2,270,000 100 2,270,000 City of Chino Community Facilities District No. 2005-1, I.A. No. 4 5,495,000 100 5,495,000 City of Chino Community Facilities District No. 2005-2 2,885,000 100 2,885,000 City of Chino Community Facilities District No. 2006-1 3,750,000 100 3,750,000 City of Chino Community Facilities District No. 2006-2 4,615,000 100 4,615,000 City of Chino Community Facilities District No. 2006-3 4,465,000 100 4,465,000 City of Chino Community Facilities District No. 2009-1 9,215,000 100 9,215,000 City of Chino Community Facilities District No. 2016-1 8,425,000 100 8,425,000 City of Chino Community Facilities District No. 2016-2 6,715,000 100 6,715,000 City of Chino Community Facilities District No. 2019-1 9,600,000 100 9,600,000 City of Chino Community Facilities District No. 2021-1 6,905,000 100 6,905,000 TOTAL OVERLAPPING DEBT REPAID WITH PROPERTY TAXES AND ASSESSMENTS 670,987,610$ OVERLAPPING DEBT REPAID FROM GENERAL FUND:
San Bernardino County General Fund Obligations 100,765,000$ 6.145% 6,192,009$ San Bernardino County Flood Control District General Fund Obligations 37,295,000 6.145 2,291,778 Chaffey Community College District Certificates of Participation 21,770,000 12.134 2,641,572 West Valley Vector Control District Certificates of Participation 1,296,291 17.061 221,160 TOTAL OVERLAPPING DEBT REPAID FROM GENERAL FUND 11,346,519$ OVERLAPPING TAX INCREMENT DEBT (Successor Agency): 37,870,000$ 100% 37,870,000$ TOTAL OVERLAPPING DEBT 720,204,129
DIRECT CITY DEBT:
City of Chino (3) 1,554,419$ 100% 1,554,419
TOTAL DIRECT DEBT
TOTAL DIRECT AND OVERLAPPING DEBT 721,758,548
(1)
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue bonds and non-bonded capital lease obligations. (3) City of Chino includes Leases Payable and SBITA’s Payable.
Source: California Municipal Statistics
For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values. Applicable percentages were estimated by determining the portion of another governmental unit’s taxable assessed value that is within the city’s boundaries and dividing it by each unit’s total taxable assessed value.
CITY OF CHINO
Direct and Overlapping Debt
For Period Ending June 30, 2025
200
374
Legal Debt Margin Calculation for Fiscal Year 2025:
Assessed value 20,993,047,254
Conversion percentage 25%
Adjusted AV 5,248,261,814$
Debt limit (15% of assessed value) 787,239,272
Debt applicable to limit:
General obligation bonds 0
Less: Amount set aside
for repayment of GO bonds 0
Total net debt applicable to limit 0
Legal debt margin 787,239,272$
Fiscal
Year
Ended
June 30 Assessed Valuation
Conve
rsion
Percen
tage
Adjusted assessed
valuation
Debt
Limit
Percent Debt Limit
Total
Net
Debt
Applica
ble to
Limit
Legal Debt
Margin
Total Debt
Applicable
to the Limit
as Percent
of Debt
Limit
2016 10,603,541,516$ 25% 2,650,885,379$ 15% 397,632,807$ 0 397,632,807$ 0% 2017 11,205,388,490 25% 2,801,347,123 15% 420,202,068 0 420,202,068 0% 2018 12,140,933,379 25% 3,035,233,345 15% 455,285,002 0 455,285,002 0% 2019 13,308,112,924 25% 3,327,028,231 15% 499,054,235 0 499,054,235 0% 2020 14,223,945,266 25% 3,555,986,317 15% 533,397,947 0 533,397,947 0% 2021 15,053,974,093 25% 3,763,493,523 15% 564,524,028 0 564,524,028 0% 2022 15,980,444,384 25% 3,995,111,096 15% 599,266,664 0 599,266,664 0% 2023 17,295,592,739 25% 4,323,898,185 15% 648,584,728 0 648,584,728 0% 2024 19,484,102,477 25% 4,871,025,619 15% 730,653,843 0 730,653,843 0% 2025 20,993,047,254 25% 5,248,261,814 15% 787,239,272 0 787,239,272 0% Source: City Finance Department
County Tax Assessor's Office
CITY OF CHINO
Legal Debt Margin Information
Last Ten Fiscal years
The Government Code of the State of California provides for the legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California for local governments located within the state.
201
375
Calendar Year Population
Per Capita
Personal
Income Personal Income
City
Unemployment
Rate
2016 85,934 25,643 2,203,605,562 4.50%
2017 88,026 26,823 2,361,121,398 4.50%
2018 89,797 22,310 2,003,371,070 3.50%
2019 91,583 23,116 2,117,032,628 3.00%
2020 94,371 26,679 2,517,723,909 10.00%
2021 94,558 28,791 2,722,419,378 5.50%
2022 92,770 35,290 3,273,853,300 3.20%
2023 94,945 35,912 3,409,664,840 4.40%
2024 93,114 34,162 3,180,960,468 5.00%
2025 95,206 34,816 3,314,770,000 4.40% HDL
Sources: California Department of Finance
CA Employment Development Dept.
US Census Bureau
ESRI
Careertrends.com
BestPlaces.net
CITY OF CHINO
Demographic and Economic Statistics
Last Ten Calendar Years
202
376
2025 2021
Number of
Employees* Employer
Percent of
Total
Employment
Percent of
Total
Employment
Over 1,000:
Chino Valley Unified School District 5.01% 5.95%
Walmart Fulfillment Center 4.35% 4.44%
FedEx Ground Package Systems Inc. (Flight Avenue) 2.99% 3.11% California Institution for Men 2.63% 2.55%
500-1,000:
California Institution for Women ** 1.63%
Amazon.com Services, Inc. (Merrill Avenue) 1.66%
IN-N-OUT Burgers 1.52% 1.69%
FedEx Ground Package Systems Inc. (Fern Avenue) 1.44% 1.47% City of Chino 1.40% 1.24%
Chino Valley Medical Center 1.26% 1.52%
KeHe Distributors LLC (former Nature's Best, Inc.) 1.22% ** Hussman Corporation 1.16% 1.14%
Less than 500:
National Distribution Centers 1.05% 1.07%
Berry Global 0.93% 0.95%
Walmart Store (#3464) 0.91% 0.84%
Lollicup USA Inc. 0.77% **
Canyon Ridge Hospital 0.77% 0.79%
Mc Kesson Medical Surgical Inc. 0.77% 0.79%
Total Labor Force in the City of Chino: 46,200 45,000 Notes: * All the information is voluntary and self-reported by the company ** Information not available for the applicable year
"Number of Employees" represents the applicable range in the current year. "Total Employment" as used above represents the total employment of all employers located within City limits.
The city elected to show five year comparison in order to illustrate the current economic trend.
Sources:
City of Chino Business License Division
State of California Employment Development Department
City of Chino
Principal Employers
Current Year and Four Years Ago
203
377
Function 2016(4) 2017 2018 2019 2020 2021 2022 2023 2024 2025 General Government1 36 36 37 38 41 41 42 55 63 63
Public Safety 160 160 161 165 171 171 175 180 185 185
Public Works5 56 54 58 36 39 35 40 57 76 76
Development Services5 29 28 28 39 39 42 47 46 32 32
Parks and Community Services 22 22 22 36 38 38 39 49 53 53 Water 27 28 23 28 27 31 31 33 29 29
Sewer 11 12 9 9 11 10 8 9 10 10
Storm Drain 4 4 2 1 1 1 1 2 2 2
Sanitation 3 3 4 3 2 1 2 2 1 1
Total3
348 347 344 355 369 370 385 433 451 451
Notes:
1 General Government includes Administration, Finance, and Human Resources Department. 3 The schedule displays budgeted positions.
4 2015 and later, no longer includes defunded positions 5 There was a re-organization between Public Works and Development Services in FY 18-19 and FY 23-24 Source:
City Budget - Administration Department
CITY OF CHINO
Full-time and Part-time City Employees
by Function
Last Ten Fiscal Years
204
378
Function 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 General Government1 13 11 13 8 9 9 11 8 7 6
Public Safety 12 16 15 14 17 16 13 15 16 16
Public Works5 18 19 20 17 19 16 7 8 12 10
Development Services5 4 4 5 5 3 4 3 5 4 5
Parks and Community Services 3 154 158 151 165 90 141 131 149 141 144 Water 5 4 5 2 2 1 1 0 0 0
Sewer 3 1 1 0 0 0 0 1 0 0
Storm Drain 0 0 0 0 0 0 0 0 0 0
Sanitation 0 0 0 0 0 1 0 1 0 0
Total 209 213 210 211 140 188 166 187 180 181
Notes:
1 General Government includes Administration, Finance, and Human Resources Department. 3 Parks and Community Services suspended recreational programs in 2020 due to COVID-19. 4 2015 and later, no longer includes defunded positions 5 There was a re-organization between Public Works and Development Services in FY 18-19 and FY 23-24
Source:
City Finance Department
CITY OF CHINO
Full-time and Part-time City Employees
by Function
Last Ten Fiscal Years
205
379
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Police
Arrests 4,151 4,281 5,163 4,475 3,847 5,062 4,774 5,361 4,804 3,665 Average Response Time (minutes) 6:29 7:12 7:29 7:42 7:12 6:57 6:06 5:38 5:28 5:42 (calendar year)
Calls for Service 95,592 91,229 89,134 84,986 79,504 84,756 91,027 102,688 105,157 105,254 Public Works
Street Resurfacing (miles) 10 11 14 14 17 18 12.76 12.30 30.50 5.13 (overlay and slurry seal)
Park and Community Services
Number of Recreation Classes 354 379 448 498 303 195 341 421 435 335 No. of Facility Rentals/Rental Hours 1
3,091 3,786 4,008 5,249 5,817 4,115 5,989 8,986 8,381 7,980 Development Services
New Housing Units Permits 521 242 771 294 929 435 824 188 491 232 Building Permits Issued 1,841 2,521 3,019 691 2,813 3,234 3,936 3,697 3,940 2,665 Water
Average Daily Production (HCF) 15,355 15,957 17,098 15,859 17,399 17,737 18,462 16,871 16,804 18,289 Note:
1 Number of hours facilities were rented in 2009. From 2003 to 2008, number of facility renters shown, instead of hours. 2 Number of permits issued for new housing units is included in the total building permits issued.
Building Permits Issued include the total of building, electrical, mechanical and plumbing permits.
Source: City Departments
Fiscal Year Ended June 30,
City of Chino
Operating Indicators by Function
Last Ten Fiscal Years
206
380
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Police
Stations 1 1 1 1 1 1 1 1 1 1
Public Works
Street Miles 259 259 259 259 260 262 265 267 269 273 Streetlights (1) 6,024 6,069 6,070 6,070 6,073 6,089 6,192 6,226 6,262 6,451 Traffic Signals 145 147 150 151 153 159 161 166 166 Parks and Community Services
Parks 25 27 27 27 27 27 27 27 28 28 Community Centers 8 8 8 8 8 8 8 8 8 8 Fire Protection Facilities (2) 6 6 6 6 6 6 6 5 5 5 Water
Water Mains (miles) (3) 267 267 267 269 275 276 280 282 285 287 Sewer
Sanitary Sewers (miles) 223 224 224 224 226 227 235 235 236 238
Storm
Storm Drains (miles) 44 45 45 45 46 46 48 49 50 53 (1) Starting with 2015, the total does not include HOA-owned lights any longer. An audit of streetlights was performed in 2016.
Prior to the audit, the number of City-owned lights was overstated. (2) Fire protection facilities include fire stations and a fire training center Source: City Departments
Fiscal Year Ended June 30,
City of Chino
Capital Asset Statistics by Function
Last Ten Fiscal Years
207
381
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382
209
383
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384
MEMORANDUM
CITY OF CHINO
FINANCE DEPARTMENT
CITY COUNCIL MEETING DATE: APRIL 7, 2026
TO: LINDA REICH, CITY MANAGER
FROM: KIM SAO, DIRECTOR OF FINANCE
SUBJECT
..titl e
Fiscal Year 2025-26 Midyear Budget Review.
..end
RECOMMENDATION
..recommendation
Adopt Resolution No. 2026 -023, authorizing the FY 2025 -26 Midyear Budget adjustments as detailed in Exhibits A and B, including approval of contract amendments outlined in Exhibit C. ..body
FISCAL IMPACT
Based on the Midyear Citywide analysis, staff recommends additional adjustments to address updates in Revenues, Expenditures, and Transfers In/Out. Revenue Estimates (Exhibit A):
Increase the revenues estimates totaling $2,323,073 in the following funds:
o $1,445,636 – General Fund
o $877,437 – All other funds
Expenditure Appropriation (Exhibit B):
Increase the expenditures budget in the following funds:
o $768,537 - General Fund 100
o $60,000 - City Affordable Housing Fund 310
o $350,000 - Transportation Fund 320
o $70,000 - Community Services Fund 330
o ($185,978) - Landscape & Lighting Fund 360
o $293,919 - Assessment District Fund 361
o $316,368 - Water Fund 520
o $129,493 - Risk Management Fund 630
o $3,670,000 - Employee Services Fund 640
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES The recommendation detailed above further the City’s values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
Financial Stability
Responsible Long-Range Planning
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CITY COUNCIL MEETING DATE: APRIL 7, 2026
TITLE: FISCAL YEAR 2025-26 MIDYEAR BUDGET REVIEW.
PAGE: 2
Revenue: Various
Expenditure: Various
Transfer In: Various Transfer Out: Various
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TITLE: FISCAL YEAR 2025-26 MIDYEAR BUDGET REVIEW.
PAGE: 3
BACKGROUND
The City Council adopted the FY2025 -26 Operating and Capital Improvement Budget on June 17, 2025. In accordance with the City's budget policy, the adopted budget can be amended during the fiscal year to address unforeseen circumstances or changes in service costs.
Each year, staff present to the citizens of Chino and the City Council a financial review of the current fiscal year. The midyear review evaluates progress relative to the original budget projections and recommends adjustments to ensure financial alignment through June 30, 2026.
This year’s midyear financial review covers the activities through March 24, 2026.
ISSUES/ANALYSIS
Summary of the General Fund Operation for FY 2025-26
In June 2025, t he City Council adopted a budget that include d total revenues and transfers -in of $132,878,417. Expenditures, transfers -out, and capital project appropriations totaled $128,354,932, resulting in a projected year‑end surplus of $4,523,485.
Since July 1, 2025, the City Council has approved additional appropriations totaling $2,952,197, along with a modest revenue increase of $47,323. These additional adjustments throughout the fiscal year reduced the originally projected budget surplus by $2,904,965. The major drivers of these changes include $2 million for Cost -of-Living (COLA) increases , $500,000 for park projects, and $400,000 for facility improvements.
At the midyear point, revised revenues and transfers -in total $134,371,285, while revise d expenditures, transfers-out, and capital project appropriations total $132,533,607, resulting in an updated projected budget surplus of $1,837,678 as of June 30, 2026.
Midyear Adjustments
The midyear review involved a thorough analysis by each departmen t and Finance staff. Staff identified additional operational changes since the adoption of the FY 2025-26 Adopted Budget, with recommended adjustments for each fund, attached as Exhibits A through C and Resolution No. 2026-023.
The sections that follow des cribe the midyear adjustments and the key factors contributing to the revised budget.
Midyear Adjustments to Estimated Revenue (Exhibit A)
Adopting a conservative approach to revenue forecasting remains a critical component of sound financial management. This methodology helps prevent the overestimation of revenues that could otherwise result in overcommitting resources. By utilizing prudent assumptions and planning for potential economic variability, the City is better positioned to maintain fiscal stability, prioritize essential services, and respond to unforeseen financial challenges. This approach supports responsible resource allocation and reduces the likelihood of budgetary shortfalls during periods of economic uncertainty.
As part of this conservati ve approach, the midyear review process helps ensure the recommended revenue adjustments reflect the most current and supportable financial information available.
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TITLE: FISCAL YEAR 2025-26 MIDYEAR BUDGET REVIEW.
PAGE: 4
Revenue adjustments across all funds result in a net increase of $2,323,073. The General Fund accounts for approximately $1.5 million of this increase, driven primarily by modest growth in property tax revenues ($750,000), plan check fees ($400,000), and Measure V sales tax ($350,000). These increases reflect ongoing development activity, the impl ementation of the updated user fee s, and continued growth in Measure V revenue. While user fee revenues experienced some fluctuation, they resulted in an overall net increase. Offsetting a portion of these gains is a de crease in revenues associated with Co mmunity Services, specifically , participation fees and facility rentals.
Below is a summary of changes to the revenue estimates by fund. For a detailed description of the revenue adjustments within each fund, refer to Exhibit A.
Fund Description Revenue Inc/(Dec)
100 General Fund $1,445,636
330 Community Services Fund (73,520)
340 Park Fund 950,957
Total Revenue Adjustments $2,323,073
Midyear Adjustments to Expenditures (Exhibit B)
Total midyear expenditure adjustments across all funds amount to $5,472,339, as detailed in Exhibit B of this report. Of this total, $768,537 pertains to the General Fund as explained below. $200,000 – Increase in Building Plan Check Services, due to development activities $150,000 – Increase in Engineering Plan Check Services, due to development activities $100,000 – Increase in attorney fees needed for labor negotiations and code enforcement
$69,024 – Contract increase for Animal Resource Center services $60,000 – Increase for services to complete the General Plan Update $54,513 – Increase in salary for the council approved Captain position $50,000 – Increase to the Economic Development for supplies and contract services $33,000 – Increase for contracted code enforcement services $24,000 – Increase in part-time salaries to cover full-time staff temporarily out of office $8,000 – Increase contract services for the Empire Stryker’s Partnership
Contract Amendments (Exhibit C)
In addition to the midyear appropriation requests, several contract amendments are needed to cover increased costs for ongoing services. Contract amendments total $1,390,392, and to the extent that any of these amendments require additional appropriations, those amounts are included in the appropriation requests outlined in Exhibit B. 388
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TITLE: FISCAL YEAR 2025-26 MIDYEAR BUDGET REVIEW.
PAGE: 5
Staff requests that the City Council authorize the contract amendments listed in Exhibit B as part of the midyear budget action.
Update on Measure V Investments for FY 2025-26
In Fiscal Year 2025 –26, the City of Chino is estimated to receive approximately $24.5 million in Measure V revenue. Of this amount, the City Council programmed $20 million in expenditures, including $11 million dedicated to pres erving essential services —such as maintaining core programs, staffing, and public safety retention —and $9,048,921 allocated to capital projects including streets, parks, and facility improvements.
The table below summarizes the projects supported by the availability of Measure V revenues.
The amounts shown represent allocations for the FY 2025 –26 budget year only. They do not reflect the full cost of each project, and many projects are funded through multiple sources in addition to Measure V.
General Fund Balance
The table below provides a final overview of the FY 2025 –26 General Fund Budget. The budget begins with an audited fund balance of $40,205,196 as of July 1, 2025. After accounting for the 389
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TITLE: FISCAL YEAR 2025-26 MIDYEAR BUDGET REVIEW.
PAGE: 6
revised midyear budget surplus of $1,837,678, the estimate d fund balance at June 30, 2026 is $42,042,874.
CONCLUSION
The Midyear Budget Review process is an essential part of managing the City’s evolving financial landscape. It represents a proactive effort to adapt to changing circumstances, using the best information available at the time of preparation. Recognizing that factors such as economic conditions, legislation, and local trends can rapidly alter planning assumptions, this review highlights the importance of flexibility and vigilance in fiscal management.
Overall, the City remains fiscally sound with citywide revenue performance generally on target and expenditures within expected ranges. At this time, there are no indications of a structural imbalance or any trends that require immediate corrective action.
Approving the proposed midyear adjustments will provide staff with the budget authority to make needed adjustments and achieve a more accurate budget that aligns with current realities and provide a basis for developing the upcoming FY 2026-27 Budget.
Attachments: 1. Resolution No. 2026-023
2. Exhibits A, B, C
General Fund Adopted
Council
Approved
Midyear
Adjustments Revised Budget
(7/1/25) (7/1/25-3/24/26) (4/7/26) (4/7/26)
Beg Fund Balance @ 7/1/25 (audited*) 37,770,486$ 40,205,196$ * Revenues/Other Sources:
Operating revenues 106,490,755 84,801 1,080,636 107,656,192 Measure V 24,546,000 - 365,000 24,911,000 Transfers In - Ongoing 1,429,900 (37,569) - 1,392,331 Net revenues 132,466,655$ 47,232$ 1,445,636$ 133,959,523$ Expenditures/Other Uses:
Operating expenditures 100,454,052 1,524,221 768,537 102,746,810 Transfers Out - Ongoing operations 24,116,975 678,335 457,941 25,253,251 Net expenditures 124,571,027$ 2,202,556$ 1,226,478$ 128,000,061$ Net Operating Surplus/(Deficit) 7,895,628$ (2,155,324)$ 219,158$ 5,959,462$ Add: Transfers In - one-time 411,762 - - 411,762 Less: Transfers Out - CIPs (3,783,905) (749,641) - (4,533,546) Total CIP and one-time costs (3,372,143)$ (749,641)$ 0 (4,121,784)$ Revised Net Surplus/(Deficit) 4,523,485$ (2,904,965)$ 219,158$ 1,837,678$ Ending Fund Balance @ 6/30/26 (Est.) 42,293,971$ 42,042,874$ FY 2025-26 Budget
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-1-
RESOLUTION NO. 2026-023
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHINO, CALIFORNIA, ADOPTING THE MID YEAR BUDGET
REVIEW ADJUSTMENTS FOR THE FISCAL YEAR 2025-26
WHEREAS, on June 17, 2025, the City Council adopted the FY 2025-26 Budget; and
WHEREAS, the adopted budget may be amended throughout the fiscal year with City Council approval subject to available resources; and WHEREAS, the budget is reviewed during a Midyear Budget Review process that results in recommended budget adjustments to reflect un foreseen chan ges in revenue or expenditure requirements that require City Council approval.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CHINO HEREBY RESOLVES AS FOLLOWS:
Section 1. The City Council does hereby approve the FY 2025 -26 Midyear Adjustments to revenues, expenditures, and transfers in/out as detailed in Exhibit “A”, “B”, and “C”.
Section 2. City Clerk shall certify as to the adoption of this resolution.
APPROVED AND ADOPTED by the City Council of the Chino on this 7th day of April 2026.
By:
EUNICE M. ULLOA, MAYOR
ATTEST:
NATALIE GONZAGA, CITY CLERK
391
Resolution No. 2026-023