Annual
Comprehensive
Financial Report
Fiscal Year Ended
June 30, 2025
CIT Y OF CHU L A V IS TA • CAL IF O RN IA
Annual Comprehensive
Financial Report
For The Fiscal Year Ended
June 30, 2025
Compiled under the direction of
Sarah Schoen
Director of Finance/Treasurer
State of California
Mayor
John McCann
City Council
Carolina Chavez
Jose Preciado
Michael Inzunza
Cesar Fernandez
City Manager
Maria Kachadoorian
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CITY OF CHULA VISTA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
TABLE OF CONTENTS
INTROD
UCTORY SECTION
Page
Number
Letter of Transmittal ............................................................................................................................................ 1 List of City Officials ............................................................................................................................................ 7 Organizational Chart ............................................................................................................................................ 8 Certificate of Achievement for Excellence in Financial Reporting ...................................................................... 9
FINANCIAL SECTION
Independent Auditors’ Report .......................................................................................................................... 11 Management’s Discussion and Analysis (Required Supplementary Information) ...................................... 15 Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position ............................................................................................................................ 37 Statement of Activities ................................................................................................................................. 38 Fund Financial Statements:
Governmental Fund Financial Statements:
Balance Sheet ....................................................................................................................................... 44 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position .................................................................................................... 47 Statement of Revenues, Expenditures and Changes in Fund Balances......................................................................................................................................... 48 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the
Statement of Activities ...................................................................................................................51 Proprietary Fund Financial Statements:
Statement of Net Position ..................................................................................................................... 54 Statement of Revenues, Expenses and Changes in Fund Net Position .................................................. 56 Statement of Cash Flows ...................................................................................................................... 58 Fiduciary Fund Financial Statements:
Statement of Fiduciary Net Position ..................................................................................................... 64 Statement of Changes in Fiduciary Net Position ................................................................................... 65 Notes to Basic Financial Statements ............................................................................................................. 67 Required Supplementary Information:
Budgetary Comparison Schedule by Department - General Fund ...............................................................131 Budgetary Comparison Schedule – Federal, State, and Local Grants Special Revenue Fund......................141 Budgetary Comparison Schedule – Housing Successor Agency Special Revenue Fund .............................143 Budgetary Comparison Schedule – Open Space Districts ................................................................................145 Schedule of Changes in Net Pension Liability and Related Ratios - Miscellaneous .....................................146 Schedule of Changes in Net Pension Liability and Related Ratios - Safety .................................................148 Schedule of Plan Contributions ....................................................................................................................151 Schedule of Changes in the Total OPEB Liability and Related Ratios ........................................................152 Notes to Required Supplementary Information .................................................................................................. 154 iii
CITY OF CHULA VISTA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
TABLE OF CONTENTS (CONTINUED)
FIN
ANCIAL SECTION (Continued)
Pag
e
Number
Supplementary Information:
Budgetary Comparison Schedule by Expenditure Category:
General Fund ....................................................................................................................................... 158 Federal, State, and Local Grants Special Revenue Fund ..................................................................... 160 Housing Successor Agency Special Revenue Fund ............................................................................ 161 Open Space Districts ........................................................................................................................... 162 Non-Major Governmental Funds:
Total Non-Major Governmental Funds:
Combining Balance Sheet.................................................................................................................... 163 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.............................. 165 Special Revenue Funds:
Combining Balance Sheet.................................................................................................................... 168 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.............................. 172 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual ................ 176 Capital Projects Funds:
Combining Balance Sheet.................................................................................................................... 191 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.............................. 193 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual ................ 195 Debt Service Funds:
Combining Balance Sheet.................................................................................................................... 202 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.............................. 204 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual ................ 206 Non-Major Proprietary Funds:
Combining Statement of Net Position ................................................................................................. 213 Combining Statement of Revenues, Expenses and Changes in Fund Net Position .............................. 214 Combining Statement of Cash Flows .................................................................................................. 216 Internal Service Funds:
Combining Statement of Net Position ................................................................................................. 219 Combining Statement of Revenues, Expenses and Changes in Fund Net Position .............................. 221 Combining Statement of Cash Flows .................................................................................................. 222 Fiduciary Funds:
Combining Statement of Fiduciary Net Position – All Custodial Funds .............................................. 225 Combining Statement of Changes in Fiduciary Net Position – All Custodial Funds ........................... 226
STATISTICAL SECTION
Net Position by Component - Last Ten Fiscal Years .................................................................................. 228 Changes in Net Position - Last Ten Fiscal Years ........................................................................................ 230 Fund Balances of Governmental Funds - Last Ten Fiscal Years ................................................................ 232 Changes in Fund Balances of Governmental Funds - Last Ten Years ........................................................ 234 Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years .......................... 236 Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years .......................................................... 237 Principal Property Taxpayers - Current Year and Nine Years Ago ............................................................. 238 Property Tax Levies and Collections - Last Ten Fiscal Years .................................................................... 239 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years ..................................................................... 240 iv
CITY OF CHULA VISTA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
TABLE OF CONTENTS (CONTINUED)
P
age
Number
STATISTICAL SECTION (Continued)
R
atios of General Bonded Debt Outstanding - Last Ten Fiscal Years ........................................................ 242 Direct and Overlapping Bonded Debt ......................................................................................................... 243 Legal Debt Margin Information - Last Ten Fiscal Years ............................................................................ 244 Pledged-Revenue Coverage - Last Ten Fiscal Years .................................................................................. 246 Full-time and Part-time City Employees by Function - Last Ten Fiscal years ............................................ 247 Demographic and Economic Statistics - Last Ten Calendar Years ............................................................. 248 Principal Employers - Current Year and Nine Years Ago .......................................................................... 249 Operating Indicators by Function - Last Ten Fiscal Years .......................................................................... 250 Capital Asset Statistics by Function - Last Ten Fiscal Years ...................................................................... 251 Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards .............................................................253 v
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December 22, 2025
Honorable Mayor, Councilmembers, and Residents of City of Chula Vista City of Chula Vista
Chula Vista, CA 91910
Letter of Transmittal
Annual Comprehensive Financial Report, For the Fiscal Year Ended June 30, 2025 To the Honorable Mayor, Councilmembers, and Residents of City of Chula Vista:
We are pleased to submit the Annual Comprehensive Financial Report (ACFR) for the City of Chula Vista (City) for the fiscal year ended June 30, 2025. The City compiles and prepares the ACFR to provide interested parties with reliable information concerning the financial condition and results of operations for the City.
The ACFR has been prepared in accordance with generally accepted accounting principles (GAAP) in the United States of America and the financial reporting requirements prescribed by the Governmental Accounting Standards Board (GASB). The City’s management is responsible for both the accuracy of the information and the completeness and fairness of the presentation, including all disclosures. This means that the financial statements have been prepared using guidelines that would allow the user to make a meaningful comparison to the financial statements of other similar entities. All disclosures necessary to enable the reader to gain an understanding of the City’s activities have been included.
Pursuant to City Charter Section 1012, the basic financial statements are audited by an independent certified public accounting firm. The purpose of the audit is to ensure that the financial statements present fairly, in all material respects, the financial position and the results of operations of the City.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of a Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the report of the independent auditors.
The ACFR for the City includes the activities of the primary government along with several "component units." A component unit is a legally separate entity for which the elected officials of the primary government are financially accountable. Blended component units, although legally separate entities, are in substance part of the primary government's operations and therefore included for financial reporting purposes. The blended component units included within the City's financial statements are the Chula Vista Industrial Development Authority, Chula Vista Public Financing Authority, Chula Vista Municipal Financing Authority, and Chula Vista Housing Authority. The City also has two fiduciary component units included in its custodial funds reporting (Chula Vista Bayfront Facilities Financing Authority and Bayfront Project Special Tax Financing District).
1 Profile of the Governme
nt
The City is located in San Diego County with its western border adjacent to San Diego Bay, 8 miles south of Downtown San Diego and 7 miles north of the Mexican border. The City encompasses approximately 52 square miles.
The City was incorporated in 1911 and was recognized as a city in the State of California by election in 1949. The City functions under a City Charter with a Council/Manager form of government. The City is governed by a four-member Council and a Mayor, who serves four-year overlapping terms, and, in addition to the City Attorney, is elected on a citywide basis. The Council appoints the City Manager and the City Clerk. Municipal services provided include police, fire, parks and recreation, libraries, planning & building, housing programs, street and drainage construction and maintenance, and sewer services.
Local Economy and Prospects for the Future
Chula Vista residents enjoy all the benefits of a major city along with small town friendliness, affordable housing, and near perfect weather. The most recent data available from San Diego Association of Governments (SANDAG) estimates that the median household income in Chula Vista is $107,829.
The City of Chula Vista is the second largest community in San Diego County. According to SANDAG, the current population is estimated at 280,840, with growth projected to reach approximately 325,027 residents by 2050, primarily through ongoing development in the City’s eastern area.
In May of 2025, the City Council adopted a $617.2 million budget, including a General Fund operating budget of $305.6 million, balanced without the use of operating reserves and a Capital Improvement Program (CIP) budget of $29.6 million. Major funding priorities include strengthening fiscal oversight through internal audit and contract management, expanding park and recreation staffing, opening the new Casa Casillas art center, and enhancing police and fire services—most notably staffing the new Bayfront Fire Station. The budget also supports 1,325.75 positions citywide, with 16 new positions focused on public safety, park maintenance, engineering, and community development.
A key economic milestone during fiscal year 2024-25, was the opening of the 1,600-room Gaylord Pacific Resort & Convention Center on May 15, 2025, which marks a significant strengthening of the City’s visitor economy, expected long-term growth in Transient Occupancy Tax, sales tax, and regional employment.
Additionally, the enactment of AB 662, establishes the South County Higher Education Task Force, a collaborative body that will bring together the University of California, California State University, California Community Colleges, the City of Chula Vista, Sweetwater Union High School District and other stakeholders to evaluate the governance models, funding mechanisms, and statutory changes required for creating a four-year public university in South San Diego County. AB 662 supports ongoing planning efforts to implement the University Innovation District, a 383-acre City-owned site in eastern Chula Vista. The District is envisioned as a mixed-use hub combining higher education, research, and commercial activity to expand access to higher learning and drive economic growth. Phase one of the University Innovation District, a 168,000 square-foot office building, will include the City’s newest 2 library, space for San Diego State University, Sweetwater Union High School, and the Chula Vista Entertainment Complex. This space is expected to open in Summer 2026.
Collectively, these initiatives demonstrate the City’s continued commitment to prudent fiscal management, strategic investment in the community, and sustainable development. As Chula Vista continues to grow, the City remains dedicated to maintaining a strong financial foundation while advancing programs and infrastructure that enhance quality of life, promote economic vitality, and ensure the long-term well-being of its residents and businesses.
Long-Term Financial Planning
The Government Finance Officers Association (GFOA) recognizes the importance of combining the forecasting of revenues and expenditures into a single financial forecast. The GFOA also recommends that a government should have a financial planning process that assesses long-term financial implications of current and proposed policies, programs, and assumptions that develop appropriate strategies to achieve its goals.
The City updated the General Fund Long-Term Financial Plan (LTFP) for fiscal year 2027 through 2036 as part of its annual budget development process. The LTFP analyzed revenue and expenditure estimates and assumptions over a 10-year period to assess the City’s ability to maintain current or expand service levels based on projected growth, preserve the City’s long-term fiscal health by aligning operating revenues and costs, and to maintain the City’s reserve funds according to policy thresholds. The goal of the LTFP is to match the availability of revenues against expenditures over time and update budgetary and financial plans accordingly. In summary, the LTFP provides an in-depth analysis of the City’s fiscal condition to aide in proactive financial decision making and to serve as a planning tool to bring a long- term perspective to the budget development process.
Overall, both revenues and expenditures are projected to grow throughout the forecast period; however, expenditure growth, driven primarily by personnel and general liability insurance costs, is expected to outpace revenue growth from FY 2027 through FY 2031, resulting in projected shortfalls ranging from $5.3 million to $2.2 million. Beginning in FY 2032, modest surpluses are anticipated through FY 2036.
Reserves
The City accumulates and maintains adequate reserves to help ensure both financial stability and the ability to provide core services during difficult times. Sufficient reserves create financial stability resulting in increased credit quality and allow the City to better weather downturn in the economy and the impacts of negative events, both major and minor. The establishment of prudent financial reserves is important to ensure long-term fiscal health of the City. The City’s Citywide Reserve Policy – Fiscal Health Plan establishes reserves, reserve levels, and the use of reserves in the General Fund and other funds. 3 The table below reflects the City’s reserve targets and amounts as of June 30, 2025.
Reserve Reserve Policy Target Actual
General Fund Reserves1
Operating Reserve 15% of the prior year's operating expenditures $ 29,080,334 $ 29,080,334 Economic Contingency
Reserve 5% of the prior year's operating expenditures 9,693,445 9,693,445 Catastrophic Event Reserve 3% of the prior year's operating expenditures 5,816,067 5,816,067 Total General Fund
Reserves 23% of the prior year's operating expenditures $ 44,589,846 $ 44,589,846 Pension Reserve 15% of the prior year's General Fund operating expenditures $ 29,080,334 $ 29,854,275 Bond Call Reserve
No minimum or maximum, purpose is to reduce outstanding City debt obligations - 9,448,691
OPEB Reserve No minimum. Maximum is equal to 75% of outstanding OPEB liability - 3,149,562
Sewer Service Revenue Fund
Reserves
Includes Working Capital, Rate Stabilization, Emergency, and Vehicle Replacement Reserves 26,432,958 26,432,958
Measure A Fund Economic
Contingency Reserve
Minimum of 60 days of prior year's Measure A Fund operating expenditure less any budgeted debt service, no maximum
reserve balance 4,340,757 4,340,757
Ambulance Transport System
Enterprise Fund Reserves
Includes Debt Obligation, Operating, Capital Replacement, Liability Insurance Reserves $ 14,072,782 $ 3,976,730 1 Calculation is based on the Adopted Budget for the General Fund Budgetary Controls
T
he City currently adopts a single-year operating and capital budget. The provisions of these budgets are directly posted into the City's general ledger accounting system to help ensure compliance with the appropriations made by the City Council.
Activities of the City’s Governmental Funds (general fund, special revenue funds, debt service funds, and capital project funds) are adopted in the operating budget. Budgetary control (which is the policy that actual expenditures may not exceed appropriations) is at the department and expenditure category level.
City Council approval is required for any transfer between departments or overall increase to a department.
The City Manager is authorized to transfer appropriations up to $75,000 between expenditure categories within a departmental budget. Any appropriation transfers between expenditure categories within departments greater than $75,000 require City Council approval. Appropriations, other than for capital projects, remaining unspent at the end of any fiscal year will be canceled and returned to available fund balance with the exception of any appropriations encumbered as the result of a valid purchase order or as approved for a specific project or purpose by the City Council or the City Manager. Appropriations for capital projects will necessarily be carried over from year to year until the project is deemed to be complete. The City Council also adopts amounts in the operating budget for the proprietary and internal service funds to provide a level of fiscal control.
4 Internal Controls
The City has developed and put into place systems of internal controls over various accounting and transaction processing functions. Management of the City is responsible for establishing and maintaining the internal control structure. This structure is designed to ensure that the assets of the City are protected from loss, theft, or misuse. These controls are also in place to ensure that adequate accounting information is compiled to allow for the preparation of financial statements in conformity with GAAP. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The idea of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of cost and benefits requires estimates and judgments by management.
Independent Audit
Each year the City has an audit performed by an independent certified public accounting firm. This year the audit was performed by the firm of Rogers, Anderson, Malody, & Scott, LLP. The auditor’s report on the basic financial statements can be found in the financial section of this report. The auditor’s report on internal controls over financial reporting and compliance with applicable laws and regulations can be found in a separately issued report at the conclusion of this document.
The auditors also conduct a "single audit" designed to meet the requirements of the federal Revised Single Audit Act of 1996 and the related United States Office of Management and Budget's Uniform Guidance.
The single audit is a separate report and will be issued by March 2026.
Awards
The Government Finance Officer Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Chula Vista for its ACFR for the year ended June 30, 2024. This was the 25 th consecutive year that the City has received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized ACFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current ACFR continues to meet the Certificate of Achievement Program's requirements, and we are again submitting it to GFOA to determine its eligibility for another certificate. 5 Acknowledgments
The preparation of this ACFR would not have been possible without the dedication and teamwork of the entire Finance Department, whose commitment and attention to detail throughout the fiscal year ensured the accuracy and quality of this report. We also extend our sincere appreciation to the Mayor and City Council, the City Manager and executive leadership team, department directors and staff across the organization, and the residents of Chula Vista for their ongoing collaboration, trust, and support in advancing thoughtful, transparent, and sustainable city operations.
Respectfully submitted,
Sarah Schoen
Director of Finance/Treasurer
6 List of City Officials
As of June 30, 2025
City Council
John McCann Mayor
Carolina Chavez Councilmember District 1
Jose Preciado Councilmember District 2
Michael Inzunza Councilmember District 3
Cesar Fernandez Councilmember District 4
Administration
Maria Kachadoorian
Tiffany Allen
Cour
tney Chase
Matthew Little
Marco A. Verdugo
Kerry K. Bigelow
City Manager
Assistant City Manager
Deputy City Manager
Deputy City Manager/Director of Public Works/City Engineer City Attorney
City Clerk
Department Heads
Vacant Director of Development Services
Vacant Direc
tor of Engineering
Harry Muns Fire Chief
Sarah Schoen Director of Finance/Treasurer
Stacey Kurz Director of Housing & Homeless Services
Tanya Tomlinson Director of Human Resources & Risk Management Jose Cisneros Director of Information Technology Services Joy Whatley Director of Library Services
Frank Carson Director of Parks and Recreation
Roxana Kennedy Chief of Police
7 Organizational Chart
As of June 30, 2025
Citizens of Chula Vista
Mayor
City Council
Citizen Advisory
Commissions
City Attorney Citizen Advisory
Boards
Development
Services
Fire Police Deputy City
Manager
Assistant City
Manager
City Clerk City Manager
Parks &
Recreation
Information
Technology
Housing &
Homeless Services
Animal Services
Economic
Development
Finance
Library
Deputy City
Manager
Human Resources &
Risk Management
Engineering
Public Works
8 Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Chula Vista
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2024
Executive Director/CEO
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10 Tel. 909-889-0871 | www.ramscpa.net | 735 E. Carnegie Dr. Suite 100, San Bernardino, CA 92408
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor’s Report
To the Honorable Mayor and Members of the City Council
City of Chula Vista, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund info rmation of the City of Chula Vista (the City), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental acti vities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2025, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principl es generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards).
Our responsibilities under those standards are further described in the Audito r’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Emphasis of Matter
As described in Note 1 to the financial statem ents during the year ended June 30, 2025, the City adopted new accounting guidance under Governmental Accounting St andards Board (GASB) Statement No. 101, Compensated Absences
and No. 102, Certain Risk Disclosures. Our opinions are not modified with respect to this matter.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fa ir presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementati on, 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.
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11 In preparin
g the financial statem ents, 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 F inancial 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. Reasonab le assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conduct ed in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting fr om fraud is higher than for one resulting from error, as fraud may involve collusion, fo rgery, intentional omissions, misr epresentations, or the override of internal control. Misstatements are considered material if there is a s ubstantial 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 Governm ent 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 circum stances, 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 account ing policies used and the reasonableness of significant accounting estimates made by m anagement, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there ar e conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the plann
ed 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 th e United States of America require that the management’s discussion and analysis and required supplementary information, as listed in the table of contents be presented to supplement the ba sic 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 Stand ards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an approp riate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial st atements. We do not ex press an opinion or pr ovide any assurance 12 on the inform
ation because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplement
ary Information
Our audit was conducted for the purpose of form ing opinions on the financ ial statements that collectively comprise the City’s basic financial statements. The combining and individual nonmajor fund financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlyi ng accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statement s themselves, and other additional procedures in accordance with GAAS. In our opinion, the accompanying s upplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in t he annual comprehensive financial report. The other information comprises the introduc tory and statistical sections but does not include the basic financial statements and our auditor's repor t thereon. Our opinions on the basic financial statements do not cover the other information, and we do not expr ess an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statement s, our responsibility is to read the other information and consider whether a material inco nsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated.
If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards In accordan
ce with Government Auditing Standards , we have also issued our report dated December 22, 2025 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s inter nal control over financial reporting or on compliance.
That report is an integral part of a n audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
San Bernardino, CA
December 22, 2025
13
14 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
The City of Chula Vista (City) offers readers this na rrative overview and analysis of the City’s financial activities for the fiscal year ended June 30, 2025. It should be read in conjunction with the accompanying letter of transmittal beginning on page i and the accompanying basic financial statements.
FINANCIAL HIGHLIGHTS
The following outlines financial highlights for the year:
1. At June 30,
2025 the assets and deferred outflows of the City exceeded its liabilities and deferred inflows by $2,152.1 million (net position). Total ne t position consisted of net investment in capital assets of $1,724.1 million, restricted net position of $375.2 million, and unrestricted net position of $52.9 million.
2. Total unrestricted net position for governmental activities decreased by $17.2 million from the prior fiscal year, a change of 19.5%, whereas unrestricted net position for business-type activities was $5.0 million lower than the previous year, a 3.1% decrease.
3. The City’s total net position increased by $121.1 million or 6.0% in fiscal year 2025. The net position for governmental activities increased by a net $1 08.0 million or 7.0%, while the net position for business-type activities increased by $13.1 million or 2.6%.
4. The City’s governmental funds reported combined ending fund balances of $528.1 million, an increase of $32.5 million, or 6.6%.
5. Total Citywide liabilities increased by $10.2 million or 1.5%. Liabilities for governmental activities increased by $15.1 million or 2.4% and business-type activities decreased by $4.9 million or 8.0%.
6. The City’s total long-term debt obligations fo r governmental activities had a net increase of $22.8 million or 5.4%.
OVERVIEW OF FINANCIAL STATEMENTS
This discussion and analys
is provided here is intended to serve as an introduction to the City’s basic financial statements. The City’s basic financial st atements are comprised of three components: (1) government-wide financial statements, (2) fund financial statements, and (3) notes to the basic financial statements.
This report also contains required supplementary information (RSI) as well as other supplemental financial information intended to furnish additional detail to support the basic financial statements themselves.
Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to private-sector business. They are comprised of the Statement of Net Position and the Statement of Activities.
The Statement of Net Position presents information on all the City ’s assets and deferred outflows, along with liabilities and deferred inflows, with the differe nce reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is 15 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
improving or deteriorating. This statement combines and consolidates governmental funds’ current financial resources with capital assets and long-term obligations.
The Statement of Activities presents information showing how the government’s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the 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 and earned but unused vacation leave).
The government-wide financial statements have separate sections for three different types of activities.
These three types of activities are:
Governmental Activities – The activities in this section are mostly supported by taxes and charges for services. The governmental activities of the City include General Government, Public Safety, Community Development, Public Works, Parks and Recreation, and Library.
Business-Type Activities – These functions normally are intended to recover all or a significant portion of their costs through user fees and charges to external customers for goods and services. The business-type activities of the City include Sewer Fund, Sewer Development Impact Fees, Development Services Fund, Chula Vista Elite Athlete Training Center, Transport Enterprise, Bayfront Trolley Station, Transit Fund, Chula Vista Muni Golf Course, and Living Coast Discovery Center.
Discretely Presented Component Units – The City of Chula Vista has no discretely presented component units to report upon.
Fund Financial Statements and Major Component Unit Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
The fund financial statements provide detailed information about each of the City’s most significant funds, called Major Funds. The concept of Major Funds, and the determination of which are major funds, was established by GASB Statement No. 34 and replaces the concept of combining like funds and presenting them in total. Instead, each Major Fund is presented individually, with all Non-Major Funds summarized and presented in a single column.
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 financial capacity.
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 government’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 16 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
governmental activities. These reconciliations are presented on the pages immediately following each governmental fund financial statement.
As of fiscal year 2025, the City maintains numerous governmental funds within the adopted budget and its financial system. However, for financial reporting, the funds are summarized as follows for presentation purposes:
Each major fund is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balance. Information for the City’s remaining governmental funds is combined into a single, aggregated “Other Governmental Funds” column. Individual fund data for each of these non-major governmental funds is provided in the supplementary information portion of the report.
Proprietary Funds – The City maintains two different types of proprietary funds - enterprise funds and internal service funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its Sewer, Sewer Development Impact Fees, Development Services, Chula Vista Elite Athlete Training Center, Transport Enterprise, Bayfront Trolley Station, Transit, Chula Vista Muni Golf Course, and Living Coast Discovery Center. Internal service funds are used to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds to account for its fleet management, technology replacement, and workers ' compensation program. Because these services predominantly benefit governmental rather than business-type functions, they have been included within governmental activities in the governmental-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. Like the government-wide financial statements, proprietary fund financial statements use the accrual basis of accounting. There is no reconciliation needed between the government-wide financial statements for business-type activities and the proprietary fund financial statements.
Fiduciary Funds – Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City’s own programs.
Notes to Basic Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.
Fund Category Major Funds
Non-Major
Funds Total
General Fund 1 0 1
Special Revenue 3 15 18
Capital Project 1 8 9
Debt Service 0 5 5
Permanent 0 0 0
Total Presented 5 28 33
17 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
Required Supplementary Information
In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City’s budgetary results for the general fund and all major special revenue funds with an adopted budge t. Required supplementary information also includes trend data for the City’s pension plans and other postemployment benefits.
Other supplementary information, including combining statements for nonmajor governmental funds, nonmajor proprietary funds, internal service funds , and all custodial funds, are presented immediately following the required supplementary information. B udgetary comparison schedules are also included in this section for all nonmajor governmental funds with an adopted budget.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net Position
As noted earlier, net position may serve over time as a useful indicator of a government’s financial position.
As of June 30, 2025, the City’s total net position (governmental and business-type activities) was $2,152.1 million, a net increase of $121.1 million or 6.0% from the prior fiscal year. The City’s governmental activities increased by $108.0 million and business-t ype activities increased by $13.1 million. The following Summary of Net Position table shows the components that make up the City’s net position at June 30, 2025 and 2024.
Summary of Net Position
Fiscal Year Ended June 30
As the Summary of Net Position table illustrates, fiscal year 2025 total amount of $1,724.7 million is reported as net investment in capital assets, which repr esents capital assets (e.g., land, streets, sewers, buildings, improvements, equipment, lease asset, subscription assets, and work in progress), less any related debt used to acquire those capital assets that are s till outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets ar e not available for future spending. Although the 18 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from ot her sources, since the capital assets themselves cannot be used to liquidate this debt.
A portion of the City’s fiscal year 2025 net position is restricted, $375.2 million and represents resources that are subject to external restrictions on how th ey may be used. Restricted net position increased $29.9 million from the prior year and is mainly related to capital projects and public works.
Unrestricted net position represents the portion of net pos ition that can be used to finance daily operations without constraints established by debt covenants, enab ling legislation, or other legal requirements. Fiscal year 2025, unrestricted net position of $52.9 milli on is comprised of negative $105.7 million for governmental activities offset by positive $158.6 milli on for business-type activities. Unrestricted net position decreased by $22.2 million from the prior fiscal year.
At the end of the fiscal year, the City reported positive balances for all categories of net position for the total primary government. However, the governmental activities columns show a negative unrestricted net position
19 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
Changes in Net Position
The statement of net position provides a snapshot at a given point in time of the assets, liabilities, and deferred inflows and outflows of resources of the City. The other citywide statement provided is the Statement of Activities . This statement provides the readers with information regarding the revenues, expenses, and changes in net position over the fiscal year. Generally, all changes to the City’s net position from one fiscal year to the next flow through the Statement of Activities.
Summary of Changes in Net Position
Fiscal Year Ended June 30
Further analysis is provided within the governmental and business-type activities in the following sections. 2025 2024 2025 2024 2025 2024
Revenues:
Program Revenues:
Charges for Services 53,258,268$ 47,854,855$ 92,418,226$ 84,867,838$ 145,676,494$ 132,722,693$ Operating Contributions and Grants 33,195,055 59,427,500 1,243,455 1,058,922 34,438,510 60,486,422 Capital Contributions and Grants 80,822,375 88,972,816 2,286,179 5,292,292 83,108,554 94,265,108 General Revenues:
Property Taxes 83,658,063 79,895,724 - - 83,658,063 79,895,724 Transient Occupancy Taxes 9,278,404 8,345,458 - - 9,278,404 8,345,458 Sales Taxes 107,369,329 106,895,750 - - 107,369,329 106,895,750 Franchise Taxes 15,418,919 13,709,817 - - 15,418,919 13,709,817 Business License Taxes 2,074,793 2,018,879 - - 2,074,793 2,018,879 Utility User Taxes 3,728,455 3,607,996 - - 3,728,455 3,607,996 Residential Construction Taxes 165,375 552,600 - - 165,375 552,600 Property Transfer Taxes 1,370,418 1,217,183 - - 1,370,418 1,217,183 Other Taxes 4,657,728 3,557,417 - - 4,657,728 3,557,417 Investment Earnings (Losses) 39,436,079 32,189,702 10,279,057 8,753,432 49,715,136 40,943,134 Miscellaneous 20,629,805 14,094,288 2,469,648 2,730,814 23,099,453 16,825,102 Gain (Loss) Disposal of Capital Assets (25,446) 25,291 71,679 - 46,233 25,291 Total Revenues 455,037,620 462,365,276 108,768,244 102,703,298 563,805,864 565,068,574 Expenses:
General Government 58,992,551 46,486,124 58,992,551 46,486,124 Public Safety 164,905,850 154,452,619 164,905,850 154,452,619 Community Development 10,788,759 46,748,103 10,788,759 46,748,103 Public Works 98,967,639 59,261,678 98,967,639 59,261,678 Parks and Recreation 7,373,789 6,324,693 7,373,789 6,324,693 Library 4,425,932 4,284,441 4,425,932 4,284,441 Interest on Long-Term Debt 11,512,027 12,082,375 11,512,027 12,082,375 Sewer Fund 48,625,049 46,870,622 48,625,049 46,870,622 Sewer DIFs 2,698,070 489,499 2,698,070 489,499 Development Services Fund 11,214,349 11,556,395 11,214,349 11,556,395 CV Elite Athlete Training Ctr 535,575 501,587 535,575 501,587 Bayfront Trolley Station - 30 - 30 Transit - 4,946 - 4,946
Chula vista Muni Golf course 3,730,767 3,401,065 3,730,767 3,401,065 Transport Enterprise 18,801,178 15,104,503 18,801,178 15,104,503 Living Coast Discovery Ctr 155,402 227,229 155,402 227,229 Total Expenses 356,966,547 329,640,033 85,760,390 78,155,876 442,726,937 407,795,909 Increase/(Decrease) in Net Position
Before Transfers 98,071,073 132,725,243 23,007,854 24,547,422 121,078,927 157,272,665 Transfers 9,942,802 7,130,765 (9,942,802) (7,130,765) - - Change in Net Position 108,013,875 139,856,008 13,065,052 17,416,657 121,078,927 157,272,665 Net Position, Beginning of Year 1,535,684,404 1,395,828,396 495,379,219 477,962,562 2,031,063,623 1,873,790,958 Net Position, Beginning of Year - Restated 1,535,684,404 1,395,828,396 495,379,219 477,962,562 2,031,063,623 1,873,790,958 Net Position, End of Year 1,643,698,279$ 1,535,684,404$ 508,444,271$ 495,379,219$ 2,152,142,550$ 2,031,063,623$ Governmental Activities Business-Type Activities Total
20 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
Governmental Activities
The City’s governmental activities net position increased by $108.0 million or 7.0%. The chart below compares the cost of services by function for the City’s governmental activities along with the program revenues used to cover those costs.
Total program revenues from governmental activities were $167.3 million in fiscal year 2025, a decrease of $28.9 million or 14.8% from the previous year. Program revenues are derived directly from the program itself or from parties outside the reporting government’s taxpayers or citizenry. They reduce the net cost of the function to be financed from the City’s general revenues. A discussion of the different Program Revenue categories and its components follows.
Charges for Services for governmental activities had a net increase of $5.4 million or 11.3% from the previous fiscal year mainly due to increases in the Public Works function. This function has seen increased capital project reimbursements for staff time due to project timing and compensation increases. In addition, special tax assessment revenue for the maintenance of open spaces. Changes by function in comparison to the prior fiscal year are summarized in the table below.
Charges for Services
Fiscal Year Ended June 30
21 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
Operating Contributions and Grants for governmental activities had a net decrease of $26.2 million from the previous fiscal year mainly due to $21.2 million decreased federal revenue recognition of American Rescue Plan Act of 2021 funds as spending winds down. Other changes include $2.3 million decreased federal grant reimbursements for the Homeless Bridge Shelter; $1.8 million decrease from re-categorizing capital project federal grants in fiscal year 2025 to capital contributions and grants instead of operating contribution and grants; and $0.7 million decreased federal grant funding for a water and wastewater arrearages program. Changes by function in comparison to the prior fiscal year are summarized in the table below.
Operating Contributions and Grants
Fiscal Year Ended June 30
Capital Contributions and Grants for governmental activities had a net decrease of $8.1 million from the previous fiscal year mainly due to $7.5 million reduced state grant revenue to construct the new Millenia library, $9.7 million reduced state grant revenue for library infrastructure renovations at the Civic Center and South libraries, and $5.8 million reduced developer contributions, the timing of which fluctuates with development projects. These decreases were offset by a $4.2 million increase in TransNet (transportation) revenue to public works based on an expenditure plan approved by voters, $8.4 million increase in federal grant revenue for the Heritage Bridge Replacement Project, and $1.2 million increase in developer contributions of capital assets (infrastructure) to the City. Changes by function in comparison to the prior fiscal year are summarized in the table below.
Capital Contributions and Grants
Fiscal Year Ended June 30
General Revenues are all other revenues not categorized as program revenues, such as property taxes, sales taxes and investment earnings. Total general revenues from governmental activities were $287.8 million in fiscal year 2025. The largest source of general revenues received during the year for governmental activities was taxes for a total of $227.7 million, which included amounts from property taxes for $83.7 million, sales taxes, including Measures A and P, for $107.4 million, and franchise taxes for $15.4 million. All taxes combined increased a total of $7.9 million in comparison to the prior fiscal year, mainly due to increased assessed valuations for properties located within the City limits. 22 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
While most of the City’s General Revenue increase came from tax revenue, the City’s investment income increased $7.2 million in fiscal year 2025 due to an average increase in total cash invested and interest rates improving from a 2.56% average in fiscal year 2024 to a 3.30% average in fiscal year 2025. In addition, miscellaneous revenue increased due to a $6.5 million reimbursement of land related costs to the development impact fund. The significant changes in comparison to the prior fiscal year are identified in the table below.
General Revenues
Fiscal Year Ended June 30
Revenue Type 2025 2024
Increase
(Decrease)
Property Taxes 83,658,063$ 79,895,724$ 3,762,339$
Transient Occupancy Taxes 9,278,404 8,345,458 932,946 Sales Taxes 107,369,329 106,895,750 473,579
Franchise Taxes 15,418,919 13,709,817 1,709,102
Business License Taxes 2,074,793 2,018,879 55,914
Utility Users Tax 3,728,455 3,607,996 120,459
Residential Construction Taxes 165,375 552,600 (387,225) Property Transfer Tax 1,370,418 1,217,183 153,235
Other Taxes 4,657,728 3,557,417 1,100,311
Investment Earnings (Losses) 39,436,079 32,189,702 7,246,377 Miscellaneous 20,629,805 14,094,288 6,535,517
Total General Revenues 287,787,368$ 266,084,814$ 21,702,554$ 23 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
Total governmental activity type expenses were $357.0 million in fiscal year 2025. The largest expenses were incurred for General Government, Public Safety, and Public Works. These three activities combine for 91% of all governmental activity expenses. These expenses do not include capital outlays, which are reflected in the City’s capital assets.
Business-Type Activities
Net position for business-type activities was $508.4 million, an increase of $13.1 million or 2.6% from the prior fiscal year.
Total revenues for the business-type activities were $108.8 million, an increase of $6.1 million or 5.9% from the prior fiscal year. Total program revenues for business-type activities were $95.9 million, an increase of $4.7 million or 5.2% from prior fiscal year. The program revenues composed primarily of sewer service charges for $54.5 million, development fees for $7.0 million, and transport enterprise fees for $27.1 million.
Total expenses for the business-type activities were $85.8 million, an increase of $7.6 million or 9.7% from the prior fiscal year. The total expenses were mainly related to sewer activities for $48.6 million, development services activities for $11.2 million, transport enterprise activities for $18.8 million, and golf course activities for $3.7 million. The net increase of $7.6 million is primarily related to increases in sewer activities of $3.9 million, and transport activities of $3.7 million. 24 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
FUND LEVEL FINANCIAL ANALYSIS
As noted earlier, the
City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.
Governmental Funds
The City uses governmental fund accounting to ensure compliance with budgetary allocations and to maintain control over resources that are legally, or otherwise, restricted for specific purposes. The following is a discussion of the significant changes for the City’s major funds as shown on the balance sheet for governmental funds in the basic financial statements.
General Fund – The General Fund is used to account for the general operations of the City. It is used to account for all financial resources, except those required to be accounted for in another fund. The General Fund is always reported as a major fund. For fiscal year 2025, the General Fund reported $280.5 million in revenues and $304.1 million in expenditures. This resulted in revenues under expenditures in the amount of $23.6 million. After accounting for net other financing uses of $34.8 million, the fund balance for the General Fund increased by $11.2 million for the fiscal year.
Fiscal year 2025 total revenues had a net increase of $15.8 million or 6% from the prior fiscal year primarily due to increases in taxes of $7.1 million from the increase of assessed valuations for properties located within the City limits, uses for money and property of $4.0 million from increases in the amount of funds invested and interest rates, charges for services of $1.9 million from increases in capital project reimbursements for staff time and special tax assessments for maintenance of open spaces, and miscellaneous revenue of $2.9 million.
Fiscal year 2025 expenditures increased by $84.9 million or 39% in comparison to the prior fiscal year with increases in public works of $3.6 million, public safety of $12.0 million from filling vacant positions and negotiated employee compensation increases, general government of $6.7 million from the City making an advanced discretionary payment towards its pension liability, capital outlay of $59.1 million primarily from the commencement of the City’s facility lease of the new Bayfront convention center and the purchase of land for a planned fire training facility, and parks and recreation of $1.2 million.
Total fund balance as of June 30, 2025, was $192.0 million, composed of $244.9 million in assets offset with $24.9 million in liabilities and $28.0 million in deferred inflows of resources related to unavailable revenues and leases. Total fund balance included $1.7 million of nonspendable amounts, which represents the portion of fund balance that is not available for appropriation. Restricted fund balance totaled $30.6 million, which is restricted for pension related expenditures. Committed fund balance totaled $18.5 million, including $5.8 million committed for a catastrophic event contingency, $3.2 million for OPEB reserves, and $9.5 for bond call reserves. This portion of fund balance includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the City Council and remains binding unless removed in the same manner. Assigned fund balance, totaling $101.1 million, including $42.0 million for Measure P sales tax and $46.2 million for Measure A sales tax, represents the portion of fund balance that includes amounts that are constrained by the government’s intent to be used for specific purposes, but that are neither restricted nor committed. The City Council has delegated its authority to assign fund balance amounts to the City’s Director of Finance. The final component of total fund balance is unassigned fund balance. Unassigned fund balance totaling $40.1 million, including $29.1 million for an operating reserve and $9.7 million for an economic contingency reserve, represents the portion of fund balance that is available for appropriation for any purpose. 25 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
Federal, State, and Local Grants Fund – The Federal, State and Local Grants fund is used to account for various grants, such as: Supplemental Law Enforcement Services, California Library Services Act, Public Library Act, asset seizure, local law enforcement block grants, California Recreation grants, Public Safety grants, state library grants, waste management and recycling, energy conservation, parks and recreation, social service grants, Gayle McCandliss memorial cultural arts, federal assistance, CDBG program income projects, HOME projects, Community Development Block grants and American Rescue Plan Act funding.
The Federal, State and Local Grants fund had total revenues of $38.2 million and expenditures of $30.8 million, resulting in revenues over expenditures in the amount of $7.4 million. Revenues were $45.9 million or 54.5% less in comparison to the prior fiscal year mainly due $21.2 million decreased revenue recognition of the American Rescue Plan Act of 2021 funds, $17.2 million decreased grant revenue for library projects, and various federal grants. The Federal, State and Local Grants fund balance decreased by $3.1 million for the fiscal year, after accounting for net other financing uses of $10.5 million. Total fund balance as of June 30, 2025, was $13.1 million, composed primarily of restricted fund balance, except for the amount classified as nonspendable related to prepaid costs.
Housing Successor Agency Fund – The California legislature voted to end redevelopment agencies on January 31, 2012. This fund was created on February 1, 2012, due to the dissolution process and was formerly known as the Low- and Moderate-Income Housing Fund. The City opted to become the Successor Agency to the Redevelopment Agency and for the Housing Authority to become the Low- and Moderate- Housing Successor.
For fiscal year 2025, this fund had total revenues of $1.1 million composed primarily of investment income, property rentals and loan repayments from affordable housing projects. Total fund balance as of June 30, 2025, was $15.1 million, an increase of $0.3 million from the prior fiscal year. Fund balance is composed of restricted fund balance.
Open Space Districts – This fund was established as a depository for monies received for all flat rate property tax assessments levied against benefiting property owners for the maintenance of open space areas.
Revenues for this fund totaled $27.2 million attributable to property tax assessments and investment income. Expenditures totaled $18.5 million for maintenance and capital outlay costs associated with open space districts.
Total fund balance for the year increased by $8.8 million or 14.5% from prior fiscal year. At June 30, 2025, fund balance in the amount of $69.1 million was presented as nonspendable and restricted fund balance.
Development Impact Fee Fund – This fund was established as a depository for various development impact fees (DIFs). The fees are levied against all new development in the City to pay for the construction or improvement of public facilities due to City growth.
Revenues for this fund totaled $36.8 million attributable to building permit fees for new development and investment income. Expenditures totaled $24.9 million, of which, $23.0 million were capital expenditures on the Millenia Cinematic Arts Academic Center and Library project ($15.3 million), the Heritage Bridge and Main street road widening project ($5.4 million), and Fire station No. 11 and Fire station No. 12 design and construction projects ($2.1 million).
26 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
Total fund balance for the year increased by $6.8 million or 8.1% from prior fiscal year. At June 30, 2025, fund balance in the amount of $90.9 million was presented as restricted fund balance for various capital projects related to public facilities due to new development.
Proprietary Funds
The City’s Sewer Fund is reported as a major fund on the Statement of Net Position for Proprietary Funds in the basic financial statements.
Sewer Fund – The Sewer fund is used to account for all activities related to providing sewer services to the residents of Chula Vista. Resources for the fund come primarily from sewer service charges paid for by users of the system. For fiscal year 2025, operating revenues totaled $54.5 million, an increase of $5.1 million or 10.5% from the prior fiscal year. The incr ease is primarily due to scheduled rate increases.
Operating expenses totaled $48.4 milli on for the fiscal year, with the most significant cost related to the wastewater treatment by the City of San Diego in th e amount of $32.8 million. In addition, non-operating revenues netted to $9.2 million, which included investment income of $9.3 million.
After accounting for all revenues and expenses, both operating and non-operating, transfers and other changes, the net position of the fund increased by $13.4 million from prior fiscal year, totaling $320.8 million as of June 30, 2025. Of total net position, $1 53.4 million represents the City’s net investment in sewer system infrastructures, such as pump stations, sewer lines and other related equipment, therefore, not available to fund the day-to-day operations of the sewer system. Current assets totaled $153.4 million, comprised of $142.4 million in cash and investments, and $11.0 million in receivables. Total liabilities at the end of the fiscal year were $13.9 million, of which $2.2 million were considered current liabilities, with the remainder non-current liabilities primarily related to pension, OPEB, and b onded debt. The fund had $9.8 million of bonded debt. In addition, the fund reported deferred outflows of resources in the amount of $1.3 million and deferred inflows of resources for $0.2 million related to pension and OPEB costs.
Sewer Development Impact Fee Fund – This fund was established as a depository for sewer development impact fees. The fees are levied against all new deve lopment in the City to pay for the construction or improvement of public sewer facilities due to City growth.
Operating revenues totaled $1.3 million for the fiscal year. Operating expenses are minimal in this fund, comprised mainly of depreciation expense and admini strative costs. Non-operating expenses totaled $0.2 million, which included interest expense offset by investment income.
Net position of the fund was a negative $13.5 million primarily due to an interfund loan and was comprised of $6.4 million in assets and $19.9 million in liabilities (including the interfund loan from the Sewer Fund).
Please reference Note 6 of the basic financial statem ents for additional information on the advances from other funds.
Development Services Fund – This fund accounts for revenues and e xpenses related to the processing of development plans and permits. The fund is comprised of three divisions, Planning, Building, and Engineering, which provide direct services to property owners, developers, and the City as required for the entitlement and/or improvement of property. The services provided encompass most development activities, including land use entitlements; public infrastructure, open space, and landscape planning; public infrastructure construction, grading and building permits.
Operating revenues totaled $9.3 m illion and were primarily comprised of permits and fees. Operating expenses totaled $10.8 million for the year, mostly comprised of personnel service costs. Non-operating 27 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
expenses totaled $2.7 million, which included interest expense offset by investment income and transfers to and from other funds for subsidies and overhead expenses.
Net position of the fund was negative $18.5 million for the fiscal year primarily due to the allocation of pension obligation bonds. Current and noncurrent assets totaled $17 million for the fiscal year. Current liabilities were $19.1 million and noncurrent liabilities were $18.2 million primarily consisting of liabilities related to bonds, notes, pension, and OPEB. In addition, the fund also reported deferred outflows of resources in the amount of $2.2 million and deferred inflows of resources for $0.2 million related to pensions and OPEB.
Chula Vista Elite Athlete Training Center (CVEATC) Fund – This fund was established to account for the contribution of the CVEATC from the US Olympic Committee in January 2017 and the CVEATC’s activities in partnership with its operator, Elite Athlete Services.
Net position decreased by $0.4 million from the prior year mainly due to depreciation expense and administrative costs. This fund’s primary asset consists of the land and facilities held for the CVEATC in the net amount of $194.7 million. Current liabilities totaled $0.6 million. Net position of the fund was $194.1 million, primarily representing the City’s net investment in the facility, therefore, not available to fund the day-to-day operations of the facility.
Transport Enterprise Fund – This fund was established to account for all activities related to providing Ambulance Transport Services to the residents of Chula Vista, Bonita, and Imperial Beach. Resources for the fund come primarily from ambulance service charges paid for by users of the program.
Operating revenues totaled $27.1 million for the fiscal year. Operating expenses totaled $18.7 million. After accounting for non-operating revenues, expenses and transfers, the net position of the fund increased by $5.0 million from the prior year. Total fund balance as of June 30, 2025, was $22.7 million and is composed of net investment in capital assets of $0.2 million and unrestricted of $22.5 million. 28 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
GENERAL FUND BUDGETARY HIGHLIGHTS
The
final amended general fund budget totaled $391.2 million including $67.3 million in budget amendments to the originally adopted budget, $35.5 million carried forward for capital improvements and encumbrances of $13.5 million, which will fund contractual obligations and outstanding purchase orders.
The budget amendments occurred because of: staffing and organizational changes within various City departments; start of the Chula Vista Bayfront project; American Rescue Plan Act of 2021 spending plan changes; modification of spending specific to Measure A, the City’s half cent sales tax which funds public safety staffing, and Measure P, the City’s half cent sales tax which funds infrastructure repair or replacement over the next several years; federal grant and other grant appropriations; adoption of labor agreements; transfers out to other funds; and new supplies and services appropriations approved subsequent to budget adoption. The General Fund’s budget amendments of $67.3 million are summarized as follows:
Resolution Budget Amendments Expenditure
2024-149 Appropriation for CIP Project (Harborside Park) 160,000$ 2024-173 Appropriation for Human Relations Commission 5,000 2024-178 Personnel Appropriations (Association of Chula Vista Employees) 704,462 2024-186 Personnel Appropriations (City Council and City Attorney) 16,981 2024-208 Appropriation for CIP Project (Eucalyptus Park) 3,548,745 2024-233 First Quarter Budget Adjustments 29,339,650
2024-237 Personnel Appropriations (Various) 45,470
2024-250 Personnel Appropriations (Western Council of Engineers) 96,175 2025-007 Personnel Appropriations (International Association of Firefighters) 70,999 2025-010 Appropriation of Department of Energy Grant (Sustainability) 50,768 2025-018 Appropriation of Measure A Expenditure Plan Amendment 1,121,422 2025-029 Appropriation for CIP Project (Police Department HVAC) 20,000,000 2025-037 Second Quarter Budget Adjustments 4,711,419
2025-061 Appropriation for Bayfront Shuttle (Economic Development) 164,640 2025-088 Third Quarter Budget Adjustments 2,812,865
2025-174 Year-End Budget Adjustments 4,439,593
Total General Fund Budget Amendments 67,288,189$
General Fund Budget Amendments
Per Council Resolutions
as of June 30, 2025 -Unaudited
29 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
Revenues – Overall budgeted revenues were $299.7 million, and actuals were $304.0 million resulting in revenues exceeding budget by $4.3 million. The significant General Fund revenue variances were the following:
Tax revenues were below budget by a total of $1.5 million, due to slower than anticipated growth in both Property Tax and Transient Occupancy Tax revenues. Use of Money and Property revenues were above budget by a total of $4.5 million, primarily due to an increase in the amount of funds invested and increased interest rates. Miscellaneous revenues were above budget by a total of $1.4 million, primarily due to increased reimbursements from fire strike team activity and reimbursements of grant administration costs.
Expenditures – Overall budgeted expenditures were $391.2 million, and actuals were $334.5 million, resulting in under budget expenditures of $56.7 million. The significant General Fund expenditure variances were the following:
Capital outlay expenditures were below budget by a total of $51.9 million, which is due to the timing of expenditures for multi-year capital projects funded by Measures A and P. This includes parks’ sports courts resurfacing, the fire training facility and the heating, ventilation, and air conditioning system for the police department headquarters. Non-capital General Fund expenditures were below budget by a total of $4.8 million, primarily due to the timing of fire equipment purchases and encampment site remediation efforts in the Measure P fund, and timing of public liability activity.
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, amounts to $1,886.2 million, net of accumulated depreciation of $886.6 million. This investment in capital assets includes land, buildings, improvements, machinery and equipment, infrastructure, subscription assets, lease assets and construction in progress. Infrastructure assets are items that are normally immovable and of value only to the City such as roads, bridges, streets and sidewalks, drainage systems, lighting systems and similar items. The total change to the City’s investment in capital assets for the current fiscal year was an increase of $133.3 million, net of accumulated depreciation. Additional information on the City’s capital assets can be found in Note 7 of the basic financial statements.
Debt Administration
Long Term Debt - At June 30, 2025, the City had $470.7 million in debt outstanding compared to $449.4 million last year, a net increase of $21.3 million. This was primarily due to a new lease addition in the amount of $46.3 million from the City’s facility lease of the new Bayfront convention center. This increase in long-term debt was offset by principal payments on bonds payable ($14.5 million), pension related debt ($9.2 million), and notes/financed purchases ($3.4 million). Most of the City’s long-term debt is in the form of pension obligation bonds of $316.5 million, lease revenue bonds of $39.0 million, and certificates of 30 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
participation of $49.8 million. The remainder of the outstanding long-term debt is in the form of CDBG Section 108 loan, unamortized bond premium, notes payable, financed purchases, leases, and subscriptions.
As of June 30, 2021, the City received an AA long-term rating for its 2021 Taxable Pension Obligation Bonds (POBs). At the same time, it was affirmed that the City maintains its AA- rating by Standard & Poor's for the Chula Vista Public Financing Authority Certificates of Participation and Chula Vista Municipal Financing Authority Lease Revenue Bonds, which represents a stable outlook. Additional information on the City's long-term debt obligations can be found in Note 8 of the basic financial statements.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
Property Assessed Valuati
on and Tax
According to the County of San Diego Assessors’ Office, the City’s total, secured property assessed valuation for 2025 was $43,103 million. This was an increase of $2,501 million, or 6.2% over the 2024 property assessed valuation. It should be noted that assessed value is set as of January 1 each year.
Local Economy
Locally, the City’s fiscal outlook remains cautiously positive, demonstrated by the continued economic growth, infrastructure investments, and commercial and residential development throughout the City. A key milestone during fiscal year 2025 was the opening of the Gaylord Pacific Resort and Convention Center on the Chula Vista Bayfront. The City continues to make substantial progress on major City projects, including the University and Innovation District in East Chula Vista. Despite the positive outlook, the City continues to closely monitor the state of the economy as a risk of recession continues to loom.
According to the U.S. Bureau of Labor Statistics, the seasonally unadjusted unemployment rate in San Diego County was 5% in August 2025, which is higher than the 4.9% rate recorded one year ago in August 2024. The regional unemployment rate for August 2025 remained lower than the California state’s rate of
5.4%, but was higher than the national unemployment rate of 4.1%.
The latest forecast from UCLA Anderson Fall 2025 Forecast for California highlighted the economic implications of state bills, including: redistricting, emissions cap and trade bills, CEQA streamlining development, and film and TV tax credits all affecting business decisions in hiring and investments.
However, the California spending reductions outlined by the Legislative Analyst Office indicate future budget problems will offset some of the expansionary effects of these bills.
The latest state employment reports demonstrate a shrinking of the labor force and contraction in the California economy, particularly in the once-strong technology sector, durable goods manufacturing, entertainment and logistics sectors. Some factors impacting California labor include changes in H-1B visas and artificial intelligence development in the technology sector and a general decline in manufacturing.
National immigration policies also exhibit impacts on the non-durable goods (food) and agriculture sectors.
Overall, California’s economic growth is projected to remain slower than that of the United States as a whole through 2025 and 2026, with potential improvement beginning in 2027 as conditions in the technology sector strengthen. The outlook for the state’s economy remains subject to several uncertainties, including federal immigration policies and associated deportations, the scope and impact of tariffs and related trade responses and the pace and practical application of artificial intelligence technologies. 31 CITY OF CHULA VISTA
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended June 30, 2025
The Federal Open Market Committee (FOMC), part of the Federal Reserve, is committed to Congress’s mandate to promote maximum employment, stable prices, and moderate long-term interest rates. In its October 2025 meeting, reporting that job gains have slowed this year and unemployment remained low but rising, the Federal Reserve lowered the federal funds target interest rate range by one-quarter of a percentage point to 3.75 – 4.00%. This change in the rate is aimed at stimulating the economy by reducing unemployment levels by lowering the cost of borrowing for consumers and businesses.
Fiscal Year 2026 Budget
In May 2025, the Chula Vista City Council adopted a one-year budget for fiscal year 2026 which provides $617.2 million in appropriations to fund all City activities. The General Fund budget total is $305.6 million.
The following highlights some of the priorities for fiscal year 2026 City services and programs:
Fiscal Responsibility
Internal audit and contract management services
Improved Community Services
Expanding staffing at Harborside Park and other parks coming online in fiscal year 2026 Funding operations for the newly constructed Casa Casillas art center Expanded Public Safety
New Bayfront Fire Station services expansion
Enhancements for Police training and development, records management, and facilities improvements
Maintenance of City Assets and Infrastructure
CIP Program budget of $29.6 million and addressing ongoing and deferred maintenance needs
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the City’s finances for all its citizens, taxpayers, customers, investors and creditors. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the City of Chula Vista, Finance Department, 276 Fourth Avenue, Chula Vista, California 91910. 32 BASIC FINANCIAL STATEMENTS
33
34 GOVERNMENT-WIDE FINANCIAL
STATEMENTS
35
36 CITY OF CHULA VISTA
STATEMENT OF NET POSITION
JUNE 30, 2025
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments 501,822,706$ 172,721,214$ 674,543,920$ Restricted assets:
Cash and investments 943,098 - 943,098
Cash with fiscal agent 41,031,117 51,575 41,082,692 Receivables (net of allowance for uncollectables):
Accounts 10,610,718 28,815,480 39,426,198
Taxes 26,828,727 - 26,828,727
Accrued interest 4,102,996 1,334,690 5,437,686
Deferred loans 68,482,407 837,722 69,320,129
Leases 24,205,468 - 24,205,468
Due from other governments 18,826,118 - 18,826,118
Internal balances (4,949,911) 4,949,911 -
Inventories - 64,231 64,231
Prepaid costs 1,211,944 61,807 1,273,751
Capital assets not being depreciated 753,788,562 217,301,012 971,089,574 Capital assets, net of depreciation 780,622,829 134,468,688 915,091,517 Total Assets 2,227,526,779 560,606,330 2,788,133,109
DEFERRED OUTFLOWS OF RESOURCES
Pension related 82,222,261 4,691,669 86,913,930
OPEB related 1,496,175 165,803 1,661,978
Deferred charge on refunding 2,682,942 - 2,682,942
Total Deferred Outflows of Resources 86,401,378 4,857,472 91,258,850
LIABILITIES
Accounts payable 20,214,673 3,254,369 23,469,042
Accrued liabilities 11,385,484 1,463,883 12,849,367 Retention payable 1,428,750 607,916 2,036,666
Accrued interest payable 1,702,831 60,429 1,763,260 Deposits payable 3,090,704 17,139,227 20,229,931
Unearned revenue 6,158,062 - 6,158,062
Noncurrent liabilities:
Due within one year:
Total OPEB liability 1,221,527 135,369 1,356,896
Bonds, notes, leases, subscriptions and financed purchases 26,485,876 1,749,532 28,235,408 Compensated absences 9,711,513 754,111 10,465,624
Claims and judgments 5,000,000 - 5,000,000
Due in more than one year:
Net pension liability 63,500,694 4,607,006 68,107,700 Total OPEB liability 19,663,196 2,179,034 21,842,230 Bonds, notes, leases, subscriptions and financed purchases 418,049,345 24,369,661 442,419,006 Compensated absences 1,819,148 237,194 2,056,342
Claims and judgments 48,652,127 - 48,652,127
Total Liabilities 638,083,930 56,557,731 694,641,661
DEFERRED INFLOWS OF RESOURCES
Leases related 24,033,119 - 24,033,119
Pension related 3,945,633 - 3,945,633
OPEB related 4,167,196 461,800 4,628,996
Total Deferred Inflows of Resources 32,145,948 461,800 32,607,748
NET POSITION
Net investment in capital assets 1,374,270,978 349,818,618 1,724,089,596 Restricted for:
Community development 15,399,025 - 15,399,025
Public works 108,258,585 - 108,258,585
Capital projects 183,528,001 - 183,528,001
Debt service 5,677,611 - 5,677,611
Low-mod income housing 15,060,183 - 15,060,183
Grants 13,641,613 - 13,641,613
Section 115 trust for pension 30,687,945 - 30,687,945 Other 2,914,682 - 2,914,682
Unrestricted (105,740,344) 158,625,653 52,885,309
Total Net Position 1,643,698,279$ 508,444,271$ 2,152,142,550$ Primary Government
The notes to financial statements are an integral part of this statement. 37 CITY OF CHULA VISTA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Operating Capital Total
Charges for Contributions Contributions Program
Expenses Services and Grants and Grants Revenues
FUNCTIONS/PROGRAMS:
Primary Government:
Governmental Activities:
General government 58,992,551$ 1,957,973$ 18,817,369$ -$ 20,775,342$ Public safety 164,905,850 8,259,403 12,295,662 - 20,555,065 Community development 10,788,759 2,553,064 1,591,382 32,879,003 37,023,449 Public works 98,967,639 37,272,249 227,903 45,443,372 82,943,524 Parks and recreation 7,373,789 2,626,014 140,931 - 2,766,945 Library 4,425,932 589,565 121,808 2,500,000 3,211,373
Interest on long-term debt 11,512,027 - - - - Total Governmental Activities 356,966,547 53,258,268 33,195,055 80,822,375 167,275,698 Business-Type Activities:
Sewer Fund 48,625,049 54,530,624 - 2,286,179 56,816,803 Sewer Development Impact Fees 2,698,070 15,616 1,243,455 - 1,259,071 Development Services Fund 11,214,349 7,035,276 - - 7,035,276 CV Elite Athlete Training Ctr 535,575 - - - -
Transport Enterprise 18,801,178 27,118,587 - - 27,118,587 Chula Vista Muni Golf Course 3,730,767 3,718,123 - - 3,718,123 Living Coast Discovery Center 155,402 - - - -
Total Business-Type Activities 85,760,390 92,418,226 1,243,455 2,286,179 95,947,860 Total Primary Government 442,726,937$ 145,676,494$ 34,438,510$ 83,108,554$ 263,223,558$
GENERAL REVENUES
Taxes:
Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Business licenses taxes
Utility users tax
Residential construction tax
Property transfer tax
Other taxes
Investment Income
Miscellaneous
Gain (Loss) on sale of capital asset
TRANSFERS
Total General Revenues and Transfers
Change in Net Position
NET POSITION - Beginning
NET POSITION - ENDING
Program Revenues
The notes to financial statements are an integral part of this statement. 38 Primary Government
Governmental Business-Type
Activities Activities Total
(38,217,209)$ -$ (38,217,209)$
(144,350,785) - (144,350,785)
26,234,690 - 26,234,690
(16,024,115) - (16,024,115)
(4,606,844) - (4,606,844)
(1,214,559) - (1,214,559)
(11,512,027) - (11,512,027)
(189,690,849) - (189,690,849)
- 8,191,754 8,191,754
- (1,438,999) (1,438,999)
- (4,179,073) (4,179,073)
- (535,575) (535,575)
- 8,317,409 8,317,409
- (12,644) (12,644)
- (155,402) (155,402)
- 10,187,470 10,187,470
(189,690,849) 10,187,470 (179,503,379) 83,658,063 - 83,658,063
9,278,404 - 9,278,404
107,369,329 - 107,369,329
15,418,919 - 15,418,919
2,074,793 - 2,074,793
3,728,455 - 3,728,455
165,375 - 165,375
1,370,418 - 1,370,418
4,657,728 - 4,657,728
39,436,079 10,279,057 49,715,136
20,629,805 2,469,648 23,099,453
(25,446) 71,679 46,233
9,942,802 (9,942,802) -
297,704,724 2,877,582 300,582,306
108,013,875 13,065,052 121,078,927
1,535,684,404 495,379,219 2,031,063,623
1,643,698,279$ 508,444,271$ 2,152,142,550$
Net (Expenses) Revenues and Changes in Net Position
The notes to financial statements are an integral part of this statement. 39
40 FUND FINANCIAL STATEMENTS
41
42 GOVERNMENTAL FUND FINANCIAL
STATEMENTS
43 CITY OF CHULA VISTA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2025 General
Federal, State,
and Local Grants
Housing
Successor
Agency
Open Space
Districts
ASSETS
Cash and investments 143,547,521$ 10,513,608$ 13,662,090$ 70,516,298$ Receivables:
Accounts (net of allowance for uncollectibles) 9,358,647 166,375 - 97,373 Taxes 24,533,393 207,168 - -
Accrued interest 678,231 53,582 66,153 329,786
Deferred loans (net of allowance for uncollectibles) - 25,607,384 26,432,793 - Leases 24,205,468 - - -
Due from other governments 714,110 9,646,345 - -
Due from other funds 9,404,369 - - -
Prepaid costs 743,789 1,920 - 20,352
Advances to other funds 926,525 - - -
Restricted assets: -
Cash and investments - - 943,098 -
Cash and investments with fiscal agents 30,751,156 37,423 - - Total Assets 244,863,209$ 46,233,805$ 41,104,134$ 70,963,809$
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCE
Liabilities:
Accounts payable 7,811,825$ 2,612,974$ 5,524$ 1,748,219$ Retentions payable 346,044 200,635 - 69,100
Accrued liabilities 10,759,264 361,953 - -
Deposits payable 1,608,116 - - -
Due to other funds - - - -
Advance from other funds - - - -
Unearned revenues 4,390,821 630,407 - -
Total Liabilities 24,916,070 3,805,969 5,524 1,817,319 Deferred Inflows of Resources:
Unavailable revenues 3,921,139 29,370,316 26,038,427 - Related to leases 24,033,119 - - -
Total Deferred Inflows of Resources 27,954,258 29,370,316 26,038,427 - Fund Balances:
Nonspendable 1,670,314 1,920 - 20,352
Restricted 30,687,945 13,639,693 15,060,183 69,126,138 Committed 18,458,452 - - -
Assigned 101,062,515 - - -
Unassigned (deficit) 40,113,655 (584,093) - -
Total Fund Balances 191,992,881 13,057,520 15,060,183 69,146,490
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCE
Special Revenue Funds
244,863,209$ 70,963,809$ 41,104,134$ 46,233,805$ The notes to financial statements are an integral part of this statement. 44 CITY OF CHULA VISTA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2025ASSETS
Cash and investments
Receivables:
Accounts (net of allowance for uncollectibles)
Taxes
Accrued interest
Deferred loans (net of allowance for uncollectibles)
Leases
Due from other governments
Due from other funds
Prepaid costs
Advances to other funds
Restricted assets:
Cash and investments
Cash and investments with fiscal agents
Total Assets
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCE
Liabilities:
Accounts payable
Retentions payable
Accrued liabilities
Deposits payable
Due to other funds
Advance from other funds
Unearned revenues
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Related to leases
Total Deferred Inflows of Resources
Fund Balances:
Nonspendable
Restricted
Committed
Assigned
Unassigned (deficit)
Total Fund Balances
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCE
Capital
Project Funds
Development
Impact Funds
Other
Governmental
Funds
Total
Governmental
Funds
101,907,104$ 147,661,750$ 487,808,371$
643,372 271,262 10,537,029
- 2,088,166 26,828,727
472,092 667,956 2,267,800
5,944,852 10,497,378 68,482,407
- - 24,205,468
- 8,465,663 18,826,118
- - 9,404,369
- 443,433 1,209,494
- - 926,525
- - 943,098
- 10,242,506 41,031,085
108,967,420$ 180,338,114$ 692,470,491$
4,247,485$ 3,380,991$ 19,807,018$
228,719 584,252 1,428,750
- 151,114 11,272,331
- 1,482,588 3,090,704
- 8,776,208 8,776,208
6,081,375 - 6,081,375
- 1,136,834 6,158,062
10,557,579 15,511,987 56,614,448
7,513,558 16,849,033 83,692,473
- - 24,033,119
7,513,558 16,849,033 107,725,592
- 443,433 2,136,019
90,896,283 155,291,698 374,701,940
- - 18,458,452
- - 101,062,515
- (7,758,037) 31,771,525
90,896,283 147,977,094 528,130,451
692,470,491$ 180,338,114$ 108,967,420$
The notes to financial statements are an integral part of this statement. 45
46 CITY OF CHULA VISTA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
JUNE 30, 2025
Amounts reported for governmental activities in the statement of net position are different because:
Total fund balances - governmental funds 528,130,451$
1,533,939,437
Deferred outflows - pension related 81,830,879$
Deferred outflows - OPEB related 1,488,280
Deferred inflows - pension related (3,945,633)
Deferred inflows - OPEB related (4,145,206)
Total deferred outflows and inflows related to postemployment benefits 75,228,320 Long-term receivables 55,859,827
Development impact fees 14,536,940
Miscellaneous revenues 15,105,103
Total other long-term assets 85,501,870
11,707,985
Bonds payable (88,815,000)
Private placement notes (2,876,067)
Pension-related debt (289,961,992)
Financed purchases (6,569,849)
Leases (45,735,914)
Subscriptions (2,993,568)
Compensated absences (11,443,149)
Claims (53,652,127)
Total OPEB liability (20,774,513)
Net pension liability (63,116,376)
Accrued interest payable on long-term debt (1,699,559)
Total long-term liabilities (587,638,114)
Deferred amount on refunding 2,682,942
Premium on bonds payable (5,854,612)
Total premiums, discounts, and deferred items (3,171,670) Net Position of Governmental Activities 1,643,698,279$
Other long-term assets that are not available to pay for current period expenditures and, therefore, are either deferred or not reported in the funds.
Internal service funds are used by management to charge the cost of fleet management, technology replacement, and workers' compensation to individual funds. The assets, deferred outflows of resources, liabilities, and deferred inflows of resources of the internal service funds are included in governmental activities in the statement of net position.
Long-term liabilities that are not due and payable in the current period, and therefore, are not reported in the funds.
Governmental funds report the effect of premiums, discounts, and refundings and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities.
Capital assets used in governmental activities (less internal service fund allocations) are not financial resources and, therefore, are not reported in the funds.
Differences between expected and actual experiences, assumption changes, net differences between projected and actual earnings, and contributions subsequent to the measurement date for the postretirement benefits (pension and OPEB) are recognized as deferred outflows of resources and deferred inflows of resources on the statement of net position.
The notes to financial statements are an integral part of this statement. 47 CITY OF CHULA VISTA
STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
General
Federal, State,
and Local Grants
Housing
Successor
Agency
Open Space
Districts
Revenues:
Taxes 227,556,109$ -$ -$ -$
License and permits 2,180,541 - - -
Intergovernmental 1,134,917 34,520,106 - -
Charges for service 21,132,591 2,249,662 - 23,622,158 Use of money and property 16,154,363 1,243,599 908,017 3,600,692 Fines and forfeitures 1,138,147 - - -
Developer participation - - - -
Miscellaneous 11,223,736 278,096 154,183 5,544
Total Revenues (net losses) 280,520,404 38,291,463 1,062,200 27,228,394 Expenditures:
Current:
General government 44,122,875 4,628,073 - -
Public safety 133,665,670 10,422,595 - -
Community development 3,544,203 2,876,814 737,641 - Parks and recreation 6,276,079 36,185 - -
Public works 36,046,471 2,448,201 - 18,489,280
Library 4,005,156 31,254 - -
Capital outlay 72,062,445 9,406,570 - 45,503
Debt service:
Principal retirement 4,147,333 868,147 - -
Interest and fiscal charges 239,699 128,031 - -
Total Expenditures 304,109,931 30,845,870 737,641 18,534,783 Excess (Deficiency) Revenues over Expenditures (23,589,527) 7,445,593 324,559 8,693,611 Other Financing Sources (Uses):
Transfers in 27,630,933 55,438 - 97,800
Transfers out (40,629,445) (15,137,168) (5,448) (19,975) Subscription-based IT arrangement 417,676 2,455,697 - - Financed Purchase - 1,215,551 - -
Leases 47,347,215 823,879 - -
Total Other Financing Sources (Uses) 34,766,379 (10,586,603) (5,448) 77,825 Net Change in Fund Balance 11,176,852 (3,141,010) 319,111 8,771,436 Fund Balances - Beginning, as Previously Reported 180,816,029 16,198,530 14,741,072 - Change within Financial Reporting Entity (Nonmajor to Major Fund) - - 60,375,054
Fund Balances - Beginning as Restated 180,816,029 16,198,530 14,741,072 60,375,054 Fund Balances (Deficit) - Ending 191,992,881$ 13,057,520$ 15,060,183$ 69,146,490$ Special Revenue Funds
The notes to financial statements are an integral part of this statement. -
48 CITY OF CHULA VISTA
STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Revenues:
Taxes
License and permits
Intergovernmental
Charges for service
Use of money and property
Fines and forfeitures
Developer participation
Miscellaneous
Total Revenues (net losses)
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Library
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) Revenues over Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Subscription-based IT arrangement
Financed Purchase
Leases
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balances - Beginning, as Previously Reported
Change within Financial Reporting Entity (Nonmajor to Major Fund) Fund Balances - Beginning as Restated
Fund Balances (Deficit) - Ending
Capital
Projects Fund
Development
Impact Funds
Other
Governmental
Funds
Total
Governmental
Funds
-$ 165,375$ 227,721,484$
- 32,373 2,212,914
- 28,037,769 63,692,792
256,336 1,981,230 49,241,977
5,774,399 8,759,603 36,440,673
- 579,615 1,717,762
24,302,630 7,563,219 31,865,849
6,477,372 4,408,506 22,547,437
36,810,737 51,527,690 435,440,888
- 1,648,858 50,399,806
- 81,449 144,169,714
946,577 2,372,652 10,477,887
- 28,911 6,341,175
- 4,340,814 61,324,766
- - 4,036,410
23,007,721 42,625,988 147,148,227
474,208 22,544,051 28,033,739
437,867 11,693,539 12,499,136
24,866,373 85,336,262 464,430,860
11,944,364 (33,808,572) (28,989,972)
- 48,561,794 76,345,965
(5,175,047) (6,172,605) (67,139,688)
5,540 33,245 2,912,158
- - 1,215,551
- - 48,171,094
(5,169,507) 42,422,434 61,505,080
6,774,857 8,613,862 32,515,108
84,121,426 199,738,286 495,615,343
- (60,375,054) -
84,121,426 139,363,232 495,615,343
90,896,283$ 147,977,094$ 528,130,451$
The notes to financial statements are an integral part of this statement. 49
50 CITY OF CHULA VISTA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Amounts reported for governmental activities in the statement of activities are different because:
Net change in fund balances - total governmental funds 32,515,108$ Capital outlay 146,449,698$
Depreciation expense (40,856,273)
105,593,425
6,804,499
Contribution of capital assets 13,151,339
Gain/(loss) on disposal of capital assets (25,446)
13,125,893
Proceeds from leases and subscriptions (52,298,803)
Principal paid on leases 2,733,480
Principal paid on subscriptions 1,304,161
Principal paid on bonds payable 13,005,000
Principal paid on pension-related debt 8,442,204
Principal paid on private placement notes 864,916
Principal paid on financed purchases 1,605,485
(24,343,557)
763,201
Accrued interest on long-term debt (89,256)
Amortization of bond premiums and discounts 1,486,615
Amortization of deferred amounts on refunding (332,931) Compensated absences and claims (14,124,929)
Changes in pension liabilities and related deferred outflows and inflows of resources (12,801,956) Changes in OPEB liabilities and related deferred outflows and inflows of resources (582,237) (26,444,694)
Change in Net Position of Governmental Activities 108,013,875$ Governmental funds report capital outlays as expenditures. However, in the statement of activites, the cost of these assets is allocated over their estimated useful lives and reported as depreciation expense.
This is the amount by which capital outlays exceeded depreciation expense in the current period.
Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds.
The net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, and contributions) is to increase net position.
Bond and other debt proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of bond and other debt principal is an expenditure in the governmental funds, but repayment reduces long-term liabilities in the statement of net position. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities.
The internal service funds are used by management to charge the costs of fleet management, technology replacement, and workers' compensation to individual funds. The net revenue of certain activities of internal service funds is reported with governmental activities.
Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds.
The notes to financial statements are an integral part of this statement. 51
52 PROPRIETARY FUND FINANCIAL
STATEMENTS
53 CITY OF CHULA VISTA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2025
Sewer Fund
Sewer
Development
Impact Fees
Development
Services Fund
CV Elite Athlete
Training Ctr
ASSETS
Current Assets:
Cash and investments 142,395,014$ 5,648,417$ 16,577,655$ -$ Cash with fiscal agent 173 51,119 283 -
Receivables:
Accounts (net of allowance for uncollectibles) 9,199,441 - 11,074 9,371 Accrued interest 1,187,167 45,075 25,782 -
Deferred loans 604,611 233,111 - -
Prepaid costs 13,327 - 21,858 -
Inventories - - - -
Total Current Assets 153,399,733 5,977,722 16,636,652 9,371 Noncurrent Assets:
Advances to other funds 25,965,602 - - -
Capital assets:
Land - - - 180,677,144
Construction in progress 35,694,310 311,334 - -
Buildings and structures - - - 17,027,588
Improvements other than buildings - - - -
Machinery and equipment 10,064,913 - 297,601 -
Infrastructure 277,629,930 121,387 - -
Lease asset 5,350 - - -
Subscription asset 510,955 - 765,616 -
Less accumulated depreciation/amortization (169,539,764) (30,400) (919,213) (3,036,019) Total Noncurrent Assets 180,331,296 402,321 144,004 194,668,713 Total Assets 333,731,029 6,380,043 16,780,656 194,678,084
DEFERRED OUTFLOWS OF RESOURCES
Pension deferred outflows 1,195,804 - 2,191,141 -
OPEB deferred outflows 86,849 - 71,059 -
Total Deferred Outflows of Resources 1,282,653 - 2,262,200 -
LIABILITIES
Current Liabilities:
Accounts payable 610,802 26,629 410,551 -
Accrued liabilities 259,233 - 621,770 -
Accrued interest payable 27,412 - 29,174 -
Compensated absences 255,775 - 362,372 -
Retention payable 607,477 - 439 -
Deposits payable - - 17,139,227 -
Due to other funds - - - 628,161
Total OPEB liability 70,907 - 58,015 -
Bonds, notes, subscriptions, and financed purchases 366,841 - 461,494 - Total Current Liabilities 2,198,447 26,629 19,083,042 628,161 Noncurrent Liabilities:
Advances from other funds - 19,884,227 - -
Compensated absences 38,744 - 174,482 -
Net pension liability 1,174,225 - 2,151,601 -
Total OPEB liability 1,141,399 - 933,872 -
Bonds, notes, subscriptions, and financed purchases 9,415,315 - 14,954,346 - Total Noncurrent Liabilities 11,769,683 19,884,227 18,214,301 - Total Liabilities 13,968,130 19,910,856 37,297,343 628,161
DEFERRED INFLOWS OF RESOURCES
OPEB deferred inflows 241,895 - 197,915 -
Total Deferred Inflows of Resources 241,895 - 197,915 -
NET POSITION (DEFICIT)
Net investment in capital assets 153,351,475 386,654 144,004 194,668,713 Unrestricted 167,452,182 (13,917,467) (18,596,406) (618,790) Total Net Position (Deficit) 320,803,657$ (13,530,813)$ (18,452,402)$ 194,049,923$ Business-Type Activities - Enteprise Funds
The notes to financial statements are an integral part of this statement. 54 CITY OF CHULA VISTA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2025
ASSETS
Current Assets:
Cash and investments
Cash with fiscal agent
Receivables:
Accounts (net of allowance for uncollectibles)
Accrued interest
Deferred loans
Prepaid costs
Inventories
Total Current Assets
Noncurrent Assets:
Advances to other funds
Capital assets:
Land
Construction in progress
Buildings and structures
Improvements other than buildings
Machinery and equipment
Infrastructure
Lease asset
Subscription asset
Less accumulated depreciation/amortization
Total Noncurrent Assets
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Pension deferred outflows
OPEB deferred outflows
Total Deferred Outflows of Resources
LIABILITIES
Current Liabilities:
Accounts payable
Accrued liabilities
Accrued interest payable
Compensated absences
Retention payable
Deposits payable
Due to other funds
Total OPEB liability
Bonds, notes, subscriptions, and financed purchases
Total Current Liabilities
Noncurrent Liabilities:
Advances from other funds
Compensated absences
Net pension liability
Total OPEB liability
Bonds, notes, subscriptions, and financed purchases
Total Noncurrent Liabilities
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
OPEB deferred inflows
Total Deferred Inflows of Resources
NET POSITION (DEFICIT)
Net investment in capital assets
Unrestricted
Total Net Position (Deficit)
Governmental
Activities
Transport
Enterprise
Other
Enterprise
Funds Totals
Internal
Service Funds
6,553,035$ 1,547,093$ 172,721,214$ 14,014,335$ - - 51,575 32
19,567,381 28,213 28,815,480 73,690
74,117 2,549 1,334,690 25,802
- - 837,722 -
25,407 1,215 61,807 2,450
- 64,231 64,231 -
26,219,940 1,643,301 203,886,719 14,116,309
- - 25,965,602 -
- 598,659 181,275,803 -
- 19,565 36,025,209 -
- 132,286 17,159,874 -
- 834,358 834,358 -
5,379,926 483,133 16,225,573 3,724,091
- - 277,751,317 -
- - 5,350 -
- - 1,276,571 -
(4,261,719) (997,240) (178,784,355) (3,252,137)
1,118,207 1,070,761 377,735,302 471,954
27,338,147 2,714,062 581,622,021 14,588,263
1,304,724 - 4,691,669 391,382
7,895 - 165,803 7,895
1,312,619 - 4,857,472 399,277
2,021,951 184,436 3,254,369 407,656
535,537 47,343 1,463,883 113,153
3,843 - 60,429 3,271
135,964 - 754,111 65,698
- - 607,916 -
- - 17,139,227 -
- - 628,161 -
6,447 - 135,369 6,446
921,197 - 1,749,532 51,737
3,624,939 231,779 25,792,997 647,961
926,525 - 20,810,752 -
- 23,968 237,194 21,814
1,281,180 - 4,607,006 384,318
103,763 - 2,179,034 103,764
- - 24,369,661 1,676,485
2,311,468 23,968 52,203,647 2,186,381
5,936,407 255,747 77,996,644 2,834,342
21,990 - 461,800 21,990
21,990 - 461,800 21,990
197,010 1,070,761 349,818,618 471,954
22,495,359 1,387,554 158,202,431 11,659,254
22,692,369$ 2,458,315$ 508,021,049$ 12,131,208$ 423,222
508,444,271$
Business-Type Activities -
Enteprise Funds
Adjustment to report the cumulative internal balance for the net effect of the activity between the internal service funds and the enterprise funds over time (Note 2C)
Net Position of Business-Type Activities
The notes to financial statements are an integral part of this statement. 55 CITY OF CHULA VISTA
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
Sewer Fund
Sewer
Development
Impact Fees
Development
Services Fund
CV Elite Athlete
Training Ctr
OPERATING REVENUES
Sales and service charges 54,530,624$ 15,616$ 7,035,276$ -$ Interdepartmental charges - - - -
Developer participation - 1,243,455 - -
Other 12,028 - 2,258,626 -
Total Operating Revenues 54,542,652 1,259,071 9,293,902 -
OPERATING EXPENSES
Administration and general 41,556,914 2,095,534 10,540,043 198,429 Depreciation/amortization expense 6,832,306 3,041 293,528 337,146 Total Operating Expenses 48,389,220 2,098,575 10,833,571 535,575 Operating Income (Loss) 6,153,432 (839,504) (1,539,669) (535,575)
NONOPERATING REVENUES (EXPENSES)
Investment earnings (loss) 9,345,084 424,206 40,079 - Interest expense (236,962) (599,495) (373,003) -
Gain on disposal of capital assets 71,679 - - -
Total Nonoperating Revenues (Expenses) 9,179,801 (175,289) (332,924) - Income (Loss) Before Transfers 15,333,233 (1,014,793) (1,872,593) (535,575) Capital contributions 2,286,179 - - -
Transfers in - - 15,032 136,986
Transfers out (4,216,210) (2,812) (2,413,587) -
Change in Net Position 13,403,202 (1,017,605) (4,271,148) (398,589) 307,400,455 (12,513,208) (14,181,254) 194,448,512
- - - -
307,400,455 (12,513,208) (14,181,254) 194,448,512
NET POSITION (DEFICIT) - Beginning as previously reported Change within financial reporting entity (Nonmajor to Major Fund) Net Position - Beginning, as adjusted
NET POSITION (DEFICIT) - ENDING 320,803,657$ (13,530,813)$ (18,452,402)$ 194,049,923$ Business-Type Activities - Enterprise Funds
The notes to financial statements are an integral part of this statement. 56 CITY OF CHULA VISTA
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
OPERATING REVENUES
Sales and service charges
Interdepartmental charges
Developer participation
Other
Total Operating Revenues
OPERATING EXPENSES
Administration and general
Depreciation/amortization expense
Total Operating Expenses
Operating Income (Loss)
NONOPERATING REVENUES (EXPENSES)
Investment earnings (loss)
Interest expense
Gain on disposal of capital assets
Total Nonoperating Revenues (Expenses)
Income (Loss) Before Transfers
Capital contributions
Transfers in
Transfers out
Change in Net Position
NET POSITION (DEFICIT) - Beginning as previously reported Change within financial reporting entity (Nonmajor to Major Fund) Net Position - Beginning, as adjusted
NET POSITION (DEFICIT) - ENDING
Adjustment for the net effect of the current year activity between the internal service funds and the enterprise funds
Change in Net Position of Business-Type Activities
Governmental
Activities
Transport
Enterprise
Other
Enterprise
Funds Totals
Internal
Service Funds
27,118,587$ 3,718,123$ 92,418,226$ 115,413$
- - - 10,759,576
- - 1,243,455 -
14,726 184,268 2,469,648 485,701
27,133,313 3,902,391 96,131,329 11,360,690
17,686,699 3,815,161 75,892,780 11,334,581
1,056,512 71,131 8,593,664 230,203
18,743,211 3,886,292 84,486,444 11,564,784
8,390,102 16,099 11,644,885 (204,094)
452,424 17,264 10,279,057 162,202
(57,815) - (1,267,275) (41,705)
- - 71,679 103,603
394,609 17,264 9,083,461 224,100
8,784,711 33,363 20,728,346 20,006
- - 2,286,179 -
- 333,701 485,719 820,518
(3,795,912) - (10,428,521) (83,994)
4,988,799 367,064 13,071,723 756,530
- 19,794,821 11,374,678
17,703,570 (17,703,570) -
17,703,570 2,091,251 11,374,678
22,692,369$ 2,458,315$ 12,131,208$
(6,671)
13,065,052$
Business-Type Activities -
Enterprise Funds
The notes to financial statements are an integral part of this statement. 57 CITY OF CHULA VISTA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
Sewer Fund
Sewer
Development
Impact Fees
Development
Services Fund
CV Elite
Athlete
Training Ctr
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers and users 55,551,611$ 1,259,071$ 12,955,833$ -$ Cash received from interfund service provided - - - - Cash paid to suppliers for goods and services (37,060,205) (2,068,904) (2,682,663) (198,429) Cash paid to employees for services (5,546,034) - (6,705,879) - Net Cash Provided by (Used for)
Operating Activities 12,945,372 (809,833) 3,567,291 (198,429)
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Cash transfers in 241,969 - 15,032 136,986
Cash transfers out (4,458,179) (2,812) (2,413,587) - Deferred loans (604,611) (233,111) - -
Interest paid on interfund borrowings - (599,495) - - Repayment of interfund borrowings (6,680,870) 599,495 - 61,443 Principal payments on pension bonds 158,106 - (731,756) - Interest paid on pension bonds (227,515) - (378,569) - Net Cash Provided by (Used for)
Non-Capital Financing Activities (11,571,100) (235,923) (3,508,880) 198,429
CASH FLOWS FROM CAPITAL
AND RELATED FINANCING ACTIVITIES
Proceeds from sales of capital assets 71,679 - - -
Acquisition and construction of capital assets (20,369,897) (193,767) - - Principal paid on capital debt - - - -
Interest paid on capital debt - - - -
Net Cash Provided by (Used for)
Capital and Related Financing Activities (20,298,218) (193,767) - -
CASH FLOWS FROM INVESTING ACTIVITIES
Investment earnings (loss) 9,262,308 426,345 64,622 - Net Cash Provided by
Investing Activities 9,262,308 426,345 64,622 -
Net Increase (Decrease)
in Cash and Cash Equivalents (9,661,638) (813,178) 123,033 - Cash and Cash Equivalents - July 1 152,056,825 6,512,714 16,454,905 - Cash and Cash Equivalents - June 30 142,395,187$ 5,699,536$ 16,577,938$ -$ Reconciliation of Cash and Cash Equivalents to the
Amounts Reported on the Statement of Net Position
Cash and investments 142,395,014$ 5,648,417$ 16,577,655$ -$ Cash with fiscal agent 173 51,119 283 -
Total Cash and Cash Equivalents reported
on the Statement of Net Position 142,395,187$ 5,699,536$ 16,577,938$ -$ Business-Type Activities - Enterprise Funds
The notes to financial statements are an integral part of this statement. 58 CITY OF CHULA VISTA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers and users
Cash received from interfund service provided
Cash paid to suppliers for goods and services
Cash paid to employees for services
Net Cash Provided by (Used for)
Operating Activities
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Cash transfers in
Cash transfers out
Deferred loans
Interest paid on interfund borrowings
Repayment of interfund borrowings
Principal payments on pension bonds
Interest paid on pension bonds
Net Cash Provided by (Used for)
Non-Capital Financing Activities
CASH FLOWS FROM CAPITAL
AND RELATED FINANCING ACTIVITIES
Proceeds from sales of capital assets
Acquisition and construction of capital assets
Principal paid on capital debt
Interest paid on capital debt
Net Cash Provided by (Used for)
Capital and Related Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Investment earnings (loss)
Net Cash Provided by
Investing Activities
Net Increase (Decrease)
in Cash and Cash Equivalents
Cash and Cash Equivalents - July 1
Cash and Cash Equivalents - June 30
Reconciliation of Cash and Cash Equivalents to the
Amounts Reported on the Statement of Net Position
Cash and investments
Cash with fiscal agent
Total Cash and Cash Equivalents reported
on the Statement of Net Position
Governmental
Activities
Transport
Enterprise
Other
Enterprise
Funds Totals
Internal
Service Funds
23,015,986$ 3,904,439$ 96,686,940$ 604,850$
- - - 10,870,134
(7,983,114) (2,390,775) (52,384,090) (8,299,049)
(7,854,001) (1,472,293) (21,578,207) (2,840,485)
7,178,871 41,371 22,724,643 335,450
- 333,701 727,688 820,518
(3,795,912) - (10,670,490) (83,994)
- - (837,722) -
- - (599,495) -
(454,431) - (6,474,363) -
- - (573,650) (50,317)
- - (606,084) (41,731)
(4,250,343) 333,701 (19,034,116) 644,476
- - 71,679 103,603
(221,783) (293,548) (21,078,995) (59,124)
(912,053) - (912,053) -
(61,627) - (61,627) -
(1,195,463) (293,548) (21,980,996) 44,479
431,588 16,775 10,201,638 149,622
431,588 16,775 10,201,638 149,622
2,164,653 98,299 (8,088,831) 1,174,027
4,388,382 1,448,794 180,861,620 12,840,340
6,553,035$ 1,547,093$ 172,772,789$ 14,014,367$
6,553,035$ 1,547,093$ 172,721,214$ 14,014,335$
- - 51,575 32
6,553,035$ 1,547,093$ 172,772,789$ 14,014,367$
Business-Type Activities - Enterprise Funds
The notes to financial statements are an integral part of this statement. 59 CITY OF CHULA VISTA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
Sewer Fund
Sewer
Development
Impact Fees
Development
Services Fund
CV Elite
Athlete
Training Ctr
Business-Type Activities - Enterprise Funds
Reconciliation of Operating Income (Loss) to Net
Cash Provided by (Used for) Operating Activities:
Operating income (loss) 6,153,432$ (839,504)$ (1,539,669)$ (535,575)$ Adjustments to Reconcile Operating Income (loss)
to Net Cash Provided by (Used for) Operating Activities:
Depreciation/Amortization 6,832,306 3,041 293,528 337,146 (Increase) decrease in accounts receivable 1,008,959 - 2,125 - (Increase) decrease in prepaid costs and inventories 666 - 1,418 - (Increase) decrease in deferred outflows from pensions 2,275,573 - 4,064,835 - (Increase) decrease in deferred outflows from OPEB 107,438 - 87,903 - Increase (decrease) in accounts payable (2,104,925) 26,630 (268,880) - Increase (decrease) in unearned revenue - - - -
Increase (decrease) in retention payable 422,899 - (56,365) - Increase (decrease) in accrued liabilities 62,116 - 313,218 - Increase (decrease) in deposits payable - - 3,659,806 - Increase (decrease) in compensated absences (25,156) - 123,773 - Increase (decrease) in net pension liability (1,572,291) - (2,798,060) - Increase (decrease) in total OPEB liability (17,467) - (14,291) - Increase (decrease) in deferred inflows from pensions (142,183) - (256,237) - Increase (decrease) in deferred inflows from OPEB (55,995) - (45,813) - Total Adjustments 6,791,940 29,671 5,106,960 337,146 Net Cash Provided by (Used for)
Operating Activities 12,945,372$ (809,833)$ 3,567,291$ (198,429)$ Non-Cash Investing, Capital, and Financing Activities:
Capital contributions 2,286,179$ -$ -$ -$
The notes to financial statements are an integral part of this statement. 60 CITY OF CHULA VISTA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIESReconciliation of Operating Income (Loss) to Net Cash Provided by (Used for) Operating Activities:
Operating income (loss)
Adjustments to Reconcile Operating Income (loss)
to Net Cash Provided by (Used for) Operating Activities:
Depreciation/Amortization
(Increase) decrease in accounts receivable
(Increase) decrease in prepaid costs and inventories
(Increase) decrease in deferred outflows from pensions
(Increase) decrease in deferred outflows from OPEB
Increase (decrease) in accounts payable
Increase (decrease) in unearned revenue
Increase (decrease) in retention payable
Increase (decrease) in accrued liabilities
Increase (decrease) in deposits payable
Increase (decrease) in compensated absences
Increase (decrease) in net pension liability
Increase (decrease) in total OPEB liability
Increase (decrease) in deferred inflows from pensions
Increase (decrease) in deferred inflows from OPEB
Total Adjustments
Net Cash Provided by (Used for)
Operating Activities
Non-Cash Investing, Capital, and Financing Activities:
Capital contributions
Governmental
Activities
Transport
Enterprise
Other
Enterprise
Funds Totals
Internal
Service Funds
Business-Type Activities - Enterprise Funds
8,390,102$ 16,099$ 11,644,885$ (204,094)$
1,056,512 71,131 8,593,664 230,203
(4,117,327) 2,048 (3,104,195) 114,294
(25,407) 3,754 (19,569) 123
3,155,454 - 9,495,862 724,060
9,768 - 205,109 9,768
1,049,254 (28,105) (1,326,026) (6,423)
- - - -
- - 366,534 -
96,003 (24,399) 446,938 11,656
- - 3,659,806 -
1,540 843 101,000 6,548
(2,247,665) - (6,618,016) (497,681)
(1,588) - (33,346) (2,253)
(182,684) - (581,104) (45,660)
(5,091) - (106,899) (5,091)
(1,211,231) 25,272 11,079,758 539,544
7,178,871$ 41,371$ 22,724,643$ 335,450$
-$ -$ 2,286,179$ -$
The notes to financial statements are an integral part of this statement. 61
62 FIDUCIARY FUND FINANCIAL
STATEMENTS
63 CITY OF CHULA VISTA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2025
Private-Purpose
Trust Fund
Successor Agency
of the Former
Chula Vista RDA Custodial Funds
ASSETS
Cash and cash equivalents 4,787,047$ 8,373,819$
Cash and cash equivalents held with fiscal agents 1,140 93,980,231 Receivables:
Accounts - 620,263
Taxes - 388,192
Notes and loans 121,769 -
Accrued interest 21,496 39,764
Capital assets, not being depreciated 5,600,080 -
Capital assets, net of accumulated depreciation 654,959 - Total Assets 11,186,491 103,402,269
DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding 918,323 -
Total Deferred Outflows of Resources 918,323 -
LIABILITIES
Current Liabilities:
Accounts payable 350,069 591,297
Accrued interest 165,295 1,609,852
Due to other governments 55,141 -
Due to bond holders - 9,429,940
Unavailable revenues 121,769 -
Total Current Liabilities 692,274 11,631,089
Noncurrent Liabilities:
Bonds payable 17,518,289 -
Total Noncurrent Liabilities 17,518,289 -
Total Liabilities 18,210,563 11,631,089
NET POSITION (DEFICIT):
Restricted:
Individuals, organizations, and other governments (6,105,749) 91,771,180 Total Net Position (Deficit) (6,105,749)$ 91,771,180$ The notes to financial statements are an integral part of this statement. 64 CITY OF CHULA VISTA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Private-Purpose
Trust Fund
Successor Agency
of the Former
Chula Vista RDA Custodial Funds
ADDITIONS
Investment Earnings:
Net increase (decrease) in fair value of investments 158,813$ 38,821$ Interest, dividends, and other 101,163 2,745,616
Total Investment Earnings 259,976 2,784,437
Bond proceeds - 55,535,005
Taxes 2,678,101 -
Contributions from other governments - 6,846,742
Special assessments - 12,306,812
Special tax district contribution - 487,895
Loan repayments 98,451 -
Total Additions 3,036,528 77,960,891
DEDUCTIONS
Administrative expenses 20,954 6,693
Contractual services 360,796 9,346,968
Debt service and fiscal agent charges 609,750 38,933,312 Depreciation expense 47,724 -
Total Deductions 1,039,224 48,286,973
Net Change in Fiduciary Net Position 1,997,304 29,673,918 NET POSITION (DEFICIT) - Beginning (8,103,053) 62,097,262 NET POSITION (DEFICIT) - ENDING (6,105,749)$ 91,771,180$ The notes to financial statements are an integral part of this statement. 65
66 CITY OF CHULA VISTA
Notes to Basic Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE DESCRIPTION PAGE
Note 1 – Reporting Entity and Summary of Significant Accounting Policies ..................................................... 68 Note 2 – Reconciliation of Government-Wide and Fund Financial Statements ................................................... 80 Note 3 – Stewardship, Compliance, and Accountability ...................................................................................... 81 Note 4 – Cash and Investments ........................................................................................................................... 82 Note 5 – Receivables ........................................................................................................................................... 86 Note 6 – Interfund Balances and Transactions .................................................................................................... 91 Note 7 – Capital Assets ....................................................................................................................................... 94 Note 8 – Long-Term Liabilities ........................................................................................................................... 96 Note 9 – Unearned Revenue .............................................................................................................................. 111 Note 10 – Compensated Absences ..................................................................................................................... 112 Note 11 – Self-Insurance Accrued Liabilities .................................................................................................... 112 Note 12 – Pension Plans .................................................................................................................................... 113 Note 13 – Post Retirement Health Benefits ....................................................................................................... 121 Note 14 – Commitments and Contingencies ..................................................................................................... 124 Note 15 – Classification of Fund Balances ........................................................................................................ . 127 67 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies The basic financial statements of the City of Chula Vista, California (the “City”) have been prepared in conformity with generally accepted accounting principles of the United States of America (“U.S. 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. Reporting Entity
The City, incorporated in 1911, was recognized as a city in the State of California by election in 1949. The City operates under an elected Council and appointed City Manager form of government and provides the following services as authorized by its charter: public safety, community services, engineering services, planning services, public works, general administrative services, and capital improvements.
The financial reporting entity consists of the primary government, the City, and its component units. Component units are legally separate entities for which the elected officials of the primary government are financially accountable. In addition, component units can be other organizations for which the primary government is accountable, and their exclusion would cause the reporting entity’s financial statements to be misleading or incomplete.
Blended Component Unit
Blended componen
t units, although legally separate entities, are, in substance part of the primary government’s operation and so data from these units are combined with data of the primary government. Discretely presented component units, on the other hand, are reported in a separate column in the combined financial statements to emphasize that they are legally separate from the primary government.
The City Council acts as the governing body and can impose its will on the following organizations, establishing financial accountability and operational responsibility. As a result, these organizations are considered component units of the City and are included within the financial statements of the City using the blended method. All component units have a June 30 year-end. The City has no discreetly presented component units.
The Chula Vista Industrial Development Authority (the “Development Authority”) The Development Authority was formed in February 1982 for the purpose of promoting and developing commercial, industrial, and manufacturing enterprises and encouraging employment. The City Council acts as the governing body of the Development Authority and can impose its will on the Development Authority, establishing financial accountability and operational responsibility. The Development Authority’s financial data and transactions are included within the capital projects fund type. The City does not produce separate financial statements for the Development Authority.
The Chula Vista Public Financing Authority (the “Public Financing Authority”) The Public Financing Authority was established by resolution, pursuant to the City Charter and Constitution of the State of California, as a public body, to serve the public purposes of the City. The resolution was adopted on April 4, 1995. The Public Financing Authority was established by a joint exercise of powers agreement between the City and the Redevelopment Agency. The governing body of the Public Financing Authority is comprised of the consenting members of the City Council. The Public Financing Authority is authorized to borrow money for the purpose of financing the acquisition of bonds, notes, and other obligations of, or for the purpose of making loans to the City and/or to refinance outstanding obligations of the City.
The City does not produce separate financial statements for the Public Financing Authority. 68 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) A. Reporting Entity (Continued)
The Chula Vista Municipal Financing Authority (the “Municipal Financing Authority”) The Municipal Financing Authority was established by resolution, pursuant to the City Charter and Constitution of the State of California, as a public body, to serve the public purposes of the City. The resolution was adopted on June 11, 2013. The Municipal Financing Authority was established by a joint exercise of powers agreement between the City and the Housing Authority. The governing body of the Municipal Financing Authority is comprised of the consenting members of the City Council. The Municipal Financing Authority is authorized to borrow money for the purpose of financing the acquisition of bonds, notes, and other obligations of, or for the purpose of making loans to the City and/or to refinance outstanding obligations of the City. The City does not produce separate financial statements for the Municipal Financing Authority.
The Chula Vista Housing Authority (the “Housing Authority”) The Housing Authority was created by the City of Chula Vista City Council (“City Council”) in March 1993 to centrally coordinate and administer the City’s programs for promoting balanced housing for families of all income levels. It was established pursuant to the State of California Health and Safety Code, Section 34200.
The City Council acts as the governing body and can impose its will on the Housing Authority, establishing financial accountability and operational responsibility. It is empowered to develop, finance and own low- income housing within the territorial limits of the City of Chula Vista. It uses a variety of local, state, and federal funding sources to administer and finance these programs. It is also the financing vehicle for the issuance of bonds for housing programs and services. The Housing Authority’s financial data and transactions are included within the special revenue fund type. The City does not produce separate financial statements for the Housing Authority.
Fiduciary Component Unit
Fiduciary compone
nt units are legally separate entities for which the City has a financial accountability for due to the City Council appointing the majority of the members of the component units’ respective Boards of Directors, and thereby being able to significantly influence and impose the City’s will on the component units’ activities. The assets of these component units are not held in a trust but are held for the benefit of organizations and other governments that are not part of the City; additionally, the assets of these component units are not derived from the City’s provision of goods or services to them. The following entities are considered to be fiduciary component units and are reported as Custodial Funds:
The Chula Vista Bayfront Facilities Financing Authority (the “Bayfront Financing Authority”) The Bayfront Fi
nancing Authority was created as a joint powers agreement between the City of Chula Vista, the County of San Diego, and the San Diego Unified Port District for the purpose of issuing tax exempt debt obligations to finance development of the Chula Vista Bayfront Master Plan area.
The Bayfront Project Special Tax Financing District (the “Bayfront District”) The Bayfront Di
strict was created as a joint community facilities agreement between the City of Chula Vista and the San Diego Unified Port District for the purpose of financing the acquisition or construction of certain public and private improvement and funding of certain services within the Chula Vista Bayfront Master Plan area. The Bayfront District does not issue separate financial statements. 69 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) B. Basis of Accounting and Measurement Focus
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 equity, revenues and expenditures, or expenses, as appropriate. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds is maintained in accordance with legal and managerial requirements.
Government - Wide Financial Statements
The City’s Gove
rnment-Wide Financial Statements include a Statement of Net Position and a Statement of Activities. 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.
These financial statements are presented on an “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all the City’s assets and deferred outflows as well as liabilities and deferred inflows, with the difference reported as net position are presented in the accompanying Statement of Net Position. Also presented in this statement are capital assets including infrastructure assets as well as long-term liabilities.
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
Governmental Fund Financial Statements
Governmental Fun
d Financial Statements include a Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balances for all major governmental funds and aggregate non-major governmental funds.
An accompanying schedule is presented to reconcile and explain the differences in total fund balance as presented in these statements to the Net Position presented in the Government-Wide Financial Statements. The City has presented all major funds that met the applicable criteria.
All governmental funds are accounted for on a spending, or "current financial resources" measurement focus and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on the Balance Sheet. The Statement of Revenues, Expenditures and Changes in Fund Balances presents increases (revenues and other financing sources) and decreases (expenditures and other financing uses) to fund balances.
Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period.
Revenues become available when received in cash, except for revenue which is subject to accrual and are recognized when due by the City. Generally, 60 days after year-end for primary revenue sources (i.e., property tax, sales tax, intergovernmental revenues, grants, and other taxes). Expenditures are recorded in the accounting period in which the related fund liability is incurred.
Unavailable revenues arise when potential revenues do not meet both the “measurable” and “available” criteria for recognition in the current period. Unearned revenues arise when the government receives cash before it has a legal claim to them, as when grant monies are received prior to incurring qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met or when the government has a legal claim to the resources, unavailable and unearned revenue is removed from the Balance Sheet and recognized as revenue. 70 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) B. Basis of Accounting and Measurement Focus (Continued) Governmental Fund Financial Statements (Continued)
The Reconciliat
ion of the Fund Financial Statements to the Government-Wide Financial Statements is provided to explain the differences created by the integrated approach of GASB Statement No. 34.
The City reports the following major Governmental Funds:
General Fund – This is the primary operating fund of the City. It is used to account for all revenues and expenditures that are not required to be accounted for in another fund.
Federal, State, and Local Grants – This fund consists of miscellaneous grants/revenues such as:
Supplemental Law Enforcement Services, California Library Services Act, Public Library Act, asset seizure, local law enforcement block grants, California Recreation grants, Public Safety grants, state library grants, waste management and recycling, energy conservation, parks and recreation, social service grants, Gayle McCandliss memorial cultural arts, federal assistance, CDBG program income projects, HOME projects, , Community Development Block grants, and American Rescue Plan Act funding.
Housing Successor Agency Special Revenue Fund – This fund was established pursuant to Health and Safety Code Section 34176(b)(2) and is used to fund Low- and Moderate-Income Housing and related expenditures through the collection of property taxes. The Low- and Moderate-Income Housing Successor Fund was created due to the dissolution of the Chula Vista RDA. In accordance with Health and Safety Code Section 34176(b)(2), on February 1, 2012, all rights, powers, assets, liabilities, duties, and obligations of the Low- and Moderate-Income Housing Fund were transferred to the Low- and Moderate-Income Housing Successor Agency special revenue fund.
Open Space Districts Fund – This fund was established as a depository for all monies received for all flat rate property tax assessments levied against benefiting property owners for all maintenance of open space areas. The total assessment amount for each Open Space District is calculated each year based upon the cost of providing services within the district.
Development Impact Capital Projects Fund – This fund was established as a depository of various development impact fees. The fees are levied against all new development in the City in order to pay for the construction or improvement of public facilities as a result of City growth.
Proprietary Fund Financial Statements
Proprietary Fund Fi
nancial Statements include a Statement of Net Position, a Statement of Revenues, Expenses and Changes in Fund Net Position, and a Statement of Cash Flows for each major Proprietary Fund and aggregate non-major proprietary funds.
A separate column representing internal service funds is also presented in these statements. However, internal service balances and activities have been combined with the governmental activities in the Government-Wide Financial Statements. The City’s internal service funds include three individual funds which provide services directly to other City funds. These areas of service include Fleet Management, Information Technology Replacement, and Workers Compensation.
Proprietary funds are accounted for using the "economic resources" measurement focus and the accrual basis of accounting. Accordingly, all assets and liabilities (whether current or noncurrent) are included on the Statement of Net Position. The Statement of Revenues, Expenses and Changes in Fund 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 71 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) B. Basis of Accounting and Measurement Focus (Continued) Proprietary Fund Financial Statements (Continued)
which the liab
ility is incurred. In these funds, receivables have been recorded as revenue and provisions have been made for uncollectible amounts.
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 non-operating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as non-operating expenses.
The City reports the following major proprietary funds:
Sewer Fund – This fund consists of several sub-funds that are used to account for sewer activities:
The Sewer Income Fund is a depository for all monies collected to cover the cost of connecting properties to the City's public sewer system. All monies received may be used only for the acquisition, construction, reconstruction, maintenance, and operation of sanitation or sewerage facilities.
The Trunk Sewer Capital Reserve Fund is used to account for sewerage facility participation fee received from owner or person making application for a permit to develop or modify use of any residential, commercial, industrial, or other property, which increases the volume of flow into the City sewer system.
All monies received shall be used for the enlargement of sewer facilities of the City to enhance efficiency of utilization and/or adequacy of capacity and for planning and/or evaluating any future proposals for area wide sewage treatment and/or water reclamation systems or facilities.
The Sewer Service Revenue Fund is a depository for all monies collected from the monthly sewer service charge. Monies in this fund may be used for construction, maintenance, or operation of sewer.
The Sewer Facility Replacement Fund is a depository for a portion of the revenue derived from the monthly sewer service charge. Monies in this fund shall be used solely for the purpose of refurbishment and/or replacement of sewerage facilities including related evaluation, engineering, and utility modification costs.
Sewer Development Impact Fees Fund – This fund is a depository for sewer development impact fees (DIFs).
Development Services Fund – This fund is used to account for activities related to planning, building, engineering, landscape architecture, and permitting services to property owners, developers, and the City as required for the entitlement and/or improvement of property. The services provided encompass most development activities, including land use entitlements; public infrastructure, open space, and landscape planning; public infrastructure construction, grading and building permits.
Chula Vista Elite Athlete Training Center (CVEATC) Fund – This fund is used to account for the CVEATC’s activities in partnership with the CVEATC operator Elite Athlete Services (EAS).
Transport Enterprise Fund – This fund is used to account for all activities related to providing Ambulance Transport Services to the residents of Chula Vista, Bonita, and Imperial Beach. Resources for the fund come primarily from ambulance service charges paid for by users of the program.
Fiduciary Fund Financial Statements
Fiduciary fund fin
ancial statements include a Statement of Net Position and a Statement of Changes in Fiduciary Net Position. Fiduciary funds follow the economic resources basis of accounting similar to proprietary funds. The City reports the following fiduciary funds:
72 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) B. Basis of Accounting and Measurement Focus (Continued) Fiduciary Fund Financial Statements (Continued)
Private-Purpos
e Trust Fund – this fund reports the assets, liabilities, and activities of the Successor Agency to the Chula Vista Redevelopment Agency. The Successor Agency was created by the City of Chula Vista City Council (City Council) in August 2012. It was established pursuant to Assembly Bill x1 26. Its purpose is to expeditiously wind down the affairs of the dissolved RDA. The governing body of the Successor Agency is comprised of the members of the Oversight Board selected by the County of San Diego, City of Chula Vista, school, and special districts. The Successor Agency has been included in the accompanying basic financial statements as a private purpose trust fund.
Custodial Funds – these funds are used to account for money and property held by the City as custodian, from various assessment districts for which the City acts as an agent for debt service activities, or by its fiduciary component units.
C. Encumbrances
Formal budgetary integration is employed as a management control device. Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration.
Encumbrances outstanding at year-end do not constitute U.S. GAAP basis expenditures or liabilities because the commitments will be honored during the subsequent year. Therefore, the City has assigned a portion of its fund balance for future encumbrances.
D. Cash, Cash Equivalents, and Investments
The City pools its available cash for investment purposes. The City considers pooled cash and investment amounts, with original maturities of three months or less, to be cash equivalents.
Highly liquid market investments with maturities of one year or less at time of purchase are stated at amortized cost. All other investments are stated at fair value. Market value is used as fair value for those securities for which market quotations are readily available. The City reported its investments at fair value and the unrealized gain on investments amounted to $7,594,727 for the fiscal year ended June 30, 2025.
The statement of cash flows requires presentation of “cash and cash equivalents”. For the purposes of the statement of cash flows, the City considers all proprietary fund pooled cash and investments as “cash and cash equivalents”, as such funds are available to the various funds as needed.
Certain disclosure requirements, if applicable, for Deposits and Investment Risks in the following areas:
Interest Rate Risk
Credit Risk
o Overall
o Custodial Credit Risk
o Concentration of Credit Risk
Foreign Currency Risk
In addition, other disclosures are specified including use of certain methods to present deposits and investments, highly sensitive investments, credit quality at year-end and other disclosures. 73 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) E. Inventories and Prepaid items
Inventories are valued on an average-cost basis which are adjusted to monthly physical counts or estimates under the consumption method of accounting and are recorded in the Chula Vista Municipal Golf fund. Prepaid items are items the City has paid in advance and will receive future benefit from.
F. Restricted Assets
Fiscal agents acting on behalf of the City hold investment funds arising from the proceeds of long-term debt issuances. The funds may be used for specific capital outlays or for the payment of certain bonds, certificates of participation or tax allocation bonds and have been invested only as permitted by specific State statutes or applicable City ordinance, resolution, or bond indenture. In addition, the City restricts cash deposits from developers that are refundable.
G. Interfund Transactions
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “due to/from other funds” or “advances to/from other funds” (i.e., the current 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.” H. Capital Assets
Capital assets are valued at historical cost or estimated historical cost if actual historical cost was not available.
Donated capital assets are valued at their acquisition value on the date donated. City policy has set the capitalization threshold for reporting capital assets at $10,000 for equipment and $50,000 for infrastructure.
Depreciation is recorded on a straight-line basis over estimated useful lives of the assets as follows:
Buildings 50 years
Improvements other than buildings 50 years
Machinery and equipment 3-15 years
Infrastructure 30-75 years
The useful life of lease assets and subscription-based information technology agreements is the shorter of the life of the lease/agreement or the useful life of the underlying asset on its own. If the City has the option to purchase the assets at the end of the lease term and is likely to exercise that option, the useful life of the underlying asset will be used.
The City defines infrastructure as the basic physical assets that allow the City to function. The assets include:
Street system
Sewer system
Site amenities such as parking and landscaped areas used by the City in the conduct of its business Each major infrastructure system can be divided into subsystems. For example, the street system can be subdivided into pavement, curbs and gutters, sidewalks, medians, streetlights, landscaping, and land. These subsystems were not delineated in the basic financial statements. The appropriate operating department maintains information regarding the subsystems.
For all infrastructure systems, the City elected to use the Basic Approach for infrastructure reporting. 74 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) I. Compensated Absences
Government-Wide Financial Statements
For governmental
and business-type activities, compensated absences are recorded as expenses and liabilities as incurred.
Fund Financial Statements
In governmental fund
s, compensated absences are recorded as expenditures in the years paid, as it is the City’s policy to liquidate any unpaid compensated absences at June 30 from future resources, rather than currently available financial resources. The General Fund is typically used to liquidate compensated absences. In proprietary funds, compensated absences are expensed to the various funds in the period they are earned, and such fund’s share of the unpaid liability is recorded as a long-term liability of the fund.
J. Pensions
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City’s California Public Employees’ Retirement System (CalPERS) plan (Plan) and additions to/deductions from the Plan’s fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. The net pension liability is typically liquidated through the General Fund for the portion reported in governmental activities, and also through the respective enterprise fund in which it is allocated. For this report, the following timeframes are used:
Valuation Date June 30, 2023
Measurement Date June 30, 2024
Measurement Period July 1, 2023, to June 30, 2024
K. Other Post-Employment Benefits
For purposes of measuring the total OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense have been determined by an independent actuary. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. The total OPEB liability is typically liquidated through the General Fund for the portion reported in governmental activities, and also through the respective enterprise fund in which it is allocated.
Generally accepted accounting principles require that the reported results must pertain to liability information within certain defined timeframes. For this report, the following timeframes are used:
Valuation Date June 30, 2023
Measurement Date June 30, 2025
Measurement Period July 1, 2024, to June 30, 2025
L. Long-Term Debt
Government-Wide Financial Statements
Long-term debt, i
ncluding bonds, notes, financed purchases, leases and subscriptions are reported as liabilities in the appropriate funds. Bond premiums and discounts, as well as issuance costs relating to bond insurance, are deferred, and amortized over the life of the bonds using the effective interest method. Bonds payable is reported net of the applicable premium or discount.
75 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) L. Long-Term Debt (Continued)
Fund Financial Statements
The fund financi
al statements do not present long-term debt but are shown in the Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position.
M. Leases
City as Lessee
The City is a l
essee for noncancellable leases of land, buildings, and equipment. The City recognizes a lease liability and an intangible right-to-use leased asset (lease asset) in the Government-wide, Proprietary, and Fiduciary Fund financial statements. Lease assets are reported with depreciable capital assets and lease liabilities are reported with long-term liabilities. At the commencement of a lease, the City measures the lease liability at the present value of payments expected to be made over the course of the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight-line basis over the remaining lease term.
City as Lessor
The City is a l
essor for noncancellable leases of portions of buildings. The City recognizes a lease receivable and a deferred inflow of resources in the Government-wide, Governmental, and Proprietary Fund financial statements.
At the commencement of a lease, the City measures the lease receivable at the present value of payments expected to be received over the course of the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is 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 lease term.
N. Subscription Based Information Technology
The City is the customer or buyer of subscription contracts for noncancellable uses of vendor software. The City recognizes a subscription liability and an intangible right-to-use subscription asset in the Government-wide, Proprietary, and Fiduciary Fund financial statements. Subscription assets are reported with depreciable capital assets and subscription liabilities are reported with long-term liabilities. At the commencement of a subscription, the City measures the subscription liability at the present value of payments expected to be made over the course of the subscription contract term. Subsequently, the subscription liability is reduced by the principal portion of subscription payments made. The subscription asset is measured as the initial amount of the subscription liability, adjusted for subscription payments made at or before the subscription commencement date, plus certain initial direct costs. Subsequently, the subscription asset is amortized on a straight-line basis over the remaining subscription contract term.
O. Deferred Outflows/Inflows of Resources
In addition to assets, the financial statements will sometimes report 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 and will not be recognized as an outflow of resources (expense/ expenditure) until then. The City has three items that qualify for reporting in this category, which are reported in the government-wide statement of net position.
One item is the deferred charge on refunding reported on the statement of net position. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This 76 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) O. Deferred Outflows/Inflows of Resources (Continued)
amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The second item is the deferred outflows related to pensions, which represents the City’s pension contributions made subsequent to the measurement date, change of assumptions, difference between expected and actual experience, and the net difference between projected and actual earnings on plan investments. The third item is related to OPEB, which represents the change of assumptions and difference between expected and actual experience.
In addition to liabilities, the financial statements will sometimes report 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 so will not be recognized as an inflow of resources (revenue) until that time. The City has four types of deferred inflows of resources, one of which arises only under a modified accrual basis. Accordingly, the first item, unavailable revenue, is reported only in the governmental funds balance sheet. The governmental funds report unavailable revenues from two sources: taxes and grant receivables. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available.
The second and third items are deferred inflows related to pensions and OPEB reported in the statement of net position. These inflows are the results of changes in assumptions and differences between expected and actual experiences, and the net difference between projected and actual earnings on plan investments which are deferred and amortized over the expected average remaining service lifetime. The fourth item is related to the future inflows of lease revenues.
P. Property Taxes
The County of San Diego, California (County) bills and collects property taxes and remits them to the City according to a payment schedule established by the County. The County’s tax calendar is from July 1 to June 30.
Property taxes attach as a lien on property on January 1. Taxes are levied on July 1, based on the assessed values as of the lien date, and are payable in two installments: November 1 and February 1 of each year. Property taxes become delinquent on December 10, and April 10, for the first and second installments, respectively.
The County is permitted by State law to levy taxes at 1% of full market value (at time of purchase) and can increase the property tax rate no more than 2% per year or the current CPI, whichever is less. The City receives a share of this basic tax levy proportionate to what it received during the years 1980-1981.
Property tax revenue is recognized in the fiscal year for which the taxes have been levied, provided the taxes are received within 60 days after the end of the fiscal year. Property taxes received after this date are not considered available as a resource that can be used to finance the current year operations of the City and, therefore, are not recorded as revenue until collected.
No allowance for doubtful accounts was considered necessary.
Q. Net Position
In governmental-wide and proprietary fund financial statements, Net Position are categorized as follows:
Net Investment in Capital Assets – This component of net position consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of debt that are attributable to the acquisition, construction, or improvement of those assets.
Restricted – This component of net position consists of restricted assets reduced by liabilities and deferred inflows of resources related to those assets.
Unrestricted – This component of net position is the amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted component of net position. 77 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) Q. Net Position (Continued)
When expenses are incurred for purposes for which both restricted and unrestricted Net Position are available, the City’s policy is to apply restricted Net Position first, then unrestricted Net Position as they are needed.
R. Fund Balances
In governmental fund financial statements, fund balances are categorized as follows:
Nonspendable – Items that cannot be spent because they are not in spendable form, such as prepaid items and inventories, and items that are legally or contractually required to be maintained intact, such as principal of an endowment or revolving loan funds.
Restricted – Restricted fund balances encompass the portion of net fund resources subject to externally enforceable legal restrictions. This includes externally imposed restrictions by creditors, such as through debt covenants, grantors, contributors, laws, or regulations of other governments, as well as restrictions imposed by law through constitutional provisions or enabling legislation.
Committed – Committed fund balances encompass the portion of net fund resources, the use of which is constrained by limitations that the City imposes upon itself at its highest level of decision making, normally the governing body, and that remain binding unless removed in the same manner. The City Council is considered the highest authority for the City that can, by adoption of an ordinance or resolution prior to the end of the fiscal year, commit fund balance. Once adopted, the limitation imposed by the ordinance or resolution remains in place until a similar action is taken (the adoption of another ordinance or resolution) to remove or revise the limitation.
Assigned – Assigned fund balances encompass the portion of net fund resources reflecting the government’s intended use of resources. Assignment of resources can be done by the highest level of decision making or by a committee or official designated for that purpose. City Council has by resolution, authorized the Director of Finance to assign fund balances. City Council may also assign fund balance as it does when appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent year’s appropriated budget. Unlike commitments, assignments generally only exist temporarily. In other words, an additional action does not normally have to be taken for the removal of an assignment. Conversely, as discussed above, an additional action is essential to either remove or revise a commitment.
Unassigned – This amount is for any portion of the fund balances that do not fall into one of the above categories. This classification includes the residual fund balance for the General Fund. It also includes the negative residual balance for any other governmental fund that cannot be eliminated by offsetting assigned fund balance amounts.
Sometimes the City will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.
S. Spending and Reserve Policy
Government-Wide Financial Statements and the Proprietary Fund Financial Statements When an expense
is incurred for purposes for which both restricted and unrestricted Net Position are available, the City’s policy is to apply restricted Net Position first. 78 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) S. Spending and Reserve Policy (Continued)
Governmental Fund Financial Statements
When expenditure
s are incurred for purposes where only unrestricted fund balances are available, the City uses the unrestricted resources in the following order: committed, assigned, and unassigned.
The City Council approved and adopted a Citywide Reserve Policy to provide for the establishment of reserves, reserve levels, methodology for calculating reserves, use of reserves, and replenishment of reserves for the General Fund and other funds.
General Fund Reserves
Pursuant to the Cit
ywide Reserve Policy, the City maintains the following General Fund Reserves:
General Fund Operating Reserve: represents unrestricted resources available for appropriation by the City Council to address extraordinary needs of an emergency nature, funded at no less than 15% of prior year’s adopted General Fund budgeted operating expenditures, including transfers out related to debt service payments and recurring operating obligations.
Economic Contingency Reserve: represents monies set aside to mitigate service impacts during a significant downturn in the economy which impacts City revenues such as sales tax, property tax, transient occupancy tax, etc., funded at no less than 5% of prior year’s adopted General Fund budgeted operating expenditures, including transfers out related to debt service payments and recurring operating obligations.
Catastrophic Event Reserve: represents monies set aside to fund unanticipated expenditures related to a major disaster in the City and are associated with the City’s Emergency Organization Department and Disaster Council, funded at no less than 3% of prior year’s adopted General Fund budgeted operating expenditures, including transfers out related to debt service payments and recurring operating obligations.
Pension, Bond Call, and OPEB Reserves
Pursuant to the Ci
tywide Reserve Policy, the City maintains Pension, Bond Call, and OPEB Reserves to ensure the City has adequate reserves to fund future pension, debt, and OPEB liabilities. These reserves are funded by annual, net savings related to the City’s 2021 issuance of pension obligation bonds and remaining General Fund surplus funds after meeting the minimum targets of the General Fund Reserves.
Measure A Fund Reserve
Pursuant to the C
itywide Reserve Policy, the City maintains a Measure A Fund Economic Contingency Reserve. This reserve was established to avoid any impacts to the General Fund due to temporary sales tax revenue shortfalls, and to establish the reserves necessary to meet known and unknown future obligations for the City’s Police and Fire Departments. It is funded at no less than 60 days (approximately 16%) of the prior year’s adopted Measure A Fund budgeted operating expenditures.
Enterprise Fund Reserves
Pursuant to the C
itywide Reserve Policy, the City maintains reserves for the following enterprise funds: Sewer Service Revenue Fund and Ambulance Transport System Enterprise Fund to help mitigate the impact of economic fluctuations on revenues, fund unforeseen expenditure requirements, provide minimum levels of cash balances, and avoid the need to borrow for cash management purposes. 79 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 1 – Reporting Entity and Summary of Significant Accounting Policies (Continued) T. Use of Estimates
The preparation of basic financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from these estimates and assumptions.
U. Changes in Accounting Principles and New GASB Pronouncements During the year ended June 30, 2025, the City adopted the following accounting standards issued by the Governmental Accounting Standards Board (GASB):
1. GASB 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. The unified recognition and measurement model in this Statement will result in a liability for compensated absences that more appropriately reflects when a government incurs an obligation. In addition, the model can be applied consistently to any type of compensated absence and will eliminate potential comparability issues between governments that offer different types of leave. The model also will result in a more robust estimate of the amount of compensated absences that a government will pay or settle, which will enhance the relevance and reliability of information about the liability for compensated absences. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter.
2. GASB Statement No. 102, Certain Risk Disclosures
The requirement
s of this Statement will improve financial reporting by providing users of financial statements with essential information that currently is not often provided. The disclosures will provide users with timely information regarding certain concentrations or constraints and related events that have occurred or have begun to occur that make a government vulnerable to a substantial impact. As a result, users will have better information with which to understand and anticipate certain risks to a government’s financial condition. The requirements of this Statement are effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter.
Note 2 – Reconciliation of Government-Wide and Fund Financial Statements A. Explanation of Certain Differences Between the Proprietary Fund Statement of Net Position and the Government-Wide Statement of Net Position
The proprietary fund statement of net position includes a reconciliation between net position – total enterprise funds and net position of business-type activities as reported in the government-wide statement of net position.
The description of the sole element of that reconciliation is “adjustment to report the cumulative internal balance for the net effect of the activity between the internal service funds and the enterprise funds over time.” The details of the $423,222 difference are as follows:
Internal receivable representing charges in excess of cost to business-type activities - prior years 429,893$
Internal receivable representing charges in excess of cost to business-type activities - current year (6,671)
Net adjustment to increase net position - total enterprise funds to arrive at net position - business-type activities 423,222$
80 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 3 – Stewardship, Compliance, and Accountability
A. Deficit Fund Equity
At June 30, 2025, the Sewer Development Impact Fees Fund and the Development Services Fund, both major proprietary funds, reported deficits in net position in the amounts of $13,530,813 and $18,452,402, respectively.
The reason for the deficit in the Sewer Development Impact Fees Fund is the long-term advance payable in the amount of $19,884,227 to the General Fund discussed in Note 6. The deficit is expected to be eliminated in future years, as repayments to the General Fund are made on the advance. The reason for the deficit in the Development Services Fund is the allocation of the Fund’s share of the 2021 Pension Obligation Bonds issued during the 2021 fiscal year, with an outstanding balance in the amount of $15,415,840 as of June 30, 2025. The deficit is expected to be eliminated in future years as the revenue is recognized as a reduction to net pension liability.
At June 30, 2025, the following non-major funds had deficit fund equity:
Fund Type Funds Deficit
Special Revenue Traffic Safety 1,685$
Special Revenue Transportation Sales Tax 50,114
Capital Projects Residential Construction Tax 1,904,132 Capital Projects Other Transportation Program Fund 5,738,686 Debt Service Municipal Financing Authority 63,420
Traffic Safety – The Traffic Safety Fund had an accumulated deficit of $1,685 as a result of fair market on investment losses and interfund transfer to the General Fund to cover administrative expenditures. The deficit is expected to be eliminated through future revenues.
Transportation Sales Tax – The Transportation Sales Tax Fund had an accumulated deficit of $50,114 due to the timing of the receipt of the City’s allocation of SANDAG’s ½ cent sales tax levy compared to disbursements. The City expects to eliminate this deficit through future revenues.
Residential Construction Tax – The Residential Construction Tax Fund had an accumulated deficit of $1,904,132 due to debt service payment that are expected to be eliminated through future revenues.
Other Transportation Program – The Othe r Transportation Program Fu nd had a n accumulated deficit of $5,738,686 due the timing of the reimbursement of grant revenues for the capital expenditures incurred.
Municipal Financing Authority – The Municipal Financing Authority Fund had an accumulated deficit of $63,420 due to the yield restriction liability for the 2017A Bonds. 81 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 4 – Cash and Investments
The following is a summary of pooled cash and investments, including cash and investments with fiscal agents at June 30, 2025.
Fiduciary Funds
Governmental Business-Type Statement of Net
Activities Activities Subtotal Position Total
Cash and investments 501,822,706$ 172,721,214$ 674,543,920$ 13,160,866$ 687,704,786$ Restricted cash and investments:
Held by City 943,098 - 943,098 - 943,098
Held by fiscal agents 41,031,117 51,575 41,082,692 93,981,371 135,064,063 Total restricted cash and investments 41,974,215 51,575 42,025,790 93,981,371 136,007,161 Total cash and investments 543,796,921$ 172,772,789$ 716,569,710$ 107,142,237$ 823,711,947$ Government-Wide Statement of Net Position
Cash, cash equivale
nts and investments consisted of the following at June 30, 2025:
Petty Cash 10,564$
Deposits with financial institutions 15,917,390
Investments 701,307,519
Investments held by fiscal agents 106,476,474
Total cash and investments 823,711,947$
A. Deposits
The carryi
ng amount of the City’s cash deposits were $15,917,390 on June 30, 2025. Bank balances before reconciling items were $13,945,529 at that date, the total amount of which was insured or collateralized with securities held by the pledging financial institutions in the City’s name as discussed below.
The California Government Code requires California banks and savings and loan associations to secure the City’s cash deposits by pledging securities as collateral. This Code states that collateral pledged in this manner shall have the effect of perfecting a security interest in such collateral superior to those of a general creditor. Thus, collateral for cash deposits is considered to be held in the City's name. The market value of pledged securities must equal at least 110% of the City's cash deposits. California law also allows institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the City’s total cash deposits. The City may waive collateral requirements for cash deposits, which are fully insured up to $250,000 by the Federal Deposit Insurance Corporation. The City, however, has not waived the collateralization requirements.
The City follows the practice of pooling cash and investments of all funds, except for funds required to be held by fiscal agents under the provisions of bond indentures. Interest income earned on pooled cash and investments is allocated on an accounting period basis to the various funds based on the period-end cash and investment balances. Interest income from cash and investments with fiscal agents is credited directly to the related fund. 82 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 4 – Cash and Investments (Continued)
B. Investments
As of June 30, 2025, the City had the following investments and maturities:
Investment Type Fair Value 1 year or fewer 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years LAIF 11,087,733$ 11,087,733$ -$ -$ -$ -$
Time deposits 310,000 310,000 - - - -
San Diego County Investment Fund 27,160 27,160 - - - - United States Treasuries 285,614,993 116,532,433 23,593,325 59,190,495 39,559,650 46,739,090 Federal agency bonds 133,593,790 55,939,660 47,559,341 13,110,825 16,983,964 - Municipal bonds 49,124,726 24,803,238 12,207,137 6,007,851 - 6,106,500 Supranationals 26,513,835 6,439,895 9,890,340 - 5,123,100 5,060,500 Medium-term corporate notes 159,216,533 29,468,664 48,252,467 32,713,615 41,166,062 7,615,725 Certificates of deposit 254,341 - - 254,341 - - Placement service deposits 4,146,388 4,146,388 - - - - Money market funds 31,418,020 31,418,020 - - - - Held by bond trustee:
Mutual funds 97,749,746 97,749,746 - - - - LAIF 8,726,728 8,726,728 - - - -
Total 807,783,993$ 386,649,665$ 141,502,610$ 111,277,127$ 102,832,776$ 65,521,815$ Investment Maturities
Investments Auth
orized 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, where more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy.
Authorized Investment Type
Maximum
Maturity
Maximum
Percentage of
Portfolio*
Maximum
Investment in
O ne Issuer
Bankers' Acceptance 180 days 40% 30%
Negotiable Certificates of Deposits 5 years 30% None
Commercial Paper 270 days 25% 10%
State and Local Agency Bond Issues 5 years None None
U.S. T reasury Obligations 5 years None None
U.S. Agency Securities 5 years None None
Repurchase Agreement 1 year None None
Reverse-Purchase Agreements 92 days 20% None
Medium-Term Corporate Notes 5 years 30% 10%
Time Certificates of Deposits 5 years None None
Money Market Funds N/A 20% 10%
San Diego County Treasurer's Pooled Money Fund N/A None None Local Agency Investment Fund (LAIF) N/A None $75 Million** Shares of Beneficial Interest issued by a JPA N/A None None Asset Backed Securities 5 years 20% None
Supranationals 5 years 30% None
Placement Service Deposits 5 years 30% None
* Excluding amounts held by bond trustee that are not subject to California Government Code ** Maximum is $75 million per account
83 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 4 – Cash and Investments (Continued)
B. Investments (Continued)
Investments Authorized by Debt Agreements
Investments of
debt proceeds held by bond trustee are governed by provisions of the debt agreement rather than the general provisions of the California Government Code or the City’s investment policy. The table below identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk.
Authorized Investment Type
Maximum
Maturity
Maximum
Percentage of
Portfolio
Maximum
Investment in
O ne Issuer
U.S Treasury Obligations None None None
Federal Home Loan Mortgage Corporation None None None
Farm Credit Banks None None None
Federal Home Loan Banks None None None
Federal National Mortgage Association None None None
Student Loan Marketing Association None None None
Financing Corporation None None None
Resolution Funding Corporation None None None
Certificates of Deposits, T ime Deposits and Bankers' Acceptance 180 or 365 days None None Commercial Paper 270 days None None
Money Market Funds None None None
State Obligations None None None
Municipal Obligations None None None
Repurchase Agreements None None None
Investment Agreements None None None
Local Agency Investment Fund (LAIF) None None None
C. Risks Disclos
ures
Interest Rate Risk
As a means of lim
iting its exposure to fair value losses arising from rising interest rates, the City’s investment policy provides that final maturities of securities cannot exceed five years. Specific maturities of investments depend on liquidity needs. At June 30, 2025, the City’s pooled cash and investments had the following maturities:
Maturity
Percentage of
Investment
Less than one year 47.9%
1 - 2 years 17.5%
2 - 3 years 13.8%
3 - 4 years 12.7%
4 - 5 years 8.1%
The weighted aver
age maturity of the portfolio was 1.9 years.
Credit Risk
Generally, credi
t 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. To be eligible to receive City money, a bank, savings association, federal association, or federally insured industrial loan company shall have received an overall rating of not less than "satisfactory" in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California's communities, including low-and moderate-income neighborhoods. 84 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 4 – Cash and Investments (Continued)
C. Risks Disclosures (Continued)
Credit Risk (Continued)
The City’s investm
ents are rated by the nationally recognized statistical rating organizations as follows:
Standard &
Investment Type Fair Value Moody's Poor's
LAIF 11,087,733$ Not rated Not rated
Time deposits 310,000 Not rated Not rated
San Diego County Investment Fund 27,160 Not rated Not rated United States Treasuries 285,614,993 Exempt Ex empt
Federal agency bonds 133,593,790 Exempt Ex empt
Municipal bonds 49,124,726 A1 to Aa1 A to AA+
Supranationals 26,513,835 Aaa AAA
Medium-term corporate notes 159,216,533 A3 to Aaa BBB+ to AAA Certificates of deposit 254,341 Not rated Not rated
Placement service deposits 4,146,388 Not rated Not rated Money market funds 31,418,020 Not rated Not rated
Held by bond trustee:
Mutual funds 97,749,746 Not rated Not rated
LAIF 8,726,728 Not rated Not rated
Total 807,783,993$
Custodial Credit Ris
k
Custodial credi
t risk is the risk that, in the event of the failure of the counter party, the City will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. All securities, with the exception of LAIF and other pooled investments, are held by a third-party custodian (BNY Western Trust). BNY is a registered member of the Federal Reserve Bank.
Concentration of Credit Risk
The City’s inv
estment policy contains limitations on the amount that can be invested in any one issuer, in accordance with the limitations stipulated by the California Government Code. For the fiscal year ended June 30, 2025, the City had no investments in any one issuer that exceeded percentage of portfolio limitations set forth by either the City’s investment policy or the California Government Code.
D. Investments in Local Agency Investment
The City is a participant in LAIF which is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California.
As of June 30, 2025, the City had $19,814,461 invested in LAIF. LAIF determines fair value on its investment portfolio based on market quotations for those securities where market quotations are readily available and based on amortized cost or best estimate for those securities where market value is not readily available. The City valued its investments in LAIF as of June 30, 2025, by multiplying its account balance with LAIF times a fair value factor determined by LAIF. This fair value factor was determined by dividing all LAIF participants’ total aggregate amortized cost by total aggregate fair value. The credit quality rating of LAIF is unrated as of June 30, 2025. There are no limitations or restrictions on participant withdrawals from LAIF. 85 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 4 – Cash and Investments (Continued)
E. Fair Value Hierarchy
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset.
Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. The City had the following recurring fair value measurements as of June 30, 2025:
Investment Type Totals Level 1 Level 2 Uncategorized
LAIF 11,087,733$ -$ -$ 11,087,733$
Time deposits 310,000 - 310,000 -
San Diego County Investment Fund 27,160 - - 27,160
United States Treasuries 285,614,993 285,614,993 - - Federal agency bonds 133,593,790 - 133,593,790 -
Municipal bonds 49,124,726 - 49,124,726 -
Supranationals 26,513,835 - 26,513,835 -
Medium-term corporate notes 159,216,533 - 159,216,533 - Certificates of deposit 254,341 - 254,341 -
Placement service deposits 4,146,388 - - 4,146,388
Money market funds 31,418,020 - - 31,418,020
Held by bond trustee:
Mutual funds 97,749,746 - - 97,749,746
LAIF 8,726,728 - - 8,726,728
Total 807,783,993$ 285,614,993$ 369,013,225$ 153,155,775$ U.S. Treasury Note
s classified in Level 1 of the fair value hierarchy are valued using prices quoted in active markets for those securities. U.S. Agency Securities, Corporate Notes, Asset Backed Securities and Time Deposits classified in Level 2 of the fair value hierarchy are valued using institutional bond quotes or specified fair market value factors.
Note 5 – Receivables
A. Taxes Receivable
At June 30, 2025, the City had the following taxes receivable:
Governmental Fiduciary
Activities Funds Total
Sales Tax 18,286,178$ -$ 18,286,178$
Property Tax 647,794 - 647,794
Highway Users Tax 2,007,269 - 2,007,269
Franchise Fee Tax 3,546,507 - 3,546,507
Special Assessments - 388,192 388,192
Other Taxes 2,340,979 - 2,340,979
Total 26,828,727$ 388,192$ 27,216,919$
86 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 5 – Receivables (Continued)
B. Loans Receivable
At June 30, 2025, the City had the following loans receivable, including principal and accrued interest:
Principal Interest Total
South Bay Community Services (Trolley Trestle, M uncey M anor, CNV I, CNII, NCV II) $ 2,022,4842,592,854$ $ 4,615,338 Cordova and Trolley Terrace Apartments (Cordova Trolley, LP) 2,672,510609,269 3,281,779 St. Regis Park (Chelsea Investment Corp) 1,232,822167,875 1,400,697 Chula Vista Rehabilitation CHIP Loans 931,230 102,372 1,033,602 Los Vecinos (Wakeland Housing and Development Corporation) 5,680,0004,925,732 10,605,732 Brisa del M ar (Main Plaza, LP) 1,800,000853,520 2,653,520 Seniors on Broadway (M AAC Project) 3,511,1942,017,151 5,528,345 The Landings II (Chelsea Investment Corp) 7,879,9052,248,265 10,128,170 First Time Home Buyers Program 3,027,956271,288 3,299,244 NSP Rental Housing Program 1,000,000286,973 1,286,973 Lofts on Landis 2,000,000668,486 2,668,486
Duetta Apartments (F Street Family CIC, LP) 2,068,000573,504 2,641,504 Volta Senior Apartments (G Street Seniors CIC, LP) 932,000 255,578 1,187,578 Anita Street Apartments (Wakeland- Anita LP) 5,195,165608,432 5,803,597 Deferred development impact fees 11,847,009 1,083,345 12,930,354 Paseo Del Rey (Wakeland Del Rey LP) 249,492 5,718 255,210 $ 52,049,76717,270,362$ 69,320,129$
Governmental Activities
South Bay Community Se
rvices
In 1998, the former Chula Vista Redevelopment Agency (RDA) and City of Chula Vista entered into several loan agreements with South Bay Community Services, a California non-profit public benefit corporation. Prior years’ loan was made to South Bay Community Services for the purpose of purchasing several properties throughout the City of Chula Vista, including Concord Way (1-unit) and Trolley Trestle (11-unit). These projects are to provide housing to very low-income families. Deeds of trust and assignments of rent secure the notes. Principal and interest are payable annually out of any and all residual receipts derived from the property and/or operation of the property. Interest accrues annually on the unpaid balance with rates ranging from 3% to 6%. At June 30, 2025, the outstanding balance of the loan was $4,615,338, which included accrued interest of $2,592,854.
Cordova and Trolley Terrace Apartments- (Cordova Trolley, LP) In 2019, the Housing Authority and the Cordova Trolley, LP (Developer) entered into a loan agreement to refinance two scattered site rental housing developments at 1280 E J Street (40-unit) and 750 ADA Street (18-unit). The developer partially repaid the outstanding accrued interest of the previous loan in the amount of $200,000 and carried forward the remaining balance of $2,672,511 as a new loan on the Project. The project provides affordable housing to very-low and low-income households for an additional 55-years. The amended and restated promissory note is secured by a deed of trust and will accrue 3.15% interest compounding annually.
Residual receipt payments (if any) will be applied towards the outstanding loan balance until the loan is paid in full. At June 30, 2025, the outstanding balance of the loan was $3,281,779, which included accrued interest of $609,269.
St. Regis Park (Chelsea Investment Corporation)
In 2000, the former RDA entered into a loan agreement with Chelsea Investment Corporation for the acquisition and rehabilitation of the 119-unit multi-family housing project (formerly known as Pear Tree Apartments) at 1025 Broadway. In June 2019, the developer repaid the outstanding principal balance of the previous loan in the amount of $1,387,152 and carried forward the accrued interest of $1,232,822 as a new loan amount. The project will remain affordable to very-low and low-income households for an additional 55-years. The amended and 87 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 5 – Receivables (Continued)
B. Loans Receivable (Continued)
St. Regis Park (Chelsea Investment Corporation) (Continued) restated promisso
ry note is secured by a deed of trust and will accrue 2.76% interest compounding annually.
Residual receipt payments (if any) will be applied towards the outstanding loan balance until the loan is paid in full. At June 30, 2025, the outstanding balance of the loan was $1,400,697, which included accrued interest of $167,875.
Chula Vista Rehabilitation CHIP Loans
The Chula Vista R
ehabilitation Community Housing Improvement Program (CHIP) is under the direct control of the Housing Authority acting as the Successor Housing Entity for those loans that were funded using Low- and Moderate-Income Housing Funds. These loans provide funding to assist owner occupied or mobile homeowners with assistance to make health and safety repairs to their dwelling unit. CHIP loans funded by CDBG, or HOME funds are also managed by the Housing Authority. CHIP offers deferred and low interest rate home improvement loans to qualified borrowers residing within a target area. The rate terms vary from 0 to 5% deferred interest loans to forgivable loans for mobile homeowners. Loan repayments are re-deposited into the program cash accounts and are redistributed as future loans. At June 30, 2025, the outstanding balance of the loan was $1,033,602, which included accrued interest of $102,372.
Los Vecinos (Wakeland Housing and Development Corporation) In 2008, the form
er RDA entered into a loan agreement with Wakeland Housing and Development Corporation to assist the borrower in constructing 41 affordable multi-family rental housing units for occupancy by extremely low, very low, and low-income households. The loan amount of $5,680,000 was funded by the Low- and Moderate-Income Housing Fund. The loan bears an interest rate of 5% per annum. Principal and interest payments will be made on an annual basis out of a fund equal to 50% of the residual receipts for years 1-30 and 75% of the residual receipts for years 31-54, until 55 years from the date the improvements are placed in service, at which time, all principal and unpaid interest is due and payable. The improvements were placed in service on February 7, 2008. At June 30, 2025, the outstanding balance of the loan was $10,605,732, which included accrued interest of $4,925,732.
Brisa del Mar (Main Plaza, LP)
In 2003, the form
er RDA and City entered into a loan agreement with Main Plaza, LP to assist in acquiring and improving certain real property for occupancy by very low, low, and moderate-income households. The loan bears an interest rate of 3% per annum. The loan is due and payable on the date that is 55 years from the date of the City’s issuance of the Certificate of Completion, which is in 2061. At June 30, 2025, the outstanding balance of the loan was $2,653,520, which included accrued interest of $853,520.
Seniors on Broadway (MAAC Project)
In 2005, the City
entered into a loan agreement with Seniors on Broadway, Limited Partnership to assist in acquiring and improving certain real property for occupancy by very low, low, and moderate-income households.
The loan bears an interest rate of 3% per annum. The loan is due and payable on the date that is 55 years from the date of the City’s issuance of the Certificate of Completion. At June 30, 2025, the outstanding balance of the loan was $5,528,345, which included accrued interest of $2,017,151. 88 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 5 – Receivables (Continued)
B. Loans Receivable (Continued)
The Landings II (Chelsea Investment Corporation)
In 2010, the forme
r RDA and City entered into loan agreements with Landings II, L.P. to assist the borrower in constructing 143 affordable multifamily rental housing units for occupancy by very low- and low-income households. The loans bear interest rates ranging from 3% to 3.6% per annum and requires monthly payments based on a 25-year amortization schedule. At June 30, 2025, the outstanding balance of the loan was $10,128,170, which included accrued interest of $2,248,265.
First Time Home Buyers Program
The Chula Vista
First-Time Homebuyer Program is under the direct control of the City and its Housing Authority.
The Programs is funded through U.S. Department of Housing and Urban Development HOME Investment Partnership Act and Neighborhood Stabilization Program funds. Cal Home funds from the State of California Department of Housing and Community Development are also used to fund loans. The application process is currently administered by the San Diego Housing Commission. The program offers low interest loans or equity share deferred gap financing loans to qualified borrowers. Loan repayments are re-deposited into the program and are redistributed as future loans. At June 30, 2025, the outstanding balance of the loan was $3,299,244, which included accrued interest of $271,288.
NSP Rental Housing Program
In 2010, the City e
ntered into two separate loan agreements with San Diego Community Housing Corporation to acquire and rehabilitate rental housing for very low-income households. The loans are secured by promissory notes and a deed of trusts. The outstanding principal and interest amount of the loan will be repaid over fifty-five (55) years and shall accrue at the simple interest rate of three (3%) percent per annum. Principal and interest are payable annually out of a fund equal to 50% of residual receipts derived from the property and/or operation of the property. At June 30, 2025, the outstanding balance of the loan was $1,286,973, which included accrued interest of $286,973.
Lofts on Landis
In 2014, the City ent
ered into two separate loan agreements with Lofts on Landis LP to assist in the construction of affordable apartments with 32 restricted units for occupancy by extremely low, very low, and low income households. The loans bear an interest rate of 3% simple interest per annum. Payment of principal and interest is due on an annual basis to the extent of the property’s residual receipts. The loan matures after a 55-year period.
At June 30, 2025, the outstanding balance of the loan was $2,668,486, which included accrued interest of $668,486.
Duetta Apartments (F Street Family CIC, LP)
In 2016, the City ent
ered into a loan agreement with F Street Family CIC, LP to assist in the construction and permanent financing of affordable multifamily apartments with 86 deed restricted units for occupancy by extremely low, very low- and lower-income households. Loans are in the principal amount of $800,000 from the City’s federal HOME funds, $372,660 from the City’s Balanced Communities In-Lieu funds, and $895,340 from Low- and Moderate-Income Housing Fund. The loan bears an interest rate of 3% simple interest per annum for a 55-year period. Payment of principal and interest is made on an annual basis out of a fund equal to 50% of the residual receipts. The outstanding principal and accrued interest on the loan is to be repaid by December 31, 2072. Fund balance has been restricted in the Federal, State, and Local Grants Special Revenue Fund and in the Low- & Moderate-Income Housing Successor Special Revenue Fund. At June 30, 2025, the outstanding balance of the loans were $2,641,504, which included accrued interest of $573,504. 89 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 5 – Receivables (Continued)
B. Loans Receivable (Continued)
Volta Senior Apartments (G Street Seniors CIC, LP)
In 2016, the City en
tered into a loan agreement with G Street Senior CIC, LP to assist in the construction and permanent financing of affordable multifamily apartments with 122 deed restricted units for occupancy by extremely low-, very low- and lower-income households. The loan amount of $932,000 was funded by the Low- and Moderate-Income Housing Fund. The loan bears an interest rate of 3% simple interest per annum for a 55- year period. Payment of principal and interest is made on an annual basis out of a fund equal to 50% of the residual receipts. The outstanding principal and accrued interest on the loan is to be repaid by December 31, 2072. Fund balance has been restricted in the Low- & Moderate-Income Housing Successor Special Revenue Fund. At June 30, 2025, the outstanding balance of the loans were $1,187,578, which included accrued interest of $255,578.
Anita Street Apartments (Wakeland- Anita LP)
In 2017 and 2018,
the Housing Authority entered into amended loan agreements with Wakeland Anita LP to assist in the acquisition of land and pre-development of an affordable multifamily apartment development known as Anita Street Apartments with up to 72 possible deed restricted units for occupancy by extremely low, very low- and lower-income households. This loan supports the proportionate share of costs for 30% and 45% AMI (area median income) units in the project. The total loan amount of $5,195,165 was made using low- and moderate- income housing funds. The loan bears an interest rate of 3% simple interest per annum for a 55-year period. At June 30, 2025, the outstanding balance of the loans were $5,803,597, which included accrued interest of $608,432.
Deferred development impact fees
A DIF Deferral Co
mmunity Facilities District (CFD 17-I) was established to promote development in specified areas of the City known as “Western Chula Vista” by deferring specific development impact fees for projects that met the specific criteria outlined in the CFD formation documents. The primary area included within the CFD plan was land west of the I-5 freeway to spur on early development in preparation for the new Bayfront project, as well as land in the portion of the City between Interstate 5 and Interstate 805, including the Palomar Gateway and Urban Core Specific Planning Areas and the Auto Park located East of the Interstate 805. As the Rate and Method of Apportionment defines, developers can defer their Development Impact Fees up to ten years or as otherwise defined in the CFD documents. Upon issuance of the Certificate of Occupancy (COO), the City calculates interest on an annual basis, and it is included as part of the long-term receivable.
In 2016, the City entered into two separate fee deferral loan agreements with F Street Family CIC, LP and G Street Senior CIC, LP to assist in the financial feasibility of constructing affordable multifamily apartments with a total of 208 deed restricted units for occupancy by extremely low-, very low- and lower-income households.
The total, combined fee deferral loan amounts of $2,190,550 bear an interest rate of 3% simple interest per annum.
Payment of principal and interest is made on an annual basis out of a fund equal to 65% of the projects’ residual receipts. The outstanding principal and accrued interest on the loans are to be repaid by December 31, 2047.
At June 30, 2025, the outstanding balance of deferred development impact fees were $12,930,354, which included accrued interest of $1,083,345.
Paseo Del Rey (Wakeland Del Rey LP)
In 2024, the City en
tered into a pre-development loan agreement with Wakeland Del Rey LP to determine the feasibility of a ninety-six (96) unit affordable housing development at 610 Paseo Del Rey. The loan amount of $500,000 was funded from the Federal, State, and Local Grants Special Revenue Fund through the HOME Investment Partnerships Program (“HOME”) by the U.S. Department of Housing and Urban Development (“HUD”). A portion of the loan in the amount of $249,493 was advanced in 2024. The loan bears an interest rate of 3% simple interest per annum for a 4-year period. If construction financing for the project closes on or before September 23, 2028, the loan shall be consolidated into the larger construction and permanent financing HOME 90 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 5 – Receivables (Continued)
B. Loans Receivable (Continued)
Paseo Del Rey (Wakeland Del Rey LP) (Continued)
loan to the proje
ct. If the construction financing has not closed by September 23, 2028, the loan is due and payable in full as of that date; however, the City may waive repayment if there are impediments to the development which are reasonably beyond the control of the Borrower. At June 30, 2025, the outstanding balance of the loan was $255,210, which included accrued interest of $5,718.
C. Lease Receivable and Deferred Inflows of Resources
Industrial-Commercial Single-Tenant Lease – 430 F Street On July 1, 2021, t
he City entered into a 60-month lease as Lessor for the use of SBCS 430 F Street Standard Industrial Commercial Single-Tenant Lease. An initial lease receivable was recorded in the amount of $87,652.
On June 30, 2023, the term of this lease was extended through June 30, 2026. As of June 30, 2025, the value of the lease receivable is $71,656. The lessee is required to make monthly fixed payments. The lease has an interest rate of 0.5770%. The value of the deferred inflow of resources as of June 30, 2025 was $70,121, and the City recognized lease revenue of $17,530 during the fiscal year.
Facility Sublease (CV Bayfront Convention Center)
On May 26, 2022, the C
ity entered into a 409-month lease as Lessor for the use of its Convention Center. The lease commenced on April 4, 2025. This lease has a Rent Holiday for years 1 through 18 of the lease. An initial lease receivable was recorded in the amount of $24,133,812. As of June 30, 2025, the value of the lease receivable is $24,133,812. The lessee is required to make annual fixed payments. The lease has an interest rate of 2.9070%.
The value of the deferred inflow of resources as of June 30, 2025 was $23,962,998, and the City recognized lease revenue of $170,814 during the fiscal year.
Note 6 – Interfund Balances and Transactions
Due to/Due from other funds
At June 30, 2025, interf
und receivables and payables were as follows:
Due from Other
Funds
CV Elite Athlete
Training Center
Nonmajor
Governmental
Funds Total
General Fund 628,161$ 8,776,208$ 9,404,369$
Current interf
und balances arise in the normal course of operations to cover cash shortages and are expected to be repaid shortly after the end of the fiscal year.
91 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 6 – Interfund Balances and Transactions (Continued) Long-Term Advances
At June 30, 2025, balan
ces were as follows:
Development Sewer Transport
Impact Development Enterprise
Funds Impact Fees Total
Advances to Other Funds:
General -$ -$ 926,525$ 926,525$
Sewer Fund 6,081,375 19,884,227 - 25,965,602
Total 6,081,375$ 19,884,227$ 926,525$ 26,892,127$ Advances from Other Funds:
The City Counci
l authorized and set terms for a loan from the Trunk Sewer Capital Reserve fund to the Salt Creek Trunk Sewer Development Impact Fee fund for $20,667,477, via Resolution 2015-029. In accordance with Council policy No. 220-06, the financing costs shall be calculated using the City's pooled investment earning rate on a quarterly basis. The balance was $19,884,227 at June 30, 2025.
The City Council authorized and set terms for loans from the General Fund to the Transport Enterprise fund for a maximum amount of $4,881,710, via Resolution 2020-152. In accordance with Council Policy No. 220-06, the financing costs shall be calculated using the City's pooled investment earning rate on a quarterly basis. The balance was $926,525 at June 30, 2025.
The City Council authorized and set terms for a loan from the Trunk Sewer Capital Reserve fund to the Public Facility Development Impact Fee fund for a maximum amount of $39,100,000, via Resolution 2022-275. In accordance with Council Policy No. 220-06, the financing costs shall be calculated using the City's pooled investment earning rate on a quarterly basis. The balance was $6,081,375 at June 30, 2025.
Transfers In/Out
Interfund transfers f
or the year ended June 30, 2025, were as follows:
Federal, Other CV Elite Other
State, and Open Space Governmental Development Athlete Enterprise Internal Transfers Out General Local Grants Districts Funds Services Fund Training Ctr Funds Service Funds Total General -$ 55,438 $ 97,800$ 39,210,002$ -$ 136,986 $ 308,701$ 820,518 $ 40,629,445$ Federal, State and Local Grants 11,674,285 - - 3,462,883 - - - - 15,137,168 Housing Successor Agency 5,448 - - - - - - - 5,448 Open Space Districts 19,975 - - - - - - - 19,975 Development Impact Funds 39,671 - - 5,135,376 - - - - 5,175,047 Other Governmental Funds 5,394,071 - - 753,533 - - 25,000 - 6,172,604 Sewer Fund 4,201,178 - - - 15,032 - - - 4,216,210 Sewer Development Impact Fees 2,812 - - - - - - - 2,812 Development Services Fund 2,413,587 - - - - - - - 2,413,587 Transport Enterprise 3,795,912 - - - - - - - 3,795,912 Internal Service Funds 83,994 - - - - - - - 83,994 Total 27,630,933$ 55,438$ 97,800$ 48,561,794$ 15,032$ 136,986 $ 333,701$ 820,518 $ 77,652,202$ Transfers In
General Fund – Tra
nsfer from various Funds in the amount of $27,630,933 to the General Fund for operating support related to city staff services and equipment.
Federal, State and Local Grants Fund – Transfer from the General Fund in the amount of $55,438 for matching contribution to federal grants and operating support to the Federal, State, and Local Grants Fund. 92 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 6 – Interfund Balances and Transactions (Continued) Transfers In/Out (Continued)
Open Space Districts –
Transfer from the General Fund in the amount of $97,800 for operating support.
Other Governmental
Funds – Other Governmental Funds – Transfer from the General Fund in the amount of $39,210,002 primarily made up of a transfer for the pension obligation bonds in the amount of $14.6 million, a transfer to the CIP fund for ongoing capital improvement projects in the amount of $13.1 million, and transfers related to debt service refunding activity in the amount of $11.0 million. Transfer from the Development Impact Funds in the amount of $5,135,376 and transfer from Other Governmental Funds in the amount of $753,533 for various debt obligations. Transfer from the Federal, State, and Local Grants Fund in the amount of $3,462,883 for various debt obligations and operating support.
Development Services Fund – Transfer from the Sewer Fund in the amount of $15,032 to provide operating support to the Development Services Fund.
Chula Vista Elite Athlete Training Center – Transfer from the General Fund in the amount of $136,986 for telecom site license fees collected.
Other Enterprise Funds – Transfer from the General Fund in the amount of $308,701 and transfer from Other Governmental Funds in the amount of $25,000 to Other Enterprise Funds for operating support and services provided.
Internal Service Funds – Transfer from the General Fund in the amount of $820,518 for operating support to the Internal Service Funds for services provided.
93 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 7 – Capital Assets
A. Government-Wide Financial Statements
A Summary of changes in capital assets for governmental activities for the year ended June 30, 2025, was as follows:
Balance Balance
July 1, 2024 Additions Deletions Transfers June 30, 2025 Capital assets, not being depreciated/amortized:
Land 436,183,524$ -$ -$ -$ 436,183,524$
Construction in progress 266,905,878 84,736,304 - (34,037,144) 317,605,038 Total capital assets, not being depreciated/amortized 703,089,402 84,736,304 - (34,037,144) 753,788,562 Capital assets, being depreciated/amortized:
Buildings 231,162,805 - - - 231,162,805
Improvements other than buildings 158,503,115 - - 7,360,475 165,863,590 Machinery and equipment 63,290,199 10,690,054 (4,385,089) (171,191) 69,423,973 Infrastructure 927,022,984 13,151,339 - 26,676,669 966,850,992 Subscription assets 3,138,517 2,916,744 (96,177) - 5,959,084 Lease building assets - 46,254,229 - - 46,254,229
Lease equipment assets 994,616 1,916,865 - - 2,911,481 Subtotal 1,384,112,236 74,929,231 (4,481,266) 33,865,953 1,488,426,154 Less accumulated depreciation/amortization
Buildings (86,516,370) (4,540,590) - - (91,056,960) Improvements other than buildings (71,700,098) (3,570,510) - - (75,270,608) Machinery and equipment (44,042,174) (6,217,414) 4,358,855 171,191 (45,729,542) Infrastructure (467,371,330) (24,429,544) - - (491,800,874) Subscription assets (1,176,742) (1,503,771) 96,177 - (2,584,336) Lease building assets - (340,105) - - (340,105)
Lease equipment assets (536,358) (484,542) - - (1,020,900) Subtotal (671,343,072) (41,086,476) 4,455,032 171,191 (707,803,325) Total capital assets, being depreciated/amortized 712,769,164 33,842,755 (26,234) 34,037,144 780,622,829 Total governmental activities 1,415,858,566$ 118,579,059$ (26,234)$ -$ 1,534,411,391$ Depreciation/a
mortization expense was charged to functions/programs as follows:
General government 897,685$
Public safety 5,669,328
Community development 289,351
Public works 33,306,198
Parks and recreation 667,570
Library 26,141
Internal service 230,203
41,086,476$
94 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 7 – Capital Assets (Continued)
A. Government-Wide Financial Statements (Continued)
A Summary of changes in capital assets for business-type activities for the year ended June 30, 2025, was as follows:
Balance Balance
July 1, 2024 Additions Deletions Transfers June 30, 2025 Capital assets, not being depreciated/amortized:
Land 181,275,803$ -$ -$ -$ 181,275,803$
Construction in progress 18,366,689 19,006,277 - (1,347,757) 36,025,209 Total capital assets, not being depreciated/amortized 199,642,492 19,006,277 - (1,347,757) 217,301,012 Capital assets, being depreciated/amortized:
Buildings and Structures 17,159,874 - - - 17,159,874 Improvements other than buildings 630,445 10,850 - 193,063 834,358 Machinery and equipment 15,463,250 1,565,672 (974,540) 171,191 16,225,573 Infrastructure 274,310,444 2,286,179 - 1,154,694 277,751,317 Subscription assets 782,064 503,458 (8,951) - 1,276,571 Lease equipment assets 5,350 - - - 5,350
Subtotal 308,351,427 4,366,159 (983,491) 1,518,948 313,253,043 Less accumulated depreciation/amortization
Buildings and Structures (2,826,041) (339,817) - - (3,165,858) Improvements other than buildings (495,677) (32,582) - - (528,259) Machinery and equipment (10,284,508) (2,320,304) 967,277 (171,191) (11,808,726) Infrastructure (156,972,103) (5,542,206) - - (162,514,309) Subscription assets (412,049) (358,755) 8,951 - (761,853) Lease equipment assets (5,350) - - - (5,350) Subtotal (170,995,728) (8,593,664) 976,228 (171,191) (178,784,355) Total capital assets, being depreciated/amortized 137,355,699 (4,227,505) (7,263) 1,347,757 134,468,688 Total business-type activities 336,998,191$ 14,778,772$ (7,263)$ -$ 351,769,700$ Depreciation/amor
tization expense for business-type activities for the year ended June 30, 2025, was as follows:
Sewer 6,832,306$
Sewer Development Impact Fees 3,041
Development Services 293,528
CV Elite Training Center 337,146
Transport Enterprise 1,056,512
Golf course 71,131
8,593,664$
95 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 7 – Capital Assets (Continued)
B. Fiduciary Funds Financial Statements
A Summary of changes in capital assets for fiduciary funds for the year ended June 30, 2025, were as follows:
Balance Balance
July 1, 2024 Additions Deletions June 30, 2025
Capital assets, not being depreciated:
Land 5,600,080$ -$ -$ 5,600,080 $
Total capital assets, not being depreciated 5,600,080 - - 5,600,080 Capital assets, being depreciated:
Buildings and Structures 2,386,218 - - 2,386,218
Subtotal 2,386,218 - - 2,386,218
Less accumulated depreciation
Buildings and Structures (1,683,535) (47,724) - (1,731,259) Subtotal (1,683,535) (47,724) - (1,731,259)
Total capital assets, being depreciated 702,683 (47,724) - 654,959 Total fiduciary activities 6,302,763$ (47,724)$ -$ 6,255,039 $ Depreciation ex
pense for fiduciary funds for the year ended June 30, 2025, was $47,724 being reported in private-purpose trust funds.
Note 8 – Long-Term Liabilities
A summary of changes in long-term debt for the year ended June 30, 2025, was as follows:
Balance Balance Amount
Beginning of End Due Within
Year Additions Deletions of Year One Year
Governmental Activities:
Bonds payable
Certificates of participation 54,480,000$ -$ 4,660,000 $ 49,820,000$ 4,885,000$ Lease revenue bonds 47,340,000 - 8,345,000 38,995,000 8,760,000 Premium 7,341,226 - 1,486,615 5,854,611 -
Total bonds payable 109,161,226 - 14,491,615 94,669,611 13,645,000 Private placement notes 3,740,982 - 864,916 2,876,066 801,068 Pension-related debt 300,182,736 - 8,492,521 291,690,215 8,732,136 Financed purchases 6,959,783 1,215,551 1,605,485 6,569,849 1,653,682 Leases 298,299 48,171,094 2,733,480 45,735,913 627,830 Subscriptions 1,380,985 2,916,744 1,304,162 2,993,567 1,026,160 Total Governmental Activities 421,724,011$ 52,303,389$ 29,492,179$ 444,535,221$ 26,485,876$ Business-Type Activities:
Pension-related debt 25,537,264$ -$ 722,479$ 24,814,785$ 742,864$ Financed purchases 1,833,251 - 912,053 921,198 921,198 Subscriptions 285,963 474,857 377,610 383,210 85,470 Total Business-Type Activities 27,656,478$ 474,857$ 2,012,142$ 26,119,193$ 1,749,532$ 96 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Governmental Activities
A. Certificates of Participation
2014 Refunding COP
In February 2014,
the Chula Vista Public Financing Authority (Authority) issued $45,920,000 in 2014 Certificates of Participation to refinance the City’s outstanding 2002 Certificates of Participation (Police Facility Project), fund a reserve fund, and pay the costs incurred in connection with the execution and delivery of the Certificates.
The source of repayment of the certificates is the lease payments to be made by the City to the Authority. Should the City default under the lease, the Trustee, as assignee of the Authority, may terminate the lease and re-lease the leased premises or may retain the lease and hold the City liable for all lease payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate lease payments. Interest is payable semiannually on April 1 and October 1 of each year, commencing October 1, 2014. The certificates mature in 2032 and principal is payable on October 1 each year, commencing October 1, 2014. As of June 30, 2025, the outstanding balance was $24,645,000.
2015 Refunding COP
In August 2015,
the Chula Vista Public Financing Authority (Authority) issued $34,330,000 in 2015 Certificates of Participation to refinance the City’s outstanding 2004 Certificates of Participation (Civic Center Project Phase) and a portion of the 2006 Certificates of Participation (Civic Center Project Phase II), fund a reserve fund, and pay the costs incurred in connection with the execution and delivery of the Certificates. The refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $445,970, which is reported as a deferred outflow of resources in the accompanying financial statements and amortized over the remaining life of the refunded debt. The City completed the refunding to reduce its total debt service payments by $4,384,723 and to obtain an economic gain (difference between the present values of the old and new debt services payments) of $3,073,833. The source of repayment of the certificates is the lease payments to be made by the City to the Authority. Should the City default under the lease, the Trustee, as assignee of the Authority, may terminate the lease and re-lease the leased premises or may retain the lease and hold the City liable for all lease payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate lease payments. Interest is payable semi-annually on March 1 and September 1 of each year, commencing March 1, 2016. The certificates mature in 2034 and principal is payable on March 1 each year, commencing October 1, 2015. As of June 30, 2025, the outstanding balance was $16,575,000.
The Chula Vista Public Financing Authority has pledged an estimated $10,862,574 in Residential Construction Tax (RCT) (Fund 717) revenues to the repayment of Principal ($7,826,813) and Interest ($3,035,761) of the 2015 Refunding COP from the first debt service payment date on March 1, 2016 through the final maturity of the bonds on March 1, 2034, or early retirement of the bonds, whichever comes first. Tax revenues consist of fees that are charged to new residential units, including hotels and motels, which generate householders who impose a burden upon public facilities and infrastructure of the City. More information on the RCT can be found in the Chula Vista Municipal Code Chapter 3.32.
2016 Refunding COP
In July 2016, th
e Chula Vista Public Financing Authority (Authority) issued $8,600,000 in 2016 Certificates of Participation (Certificates) to current refund all of the City’s outstanding 2006 Certificates of Participation (Civic Center Project – Phase 2), to satisfy the reserve requirement with respect to the Certificates and to pay the costs of issuance of the Certificates. The refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $221,204, which is reported as a deferred outflow of resources in the accompanying financial statements and amortized over the remaining life of the refunded debt. The City 97 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Governmental Activities (Continued)
A. Certificates of Participation (Continued)
2016 Refunding COP (Continued)
completed the ref
unding to reduce its total debt service payments by $1,144,525 and to obtain an economic gain (difference between the present values of the old and new debt services payments) of $973,849. The source of repayment of the certificates is the lease payments to be made by the City to the Authority. Should the City default under the lease, the Trustee, as assignee of the Authority, may terminate the lease and re-lease the leased premises or may retain the lease and hold the City liable for all lease payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate lease payments. Interest is payable semi-annually on March 1 and September 1 of each year, commencing March 1, 2017. The certificates mature in 2036 and principal is payable on March 1 each year, commencing March 1, 2027. As of June 30, 2025, the outstanding balance was $8,600,000.
B. Lease Revenue Bonds
2016 Lease Revenue Refunding Bonds
In July 2016, the
Chula Vista Municipal Financing Authority (Authority) issued $25,885,000 in 2016 Lease Revenue Refunding Bonds to refinance an existing lease by advance refunding the City’s outstanding 2010 Certificates of Participation (Capital Facilities Refunding Projects) and to pay the costs of issuance of the Bonds. The refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $4,898,948, which is reported as a deferred outflow of resources in the accompanying financial statements and amortized over the remaining life of the refunded debt. The City completed the refunding to reduce its total debt service payments by $2,167,047 and to obtain an economic gain (difference between the present values of the old and new debt services payments) of $2,293,798. The source of repayment of the certificates is the lease payments to be made by the City to the Authority. Should the City default under the lease agreement, the Trustee, as assignee of the Authority, may terminate the lease agreement and re-lease the leased property or may retain the lease agreement and hold the City liable for all base rental payments thereunder on an annual basis.
Under no circumstances will the Trustee have the right to accelerate base rental payments. Interest is payable semi-annually on November 1 and May 1 of each year, commencing November 1, 2016. The certificates mature in 2033 and principal is payable on May 1 each year, commencing May 1, 2017. As of June 30, 2025, the outstanding balance was $12,810,000.
2017 Lease Revenue Bonds
In June 2017, t
he Chula Vista Municipal Financing Authority (Authority) issued $61,355,000 in 2017 Lease Revenue Bonds to finance infrastructure, facilities, and equipment and to pay the costs of the issuance of the bonds. Should the City default under the lease agreement, the Trustee, as assignee of the Authority, may terminate the lease agreement and re-lease the leased property or may retain the lease agreement and hold the City liable for all base rental payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate base rental payments. Interest is payable semi-annually on November 1 and May 1 of each year, commencing November 1, 2017. The bonds mature in 2027 and principal is payable on May 1 each year, commencing May 1, 2019. As of June 30, 2025, the outstanding balance was $13,960,000. 2017 Lease Revenue Bonds, Series A (New Clean Renewable Energy Bonds – Federally Taxable) In December 2017,
the Chula Vista Municipal Financing Authority (Authority) issued $12,045,000 in 2017 Lease Revenue Bonds, Series A (New Clean Renewable Energy Bonds – Federally Taxable), to finance photovoltaic energy systems at various City facilities, to capitalize interest on the bonds and to pay the costs of issuance of the bonds. Should the City default under the lease agreement, the Trustee, as assignee of the Authority, either may 98 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Governmental Activities (Continued)
B. Lease Revenue Bonds (Continued)
2017 Lease Revenue Bonds, Series A (New Clean Renewable Energy Bonds – Federally Taxable) (Continued) terminate the
lease agreement and re-lease the leased property or may retain the lease agreement and hold the City liable for all base rental payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate base rental payments. Interest is payable semi-annually on December 1 and June 1 of each year, commencing June 1, 2018. The bonds mature in 2049 and principal is payable on December 1 each year, commencing December 1, 2021. As of June 30, 2025, the outstanding balance was $11,785,000.
2017 Lease Revenue Bonds, Series B (Tax-Exempt)
In December 2017,
the Chula Vista Municipal Financing Authority (Authority) issued $1,085,000 in 2017 Lease Revenue Bonds, Series B (Tax-Exempt), to finance photovoltaic energy systems at various City facilities, to capitalize interest on the bonds and to pay the costs of issuance of the bonds. Should the City default under the lease agreement, the Trustee, as assignee of the Authority, either may terminate the lease agreement and re-lease the leased property or may retain the lease agreement and hold the City liable for all base rental payments thereunder on an annual basis. Under no circumstances will the Trustee have the right to accelerate base rental payments. Interest is payable semi-annually on December 1 and June 1 of each year, commencing June 1, 2018.
The bonds mature in 2029 and principal is payable on December 1 each year, commencing December 1, 2019.
As of June 30, 2025, the outstanding balance was $440,000.
C. Private Placement Notes
Section 108 Loan
In June 2008, th
e City entered into a contract for loan guarantee assistance with the U.S. Department of Housing and Urban Development (“HUD”) as part of the Section 108 Loan Program in the amount of $9,500,000. The Section 108 Loan is an “advance” of future CDBG entitlement funds and, as such, is repaid with a portion of the City’s annual entitlement. Proceeds of the loan will be used to fund multiple capital improvement projects. Debt service payments will be made with future CDBG entitlements for 20 years, with interest payments beginning with fiscal year 2009. On November 27, 2018, the City received notice from HUD regarding the opportunity to refinance the existing Section 108 Loan from an average of 5.19% interest rate (2019 through 2028) to an estimated average of 3.23% interest rate (2019 through 2028). On December 6, 2018, the City notified HUD of its election to redeem the current note. The City signed the agreement for the refinancing on January 23, 2019.
No changes were made to the term of the loan. As of June 30, 2025, the outstanding balance was $2,702,000.
California Energy Commission Loans/SDG&E On-Bill Financing On September 25,
2007, the City Council approved Resolution 2007-241 authorizing the City’s participation in the California Energy Commission (“CEC”) and the SDG&E On-Bill Financing program. The loans would bridge the financial gap between energy conservation project capital costs and the available rebates for energy conservation equipment. As of June 30, 2025, the outstanding balance was $174,066. 99 CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Governmental Activities (Continued)
D. Pension-Related Debt
2021 Taxable Pension Obligation Bonds
In February 202
1, the City issued $350,025,000 in 2021 Taxable Pension Obligation Bonds to finance the rolled forward Pension Liability as of June 30, 2019, as projected by CalPERS. Interest is payable semi-annually on December 1 and June 1 of each year, commencing December 1, 2021. The bonds mature in 2045 and principal is payable on December 1 each year, commencing June 1, 2022. As of June 30, 2023, the outstanding balance is $325,720,000. The bonds are allocated among the various funds on the same basis as the City’s net pension liability. The portion of the bonds attributable to governmental activities, after the allocation attributable to business-type activities of $24,814,785, on June 30, 2025, was $291,690,215.
E. Financed Purchases
Solar Energy Financing
On July 23, 201
3, the City Council approved Resolution 2013-149 authorizing the City to utilize a $2,121,500 Tax-Exempt Facility Lease Purchase Agreement with Banc of America, which would be repaid through the annual energy cost savings. As of June 30, 2025, the outstanding balance was $730,806.
JP Morgan Equipment Financed Purchase Agreement
In August 2016,
the City entered into a financed purchase agreement with JP Morgan Chase Bank, N.A. for the acquisition of one Pierce Fire Engine. The agreement term is ten years and the agreement amount of $1,229,470 is to be paid in annual installments beginning in August 2017. As of June 30, 2025, the outstanding balance was $267,249.
Motorola Solutions CAD Equipment Financed Purchase Agreement In July 2017, th
e City entered into a financed purchase agreement with Motorola Solutions, Inc. for the acquisition of a PSA System. The agreement term is ten years and the agreement amount of $1,351,409 is to be paid in annual installments beginning in July 2018. As of June 30, 2025, the outstanding balance was $324,664.
JP Morgan Equipment Financed Purchase Agreement
In October 2019, the
City entered into a financed purchase agreement with JP Morgan Chase Bank, N.A. for the acquisition of one Pierce Fire Engine. The agreement term is ten years and the agreement amount of $720,786 is to be paid in annual installments beginning in October 2019. As of June 30, 2025, the outstanding balance was $319,917.
Banc of America Equipment Financed Purchase Agreement
In July 2020, th
e City entered into a financed purchase agreement with Banc of America Public Capital Corp. for the acquisition of two Pierce Arrow Pumpers. The agreement term is 5 years and the agreement amount of $2,273,805 is to be paid in annual installments beginning on July 30, 2021. As of June 30, 2025, the outstanding balance was $466,186.
JP Morgan Equipment Financed Purchase Agreement
In November 20
22, the City entered into a financed purchase agreement with JP Morgan Chase Bank, N.A. for the acquisition of two Pierce Fire Engine and one Pierce Tractor Drawn Aerial Engine. The agreement term is ten 100
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Governmental Activities (Continued)
E. Financed Purchases (Continued)
JP Morgan Equipment Financed Purchase Agreement (Continued) years and the a
greement amount of $3,986,967 is to be paid in annual installments beginning in May 2024. As of June 30, 2025, the outstanding balance was $3,531,924.
Axon Body Worn Cameras Finance Purchase Agreement
In January 2024, the
City entered into a financed purchase agreement with Axon Enterprise, Inc. for the acquisition of Axon Body Worn Cameras. The agreement term is five years and the agreement amount of $$413,351 is to be paid in annual installments beginning in January 2025. As of June 30, 2025, the outstanding balance was $316,371.
Axon In-Cameras Finance Purchase Agreement
In December 2
023, the City entered into a financed purchase agreement with Axon Enterprise, Inc. for the acquisition of In-Vehicle Cameras. The agreement term is five years and the agreement amount of $483,848 is to be paid in annual installments beginning in April 2025. As of June 30, 2025, the outstanding balance was $369,071.
Axon Tasers Finance Purchase Agreement
In January 2024, the
City entered into a financed purchase agreement with Axon Enterprise, Inc. for the acquisition of Tasers. The agreement term is five years and the agreement amount of $318,351.83 is to be paid in annual installments beginning in January 2025. As of June 30, 2025, the outstanding balance was $243,661.
F. Leases Payable
Canon Copiers Lease
On January 1, 202
4, the City entered into a 60-month lease as a Lessee for the use of Canon Copiers Lease. An initial lease liability was recorded in the amount of $282,699. As of June 30, 2025, the value of the lease liability is $224,416. The City is required to make semi-annual fixed payments. The lease has an interest rate of 4.2490%.
Facility Lease (CV Bayfront Convention Center)
On May 26, 2022, t
he City entered into a 409-month lease as a Lessee for the use of its Convention Center. The lease commenced on April 4, 2025. An initial lease liability was recorded in the amount of $46,254,229. As of June 30, 2025, the value of the lease liability is $44,144,302. The City is required to make annual fixed payments.
The lease has an interest rate of 2.9070%.
Flock Safety Lease
On October 25, 2023
, the City entered into a 60-month lease as a Lessee for the use of Flock Safety Lease. An initial liability was recorded in the amount of $823,879. As of June 30, 2025, the value of the lease liability is $628,794. The City is required to make annual fixed payments. The lease has an interest rate of 3.6310%. The City has 1 extension option(s), each for 24 months.
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CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Governmental Activities (Continued)
F. Leases Payable (Continued)
IPS Group Smart Parking Meters Lease
On July 1, 2023, t
he City entered into a 30-month lease as Lessee for the use of IPS Group Smart Parking Meters Lease. An initial lease liability was recorded in the amount of $10,770. As of June 30, 2025, the value of the lease liability was $2,687. The lessee is required to make monthly fixed payments. The lease has an interest rate of
3.2410%.
Lenovo MDC Lease
On November 25, 2024
, the City entered into a 48-month lease as a Lessee for the use of Lenovo MDC Lease.
An initial lease liability was recorded in the amount of $810,287. As of June 30, 2025, the value of the lease liability is $588,244. The City is required to make annual fixed payments. The lease has an interest rate of
7.4520%.
PNC Equipment Lease
On July 1, 202
1, the City entered into a 53-month lease as Lessee for the use of two 2016 Pierce Arrow XT Triple Combination Pumper apparatuses. An initial lease liability was recorded in the amount of $706,653. As of June 30, 2025, the value of the lease liability is $147,470. The City is required to make annual fixed payments.
The lease has an interest rate of 3.2000%. The City has the option to purchase the equipment for $1.00.
G. Subscriptions Payable
AutoReturn Impound Management Software
On October 3, 2
023, the City entered into a 36-month subscription for the use of AutoReturn Impound Management Software. An initial subscription liability was recorded in the amount of $323,281. As of June 30, 2025, the value of the subscription liability is $123,283. The City is required to make annual fixed payments. The subscription has an interest rate of 3.7740%. The City has 2 extension option(s), each for 12 months. The term and initial liability include the 2 extension options.
Axon Body Worn Cameras Software
On January 18, 202
4, the City entered into a 60-month subscription for the use of Axon Body Worn Cameras Software. An initial subscription liability was recorded in the amount of $1,287,589. As of June 30, 2025, the value of the subscription liability is $913,204. The City is required to make semi-annual fixed payments. The subscription has an interest rate of 4.2490%. The City has 1 extension option(s), each for 60 months.
Axon In-Cameras Software
On December 7, 2023,
the City entered into a 60-month subscription for the use of Axon In-Cameras Software.
An initial subscription liability was recorded in the amount of $462,159. As of June 30, 2025, the value of the subscription liability is $333,292. The City is required to make semi-annual fixed payments. The subscription has an interest rate of 4.2490%. The City has 1 extension option(s), each for 60 months.
Axon Pro License Bundle Software
On July 19, 2024, the
City entered into a 48-month subscription for the use of Axon Pro License Bundle Software.
An initial subscription liability was recorded in the amount of $101,251. As of June 30, 2025, the value of the 102
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Governmental Activities (Continued)
G. Subscriptions Payable (Continued)
Axon Pro License Bundle Software (Continued)
subscription liab
ility is $59,486. The City is required to make annual fixed payments. The subscription has an interest rate of 3.0740%.
Axon Tasers Software
On January 13, 2024, t
he City entered into a 60-month subscription for the use of Axon Tasers Software. An initial subscription liability was recorded in the amount of $68,943. As of June 30, 2025, the value of the subscription liability is $48,897. The City is required to make semi-annual fixed payments. The subscription has an interest rate of 4.2490%. The City has 1 extension option(s), each for 60 months.
Benevate Neighborly Software
On July 1, 2023, the Cit
y entered into a 60-month subscription for the use of Benevate Neighborly Software. An initial subscription liability was recorded in the amount of $56,528. As of June 30, 2025, the value of the subscription liability is $33,896. The City is required to make annual fixed payments. The subscription has an interest rate of 3.0720%. The City has 4 extension option(s), each for 12 months. The term and initial liability include the 4 extension options.
CEB Software
On February 24, 2025,
the City entered into a 60-month subscription for the use of CEB Software. An initial subscription liability was recorded in the amount of $103,285. As of June 30, 2025, the value of the subscription liability is $83,512. The City is required to make annual fixed payments. The subscription has an interest rate of
2.9250%.
Compliance Focus License Software HA
On July 1, 2022, th
e City entered into a 24-month subscription for the use of Compliance Focus License Software HA. An initial subscription liability was recorded in the amount of $34,970. As of June 30, 2025, the value of the subscription liability is $19,390. The City is required to make annual fixed payments. The subscription has an interest rate of 3.0720%. The City has 3 extension option(s), each for 12 months, of which all 3 have already been exercised.
Deckard STR Compliance Software
On July 1, 2024,
the City entered into a 36 month subscription for the use of Deckard STR Compliance Software.
An initial subscription liability was recorded in the amount of $30,553. As of June 30, 2025, the value of the subscription liability is $20,553. The City is required to make annual fixed payments. The subscription has an interest rate of 3.1100%. The City has 2 extension options(s), each for 24 months.
Flock Safety Software
On October 25, 2
023, the City entered into a 60 month subscription for the use of Flock Safety Software. An initial subscription liability was recorded in the amount $1,048,879. As of June 30, 2025, the value of the subscription liability is $628,794. The City is required to make annual fixed payments. The subscription has an interest rate 3.6310%. The City has 2 extension option(s), each for 12 months. 103
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Governmental Activities (Continued)
G. Subscriptions Payable (Continued)
Forensic Technology – IBIS Subscription Lease PD
On November 28, 2
022, the City entered into a 76-month subscription for the use of Forensic Technology IBIS Subscription. An initial subscription liability was recorded in the amount of $307,746. As of June 30, 2025, the value of the subscription liability is $186,144. The City is required to make annual fixed payments. The subscription has an interest rate of 1.7100%. The City has 5 extension option(s), each for 12 months. The term and initial liability include the 5 extension options.
GovInvest Saas Licensing Agreement
On June 1, 2024, t
he City entered into a 37-month subscription for the use of GovInvest Saas Platform. An initial subscription liability was recorded in the amount of $230,885. As of June 30, 2025, the value of the subscription liability is $155,879. The City is required to make annual fixed payments. The subscription has an interest rate of
2.8510%.
HdL Business License Software
On October 1, 2024
, the City entered into a 60-month subscription for the use of HdL Business License Software.
An initial subscription liability was recorded in the amount of $69,655. As of June 30, 2025, the value of the subscription liability is $56,896. The City is required to make annual fixed payments. The subscription has an interest rate of 2.3640%. The City has 2 extension option(s), each for 12 months.
IGM Technology Gravity Budget Book Software
On January 11, 2025,
the City entered into a 72-month subscription for the use of IGM Technology Gravity Budget Book Software. An initial subscription liability was recorded in the amount of $107,386. As of June 30, 2025, the value of the subscription liability is $96,986. The City is required to make annual fixed payments. The subscription has an interest rate of 2.8720%. The City has 2 extension option(s), each for 12 months. The term and initial liability include the 2 extensions.
IPS Group – Smart Parking Meters Software
On December 1, 2
023, the City entered into a 25-month subscription for the use of IPS Group – Smart Parking Meters Software. An initial subscription liability was recorded in the amount of $95,034. As of June 30, 2025, the value of the subscription liability is $36,520. The City is required to make monthly fixed payments. The subscription has an interest rate of 3.7120%.
Motorola Solutions – CAD Software
On July 1, 2022, t
he City entered into a 60-month subscription for the use of Motorola Solutions - CAD Software.
An initial subscription liability was recorded in the amount of $288,655. As of June 30, 2025, the value of the subscription liability is $116,764. The City is required to make annual fixed payments. The subscription has an interest rate of 2.3660%.
Public Input Software
On August 8, 2023, the
City entered into a 34-month subscription for the use of Public Input Software. An initial subscription liability was recorded in the amount of $124,578. As of June 30, 2025, the value of the subscription liability is $42,736. The city is required to make annual fixed payments. The subscription has an interest rate of
2.8480%.
104
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Governmental Activities (Continued)
G. Subscriptions Payable (Continued)
Virtual Project Manager Software
On September 1, 2024, the City entered into a 60-month subscription for the use of Virtual Project Manager Software. An initial subscription liability was recorded in the amount of $66,502. As of June 30, 2025, the value of the subscription liability is $56,008. The City is required to make monthly fixed payments. The subscription has an interest rate of 3.2810%. The City has 4 extension option(s), each for 12 months. The term and initial liability include all 4 extension options. The portion of the subscription attributable to governmental activities, after th e allocation attributable to business-type activities of $18,673, on June 30, 2025, was $37,335. 105
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Governmental Activities (Continued)
H. Debt Service to Maturity
The debt service requirements to maturity for the long-term debts previously described are as follows:
Year Ending
June 30, Principal Interest Total Principal Interest Total 2026 4,885,000$ 1,934,444$ 6,819,444$ 8,760,000$ 1,623,764$ 10,383,764$ 2027 5,025,000 1,716,794 6,741,794 9,185,000 1,205,839 10,390,839 2028 5,245,000 1,504,469 6,749,469 2,090,000 803,104 2,893,104 2029 5,465,000 1,278,794 6,743,794 2,155,000 751,782 2,906,782 2030 5,725,000 1,042,606 6,767,606 2,215,000 694,114 2,909,114 2031-2035 22,480,000 1,990,922 24,470,922 5,620,000 2,280,013 7,900,013 2036-2040 995,000 29,850 1,024,850 2,480,000 1,634,598 4,114,598 2041-2045 - - - 3,230,000 1,054,156 4,284,156 2046-2050 - - - 3,260,000 287,280 3,547,280 Total 49,820,000$ 9,497,879$ 59,317,879$ 38,995,000$ 10,334,650$ 49,329,650$ Year Ending
June 30, Principal Interest Total Principal Interest Total 2026 801,066$ 73,624$ 874,690$ 9,475,000$ 7,559,469$ 17,034,469$ 2027 659,000 50,896 709,896 9,715,000 7,479,879 17,194,879 2028 692,000 31,542 723,542 10,030,000 7,366,796 17,396,796 2029 724,000 10,806 734,806 10,375,000 7,224,972 17,599,972 2030 - - - 10,735,000 7,056,067 17,791,067
2031-2035 - - - 66,395,000 32,020,212 98,415,212 2036-2040 - - - 90,150,000 23,083,456 113,233,456 2041-2045 - - - 109,630,000 9,635,559 119,265,559 Total 2,876,066$ 166,868$ 3,042,934$ 316,505,000$ 101,426,410$ 417,931,410$ Year Ending
June 30, Principal Interest Total Principal Interest Total 2026 1,653,682$ 232,932$ 1,886,614$ 627,830$ 1,365,115$ 1,992,945$ 2027 1,234,504 185,981 1,420,485 542,086 1,335,446 1,877,532 2028 975,194 140,755 1,115,949 610,320 1,307,886 1,918,206 2029 681,164 97,476 778,640 195,659 1,277,525 1,473,184 2030 623,521 71,280 694,801 209,388 1,272,104 1,481,492 2031-2035 1,401,784 77,211 1,478,995 1,862,815 6,238,593 8,101,408 2036-2040 - - - 3,515,045 5,876,707 9,391,752 2041-2045 - - - 5,639,252 5,248,363 10,887,615 2046-2050 - - - 8,342,777 4,278,952 12,621,729 2051-2055 - - - 11,755,017 2,877,027 14,632,044 2056-2060 - - - 12,435,724 930,855 13,366,579 Total 6,569,849$ 805,635$ 7,375,484$ 45,735,913$ 32,008,573$ 77,744,486$ Year Ending
June 30, Principal Interest Total Principal Interest Total 2026 1,026,160$ 102,045$ 1,128,205$ 27,228,738$ 12,891,393$ 40,120,131$ 2027 887,330 66,225 953,555 27,247,920 12,041,060 39,288,980 2028 743,305 35,374 778,679 20,385,819 11,189,926 31,575,745 2029 314,672 7,461 322,133 19,910,495 10,648,816 30,559,311 2030 22,100 596 22,696 19,530,009 10,136,767 29,666,776 2031-2035 - 97,759,599 42,606,951 140,366,550
2036-2040 - - - 97,140,045 30,624,611 127,764,656 2041-2045 - - - 118,499,252 15,938,078 134,437,330 2046-2050 - - - 11,602,777 4,566,232 16,169,009 2051-2055 - - - 11,755,017 2,877,027 14,632,044 2056-2060 - - - 12,435,724 930,855 13,366,579 Total 2,993,567$ 211,701$ 3,205,268$ 463,495,395$ 154,451,716$ 617,947,111$ *Pension-Related Debt amounts contain both governmental activities and business-type activities totals.
Total Future Debt ServiceSubscriptions
Certificates of Participation Lease Revenue Bonds
Private Placement Notes Pension-Related Debt*
Financed Purchase Agreements Leases
106
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year
Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Business-Type Activities
A. Pension-Related Debt
2021 Taxable Pension Obligation Bonds
In Febr
uary 2021, the City issued $350,025,000 in 2021 Taxable Pension Obligation Bonds to finance the rolled forward pension liability as of June 30, 2019, as proj ected by CalPERS. Interest is payable semi-annually on December 1 and June 1 of each year, commencing December 1, 2021. The bonds mature in 2045 and principal is payable on December 1 each year, commencing June 1, 2022 . As of June 30, 2025, the outstanding balance is $316,505,000. The bonds are allocated among the various funds on the same basis as the City’s net pension liability. The portion of the bonds attributable to busine ss-type activities, after the allocation attributable to governmental activities of $291,690,215, on June 30, 2025, was $24,814,785. Refer to the debt service requirements to maturity for this bond on the previous page.
B. Financed Purchase Agreements
Banc of America Equipment Financed Purchase Agreement
In July 2
020, the City entered into a financed purchase agreement with Banc of America Public Capital Corp. for the acquisition of a Medix Ambulance, and various equipment associated with the ambulance. The financing term is 5 years and the payment amount of $4,493,100 is to be paid in annual installments beginning on July 30, 2021.
As of June 30, 2025, the outstanding balance was $921,198.
C. Subscriptions Payable
Springbrook Subscription
On August 27
, 2024, the City entered into a 60-month subscription for the use of Springbrook Subscription. An initial subscription liability was recorded in the amount of $452,686. As of June 30, 2025, the value of the subscription liability is $364,537. The City is required to make annual fixed payments. The subscription has an interest rate of 3.1100%. The City has 2 extension option(s), each for 12 months.
Virtual Project Manager Software
On Sept
ember 1, 2024, the City entered into a 60-month subscription for the use of Virtual Project Manager Software. An initial subscription liability was recorded in the amount of $66,502. As of June 30, 2025, the value of the subscription liability is $56,008. The City is requ ired to make monthly fixed payments. The subscription has an interest rate of 3.2810%. The City has 4 exte nsion option(s), each for 12 months. The term and initial liability include all 4 extension options. The portion of th e subscription attributable to business-type activities, after the allocation attributable to governmental activities of $37,335, on June 30, 2025, was $18,673. 107
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Business-Type Activities (Continued)
D. Debt Service to Maturity
The debt service requirements to maturity for the long-term debts previously described are as follows:
Year Ending June
30, Principal Interest Total Principal Interest Total
2026 921,198$ 6,913$ 928,111$ 85,470$ 11,886$ $ 97,356 2027 - - - 92,766 9,219 101,985
2028 - - - 100,520 6,324 106,844
2029 - - - 103,656 3,188 106,844
2030 - - - 798 3 801
Total 921,198$ 6,913$ 928,111$ $ 383,210 $ 30,620 $ 413,830 Year Ending June
30, Principal Interest Total
2026 1,006,668$ 18,799$ 1,025,467$
2027 92,766 9,219 101,985
2028 100,520 6,324 106,844
2029 103,656 3,188 106,844
2030 798 3 801
Total 1,304,408$ 37,533$ 1,341,941$
Financed Purchase Agreements Subscriptions
Total Future Debt Service
Fiduciary Funds Lon
g-Term Debt
A. Tax Allocation Bonds
Balance Balance Amount
Beginning End Due Within
of Year Additions Deletions of Year One Year
Private Purpose Trust Funds
Bonds payable
Tax Allocation Refunding Bonds 17,015,000$ - $ 2,075,000$ 14,940,000$ 2,155,000$ Premium 2,812,679 - 234,390 2,578,289 -
Total Private Purpose Trust Funds 19,827,679$ - $ 2,309,390$ 17,518,289$ 2,155,000$ 2016 Tax Allocatio
n Refunding Bonds
In July 2016, the
Successor Agency to the Redevelopment Agency of the City of Chula Vista (the Successor Agency) issued $29,315,000 in 2016 Tax Allocation Refunding Bonds to refinance the following obligations of the Former Agency:
Bayfront/Town Centre Redevelopment Project 2006 Senior Tax Allocation Refunding Bonds, Series A, currently outstanding in the principal amount of $8,770,000. Bayfront/Town Centre Redevelopment Project 2006 Subordinate Tax Allocation Refunding Bonds, Series B, currently outstanding in the principal amount of $8,245,000; and 2008 Tax Allocation Refunding Bonds (Merged Redevelopment Project), currently outstanding in the principal amount of $20,450,000.
The refunding resulted in a difference between the reacquisition price and the net carrying amount of the old debt of $1,669,678, which is reported as a deferred outflow of resources in the accompanying financial statements and amortized over the remaining life of the refunded debt. The City completed the refunding to reduce its total debt 108
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Fiduciary Funds Long-Term Debt (Continued)
A. Tax Allocation Bonds (Continued)
2016 Tax Allocation Refunding Bonds (Continued)
service payments
by $9,561,410 and to obtain an economic gain (difference between the present values of the old and new debt services payments) of $4,617,835. In the event of default of the payment of the scheduled principal of or interest on the 2016 Insured Bonds when all or some becomes due, the Trustee on behalf of any owner of the 2016 Insured Bonds shall have a claim under the 2016 Insurance Policy for such payments. The maturity of Insured bonds shall not be accelerated without the consent of the 2016 Insurer. Interest is payable semi-annually on April 1 and October 1 of each year, commencing April 1, 2017. The certificates mature in 2037 and principal is payable on October 1 each year, commencing October 1, 2017. As of June 30, 2025, the outstanding balance was $14,940,000.
The annual debt service requirements for the 2016 Tax Allocation Refunding Bonds outstanding at June 30, 2025, are as follows:
Year Ending
June 30, Principal Interest Total
2026 2,155,000$ 629,100$ 2,784,100$
2027 1,520,000 555,600 2,075,600
2028 1,585,000 485,575 2,070,575
2029 880,000 423,950 1,303,950
2030 920,000 378,950 1,298,950
2031-2035 4,180,000 1,136,250 5,316,250
2036-2040 3,700,000 82,525 3,782,525
Total 14,940,000$ 3,691,950$ 18,631,950$
Pledged Revenue
s
The Successor Agen
cy has pledged tax revenues to the repayment of the RDA’s debts transferred to it on February 1, 2012, through the final maturity of the bonds, or early retirement of the bonds, whichever comes first.
Tax revenues consist of Redevelopment Property Tax Trust Fund distributions allocated to the RDA’s project areas pursuant to Section 33670 of the Redevelopment Law excluding that portion of such tax increment revenues required to be paid under tax-sharing agreements unless the payment of such amounts has been subordinated to payment of debt services on the bonds. Redevelopment Property Tax Trust Fund distributions contributed to 88% of the total debt service of the Tax Allocation Bonds. The remaining debt service was funded by other revenue sources of the Successor Agency (interest earnings and tax in-lieu agreements).
B. Revenue Bonds – Non-City Obligations
The City of Chula Vista and the San Diego Unified Port District (“the Port District”) have been working for decades to plan and implement the Chula Vista Bayfront Master Plan (CVBMP), approved August 2012, to develop approximately 535 acres in Chula Vista adjacent to the San Diego Bay. The City, the Port District and the Developer RIDA Chula Vista, LLC (“RIDA”) have been working to deliver the catalyst project for the CVBMP, a new Resort Hotel and Convention Center (the “RHCC”), on a 36.7-acre site located west of Marina Parkway between G and H Streets in Chula Vista. The Port District and the City of Chula Vista created the Chula Vista Bayfront Facilities Financing Authority to assist in financing a portion of the construction of the Convention Center component of the RHCC and related public infrastructure (“Phase 1A Infrastructure Improvements”) through the issuance of revenue bonds.
109
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Fiduciary Funds Long-Term Debt (Continued)
B. Revenue Bonds – Non-City Obligations (Continued)
In May 2022, the Chula Vista Bayfront Facilities Financing Authority approved the issuance of $372,562,201 in Federally Taxable Revenue Bonds (Series 2022A) to finance a portion of the cost of constructing the Convention Center and issued $10,000,000 in Tax-Exempt revenue Bonds (Series 2022B) to finance a portion of the costs of the Phase 1A Infrastructure Improvements. The Series 2022A and Series 2022B Revenue Bonds have an optional redemption date of June 1, 2026 and a required redemption date of June 1, 2027.
The annual debt service requirements for the Series 2022A and Series 2022B Revenue Bonds outstanding as of June 30, 2025, are as follows:
Year Ending
June 30, Principal Interest Total
2026 $ - 28,712,974$ 28,712,974$
2027 382,562,201 28,712,974 411,275,175
Total 382,562,201$ 57,425,948$ 439,988,149$
Pledged Revenue
s
The City, the B
ayfront Special Tax District, and the Port District have pledged several revenue streams, totaling an estimated $656.6 million, generated by the RHCC and several nearby properties to repay the Series 2022A and the Series 2022B Revenue Bonds (Payment of principal, redemption premium, if any, and interest). The City’s pledged revenues are committed through a Facility Lease that commenced on April 4, 2025. Additional information on the Facility Lease can be found in Note 8. The City’s pledged revenue streams are as follows:
Transient Occupancy Taxes (“TOT”) attributable to the specific properties within the CVBMP (estimated at $348.3 million).
Sales and Use Tax attributable to specific properties within the CVBMP (estimated at $36.2 million), exclusive of any locally adopted district sales and use taxes (e.g. Measure A and Measure P tax revenues). Property Tax Revenue generated by the increased assessed valuation of specific properties within the CVBMP (estimated at $40.0 million).
An amount equivalent to the funds received by the City from the Port District pursuant to Municipal Services Agreement No. 88-2012 between the City and the Port District for the provision of Police, Fire, and Emergency Medical Services in fiscal year 2016 increasing 3% on July 1 of each year, commencing July 1, 2017 (estimated at $144.0 million).
C. Special Assessment Debt – Non-City Obligations
Bonds issued to finance public improvement projects in certain assessment districts are liabilities of the property owners and are secured by liens against the assessed properties. The City acts as an agent for collection of principal and interest payments by the property owners and remittance of such monies to the bondholders. The City has no obligation or duty to pay any delinquency out of any available funds of the City. Neither the faith, credit, nor the taxing power of the City is pledged to the payment of the bonds. Therefore, none of the following obligations are included in the accompanying basic financial statements. At June 30, 2025, the special assessment debts outstanding were as follows:
110
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 8 – Long-Term Liabilities (Continued)
Fiduciary Funds Long-Term Debt (Continued)
C. Special Assessment Debt – Non-City Obligations (Continued) Original Outstanding
Amount June 30, 2025
Bayfront Special Tax District Loan 104,415,871$ 102,965,268$ Special Tax Revenue Refunding Bonds, Series 2015A 30,460,000 22,060,000 Revenue Refunding Bonds, Series 2015B 43,695,000 22,270,000 CFD 16-1 1A1 12,280,000 10,635,000
CFD 16-1 1A2 11,255,000 11,040,000
Local Agency Revenue Refunding Bonds, Series 2024 32,285,000 28,440,000 Bond Premium 13,214,263 7,697,758
Total 247,605,134$ 205,108,026$
D. Multi-Family H
ousing Bonds – Non-City Obligations
Bonds issued to finance public improvement and/or affordable multifamily housing projects are liabilities of the developers and are secured by liens against the assessed property. The City has no obligation or duty to pay any delinquency out of any available funds of the City. Neither the faith, credit, nor the taxing power of the City is pledged to the payment of the bonds. Therefore, none of the following obligations are included in the accompanying basic financial statements. At June 30, 2025, the multi-family housing bonds outstanding were as follows:
Original Outstanding
Amount June 30, 2025
2007 A Oxford Terrace Apartments 2,276,000$ -$
2007 B Oxford Terrace Apartments 2,363,000 2,363,000 2006 A Teresina Apartment Projects 37,940,000 37,940,000 2007 C The Landing Apartment 16,670,000 5,271,399
2013 A Congregational Tower 20,540,000 17,807,962
2016 A-1 Duetta Apts Homes 18,675,000 7,207,293
2016 A-3 Duetta Apts Homes junior 725,000 670,000
2016 B-1 Volta Apts Homes 20,925,000 9,164,829
2010 A-1 Landings II Senior 11,786,233 8,795,486
2019 A Cordova and Trolley Apartments 6,450,000 3,729,430 2019 Series B-1 St. Regis Park Apartmenrs 13,300,000 12,490,255 2019 Series B-4 Sub St. Regis Park Apartmenrs 6,800,000 7,605,067 2020 Series A Otay Ranch Apartments 5,354,124 35,000,000 2021 Series A-3 Columbia Apartments 2,600,000 2,600,000 2021 Series A-1 Columbia Apartments 13,316,443 38,428,182 2023 Series A-1 Otay Ranch Apartments 4,000,000 634,076 Total 183,720,800$ 189,706,979$
Note 9 – Unearned Rev
enue
At June 30, 2025, unearned revenue was reported in the amount of $6,158,062 in governmental activities and related to recreation fees, franchise fees, grant program funding, National Opioid Settlements, and Mobile Park Fees received but not expended for allowable costs as of June 30, 2025. 111
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 10 – Compensated Absences
The City’s liability for vested and unpaid compensated absences has been accrued and amounts to $12,521,966 at June 30, 2025. For the governmental activities , compensated absences are generally liquidated by the general fund and the fleet management internal service fund. In business-type funds, the liabilities are typically liquidated by the Sewer Fund, Development Services Fund, and Other Enterprise Funds. The table and schedule below describe the dollar amount of compensated absences allocated to the different activities and funds, the percentage of liquidation applicable to those funds or activities, and the changes in compensated absences for the year.
Balance Liquidation
Governmental Activities
General Fund 11,443,149$ 91.4%
Fleet Management internal service fund 87,512 0.7%
Subtotal - Governmental Activities 11,530,661
Business-Type Activities
Sewer Fund 294,519 2.3%
Development Services Fund 536,854 4.3%
Other Enterprise Funds 159,932 1.3%
Subtotal - Business-Type Activities 991,305
Total Compensated Absences 12,521,966$ 100.0%
Balance Balance Amount
Beginning End Due Within
of Year Net Change of Year One Year
Governmental Activites
Compensated Absences 10,301,807$ 1,228,854$ 11,530,661$ 9,711,513$ Business-Type Activities
Compensated Absences 838,723 152,582 991,305 754,111 Grand Total 11,140,530$ 1,381,436$ 12,521,966$ 10,465,624$ Note 11 – Self-Insurance
Accrued Liabilities
California employers, including the cities, are required to provide for workers’ compensation when the employees are injured on the job and the City, in compliance with its workers’ compensation obligations, has a self-insurance workers’ compensation program. To administer City’s workers’ compensation program, the City requires a qualified workers’ compensation claims management service company (commonly called "Third Party Administrators" or "TPA") to supervise and administer the workers’ compensation claims made upon the City's self-insurance program.
City Council of the City of Chula Vista authorized the City Manager to execute an Agreement with Intercare Holdings Insurance Services, Inc., to act as the Third-Party Administrator for the City’s Workers’ Compensation Program, effective July 1, 2023. The term of this agreement began July 1, 2023, and ends on June 30, 2026, for completion of all Required Services. The Agreement may be extended for up to three (3) additional terms.
The City is self-insured for the first $1,000,000 per occurrence for workers’ compensation liabilities. Excess workers’ compensation coverage is obtained through participation in the Public Risk Innovation, Solutions, and Management (PRISM), formerly known as CSAC - Excess Insurance Authority. As of June 30, 2025, the program that offers per occurrence coverage up to $5,000,000 through pooled resources and from $5,000,000 to statutory limits via group purchased excess insurance policies.
112
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 11 – Self-Insurance Accrued Liabilities (Continued) The City is exposed to various risks of loss related to California government tort liability and participates in pooled insurance coverage, group purchased through Public Risk Innovation, Solutions, and Management (“PRISM”). The City’s Self-Insured Retention (SIR) amount for general liability claims is $500,000 per occurrence. The City maintains excess general liability policies with PRISM, for amounts up to $50 million.
Only the probable amounts of loss as estimated by the City’s liability actuarial consultant, including an estimate of incurred-but-not reported losses, have been recorded as liabilities in the accompanying basic financial statements.
There were no reductions in insurance from the prior year and there were no insurance settlements that exceeded coverage in each of the past three years.
The aggregate change in the balance of claims payable for self-insured general liability and worker’s compensation claims as recorded in the Governmental Activities, were as follows:
Year Ended June
30, Beginning Balance
Claims and
Changes in
Estimates Claims Payments Ending Balance
2023 31,232,407$ 15,508,678$ (8,663,212)$ 38,077,873$ 2024 38,077,873 4,768,153 (3,096,522) 39,749,504 2025 39,749,504 11,890,975 (4,093,352) 47,547,127 The City dete
rmines that $5,000,000 of the $47,547,127 in self-insured claims to be short term. The liabilities for claims and judgments are typically liquidated from the General Fund. The City has also accrued $6,105,000 related to uninsured liabilities. For more information, refer to Note 14.
Note 12 – Pension Plans
A. California Public Employees’ Retirement Plans
Plan Description
All qualified permanent and probationary employees are eligible to participate in the City’s Miscellaneous Plan or the City’s Safety Plan, both agent multiple-employer defined benefit pension plans administered by the California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.
Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 (52 under PEPRA) with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.
113
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 12 – Pension Plans (Continued)
A. California Public Employees’ Retirement Plans (Continued) Benefits Provided (Continued)
The Plan’s provisions and benefits in effect at June 30, 2025, are summarized as follows:
Miscellaneous Plan
Tier 1* Tier 2 PEPRA
Hire date
Prior to
April 22, 2011
New Member on or
after April 22, 2011, but
prior to January 1, 2013
New Member on
or after January 1,
2013
Benefit formula 3% @ 60 2% @ 60 2% @ 62
Benefit vesting schedule 5 years’ service 5 years’ service 5 years’ service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 50 52
Monthly benefits, as a % of eligible
compensation 2.0% to 3.0% 1.092% to 2.418% 1.0% to 2.5% Member paid contribution rate 8.0% 7.0% 7.5%
Employer Contribution rate –
normal cost 15.92% 12.32% 8.47%
Safety Fire Plan
Tier 1* Tier 2 PEPRA
Hire date
Prior to
April 22, 2011
New Member on or
after April 22, 2011, but
prior to January 1, 2013
New Member on
or after January 1,
2013
Benefit formula 3% @ 50 3% @ 55 2.7% @ 57
Benefit vesting schedule 5 years’ service 5 years’ service 5 years’ service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 50 50
Monthly benefits, as a % of eligible
compensation 3.00% 2.4% to 3.0% 2.0% to 2.7%
Member paid contribution rate 9.0% 9.0% 14.25%
Employer contribution rate –
normal cost 24.15% 28.72% 13.41%
*Closed to new entrants
114
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 12 – Pension Plans (Continued)
A. California Public Employees’ Retirement Plans (Continued) Benefits Provided (Continued)
Safety Police Plan
Tier 1* Tier 2 PEPRA
Hire date
Prior to
April 22, 2011
New Member on or
after April 22, 2011,
but prior to January 1,
2013
New Member on or
after January 1,
2013
Benefit formula 3% @ 50 3% @ 55 2.7% @ 57
Benefit vesting schedule 5 years’ service 5 years’ service 5 years’ service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 50 50
Monthly benefits, as a % of eligible
compensation 3.00% 2.4% to 3.0% 2.0% to 2.7%
Member paid contribution rate 9.0% 9.0% 14.25%
Employer contribution rate –
normal cost 28.56% 28.55% 15.32%
Employees Cov
ered
At June 30, 2025, the following employees were covered by the benefit terms of the plans:
Miscellaneous Plan
Inactive employees or beneficiaries currently receiving benefits 997 Inactive employees entitled to but not yet receiving benefits 838 Active employees 717
Total 2,552
Safety Plan
Inactive employees or beneficiaries currently receiving benefits 441 Inactive employees entitled to but not yet receiving benefits 127 Active employees 392
Total 960
Contribution Descr
iption
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) 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 employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer 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 contribution requirements are classified as plan member contributions. $7,741,162 and $11,923,357 of contributions for the Miscellaneous and Safety Plan respectively, were recognized as a reduction in the net pension liability calculation for fiscal year ending June 30, 2025. 115
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 12 – Pension Plans (Continued)
A. California Public Employees’ Retirement Plans (Continued) Actuarial Methods and Assumptions Used to Determine Total Pension Liability The June 30, 2023 valuation was rolled forward to determine the June 30, 2024 total pension liability, based on the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal in accordance with the requirements of GASB 68 Actuarial Assumptions
Discount Rate 6.90%
Inflation 2.30%
Salary Increases Varies by Entry Age and Service
Mortality Rate Table
1 Derived using CalPERS' membership data for all funds
Post Retirement Benefit Increase
1 The mortality table was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from December 2017 that can be found on the CalPERS website.
Contract COLA up to 2.30% until Purchasing Power Protection Allowance floor on purchasing power applies, 2.50% thereafter.
Long-term Expecte
d Rate of Return
In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated and combined with risk estimates, are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return, adjusted for assumed investment and administrative expenses of 10 basis points. The expected real rates of return by asset class are as follows:
Assumed
Asset Real Return
Asset Class Allocation Years 1-10
1,2
Global equity cap weighted 30.00% 4.45%
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 corp 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%
1 An expected inflation rate of 2.30% is used for this period. 2 Figures are based on the 2021-22 Asset Liability Management study.
116
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 12 – Pension Plans (Continued)
A. California Public Employees’ Retirement Plans (Continued) 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.
Amortization of Deferred Outflows and Deferred Inflows of Resources Under GASB 68, gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time. The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense. The amortization period differs depending on the source of the gain or loss:
Net Difference between projected 5-year straight-line amortization and actual earnings on pension
plan investments
All other amounts Straight-line amortization over the expected average remaining service lifetime (EARSL) of all members
that are provided with benefits (active, inactive, and
retired) at the beginning of the measurement period.
(3.0 years for Miscellaneous and 5.0 years for Safety)
117
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 12 – Pension Plans (Continued)
A. California Public Employees’ Retirement Plans (Continued) Changes in the Net Pension Liability
The following table shows the changes in net pension liability recognized over the measurement period.
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
(a) (b) (c) = (a) - (b)
Miscellaneous Plan:
Balance at: 06/30/2023 676,251,075$ 633,910,475$ 42,340,600$ (Valuation Date)
Changes Recognized for the
Measurement Period:
Service Cost 10,941,624 - 10,941,624
Interest on Total Pension Liability 46,160,481 - 46,160,481 Changes of Assumptions - - -
Differences Between Expected and
Actual Experience 5,683,787 - 5,683,787
Net Plan to Plan Resource Movement - -
Contributions - Employer - 7,741,162 (7,741,162)
Contributions - Employees - 4,898,821 (4,898,821)
Net Investment Income - 59,457,416 (59,457,416)
Benefit Payments, Including Refunds of
Employee Contributions (36,826,366) (36,826,366) - Administrative Expense - (515,815) 515,815
Net Changes During 2023-24 25,959,526 34,755,218 (8,795,692) Balance at: 06/30/2024 702,210,601$ 668,665,693$ 33,544,908$ (Measurement Date)
Safety Plan:
Balance at: 06/30/2023 671,928,375$ 632,500,796$ 39,427,579$ (Valuation Date)
Changes Recognized for the
Measurement Period:
Service Cost 16,027,248 - 16,027,248
Interest on Total Pension Liability 46,534,527 - 46,534,527 Changes of Assumptions - -
Differences Between Expected and
Actual Experience 10,384,230 - 10,384,230
Net Plan to Plan Resource Movement - -
Contributions - Employer - 11,923,357 (11,923,357)
Contributions - Employees - 6,759,884 (6,759,884)
Net Investment Income - 59,642,219 (59,642,219)
Benefit Payments, Including Refunds of
Employee Contributions (31,825,594) (31,825,594) - Administrative Expense - (514,668) 514,668
Net Changes During 2023-24 41,120,411 45,985,198 (4,864,787) Balance at: 06/30/2024 713,048,786$ 678,485,994$ 34,562,792$ (Measurement Date)
Total - All Plans 1,415,259,387$ 1,347,151,687$ 68,107,700$ 118
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 12 – Pension Plans (Continued)
A. California Public Employees’ Retirement Plans (Continued) Sensitivity of the Net Pension Liability to Changes in the Discount Rates The following presents the net pension liability of the Plans as of the measurement date, calculated using the discount rate of 6.90 percent, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.90 percent) or 1 percentage-point higher (7.90 percent) than the current rate:
Discount Rate - 1%
(5.90%)
Current Discount Rate
(6.90%)
Discount Rate +1%
(7.90%)
Miscellaneous Plan 123,611,346$ 33,544,908$ (40,985,813)$ Safety Plan 135,068,246 34,562,792 (47,383,315)
TOTAL 258,679,592$ 68,107,700$ (88,369,128)$ Pension Plan Fidu
ciary Net Position
Detailed information about the plans’ fiduciary net position is available in the separately issued CalPERS financial reports. See CalPERS website for additional information.
Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions For the year ended June 30, 2025, the City incurred pension expense of $23,471,004 and $22,685,371 for the Miscellaneous and Safety Plans, respectively. At June 30, 2025, the City had deferred outflows and deferred inflows of resources related to pensions as follows:
Deferred Outflows Deferred Inflows
of Resources of Resources
Miscellaneous Plan
Contributions Subsequent to Measurement Date $ 12,845,871 $ - Changes of Assumptions - -
Differences Between Ex pected and Actual Ex perience 6,928,344 - Net Difference Between Projected and Actual Earnings on Pension Plan Investments 14,387,150 -
Subtotal - Miscellaneous Plan 34,161,365 -
Safety Plan
Contributions Subsequent to Measurement Date 17,040,192 - Changes of Assumptions 9,410,957 -
Differences Between Ex pected and Actual Ex perience 12,182,594 (3,945,633) Net Difference Between Projected and Actual Earnings on Pension Plan Investments 14,118,822 -
Subtotal - Safety Plan 52,752,565 (3,945,633)
Total - All Plans 86,913,930$ (3,945,633)$
119
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 12 – Pension Plans (Continued)
A. California Public Employees’ Retirement Plans (Continued) Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions (Continued) The $12,845,871 and $17,040,192 for the Miscellaneous and Safety Plan, respectively, reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Fiscal Years
Ending June 30, Miscellaneous Safety Total
2025 8,003,668$ 8,552,073$ 16,555,741$
2026 19,091,506 23,266,038 42,357,544
2027 (2,459,665) 880,278 (1,579,387)
2028 (3,320,015) (1,135,259) (4,455,274)
2029 - 203,610 203,610
2030 - - -
Deferred Outflows/(Inflows) of Resources
B. Defined Contribut
ion Pension Plan
The City provides pension plan benefits for all of its part-time hourly employees through a defined contribution plan (Public Agency Retirement Plan). In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. The plan is administered by Public Agency Retirement Services (PARS). All part-time employees are eligible to participate from the date of employment. Federal legislation requires contributions of at least 7.5% to a retirement plan, and City Council resolved to match the employees’ contributions of 3.75%. The City’s contributions for each employee (and interest earned by the accounts) are fully vested immediately. The authority to establish or amend the plan’s provisions resides with City Council.
For the year ended June 30, 2025, the City’s total hourly payroll (for eligible PARS members) and covered payroll was $4,930,248. The City made employer contributions of $184,884 (3.75% of current covered payroll), and employees contributed $184,884 (3.75% of current covered payroll).
C. Deferred Compensation 457B Plan
The City offers to its employees an optional deferred compensation plan created in accordance with Section 457 of the Internal Revenue Code. This plan is available to substantially all employees and allows participants to defer a portion of their current income until future years, up to a maximum of $22,500 (in whole dollars) per calendar year, so as to shelter such funds and earnings from state and federal taxation until withdrawal. The deferred compensation is not available to participants until termination, retirement, death, or unforeseeable emergency.
This plan is administered through a third‐party administrator. The City does not perform the investing function and has no fiduciary accountability for the plan. Thus, plan assets and any related liability to plan participants have been excluded from the City’s financial statements. At June 30, 2025, the balance in the plan was $156,185,448.
D. Deferred Compensation 401A Plan
The City previously offered a deferred compensation plan under Section 401(a) of the Internal Revenue Code to certain employee groups. The plan provided for mandatory employee and City contributions. The City’s contribution for most participating employees was suspended in 2009. The plan is not available for any new positions. The deferred compensation is not available to participants until retirement, death, or unforeseeable 120
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 12 – Pension Plans (Continued)
D. Deferred Compensation 401A Plan (Continued)
emergency. This plan is administered through a third-party administrator. The City does not perform the investing function and has no fiduciary accountability for the plan. Thus, plan assets and any related liability to plan participants have been excluded from the City’s financial statements. At June 30, 2025, the balance in the plan was $5,037,910.
Note 13 – Post Retirement Health Benefits
A. Defined Benefit Other-Post Employment Benefits Plan
Plan Description
The City administers a single-employer defined-benefit post-employment healthcare plan (the Plan). Dependents are eligible to enroll, and benefits continue to surviving spouses.
Benefits Provided
Pre-Medicare Miscellaneous employees hired before January 1, 2011, and Safety employees hired before April 22, 2011, pay 100% of the pre-Medicare active/retiree blended rate. All other pre-Medicare employees pay 100% of the unblended (pure retiree) pre-Medicare premium. Medicare retirees pay 100% of the unblended (pure retiree) premium.
Employees Covered by Benefit Terms
At June 30, 2023 (the census date), the benefit terms covered the following employees:
Active 324
Inactive employees or beneficiaries currently receiving benefits 227 Inactive employees entitled to, but not yet receiving benefits - 551
The information
above does not reflect eligible retirees that are in the process of enrolling in the healthcare plan.
Contributions
The City pays benefits as they come due.
Contribution Rate: Benefits due
Reporting period contributions: $1,216,854 (includes implicit subsidy credit) Total OPEB Liabil
ity
The City's total OPEB liability was valued as of June 30, 2023 and was used to calculate the total OPEB liability measured as of June 30, 2025.
121
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 13 – Post Retirement Health Benefits (Continued)
A. Defined Benefit Other-Post Employment Benefits Plan (Continued) Actuarial Assumptions
The total OPEB liability in the June 30, 2025, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified:
Projections of the sharing of benefit-related costs are based on an established pattern of practice. Experience studies come from the CalPERS Pension Assumption Model, revised November 17, 2021. Inactive employees (retirees) pay 100% of the cost of benefits. There were no ad hoc post-employment benefit changes (including ad hoc COLAs) to the plan.
Discount Rate
The discount rate used to measure the total OPEB liability is 4.71%. The City's OPEB Plan is an unfunded plan, therefore the discount rate was set to the rate of tax-exempt, high-quality 20-year municipal bonds, as of the valuation date.
Trust Assets
There are no assets accumulated in a trust that meets the criteria in paragraph 4 of GASB 75 to pay related benefits.
Changes in the Total OPEB Liability
The changes in the Total OPEB Liability for the Plan are as follows:
Increase (Decrease)
Total OPEB Liability
Balance at June 30, 2024 23,533,379$
Changes recognized over the measurement period:
Service Cost 1,013,099
Interest 950,340
Changes of assumptions (1,080,838)
Implicit rate subsidy fulfilled (1,216,854)
Net Changes (334,253)
Balance at June 30, 2025 23,199,126$
Measurement Date 6/30/2025
Discount Rate 4.71%
Inflation 2.30%
Health Cost Trend Rates
Pre-Medicare 6.8%*
Medicare N/A
Salary Increases 2.8% **
Mortality Rates Based on CalPERS tables.
* Trending down to 4.04% over 51 years. Applies to calendar years. ** Additional merit-based increases based on CalPERS merit salary increase tables. 122
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 13 – Post Retirement Health Benefits (Continued)
A. Defined Benefit Other-Post Employment Benefits Plan (Continued) Sensitivity of the Total OPEB Liability to Changes in the Discount Rate Sensitivity of the total OPEB liability to changes in the discount rate. The total OPEB liability of the City, 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 (3.71%) or one percentage point higher (5.71%) follows:
1% Decrease Discount Rate 1% Increase
3.71% 4.71% 5.71%
Total OPEB Liability 24,669,805$ 23,199,126$ 21,807,898$ Increase (Decrease) 1,470,679 (1,391,228)
% Change 6.3% -6.0%
Sensitivity of the To
tal OPEB Liability to Changes in the Healthcare Cost Trend Rate Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates. The healthcare trend for this valuation started at 7.60% and decreased to 4.04% over 51 years. The total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using healthcare cost trend rates that are one percentage point lower (6.60%) or one percentage point higher (8.60%) than current healthcare cost trend rates follows:
1% Decrease 1% Increase
6.60% 7.60% 8.60%
Total OPEB Liability 20,864,779$ 23,199,126$ 25,830,493$ Increase (Decrease) (2,334,347) 2,631,367
% Change -10.1% 11.3%
OPEB Expense and De
ferred Outflows and Inflows of Resources Related to OPEB For the report year ended June 30, 2025, the City recognized an OPEB expense of $1,867,044. The City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Changes of Assumptions 463,957$ (1,981,521)$
Differences Between Expected and Actual Experience 1,198,021 (2,647,475) Total 1,661,978$ (4,628,996)$
123
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 13 – Post Retirement Health Benefits (Continued)
A. Defined Benefit Other-Post Employment Benefits Plan (Continued) OPEB Expense and Deferred Outflows and Inflows of Resources Related to OPEB (Continued) Amounts reported as deferred outflows or deferred inflows of resources related to OPEB will be recognized as OPEB expense as follows:
Fiscal Years
Ending June 30,
Deferred
Outflows/(Inflows)
of Resources
2026 (952,207)$
2027 (1,537,534)
2028 (450,919)
2029 (26,358)
2030
Remaining -
The effects on the
total OPEB liability of (1) changes of economic and demographic assumptions or of other inputs and (2) differences between expected and actual experience are required to be included in OPEB expense in a systematic and rational manner over a closed period equal to the average of the expected remaining service lives of all employees that are provided with benefits through the OPEB plan (active employees and inactive employees), beginning in the current period. The expected average remaining service lives (EARSL) for the current period is 4.1 years. Note, however that for calculation purposes, we use 1 when calculating amortizations if the EARSL is less than 1 year.
B. Defined Contribution Other Post-Employment Benefits Plan The City offers eligible retiring employees a Post-Employment Health Plan (PEHP). This plan is administered through a third-party administrator. PEHP is a tax-exempt Voluntary Employee’s Beneficiary Association (VEBA) Trust, which provides employee benefits pursuant to IRC Code Section 501(c)(9). PEHP creates a defined contribution health reimbursement program that allows for money to be set aside to pay for future medical expenses. PEHP is funded with mandatory eligible employee contributions. Depending on the bargaining unit and its respective plan agreements, these mandatory contributions can be unused vacation and/or compensatory time off due to the employee at the time of retirement. The City does not perform the investing function and has no fiduciary accountability for the plan. Thus, plan assets and any related liability to plan participants have been excluded from the City’s financial statements. At June 30, 2025, the balance of the assets held by the trustee for this plan was $1,985,312.
Note 14 – Commitments and Contingencies
Litigation
The City is presently involved in certain matters of litigation that have risen in the normal course of conducting City business. City management believes, based upon consultation with the City Attorney, that these cases, in the aggregate, are not expected to result in a material adverse financial impact on the City as the City’s insurance programs are sufficient to cover most potential losses should an unfavorable outcome materialize. Although the City’s insurance programs are expected to cover most potential losses, there may be matters of litigation that are not covered by the City’s insurance programs. Of those potential uninsured matters, the City estimates $6,105,000 is probable and has included this amount as part of the claims and judgments liabilities on the government-wide statement of net position. 124
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 14 – Commitments and Contingencies (Continued)
Grants
The City participates in a number of federally assisted grant programs, including those from the U.S. Department of Housing and Urban Development, U.S. Department of Justice, U.S. Department of the Treasury, U.S. Department of
Transportation, U.S. Department of Homeland Security, National Highway Traffic Safety Administration and the Executive Office of the President. Receipts from these grant programs are subject to audit to ensure that the funds were used in compliance with relevant statutes, grant terms and regulations. The City anticipates that this audit will not result in any significant liabilities.
Construction Commitments
Expenditures Remaining
Project Description PO Amount to Date Balance
Renovation of Fire Station No. 1 7,106,768$ 7,053,442 $ 53,326 $ Loma Verde Quatic and Rec Ph I 27,596,112 27,211,317 384,795 Sewer Force Main St at G St Pump Station 12,028,983 11,154,047 874,936 Temporary Fire Station No. 11 2,263,149 1,470,666 792,483 Temporary Fire Station No. 12 3,090,695 1,934,026 1,156,668 Heritage Rd Bridge Improvements/Main St Widening 51,296,593 17,125,060 34,171,533 Recreational Ameneties at Eucalyptus Park 16,876,000 4,879,954 11,996,046
Loan Commitments (unfunded)
In 2025, the Housing Authority entered into loan agreements with Wakeland Del Rey LP, Wakeland Palomar LLC, and E Street Housing Associates, L.P. (collectively “Borrowers”) in the amounts of $700,000, $3,000,000, and $4,000,000 (respectively). The agreements will assist the Borrowers in their construction and permanent financing of three rental housing developments totaling 203 units, 201 of which will be affordable. The loan amounts will be funded by the Low- and Moderate-Income Housing Fund. When the loans are funded, they will bear simple interest at a 3% rate per year and have a term of 55 years.
Encumbrances
At June 30, 2025, there were encumbrances of $37,484,508 in the General Fund, $5,829,577 in the Federal, State and Local Grants, $7,700,000 in the Housing Successor Agency Fund, $16,718,427 in the Development Impact Fee Fund, $2,371,371 in the Sewer Fund, $101,711 in the Development Services Fund, $375,388 in the Sewer Development Impact Fees Fund, $103,516 in the Park Acquisition Development Fund, $38,834 in the Transport Enterprise Fund, and $43,817,163 in the Non-Major Funds.
Successor Agency – Long-Range Property Management Plan
The City, acting as the Successor Agency to the Chula Vista Redevelopment Agency, prepared a Long-Range Property Management Plan (LRPMP) in compliance with AB 1484. The Successor Agency Oversight Board reviewed and approved the LRPMP on May 12, 2014 and submitted it to the California Department of Finance for review on May 27, 2014. The Department of Finance approved the LRPMP in their July 15, 2014, determination letter.
Pollution Remediation Obligations
The United States Fish and Wildlife Service (“FWS”) has asserted an administrative claim under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) against the City arising out of environmental contamination at the Sweetwater Marsh Unit of the San Diego Bay National Wildlife Refuge in National City and Chula Vista (the “Site”). The Site consists of three operable units (“OU”) each of which is alleged to have been impacted by historical activities including construction, dumping, and manufacturing. Site cleanup will mainly consist of soil excavation and disposal. The FWS has engaged with the City and other potentially responsible parties at the 125
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 14 – Commitments and Contingencies (Continued)
Pollution Remediation Obligations (Continued)
Site in an attempt to evaluate respective liabilities. There are multiple other potentially responsible parties for cleanup costs at each of the OUs. Although the FWS estimated the costs of cleanup several years ago, the City’s potential liability is not reasonably estimable. The FWS issued Engineering Evaluation/Cost Analyses (“EE/CA”), which contained cleanup cost estimates, for each of the three OUs in 2017. However, the City considers these estimates unreliable because they are not final determinations of the cleanup action nor the associated costs; due to the lapse of time since they were issued; and recent inflation. The City anticipates the FWS will update the cost estimates and finalize cleanup plans in forthcoming administrative documents. Moreover, the City is contesting its liability at the Site and any potential liability would be subject to allocation among the City and the other potentially responsible parties.
126
CITY OF CHULA VISTA
Notes to Basic Financial Statements (Continued)
For the Fiscal Year Ended June 30, 2025
Note 15 – Classification of Fund Balances
Major Funds
Federal, State, Housing Open Other
General and Local Grants Successor Space Development Governmental Fund Fund Agency Districts Impact Fund Funds Total
Nonspendable
Prepaid costs 743,789$ 1,920$ -$ 20,352$ -$ $ 443,433 $ 1,209,494 Advances to other funds 926,525 - - - - - 926,525 Total Nonspendable 1,670,314 1,920 - 20,352 - 443,433 2,136,019 Restricted
Section 115 Trust for Pension 30,687,945 - - - - - 30,687,945 Cultural Arts - 14,016 - - - - 14,016
Environmental Services - 1,634,275 - - - - 1,634,275 FEMA SAFER Grant - - - - - -
Waste mgmt and recycling - - - - - -
Federal Grants - - - - - - -
State Grants - 6,809,633 - - - - 6,809,633 Local Grants - 5,181,769 - - - - 5,181,769 Community and housing development - - 15,060,183 - - - 15,060,183 Open space maintenance - - - 69,126,138 - - 69,126,138 Public facilities - - - - 13,221,545 - 13,221,545 Drainage facilities - - - - 3,321,042 - 3,321,042 Pedestrian Bridge DIF - - - - 5,407,406 - 5,407,406 Traffic signal and safety - - - - 1,549,671 - 1,549,671 Transportation improvements - - - - 67,396,619 69,052,611 136,449,230 Park acquisitions and development - - - - - 58,087,931 58,087,931 HOME Program - - - - - 6,789,406 6,789,406
CDBG Programs - - - - - 412,786 412,786 Parking meter services - - - - - 1,294,603 1,294,603 Public Educational & Govt. Fee - - - - - 289,783 289,783 Debt Service - - - - - 5,266,477 5,266,477
Developer Contributions - - - - - 7,726,410 7,726,410 Donations - - - - - 738,475 738,475
National Opioid Settlement - - - - - 445,285 445,285 Industrial Development - - - - - 61 61
Storm drains - - - - - 3,366,675 3,366,675
Telecom Utility Tax - - - - - 114,237 114,237 Mobile home admin fee - - - - - 182,425 182,425 Assessment district improvements - - - - - 1,236,535 1,236,535 Town Center I - - - - - 287,998 287,998 Total Restricted 30,687,945 13,639,693 15,060,183 69,126,138 90,896,283 155,291,698 374,701,940 Committed
Catastrophic event reserve 5,816,067 - - - - - 5,816,067 OPEB Reserve 3,160,595 - - - - - - 3,160,595
Bond Call Fund 9,481,790 - - - - - - 9,481,790
Total Committed 18,458,452 - - - - - 18,458,452 Assigned
City Council 11,222 11,222
City Clerk 118 - - - - - 118
City Attorney 181,731 - - - - - 181,731
City Administration 31,988 - - - - - 31,988
Information Technology Services Department 900 - - - - - 900 Human Resources 218 - - - - - 218
Finance Department 3,058 - - - - - 3,058
Non-Departmental 6,693,202 - - - - - 6,693,202
Animal Services 26,722 - - - - - 26,722
Economic Development 48,039 - - - - - 48,039
Development Services 3,180 - - - - - 3,180
Engineering 110,201 - - - - - 110,201
Police Department 2,892 - - - - - 2,892
Fire Department 193,032 - - - - - 193,032
Public Works Department 368,012 - - - - - 368,012 Recreation Department 6,019 - - - - - 6,019
Library 50,195 - - - - - 50,195
Measure P Sales Tax 41,991,674 - - - - - 41,991,674
Measure A Sales Tax 46,242,918 - - - - - 46,242,918
ALS 347,593 - - - - - 347,593
Bayfront Lease Revenue 1,486,198 - - - - - 1,486,198 Flexible Spending Account 1,258,873 - - - - - 1,258,873 Public liability 2,004,530 - - - - - 2,004,530
Total Assigned 101,062,515 - - - - - 101,062,515 Unassigned 40,113,655 (584,093) - - - (7,758,037) 31,771,525 Total Fund Balances 191,992,881$ 13,057,520$ 15,060,183$ 69,146,490$ 90,896,283$ $ 147,977,094 $ 528,130,451 -
-
127
128
REQUIRED SUPPLEMENTARY
INFORMATION
129
130
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 as previously reported 53,712,459$ 53,712,459$ 53,712,459$ -$ Error correction (9,307,192) (9,307,192)
Budgetary Fund Balance, July 1 as Restated - 44,405,267 44,405,267 Encumbrances, Prior Year - 6,781,232 6,781,232
-
Resources (Inflow):
Taxes 227,072,711 229,056,702 227,556,109 (1,500,593) Licenses and permits 1,946,058 1,946,058 2,180,541 234,483 Intergovernmental 1,237,786 1,297,786 1,134,917 (162,869) Charges for services 20,436,581 20,982,783 21,132,591 149,808 Use of money and property 5,310,230 7,423,138 8,651,026 1,227,888 Fines and forfeitures 1,096,924 1,121,924 1,138,147 16,223 Miscellaneous 2,942,121 7,612,085 8,196,343 584,258
Transfers in 14,081,609 25,407,738 24,975,704 (432,034) Amounts Available for Appropriations 327,836,479 346,034,713 346,151,877 117,164 Charges to Appropriations (Outflow):
Current
General government:
City council 1,698,538 1,663,128 1,603,362 59,766
City clerk 1,563,695 1,604,393 1,534,936 69,457
City attorney 3,760,956 3,463,721 3,422,512 41,209
Administration 3,203,085 2,681,586 2,673,183 8,403
Information technology 4,653,006 5,197,228 5,196,362 866 Human resources 4,010,654 3,968,415 3,968,413 2
Finance 5,088,487 5,061,951 5,061,951 -
Non-departmental 11,296,818 17,083,037 17,082,996 41 Boards and commissions 2,088 10,088 1,510 8,578
Public Safety:
Police 59,468,108 62,153,266 62,128,921 24,345
Fire 37,070,935 40,762,088 40,624,308 137,780
Animal services 3,629,366 3,504,723 3,493,980 10,743 Community development:
Economic development 1,314,031 621,045 491,671 129,374 Development services 3,301,261 3,103,751 3,103,751 - Parks and recreation 5,898,462 6,282,093 6,274,681 7,412 Public Works:
Public works 24,264,968 25,904,865 25,859,875 44,990 Engineering 11,851,975 10,523,232 10,490,364 32,868
Library 4,154,774 4,064,534 4,055,351 9,183
Capital outlay 192,806 822,887 766,755 56,132
Debt service:
Principal retirement - 164,210 163,992 218
Interest and fiscal charges - 3,717 3,717 -
Transfers out 87,700,007 102,350,526 102,350,526 -
Total Charges to Appropriations 274,124,020 300,994,484 300,353,117 641,366 Budgetary fund Balance, June 30 53,712,459$ 45,040,229$ 45,798,760$ 758,531$ General Fund
The notes to required supplementary information are an integral part of this schedule. -
131
Budgetary Fund Balance, July 1 as previously reported
Error correction
Budgetary Fund Balance, July 1 as Restated
Encumbrances, Prior Year
Resources (Inflow):
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
Transfers in
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Current
General government:
City council
City clerk
City attorney
Administration
Information technology
Human resources
Finance
Non-departmental
Boards and commissions
Public Safety:
Police
Fire
Animal services
Community development:
Economic development
Development services
Parks and recreation
Public Works:
Public works
Engineering
Library
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Transfers out
Total Charges to Appropriations
Budgetary fund Balance, June 30
(CONTINUED)
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
455,682$ 455,682$ 455,682$ -$
- - - -
- 455,682 455,682 -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
92,913 3,122,767 3,122,767 -
548,595 3,578,449 3,578,449 -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
76,637 2,263,065 2,263,064 1
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
76,637 2,263,065 2,263,064 1
471,958$ 1,315,384$ 1,315,385$ 1$
Bayfront Lease Revenue
The notes to required supplementary information are an integral part of this schedule.
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
132
Budgetary Fund Balance, July 1 as previously reported
Error correction
Budgetary Fund Balance, July 1 as Restated
Encumbrances, Prior Year
Resources (Inflow):
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
Transfers in
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Current
General government:
City council
City clerk
City attorney
Administration
Information technology
Human resources
Finance
Non-departmental
Boards and commissions
Public Safety:
Police
Fire
Animal services
Community development:
Economic development
Development services
Parks and recreation
Public Works:
Public works
Engineering
Library
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Transfers out
Total Charges to Appropriations
Budgetary fund Balance, June 30
(CONTINUED)
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
22,574,654$ 22,574,654$ 22,574,654$ -$
- - - -
- 22,574,654 22,574,654 -
- 12,722,319 12,722,319 -
- - - -
- - - -
- - - -
- - - -
- - 1,184,961 1,184,961
- - - -
- 50,380 156,067 105,687
28,978,966 29,405,839 29,405,839 -
51,553,620 64,753,192 66,043,840 1,290,648
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
1,125,256 3,781,143 1,296,090 2,485,053
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
8,871,896 80,642,425 42,586,995 38,055,430
1,230,579 945,650 888,630 57,020
64,923 75,477 41,432 34,045
7,514,795 7,518,139 7,518,139 -
18,807,449 92,962,834 52,331,287 40,631,547
32,746,171$ (28,209,642)$ 13,712,553$ 41,922,195$ 2016 Measure P Sales Tax
The notes to required supplementary information are an integral part of this schedule.
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
133
Budgetary Fund Balance, July 1 as previously reported
Error correction
Budgetary Fund Balance, July 1 as Restated
Encumbrances, Prior Year
Resources (Inflow):
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
Transfers in
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Current
General government:
City council
City clerk
City attorney
Administration
Information technology
Human resources
Finance
Non-departmental
Boards and commissions
Public Safety:
Police
Fire
Animal services
Community development:
Economic development
Development services
Parks and recreation
Public Works:
Public works
Engineering
Library
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Transfers out
Total Charges to Appropriations
Budgetary fund Balance, June 30
(CONTINUED)
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
51,001,888$ 51,001,888$ 51,001,888$ -$
- - - -
- 51,001,888 51,001,888 -
- 4,032,575 4,032,575 -
- - - -
- - - -
- - - -
78,017 78,017 - (78,017)
58,000 58,000 45,569 (12,431)
- - - -
- - 606,324 606,324
28,978,966 29,638,860 29,638,860 -
80,116,871 84,809,340 85,325,216 515,876
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
13,662,679 13,946,464 13,794,432 152,032
11,744,941 12,927,272 12,927,212 60
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
15,269,936 24,679,627 10,874,598 13,805,029
- 58,074 58,050 24
- 1,316 1,316 -
2,789,991 2,510,657 2,510,657 -
43,467,547 54,123,410 40,166,265 13,957,145
36,649,324$ 30,685,930$ 45,158,951$ 14,473,021$
2018 Measure A Sales Tax
The notes to required supplementary information are an integral part of this schedule.
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
134
Budgetary Fund Balance, July 1 as previously reported
Error correction
Budgetary Fund Balance, July 1 as Restated
Encumbrances, Prior Year
Resources (Inflow):
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
Transfers in
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Current
General government:
City council
City clerk
City attorney
Administration
Information technology
Human resources
Finance
Non-departmental
Boards and commissions
Public Safety:
Police
Fire
Animal services
Community development:
Economic development
Development services
Parks and recreation
Public Works:
Public works
Engineering
Library
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Transfers out
Total Charges to Appropriations
Budgetary fund Balance, June 30
(CONTINUED)
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
273,530$ 273,530$ 273,530$ -$
- - - -
- 273,530 273,530 -
- 184,178 184,178 -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- 100,000 173,605 73,605
2,318,261 3,045,382 3,007,929 (37,453)
2,591,791 3,603,090 3,639,242 36,152
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
100,000 100,000 - 100,000
- - - -
- - - -
- - - -
1,147,217 1,366,909 1,347,632 19,277
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- 185,795 185,794 1
- - - -
- - - -
1,335,255 1,734,816 1,734,816 -
2,582,472 3,387,520 3,268,242 119,278
9,319$ 215,570$ 371,000$ 155,430$
Advanced Life Support Program
The notes to required supplementary information are an integral part of this schedule.
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
135
Budgetary Fund Balance, July 1 as previously reported
Error correction
Budgetary Fund Balance, July 1 as Restated
Encumbrances, Prior Year
Resources (Inflow):
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
Transfers in
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Current
General government:
City council
City clerk
City attorney
Administration
Information technology
Human resources
Finance
Non-departmental
Boards and commissions
Public Safety:
Police
Fire
Animal services
Community development:
Economic development
Development services
Parks and recreation
Public Works:
Public works
Engineering
Library
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Transfers out
Total Charges to Appropriations
Budgetary fund Balance, June 30
(CONTINUED)
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
31,951,073$ 31,951,073$ 31,951,073$ -$
- 6,541,296 6,541,296 -
- 38,492,369 38,492,369 -
- - - -
- - - -
- - - -
- - - -
- - - -
- 3,583 2,087,371 2,083,788
- - - -
- - - -
8,945,731 8,945,731 8,992,371 46,640
40,896,804 47,441,683 49,572,111 2,130,428
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- 7,118,067 7,118,066 1
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- 1,516 1,516 -
- 7,119,583 7,119,582 1
40,896,804$ 40,322,100$ 42,452,529$ 2,130,429$
Section 115 Trust
The notes to required supplementary information are an integral part of this schedule.
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
136
Budgetary Fund Balance, July 1 as previously reported
Error correction
Budgetary Fund Balance, July 1 as Restated
Encumbrances, Prior Year
Resources (Inflow):
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
Transfers in
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Current
General government:
City council
City clerk
City attorney
Administration
Information technology
Human resources
Finance
Non-departmental
Boards and commissions
Public Safety:
Police
Fire
Animal services
Community development:
Economic development
Development services
Parks and recreation
Public Works:
Public works
Engineering
Library
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Transfers out
Total Charges to Appropriations
Budgetary fund Balance, June 30
(CONTINUED)
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
(203,538)$ (203,538)$ (203,538)$ -$
- - - -
- (203,538) (203,538) -
- 208,339 208,339 -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- 2,087,037 2,090,404 3,367
1,284,078 1,784,078 1,973,671 189,593
1,080,540 3,875,916 4,068,876 192,960
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
1,284,078 3,820,912 2,443,640 1,377,272
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
1,284,078 3,820,912 2,443,640 1,377,272
(203,538)$ 55,004$ 1,625,236$ 1,570,232$
Public Liability Trust
The notes to required supplementary information are an integral part of this schedule.
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
137
Budgetary Fund Balance, July 1 as previously reported
Error correction
Budgetary Fund Balance, July 1 as Restated
Encumbrances, Prior Year
Resources (Inflow):
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
Transfers in
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Current
General government:
City council
City clerk
City attorney
Administration
Information technology
Human resources
Finance
Non-departmental
Boards and commissions
Public Safety:
Police
Fire
Animal services
Community development:
Economic development
Development services
Parks and recreation
Public Works:
Public works
Engineering
Library
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Transfers out
Total Charges to Appropriations
Budgetary fund Balance, June 30
(CONTINUED)
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
-$ -$ -$ -$
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
(72,690,804) (73,437,423) (73,437,423) -
(72,690,804) (73,437,423) (73,437,423) -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
(72,690,804) (73,437,423) (73,437,423) -
(72,690,804) (73,437,423) (73,437,423) -
-$ -$ -$ -$
Eliminating Entries
The notes to required supplementary information are an integral part of this schedule.
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
138
Budgetary Fund Balance, July 1 as previously reported
Error correction
Budgetary Fund Balance, July 1 as Restated
Encumbrances, Prior Year
Resources (Inflow):
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
Transfers in
Amounts Available for Appropriations
Charges to Appropriations (Outflow):
Current
General government:
City council
City clerk
City attorney
Administration
Information technology
Human resources
Finance
Non-departmental
Boards and commissions
Public Safety:
Police
Fire
Animal services
Community development:
Economic development
Development services
Parks and recreation
Public Works:
Public works
Engineering
Library
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Transfers out
Total Charges to Appropriations
Budgetary fund Balance, June 30
(CONTINUED)
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
159,765,749$ 159,765,749$ 159,765,749$ -$
- (2,765,896) (2,765,896) -
- 156,999,853 156,999,853 -
- 23,928,642 23,928,642 -
227,072,711 229,056,702 227,556,109 (1,500,593)
1,946,058 1,946,058 2,180,541 234,483
1,237,786 1,297,786 1,134,917 (162,869)
20,514,598 21,060,800 21,132,591 71,791
5,368,230 7,484,721 11,968,927 4,484,206
1,096,924 1,121,924 1,138,147 16,223
2,942,121 9,849,502 11,222,743 1,373,241
11,989,720 27,912,972 27,679,718 (233,254)
431,933,897 480,658,960 484,942,188 4,283,228
1,698,538 1,663,128 1,603,362 59,766
1,563,695 1,604,393 1,534,936 69,457
3,760,956 3,463,721 3,422,512 41,209
3,203,085 2,681,586 2,673,183 8,403
4,653,006 5,197,228 5,196,362 866
4,010,654 3,968,415 3,968,413 2
7,674,458 22,145,138 18,182,810 3,962,328
11,296,818 17,083,037 17,082,996 41
2,088 10,088 1,510 8,578
73,130,787 76,099,730 75,923,353 176,377
49,963,093 55,056,269 54,899,152 157,117
3,629,366 3,504,723 3,493,980 10,743
1,314,031 621,045 491,671 129,374
3,301,261 3,103,751 3,103,751 -
5,898,462 6,282,093 6,274,681 7,412
24,264,968 25,904,865 25,859,875 44,990
11,851,975 10,523,232 10,490,364 32,868
4,154,774 4,064,534 4,055,351 9,183
24,334,638 106,330,734 54,414,143 51,916,591
1,230,579 1,167,934 1,110,672 57,262
64,923 80,510 46,465 34,045
26,649,244 40,678,231 40,678,231 -
267,651,399 391,234,385 334,507,774 56,726,611
164,282,498$ 89,424,575$ 150,434,414$ 61,009,839$ Total General Fund
The notes to required supplementary information are an integral part of this schedule.
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
139
140
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
FEDERAL, STATE, AND LOCAL GRANTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 9,175,645$ 9,175,645$ 11,206,416$ 2,030,771$ Encumbrances, Prior Year - 5,715,719 5,715,719 -
Resources (Inflow):
Intergovernmental 30,874,790 63,060,881 34,520,106 (28,540,775) Charges for services 1,759,622 1,830,569 2,249,662 419,093 Use of money and property (2,589,721) 25,000 390,708 365,708 Miscellaneous 120,000 120,000 278,096 158,096
Transfers in 403,783 490,384 55,438 (434,946)
Amounts Available for Appropriations 39,744,119 80,418,198 54,416,145 (26,002,053) Charges to Appropriations (Outflow):
Current
General government:
Finance 1,295,047 3,457,316 2,617,306 840,010
Public Safety:
Police 9,117,538 13,770,793 11,087,868 2,682,925
Fire 267,962 650,506 425,213 225,293
Animal services - 222,473 153,666 68,807
Community development:
Economic development 129,026 130,845 115,826 15,019
Development services - 4,195,436 2,375,470 1,819,966
Housing and Homeless Services - 11,811,091 3,918,228 7,892,863 Parks and recreation - 109,600 45,447 64,153
Public Works:
Public works 3,578,664 4,791,547 2,627,225 2,164,322
Engineering - - (11) 11
Library - 147,463 32,647 114,816
Capital outlay 13,749,243 32,955,846 8,781,435 24,174,411 Transfers out 6,986,688 15,222,441 15,137,168 85,273
Total Charges to Appropriations 35,124,168 87,465,357 47,317,488 40,147,869 Budgetary fund Balance, June 30 4,619,951$ (7,047,159)$ 7,098,657$ 14,145,816$ Budget Amounts
The notes to required supplementary information are an integral part of this schedule. 141
142
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
HOUSING SUCCESSOR AGENCY
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 14,460,227$ 14,460,227$ 14,904,105$ 443,878$ Encumbrances, Prior Year - 1,427 1,427 -
Resources (Inflow):
Use of money and property 215,000 215,000 581,948 366,948 Miscellaneous 255,000 255,000 154,183 (100,817) Amounts Available for Appropriations 14,930,227 14,931,654 15,641,663 710,009 Charges to Appropriations (Outflow):
Current
Community Development
Housing and Homeless Services 2,072,400 9,623,827 8,437,641 1,186,186 Transfers out 9,858 9,858 5,448 4,410
Total Charges to Appropriations 2,082,258 9,633,685 8,443,089 1,190,596 Budgetary fund Balance, June 30 12,847,969$ 5,297,969$ 7,198,574$ 1,900,605$ Budget Amounts
The notes to required supplementary information are an integral part of this schedule. 143
144
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE
OPEN SPACE DISTRICTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 58,854,174$ 58,854,174$ 60,801,919$ 1,947,745$ Encumbrances, Prior Year - 349,769 349,769 -
Resources (Inflow):
Charges for services 22,047,777 23,035,205 23,622,158 586,953 Use of money and property - 2,070 2,019,181 2,017,111 Miscellaneous - - 5,544 5,544
Transfers in 701,555 152,026 97,800 (54,226)
Amounts Available for Appropriations 81,603,506 82,393,244 86,896,371 4,503,127 Charges to Appropriations (Outflow):
Current
Public Works:
Public works 22,532,009 23,665,185 18,846,742 4,818,443 Capital outlay - 55,000 45,503 9,497
Transfers out 323,665 206,833 19,975 186,858
Total Charges to Appropriations 22,855,674 23,927,018 18,912,220 5,014,798 Budgetary fund Balance, June 30 58,747,832$ 58,466,226$ 67,984,151$ 9,517,925$ Budget Amounts
The notes to required supplementary information are an integral part of this schedule. 145
CITY OF CHULA VISTA
MISCELLANEOUS PLAN
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS
2016 2017 2018 2019 2020
Measurement Date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019
TOTAL PENSION LIABILITY
Service Cost 8,570,421$ 8,451,918$ 9,370,865$ 9,048,165$ 8,696,267$ Interest 34,103,210 35,618,575 36,639,997 37,305,907 38,721,727 Difference Between Expected and Actual Experience 925,960 (2,524,995) (6,331,454) (8,223,685) (413,302) Changes of Assumptions (8,500,698) - 30,693,812 (4,314,060) - Benefit Payments, Including Refunds of Employee Contributions (19,539,333) (21,022,078) (23,072,106) (24,924,595) (27,001,672) Net Change in Total Pension Liability 15,559,560 20,523,420 47,301,114 8,891,732 20,003,020 Total Pension Liability - Beginning 458,852,790 474,412,350 494,935,770 542,236,884 551,128,616 Total Pension Liability - Ending (a) 474,412,350 494,935,770 542,236,884 551,128,616 571,131,636
PLAN FIDUCIARY NET POSITION
Contribution - Employer 13,499,144 12,461,946 13,663,149 14,479,069 16,244,599 Contribution - Employee 3,679,749 3,764,641 3,536,418 3,603,297 3,592,996 Plan to Plan Resource Movement 5,268 - - (874) -
Net Investment Income 7,195,063 1,747,676 36,763,992 30,032,849 24,600,973 Benefit Payments, Including Refunds of Employee Contributions (19,539,333) (21,022,078) (23,072,106) (24,924,595) (27,001,672) Administrative Expense (368,694) (199,512) (478,539) (552,457) (268,407) Other Miscellaneous Income/(Expense) - - - (1,049,125) 874 Net Change in Fiduciary Net Position 4,471,197 (3,247,327) 30,412,914 21,588,164 17,169,363 Plan Fiduciary Net Position - Beginning 322,894,262 327,365,459 324,118,132 354,531,046 376,119,210 Plan Fiduciary Net Position - Ending (b) 327,365,459 324,118,132 354,531,046 376,119,210 393,288,573 Plan Net Pension Liability/(Assets) - Ending (a) - (b) 147,046,891$ 170,817,638$ 187,705,838$ 175,009,406$ 177,843,063$
69.00% 65.49% 65.38% 68.25% 68.86%
Covered Payroll 44,135,521$ 45,990,463$ 44,435,640$ 44,578,340$ 45,798,549$ 333.17% 371.42% 422.42% 392.59% 388.32%
Plan Fiduciary Net Position as a Percentage of the Total Pension Liability Plan Net Pension Liability/(Asset) as a Percentage of Covered Payroll Notes to Schedule of Changes in Net Pension Liability and Related Ratios:
Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occured on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.
Changes of Assumptions: Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to
6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement date 2014. No changes in 2020 or 2021. In 2019, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017.
The notes to required supplementary information are an integral part of this schedule. 146
2021 2022 2023 2024 2025
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
8,953,165$ 9,145,103$ 10,380,919$ 10,867,994$ 10,941,624$ 40,325,600 41,542,929 42,332,179 44,385,485 46,160,481 2,562,816 (3,234,587) (6,575,745) 9,417,461 5,683,787 - - 18,477,304 - -
(28,353,268) (29,875,845) (31,559,480) (33,672,591) (36,826,366) 23,488,313 17,577,600 33,055,177 30,998,349 25,959,526 571,131,636 594,619,949 612,197,549 645,252,726 676,251,075 594,619,949 612,197,549 645,252,726 676,251,075 702,210,601 18,211,675 205,182,523 6,529,685 7,132,923 7,741,162 3,800,444 3,856,589 4,348,890 4,484,052 4,898,821 - - 2,001 - -
19,625,933 106,512,033 (51,347,007) 37,589,065 59,457,416 (28,353,268) (29,875,845) (31,559,480) (33,672,591) (36,826,366) (554,440) (405,588) (430,632) (455,060) (515,815)
- - - - -
12,730,344 285,269,712 (72,456,543) 15,078,389 34,755,218 393,288,573 406,018,917 691,288,629 618,832,086 633,910,475 406,018,917 691,288,629 618,832,086 633,910,475 668,665,693 188,601,032$ (79,091,080)$ 26,420,640$ 42,340,600$ 33,544,908$
68.28% 112.92% 95.91% 93.74% 95.22%
47,627,626$ 48,617,605$ 55,375,215$ 57,341,438$ 60,735,461$ 395.99% -162.68% 47.71% 73.84% 55.23%
The notes to required supplementary information are an integral part of this schedule. 147
CITY OF CHULA VISTA
SAFETY PLAN
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS
2016 2017 2018 2019 2020
Measurement Date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019
TOTAL PENSION LIABILITY
Service Cost 9,646,806$ 9,971,492$ 11,594,959$ 12,044,725$ 12,267,031$ Interest 29,979,452 31,658,073 33,213,616 34,751,830 36,853,969 Difference Between Expected and Actual Experience 460,215 768,421 (1,210,352) (307,813) 4,868,911 Changes of Assumptions (7,813,969) - 29,393,364 (2,112,530) - Benefit Payments, Including Refunds of Employee Contributions (17,767,853) (19,460,670) (20,397,814) (21,801,437) (22,950,693) Net Change in Total Pension Liability 14,504,651 22,937,316 52,593,773 22,574,775 31,039,218 Total Pension Liability - Beginning 403,302,535 417,807,186 440,744,502 493,338,275 515,913,050 Total Pension Liability - Ending (a) 417,807,186 440,744,502 493,338,275 515,913,050 546,952,268
PLAN FIDUCIARY NET POSITION
Contribution - Employer 7,555,357 10,971,712 11,670,017 13,529,290 15,445,861 Contribution - Employee 3,230,989 3,420,273 3,620,014 3,804,814 3,966,723 Plan to Plan Resource Movement 6,999,744 1,664,170 35,554,749 29,258,121 24,248,349 Net Investment Income (17,767,853) (19,460,670) (20,397,814) (21,801,437) (22,950,693) Benefit Payments, Including Refunds of Employee Contributions (359,830) (194,899) (466,842) (539,438) (263,613) Administrative Expense - - - (858) -
Other Miscellaneous Income/(Expense) - - - (1,024,401) 858 Net Change in Fiduciary Net Position (341,593) (3,599,414) 29,980,124 23,226,091 20,447,485 Plan Fiduciary Net Position - Beginning 320,136,917 319,795,324 316,195,910 346,176,034 369,402,125 Plan Fiduciary Net Position - Ending (b) 319,795,324 316,195,910 346,176,034 369,402,125 389,849,610 Plan Net Pension Liability/(Assets) - Ending (a) - (b) 98,011,862$ 124,548,592$ 147,162,241$ 146,510,925$ 157,102,658$
76.54% 71.74% 70.17% 71.60% 71.28%
Covered Payroll 34,117,846$ 37,174,663$ 37,817,316$ 39,384,099$ 40,374,060$ 287.27% 335.04% 389.14% 372.01% 389.12%
Plan Fiduciary Net Position as a Percentage of the Total Pension Liability Plan Net Pension
Liability/(Asset) as a Percentage of Covered Payroll
Notes to Schedule of Changes in Net Pension Liability and Related Ratios:
Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occured on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.
Changes of Assumptions: Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from
7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement date 2014. No changes in 2020 or 2021. In 2019, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017.
The notes to required supplementary information are an integral part of this schedule. 148
2021 2022 2023 2024 2025
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
12,575,630$ 13,253,770$ 14,319,314$ 14,872,219$ 16,027,248$ 38,422,153 39,881,546 41,558,338 43,864,687 46,534,527 (3,779,764) (6,175,468) (6,077,244) 6,308,350 10,384,230 - - 23,527,391 - -
(24,175,102) (25,325,483) (27,889,190) (30,185,040) (31,825,594) 23,042,917 21,634,365 45,438,609 34,860,216 41,120,411 546,952,268 569,995,185 591,629,550 637,068,159 671,928,375 569,995,185 591,629,550 637,068,159 671,928,375 713,048,786 17,861,917 183,166,596 10,002,548 10,189,886 11,923,357 4,257,612 4,884,978 5,197,226 5,899,681 6,759,884 19,386,578 - (2,001) - -
(24,175,102) 104,361,444 (50,226,472) 37,069,780 59,642,219 (549,592) (25,325,483) (27,889,190) (30,185,040) (31,825,594) - (406,200) (419,433) (448,547) (514,668)
- - - - -
16,781,413 266,681,335 (63,337,322) 22,525,760 45,985,198 389,849,610 406,631,023 673,312,358 609,975,036 632,500,796 406,631,023 673,312,358 609,975,036 632,500,796 678,485,994 163,364,162$ (81,682,808)$ 27,093,123$ 39,427,579$ 34,562,792$
71.34% 113.81% 95.75% 94.13% 95.15%
37,732,745$ 39,655,225$ 47,183,733$ 48,967,579$ 56,063,284$ 432.95% -205.98% 57.42% 80.52% 61.65%
The notes to required supplementary information are an integral part of this schedule. 149
150
CITY OF CHULA VISTA
SCHEDULES OF PLAN CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS
1 Fiscal Year Actuarially Actual Contribution Contribution Ending Determined Employer Deficiency Covered as a % of June 30, Contribution Contribution (Excess) Payroll Covered Payroll 2016 10,214,678$ 10,214,678$ -$ 45,990,463$ 22.21% 2017 10,864,203 10,864,203 - 44,435,640 24.45%
2018 10,942,584 10,942,584 - 44,578,340 24.55%
2019 12,333,078 12,333,078 - 45,798,549 26.93%
2020 10,890,567 10,890,567 - 47,627,626 22.87%
2021 10,904,285 196,350,263 (185,445,978) 48,617,605 403.87% 2022 3,590,926 3,590,926 - 55,375,215 6.48%
2023 5,143,861 5,143,861 - 57,341,438 8.97%
2024 5,482,182 5,482,182 - 60,735,461 9.03%
2025 12,845,871 12,845,871 - 65,839,551 19.51%
Fiscal Year Actuarially Actual Contribution Contribution Ending Determined Employer Deficiency Covered as a % of June 30, Contribution Contribution (Excess) Payroll Covered Payroll 2016 13,859,572$ 13,859,572$ -$ 37,174,663$ 37.28% 2017 14,965,975 14,965,975 - 37,817,316 39.57%
2018 17,324,929 17,324,929 - 39,384,099 43.99%
2019 19,585,859 19,585,859 - 40,374,060 48.51%
2020 24,641,503 24,641,503 - 37,732,745 65.31%
2021 28,332,777 191,117,507 (162,784,730) 39,655,225 481.95% 2022 11,120,663 11,120,663 - 47,183,733 23.57%
2023 11,371,612 11,371,612 - 48,967,579 23.22%
2024 13,190,777 13,190,777 - 56,063,284 23.53%
2025 17,040,192 17,040,192 - 63,400,809 26.88%
CalPERS Miscellaneous Employees Agent, Multiple-Employer Pension Plan:
CalPERS Safety Employees Agent, Multiple-Employer Pension Plan:
1 Historical information is required only for measurement for which GASB 68 and GASB 75 is applicable.
The notes to required supplementary information are an integral part of this schedule. 151
CITY OF CHULA VISTA
SCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOS AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS 1
2018 2019 2020 2021
TOTAL OPEB LIABILITY
Service cost 825,786$ 819,100$ 921,271$ 1,468,936$ Interest on the total OPEB liability 495,822 549,699 516,371 636,356 Difference between expected and actual experience 4,128 - 5,786,481 - Change of assumptions 183,361 504,190 2,640,687 751,555 Implicit rate subsidy fulfilled (536,155) (634,315) (724,009) (1,148,517) Net change in total OPEB liability 972,942 1,238,674 9,140,801 1,708,330 Total OPEB Liability - Beginning 13,726,597 14,699,539 15,938,213 25,079,014 Total OPEB Liability - Ending 14,699,539$ 15,938,213$ 25,079,014$ 26,787,344$ Plan fiduciary net position as a percentage of the total OPEB liability 2 0.00% 0.00% 0.00% 0.00% Covered-employee payroll 53,738,469$ 55,216,277$ 56,734,725$ 58,294,930$ Total OPEB liability as a percentage of covered-employee payroll 27.35% 28.87% 44.20% 45.95% Notes to Schedule of Changes in the Total OPEB Liability and Related Ratios:
2 The plan is not funded through a qualifying trust; therefore, there is no fiduciary net position to offset the total OPEB liability. 1 Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation.
Future years' information will be displayed up to 10 years as information becomes available.
The notes to required supplementary information are an integral part of this schedule. 152
2022 2023 2024 2025
1,647,777$ 1,255,377$ 1,272,879$ 1,013,099$ 533,534 1,031,876 1,087,153 950,340
2,804,304 - (5,168,881) -
(3,029,111) (550,759) 262,632 (1,080,838)
(1,293,716) (1,482,784) (1,624,246) (1,216,854)
662,788 253,710 (4,170,463) (334,253)
26,787,344 27,450,132 27,703,842 23,533,379
27,450,132$ 27,703,842$ 23,533,379$ 23,199,126$
0.00% 0.00% 0.00% 0.00%
42,628,588$ 40,763,648$ 46,280,490$ 44,262,192$
64.39% 67.96% 50.85% 52.41%
The notes to required supplementary information are an integral part of this schedule. 153
CITY OF CHULA VISTA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2025
1. Budgetary Information
An annual budget is adopted by the City Council prior to the first day of the fiscal year. The budget process includes submittal of each department's budget request for the next fiscal year, a detailed review of each department's proposed budget by the City Manager, and a final City Manager recommended budget transmitted to the City Council for its review before the required date of adoption. Once transmitted to the City Council, the proposed budget is made available for public inspection. A public hearing is held to give the public the opportunity to comment upon the proposed budget. Notice of such public hearing is published in a newspaper of general circulation.
The adoption of the budget is accomplished by the approval of a Budget Resolution. The legal level of budgetary control is at the department and expenditure category level. Council approval is required for any transfer between departments or overall increase to a department. The City Manager is authorized to transfer appropriations up to $75,000 between expenditure categories within a departmental budget. Any appropriation transfers between expenditure categories within departments greater than $75,000 require City Council approval.
Appropriations, other than for capital projects, remaining unspent at the end of any fiscal year will be canceled and returned to Available Fund Balance with the exception of any appropriations encumbered as the result of a valid purchase order or as approved for a specific project or purpose by the City Council or the City Manager.
Appropriations for capital projects will necessarily be carried over from year to year until the project is deemed to be complete .
Reported budget figures are as originally adopted or subsequently amended plus prior year continuing appropriations. Such budget amendments during the year, including those related to supplemental appropriations, did not cause these reported budget amounts to be significantly different than the originally adopted budget amounts. All appropriations which are not obligated, encumbered, or expended at the end of the fiscal year lapse and become a part of the unassigned fund balance which may be appropriated for the next fiscal year.
An annual budget for the year ended June 30, 2025, was adopted and approved by the City Council for the general, special revenue, capital project and debt service funds, with the exception of the Utility Tax Settlement Fund, the Highway Safety Fund, the Industrial Development Fund, and the Transportation Partnership Fund. The approved budgets are prepared on the modified accrual basis of accounting, excluding the effects of GASB 31, GASB 87, and GASB 96.
2. Correction of Errors in the Previously Issued Budgetary Statements For the fiscal year ended June 30, 2025, the City determined the allocation of budgetary fund balance between programs of the General Fund were incorrect. In addition, a special item from fiscal year 2023 was not incorporated in the budgetary statements. A correction is being made to update the allocation and incorporate the prior year special item in the General Fund budgetary statements.
General Fund Section 115 Trust
Budgetary Fund Balance, as previously reported 53,712,459$ 31,951,073$ Error correction (9,307,192) 6,541,296
Budgetary Fund Balance, as Restated 44,405,267$ 38,492,369$ General Fund
154
CITY OF CHULA VISTA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2025
3. Reconciliation of Net Change in Fund Balance for the General Fund prepared on a GAAP basis to tha t prepared on the budgetary basis for the year ended June 30, 2025
4. Reconciliation of Net Change in Fund Balance for the Federal, State, And Local Grant Fund prepared on a GAAP basis to that prepared on the budgetary basis for the year ended June 30, 2025
5. Reconciliation of Net Change in Fund Balance for the Housing Successor Agency Fund prepared on a GAAP basis to that prepared on the budgetary basis for the year ended June 30, 2025
6. Reconciliation of Net Change in Fund Balance for the Open Space Districts Fund prepared on a GAAP basis to that prepared on the budgetary basis for the year ended June 30, 2025 General
Fund
Net Change in Fund Balance - GAAP Basis $ 11,176,852 Add (Deduct):
GASB 31 Fair Market Value (4,013,085)
Encumbrances (13,555,865)
Flexible Spending Account (992)
GASB 87 Leases (172,348)
Net Change in Fund Balance - Budgetary Basis $ (6,565,438) Open Space
Districts
Net Change in Fund Balance - GAAP Basis $ 8,771,436
Add (Deduct):
GASB 31 Fair Market Value (1,581,512)
Encumbrances (7,691)
Net Change in Fund Balance - Budgetary Basis $ 7,182,233 Federal, State, and
Local G rants
Net Change in Fund Balance - GAAP Basis $ (3,141,010) Add (Deduct):
GASB 31 Fair Market Value (852,891)
Encumbrances (113,858)
Net Change in Fund Balance - Budgetary Basis $ (4,107,759) Housing Successor
Agency
Net Change in Fund Balance - GAAP Basis $ 319,111
Add (Deduct):
GASB 31 Fair Market Value (326,069)
Encumbrances (7,698,573)
Net Change in Fund Balance - Budgetary Basis $ (7,705,531) 155
CITY OF CHULA VISTA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2025
7. ACTUARIAL ASSUMPTIONS UNDERLYING THE SCHEDULE OF PLAN
CONTRIBUTIONS FOR MISCELLANEOUS AND SAFETY PENSION PLANS The actuarial methods and assumptions used to set the actuarially determined contributions for fiscal year ended June 30, 2025 were derived from the June 30, 2023 funding valuation report.
Actuarial Cost Method: Entry Age Normal
Amortization Method/Period: For details, see the June 30, 2023 funding valuation report, available at CalPERS' website
Asset Valuation Method: Market Value of Assets
Inflation: 2.30 percent
Salay Increases: Varies by Entry Age and Service
Payroll Growth: 2.80 percent
Investment Rate of Return: 6.80 percent, net of investment and administrative expenses Retirement Age: The probabilities of retirement are based on the 2017 CalPERS Experience Study for the period of 1997 to 2015.
Mortality: The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period of 1997 to 2015.
Pre-retirement and post-retirement mortality rates include 15 years of projected mortality improvement using 90.00 percent of Scale MP-2016 published by the Society of Actuaries.
156
SUPPLEMENTARY INFORMATION
157
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE BY EXPENDITURE CATEGORY
GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on Positive
Final Budget Budgetary Basis (Negative)
Current:
City council
Personnel Services 1,556,714$ 1,556,711$ 3$
Supplies and Services 105,775 46,012 59,763
Utilities 639 639 -
Total City council 1,663,128 1,603,362 59,766
City clerk
Personnel Services 1,379,809 1,379,809 -
Supplies and Services 222,585 153,147 69,438
Utilities 461 442 19
Total City clerk 1,604,393 1,534,936 69,457
City attorney
Personnel Services 2,394,113 2,394,112 1
Supplies and Services 1,068,522 1,027,487 41,035
Utilities 1,086 913 173
Total City attorney 3,463,721 3,422,512 41,209
Administration
Personnel Services 2,381,942 2,381,941 1
Supplies and Services 298,644 290,670 7,974
Utilities 1,000 572 428
Total Administration 2,681,586 2,673,183 8,403
Information technology
Personnel Services 3,129,215 3,129,215 -
Supplies and Services 2,063,289 2,063,289 -
Utilities 4,200 3,334 866
Internal Service 524 524 -
Total Information technology 5,197,228 5,196,362 866
Human resources
Personnel Services 3,283,099 3,283,097 2
Supplies and Services 683,394 683,394 -
Utilities 1,922 1,922 -
Total Human resources 3,968,415 3,968,413 2
Finance
Personnel Services 11,791,123 11,791,122 1
Supplies and Services 5,012,477 2,876,514 2,135,963
Utilities 1,789 1,447 342
Other Expenses 5,339,715 3,513,694 1,826,021
Total Finance 22,145,138 18,182,810 3,962,328
Non-departmental
Personnel Services 609,122 609,081 41
Supplies and Services 11,346,681 11,346,681 -
Utilities 10,954 10,954 -
Other Expenses 5,116,280 5,116,280 -
Total Non-departmental 17,083,037 17,082,996 41
Board and commissions
Supplies and Services 10,088 1,510 8,578
Total Board and commissions 10,088 1,510 8,578
Police
Personnel Services 68,472,798 68,472,798 -
Supplies and Services 4,499,337 4,345,122 154,215
Utilities 869,306 869,305 1
Other Expenses 674,380 674,380 -
Internal Service 1,583,909 1,561,748 22,161
Total Police 76,099,730 75,923,353 176,377
Fire
Personnel Services 48,718,350 48,703,986 14,364
Supplies and Services 3,874,363 3,731,675 142,688
Utilities 348,444 348,379 65
Other Expenses 551,197 551,197 -
Internal Service 1,563,915 1,563,915 -
Total Fire 55,056,269 54,899,152 157,117
158
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE BY EXPENDITURE CATEGORY
GENERAL FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on Positive
Final Budget Budgetary Basis (Negative)
Animal services
Personnel Services 2,948,894$ 2,948,894$ -$
Supplies and Services 432,989 422,246 10,743
Utilities 57,969 57,969 -
Other Expenses 4,613 4,613 -
Internal Service 60,258 60,258 -
Total Animal services 3,504,723 3,493,980 10,743
Economic development
Personnel Services 321,204 321,204 -
Supplies and Services 285,976 156,602 129,374
Utilities 537 537 -
Other Expenses 13,328 13,328 -
Total Economic development 621,045 491,671 129,374
Development services
Personnel Services 2,754,391 2,754,391 -
Supplies and Services 256,169 256,169 -
Utilities 1,780 1,780 -
Other Expenses 64,424 64,424 -
Internal Service 26,987 26,987 -
Total Development services 3,103,751 3,103,751 -
Parks and recreation
Personnel Services 4,394,806 4,394,806 -
Supplies and Services 976,122 976,122 -
Utilities 610,423 603,011 7,412
Other Expenses 284,659 284,659 -
Internal Service 16,083 16,083 -
Total Parks and recreation 6,282,093 6,274,681 7,412
Public works
Personnel Services 15,067,529 15,067,523 6
Supplies and Services 5,405,845 5,400,937 4,908
Utilities 4,171,357 4,171,357 -
Other Expenses 60,315 20,239 40,076
Internal Service 1,199,819 1,199,819 -
Total Public works 25,904,865 25,859,875 44,990
Engineering
Personnel Services 7,895,457 7,895,457 -
Supplies and Services 836,680 803,812 32,868
Utilities 1,547,930 1,547,930 -
Other Expenses 64,042 64,042 -
Internal Service 179,123 179,123 -
Total Engineering 10,523,232 10,490,364 32,868
Library
Personnel Services 3,253,384 3,253,384 -
Supplies and Services 433,123 423,940 9,183
Utilities 368,198 368,198 -
Other Expenses 783 783 -
Internal Service 9,046 9,046 -
Total Library 4,064,534 4,055,351 9,183
Debt service
Principal retirement 1,167,934 1,110,672 57,262
Interest and fiscal charges 80,510 46,465 34,045
Total Debt Service 1,248,444 1,157,137 91,307
Capital outlay 106,330,734 54,414,143 51,916,591
Transfers out 40,678,231 40,678,231 -
Total Expenditures 391,234,385$ 334,507,773$ 56,726,611$ 159
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE BY EXPENDITURE CATEGORY
FEDERAL, STATE, AND LOCAL GRANTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on Positive
Final Budget Budgetary Basis (Negative)
Current:
Other Expenses 3,457,316$ 2,617,306$ 840,010$
Total Finance 3,457,316 2,617,306 840,010
Police
Personnel Services 7,627,720 7,087,067 540,653
Supplies and Services 5,134,413 3,193,939 1,940,474 Other Expenses 1,008,660 806,862 201,798
Total Police 13,770,793 11,087,868 2,682,925
Fire
Personnel Services 194,978 128,967 66,011
Supplies and Services 248,752 156,295 92,457
Other Expenses 206,776 139,951 66,825
Total Fire 650,506 425,213 225,293
Animal services
Supplies and Services 9,009 - 9,009
Other Expenses 213,464 153,666 59,798
Total Animal services 222,473 153,666 68,807
Economic development
Supplies and Services 1,819 - 1,819
Other Expenses 129,026 115,826 13,200
Total Economic development 130,845 115,826 15,019
Development services
Other Expenses 4,195,436 2,375,470 1,819,966
Total Development services 4,195,436 2,375,470 1,819,966 Housing and Homeless Services
Supplies and Services 4,228,996 2,403 4,226,593
Other Expenses 7,582,095 3,915,825 3,666,270
Total Housing and Homeless Services 11,811,091 3,918,228 7,892,863 Parks and recreation
Other Expenses 109,600 45,447 64,153
Total Parks and recreation 109,600 45,447 64,153
Public works
Personnel Services 1,173,006 1,173,006 -
Supplies and Services 1,662,447 1,218,144 444,303
Utilities 18,558 - 18,558
Other Expenses 1,919,806 219,288 1,700,518
Internal Service 17,730 16,787 943
Total Public works 4,791,547 2,627,225 2,164,322
Engineering
Other Expenses - (11) 11
Total Engineering - (11) 11
Library
Personnel Services 127,188 24,113 103,075
Supplies and Services 11,041 1,393 9,648
Other Expenses 9,234 7,141 2,093
Total Library 147,463 32,647 114,816
Capital outlay 32,955,846 8,781,435 24,174,411
Transfers out 15,222,441 15,137,168 85,273
Total Expenditures 87,465,357$ 47,317,488$ 40,147,869$ 160
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE BY EXPENDITURE CATEGORY
HOUSING SUCCESSOR AGENCY
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on Positive
Final Budget Budgetary Basis (Negative)
Current:
Housing and Homeless Services
Supplies and Services 309,327 $ 77,665 $ 231,662 $ Other Expenses 9,314,500 8,359,976 954,524 Total Housing and Homeless Services 9,623,827 8,437,641 1,186,186 Transfers out 9,858 5,448 4,410
Total Expenditures 9,633,685$ 8,443,089$ 1,190,596$ 161
CITY OF CHULA VISTA
BUDGETARY COMPARISON SCHEDULE BY EXPENDITURE CATEGORY
OPEN SPACE DISTRICTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on Positive
Final Budget Budgetary Basis (Negative)
Current:
Public works
Supplies and Services 16,106,541$ 12,951,819$ 3,154,722$ Utilities 4,175,656 3,273,175 902,481 Other Expenses 3,379,469 2,621,748 757,721 Internal Service 3,519 - 3,519
Total Public works 23,665,185 18,846,742 4,818,443 Capital outlay 55,000 45,503 9,497
Transfers out 206,833 19,975 186,858
Total Expenditures 23,927,018$ 18,912,220$ 5,014,798$ 162
CITY OF CHULA VISTA
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
JUNE 30, 2025
ASSETS
Cash and investments
Receivables:
Accounts (net of allowance for uncollectibles)
Taxes
Accrued interest
Deferred loans (net of allowance for uncollectibles)
Due from other governments
Prepaid costs
Restricted assets:
Cash and investments with fiscal agents
Total Assets
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCE
Liabilities:
Accounts payable
Retentions payable
Accrued liabilities
Deposits payable
Due to other funds
Unearned revenues
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Nonspendable
Restricted
Unassigned (Deficit)
Total Fund Balances (Deficit)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
Total
Special Revenue Capital Projects Debt Service Governmental Funds Funds Funds Funds
54,846,330$ 92,814,749$ 671$ 147,661,750$ 250,715 20,547 - 271,262
2,088,166 - - 2,088,166
249,407 418,549 - 667,956
4,349,598 6,147,780 - 10,497,378 320,979 8,144,684 - 8,465,663
32,299 - 411,134 443,433
4,079,126 894,456 5,268,924 10,242,506 66,216,620$ 108,440,765$ 5,680,729$ 180,338,114$ 1,676,826$ 1,704,165$ -$ 3,380,991$
33,758 550,494 - 584,252
84,576 - 66,538 151,114
1,482,588 - - 1,482,588
31,818 8,744,390 - 8,776,208
1,136,834 - - 1,136,834
4,446,400 10,999,049 66,538 15,511,987 4,396,217 12,452,816 - 16,849,033
4,396,217 12,452,816 - 16,849,033
32,299 - 411,134 443,433
57,393,503 92,631,718 5,266,477 155,291,698 (51,799) (7,642,818) (63,420) (7,758,037)
57,374,003 84,988,900 5,614,191 147,977,094 66,216,620$ 108,440,765$ 5,680,729$ 180,338,114$ 163
164
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Revenues:
Taxes
License and permits
Intergovernmental
Charges for service
Use of money and property
Fines and forfeitures
Developer participation
Miscellaneous
Total Revenues (net losses)
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) Revenues over Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Subscription-based IT arrangement
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balances - Beginning, as Previously Reported
Change within Financial Reporting Entity (Nonmajor to Major Fund) Fund Balances - Beginning as Restated
Fund Balances (Deficit) - Ending
Total
Special Revenue Capital Projects Debt Service Governmental Funds Funds Funds Funds
-$ 165,375$ -$ 165,375$
32,373 - - 32,373
24,078,860 3,958,909 - 28,037,769
1,981,230 - - 1,981,230
3,730,343 4,893,654 135,606 8,759,603 579,615 - - 579,615
94,413 7,468,806 - 7,563,219
2,248,756 1,913,928 245,822 4,408,506 32,745,590 18,400,672 381,428 51,527,690 1,615,887 380 32,591 1,648,858
81,449 - - 81,449
2,350,757 21,895 - 2,372,652
28,911 - - 28,911
489,979 3,850,835 - 4,340,814
22,147,427 20,478,561 - 42,625,988
130,754 1,040 22,412,257 22,544,051
4,694 312,004 11,376,841 11,693,539
26,849,858 24,664,715 33,821,689 85,336,262 5,895,732 (6,264,043) (33,440,261) (33,808,572) 135,103 15,124,707 33,301,984 48,561,794 (5,465,663) (706,942) - (6,172,605)
27,705 5,540 - 33,245
(5,302,855) 14,423,305 33,301,984 42,422,434 592,877 8,159,262 (138,277) 8,613,862
117,156,180 76,829,638 5,752,468 199,738,286 (60,375,054) - - (60,375,054)
56,781,126 76,829,638 5,752,468 139,363,232 57,374,003$ 84,988,900$ 5,614,191$ 147,977,094$ 165
166
Non-Major
Governmental Funds
SPECIAL REVENUE FUNDS:
Transportation Gas Taxes - This fund accounts for revenues and expenditures received from the State of California under the Street and Safety Code Sections 2103, 2105, 2106, 2107, 2107.5 and the Road Repair and Accountability Act of 2017 (Senate Bill 1). The allocat ions must be spent for street maintenance or construction and a limited amount for engineering.
Parking Meter - This fund accounts for revenues and expenditures from the operation of parking meters located in the downtown area and parking citation payments for expired meter violations within the parking district. The funds pay for the collection and maintenance of parking meters, parking enforcement staff that monitor the downtown area, general upkeep and signage of the downtown parking lots.
Traffic Safety - This fund is a depository for monies derived from vehicle code fines (excluding parking violations). The fines are collected through the County court system and remitted to the City monthly. These monies may be expended only for traffic control equipment and maintenance thereof or for the maintenance, improvement or construction of public streets.
Storm Drain - This fund is a depository for monies collected from the monthly storm drain service charge. Monies in this fund may be used for storm drain purposes.
Town Center I - This fund accounts for revenues from an in-lieu parking fee. The in-lieu parking fee applies to any developer of a new commercial building or addition to an existing commercial building within the Downtown Parking district. Monies in this fund are restricted for the purchase or development of parking sites.
Housing Programs - This fund is a depository for federal housing rehabilitation monies held in trust by Bank of America for the issuanc e of housing rehabilitation loans to qualified low- and moderate-income recipients.
Housing Authority - This fund accounts for all housing related activity which is reimbursed from various Local, State and Federal funding sources. The Housing Authority focuses on the development of sustainable neighborhoods through investments in and administration of programs that seek to improve, preserve and increase the supply of affordable housing in the City and serve low-income residents.
Transportation Sales Tax - This fund accounts for the City’s share of the San Diego countywide one-half cent transportation sales tax to be used for local street and road improvements.
Mobile Park Fee - This fund accounts for the Mobile Home Park Space Rent Review Administrative Fee to reimburse the City for labor and other costs associated with administering the review.
Public Education and Government (PEG) Fee - This fund accounts for the 1% of gross r evenues assessed on all video service providers that use the public rights-of-way, including all local franchisees and all holders of state franchi ses as consistent with state or Federal law. PEG Fees collected are used to provide public, educational, or governmental programming.
Utility Tax Settlement (Unbudgeted)- This fund accounts for funds in accordance with a 2014 settlement agreement that resolved a class action lawsuit challenging the City’s collection of Telephone Users’ Taxes from wireless customers.
National Opioid Settlement -
This fund is utilized for the National Opioid Settlement against manufacturers, distributors and other entities responsible for aiding the opioid epidemic. Funds are to be utilized for opioid abatement activities. Payments are expected to be received through 2038.
Special Revenue Endowments - This fund accounts for the donation of money and property meant to be used for operations or programs that are consistent with the wishes of the donor(s).
Developer Contributions - This fund accounts for contributions from developers used to fund the construction of City facilities.
Donations - This fund accounts for monies received from a donor(s) for various programming. 167
CITY OF CHULA VISTA
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
JUNE 30, 2025
Transportation
Gas Taxes Parking Meter Traffic Safety Storm Drain
ASSETS
Cash and investments 33,719,737$ 1,352,963$ -$ 3,249,970$ Receivables:
Accounts (net of allowance for uncollectibles) - 24,924 31,477 115,697 Taxes 2,007,269 - - -
Accrued interest 158,973 6,996 - 15,713
Deferred loans (net of allowance for uncollectibles) - - - - Due from other governments - - - -
Prepaid costs - - - -
Restricted assets:
Cash and investments with fiscal agents - - - -
Total Assets 35,885,979$ 1,384,883$ 31,477$ 3,381,380$
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCE
Liabilities:
Accounts payable 100,582$ 90,280$ 1,344$ 11,179$ Retentions payable 28,904 - - -
Accrued liabilities 11,073 - - -
Deposits payable - - - -
Due to other funds - - 31,818 -
Unearned revenues - - - -
Total Liabilities 140,559 90,280 33,162 11,179
Deferred Inflows of Resources:
Unavailable revenues - - - 3,526
Total Deferred Inflows of Resources - - - 3,526
Fund Balances:
Nonspendable - - - -
Restricted 35,745,420 1,294,603 - 3,366,675 Unassigned (Deficit) - - (1,685) -
Total Fund Balances (Deficit) 35,745,420 1,294,603 (1,685) 3,366,675 Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
Special Revenue Funds
35,885,979$ 3,381,380$ 31,477$ 1,384,883$ 168
CITY OF CHULA VISTA
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
JUNE 30, 2025
ASSETS
Cash and investments
Receivables:
Accounts (net of allowance for uncollectibles)
Taxes
Accrued interest
Deferred loans (net of allowance for uncollectibles)
Due from other governments
Prepaid costs
Restricted assets:
Cash and investments with fiscal agents
Total Assets
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCE
Liabilities:
Accounts payable
Retentions payable
Accrued liabilities
Deposits payable
Due to other funds
Unearned revenues
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Nonspendable
Restricted
Unassigned (Deficit)
Total Fund Balances (Deficit)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
(CONTINUED)
Housing Housing Transportation
Town Center I Programs Authority Sales Tax
286,681$ 91,884$ 6,863,623$ 210,514$ - - 60,105 -
- - - -
1,317 - 30,005 -
- 580,019 3,769,579 -
- 320,979 - -
- - - -
- - - -
287,998$ 992,882$ 10,723,312$ 210,514$ -$ 77$ 47,743$ 260,628$
- - - -
- - 73,503 -
- - - -
- - - -
- - - -
- 77 121,246 260,628
- 580,019 3,812,660 -
- 580,019 3,812,660 -
- - - -
287,998 412,786 6,789,406 -
- - - (50,114)
287,998 412,786 6,789,406 (50,114)
Special Revenue Funds
10,723,312$ 992,882$ 287,998$ 210,514$ 169
ASSETS
Cash and investments
Receivables:
Account
s (net of allowance for uncollectibles)
Taxes
Accrued interest
Deferred loans (net of allowance for uncollectibles)
Due from other governments
Prepaid costs
Restricted assets:
Cash and investments with fiscal agents
Total Assets
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCE
Liabilities:
Accounts payable
Retentions payable
Accrued liabilities
Deposits payable
Due to other funds
Unearned revenues
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Nonspendable
Restricted
Unassigned (Deficit)
Total Fund Balances (Deficit)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
(CONTINUED)
Public Education Utility Tax National Opioid
Mobile Park Fee and Govt Fee Settlement * Settlement
194,470$ 227,585$ 113,714$ 1,566,459$ 12 - - -
- 80,897 - -
- - 523 7,200
- - - -
- - - -
- 32,299 - -
- - - -
194,482$ 340,781$ 114,237$ 1,573,659$ 3,585$ 18,699$ -$ -$
- - - -
- - - -
- - - -
- - - -
8,460 - - 1,128,374
12,045 18,699 - 1,128,374
12 - - -
12 - - -
- 32,299 - -
182,425 289,783 114,237 445,285
- - - -
182,425 322,082 114,237 445,285
1,573,659$ 114,237$ 340,781$
Special Revenue Funds
194,482$
CITY OF CHULA VISTA
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
JUNE 30, 2025
*This fund is not a budgeted fund.
170
ASSETS
Cash and investments
Receivables:
Account
s (net of allowance for uncollectibles)
Taxes
Accrued interest
Deferred loans (net of allowance for uncollectibles)
Due from other governments
Prepaid costs
Restricted assets:
Cash and investments with fiscal agents
Total Assets
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCE
Liabilities:
Accounts payable
Retentions payable
Accrued liabilities
Deposits payable
Due to other funds
Unearned revenues
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Nonspendable
Restricted
Unassigned (Deficit)
Total Fund Balances (Deficit)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
(CONTINUED)
Total
Special Revenue Developer Special Revenue
Endowments Contributions Donations Funds
1,491,094$ 4,743,560$ 734,076$ 54,846,330$ - - 18,500 250,715
- - - 2,088,166
6,854 21,826 - 249,407
- - - 4,349,598
- - - 320,979
- - - 32,299
- 4,079,126 - 4,079,126
1,497,948$ 8,844,512$ 752,576$ 66,216,620$ 10,506$ 1,118,102$ 14,101$ 1,676,826$
4,854 - - 33,758
- - - 84,576
1,482,588 - - 1,482,588
- - - 31,818
- - - 1,136,834
1,497,948 1,118,102 14,101 4,446,400 - - - 4,396,217
- - - 4,396,217
- - - 32,299
- 7,726,410 738,475 57,393,503
- - - (51,799)
- 7,726,410 738,475 57,374,003
66,216,620$ 1,497,948$
Special Revenue Funds
752,576$ 8,844,512$
CITY OF CHULA VISTA
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
JUNE 30, 2025
171
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Special Revenue Funds
Transportation
Gas Taxes Parking Meter Traffic Safety Storm Drain
Revenues:
License and permits -$ 32,373$ -$ -$
Intergovernmental 15,428,929 - - -
Charges for service 10,749 - - 641,442
Use of money and property 1,686,324 641,293 1,489 177,611 Fines and forfeitures - 287,063 291,852 700
Developer participation - - - -
Miscellaneous - 4,041 - -
Total Revenues (net losses) 17,126,002 964,770 293,341 819,753 Expenditures:
Current:
General government - 988,898 - -
Public safety - - 49,082 -
Community development - - - -
Parks and recreation - - - -
Public works 218,252 - - 271,727
Capital outlay 1,930,925 - - -
Debt service:
Principal retirement 1,040 37,874 - -
Interest and fiscal charges 126 1,450 - -
Total Expenditures 2,150,343 1,028,222 49,082 271,727 Excess (Deficiency) Revenues over Expenditures 14,975,659 (63,452) 244,259 548,026 Other Financing Sources (Uses):
Transfers in - - - -
Transfers out (4,910,004) (623) (244,259) (191,238) Subscription-based IT arrangement 5,540 - - -
Total Other Financing Sources (Uses) (4,904,464) (623) (244,259) (191,238) Net Change in Fund Balance 10,071,195 (64,075) - 356,788 Fund Balances - Beginning, as Previously Reported 25,674,225 1,358,678 (1,685) 3,009,887 Change within Financial Reporting Entity (Nonmajor to Major Fund) - - - - Fund Balances - Beginning as Restated 25,674,225 1,358,678 (1,685) 3,009,887 Fund Balances (Deficit) - Ending 35,745,420$ 1,294,603$ (1,685)$ 3,366,675$ 172
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Revenues:
Taxes
License and permits
Intergovernmental
Charges for service
Use of money and property
Fines and forfeitures
Developer participation
Miscellaneous
Total Revenues (net losses)
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) Revenues over Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Subscription-based IT arrangement
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balances - Beginning, as Previously Reported
Change within Financial Reporting Entity (Nonmajor to Major Fund) Fund Balances - Beginning as Restated
Fund Balances (Deficit) - Ending
(CONTINUED)
Open Space Housing Housing
Town Center I Districts Programs Authority
-$ -$ -$
- - -
- 464,987 -
- - 1,317,238
15,416 - 476,233
- - -
- - -
- 10,317 1,147,587
15,416 475,304 2,941,058
- - -
- - -
- 146,441 2,142,280
- - -
- - -
- - -
- - 30,618
- - 1,368
- 146,441 2,174,266
15,416 328,863 766,792
- - 135,103
- - (114,862)
- - -
- - 20,241
15,416 328,863 787,033
272,582 60,375,054$ 83,923 6,002,373
- (60,375,054) - -
272,582 - 83,923 6,002,373
287,998$ -$ 412,786$ 6,789,406$
Special Revenue Funds
173
Revenues:
License and permits
Intergov
ernmental
Charges for service
Use of money and property
Fines and forfeitures
Developer participation
Miscellaneous
Total Revenues (net losses)
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) Revenues over Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Subscription-based IT arrangement
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balances - Beginning, as Previously Reported
Change within Financial Reporting Entity (Nonmajor to Major Fund) Fund Balances - Beginning as Restated
Fund Balances (Deficit) - Ending
(CONTINUED)
Transportation Public Education Utility Tax
Sales Tax Mobile Park Fee and Govt Fee Settlement *
-$ -$ -$ -$
8,184,944 - - -
- 11,801 - -
5,652 - - 6,116
- - - -
- - - -
- - 336,426 -
8,190,596 11,801 336,426 6,116
- - 368,700 -
- - - -
- 39,992 - -
- - - -
- - - -
8,234,139 - 21,000 -
4,162 - 57,060 -
504 - 1,246 -
8,238,805 39,992 448,006 -
(48,209) (28,191) (111,580) 6,116
- - - -
- - - -
22,165 - - -
22,165 - - -
(26,044) (28,191) (111,580) 6,116
(24,070) 210,616 433,662 108,121
- - - -
(24,070) 210,616 433,662 108,121
(50,114)$ 182,425$ 322,082$ 114,237$ Special Revenue Funds
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
*This fund is not a budgeted fund.
174
Revenues:
License and permits
Intergovernm
ental
Charges for service
Use of money and property
Fines and forfeitures
Developer participation
Miscellaneous
Total Revenues (net losses)
Expenditures:
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) Revenues over Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Subscription-based IT arrangement
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balances - Beginning, as Previously Reported
Change within Financial Reporting Entity (Nonmajor to Major Fund) Fund Balances - Beginning as Restated
Fund Balances (Deficit) - Ending
(CONTINUED)
Total
National Opioid Special Revenue Developer Special Revenue Settlement Endowments Contributions Donations Funds
-$ -$ -$ -$ 32,373$
- - - - 24,078,860
- - - - 1,981,230
68,373 - 642,097 9,739 3,730,343
- - - - 579,615
- - 94,413 - 94,413
359,492 - - 390,893 2,248,756
427,865 - 736,510 400,632 32,745,590
127,126 - 875 130,288 1,615,887
- - - 32,367 81,449
- - 553 21,491 2,350,757
- - - 28,911 28,911
- - - - 489,979
- - 11,917,506 43,857 22,147,427
- - - - 130,754
- - - - 4,694
127,126 - 11,918,934 256,914 26,849,858
300,739 - (11,182,424) 143,718 5,895,732
- - - - 135,103
- - (4,677) - (5,465,663)
- - - - 27,705
- - (4,677) - (5,302,855)
300,739 - (11,187,101) 143,718 592,877
144,546 - 18,913,511 594,757 117,156,180
- - (60,375,054)
144,546 - 18,913,511 594,757 56,781,126
445,285$ -$ 7,726,410$ 738,475$ 57,374,003$ Special Revenue Funds
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
175
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
TRANSPORTATION GAS TAXES
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Intergovernmental 14,645,345$ 15,428,929$ 783,584$ Charges for service 3,296 10,749 7,453
Use of money and property - 993,220 993,220
Total Revenues 14,648,641 16,432,898 1,784,257
Expenditures:
Current:
Public works 284,800 219,420 65,380
Capital outlay 32,968,570 2,647,350 30,321,220
Total Expenditures 33,253,370 2,866,770 30,386,600 Excess (Deficiency) Revenues over Expenditures (18,604,729) 13,566,128 32,170,857 Other Financing Sources (Uses):
Transfers in 2,000 - (2,000)
Transfers out (5,081,146) (4,910,004) 171,142
Total Other Financing Sources (Uses) (5,079,146) (4,910,004) 169,142 Net Change in Fund Balance (23,683,875)$ 8,656,124 32,339,999$ Fund Balances - Beginning 25,333,244
Encumbrances, Prior Year 645,721
Fund Balances - Ending 34,635,089$
176
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
PARKING METER
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Licenses and permits 41,500$ 32,373$ (9,127)$
Use of money and property 605,490 605,490 -
Fines and forfeitures 290,800 287,063 (3,737)
Other revenues - 4,041 4,041
Total Revenues 937,790 928,967 (8,823)
Expenditures:
Current:
General government 1,082,039 1,048,157 33,882
Capital outlay 24,904 2,475 22,429
Total Expenditures 1,106,943 1,050,632 56,311
Excess (Deficiency) Revenues over Expenditures (169,153) (121,665) 47,488 Other Financing Sources (Uses):
Transfers out (1,227) (623) 604
Total Other Financing Sources (Uses) (1,227) (623) 604 Net Change in Fund Balance (170,380)$ (122,288) 48,092$ Fund Balances - Beginning 1,372,127
Encumbrances, Prior Year 5,259
Fund Balances - Ending 1,255,098$
177
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
TRAFFIC SAFETY
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Use of money and property -$ (1,260)$ (1,260)$
Fines and forfeitures 437,640 291,852 (145,788) Total Revenues 437,640 290,592 (147,048)
Expenditures:
Current:
Public safety 49,083 49,082 1
Total Expenditures 49,083 49,082 1
Excess (Deficiency) Revenues over Expenditures 388,557 241,510 (147,047) Other Financing Sources (Uses):
Transfers out (388,557) (244,259) 144,298
Total Other Financing Sources (Uses) (388,557) (244,259) 144,298 Net Change in Fund Balance -$ (2,749) (2,749)$
Fund Balances - Beginning 1,064
Fund Balances - Ending (1,685)$
178
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
STORM DRAIN
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Charges for service 661,384$ 641,442$ (19,942)$
Use of money and property 1,161 100,851 99,690
Fines and forfeitures 5,000 700 (4,300)
Total Revenues 667,545 742,993 75,448
Expenditures:
Current:
Public works 349,261 284,992 64,269
Capital outlay 100,000 - 100,000
Total Expenditures 449,261 284,992 164,269
Excess (Deficiency) Revenues over Expenditures 218,284 458,001 239,717 Other Financing Sources (Uses):
Transfers out (318,284) (191,238) 127,046
Total Other Financing Sources (Uses) (318,284) (191,238) 127,046 Net Change in Fund Balance (100,000)$ 266,763 366,763$ Fund Balances - Beginning 3,048,260
Fund Balances - Ending 3,315,023$
179
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
TOWN CENTER I
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Use of money and property -$ 8,838$ 8,838$
Total Revenues - 8,838 8,838
Expenditures:
Capital outlay 10,120 - 10,120
Total Expenditures 10,120 - 10,120
Net Change in Fund Balance (10,120)$ 8,838 18,958$ Fund Balances - Beginning 275,942
Fund Balances - Ending 284,780$
180
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
HOUSING PROGRAMS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Intergovernmental 100,000$ 464,987$ 364,987$
Other revenues - 10,317 10,317
Total Revenues 100,000 475,304 375,304
Expenditures:
Current:
Community development 355,005 146,517 208,488
Total Expenditures 355,005 146,517 208,488
Excess (Deficiency) Revenues over Expenditures (255,005) 328,787 583,792 Net Change in Fund Balance (255,005)$ 328,787 583,792$ Fund Balances - Beginning 83,922
Fund Balances - Ending 412,709$
181
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
HOUSING AUTHORITY
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Charges for service 2,075,693$ 1,317,238$ (758,455)$ Use of money and property - 328,570 328,570
Other revenues 343,094 1,147,587 804,493
Total Revenues 2,418,787 2,793,395 374,608
Expenditures:
Current:
Community development 7,967,040 7,222,857 744,183 Total Expenditures 7,967,040 7,222,857 744,183
Excess (Deficiency) Revenues over Expenditures (5,548,253) (4,429,462) 1,118,791 Other Financing Sources (Uses):
Transfers in 5,207,276 135,103 (5,072,173)
Transfers out (212,539) (114,862) 97,677
Total Other Financing Sources (Uses) 4,994,737 20,241 (4,974,496) Net Change in Fund Balance (553,516)$ (4,409,221) (3,855,705)$ Fund Balances - Beginning 5,965,516
Encumbrances, Prior Year 111,218
Fund Balances - Ending 1,667,513$
182
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
TRANSPORTATION SALES TAX
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Intergovernmental 6,673,500$ 8,184,944$ 1,511,444$
Use of money and property - 5,652 5,652
Total Revenues 6,673,500 8,190,596 1,517,096
Expenditures:
Current:
Capital outlay 34,279,097 8,795,365 25,483,732
Total Expenditures 34,279,097 8,795,365 25,483,732 Net Change in Fund Balance (27,605,597)$ (604,769) 27,000,828$ Fund Balances - Beginning (232,178)
Encumbrances, Prior Year 208,108
Fund Balances - Ending (628,839)$
183
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
MOBILE PARK FEE
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Charges for service 65,000$ 11,801$ (53,199)$
Total Revenues 65,000 11,801 (53,199)
Expenditures:
Current:
Community development 66,868 42,071 24,797
Total Expenditures 66,868 42,071 24,797
Net Change in Fund Balance (1,868)$ (30,270) (28,402)$ Fund Balances - Beginning 208,748
Encumbrances, Prior Year 1,868
Fund Balances - Ending 180,346$
184
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
PUBLIC EDUCATION AND GOVT FEE
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Other revenues 488,000$ 336,426$ (151,574)$
Total Revenues 488,000 336,426 (151,574)
Expenditures:
Current:
General government 468,000 427,005 40,995
Capital outlay 21,000 21,000 -
Total Expenditures 489,000 448,005 40,995
Net Change in Fund Balance (1,000)$ (111,579) (110,579)$ Fund Balances - Beginning 432,661
Encumbrances, Prior Year 1,000
Fund Balances - Ending 322,082$
185
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
NATIONAL OPIOID SETTLEMENT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Use of money and property -$ 44,824$ 44,824$
Other revenues 1,444,351 359,492 (1,084,859)
Total Revenues 1,444,351 404,316 (1,040,035)
Expenditures:
Current:
General government 1,579,100 301,610 1,277,490
Total Expenditures 1,579,100 301,610 1,277,490
Excess (Deficiency) Revenues over Expenditures (134,749) 102,706 237,455 Net Change in Fund Balance (134,749)$ 102,706 237,455$ Fund Balances - Beginning 150,506
Fund Balances - Ending 253,212$
186
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
SPECIAL REVENUE ENDOWMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Expenditures:
Current:
Community development 64,342$ 46,460$ 17,882$
Total Expenditures 64,342 46,460 17,882
Net Change in Fund Balance (64,342)$ (46,460) 17,882$ Fund Balances - Beginning (64,342)
Encumbrances, Prior Year 64,342
Fund Balances - Ending (46,460)$
187
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
DEVELOPER CONTRIBUTIONS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Developer participation 12,885,504$ 94,413$ (12,791,091)$ Use of money and property 374,460 374,460 -
Total Revenues 13,259,964 468,873 (12,791,091)
Expenditures:
Current:
General government 875 875 -
Community development 868,051 24,120 843,931
Capital outlay 29,267,793 11,917,506 17,350,287
Total Expenditures 30,136,719 11,942,501 18,194,218 Excess (Deficiency) Revenues over Expenditures (16,876,755) (11,473,628) 5,403,127 Other Financing Sources (Uses):
Transfers out (4,677) (4,677) -
Total Other Financing Sources (Uses) (4,677) (4,677) - Net Change in Fund Balance (16,881,432)$ (11,478,305) 5,403,127$ Fund Balances - Beginning (15,390,537)
Error Correction 11,850
Fund Balances - Beginning, as Restated (15,378,687)
Encumbrances, Prior Year 34,455,319
Fund Balances - Ending 7,598,326$
188
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
DONATIONS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Use of money and property 1$ -$ (1)$
Other revenues 616,603 390,893 (225,710)
Total Revenues 616,604 390,893 (225,711)
Expenditures:
Current:
General government 230,798 131,287 99,511
Community development 44,847 21,491 23,356
Public safety 481,817 35,355 446,462
Parks and recreation 188,536 28,919 159,617
Library 103,642 - 103,642
Capital outlay 44,116 43,857 259
Total Expenditures 1,093,756 260,909 832,847
Excess (Deficiency) Revenues over Expenditures (477,152) 129,984 607,136 Net Change in Fund Balance (477,152)$ 129,984 607,136$ Fund Balances - Beginning 556,713
Encumbrances, Prior Year 47,784
Fund Balances - Ending 734,481$
189
Non-Major
Governmental Funds
CAPITAL PROJECTS FUNDS:
Park Acquisition Development - This fund is a depository for fees collected from subdividers for the purpose of providing park and recreational facilities directly benefiting and serving the residents of the regulated subdivisions east and west of the California Interstate Highway 805.
Residential Construction Tax - This fund is a depository for fees levied for the construction, replacement, or conversion of all dwelling units within the City including hotels and motels.
Highway Safety (Unbudgeted)- This fund is a depository for revenues received from State of California per Proposition 1B. Funds must be spent for transportation projects to relieve congestion, improve the movement of goods, improve air quality and security of the transportation system.
Industrial Development Authority (Unbudgeted)- The Industrial Development Authority (IDA) is a conduit-issuer of bonds, formed in February 1982 (Ordinance 1970) by the City of Chula Vista City Council. The IDA enables bonds to be issued with a tax-exempt status but does not pledge City funds to repay the bond issues. The City can issue and sell bonds to provide financial assistance that has a public benefit for the acquisition, construction, and installation of facilities for industrial, commercial, business, or public utility purposes.
Assessment District Improvement - This fund is a depository for monies received from issuance of bonds for various assessment districts.
The monies are
used to finance the construction of public works improvements in the related districts.
Transportation Partnership (Unbudgeted)- This fund is a depository for revenues received from the State of California and Local Transportation Partnership Program. Funds must be spent for street purposes.
Other Transportation Program - This fund is a depository for revenues received from the Federal Highway Safety Improvement Program.
Funds must be spent for street, public highway bridges and other regional surface transportation programs.
Capital Projects Fund - This fund accounts for general purpose capital projects funded primarily from General Fund. Funds are utilized to account for resources used for the acquisition and construction of capital facilities by the City. 190
CITY OF CHULA VISTA
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
JUNE 30, 2025
ASSETS
Cash and investments
Receivables:
Accounts (net of allowance for uncollectibles)
Accrued interest
Deferred loans (net of allowance for uncollectibles)
Due from other governments
Restricted assets:
Cash and investments with fiscal agents
Total Assets
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCE
Liabilities:
Accounts payable
Retentions payable
Due to other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Restricted
Unassigned (Deficit)
Total Fund Balances (Deficit)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
Industrial
Park Acquisition Residential Development
Development Construction Tax Highway Safety * Authority * 59,093,198$ -$ 1,066$ 61$
20,547 - - -
269,750 - 5 -
6,147,780 - - -
- - - -
- - - -
65,531,275$ -$ 1,071$ 61$
25,319$ -$ -$ -$
- - - -
- 1,904,132 - -
25,319 1,904,132 - -
7,418,025 - - -
7,418,025 - - -
58,087,931 - 1,071 61
(1,904,132) - -
58,087,931 (1,904,132) 1,071 61
65,531,275$ -$ 1,071$ 61$
Capital Project Funds
*This fund is not a budgeted fund.
191
ASSETS
Cash and investments
Receivables:
Accounts (net of allowance for uncollectibles)
Accrued interest
Deferred loans (net of allowance for uncollectibles)
Due from other governments
Restricted assets:
Cash and investments with fiscal agents
Total Assets
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCE
Liabilities:
Accounts payable
Retentions payable
Due to other funds
Total Liabilities
Deferred Inflows of Resources:
Unavailable revenues
Total Deferred Inflows of Resources
Fund Balances:
Restricted
Unassigned (Deficit)
Total Fund Balances (Deficit)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
(CONTINUED)
Assessment Other Total
District Transportation Transportation Capital Projects Capital Projects Improvement Partnership * Program Fund Funds
1,230,922$ 118$ -$ 32,489,384$ 92,814,749$ - - - - 20,547
5,613 1 - 143,180 418,549
- - - - 6,147,780
- - 8,144,684 - 8,144,684
- - - 894,456 894,456
1,236,535$ 119$ 8,144,684$ 33,527,020$ 108,440,765$ -$ -$ 1,620,441$ 58,405$ 1,704,165$
- - 387,880 162,614 550,494
- - 6,840,258 - 8,744,390
- - 8,848,579 221,019 10,999,049
- - 5,034,791 - 12,452,816
- - 5,034,791 - 12,452,816
1,236,535 119 - 33,306,001 92,631,718
- - (5,738,686) - (7,642,818)
1,236,535 119 (5,738,686) 33,306,001 84,988,900 1,236,535$ 119$ 8,144,684$ 33,527,020$ 108,440,765$ Capital Project Funds
CITY OF CHULA VISTA
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
JUNE 30, 2025
*This fund is not a budgeted fund.
192
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Revenues:
Taxes
Intergovernmental
Use of money and property
Developer participation
Miscellaneous
Total Revenues (net losses)
Expenditures:
Current:
General government
Community development
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) Revenues over Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Subscription-based IT arrangement
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balances - Beginning, as Previously Reported
Fund Balances (Deficit) - Ending
Industrial
Park Acquisition Residential Development
Development Construction Tax Highway Safety * Authority * -$ 165,375$ -$ -$
- - - -
3,255,044 - 46 3
7,468,806 - - -
- - - -
10,723,850 165,375 46 3
- - - -
21,895 - - -
- - - -
74,628 - - -
- - - -
311,878 - - -
408,401 - - -
10,315,449 165,375 46 3
- - - -
(20,101) (660,397) - -
- - - -
(20,101) (660,397) - -
10,295,348 (495,022) 46 3
47,792,583 (1,409,110) 1,025 58
58,087,931$ (1,904,132)$ 1,071$ 61$
Capital Project Funds
*This fund is not a budgeted fund.
193
Revenues:
Taxes
Intergovernmental
Use of money
and property
Developer participation
Miscellaneous
Total Revenues (net losses)
Expenditures:
Current:
General government
Community development
Public works
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) Revenues over Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Subscription-based IT arrangement
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balances - Beginning, as Previously Reported
Fund Balances (Deficit) - Ending
(CONTINUED)
Assessment Other Total
District Transportation Transportation Capital Projects Capital Projects Improvement Partnership * Program Fund Funds
-$ -$ -$ -$ 165,375$
- - 3,958,909 - 3,958,909
65,694 5 - 1,572,862 4,893,654
- - - - 7,468,806
- - - 1,913,928 1,913,928
65,694 5 3,958,909 3,486,790 18,400,672 380 - - - 380
- - - - 21,895
- - - 3,850,835 3,850,835
- - 9,062,392 11,341,541 20,478,561 - - - 1,040 1,040
- - - 126 312,004
380 - 9,062,392 15,193,542 24,664,715
65,314 5 (5,103,483) (11,706,752) (6,264,043) - - - 15,124,707 15,124,707
(439) - - (26,005) (706,942)
- - - 5,540 5,540
(439) - - 15,104,242 14,423,305
64,875 5 (5,103,483) 3,397,490 8,159,262 1,171,660 114 (635,203) 29,908,511 76,829,638 1,236,535$ 119$ (5,738,686)$ 33,306,001$ 84,988,900$ Capital Project Funds
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
*This fund is not a budgeted fund.
194
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
DEVELOPMENT IMPACT FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Developer participation 17,965,000$ 24,302,630$ 6,337,630$ Charges for service 300,000 256,336 (43,664)
Use of money and property 245,000 3,294,609 3,049,609 Other revenues - 6,477,372 6,477,372
Total Revenues 18,510,000 34,330,947 15,820,947
Expenditures:
Current:
Community development 1,836,648 1,079,288 757,360 Capital outlay 60,460,101 39,589,053 20,871,048
Debt service:
Principal retirement 532,951 473,168 59,783
Interest and fiscal charges 827,110 437,741 389,369 Total Expenditures 63,656,810 41,579,249 22,077,561 Excess (Deficiency) Revenues over Expenditures (45,146,810) (7,248,302) 37,898,508 Other Financing Sources (Uses):
Transfers out (5,254,701) (5,175,047) 79,654
Total Other Financing Sources (Uses) (5,254,701) (5,175,047) 79,654 Net Change in Fund Balance (50,401,511)$ (12,423,349) 37,978,162$ Fund Balances - Beginning 68,068,870
Error Correction 189,856
Fund Balances - Beginning, as Restated 68,258,726
Encumbrances, Prior Year 17,109,683
Fund Balances - Ending 72,945,059$
195
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
PARK ACQUISITION DEVELOPMENT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Developer participation 1,200,000$ 7,468,806$ 6,268,806$ Use of money and property 291,168 1,995,259 1,704,091 Total Revenues 1,491,168 9,464,065 7,972,897
Expenditures:
Current:
Community development 89,290 22,800 66,490
Capital outlay 3,618,445 177,239 3,441,206
Debt service:
Interest and fiscal charges 311,878 311,878 -
Total Expenditures 4,019,613 511,917 3,507,696
Excess (Deficiency) Revenues over Expenditures (2,528,445) 8,952,148 11,480,593 Other Financing Sources (Uses):
Transfers out (31,743) (20,101) 11,642
Total Other Financing Sources (Uses) (31,743) (20,101) 11,642 Net Change in Fund Balance (2,560,188)$ 8,932,047 11,492,235$ Fund Balances - Beginning 48,393,375
Fund Balances - Ending 57,325,422$
196
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
RESIDENTIAL CONSTRUCTION TAX
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Taxes 325,505$ 165,375$ (160,130)$
Total Revenues 325,505 165,375 (160,130)
Excess (Deficiency) Revenues over Expenditures 325,505 165,375 (160,130) Other Financing Sources (Uses):
Transfers out (667,933) (660,397) 7,536
Total Other Financing Sources (Uses) (667,933) (660,397) 7,536 Net Change in Fund Balance (342,428)$ (495,022) (152,594)$ Fund Balances - Beginning (1,409,110)
Fund Balances - Ending (1,904,132)$
197
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
ASSESSMENT DISTRICT IMPROVEMENT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Use of money and property 819$ 37,661$ 36,842$
Total Revenues 819 37,661 36,842
Expenditures:
Current:
General government 380 380 -
Total Expenditures 380 380 -
Excess (Deficiency) Revenues over Expenditures 439 37,281 36,842 Other Financing Sources (Uses):
Transfers out (439) (439) -
Total Other Financing Sources (Uses) (439) (439) -
Net Change in Fund Balance -$ 36,842 36,842$
Fund Balances - Beginning 1,185,978
Fund Balances - Ending 1,222,820$
198
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
OTHER TRANSPORTATION PROGRAM
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Intergovernmental 34,967,767$ 3,958,909$ (31,008,858)$ Total Revenues 34,967,767 3,958,909 (31,008,858)
Expenditures:
Capital outlay 51,215,294 36,268,863 14,946,431
Total Expenditures 51,215,294 36,268,863 14,946,431 Excess (Deficiency) Revenues over Expenditures (16,247,527) (32,309,954) (16,062,427) Net Change in Fund Balance (16,247,527)$ (32,309,954) (16,062,427)$ Fund Balances - Beginning (889,781)
Encumbrances, Prior Year 254,578
Fund Balances - Ending (32,945,157)$
199
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
CAPITAL PROJECTS FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Use of money and property -$ 1,204,332$ 1,204,332$
Other revenues 4,113,844 1,913,928 (2,199,916)
Total Revenues 4,113,844 3,118,260 (995,584)
Expenditures:
Current:
Public works 4,411,424 3,971,371 440,054
Capital outlay 53,883,192 19,953,777 33,929,415
Total Expenditures 58,294,616 23,925,147 34,369,469 Excess (Deficiency) Revenues over Expenditures (54,180,772) (20,806,887) 33,373,885 Other Financing Sources (Uses):
Transfers in 14,259,383 15,124,707 865,324
Transfers out (26,434) (26,005) 429
Total Other Financing Sources (Uses) 14,232,949 15,098,702 865,753 Net Change in Fund Balance (39,947,823)$ (5,708,185) 34,239,638$ Fund Balances - Beginning 28,620,414
Encumbrances, Prior Year 1,306,844
Fund Balances - Ending 24,219,073$
200
Non-Major
Governmental Funds
DEBT SERVICE FUNDS:
Public Financing Authority Debt Service Fund – This fund is used to account for financing the acquisition of bonds, notes and other obligations of, or for the purpose of making loans to the City and / or to refinance outstanding obligations of the City.
Municipal Financing Authority Debt Service Fund – This fund is used to account for the financing or refinancing activities for the acquisition, construction, and improvement of public capital improvements.
City Debt Service - This fund accounts for the activities of the City’s bonds, notes, and financed purchases.
Notes Payable - This fund accounts for principal and interest payments on various notes payable.
Lease Payable - This fund accounts for the lease purchase of energy conservation equipment. 201
CITY OF CHULA VISTA
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
JUNE 30, 2025
ASSETS
Cash and investments
Receivables:
Prepaid costs
Restricted assets:
Cash and investments with fiscal agents
Total Assets
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCE
Liabilities:
Accrued liabilities
Total Liabilities
Fund Balances:
Nonspendable
Restricted
Unassigned (Deficit)
Total Fund Balances (Deficit)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
Public Municipal
Financing Financing City Debt
Authority Authority Service Notes Payable
31$ -$ 631$ -$
- - 411,134 -
5,260,475 3,118 5,331 -
5,260,506$ 3,118$ 417,096$ -$
-$ $ 66,538 -$ -$
- 66,538 - -
- - 411,134 -
5,260,506 - 5,962 -
- (63,420) - -
5,260,506 (63,420) 417,096 -
417,096$ 3,118$ -$ 5,260,506$
Debt Service Funds
202
ASSETS
Cash and investments
Receivables:
Pre
paid costs
Restricted assets:
Cash and investments with fiscal agents
Total Assets
LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCE
Liabilities:
Accrued liabilities
Total Liabilities
Fund Balances:
Nonspendable
Restricted
Unassigned (Deficit)
Total Fund Balances (Deficit)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
(CONTINUED)
Total
Debt Service
Lease Payable Funds
9$ 671$
- 411,134
- 5,268,924
9$ 5,680,729$
-$ $ 66,538
- 66,538
- 411,134
9 5,266,477
- (63,420)
9 5,614,191
5,680,729$ 9$
Debt Service Funds
CITY OF CHULA VISTA
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
JUNE 30, 2025
203
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Revenues:
Use of money and property
Miscellaneous
Total Revenues (net losses)
Expenditures:
Current:
General government
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) Revenues over Expenditures
Other Financing Sources (Uses):
Transfers in
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balances - Beginning, as Previously Reported
Fund Balances (Deficit) - Ending
Public Municipal
Financing Financing City Debt
Authority Authority Service Notes Payable
126,043$ 4,037$ 5,526$ -$
- 244,375 - -
126,043 248,412 5,526 -
15,370 13,312 3,909 -
4,660,001 8,345,000 8,442,204 865,288 2,158,319 2,088,415 7,001,786 126,346 6,833,690 10,446,727 15,447,899 991,634 (6,707,647) (10,198,315) (15,442,373) (991,634) 6,702,601 10,127,483 15,420,104 951,507 6,702,601 10,127,483 15,420,104 951,507 (5,046) (70,832) (22,269) (40,127)
5,265,552 7,412 439,365 40,127
5,260,506$ (63,420)$ 417,096$ -$
Debt Service Funds
204
Revenues:
Use of money and property
Miscell
aneous
Total Revenues (net losses)
Expenditures:
Current:
General government
Debt service:
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) Revenues over Expenditures
Other Financing Sources (Uses):
Transfers in
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balances - Beginning, as Previously Reported
Fund Balances (Deficit) - Ending
(CONTINUED)
Total
Debt Service
Lease Payable Funds
-$ 135,606$
1,447 245,822
1,447 381,428
- 32,591
99,764 22,412,257
1,975 11,376,841
101,739 33,821,689
(100,292) (33,440,261)
100,289 33,301,984
100,289 33,301,984
(3) (138,277)
12 5,752,468
9$ 5,614,191$
Debt Service Funds
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
205
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
PUBLIC FINANCING AUTHORITY
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Use of money and property -$ 126,231$ 126,231$
Total Revenues - 126,231 126,231
Expenditures:
Current:
General government 17,001 15,370 1,631
Debt service:
Principal retirement 4,660,002 4,660,001 1
Interest and fiscal charges 2,158,323 2,158,319 4 Total Expenditures 6,835,326 6,833,690 1,636
Excess (Deficiency) Revenues over Expenditures (6,835,326) (6,707,459) 127,867 Other Financing Sources (Uses):
Transfers in 6,835,326 6,702,601 (132,725)
Total Other Financing Sources (Uses) 6,835,326 6,702,601 (132,725) Net Change in Fund Balance -$ (4,858) (4,858)$
Fund Balances - Beginning 5,265,362
Fund Balances - Ending 5,260,504$
206
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
MUNICIPAL FINANCING AUTHORITY
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Use of money and property -$ 4,098$ 4,098$
Other revenues 241,000 244,375 3,375
Total Revenues 241,000 248,473 7,473
Expenditures:
Current:
General government 19,745 13,313 6,432
Debt service:
Principal retirement 8,345,000 8,345,000 -
Interest and fiscal charges 2,021,880 2,021,878 2 Total Expenditures 10,386,625 10,380,191 6,434
Excess (Deficiency) Revenues over Expenditures (10,145,625) (10,131,718) 13,907 Other Financing Sources (Uses):
Transfers in 10,145,625 10,127,483 (18,142)
Total Other Financing Sources (Uses) 10,145,625 10,127,483 (18,142) Net Change in Fund Balance -$ (4,235) (4,235)$
Fund Balances - Beginning 7,313
Fund Balances - Ending 3,078$
207
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
CITY DEBT SERVICE
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Use of money and property -$ 7,461$ 7,461$
Total Revenues - 7,461 7,461
Expenditures:
Current:
General government 6,413 3,909 2,504
Debt service:
Principal retirement 8,442,204 8,442,204 -
Interest and fiscal charges 7,001,786 7,001,786 - Total Expenditures 15,450,403 15,447,899 2,504
Excess (Deficiency) Revenues over Expenditures (15,450,403) (15,440,438) 9,965 Other Financing Sources (Uses):
Transfers in 15,450,410 15,420,104 (30,306)
Total Other Financing Sources (Uses) 15,450,410 15,420,104 (30,306) Net Change in Fund Balance 7$ (20,334) (20,341)$
Fund Balances - Beginning 436,089
Fund Balances - Ending 415,755$
208
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
NOTES PAYABLE
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Expenditures:
Debt service:
Principal retirement 865,290$ 865,288$ 2$
Interest and fiscal charges 126,347 126,346 1
Total Expenditures 991,637 991,634 3
Excess (Deficiency) Revenues over Expenditures (991,637) (991,634) 3 Other Financing Sources (Uses):
Transfers in 991,637 991,634 (3)
Total Other Financing Sources (Uses) 951,510 951,507 (3) Net Change in Fund Balance (40,127)$ (40,127) -$
Fund Balances - Beginning 40,127
Fund Balances - Ending -$
209
CITY OF CHULA VISTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
LEASE PAYABLE
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Actual on a Positive
Final Budget Budgetary Basis (Negative)
Revenues:
Other revenues 1,300$ 1,447$ 147$
Total Revenues 1,300 1,447 147
Expenditures:
Debt service:
Principal retirement 99,765 99,764 1
Interest and fiscal charges 1,976 1,975 1
Total Expenditures 101,741 101,739 2
Excess (Deficiency) Revenues over Expenditures (100,441) (100,292) 149 Other Financing Sources (Uses):
Transfers in 100,441 100,289 (152)
Total Other Financing Sources (Uses) 100,441 100,289 (152) Net Change in Fund Balance -$ (3) (3)$
Fund Balances - Beginning 12
Fund Balances - Ending 9$
210
211
212
CITY OF CHULA VISTA
COMBINING STATEMENT OF NET POSITION
NON-MAJOR PROPRIETARY FUNDS
JUNE 30, 2025
Bayfront Trolley
Station Transit Fund
Chula Vista
Muni Golf Course
Living Coast
Discovery Center Totals
ASSETS
Current Assets:
Cash and investments 99,418$ 200,550$ 1,221,258$ 25,867$ 1,547,093$ Receivables:
Accounts (net of allowance for uncollectibles) - - 28,213 - 28,213 Accrued interest 802 1,617 - 130 2,549
Prepaid costs - - 1,215 - 1,215
Inventories - - 64,231 - 64,231
Total Current Assets 100,220 202,167 1,314,917 25,997 1,643,301 Capital assets:
Land - - 598,659 - 598,659
Construction in progress - - 19,565 - 19,565
Buildings and structures - - 132,286 - 132,286
Improvements other than buildings - - 834,358 - 834,358 Machinery and equipment - 42,304 440,829 - 483,133
Less accumulated depreciation/amortization - (42,304) (954,936) - (997,240) Total Noncurrent Assets - - 1,070,761 - 1,070,761 Total Assets 100,220 202,167 2,385,678 25,997 2,714,062
LIABILITIES
Current Liabilities:
Accounts payable - - 158,439 25,997 184,436
Accrued liabilities - - 47,343 - 47,343
Total Current Liabilities - - 205,782 25,997 231,779 Noncurrent Liabilities:
Compensated absences - - 23,968 - 23,968
Total Noncurrent Liabilities - - 23,968 - 23,968 Total Liabilities - - 229,750 25,997 255,747
NET POSITION (DEFICIT)
Net investment in capital assets - - 1,070,761 - 1,070,761 Unrestricted 100,220 202,167 1,085,167 - 1,387,554 Total Net Position (Deficit) 100,220$ 202,167$ 2,155,928$ -$ 2,458,315$ Business-Type Activities - Enteprise Funds
213
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
NON-MAJOR PROPRIETARY FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
Bayfront Trolley
Station Transit Fund
Chula Vista
Muni Golf
Course
Transport
Enterprise
OPERATING REVENUES
Sales and service charges -$ -$ 3,718,123$
Other - - 184,268
Total Operating Revenues - - 3,902,391
OPERATING EXPENSES
Administration and general - - 3,659,636
Depreciation/amortization expense - - 71,131
Total Operating Expenses - - 3,730,767
Operating Income (Loss) - - 171,624
NONOPERATING REVENUES (EXPENSES)
Investment earnings (loss) 5,543 11,180 -
Total Nonoperating Revenues (Expenses): 5,543 11,180 - Income (Loss) Before Transfers 5,543 11,180 171,624 Transfers in - - 178,717
Change in Net Position 5,543 11,180 350,341
NET POSITION (DEFICIT) - Beginning as previously reported 94,677 190,987 1,805,587 17,703,570$ Change within financial reporting entity (nonmajor to major fund) - - - (17,703,570) Net Position - Beginning, as adjusted 94,677 190,987 1,805,587 - NET POSITION (DEFICIT) - ENDING 100,220$ 202,167$ 2,155,928$ Business -Type Activities - Enterprise Funds
214
OPERATING REVENUES
Sales and service charges
Other
Total Operating Revenues
OPERATING EXPENSES
Administration and general
Depreciation/amortization expense
Total Operating Expenses
Operating Income (Loss)
NONOPERATING REVENUES (EXPENSES)
Investment earnings (loss)
Total Nonoperating Revenues (Expenses):
Income (Loss) Before Transfers
Transfers in
Change in Net Position
NET POSITION (DEFICIT) - Beginning as previously reported Change within financial reporting entity (Nonmajor to Major Fund) Net Position - Beginning, as adjusted
NET POSITION (DEFICIT) - ENDING
Living Coast
Discovery
Center Totals
-$ 3,718,123$
- 184,268
- 3,902,391
155,525 3,815,161
- 71,131
155,525 3,886,292
(155,525) 16,099
541 17,264
541 17,264
(154,984) 33,363
154,984 333,701
- 367,064
- 19,794,821
- (17,703,570)
- 2,091,251
-$ 2,458,315$
Business -Type Activities -
Enterprise Funds
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
NON-MAJOR PROPRIETARY FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
215
CITY OF CHULA VISTA
COMBINING STATEMENT OF CASH FLOWS
NON-MAJOR PROPRIETARY FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
Bayfront
Trolley Station Transit Fund
Chula Vista
Muni Golf
Course
Living Coast
Discovery
Center Totals
CASH FLOWS FROM OPERATING ACTIVITES
Cash received from customers and users -$ -$ 3,904,439$ -$ 3,904,439$ Cash paid to suppliers for goods and services - - (2,244,093) (146,682) (2,390,775) Cash paid to employees for services - - (1,472,293) - (1,472,293) Net Cash Provided by (Used for)
Operating Activities - - 188,053 (146,682) 41,371
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Cash transfers in - - 178,717 154,984 333,701
Net Cash Provided by (Used for)
Non-Capital Financing Activities - - 178,717 154,984 333,701
CASH FLOWS FROM CAPITAL
AND RELATED FINANCING ACTIVITIES
Acquisition and construction of capital assets - - (293,548) - (293,548) Net Cash Provided by (Used for)
Capital and Related Financing Activities - - (293,548) - (293,548)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment earnings (loss) 5,424 10,940 - 411 16,775 Net Cash Provided by
Investing Activities 5,424 10,940 - 411 16,775 Net Increase (Decrease)
5,424 10,940 73,222 8,713 98,299
93,994 189,610 1,148,036 17,154 1,448,794
99,418$ 200,550$ 1,221,258$ 25,867$ 1,547,093$ 99,418$ 200,550$ 1,221,258$ 25,867$ 1,547,093$ in Cash and Cash Equivalents
Cash and Cash Equivalents - July 1
Cash and Cash Equivalents - June 30
Reconciliation of Cash and Cash Equivalents to the Amounts Reported on the Statement of Net Position
Cash and investments
Total Cash and Cash Equivalents reported
on the Statement of Net Position 99,418$ 200,550$ 1,221,258$ 25,867$ 1,547,093$ Business-Type Activities - Enterprise Funds
216
Bayfront
Trolley Station Transit Fund
Chula Vista
Muni Golf
Course
Living Coast
Discovery
Center Totals
Business-Type Activities - Enterprise Funds
Reconciliation of Operating Income (Loss) to
Net Cash Provided by (Used for) Operating Activities:
Operating income (loss) -$ -$ 171,624$ (155,525)$ 16,099$ Adjustments to Reconcile Operating Income (loss)
to Net Cash Provided by (Used for) Operating Activities:
Depreciation/Amortization - - 71,131 - 71,131
(Increase) decrease in accounts receivable - - 2,048 - 2,048 (Increase) decrease in prepaid costs and inventories - - 3,754 - 3,754 Increase (decrease) in accounts payable - - (36,948) 8,843 (28,105) Increase (decrease) in accrued liabilities - - (24,399) - (24,399) Increase (decrease) in compensated absences - - 843 - 843 Total Adjustments - - 16,429 8,843 25,272
Net Cash Provided by (Used for)
Operating Activities -$ -$ 188,053$ (146,682)$ 41,371$
CITY OF CHULA VISTA
COMBINING STATEMENT OF CASH FLOWS
NON-MAJOR PROPRIETARY FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
217
218
CITY OF CHULA VISTA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2025
Fleet
Management
Technology
Replacement
Workers
Compensation Totals
ASSETS
Current Assets:
Cash and investments 5,733,071$ 2,650$ 8,278,614$ 14,014,335$ Cash with fiscal agent 32 - - 32
Receivables:
Accounts (net of allowance for uncollectibles) 73,690 - - 73,690 Accrued interest 25,802 - - 25,802
Prepaid costs 2,450 - - 2,450
Total Current Assets 5,835,045 2,650 8,278,614 14,116,309 Capital assets:
Machinery and equipment 3,724,091 - - 3,724,091
Less accumulated depreciation/amortization (3,252,137) - - (3,252,137) Total Noncurrent Assets 471,954 - - 471,954
Total Assets 6,306,999 2,650 8,278,614 14,588,263
DEFERRED OUTFLOWS OF RESOURCES
Pension deferred outflows 391,382 - - 391,382
OPEB deferred outflows 7,895 - - 7,895
Total Deferred Outflows of Resources 399,277 - - 399,277
LIABILITIES
Current Liabilities:
Accounts payable 362,078 - 45,578 407,656
Accrued liabilities 113,153 - - 113,153
Accrued interest payable 3,271 - - 3,271
Compensated absences 65,698 - - 65,698
Total OPEB liability 6,446 - - 6,446
Bonds, notes, subscriptions, and financed purchases 51,737 - - 51,737 Total Current Liabilities 602,383 - 45,578 647,961
Noncurrent Liabilities:
Compensated absences 21,814 - - 21,814
Net pension liability 384,318 - - 384,318
Total OPEB liability 103,764 - - 103,764
Bonds, notes, subscriptions, and financed purchases 1,676,485 - - 1,676,485 Total Noncurrent Liabilities 2,186,381 - - 2,186,381 Total Liabilities 2,788,764 - 45,578 2,834,342
DEFERRED INFLOWS OF RESOURCES
OPEB deferred inflows 21,990 - - 21,990
Total Deferred Inflows of Resources 21,990 - - 21,990
NET POSITION (DEFICIT)
Net investment in capital assets 471,954 - - 471,954
Unrestricted 3,423,568 2,650 8,233,036 11,659,254
Total Net Position (Deficit): 3,895,522$ 2,650$ 8,233,036$ 12,131,208$ Governmental Activities - Internal Service Funds
219
220
CITY OF CHULA VISTA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
Fleet
Management
Technology
Replacement
Workers
Compensation Totals
OPERATING REVENUES
Sales and service charges 115,413$ -$ -$ 115,413$ Interdepartmental charges 5,535,372 - 5,224,204 10,759,576 Other 375,143 - 110,558 485,701
Total Operating Revenues 6,025,928 - 5,334,762 11,360,690
OPERATING EXPENSES
Administration and general 5,835,117 - 5,499,464 11,334,581 Depreciation/amortization expense 230,203 - - 230,203 Total Operating Expenses 6,065,320 - 5,499,464 11,564,784 Operating Income (Loss) (39,392) - (164,702) (204,094)
NONOPERATING REVENUES (EXPENSES)
Investment earnings (loss) 162,202 - - 162,202
Interest expense (41,705) - - (41,705)
Gain on disposal of capital assets 103,603 - - 103,603 Total Nonoperating Revenues (Expenses) 224,100 - - 224,100 Income (Loss) Before Transfers 184,708 - (164,702) 20,006 Transfers in 820,518 - - 820,518
Transfers out (83,994) - - (83,994)
Change in Net Position 921,232 - (164,702) 756,530 NET POSITION (DEFICIT) - Beginning 2,974,290 2,650 8,397,738 11,374,678 NET POSITION (DEFICIT) - ENDING 3,895,522$ 2,650$ 8,233,036$ 12,131,208$ Governmental Activities - Internal Service Funds
221
CITY OF CHULA VISTA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
Fleet
Management
Technology
Replacement
Workers
Compensation Totals
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers and users 604,850$ -$ -$ 604,850$ Cash received from interfund service provided 5,535,372 - 5,334,762 10,870,134 Cash paid to suppliers for goods and services (4,315,429) - (3,983,620) (8,299,049) Cash paid to employees for services (1,326,175) - (1,514,310) (2,840,485) Net Cash Provided by (Used for)
Operating Activities 498,618 - (163,168) 335,450
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Cash transfers in 820,518 - - 820,518
Cash transfers out (83,994) - - (83,994)
Principal payments on pension bonds (50,317) - - (50,317) Interest paid on pension bonds (41,731) - - (41,731) Net Cash Provided by
Non-Capital Financing Activities 644,476 - - 644,476
CASH FLOWS FROM CAPITAL
AND RELATED FINANCING ACTIVITIES
Proceeds from sales of capital assets 103,603 - - 103,603 Acquisition and construction of capital assets (59,124) - - (59,124) Net Cash Provided by
Capital and Related Financing Activities 44,479 - - 44,479
CASH FLOWS FROM INVESTING ACTIVITIES
Investment earnings (loss) 149,622 - - 149,622
Net Cash Provided by
Investing Activities 149,622 - - 149,622
Net Increase/(Decrease) in Cash and Cash Equivalents 1,337,195 - (163,168) 1,174,027 Cash and Cash Equivalents - July 1 4,395,908 2,650 8,441,782 12,840,340 Cash and Cash Equivalents - June 30 5,733,103$ 2,650$ 8,278,614$ 14,014,367$ Reconciliation of Cash and Cash Equivalents to the
Amounts Reported on the Statement of Net Position
Cash and investments 5,733,071$ 2,650$ 8,278,614$ 14,014,335$ Cash with fiscal agent 32 - - 32
Total Cash and Cash Equivalents reported
on the Statement of Net Position 5,733,103$ 2,650$ 8,278,614$ 14,014,367$ Governmental Activities - Internal Service Funds
222
CITY OF CHULA VISTA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR FISCAL YEAR ENDED JUNE 30, 2025
Fleet
Management
Technology
Replacement
Workers
Compensation Totals
Governmental Activities - Internal Service Funds
Reconciliation of Operating Income (Loss) to Net
Cash Provided by Operating Activities:
Operating income (loss) (39,392)$ -$ (164,702)$ (204,094)$ Adjustments to Reconcile Operating Income (loss)
to Net Cash Provided by Operating Activities:
Depreciation/Amortization 230,203 - - 230,203
(Increase) decrease in accounts receivable 114,294 - - 114,294 (Increase) decrease in prepaid costs and inventories 123 - - 123 (Increase) decrease in deferred outflows from pensions 724,060 - - 724,060 (Increase) decrease in deferred outflows from OPEB 9,768 - - 9,768 Increase (decrease) in accounts payable (7,957) - 1,534 (6,423) Increase (decrease) in unearned revenue - - - -
Increase (decrease) in accrued liabilities 11,656 - - 11,656 Increase (decrease) in compensated absences 6,548 - - 6,548 Increase (decrease) in net pension liability (497,681) - - (497,681) Increase (decrease) in total OPEB liability (2,253) - - (2,253) Increase (decrease) in deferred inflows from pensions (45,660) - - (45,660) Increase (decrease) in deferred inflows from OPEB (5,091) - - (5,091) Total Adjustments 538,010 - 1,534 539,544
Net Cash Provided by (Used for)
Operating Activities 498,618$ -$ (163,168)$ 335,450$ 223
224
CITY OF CHULA VISTA
COMBINING STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS
JUNE 30, 2025
Special
Assessment
Districts
Bayfront Special
Tax District
CV Bayfront
Facilities
Financing
Authority Total
ASSETS
Cash and cash equivalents 8,266,958$ 106,861$ -$ 8,373,819$ Cash and cash equivalents held with fiscal agents 26,524,013 - 67,456,218 93,980,231 Receivables:
Accounts 49,571 - 570,692 620,263
Taxes - 388,192 - 388,192
Accrued interest 39,519 245 - 39,764
Total Assets 34,880,061 495,298 68,026,910 103,402,269
LIABILITIES
Current liabilities:
Accounts payable - - 591,297 591,297
Accrued interest 1,416,816 193,036 - 1,609,852
Due to bond holders 9,429,940 - - 9,429,940
Total Current Liabilities 10,846,756 193,036 591,297 11,631,089 Total Liabilities 10,846,756 193,036 591,297 11,631,089 NET POSITION (DEFICIT):
Restricted:
Individuals, organizations, and other governments 24,033,305 302,262 67,435,613 91,771,180 Total Net Position (Deficit) 24,033,305$ 302,262$ 67,435,613$ 91,771,180$ 225
CITY OF CHULA VISTA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Special
Assessment
Districts
Bayfront Special
Tax District
CV Bayfront
Facilities
Financing
Authority Total
ADDITIONS
Investment Earnings:
Net decrease in fair value of investments (13,880)$ 2,160$ 50,541$ 38,821$ Interest, dividends, and other 1,136,497 6,896 1,602,223 2,745,616 Total Investment Earnings 1,122,617 9,056 1,652,764 2,784,437 Bond proceeds - - 55,535,005 55,535,005
Contributions from other governments - - 6,846,742 6,846,742 Special assessments 11,455,547 851,265 - 12,306,812 Special tax district contribution - - 487,895 487,895
Total Additions 12,578,164 860,321 64,522,406 77,960,891
DEDUCTIONS
Administrative expenses 6,693 - - 6,693
Contractual services 258,740 2,857 9,085,371 9,346,968
Debt service and fiscal agent charges 12,398,815 775,952 25,758,545 38,933,312 Total Deductions 12,664,248 778,809 34,843,916 48,286,973 Net Increase in Fiduciary Net Position (86,084) 81,512 29,678,490 29,673,918 NET POSITION (DEFICIT) - Beginning 24,119,389 220,750 37,757,123 62,097,262 NET POSITION (DEFICIT) - ENDING 24,033,305$ 302,262$ 67,435,613$ 91,771,180$ 226
Page No.
Financial Trends
These schedules contain 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 factors affecting the city's ability to generate its property and sales taxes.
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 and to help make comparisons over time and with other governments.
Operating Information
These schedules contain information about the city's operations and resources to help the reader understand how the city's financial information relates to the services the city provides and the activities it performs.
CITY OF CHULA VISTA
Statistical Section
June 30
Table of Contents
This part of the City of Chula Vista's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health. 228-235
236-239
240-246
247-249
250-251
227
2016 2017 2018 2019 2020
CITY OF CHULA VISTA
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year
Governmental activities:
Net investment in capital assets 672,940,012$ 1,031,902,782$ 963,595,553$ 997,561,287$ 1,048,711,594$ Restricted 125,439,323 128,114,370 143,958,910 167,223,184 181,367,432 Unrestricted (222,570,459) (222,843,737) (139,744,867) (139,394,302) (135,426,227) Total governmental activities net position 575,808,876 937,173,415 967,809,596 1,025,390,169 1,094,652,799 Business-type activities:
Net investment in capital assets 135,989,851 331,199,513 327,687,650 322,072,495 317,722,714 Restricted 2,803,451 2,593,403 - - - Unrestricted 67,970,476 72,366,978 78,539,054 90,839,632 102,067,475 Total business-type activities net position 206,763,778 406,159,894 406,226,704 412,912,127 419,790,189 Primary government:
Net investment in capital assets 808,929,863 1,363,102,295 1,291,283,203 1,319,633,782 1,366,434,308 Restricted 128,242,774 130,707,773 143,958,910 167,223,184 181,367,432 Unrestricted (154,599,983) (150,476,759) (61,205,813) (48,554,670) (33,358,752) Total primary government net position 782,572,654$ 1,343,333,309$ 1,374,036,300 $ 1,438,302,296 $ 1,514,442,988 $ 228
2021 2022 2023 2024 2025
1,092,307,720$ 1,139,225,615$ 1,228,680,322$ 1,278,956,534$ 1,374,270,978$ 196,782,954 230,821,470 287,363,139 345,239,190 375,167,645 (123,311,317) (109,552,312) (120,215,065) (88,511,320) (105,740,344) 1,165,779,357 1,260,494,773 1,395,828,396 1,535,684,404 1,643,698,279 317,133,368 324,179,036 325,567,886 332,386,152 349,818,618 565,547 - - - -
107,279,738 136,075,366 152,394,676 162,993,067 158,625,653 424,978,653 460,254,402 477,962,562 495,379,219 508,444,271 1,409,441,088 1,463,404,651 1,554,248,208 1,611,342,686 1,724,089,596 197,348,501 230,821,470 287,363,139 345,239,190 375,167,645 (16,031,579) 26,523,054 32,179,611 74,481,747 52,885,309 1,590,758,010$ 1,720,749,175 $ 1,873,790,958 $ 2,031,063,623 $ 2,152,142,550 $ 229
CITY OF CHULA VISTA
Changes in Net Position
Last Ten Fiscal Years
Fiscal Year 2016 2017 2018 2019 2020
Expenses:
Governmental activities:
General government 25,564,824$ 35,375,230$ 29,311,449$ 27,922,521$ 33,033,582$ Public safety 87,749,418 94,716,683 106,802,130 111,269,341 125,991,666 Community development 1,974,046 1,552,750 18,617,269 11,153,109 11,768,626 Community services 5,632 14,990 - - -
Public works 67,910,401 68,885,918 72,192,449 57,563,725 69,016,706 Parks and recreation 6,834,240 6,875,635 9,553,392 14,633,191 16,592,077 Library 3,997,677 5,018,878 1,542,733 1,007,869 1,107,068 Interest on long-term debt 6,073,434 4,673,047 7,718,906 6,740,877 6,027,344 Total governmental activities expenses 200,109,672 217,113,131 245,738,328 230,290,633 263,537,069 Business-type activities:
Transit 86,512 39,594 13,008 160,797 13,923 Bayfront trolley station - - 27 - -
Transport enterprise - - - - -
Sewer fund 25,234,891 32,179,875 34,857,066 36,815,795 38,523,661 Sewer development impact fees 1,146,838 8,305 34,547 495,865 510,789 Development services fund 5,741,600 6,655,654 10,683,709 10,755,535 9,644,465 Chula Vista Mini Golf Course - 27,092 - - - CV Elite Athlete Training Center - 449,028 676,260 595,579 691,256 Living Coast Discovery Center - - - - 95,405
Total business-type activities expenses 32,209,841 39,359,548 46,264,617 48,823,571 49,479,499 Total primary government expenses 232,319,513 256,472,679 292,002,945 279,114,204 313,016,568 Program revenues:
Governmental activities:
Charges for services:
General government 6,468,756 12,317,921 8,562,792 5,004,895 1,194,045 Public safety 11,764,603 11,997,221 178,674 5,865,227 8,154,003 Community development 730,197 771,603 17,920,527 4,701,195 46,290,223 Public works 24,218,733 32,598,199 23,487,119 23,562,841 24,140,150 Parks and recreation 10,683,649 8,221,019 1,490,236 2,134,964 2,066,000 Library 1,943,416 1,575,837 872,352 877,744 653,790 Operating contributions and grants 22,416,276 22,751,556 21,246,015 20,686,617 16,656,454 Capital contributions and grants 7,143,130 5,619,731 33,859,885 27,052,711 25,449,043 Total governmental activities
program revenues 85,368,760 95,853,087 107,617,600 89,886,194 124,603,708 Business-type activities:
Charges for services:
Sewer fund 35,775,374 36,289,930 37,870,947 44,213,351 44,740,438 Sewer DIFs 239,143 111,907 1,201,669 1,265,579 834,494 Development services fund 6,546,936 7,291,037 10,596,287 9,317,298 9,269,133 Chula Vista Muni Golf Course - - - - -
Transport Enterprise - - - - -
Operating grants and contributions 306,884 - 104,899 163,380 33,893 Capital grants and contributions - - - - - Total business-type activities
program revenues 42,868,337
43,692,874 49,773,802 54,959,608 54,877,958
Total primary government
program revenues 128,237,097
139,545,961 157,391,402 144,845,802 179,481,666
Net revenues (expenses):
Governmental activities (114,740,912) (121,260,044) (138,120,728) (140,404,439) (138,933,361) Business-type activities 10,658,496 4,333,326 3,509,185 6,136,037 5,398,459 Total net revenues (expenses) (104,082,416) (116,926,718) (134,611,543) (134,268,402) (133,534,902) General revenues and other changes in net assets:
Governmental activities:
Taxes:
Property taxes 50,136,856 53,248,196 56,512,850 59,841,972 62,905,983 Sales tax 33,317,380 36,469,033 57,541,043 73,187,780 78,964,672 Other taxes 24,463,262 24,101,777 32,496,156 35,204,174 35,247,893 Investment income 6,233,144 2,954,403 5,652,663 12,243,685 14,062,136 Other general revenues 1,034,027 8,970 - - - Miscellaneous 336,661 1,677,271 12,675,502 13,963,434 13,897,888 Gain (loss) on sale of capital asset - - - 102,283 - Special Item - - - - -
Transfers 2,799,555 4,180,778 4,170,702 4,339,276 4,352,954 Total governmental activities 118,320,885 122,640,428 169,048,916 198,882,604 209,431,526 Business-type activities:
Investment income 1,357,938 322,527 1,155,739 4,575,679 5,450,627 Miscellaneous 524,616 198,847,750 414,696 252,213 380,617 Gain (loss) on sale of capital asset - 115,703 - 60,770 1,313 Transfers (2,799,555) (4,180,778) (4,170,702) (4,339,276) (4,352,954) Total business-type activities (917,001) 195,105,202 (2,600,267) 549,386 1,479,603 Total primary government 117,403,884 317,745,630 166,448,649 199,431,990 210,911,129 Changes in net position
Governmental activities 3,579,973 1,380,384 30,928,188 58,478,165 70,498,165 Business-type activities 9,741,495 199,438,528 908,918 6,685,423 6,878,062 Total primary government 13,321,468$ 200,818,912$ 31,837,106$ 65,163,588$ 77,376,227$ 230
2021 2022 2023 2024 2025
18,121,564$ 57,993,429$ 43,199,147$ 46,486,124$ 58,992,551$ 131,262,122 111,173,472 130,847,798 154,452,619 164,905,850 8,555,836 45,701,258 25,674,814 46,748,103 10,788,759 - - - - -
68,218,192 58,402,021 81,289,367 59,261,678 98,967,639 40,789,923 13,542,362 5,783,062 6,324,693 7,373,789 4,505,740 2,954,806 3,749,853 4,284,441 4,425,932 8,857,969 15,631,745 13,400,138 12,082,375 11,512,027 280,311,346 305,399,093 303,944,179 329,640,033 356,966,547 8,461 8,500 8,483 4,946 -
- 19 11 30 -
3,634,677 12,006,347 11,191,576 15,104,503 18,801,178 39,808,699 33,398,914 40,934,038 46,870,622 48,625,049 438,680 305,619 387,959 489,499 2,698,070
10,165,866 8,233,072 10,155,101 11,556,395 11,214,349 - 2,982,489 3,173,834 3,401,065 3,730,767
585,009 575,339 1,219,972 501,587 535,575
101,112 118,750 172,989 227,229 155,402
54,742,504 57,629,049 67,243,963 78,155,876 85,760,390 335,053,850 363,028,142 371,188,142 407,795,909 442,726,937 3,685,466 6,763,379 1,943,828 1,713,291 1,957,973 6,912,095 7,752,570 8,933,510 7,550,885 8,259,403 10,780,843 5,836,312 9,647,486 2,285,392 2,553,064 20,949,678 30,823,899 30,697,778 33,587,379 37,272,249 1,576,819 2,101,823 2,479,537 2,182,815 2,626,014 701,945 810,146 604,712 535,093 589,565
25,787,760 47,300,700 54,392,158 59,427,500 33,195,055 59,987,995 58,796,673 62,001,863 88,972,816 80,822,375 130,382,601 160,185,502 170,700,872 196,255,171 167,275,698 42,091,953 49,050,723 49,117,788 48,861,451 54,530,624 594,707 886,029 832,475 - 15,616
10,617,448 10,807,052 9,298,438 8,607,228 7,035,276 - 3,300,593 3,214,664 3,534,111 3,718,123
- 19,980,980 18,224,005 23,865,048 27,118,587
185,587 - - 1,058,922 1,243,455
2,672,900 - - 5,292,292 2,286,179
56,162,595 84,025,377 80,687,370 91,219,052 95,947,860 186,545,196 244,210,879 251,388,242 287,474,223 263,223,558 (149,928,745) (145,213,591) (133,243,307) (133,384,862) (189,690,849) 1,420,091 26,396,328 13,443,407 13,063,176 10,187,470 (148,508,654) (118,817,263) (119,799,900) (120,321,686) (179,503,379) 66,864,796 69,565,097 75,655,629 79,895,724 83,658,063 92,895,930 102,428,825 103,350,833 106,895,750 107,369,329 38,175,933 41,671,204 46,690,873 33,009,350 36,694,092 4,836,055 (6,855,109) 9,523,650 32,189,702 39,436,079 - - - - -
12,696,745 21,755,785 11,184,009 14,094,288 20,629,805 105,741 192,543 (296,411) 25,291 (25,446)
- - (2,765,896) - -
4,664,733 7,527,863 7,965,818 7,130,765 9,942,802 220,239,933 236,286,208 251,308,505 273,240,870 297,704,724 1,175,687 (3,650,561) 2,319,648 8,753,432 10,279,057 7,245,994 16,545,269 9,730,345 2,730,814 2,469,648 11,425 47,609 70,150 - 71,679
(4,664,733) (7,527,863) (7,965,818) (7,130,765) (9,942,802) 3,768,373 5,414,454 4,154,325 4,353,481 2,877,582 224,008,306 241,700,662 255,462,830 277,594,351 300,582,306 70,311,188 91,072,617 118,065,197 139,856,008 108,013,875 5,188,464 31,810,782 17,597,732 17,416,657 13,065,052 75,499,652$ 122,883,399$ 135,662,929$ 157,272,665$ 121,078,927$ 231
2016 2017 2018 2019 2020
CITY OF CHULA VISTA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
General fund:
Nonspendable 1,527,055$ 7,363,413$ 7,676,350$ 7,578,086$ 9,290,599$ Restricted - - - - -
Committed 6,417,095 5,938,600 64,147,929 46,370,754 11,082,859 Assigned 4,315,568 8,526,339 11,866,874 41,546,738 66,514,060 Unassigned 25,132,939 20,020,613 24,512,363 23,378,859 25,636,659 Total general fund 37,392,657$ 41,848,965$ 108,203,516$ 118,874,437$ 112,524,177$ All other governmental funds:
Nonspendable 5,834,630$ 5,460$ 3,459$ 4,277$ 189,587$ Restricted 125,439,323 128,114,370 143,915,260 167,241,347 181,367,432 Committed 9,068,623 6,583,603 6,303,075 5,219,729 5,321,988 Assigned 1,459,891 - 10,891 64,202 122,922
Unassigned (26,983,855) (19,394,021) (4,433) (2,147,643) (878,624) Total all other governmental funds 114,818,612$ 115,309,412$ 150,228,252$ 170,381,912$ 186,123,305$ 232
2021 2022 2023 2024 2025
12,559,029$ 12,121,324$ 5,302,883$ 3,852,303$ 1,670,314$ 1,042,970 9,465,060 25,673,596 28,369,808 30,687,945 11,904,304 11,731,844 18,253,033 29,455,853 18,458,452 65,282,025 79,567,415 75,747,000 93,284,726 101,062,515 28,315,924 27,682,371 24,895,945 25,853,339 40,113,655 119,104,252$ 140,568,014$ 149,872,457$ 180,816,029$ 191,992,881$ 519,258$ 504,336$ 490,908$ 500,843$ 465,705$
195,739,984 220,356,410 261,198,635 316,368,539 344,013,995 5,344,272 - - - -
- - - - -
(2,583,780) (1,978,532) (2,429,054) (2,070,068) (8,342,130) 199,019,734$ 218,882,214$ 259,260,489$ 314,799,314$ 336,137,570$ 233
CITY OF CHULA VISTA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal Year 2016 2017 2018 2019 2020
Revenues:
Taxes 110,452,962$ 121,462,604$ 139,296,422$ 157,824,296$ 166,215,250$ Licenses and permits 1,328,020 1,290,968 1,601,980 2,367,165 1,834,236 Fines and forfeitures 1,942,656 1,805,508 2,035,823 2,218,235 1,670,628 Investment income (loss) 7,006,545 3,766,457 5,682,112 12,212,190 14,062,136 Developer fees 11,657,266 8,810,178 23,506,237 18,068,217 10,653,015 Intergovernmental 23,868,074 23,427,460 25,522,199 26,409,517 27,836,371 Charges for services 22,647,645 26,662,094 23,630,103 24,925,513 27,616,079 Contributions - - 11,176,064 15,244,658 11,984,032 Other 15,839,288 23,529,357 21,132,605 17,419,459 16,225,790 Total revenues 194,742,456 210,754,626 253,583,545 276,689,250 278,097,537 Expenditures
Current:
General government 29,087,838 33,218,003 23,723,205 23,452,836 28,002,094 Public safety 83,637,644 87,731,136 95,424,528 101,580,642 114,661,942 Public works 49,775,141 45,135,590 37,856,917 29,974,482 33,284,800 Community Development 1,974,046 2,030,654 17,601,341 10,860,838 10,951,941 Parks and recreation 4,059,567 4,246,605 4,276,366 11,208,237 10,661,708 Library 3,969,307 4,721,120 3,943,063 3,948,154 3,580,413 Capital outlay 12,976,408 19,172,666 40,843,898 49,253,675 51,371,872 Debt service:
Principal retirement 34,980,737 6,110,055 11,898,280 11,760,783 12,810,263 Interest and fiscal charges 6,437,941 5,194,264 8,382,476 8,023,403 7,348,481 Payment to refunded bond escrow agent 422,751 2,673,892 - - - Total expenditures 227,321,380 210,233,985 243,950,074 250,063,050 272,673,514 Excess (deficiency) of
revenues over (under)
expenditures (32,578,924) 520,641 9,633,471 26,626,200 5,424,023 Other financing sources (uses):
Transfers in 21,708,446 27,905,430 49,858,764 20,965,197 22,619,355 Transfers out (18,897,272) (25,949,256) (47,177,986) (16,625,921) (18,443,510) Proceeds from long-term debt 578,224 377,487 - - -
Proceeds from bond sale - 34,330,000 34,485,000 - - Payment to escrow agent trust - (7,135,000) (36,860,637) -
-
Bond premium/(bond discount) - 2,262,493 2,836,273 -
Subscriptions - - - - -
Financed Purchase - - - - -
Leases - - 1,285,053 759,697 1,023,800
Total other financing sources (uses) 3,389,398 31,791,154 4,426,467 5,098,973 5,199,645 Special item - - - - -
Net change in fund balances (29,189,526)$ 32,311,795$ 14,059,938$ 31,725,173$ 10,623,668$ Debt service as a percentage of
noncapital expenditures 19.5% 7.3% 10.0% 9.9% 9.1%
-
234
2021 2022 2023 2024 2025
185,983,649$ 201,616,493$ 212,781,244$ 221,057,091$ 227,721,484$ 2,005,923 1,962,967 1,961,064 2,297,513 2,212,914
1,346,492 1,572,303 1,598,385 1,608,889 1,717,762
4,836,055 (6,841,017) 9,499,084 29,173,119 36,440,673 15,955,351 25,983,157 28,445,159 33,409,005 31,865,849 37,274,120 67,809,266 69,732,761 100,392,614 63,692,792 30,993,090 38,459,855 40,032,188 44,500,467 49,241,977 7,679,652 - - - -
19,790,763 11,027,272 8,663,030 13,362,601 22,547,437 305,865,095 341,590,296 372,712,915 445,801,299 435,440,888 81,861,532 56,671,621 39,194,530 40,475,403 50,399,806 286,042,703 109,040,668 117,430,150 134,214,791 144,169,714 87,018,056 34,949,572 46,209,666 52,207,575 61,324,766 19,453,357 45,770,658 24,315,988 12,474,087 10,477,887 44,357,263 11,596,166 4,837,190 5,169,651 6,341,175 10,709,718 3,115,863 3,478,517 3,624,609 4,036,410 49,508,887 31,055,664 62,025,766 81,249,576 147,148,227 13,254,548 20,191,204 22,461,553 23,772,458 28,033,739 7,961,316 15,626,455 13,074,203 13,492,824 12,499,136 - - - - -
600,167,380 328,017,871 333,027,563 366,680,974 464,430,860 (294,302,285) 13,572,425 39,685,352 79,120,325 (28,989,972) 31,219,762 51,475,566 58,865,855 93,497,017 76,345,965 (26,732,447) (44,115,233) (51,139,125) (86,976,023) (67,139,688) - 3,426,935 - - -
308,476,104 - - - -
- - - - -
- - - -
-
- - 404,808 841,078 2,912,158
- - 3,986,967 - 1,215,551
- 13,323,750 - - 48,171,094
312,963,419 24,111,018 12,118,505 7,362,072 61,505,080 - - (2,765,896)
18,661,134$ 37,683,443$ 49,037,961$ 86,482,397$ 32,515,108$
3.9% 12.1% 13.1% 13.1% 12.8%
-
-
235
CITY OF CHULA VISTA
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
Fiscal Year Taxable Total
Ended Less: Assessed Direct Tax
June 30, Secured Unsecured Exemptions Value ¹ Rate
2016 24,754,131,895$ 549,312,047$ (847,445,301)$ 24,455,998,641$ 0.1438% 2017 26,210,551,258 543,505,450 (977,982,199) 25,776,074,509 0.1438% 2018 27,801,823,181 559,678,820 (1,009,910,410) 27,351,591,591 0.1438% 2019 29,390,231,110 592,221,286 (1,118,567,598) 28,863,884,798 0.1438% 2020 31,185,048,225 602,642,833 (1,191,602,603) 30,596,088,455 0.1437% 2021 33,136,962,193 641,452,322 (1,374,268,953) 32,404,145,562 0.1438% 2022 34,629,964,921 570,315,343 (1,606,360,066) 33,593,920,198 0.1438% 2023 37,345,350,471 721,184,037 (1,688,479,696) 36,378,054,812 0.1438% 2024 39,769,182,364 832,997,140 (1,824,784,127) 38,777,395,377 0.1437% 2025 42,205,800,480 897,720,293 (2,109,166,132) 40,994,354,641 0.1437% 1 Includes redevelopment incremental valuation.
Source: County of San Diego Property Tax Services
Valuation Report, Tax Rate by Tax Rate Area, ACAP 345B
Note:
In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed at the time that it is sold to a new owner. At that point, the new assessed value is 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. 236
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
CITY OF CHULA VISTA
Direct and Overlapping Property Tax Rates
(Rate per $100 of Assessed Value)
Last Ten Fiscal Years
Fiscal Year
City Direct Rates:
City basic rate 0.1438 0.1438 0.1438 0.1438 0.1437 0.1438 0.1438 0.1438 0.1437 0.1437 Overlapping Rates:
Chula Vista Elementary School District Bonds 0.0430 0.0432 0.0359 0.0392 0.0374 0.0646 0.0628 0.0505 0.0623 0.0570 Sweetwater Union High School District Bonds 0.0517 0.0516 0.0516 0.0528 0.0516 0.0488 0.0461 0.0691 0.0646 0.0610 Southwestern Community College Bonds 0.0396 0.0386 0.0498 0.0467 0.0448 0.0279 0.0485 0.0422 0.0458 0.0438 MWD D/S Remainder of SDCWA 15019999 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0035 0.0070 County of San Diego* 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 Total Overlapping Rates 1.1378 1.1369 1.1408 1.1422 1.1373 1.1448 1.1609 1.1653 1.1762 1.1687 *Breakdown of the County of San Diego 1.00 Rate:
County General
Gen Elem Chula Vista
High Sweetwater Union
Southwestern Community College
County School Service
County School Service - Capital Outlay
Childrens Institutions Tuition
Regional Occupational Centers
Chula Vista Project (19/84601)
Chula Vista Project (19/84602)
Educational Revenue Augmentation Fund
Chula Vista City
South Bay Irrigation
CWA South Bay Irrigation
San Diego Unified Port
Total
Source: County of San Diego Property Tax Services and ACAP 345B -
0.00377130
-
1.00000000
Note:
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 school bonds and other debt service. Overlapping rates may vary by tax rate area. The data listed in this table is representative of tax rate area 001001.
0.15928411
0.29035206
0.18779946
0.05062263
0.00783527
0.14682124
0.14374232
0.00216716
0.00186755
0.00509063
0.00023731
0.00040896
237
CITY OF CHULA VISTA
Principal Property Taxpayers
Current Year and Nine Years Ago
Percent of Percent of
Total City Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
1774 Metro Avenue California Owner LLC 231,000,376$ 1 0.60% -$ - 0.00% R-12 B LLC 227,809,376 2 0.59% - - 0.00%
Rohr Inc. 196,523,823 3 0.51% 234,306,153 1 0.96%
Rida Chula Vista LLC 180,542,250 4 0.47% - - 0.00%
John Hancock Life Insurance Co USA 167,670,320 5 0.43% - - 0.00% Chula Vista Apartments LLC 140,308,106 6 0.36% - - 0.00% GGP-OTAY RANCH L P 130,887,571 7 0.34% - - 0.00%
Regulo Place Apartments Invest 130,119,450 8 0.34% 100,283,129 4 0.41% Mark II LLP 129,272,495 9 0.33% - - 0.00%
1925 Avenida Escaya Investors LLC 123,420,000 10 0.32% - - 0.00% JPB Development - - - 189,353,459 2 0.77%
Brisa Acquisitions LLC - - - 118,281,029 3 0.48% Vista Pacific Villas LP - - - 91,963,717 5 0.38% Olympic Pointe West Communities - - - 88,422,185 6 0.36% BRE FMCA LLC - - - 76,405,081 7 0.31%
HCA Properties - - - 75,089,426 8 0.31%
Chula Vista Center LLC - - - 73,462,792 9 0.30% Equity Residential - - - 68,087,322 10 0.28%
Total 1,657,553,767$ 4.29% 1,115,654,293$ 4.56% Sources: HdL, Coren & Cone
County of San Diego Property Tax Services PT Base Tab Taxable Assessed Value for FYE 2025 2016
238
CITY OF CHULA VISTA
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal Taxes Levied Collections in
Year Ended for the Percent Subsequent Percent
June 30, Fiscal Year 1
Amount of Levy Years 2
Amount of Levy
2016 29,083,269$ 28,800,156$ 99.03% 68,973$ 28,869,128$ 99.26% 2017 30,632,668 30,388,650 99.20% 49,984 30,438,634 99.37% 2018 32,518,946 32,206,343 99.04% 58,329 32,264,672 99.22% 2019 34,198,598 33,877,270 99.06% 6,562 33,883,832 99.08% 2020 36,202,585 35,677,358 98.55% 80,701 35,758,059 98.77% 2021 38,360,550 37,854,693 98.68% 211,814 38,066,507 99.23% 2022 39,703,800 39,278,153 98.93% 158,717 39,436,870 99.33% 2023 42,826,740 42,399,453 99.00% (75,775) 42,323,678 98.83% 2024 45,518,625 45,005,784 98.87% 338,213 45,343,998 99.62% 2025 47,827,481 46,956,740 98.18% 374,184 47,330,925 98.96% 1 Levy amounts do not include supplemental taxes.
2 Collection amounts represent delinquencies collected for all prior years during the current tax year.
Total delinquent collections are reduced by any refunds processed from prior year tax collections.
Source: County of San Diego Property Tax Services ACAP234A 1% Collected within the
Fiscal Year of Levy Total Collections to Date
239
CITY OF CHULA VISTA
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Fiscal Year Pension Certificates Total
Ended Obligation of Capital Financed Governmental
June 30, Bonds Loans Participation Leases 2 Leases 2 Purchases 2 SBITA 3 Activities
2016 -$ 16,205,773 $ 111,195,000$ 2,467,714$ -$ -$ -$ 129,868,487$ 2017 - 42,581,074 81,610,000 3,279,703 - - - 127,470,777 2018 - 117,927,392 78,260,000 5,125,643 - - - 201,313,035 2019 - 108,811,346 74,770,000 5,243,991 - - - 188,825,337 2020 - 99,253,322 71,110,000 5,188,939 - - - 175,552,261 2021 311,272,126 89,342,072 67,250,000 6,497,094 - - - 474,361,292 2022* 316,587,171 82,444,480 63,205,000 - 694,262 4,800,982 - 467,731,895 2023 308,481,721 15,053,436 114,230,000 - 442,467 7,911,814 1,283,006 447,402,444 2024 300,182,736 3,740,982 109,161,226 - 298,299 6,959,783 1,380,985 421,724,011 2025 291,690,215 2,876,066 94,669,611 - 45,735,913 6,569,849 2,993,567 444,535,221 1 These ratios are calculated using personal income and population for the prior calendar year. 2 GASB Statement No. 87, Leases implementation in FY2022. 3 GASB Statement No. 96, Subscription-Based Information Technology Arrangement (SBITA) implementation in FY2023. ** SANDAG's estimates for FY2025 are not available.
Note: Details regarding the City's outstanding debt can be found in the notes to basic financial statements.
Source: San Diego Association of Governments (SANDAG)
City Finance Department
Governmental Activities
* The Pension Obligation Bonds balance was reallocated between Governmental Activities and Business-Type Activities due to changes in accounting estimates. 240
Pension Total Total Percentage Debt
Obligation Capital Financed Bus-Type Primary of Personal Per Bonds Leases 2 Leases 2 Purchases 2 SBITA 3
Activities Government Income 1 Capita 1
-$ -$ -$ -$ -$ -$ 129,868,487$ 0.97% 492
- - - - - - 127,470,777 0.88% 478
- - - - - - 201,313,035 1.46% 750
- - - - - - 188,825,337 1.29% 696
- 10,858 - - - 10,858 175,563,119 1.13% 642 38,752,874 4,500,499 - - - 43,253,373 517,614,665 2.85% 1,722 26,932,829 - 184,617 3,630,290 - 30,747,736 498,479,631 2.87% 1,698 26,243,279 - - 2,736,251 487,080 29,466,610 476,869,054 2.69% 1,616 25,537,264 - - 1,833,251 285,963 27,656,478 449,380,489 2.40% 1,502 24,814,785 - - 921,198 383,210 26,119,193 470,654,414 n/a** n/a** Business-Type Activities
241
CITY OF CHULA VISTA
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
Fiscal Year Pension Percent of
Ended Obligation Assessed Per
June 30, Bonds Total Value 1
Capita
2016 -$ -$ 0.00% -$
2017 - - 0.00% -
2018 - - 0.00% -
2019 - - 0.00% -
2020 - - 0.00% -
2021 350,025,000 350,025,000 1.08% 1,271 2022 343,520,000 343,520,000 1.02% 1,247 2023 334,725,000 334,725,000 0.92% 1,209 2024 325,720,000 325,720,000 0.84% 1,160 2025 316,505,000 316,505,000 0.77% n/a * * Per Capita estimate from SANDAG for FY2024 is not available.
Source: San Diego Association of Governments (SANDAG)
City Finance Department
Outstanding General Bonded Debt
General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enterprise funds.
1 Assessed value has been used because the actual value of taxable property is not readily available in the State of California.
242
40,994,354,641$
Total Debt City's Sha
re of Debt
6/30/2025 % Applicable 1 6/30/2025
17,155,000$
1.005% 172,408$
719,185,157 49.98% 359,434,358
624,127,496 59.23% 369,664,475
181,184,000 88.33% 160,045,263
70,875,000 81.39% 57,683,036
51,847,000 3.44% 1,783,537
92,510,000 100% 92,510,000
4,861,091 100% 4,861,091
192,318 100% 192,318
1,318,391 100% 1,318,391
48,080 19.80% 9,522
2,100,315 100% 2,100,315
1,687,844 20.43% 344,827
1,300,677 100% 1,300,677
764,211 100% 764,211
974,243 100% 974,243
1,819,430 100% 1,819,430
1,037,505 100% 1,037,505
1,105,829 100% 1,105,829
2,034,522 100% 2,034,522
918,572 100% 918,572
2,125,620 100% 2,125,620
1,551,197 100% 1,551,197
1,910,000 100% 1,910,000
39,380,000 100% 39,380,000
9,670,000 100% 9,670,000
397,524 100% 397,524
TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 1,115,108,871$ DIRECT AND OVERLAPPING GENERAL FUND DEBT:
San Diego County General Fund Obligations 351,065,000$ 5.530% 19,413,895$ San Diego County Pension Obligation Bonds 140,370,000 5.530% 7,762,461 San Diego County Superintendent of Schools Obligations 5,125,000 5.530% 283,413 Chula Vista City School District Certificates of Participation 154,730,000 88.333% 136,677,651 City of Chula Vista General Fund Obligations 152,845,006 100% 152,845,006 2 City of Chula Vista Pension Obligation Bonds 291,690,215 100% 291,690,215 TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 608,672,641$ OVERLAPPING TAX INCREMENT DEBT (Successor Agency): 14,940,000$ 99.723% 14,898,616$ TOTAL DIRECT DEBT 444,535,221$
TOTAL OVERLAPPING DEBT 1,294,144,907
COMBINED TOTAL DEBT 1,738,680,128$ 3
1 2
3 Ratios to 2024-25 Assessed Valuation:
Total Overlapping Tax and Assessment Debt 2.72%
Total Direct Debt 444,535,217 1.08%
Combined Total Debt 4.24%
Ratios to Redevelopment Successor Agency Incremental Valuation 2,762,162,172$ Total Overlapping Tax Increment Debt 0.54%
Sources: California Municipal Statistics, Inc.
City Finance Department
Excludes tax and revenue anticipation notes, enterprise revenue and mortgage revenue. Qualified Zone Academy Bonds are included based on principal due at maturity.
The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
Includes certificates of participation, lease revenue bonds, notes payable, financed purchases, bond premium, leases and subscriptions.
CITY OF CHULA VISTA
Direct and Overlapping Debt
June 30, 2024
2023-24 Assessed Valuation:
OVERLAPPING TAX AND ASSESSMENT DEBT:
Metropolitan Water District
Southwestern Community College District
Sweetwater Union High School District
Chula Vista City School District
Chula Vista City School District Schools Facilities Improvement District No. 1 National School District
City of Chula Vista Community Facilities Districts
Sweetwater Union High School District Community Facilities District No. 1 Sweetwater Union High School District Co
mmunity Facilities District No. 3
Sweetwater Union High School District Community Facilities District No. 4 Sweetwater Union High School District Community Facilities District No. 5 Sweetwater Union High School District Community Facilities District No. 6 Sweetwater Union High School District Community Facilities District No. 10 Sweetwater Union High School District Community Facilities District No. 11 Sweetwater Union High School District Community Facilities District No. 12 Sweetwater Union High School District Community Facilities District No. 13 Sweetwater Union High School District Community Facilities District No. 14 Sweetwater Union High School District Community Facilities District No. 15 Sweetwater Union High School District Community Facilities District No. 16 Sweetwater Union High School District Community Facilities District No. 17 Sweetwater Union High School District Community Facilities District No. 18 Sweetwater Union High School District Community Facilities District No. 19 Sweetwater Union High School District Community Facilities District No. 20 City of Chula Vista 1915 Act Bonds
California Municipal Financing Authority Community Facilities District No. 2021-11 California Municipal Financing Authority Community Facilities District No. 2022-27 California Statewide Communities Development Authority 1915 Act Bonds 243
2016 2017 2018 2019
24,455,999$ 25,776,075$ 27,351,592$ 28,863,885$ 25% 25% 25% 25%
6,114,000 6,444,019 6,837,898 7,215,971
15% 15% 15% 15%
917,100 966,603 1,025,685 1,082,396
CITY OF CHULA VISTA
Legal Debt Margin Information
(Dollars in Thousands)
Last Ten Fiscal Years
Fiscal Year
Assessed valuation
Conversion percentage
Adjusted assessed valuation
Debt limit percentage
Debt limit
Total net debt applicable to limit:
Pension obligation bonds - - - -
Legal debt margin 917,100$ 966,603$ 1,025,685$ 1,082,396$ Total debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.0%
County of San Diego Property Tax Services
Note:
The Government Code of the State of California provides for a 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.
Sources: City Finance Department
244
2020 2021 2022 2023 2024 2025
30,596,088$ 32,404,146$ 33,593,920$ 36,378,055$ 38,777,395$ 40,994,355$ 25% 25% 25% 25% 25% 25%
7,649,022 8,101,036 8,398,480 9,094,514 9,694,349 10,248,589 15% 15% 15% 15% 15% 15%
1,147,353 1,215,155 1,259,772 1,364,177 1,454,152 1,537,288 - 350,025 343,520 334,725 325,720 316,505
1,147,353$ 865,130 $ 916,252 $ 1,029,452$ 1,128,432 $ 1,220,783 $
0.0% 28.8% 27.3% 24.5% 22.4% 20.6%
245
CITY OF CHULA VISTA
Pledged-Revenue Coverage
Last Ten Fiscal Years
Note:
Source: City Finance Department
The City does not have debt in the last ten fiscal years with this requirement. Details regarding the City's outstanding debt can be found in the notes to basic financial statements.
246
CITY OF CHULA VISTA
Full-time and Part-time City Employees
by Function
Last Ten Fiscal Years
Fiscal Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 General Government 205 210 198 160 160 172 165 189 181 193 Public Safety 470 474 492 527 554 620 642 656 704 743 Public Works/Engr 241 228 228 184 180 189 185 251 260 293 Parks and Recreation 176 153 158 229 69 137 192 164 161 166 Library 70 77 73 74 24 39 53 66 64 70 Development Services 57 55 58 73 71 69 71 72 73 76 Total 1,219 1,197 1,207 1,247 1,058 1,226 1,308 1,398 1,443 1,540 Source: City Finance Department
247
CITY OF CHULA VISTA
Demographic and Economic Statistics
Last Ten Calendar Years
% of S.D. % Change Avg. % High % Bachelor's Personal Per Capita Total County from Previous Median Household School Degree or % Below Unemployment Income Personal Year Population 1 Population 1 Year 1 Age 2 Size 1 Graduate 3 Higher 3 Poverty 3 Rate 4 (in thousands) 5 Income 5 2016 264,046 8.0% 0.6% 33.0 3.30 80.1% 27.4% 10.5% 5.2% 13,358,859$ 50,593 $ 2017 266,427 8.1% 0.9% 33.1 3.30 80.9% 28.1% 11.5% 4.4% 14,432,090 54,169 2018 268,588 8.1% 0.8% 33.1 3.29 85.5% 27.4% 8.4% 3.7% 13,834,485 51,508 2019 271,362 8.1% 1.0% 33.1 3.27 83.2% 29.2% 8.7% 3.60% 14,606,180 53,825 2020 273,384 8.2% 0.7% 33.1 3.25 83.8% 29.2% 9.5% 10.7% 15,598,460 57,057 2021 275,498 8.3% 0.8% 32.9 3.23 82.6% 33.0% 8.9% 7.5% 16,658,152 60,482 2022 275,428 8.4% 0.0% 37.0 3.19 87.1% 34.2% 10.1% 4.0% 16,307,159 59,207 2023 276,813 8.4% 0.5% 37 3.17 86.1% 34.1% 6.0% 4.2% 16,628,622 60,072 2024 280,840 8.5% 0.7% 37 3.18 87.9% 33.5% 9.6% 4.6% 17,594,673 62,650 2025 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
BEA CACINC1 Table used to calculate Personal Income and Per Capita Personal Income was not released for 2024 as of the date of this report (9/18/2025) so the 2023 value was used for both 2023 and 2024. 2024 is expected to be available December 3rd, 2025. See Personal Income by County, Metro, and Other Areas | U.S. Bureau of Economic Analysis (BEA).
Educational Attainment
BEA Personal Income definition: "Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses." * SANDAG estimates for FY2025 are not available.
Notes: Year-to-year variation for Educational Attainment and Poverty are the result of both actual change and sampling error. Per Capita Personal Income (PCPI) is the share of the jurisdiction's Per Capita Income to the region's based on the ACS 1-Year Estimates, Table B19301, multiplied by the region's PCPI from BEA. Personal Income is the product of PCPI and Total Population. Dollar values are inflation-adjusted to latest year dollars.
Source: 1California Department of Finance, "January Population and Housing Estimates"; 2SANDAG Estimates Program; 3American Community Survey (ACS) 1-Year Estimates, Tables B15003 (Educational Attainment) and B17001 (Poverty); 4California Employment Development Department (EDD), Local Area Unemployment Statistics (LAUS), Annual Average; 5U.S. Bureau of Economic Analysis (BEA), Regional Economic Accounts "Local Area Personal Income Accounts," Table CACINC1; ACS 1 Year Estimates, Table B19301; Bureau of Labor Statistics (BLS), retrieved from FRED, Chained Consumer Price Index (CPI) 248
CITY OF CHULA VISTA
Principal Employers
Current Year and Nine Years Ago
Percent of Percent of
Number of Total Number of Total
Employer Employees Rank Employment Employees Rank Employment Sweetwater Union High School District 4,053 1 5.93% 4,385 1 7.19% Chula Vista Elementary School District 3,508 2 5.13% 3,245 2 5.32% Sharp Chula Vista Medical Center 3,131 3 4.58% 2,131 4 3.49% Southwestern Community College 2,010 4 2.94% 1,409 5 2.31% City of Chula Vista 1,540 5 2.25% 1,195 7 1.96%
Wal-Mart 1,474 6 2.16% 1,239 6 2.03%
Rohr Inc./Goodrich Aerospace 1,303 7 1.91% 2,468 3 4.05% Scripps Mercy Hospital Chula Vista 1,073 8 1.57% 1,098 8 1.80% SBCS Corporation 1,000 9 1.46% - - -
Gaylord Pacific Resort and Convention Center 900 10 1.32% Costco Wholesale - - - 760 9 1.25%
Aquatica - - - 513 10 0.84%
Note:
"Total Employment" as used above represents the total employment of all employers located within City limits.
Per State Employment Development Department's CY2024 Quarter 4 average, this amounts to 68,388 employees in current FY.
Sources: State Employment Development Department
City Finance Department
Sweetwater Union High School District
Chula Vista Elementary School District
Southwestern Community College
2025 2016
- - -
249
CITY OF CHULA VISTA
Operating Indicators by Function
Last Ten Fiscal Years
Fiscal Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Police:
Citizen-initiated calls for service 67,512 65,672 65,643 64,066 66,470 65,537 66,882 61,623 61,951 62,831 Fire: ¹
Number of emergency calls 19,612 19,612 21,397 21,803 22,843 24,794 30,895 31,711 29,466 31,190 Inspections 4,207 4,207 3,907 3,862 4,029 6,071 7,776 9,479 8,205 8,595 Public works:
Street resurfacing/maintenance ²
39,338 61,640 16,178 14,734 61,640 32,923 35,859 26,302 17,237 44,227 (square feet)
Parks and recreation: ³
Number of recreation classes 3,859 3,124 2,658 3,552 2,008 575 2,303 2,408 3,138 3,900 Number of facility rentals 1,573 1,482 688 771 1,100 121 525 663 796 797 Library:
Circulation 706,594 706,594 637,119 539,762 500,195 115,005 502,326 498,753 497,654 495,328 Attendance ⁴
857,475 857,475 958,117 1,635,849 961,848 162,300 958,723 922,542 921,675 925,652 Sewer:
New connections 2,211 211 502 1,456 1,628 425 107 187 150 182 Average daily sewage treatment 15.4 15.4 15.2 15.9 16.6 16.1 16.8 17.0 16.5 16.9 (millions of gallons)
1 Emergency calls and inspections reported by calendar year. 2 Excludes filling of potholes and crack sealing.
3 Parks and Recreation closed majority of FY2021, offered limited number of classes and rentals in between. 4 Library closed from March 2020 to May 2021.
Source: City of Chula Vista
250
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
CITY OF CHULA VISTA
Capital Asset Statistics
by Function
Last Ten Fiscal Years
Fiscal Year
Police:
Stations 1 1 1 1 1 1 1 1 1 1
Fire:
Fire stations 9 9 9 9 10 10 10 10 10 10 Public works:
Streets (miles) 433.9 433.9 434.2 434.2 445.2 445.2 445.2 447.0 450.2 451.3 Streetlights ³ 9,144 9,282 9,539 9,787 9,818 9,828 9,921 9,952 9,984 10,020 Traffic signals ³ 275 275 282 288 294 301 303 315 319 322 Parks and recreation:
Parks (acreage) 1 557.2 708.0 660.0 660.0 704.0 716.9 722.0 560.0 560.0 594.8 Recreation facilities 11 11 11 11 11 11 11 11 11 11 Library:
Libraries 3 3 3 3 3 3 3 3 3 3 Sewer:
Sewer pipes (miles) ² 514.6 514.6 514.6 514.6 516.8 517.0 522.4 527.9 533.0 535.1 Storm drains (miles) ² 266.2 269.6 272.4 273.8 280.6 282.5 307.1 316.7 318.7 325.1 Maximum daily treatment capacity 20.9 20.9 20.9 20.9 20.9 20.9 20.9 20.9 20.9 20.9 (millions of gallons)
1 Includes community, neighborhood, special purpose, mini, urban, and privately maintained public parks within City Boundaries. 2 Updated Sewer: Sewer Pipes and Storm Drains (miles) per GASB 34 in FY2025. 3 Updated Public Works: Streetlights and Traffic Signals per GASB 34 in FY2025.
Source: City of Chula Vista
251
252
Tel. 909-889-0871 | www.ramscpa.net | 735 E. Carnegie Dr. Suite 100, San Bernardino, CA 92408
CERTIFIED PUBLIC ACCOUNTANTS
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON
COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Independent Auditor’s Report
To the Honorable City Council
City of Chula Vista, California
We have audited, in accordance with the auditing standards generally accepted in the United States of Am erica and
the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards), the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Chula Vista (the City), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated December 22, 2025.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) as a basis for designing procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses.
However, material weaknesses or significant deficiencies may exist that were not identified. 253
253
Report on Compliance and Other Matters
As part of
obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
San Bernardino, California
December 22, 2025
254