Agenda — Industry City Council, February 13, 2025 (part 1 of 2)

CITY OF INDUSTRY

CITY COUNCIL

REGULAR MEETING

HIT OF LOUTE
AGENDA
Mayor Cory C. Moss
1957 Mayor Pro Tem Michael Greubel
FEBRUARY 13, 2025 Council Member Steve Marcucci
RORAICELES CRAS Council Member Mark D. Radecki
9:00 AM Council Member Newell Ruggles
Location: City Council Chambers,
15651 Mayor Dave Way, City of Industry
Addressing the City Council:

Agenda Items: Members of the public may address the City Council on any matter listed on the Agenda.

In order to conduct a timely meeting, there will be a one-minute time limit per person for any matter listed on the Agenda. Anyone wishing to speak to the City Council is asked to complete a Speaker's Card which can be found at the back of the room and at the podium. The completed card should be submitted to the City Clerk prior to the Agenda item being called and prior to the individual being heard by the City Council.

Public Comments (Non-Agenda Items): Anyone wishing to address the City Council on an item not on the Agenda may do so during the "Public Comments" period. In order to conduct a timely meeting, there will be a one-minute time limit per person for the Public Comments portion of the Agenda. State law prohibits the City Council from taking action on a specific item unless it appears on the posted Agenda.

Anyone wishing to speak to the City Council is asked to complete a Speaker's Card which can be found at the back of the room and at the podium. The completed card should be submitted to the City Clerk prior to the Agenda item being called by the City Clerk and prior to the individual being heard by the City Council.

At the time of publication, no Councilmembers intend to take part in the meeting remotely under the provisions of AB 2449. Should that change between the time of publication and the start of the meeting, a live webcasting of the meeting will be accessible via the link, meeting ID, and meeting passcode listed below. Whenever possible, an announcement will be made at the start of the meeting via the live webcast to confirm whether or not a Councilmember will join remotely. If they will not be joining remotely, then the live webcast will terminate after the announcement.
www.microsoft.com/microsoft-teams/join-a-meeting
Meeting ID: 288 477 757 952
Meeting Passcode: a4jY6Tt9
Or call in (audio only)
+1 657-204-3264.

Phone Conference ID: 681 105 199#
Americans with Disabilities Act:

In compliance with the ADA, if you need special assistance to participate in any City meeting (including assisted listening devices), please contact the City Clerk's Office (626) 333-2211. Notification of at least 48 hours prior to the meeting will assist staff in assuring that reasonable arrangements can be made to provide accessibility to the meeting.

Agendas and other writings:

In compliance with SB 343, staff reports and other public records permissible for disclosure related to open session agenda items are available at City Hall, 15625 Mayor Dave Way, City of Industry, Califomia, at the office of the City Clerk during regular business hours, Monday through Thursday 8:00 a.m. to 5:00 p.m.,

CITY OF INDUSTRY CITY COUNCIL REGULAR MEETING AGENDA
FEBRUARY 13. 2025
PAGE NO. 1
Fridays 8:00 a.m. to 4:00 p.m. Any person with a question concerning any agenda item may call the City Clerk's Office at (626) 333-2211.

Call to Order
Flag Salute

3. AB 2449 Vote on Emergency Circumstances (if necessary)

4. Roll Call

5. Presentations

CONSENT CALENDAR

6.1 Consideration of the Register of Demands for February 13, 2025 RECOMMENDED ACTION: Approve the Register of
Demands and authorize the appropriate City Officials to pay the bills.

6.2 Consideration of Resolution No. CC 2025-07 - A RESOLUTION OF THE

CITY COUNCIL OF THE CITY OF INDUSTRY, CALIFORNIA,

APPROVINGDONATIONS IN THE AMOUNT OF FORTY-SIX

THOUSAND SEVEN HUNDRED TWENTY-TWO DOLLARS AND
TWENTY-EIGHT CENTS ($46,722.28) TO WORKMAN HIGH SCHOOL,

USA BMX, AND THE GABRIEL FOUNDATION FOR THE COST OF

HOSTING EVENTS AT THE EXPO CENTER
RECOMMENDED ACTION: Adopt Resolution No. CC
2025-07.

6.3 Consideration of a Professional Services Agreement with Roadway Asset Services, LLC ("RAS"), to provide field data collection services for the City's Pavement Management Plan update, in an amount not-to-exceed $60,843.00, through February 13, 2027 (MP 97-35 #1)
RECOMMENDED ACTION: Approve the Professional
Services Agreement with RAS.

6.4 Consideration of Amendment No. 5 to the Professional Services Agreement with Granicus, LLC, for website maintenance and hosting, extending the term through August 15, 2025, increasing compensation by $7,414.73, and updating the rate schedule
RECOMMENDED ACTION: Approve Amendment No.

5. CITY OF INDUSTRY CITY COUNCIL REGULAR MEETING AGENDA FEBRUARY 13, 2025
PAGE NO. 2

6.5 Presentation of the Annual Financial Reports for the City of Industry, Year Ending June 30, 2024
RECOMMENDED ACTION: Receive and File the
Annual Financial Reports for FY 2023-24.

ACTION ITEM

7.1 Discussion and direction regarding Civic Center Master Plan for Land Use and Development
RECOMMENDED ACTION: Discuss and provide direction to Staff.

8. PUBLIC HEARING

8.1 Introduction and Consideration of Zoning Code Amendment No. 24-08, amending Section 17.04.010 (Zones-Classifications) of Chapter 17.04 (General Provisions) of litle 17 (Zoning); and amending Chapter 17.22 (Housing Uverlay Zone) of litle 17 (Zoning); and adding Chapter 17.72 (Affordable Housing Density Bonus), to Title 17 (Zoning) of the City of Industry Municipal Code, to Implement the City's 2021-2029 Housing Element, and Adopt a Notice of Exemption Regarding Same, and Make Findings In Support Thereof
RECOMMENDED ACTION: 1) Waive the reading of
Ordinance No. 834 and read by title only; and 2) Introduce Ordinance No. 834, an Ordinance of the City Council of the City of Industry, California, amending Section 17.04.010 (Zones-Classifications) of Chapter 17.04 (General Provisions) of Title 17 (Zoning); and amending Chapter 17.22 (Housing Overlay Zone) of Title 17 (Zoning); and adding Chapter 17.72 (Affordable Housing Density Bonus) to Title 17 (Zoning) of the City of Industry Municipal Code, to implement the City's 2021-2029 Housing Element, and adopt a Notice of Exemption regarding same, and making findings in support thereof

CLOSED SESSION

9.1 CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION Significant exposure to litigation; Pursuant to Government Code Section 54956.9(d)(2) One potential case

9.2. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION Initiation of litigation, pursuant to Government Code Section 54956.9(d)(2): Four potential cases

CITY OF INDUSTRY CITY COUNCIL REGULAR MEETING AGENDA
FEBRUARY 13, 2025
PAGE NO. 3

10. CITY MANAGER REPORTS

11. AB 1234 REPORTS

12. CITY COUNCIL COMMUNICATIONS

13. PUBLIC COMMENTS

14. Adjournment. The next regular City Council Meeting is Thursday, February 27, 2025, at 9:00 a.m.

CITY OF INDUSTRY CITY COUNCIL REGULAR MEETING AGENDA
FEBRUARY 13. 2025
PAGE NO. 4

CITY COUNCIL
ITEM NO. 6.1

CITY OF INDUSTRY

AUTHORIZATION FOR PAYMENT OF BILLS
CITY COUNCIL MEETING OF FEBRUARY 13, 2025
FUND RECAP:

FUND DESCRIPTION DISBURSEMENTS
100 GENERAL FUND 4,802,362.99
103 PROP A FUND 39,680.59
107 MEASURE W FUND 50,008.23
120 CAPITAL IMPROVEMENTS 416,324.98
TOTAL ALL FUNDS 5,308,376.79
BANK RECAP:

BANK NAME DISBURSEMENTS
BANK OF AMERICA - CKING ACCOUNT 2,958,481.94
PROPIA PROP A - CKING ACCOUNT 39,680.59
MEASURE W - CKING ACCOUNT 50,008.23
WELLS FARGO - CKING ACCOUNT 2,260,206.03
TOTAL ALL BANKS 5,308,376.79

APPROVED PER CITY MANAGER DATE
Ophua Telson 02/06/25
-
CITY OF INDUSTRY P. 1

BANK OF AMERICA
February 13, 2025
Check Date Payee Name Check Amount
CITYGEN. CHK - City General
WT1401 01/15/2025 MIDAMERICA ADMINISTRATIVE & RET 578,115.05 Invoice Date Description Amount
FEB/MAR2025 01/15/2025 RETIREE HEALTH PREMIUM REIMBURSEMENTS $78,115.05 WT1402 01/17/2025 CAL-PERS $73,500.55
Invoice Date Description Amount
FEB-25 01/17/2025 CALPERS MEDICAL PREMIUM FOR FEBRUARY 2025 $73,500.55 WT1403 JOHN HANCOCK USA 56,866.34
01/30/2025
Invoice Date Description Amount
1/4/25-1/17/25 01/30/2025 PARS CONTRIBUTIONS FOR 1/4/25-1/17/25 S6,866.34 24600 CITY OF INDUSTRY $2,800,000.00
01/23/2025
Invoice Date Description Amount
1/23/2025 01/23/2025 TRANSFER FUNDS-CITY REG 1/23/25 $2,800,000.00 Checks Status Count Transaction Amount
Total 4 $2,958,481.94
CITY OF INDUSTRY P.2
PROP A
February 13, 2025
Payee Name Check Amount
Check Date
PROPA.CHK - Prop A Checking
01/29/2025 WALNUT VALLEY WATER DISTRICT $286.50
90650
Date Description Amount
Invoice
5210991 01/13/2025 12/1-12/31/24 SVC-PLATFORM METROLINK BREA CYN F $25.14 5210034 01/13/2025 12/1-12/31/24 SVC-IRR METROLINK STN SAPNISH LN $261.36 SOUTHERN CALIFORNIA EDISON $305.65
90651 02/05/2025
Invoice Date Description Amount
2025-00001291 01/21/2025 12/19-1/20/25 SVC-600 S BREA CYN RD B $305.65 90652 02/13/2025 CNC ENGINEERING $30,360.00
Invoice Date Description Amount
511835 01/23/2025 ANNUAL BUS STOP ADA IMPROVEMENTS $5,317.50 511836 01/23/2025 METROLINK STATION COMMUTER RAIL STATION $1,367.50 511837 01/23/2025 FULLERTON RD GRADE SEPARATION $9,095.00 511838 01/23/2025 FAIRWAY DR GRADE SEPARATION $115.00
511839 01/23/2025 TURNBULL CYN RD GRADE SEPARATION $14,465.00 90653 02/13/2025 INDUSTRY SECURITY SERVICES 58,625.44
Invoice Date Description Amount
SG-ML-2021 01/17/2025 SECURITY SVC-METROLINK $2,782.40
SG-ML-2022 01/24/2025 SECURITY SVC-METROLINK $3,060.64
SG-ML-2023 01/31/2025 SECURITY SVC-METROLINK $2,782.40
90654 02/13/2025 SO CAL INDUSTRIES $103.00
Invoice Date Description Amount
01/21/2025 RR RENTAL-METROLINK $103.00
728568
CITY OF INDUSTRY P. 3
PROP A
February 13, 2025
Date Payee Name Check Amount
Check
PROPA.CHK - Prop A Checking
Checks Status count Transaction Amount
Total 5 $39,680.59
CITY OF INDUSTRY P. 4

MEASURE W
February 13, 2025
Check Date Payee Name Check Amount
MEASUREW.WF.CHK - Measure W Wells Fargo Checking
300136 02/13/2025 CASC ENGINEERING AND CONSULTIN $2,780.00 Invoice Date Description Amount
52721 12/31/2024 NDES CONSULTING SVC $2,780.00
300137 02/13/2025 CNC ENGINEERING $7,017.50
Invoice Date Description Amount
511832 01/23/2025 NPDES STORM WATER $2,065.00
511833 01/23/2025 FOUR GRADE SEPARATION PUMP STATIONS S4,140.00 511834 01/23/2025 CATCH BASIN RETROFITS-PHASE 3 $812.50 300138 02/13/2025 LOS ANGELES COUNTY PUBLIC WORI $40,210.73 Invoice Date Description Amount
PW-25011303236 01/13/2025 PUMP HOUSE MAINT $4,502.81
PW-25011303245 01/13/2025 PUMP HOUSE MAINT $35,707.92
Checks Status Count Transaction Amount
Total 3 $50,008.23
CITY OF INDUSTRY P. 5

WELLS FARGO WIRE TRANSFERS
February 13, 2025
Payee Name Check Amount
Check Date
CITY.WF.CHK - City General Wells Fargo
WT10065 CALIFORNIA DEPT OF TAX AND FEE A $822.00
01/22/2025
Invoice Date Description Amount
0-046-739-476 01/22/2025 IH FUEL STORAGE TANK TAXES-ACCT 044-042837, JAN $822.00 WT10066 01/29/2025 WELLS FARGO $11,344.97
Invoice Date Description Amount
12/3/24-1/3/25-J 01/03/2025 CREDIT CARD EXPENSE P/E 1/3/25-JOSH $1,695.13 12/3/24-1/3/25-S 01/03/2025 CREDIT CARD EXPENSE P/E 1/3/25-SAM $2,509.95 12/3/24-1/3/25-V 01/03/2025 CREDIT CARD EXPENSE P/E 1/3/25-VERONICA $7,139.89 Checks Status Count Transaction Amount
Total 2 $12,166.97
CITY OF INDUSTRY P. 6

WELLS FARGO BANK
February 13, 2025
Payee Name Check Amount
Check Date
CITY.WF.CHK - City General Wells Fargo
84507 FRONTIER $1,484.88
01/22/2025
Invoice Date Description Amount
2025-00001160 01/02/2025 112-2/1/25 SVC-1015 NOGALES ST $78.15 2025-00001161 01/02/2025 112-2/1125 SVC-IH GOLF COURSE FUEL PUMP $148.48 2025-00001162 01/01/2025 1/1-1/31/25 SVC-VARIOUS SITES $1,258.25 34508 01/22/2025 SOUTHERN CALIFORNIA EDISON $13,391.28
Invoice Date Description Amount
2025-00001164 01/09/2025 12/1-12/31/24 SVC-600 S BREA CYN- METROLINK $129.80 2025-00001165 01/09/2025 12/8-1/8/25 SVC-575 BALDWIN PARK BLVD U $111.95 2025-00001166 01/10/2025 12/10-1/9/25 SVC-504 S 6TH AVE U TC1 $97.45 2025-00001167 01/10/2025 12/10-01/09/24 SVC-490 S 7TH AVE $114.83 2025-00001168 01/03/2025 11/14-12/12125 SVC-VARIOUS SITES $3,255.75 2025-00001169 01/02/2025 12/1-12/31/25 SVC-VARIOUS SITES $9,576.99 2025-00001170 01/10/2025 12/9-1/8/25 SVC-122 N PUENTE AVE U1 $17.10 2025-00001171 01/07/2025 10/30-11/13124 SVC-18311 RAILROAD ST PMP $36.71 2025-00001172 01/08/2025 11/14-12/12/24 SVC-18311 RAILROAD ST PMP $21.05 2025-00001173 01/14/2025 12/13-1/13/25 SVC-18311 RAILROAD ST PMP $29.65 84509 THREE VALLEYS MUNICIPAL WATERI 52,133.70
01/22/2025
Invoice Date Description Amount
06655 12/31/2024 12/1-12/31/24 SVC-TONNER CYN $2,133.70 84510 01/22/2025 VERIZON BUSINESS $192.83
Invoice Date Description Amount
01/10/2025 12/1-12/31/25 SVC-VARIOUS SITES $47.20
08276772
2025-00001163 01/10/2025 12/1-12/31/24 SVC-VARIOUS SITES $145.63 84511 01/22/2025 AIRESPRING INC $1,336.99
CITY OF INDUSTRY P. 7

WELLS FARGO BANK
February 13, 2025
Payee Name Check Amount
Check Date
CITY.WF.CHK - City General Wells Fargo
Date Description Amount
Invoice
193008993 01/16/2025 INTERNET SVC-HOMESTEAD $1,336.99
84512 BCN TELECOM, INC. $133.25
01/22/2025
Invoice Date Description Amount
23861417 01/15/2025 PHONE LINE FOR ELEVATOR-CITY HALL $133.25 84513 CITY OF INDUSTRY - PETTY CASH S682.14
01/22/2025
Invoice Date Description Amount
1/21/2025 01/21/2025 REIMBURSE PETTY CASH FOR PERIOD 10/24/24-1/21/2: $682.14 84514 01/22/2025 VERIZON WIRELESS - LA $1,310.16
Invoice Date Description Amount
9979709554 11/26/2024 10/27-11/26/24 SVC-VARIOUS WIRELESS SVC $1,310.16 84515 01/23/2025 HACIENDA-LA PUENTE UNIFIED SCHO $350.00 Invoice Date Description Amount
1/17/2025 01/17/2025 DONATION FOR STUDENT SCHOLARSHIPS $350.00 84516 01/29/2025 FRONTIER $373.86
Invoice Date Description Amount
2025-00001203 01/10/2025 1/10-2/9/25 SVC-600 BREA CYN RD $373.86 84517 01/29/2025 INDUSTRY PUBLIC UTILITY COMMISSI 517,736.48 Invoice Date Description Amount
2025-00001204 01/15/2025 12/1-1/1/25 SVC-600 S BREA CYN RD CHARGING STN $7,968.41 2025-00001205 01/15/2025 12/1-1/1/25 SVC-600 BREA CYN METROLINK STN $9,768.07 84518 01/29/2025 SAN GABRIEL VALLEY WATER CO. 512,444.21 CITY OF INDUSTRY P. 8

WELLS FARGO BANK
February 13, 2025
Payee Name Check Amount
Check Date
CITY.WF.CHK - City General Wells Fargo
Date Description Amount
Invoice
2025-00001208 12/31/2024 11/25-12/30/24 SVC-CROSSROADS PKWY S $892.94 2025-00001209 12/31/2024 11/25-12/30/24 SVC-STA 103-80 CROSSROADS PKW S $334.48 2025-00001210 12/31/2024 11/25-12/30/24 SVC-CROSSROADS PKWY S $3,481.63 2025-00001211 12/31/2024 11/25-12/30/24 SVC-CROSSROADS PKWY N $1,680.56 2025-00001212 12/31/2024 11/25-12/30/24 SVC-STA 129-00 CROSSROADS PKW N $2,074.96 2025-00001213 12/31/2024 11125-12130124 SVC-STA 111-50 CROSSROADS PKW N $720.03 2025-00001214 12/31/2024 11/25-12/30/24 SVC-PELLISSIER $518.39 2025-00001215 12/31/2024 11/25-12/30/24 SVC-PELLISSIER $373.03 2025-00001216 12/31/2024 11/25-12/30/24 SVC-PECK/UNION PACIFIC B $265.03 2025-00001217 12/31/2024 11/25-12/30/24 SVC-S/E COR OF PELLISSIER $1,818.26 2025-00001218 12/31/2024 11/25-12/30/24 SVC-PELLISSIER $284.90 84519 01/29/2025 SOCALGAS $33.28
Invoice Date Description Amount
2025-00001206 01/17/2025 12/14-1/15/25 SVC-610 S BREA CYN $15.78 2025-00001207 01/17/2025 12/14-1/15/25 SVC-1004 U FAIRWAY DR FAIRWAY GRAC $17.50 84520 SOUTHERN CALIFORNIA EDISON 519,765.65
01/29/2025
Invoice Date Description Amount
2025-00001180 01/14/2025 12/13-1/13/25 SVC-1023 U FAIRWAY DR $353.80 2025-00001181 01/14/2025 12/13-1/13/25 SVC-VARIOUS SITES $7,689.75 2025-00001182 01/14/2025 12/13-113/25 SVC-17635 GALE AVE $2,804.12 2025-00001183 01/14/2025 12/13-1/13125 SVC-VARIOUS SITES $111.28 2025-00001184 01/14/2025 12/10-1/13/25 SVC-VARIOUS SITES $2,057.61 2025-00001185 01/14/2025 12/13-1/13/25 SVC-PECK RD SIO PELLISSIER $28.89 2025-00001186 01/14/2025 12/13-1/13/25 SVC-1341 FULLERTON RD $150.94 2025-00001187 01/17/2025 12/6-1/8/25 SVC-VARIOUS SITES $169.92 2025-00001188 01/15/2025 12/16-1/14/25 SVC-900 NOGALES U $1,209.19 CITY OF INDUSTRY P. 9

WELLS FARGO BANK
February 13, 2025
Payee Name Check Amount
Check Date
CITY.WF.CHK - City General Wells Fargo
2025-00001189 01/17/2025 12/18-1/16/25 SVC-VARIOUS SITES $121.03 2025-00001190 01/17/2025 12/13-1/13/25 SVC-VARIOUS SITES $63.61 2025-00001191 01/16/2025 12/13-1/13125 SVC-VARIOUS SITES $5,005.51 84521 01/29/2025 WALNUT VALLEY WATER DISTRICT $3,948.47 Invoice Date Description Amount
5210182 01/13/2025 12/1-12/31/24 SVC-BAKER PKWY METER #1 $210.83 5210183 01/13/2025 12/1-12/31/24 SVC-BAKER PKWY METER #2 $185.83 5210189 01/13/2025 12/1-12/31/24 SVC-GRAND AVE CROSSING $119.38 5210190 01/13/2025 12/1-12/31/24 SVC-GRAND AVE CROSSING $119.38 5210192 01/13/2025 12/1-12/31/24 SVC-22002 VALLEY BLVD $280.09 5210250 01/13/2025 12/1-12/31/24 SVC-21627 GRAND CROSSING PKWY #3 $187.26 5210251 01/13/2025 12/1-12/31/24 SVC-21627 GRAND CROSSING PKWY #4 S180.83 5210972 01/13/2025 12/1-12/31/24 SVC-PUMP STN N/W CHERYL LN/MAYO $39.64 5210992 01/13/2025 12/1-12/31/24 SVC-PUMP STN BREA CYN $29.48 5211227 01/13/2025 12/1-12/31/24 SVC-NOGALES PUMP STN $75.90 5210063 01/13/2025 12/1-12/31/24 SVC-IRR 820 FAIRWAY DR $75.90 5210114 01/13/2025 12/1-12/31/24 SVC-LEMON AVE N OF CURRIER RD $67.12 5210228 01/13/2025 12/1-12/31/24 SVC-60 FWY INTERCHANGE FAIRWAY DF $29.72 5210148 01/13/2025 12/1-12/31/24 SVC-BREA CYN RD & OLD RANCH RD $62.54 5210164 01/13/2025 12/1-12/31/24 SVC-FERRERO & GRAND EAST RAMP $655.27 5210209 01/13/2025 12/1-12/31/24 SVC-21350 VALLEY/MEDIAN $71.70 5210210 01/13/2025 12/1-12/31/24 SVC-GRAND CROSSING EAST $55.67 5210211 01/13/2025 12/1-12/31/24 SVC-GRAND CROSSING WEST $57.96 5210212 01/13/2025 12/1-12/31/24 SVC-BAKER PKWY & GRAND NAW CNR $1,014.80 5210219 01/13/2025 12/1-12/31/24 SVC-E/S GRAND S/O BAKER PKWY $107.96 5210225 01/13/2025 12/1-12/31/24 SVC-BREA CYN N OF RR TRKS $201.47 5210226 01/13/2025 12/1-12/31/24 SVC-BREA CYN 60 N OF CURRIER $80.10 5211241 01/13/2025 12/1-12/31/24 SVC-1004 U FAIRWAY DR GRADE SEP $39.64 CITY OF INDUSTRY P. 10

WELLS FARGO BANK
February 13, 2025
Payee Name Check Amount
Check Date
CITY.WF.CHK - City General Wells Fargo
84522 HUMANA INSURANCE COMPANY $6,729.18
01/29/2025
Invoice Date Description Amount
389690472 01/13/2025 DENTAL PREMIUM FOR FEBRUARY 2025 $6,729.18 84523 KEENAN AND ASSOCIATES $280.00
01/29/2025
Date Description Amount
Invoice
316572 01/27/2025 COI BOND COVERAGE FOR VERONICA MEJIA (2/1125-2 $70.00 316571 01/27/2025 COI BOND COVERAGE FOR ELISE CALVO (2/1/25-2/1/26 $70.00 01/2712025 COI BOND COVERAGE FOR JOSH NELSON (2/1/25-22112 $70.00 316569
316570 01/2712025 COI BOND COVERAGE FOR JULIE ROBLES (2/1/25-2/1/2 $70.00 84524 01/29/2025 MUTUAL OF OMAHA - PAYMENT PROC $7,410.74 Invoice Date Description Amount
1827413871 02/01/2025 LIFE INS PREMIUM FOR FEBRUARY 2025 $7,410.74 84525 UNUM LIFE INSURANCE COMPANY OF S8,735.20
01/29/2025
Invoice Date Description Amount
2/2-2/28/25 01/20/2025 LONG TERM CARE PREMIUM FOR FEBRUARY 2025 $8,735.20 34526 02/05/2025 AT & T S406.17
Invoice Date Description Amount
2025-00001238 01/17/2025 1/17-2/16/25 SVC-TONNER GUARD SHACK $406.17 84527 02/05/2025 AT & T 5179.00
Invoice Date Description Amount
5107997902 01/23/2025 12/19-1/18/25 SVC-600 S BREA CYN-METROLINK $179.00 84528 02/05/2025 FIDELITY SECURITY LIFE INSURANCE 51,193.30 CITY OF INDUSTRY P. 11

WELLS FARGO BANK
February 13, 2025
Check Date Payee Name Check Amount
CITY.WF.CHK - City General Wells Fargo
Invoice Date Description Amount
166668530 02/01/2025 VISION PREMIUM FOR FEBRUARY 2025 $1,193.30 84529 FRONTIER $517.11
02/05/2025
Invoice Date Description Amount
2025-00001235 01/19/2025 1/19-2/18/25 SVC-FOLLOW'S CAMP $113.22 2025-00001236 01/16/2025 1/16-2/15/25 SVC-BREA CYN PUMP STN $129.19 2025-00001237 01/16/2025 1/16-2/15/25 SVC-PH AUTO PLAZA $274.70 INDUSTRY PUBLIC UTILITIES $655.34
84530 02/05/2025
Invoice Date Description Amount
2025-00001274 02/01/2025 11/15-1/16/25 SVC-VALLEY & 7TH $655.34 84531 02/05/2025 ROWLAND WATER DISTRICT $1,449.36
Invoice Date Amount
2025-00001275 01/29/2025 12/8-1/7125 SVC-AZUSA AVE - RC $92.51 2025-00001276 01/29/2025 12/8-1/7125 SVC-755 NOGALES AT - RC $292.96 2025-00001277 01/29/2025 12/28-1/7125 SVC-909 U NOGALES ST - IRR $170.20 2025-00001278 01/29/2025 1228-1/7125 SVC-1100 S AZUSA AVE $199.49 2025-00001279 01/29/2025 12/8-1/7125 SVC-1123 HATCHER ST STE D $100.84 2025-00001280 01/29/2025 1218-1/7125 SVC-1135 HATCHER AVE $51.88 2025-00001281 01/29/2025 12/8-1/7125 SVC-1123 HATCHER ST STE C $64.12 2025-00001282 01/29/2025 12/8-1/7125 SVC-1015 NOGALES ST - PUMP HOUSE $347.96 2025-00001283 01/29/2025 1218-1/7125 SVC-1023 NOGALES ST - IRR $129.40 84532 SAN GABRIEL VALLEY WATER CO. 51,381.35
02/05/2025
Invoice Date Description Amount
2025-00001240 01/17/2025 12/12-1/16/25 SVC-123 WORKMAN MILL IRRIG $375.42 2025-00001241 01/17/2025 12/12-1/16/25 SVC-132 IRRIG PUENTE $264.15 CITY OF INDUSTRY P. 12

WELLS FARGO BANK
February 13, 2025
Check Date Payee Name Check Amount
CITY.WF.CHK - City General Wells Fargo
2025-00001242 01/17/2025 12/12-1/16/125 SVC-13756 VALLEY BLVD $234.27 2025-00001243 01/21/2025 12/16-1/17125 SVC-14329 VALLEY $463.23 2025-00001244 01/22/2025 12/17-1/21/25 SVC-336 ELE ENCANTO $44.28 84533 02/05/2025 SOCALGAS $202.21
Invoice Date Description Amount
2025-00001239 01/23/2025 12/19-1/21/25 SVC-13756 VALLEY BLVD $16.27 2025-00001270 01/31/2025 12/31-1/29/25 SVC-710 NOGALES ST $14.30 2025-00001271 01/31/2025 12/31-1/29/25 SVC-1015 NOGALES ST $14.94 2025-00001272 01/24/2025 12/20-1/22125 SVC-15415 DON JULIAN RD $156.70 84534 02/05/2025 SOUTHERN CALIFORNIA EDISON 512,581.69
Invoice Date Description Amount
2025-00001225 01/21/2025 12/19-1/20/25 SVG-1004 U FAIRWAY DR. $617.00 2025-00001226 01/21/2025 12/19-1/20/25 SVC-580 BREA CYN RD $1.11 2025-00001227 01/21/2025 12/19-1/20/25 SVC-1007 LAWSON ST TC1 $88.38 2025-00001228 01/22/2025 12/18-1/16/25 SVC-1015 NOGALES ST $603.49 2025-00001229 01/23/2025 12/23-1/22125 SVC-VARIOUS SITES $874.20 2025-00001230 01/27/2025 12/26-1/26/25 SVC-15660 STAFFORD ST $1,962.28 2025-00001231 01/2712025 12/26-1/26125 SVC-205 N HUDSON AVE $375.81 2025-00001232 01/23/2025 12/23-1/22/25 SVC-VARIOUS SITES $715.74 2025-00001233 01/21/2025 12/23-1/20/25 SVC-VARIOUS SITES $1,015.79 2025-00001273 01/31/2025 1/3-1/30/25 SVC-15625 MAYOR DAVE WAY S6,327.89 84535 02/05/2025 SOUTHERN CALIFORNIA EDISON 51,128.64
Invoice Date Description Amount
2025-00001234 01/27/2025 12/26-1/26/25 SVC-15530 STAFFORD ST $1,128.64 84536 02/05/2025 SUBURBAN WATER SYSTEMS 51,305.46
CITY OF INDUSTRY P. 13

WELLS FARGO BANK
February 13, 2025
Check Date Payee Name Check Amount
CITY.WF.CHK - City General Wells Fargo
Invoice Date Description Amount
180013515925 01/2312025 12/21-1/23/25 SVC-AZUSA & GEMINI $1,200.14 180062043849 01/22/2025 12/20-1/22/25 SVC-205 HUDSON $105.32 84537 02/13/2025 ACORN TECHNOLOGY SERVICES $22,760.00
Invoice Date Description Amount
12088 02/01/2025 NETWORK MAINT $22,760.00
84538 02/13/2025 ADVANTEC CONSULTING ENGINEERS $2,250.00 Invoice Date Description Amount
9803-0230-25 01/16/2025 INTELLIGENT TRANSPORTATION SYSTEM $2,250.00 AMAZON WEB SERVICES, ING $4,015.66
84539 02/13/2025
Invoice Date Description Amount
2028188257 02/01/2025 AWS SVG-JAN 2025 $4,015.66
84540 02/13/2025 ARAMARK REFRESHMENT SERVICES $52.26
Invoice Date Description Amount
1048844557 01/21/2025 COFFEE SVC & SUPPLIES $52.26
84541 02/13/2025 B2 PRINT, LLC $656.49
Invoice Date Description Amount
0013101 01/09/2025 RECEIPT BOOKS $292.51
0013102 01/09/2025 NOTE PADS-YANET, MARTHA, & GENERAL $179.73 0013114 01/09/2025 BUSINESS CARDS-M. HEAVYSIDE $108.55
0013147 01/10/2025 BUSINESS CARDS-M. HUDSON $75.70
•
84542 02/13/2025 BANK OF AMERICA - ACCOUNT ANAL' $8,179.97 Invoice Date Description Amount
CITY OF INDUSTRY P. 14

WELLS FARGO BANK
February 13, 2025
Payee Name Check Amount
Check Date
CITY.WF.CHK - City General Wells Fargo
0015264072 • 01/15/2025 ACCOUNT ANALYSIS $8,179.97
02/13/2025 BENE MADRE LLC $6,837.14
84543
Invoice Date Description Amount
2/4/2025 02/04/2025 REIMBURSEMENT #13 FOR CLAIM #602727 S6,837.14 34544 02/13/2025 BLAKE AIR CONDITIONING COMPANY $2,969.90 Invoice Date Description Amount
67604 11/20/2024 REPLACE REGULATOR FOR BOILER-IBC $1,074.15 67800 01/15/2025 REPLACE PARTS OF BOILER-CITY HALL $1,088.10 67799 01/14/2025 HVAC REPAIR-YALPOST OFFICE $601.55
67883 01/24/2025 REPAIR BOILER-EL ENCANTO $206.10
84545 02/13/2025 BOWSER GEOSPATIAL, LLC $800.00
Invoice Date Description Amount
1002 02/04/2025 MANAGE/MAINT OF CITY'S GIS DATABASE $800.00 84546 02/13/2025 CALIFORNIA CONSULTING, INC. $4,750.00
Invoice Date Description Amount
7038 02/01/2025 GRANT WRITING AND MGMT SVC $4,750.00
84547 CELEBRATION HOLIDAY STUDIO $725.25
02/13/2025
Invoice Date Description Amount
012825 01/28/2025 BANNER HARDWARE REPLACEMENT $725.25
CINTAS CORPORATION LOC 693 51,029.35
84548 02/13/2025
Invoice Date Description Amount
4218362007 01/20/2025 DOOR MATS $100.60
5250047602 01/21/2025 FIRST AID SUPPLIES $429.93
CITY OF INDUSTRY P. 15

WELLS FARGO BANK
February 13, 2025
Payee Name Check Amount
Check Date
CITY.WF.CHK - City General Wells Fargo
4219129558 01/2712025 DOOR MATS $100.60
9306866721 01/31/2025 LEASE FOR AED MACHINE-CITY HALL $118.26 9306866739 01/31/2025 WATER COOLER-TREASURY $56.17
9306929741 01/31/2025 LEASE FOR AED MACHINE-HOMESTEAD $123.19 4219863129 02/03/2025 DOOR MATS $100.60
CITY OF INDUSTRY-PAYROLL ACCT $400,000.00
84549 02/13/2025
Invoice Date Description Amount
PR P/E 1/17/25 01/30/2025 REPLENISH PAYROLL P/E 1/17/25 $200,000.00 PR P/E 1/31/25 02/04/2025 REPLENISH PAYROLL P/E 1/31/25 $200,000.00 84550 02/13/2025 CNC ENGINEERING $212,490.00
Invoice Date Amount
511750 01/23/2025 SOLAR INSTALLATION AT CITY HALL $2,850.00 511751 01/23/2025 EL ENCANTO ROOF REFURB $1,342.50
511752 01/23/2025 CITYWIDE ADA SELF-EVALUATION/TRANSITION PLAN $3,205.00 511753 01/23/2025 KELLA AVE STORM DRAIN $3,987.50
01/23/2025 GALE AVE REALIGNMENT $4,280.00
511754
511755 01/23/2025 PRELIMINARY DESIGN OF EW BICYCLE PATH $377.50 511756 01/23/2025 PRELIMINARY DESIGN OF EW BICYCLE PATH $9,661.25 511758 01/23/2025 GENERAL ENG SVC-DEV PLANS AT IBC $1,532.50 511759 01/23/2025 GENERAL ENG SVC-TRAFFIC $2,590.00
511760 01/2312025 GENERAL ENG SVC 1/6-1/19/25 $5,880.00 511761 01/23/2025 GENERAL ENG SVC-COUNTER SERVICE S3,107.50 511762 01/23/2025 GENERAL ENG SVC-PERMITS $22,730.00
511763 01/23/2025 GENERAL ENG SVC-PLAN APPROVAL $14,100.00 511764 01/23/2025 GENERAL ENG SVC-STREET LIGHTS $2,095.00 511765 01/23/2025 GENERAL ENG SVC 1/6-1/19/25 $94,243.75 511766 01/23/2025 GENERAL ENG SVC-STREET LIGHT IMPROVE AT PROI $1,900.00 CITY OF INDUSTRY P. 16

WELLS FARGO BANK
February 13, 2025
Payee Name Check Amount
Check Date
CITY.WF.CHK - City General Wells Fargo
511767 01/23/2025 TONNER CYN PROPERTY $471.25
511768 01/23/2025 COLIMA RD WIDENING $1,862.50
511769 01/2312025 CHINO RANCH #1 DAM RENOVATION $1,985.00 511770 01/23/2025 SALT LAKE AVE IMPROVEMENTS $1,610.00
511771 01/23/2025 NELSON AVE INTERSECTION $15,265.00
511772 01/23/2025 CIVIC CENTER PLANNING AND IMRPOVEMENTS $2,157.50 511773 01/23/2025 CITY ADMINISTRATIVE OFFICES $1,086.25 511774 01/23/2025 INDUSTRY BUSINESS COUNCIL CHAMBERS $270.00 511775 01/23/2025 CITY COUNCIL CHAMBERS IMPROVEMENTS $427.50 511776 01/23/2025 HOMESTEAD MUSEUM UPGRADES $280.00
511777 01/23/2025 HOMESTEAD MUSEUM IRRIGATION RETROFIT TO REC $470.00 511778 01/23/2025 STIMSON AVE CROSSING $115.00
511779 01/23/2025 SIGNING & STRIPING IMPROVEMENTS $1,110.00 511780 01/23/2025 SHERIFF TRAILER SITE $700.00
01/23/2025 METROLINK-MAINT OF PARKING LOT $1,370.00
511781
511782 01/23/2025 FIRE DAMAGE REPAIR OF EV AND SOLAR ENERGY $6,232.50 511783 01/23/2025 EL ENCANTO IMPROVEMENTS AND MAINT $3,195.00 84551 02/13/2025 CNC ENGINEERING $124,262.50
Invoice Date Description Amount
511784 01/23/2025 SAN JOSE AVE RECONSTRUCTION $1,400.00 511785 01/23/2025 INDUSTRY HILLS FUEL TANKS DISPENSING $440.00 511786 01/23/2025 SIXTH AVENUE RECONSTRUCTION $605.00
511787 01/23/2025 NELSON AVE OVER PUENTE CREEK $1,462.50 511788 01/23/2025 HIGHWAY BRIDGE PROGRAM FUNDING $115.00 511789 01/23/2025 205 HUDSON AVE $570.00
511790 01/23/2025 FISCAL YEAR BUDGET $6,193.75
511791 01/23/2025 BIXBY DR PCC PAVEMENT $11,030.00
511792 01/23/2025 FOLLOW'S CAMP PROJECT $570.00
CITY OF INDUSTRY P. 17

WELLS FARGO BANK
February 13, 2025
Date Payee Name Check Amount
Check
CITY.WF.CHK - City General Wells Fargo
511793 01/23/2025 CROSSROADS PKY NORTH & SOUTH IMPROVEMENTS $1,110.00 511794 01/23/2025 VARIOUS ASSIGNMENTS RELATED TO SA $662.50 511795 01/23/2025 NELSON AVE INTERSECTION $36,686.25
511796 01/23/2025 MAINT OF 1123 HATCHER AVE $1,412.50
511797 01/23/2025 15559-15650 RAUSCH RD (POST OFFICE) $387.50 511798 01/23/2025 CARTEGRAPH MGMT $11,840.00
511799 01/23/2025 GRAND AVE SLOPE RECONSTRUCTION-FERRERO TO $1,535.00 511800 01/23/2025 ADD SIDEWALK ON SOUTH SIDE OF TEMPLE AVE $2,670.00 511801 01/23/2025 ADA COMPLIANCE ON PUBLIC RIGHT OF WAY $2,530.00 511802 01/23/2025 TURNBULL CYN PROPERTIES $570.00
511803 01/23/2025 2022-2023 ANNUAL PAVEMENT REHABILITATION $1,580.00 511804 01/23/2025 2022-2023 ANNUAL SLURRY SEAL $1,150.00 511805 01/23/2025 DON JULIAN RD IMPROVEMENTS $5,275.00
511806 01/23/2025 RAILROAD STREET REHABILITATION $3,765.00 511807 01/23/2025 9TH AVE PAVEMENT REHABILITATION $2,707.50 511808 01/23/2025 CITYWIDE SIGNAGE UPDATE $142.50
511809 01/23/2025 2024-2025 STREETLIGHT BANNER INSTALLATION $2,902.50 511810 01/23/2025 2024-2025 ANNUAL PAVEMENT REHABILITATION $5,645.00 511811 01/23/2025 2024-2025 ANNUAL SLURRY SEAL $11,815.00 511812 01/23/2025 CALIFORNIA AVE WIDENING $2,440.00
511813 01/23/2025 PAVEMENT MANAGEMENT PLAN 2022 $1,150.00 511814 01/23/2025 SR57/60 CONFLUENCE IMPROVEMENT $920.00 511815 01/23/2025 ALAMEDA CORRIDOR PROJECT-PUENTE AVE GRADE $2,980.00 84552 02/13/2025 COUNTY OF LA - DEPT OF AGRICULTI $18,073.04 • Invoice Date Description Amount
250709 12/31/2024 PEST CONTROL-TONNER CYN (FIRESTONE CAMP) $2,809.42 250708 12/31/2024 PEST CONTROL-TONNER CYN (FIRESTONE CAMP) $8,423.46 250579 12/09/2024 WEED ABATEMENT-TONNER CYN (FIRESTONE CAMP) $6,840.16 CITY OF INDUSTRY P. 18

WELLS FARGO BANK
February 13, 2025
Check Date Payee Name Check Amount
CITY.WF.CHK - City General Wells Fargo
84553 02/13/2025 CRIA-EQUESTRIAN CENTER $56,372.28
Invoice Date Description Amount
10/31/24A 10/31/2024 PRO RODEO EVENT RENTAL $15,048.00
10/31/24B 10/31/2024 WORKMAN HIGH SCHOOL EVENT RENTAL $3,300.00 10/30/24 10/30/2024 USA BMX EVENT RENTAL $28,374.28
12/31/24 12/31/2024 VARIOUS EVENT RENTALS $9,650.00
84554 02/13/2025 DAPEER, ROSENBLIT, AND LITVAK, LI $826.50 Invoice Date Description Amount
23962 12/31/2024 SPECIALIZED LEGAL SVC-DEC 2024 $202.50 23961 12/31/2024 GENERAL CODE ENFORCEMENT-DEC 2024 $624.00 02/13/2025 DEPT OF ANIMAL CARE & CONTROL S6,623.25
84555
Invoice Date Description Amount
1/25/2025 01/25/2025 SHELTER COST-DEC 2024 $6,623.25
84556 02/13/2025 DM CONTRACTING ING $115,147.83
Invoice Date Description Amount
#2CITY-1521 02/01/2025 9TH AVE PAVEMENT REHABILITATION (NORTH OF CLA $121,208.25 34557 02/13/2025 ENTERPRISE MAPS LLC $9,531.60
•
Invoice Date Description Amount
251 01/13/2025 AMAZON WEB SERVICES $2,850.00
253 01/19/2025 AMAZON WEB SERVICES $2,691.60
260 02/01/2025 AMAZON WEB SERVICES $3,150.00
258 01/26/2025 AMAZON WEB SERVICES $840.00
84558 02/13/2025 ENVIRONS, INC. $5,625.00
CITY OF INDUSTRY P. 19

WELLS FARGO BANK
February 13, 2025
Check Date Payee Name Check Amount
CITY.WF.CHK - City General Wells Fargo
Invoice Date Description Amount
3808 01/28/2025 LANDSCAPE DESIGN SVC-HOMESTEAD $5,625.00 84559 02/13/2025 ESPY'S ELECTRICAL SERVICES INC. $1,500.00 Invoice Date Description Amount
1557 01/09/2025 VARIOUS LIGHTING REPAIRS-EL ENCANTO $1,500.00 84560 02/13/2025 FEDERAL EXPRESS CORP. $109.99
Invoice Date Desscription Amount
8-743-12753 01/17/2025 MESSENGER SVC $66.77
8-756-60074 01/31/2025 MESSENGER SVC $43.22
84561 02/13/2025 FIRST AMERICAN DATA TREE, LLC $200.00
Invoice Date Description Amount
20088320125 01/31/2025 PROPERTY DATA INFORMATION $200.00 84562 02/13/2025 FOLEY & LARDNER LLP $20,009.99
Invoice Date Description Amount
51001474 01/28/2025 LEGAL SVC-JAN 2025 $20,009.99
34563 02/13/2025 FUEL PROS, INC. $3,064.86
Invoice Date Description Amount
77108 01/13/2025 INDUSTRY HILLS FUEL STN MAINT $250.00
77223 01/23/2025 INDUSTRY HILLS FUEL STN MAINT $2,814.86 84564 02/13/2025 GCI CONSTRUCTION, INC. S36,863.15
Invoice Date Description Amount
#3CITY-1515 02/01/2025 CHINO RANCH DAM #1 RIPRAP PROJ AT ARNOLD RES $38,803.32 CITY OF INDUSTRY P. 20

WELLS FARGO BANK
February 13, 2025
Check Date Payee Name Check Amount
CITY.WF.CHK - City General Wells Fargo
84565 02/13/2025 GRAND CENTRAL RECYCLING & TRAI $682.00 Invoice Date Description Amount
1841756 12/03/2024 SOLID WASTE-CITY HALL $682.00
84566 02/13/2025 HDL COREN & CONE S3,025.46
Invoice Date Description Amount
SIN046915 01/28/2025 CONTRACT SVC PROP TAX (JAN-MAR 2025) $3,025.46 84567 02/13/2025 INDUSTRY BUSINESS COUNCIL $124,034.50
Invoice Date Description Amount
SEPTEMBER 2024 01/27/2025 EXPENSE REIMBURSEMENT-SEP 2024 $124,034.50 84568 02/13/2025 INDUSTRY SECURITY SERVICES $103,802.75 Invoice Date Description Amount
SG-COI#2-2021 01/17/2025 SECURITY SVC-VARIOUS CITY SITES $23,024.36 SG-COI#1-2021 01/17/2025 SECURITY SVC 1/10-1/16/25 $10,839.60 SG-COI#1-2022 01/24/2025 SECURITY SVC 1/17-123125 $11,433.20 SG-COI#2-2022 01/24/2025 SECURITY SVC-VARIOUS CITY SITES $24,624.24 SG-COI#1-2023 01/31/2025 SECURITY SVC 1/24-1/30/25 $10,839.60 SG-COI#2-2023 01/31/2025 SECURITY SVC-VARIOUS CITY SITES $23,041.75 84569 02/13/2025 INTERIOR IMAGES, INC. $32,387.04
Invoice Date Description Amount
1695-3 01/31/2025 FINAL PAYMENT-LOBBY FURNITURE-EL ENCANTO $14,863.64 4003 12/19/2024 INTERIOR DESIGN-IBC $323.75
3399 12/19/2024 INTERIOR DESIGN-EL ENCANTO FACILITY $7,521.55 4001 12/19/2024 INTERIOR DESIGN-CITY HALL GYM RESTROOM $9,245.20 4000 12/19/2024 INTERIOR DESIGN-IBC CHAMBERS $432.90
CITY OF INDUSTRY P. 21

WELLS FARGO BANK
February 13, 2025
Payee Name Check Amount
Check Date
CITY.WF.CHK - City General Wells Fargo
02/13/2025 JANUS PEST MANAGEMENT $8,006.00
84570
Date Description Amount
Invoice
279521 01/13/2025 RODENT SVC-HELIPAD $300.00
279470 01/13/2025 PEST SVC-IBC $155.00
279462 01/13/2025 PEST SVC-TONNER CYN $485.00
279471 01/13/2025 PEST SVC-YAL/POST OFFICE $95.00
279519 01/13/2025 RODENT SVC-HELIPAD PARKING LOT $486.00 279704 01/13/2025 PEST SVC-205 N HUDSON $85.00
279707 01/13/2025 MOSQUITO TRAPS & ABATEMENT-EL ENCANTO $5,215.00 280004 01/13/2025 PEST SVC-HOMESTEAD $1,030.00
279469 01/13/2025 PEST SVC-CITY HALL $155.00
84571 02/13/2025 JEFF PARRIOTT PHOTOGRAPHIC SER $2,763.75 Date Description Amount
Invoice
COI0125 01/31/2025 PROF SVC-HOMESTEAD $2,763.75
84572 JOE A. GONSALVES & SON $11,000.00
02/13/2025
Invoice Date Description Amount
162219 01/23/2025 LEGISLATIVE SVC-JAN 2025 $11,000.00
84573 JONES MAYER 5387.06
02/13/2025
Invoice Date Description Amount
127146 02/03/2025 LEGAL SVC-LA COUNTY ZERO BAIL PROGRAM $387.06 84574 02/13/2025 KATHY TAI $210.71
Invoice Date Description Amount
1/23/2025 01/23/2025 REIMBURSEMENT FOR CLE CONFERENCE $210.71 84575 02/13/2025 KEENAN AND ASSOCIATES S7,544.00
CITY OF INDUSTRY P. 22

WELLS FARGO BANK
February 13, 2025
Payee Name Check Amount
Check Date
CITY. WF.CHK - City General Wells Fargo
Invoice Date Description Amount
316507 01/24/2025 P&L CLAIMS ADMIN FEE (OCT-DEC 2024) $7,544.00 84576 KLEINFELDER, INC. $12,853.50
02/13/2025
Date Description Amount
Invoice
001518334 01/29/2025 NELSON AVE INTERSECTION IMPROVEMENTS-PUENT $12,853.50 02/13/2025 KLINE'S PLUMBING, INC. $2,240.00
84577
Date Description Amount
Invoice
13952 01/21/2025 REPAIR WATER HEATER-HOMESTEAD $2,240.00 84578 02/13/2025 LA COUNTY DEPT OF PUBLIC WORKS $72,195.76 Invoice Date Description Amount
IN250000470 01/27/2025 BLDG & SAFETY-ONE STOP SHOP FOR NOV 2024 $72,195.76 34579 02/13/2025 LA PUENTE VALLEY COUNTY WATER $290.23
Invoice Date Description Amount
BS;01/25 01/21/2025 WATER MONITORING-BOY SCOUTS RESERVE $290.23 34580 LEIGHTON CONSULTING INC $5,681.25
02/13/2025
Invoice Date Description Amount
65696 01/26/2025 GEO SVC-9TH AVE PAVEMENT REHAB $5,681.25 34581 02/13/2025 LOCKS PLUS, INC. $1,808.20
Invoice Date Description Amount
01/10/2025 PADLOCK REPAIRS-HOMESTEAD $100.00
36096
36095 01/13/2025 24 PADLOCKS-VARIOUS CITY SITES $1,708.20 84582 02/13/2025 LOS ANGELES COUNTY PUBLIC WORI 5114,864.14 CITY OF INDUSTRY P. 23

WELLS FARGO BANK
February 13, 2025
Date Payee Name Check Amount
Check
CITY.WF.CHK - City General Wells Fargo
Invoice Date Description Amount
PW-25011303612 01/13/2025 TRAFFIC SIGNAL MAINT $20,449.76 PW-25011303611 01/13/2025 TRAFFIC SIGNAL MAINT $44,123.33 PW-25011303613 01/13/2025 TRAFFIC SIGNAL MAINT $3,215.24 PW-25011303337 01/13/2025 TRAFFIC SIGNAL INSPECT/TIMING SHEETS $392.61 PW-25011303260 01/13/2025 EMERGENCY ROAD CLOSURE $2,155.26 PW-25011303311 01/13/2025 INSTALL SIGNING & STRIPING @BAKER PRAY $1,079.57 PW-25011303256 01/13/2025 CONCRETE REPAIRS $648.59
PW-25011303259 01/13/2025 STREET MAINT/INSPECTION $27,433.13 PW-25011303210 01/13/2025 FLOOD CONTROL PLAN REVIEW-NELSON/SUNSET $2,124.08 PW-25011303288 01/13/2025 WALL PACK LIGHTS REPAIR $7,754.83 PW-25011303275 01/13/2025 KITS MONITORING OF TRAFFIC SIGNALS $592.80 PW-25011303211 01/13/2025 REVIEW DESIGN PLANS-GRADE SEPARATION $4,466.54 PW-25011303239 01/13/2025 TRAFFIC SIGNING REPAIRS $332.45 PW-25011303215 01/13/2025 PLAN CHECK FEE-NELSON & PUENTE INTERSECTION $95.95 34583 02/13/2025 LOS ANGELES LEATHERCRAFT $595.50
Invoice Date Description Amount
I-012425-H 02/04/2025 HOMESTEAD MUSEUM STORE MERCHANDISE $595.50 84584 02/13/2025 MORTISE & TENON BUILDING CORP $2,785.52 Invoice Date Description Amount
137.2 01/20/2025 BALANCE-MISC REPAIRS @ EL ENCANTO $2,785.52 84585 MR PLANT & INTERIOR BOTANICAL DI $875.00
02/13/2025
Invoice Date Description Amount
FEB 23153 02/01/2025 PLANT MAINT-FEB 2025 $875.00
84586 MX GRAPHICS, INC. $2,119.99
02/13/2025
CITY OF INDUSTRY P. 24

WELLS FARGO BANK
February 13, 2025
Check Date Payee Name Check Amount
CITY.WF.CHK - City General Wells Fargo
Invoice Date Description Amount
33192 01/17/2025 ADA BINDERS $1,087.34
33008 12/16/2024 COLOR SCANS-JN 6201 $1,032.65
84587 02/13/2025 NEXTIVA, INC. $2,149.09
Invoice Date Description Amount
40004207588 01/24/2025 CITY HALL PHONE SVC $306.05
40004217713 01/27/2025 PHONE SVC FOR YAL $1,843.04
84588 02/13/2025 ODP BUSINESS SOLUTIONS, LLC $240.22
Invoice Date Description Amount
404685205001 01/10/2025 OFFICE SUPPLIES $131.50
404687700001 01/10/2025 OFFICE SUPPLIES $98.54
404687702001 01/13/2025 OFFICE SUPPLIES $10.18
84589 02/13/2025 OLMOS PROFESSIONAL SERVICES $8,782.00
Invoice Date Description Amount
522 01/30/2025 JANITORIAL SVC-CITY HALL $5,500.00
523 01/30/2025 JANITORIAL SVC-IBC $1,467.00
524 01/30/2025 JANITORIAL SVC-YAL $1,815.00
84590 02/13/2025 PLACEWORKS 515,116.30
Invoice Date Description Amount
IND-22.14-3 12/31/2024 PROPOSED BATTERY STORAGE FACILITY $15,116.30 84591 02/13/2025 RICOH USA, INC. $4,192.24
Invoice Date Description Amount
589278198 01/29/2025 COPIER LEASE 2/15-3/14/25 $3,872.29 589340658 02/05/2025 COPIER LEASE-HOMESTEAD $319.95
CITY OF INDUSTRY P. 25

WELLS FARGO BANK
February 13, 2025
Check Date Payee Name Check Amount
CITY.WF.CHK - City General Wells Fargo
84592 02/13/2025 RICOH USA, INC. $101.39
Invoice Date Description Amount
5070836822 01/24/2025 METER READING 10/24/24-1/23125-HOMESTEAD $101.39 84593 02/13/2025 ROWLAND WATER DISTRICT $37,519.43
Invoice Date Description Amount
1-12312024-C 12/31/2024 NOGALES DEWATERING BOOSTER STN $37,519.43 84594 02/13/2025 SAGE ENVIRONMENTAL GROUP $19,500.00
Invoice Date Description Amount
2425 01115/2025 GRAZING SVC-TONNER CYN $19,500.00 -
84595 02/13/2025 SAN GABRIEL VALLEY EAC $95.00
Invoice Date Description Amount
1/27/2025 01/27/2025 MEMBERSHIP FOR 2025-JULIE HARDT $95.00 84596 02/13/2025 SATSUMA LANDSCAPE & MAINT. S173,860.17 Invoice Date Description Amount
0125XROADS 01/17/2025 LANDSCAPE SVC-CROSSROADS PKY NORTH & SOUT+ $44,578.98 0125EC 01/17/2025 LANDSCAPE SVC-EXPO CENTER $38,628.21
0125CH 01/17/2025 LANDSCAPE SVC-CIVIC FINANCIAL CENTER $56,954.83 0125TA 01/17/2025 LANDSCAPE SVC-TEMPLE & AZUSA $33,698.15 84597 02/13/2025 SCS FIELD SERVICES $20,121.80
Invoice Date Description Amount
0525124 12/31/2024 INDUSTRY HILLS-LANDFILL GAS SYSTEM $20,121.80 84598 02/13/2025 SO CAL INDUSTRIES $286.25
CITY OF INDUSTRY P. 26

WELLS FARGO BANK
February 13, 2025
Check Date Payee Name Check Amount
CITY.WF.CHK - City General Wells Fargo
Invoice Date Description Amount
729757 01/29/2025 WC ACCESS RENTAL-TONNER CYNI57 FWY $195.89 728147 01/17/2025 FENCE RENTAL-IND HILLS $90.34
84599 02/13/2025 SOUTH COAST A.O.M.D. $2,330.12
Invoice Date Description Amount
4473208 01/02/2025 FLAT FEE EMISSION FY 24/25-IND HILLS $165.96 4470317 01/02/2025 ICE EM FLOOD CTL-INDUSTRY HILLS $2,164.16 34600 02/13/2025 SOUTHERN TIRE MART LLC - DEPT 14 $1.267.01 Invoice Date Description Amount
7070028844 01/27/2025 REPLACE TIRE TO 430E BACKHOE-TONNER CYN $1,267.01 84601 02/13/2025 SPECIAL T WATER SYSTEMS, INC. $958.31
Invoice Date Description Amount
241683 01/13/2025 SALT DELIVERY-EL ENCANTO $958.31
84602 02/13/2025 SQUARE ROOT GOLF & LANDSCAPE, I $220,372.86 Invoice Date Description Amount
1779H-1. 01/16/2025 GRAFFITI REMOVAL $2,934.40
1779H-2 01/16/2025 SIGN REPAIR & INSTALLATION $2,635.98 1779H 01/16/2025 LANDSCAPE SVC-VARIOUS CITY SITES $173,653.90 1776ELHM 01/16/2025 LANDSCAPE SVC-VARIOUS CITY SITES $7,058.48 1778ELHM 01/16/2025 LANDSCAPE SVC-HOMESTEAD $26,237.49
1777ELHM 01/16/2025 LANDSCAPE SVC-EL ENCANTO $7,852.61
84603 STAPLES BUSINESS ADVANTAGE 5949.17
02/13/2025
Invoice Date Description Amount
7003666818 01/11/2025 OFFICE SUPPLIES $949.17
CITY OF INDUSTRY P. 27

WELLS FARGO BANK
February 13, 2025
Check Date Payee Name Check Amount
CITY.WF.CHK - City General Wells Fargo
84604 02/13/2025 STILLWATER SCIENCES $8,503.50
Invoice Date Description Amount
9180031 01/20/2025 FOLLOW'S CAMP PROJECT $8,503.50
84605 02/13/2025 TBS CLEANING SERVICES $595.00
Invoice Date Description Amount
15610 02/01/2025 JANITORIAL SVC-HOMESTEAD $595.00
84606 02/13/2025 TELECOM LAW FIRM, P.C. $3,674.22
Invoice Date Description Amount
18961 01/31/2025 LEGAL SVC-WIRELESS COMMUNICATION $916.50 18960 01/31/2025 LEGAL SVC-WIRELESS COMMUNICATION $913.92 18962 01/31/2025 LEGAL SVC-WIRELESS COMMUNICATION $916.50 18958 01/31/2025 LEGAL SVC-WIRELESS COMMUNICATION $927.30 84607 02/13/2025 THE PIN CENTER $215.50
Invoice Date Description Amount
0125085 01/24/2025 YEARS OF SERVICE PINS FOR STAFF $215.50 34608 02/13/2025 THE TECHNOLOGY DEPOT $790.00
Invoice Date Description Amount
27925 02/01/2025 CLOUD CONNECT UNAAS-MAR 2025 $790.00
84609 02/13/2025 UNIFLI AEROSOLUTIONS LLC $1,800.00
Invoice Date Description Amount

1.20.2025 01/20/2025 AERIAL DRONE MAPPING-GALE AVE $1,800.00 84610 02/13/2025 WEST COAST ARBORISTS, INC. $27,745.30
CITY OF INDUSTRY P. 28

WELLS FARGO BANK
February 13, 2025
Check Date Payee Name Check Amount
CITY.WF.CHK - City General Wells Fargo
Invoice Date Description Amount
223855 12/31/2024 TREE MAINT FY 24/25 $27,745.30
34611 02/13/2025 WILLDAN ENGINEERING $296.00
Invoice Date Description Amount
00629421 01/22/2025 ENG SVC-NELSON AVE/PUENTE AVE $296.00 84612 02/13/2025 WKE, ING $1,227.90
Invoice Date Description Amount
1200657864 10/03/2024 GRAND AVE NB WIDENING OVER SAN JOSE CREEK $1,227.90 Checks Status Count Transaction Amount
Total 106 $2,248,039.06

CITY COUNCIL
ITEM NO. 6.2

BUTE MOISTE
1957 CITY OF INDUSTRY

CITY COUNCIL OF THE CITY OF INDUSTRY, CALIFORNIA, RATIFYING

DONATIONS TOTALING FORTY-SIX THOUSAND SEVEN HUNDRED
TWENTY-TWO DOLLARS AND TWENTY-EIGHT CENTS ($46,722.28) TO

WORKMAN HIGH SCHOOL, USA BMX, AND THE GABRIEL

FOUNDATION FOR THE COST OF HOSTING EVENTS AT THE EXPO
CENTER
Background:

The Expo Center serves as a venue for numerous celebrations and fundraisers throughout the year, many of which are organized by non-profit or community focused organizations dedicated to serving the San Gabriel Valley region. Recognizing the importance of fostering strong community relationships, the City has supported organizations throughout the years by granting donation requests.

Discussion:

In October 2024, three organizations hosted events at the Expo Center. Workman High School held its homecoming dance in the Pavilion banquet room at a cost of $3,300.00 for the facility rental. The Gabriel Foundation, a non-profit organization, hosted its annual charity rodeo at the Grand Arena for $15,048.00, for the arena and banquet hall rental and labor. Lastly, USA BMX held a community event at the Grand Arena, incurring a total cost of $28,374.28 for arena rental, cleaning, lighting, and security.

The City wished to support these organizations and further solidify Expo Center as a community resource. Since the events have passed, Staff's recommendation today is for City Council to ratify the various donations totaling $48,722.28 to the Expo Center in support of Workman High School, the Gabriel Foundation, and USA BMX to cover facility rental and event-related costs at the Expo Center. Future donations for Expo Center rental assistance will follow the existing donation process: organizations submit requests, and Staff presents the requests to Council for consideration. 15625 Mayor Dave Way • City of Industry, California 91744 • 626.333.2211 • www.cityofindustry.org Fiscal Impact:

In the Fiscal Year 2024/2025 budget, $371,000.00 was approved for Donations. No appropriations are required at this time (Account No. 100-621-5602).

Recommendation:

Staff recommends that the City Council adopt Resolution No. CC 2025-07.

Exhibit:

A. Resolution No. CC 2025-07
JN/SP:yp
RESOLUTION NO. CC 2025-07

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF

INDUSTRY, CALIFORNIA, RATIFYING DONATIONS IN THE

AMOUNT OF FORTY-SIX THOUSAND SEVEN HUNDRED

TWENTY-TWO DOLLARS AND TWENTY-EIGHT CENTS
($46,722.28) TO WORKMAN HIGH SCHOOL, USA BMX, AND THE

GABRIEL FOUNDATION FOR THE COST OF HOSTING EVENTS

AT THE EXPO CENTER

RECITALS
WHEREAS, the Expo Center serves as a venue for numerous celebrations and fundraisers throughout the year, many of which are organized by non-profit or community focused organizations dedicated to serving the San Gabriel Valley region; and WHEREAS, in October 2024, three organizations hosted events at the Expo Center. Workman High School held its homecoming dance in the Pavilion banquet room at a cost of $3,300.00 for the facility rental. The Gabriel Foundation, a non-profit organization, hosted its annual charity rodeo at the Grand Arena for $15,048.00, for the arena and banquet hall rental and labor. Lastly, USA BMX held a community event at the Grand Arena, incurring a total cost of $28,374.28 for arena rental, cleaning, lighting, and security; and
WHEREAS, the City wished to support these organizations and further solidify Expo Center as a community resource; and
WHEREAS, the City's donation serves a public purpose in that these organizations are dedicated to serving the San Gabriel Valley region; and WHEREAS, all legal prerequisites to the adoption of this Resolution have occurred.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF INDUSTRY DOES HEREBY RESOLVE, DETERMINE, FIND, AND ORDER AS FOLLOWS:

SECTION 1: The City Council finds that all of the facts set forth in the Recitals are true and correct and are incorporated herein by reference.

SECTION 2: The City's donation serves a public purpose in that Workman High School, The Gabriel Foundation and USA BMX serve the community throughout the year.

The City's donation allowed them to host events for the community they serve.

SECTION 3: The City Council approves the various donations totaling $46,722.38 ($46,722.28) for the cost of hosting events at the Expo Center.

SECTION 4: The City Manager is hereby authorized and directed to take such other and further action consistent with this Resolution, in order to implement this Resolution on behalf of the City.

SECTION 5: The provisions of this Resolution are severable and if any provision, clause, sentence, word or part thereof is held illegal, invalid, unconstitutional, or inapplicable to any person or circumstances, such illegality, invalidity, unconstitutionality, or inapplicability shall not affect or impair any of the remaining provisions, clauses, sentences, sections, words or parts thereof of the Resolution or their applicability to other persons or circumstances.

SECTION 6: That the City Clerk shall certify to the adoption of this Resolution and that the same shall be in full force and effect.

PASSED, APPROVED AND ADOPTED by the City Council of the City of Industry at a regular meeting held on February 13, 2025, by the following vote:

AYES: COUNCIL MEMBERS:

NOES: COUNCIL MEMBERS:

ABSTAIN: COUNCIL MEMBERS:

ABSENT: COUNCIL MEMBERS:

Cory C. Moss, Mayor
ATTEST:

Julie Gutierrez-Robles, City Clerk

CITY COUNCIL
ITEM NO. 6.3

CITY OF INDUSTRY

ANGELES CO

MEMORANDUM
TO: Honorable Mayor Moss and Members of the City Council FROM: Joshua Nelson, City Manager
STAFF: Mathew Hudson, Director of Public Works
Arlene Lopez, Senior Project Manager, CNC Engineering
Sierra Roberts, GIS Analyst, CNC Engineering
DATE: February 13, 2025
SUBJECT: Consideration of a Professional Services Agreement with Roadway Asset Services, LLC, to provide field data collection services for the City's Pavement Management Plan update, in an amount not-to-exceed $60,843.00, through February 13, 2027 (MP 97-35 #1)
Background:

To comply with Los Angeles Metropolitan Transportation Authority's ("Metro") Proposition C funding certification, the City is required to update our Pavement Management Plan ("PMP") every three years. The PMP identifies and outlines preventative maintenance strategies for City streets. The previous street data that was collected was prior to 2022, and Staff solicited proposals from Roadway Asset Services, LLC ("RAS") and Cyvl, Inc. to provide field data collection and analysis services for the 2025 PMP. After Staff's review, RAS is preferred because they provide assistance with the set-up and overall functionality of the City's existing software program, Cartegraph Operations Management System (Cartegraph "OMS"), while Cyvl, Inc. does not provide this additional assistance.

RAS has significant experience in collecting pavement performance data using laser based automated technologies. RAS has completed similar work for local jurisdictions including Rancho Palos Verdes, Oceanside, Pasadena, and Long Beach. RAS has worked extensively using Cartegraph OMS which Staff uses to manage pavement data, to manage pavement distress data.

Discussion:

RAS's scope of services includes conducting an objective pavement condition survey along approximately 127 centerline miles of all City streets. The assessment will be done according to ASTM (American Society for Testing and Materials) D6433 standards and Cartegraph OMS protocols to ensure that the data is compatible with previous pavement assessments. Staff recommends approving the Professional Services Agreement with RAS for this work in an amount not to exceed $60,843.00, through February 13, 2027, to complete this work.

Fiscal Impact:

The fiscal impact is $60,843.00. In the adopted FY 2024-2025 Capital Improvement Project budget, $150,000.00 is approved for this work (Account No. 120-702-5130) and no appropriation is required (MP 97-35 #1).

Recommendation:

Approve the Professional Services Agreement with RAS.

Exhibit:

A Professional Services Agreement with Roadway Asset Services, LLC dated February 13, 2025
JN/MH:jf

EXHIBIT A
Professional Services Agreement with Roadway Asset Services, LLC dated February 13, 2025
Attached]

CITY OF INDUSTRY

PROFESSIONAL SERVICES AGREEMENT
This PROFESSIONAL SERVICES AGREEMENT ("Agreement"), is made and effective ("Consultant"). The City and Consultant are hereinafter collectively referred to as the "Parties"

RECITALS
WHEREAS, City desires to engage Consultant to perform the services described herein, and Consultant desires to perform such services in accordance with the terms and conditions set forth herein.

NOW, THEREFORE, for and in consideration of the mutual covenants and conditions herein contained, City and Consultant agree as follows:

1. TERM
This Agreement shall commence on the Effective Date, and shall remain and continue in effect until tasks described herein are completed, but in no event later than February 13, 2027, unless sooner terminated pursuant to the provisions of this Agreement.

2. SERVICES
(a) Consultant shall perform the tasks ("Services") described and set forth in Exhibit A, attached hereto and incorporated herein as though set forth in full. ("Scope of Services"). Tasks other than those specifically described in the Scope of Services shall not be performed without prior written approval of the City. The Services shall be performed by Consultant, unless prior written approval is first obtained from the City. In the event of conflict or inconsistency between the terms of this Agreement and Exhibit A, the terms of this Agreement shall prevail.
(b) City shall have the right to request, in writing, changes to the Services. Any such changes mutually agreed upon by the Parties, and any corresponding increase or decrease in compensation, shall be incorporated by written amendment to this Agreement.
(c) Consultant shall perform all Services in a manner reasonably satisfactory to the City and in a first-class manner in conformance with the standards of quality normally observed by an entity providing pavement management and inspection services, serving a municipal agency.
(d) Consultant shall comply with all applicable federal, state, and local laws, regulations and ordinances in the performance of this Agreement, including but not limited to, the conflict of interest provisions of Government Code Section 1090 and the Political

Page 1 of 16 ends

Reform Act (Government Code Section 81000 et seq.)). During the term of this Agreement, Consultant shall not perform any work for another person or entity for whom Consultant was not working on the Effective Date if both (i) such work would require Consultant to abstain from a decision under this Agreement pursuant to a conflict of interest statute or law; and (ii) City has not consented in writing to Consultant's performance of such work. No officer or employee of City shall have any financial interest in this Agreement that would violate California Government Code Sections 1090 et seq Consultant hereby warrants that it is not now, nor has it been in the previous twelve (12) months, an employee, agent, appointee, or official of the City. If Consultant was an employee, agent, appointee, or official of the City in the previous twelve (12) months, Consultant warrants that it did not participate in any manner in the forming of this Agreement. Consultant understands that, if this Agreement is made in violation of Government Code §1090 et seq., the entire Agreement is void and Consultant will not be entitled to any compensation for Services performed pursuant to this Agreement, and Consultant will be required to reimburse the City for any sums paid to the Consultant.

Consultant understands that, in addition to the foregoing, it may be subject to criminal prosecution for a violation of Government Code § 1090 and, if applicable, will be disqualified from holding public office in the State of California. (e) Consultant represents that it has, or will secure at its own expense, all licensed personnel required to perform the Services. All Services shall be performed by Consultant or under its supervision, and all personnel engaged in the Services shall be qualified and licensed to perform such services.

3. MANAGEMENT
City Manager shall represent the City in all matters pertaining to the administration of this Agreement, review and approval of all products submitted by Consultant, but shall have no authority to modify the Services or the compensation due to Consultant.

4. PAYMENT
(a) The City agrees to pay Consultant monthly, in accordance with the payment rates and terms and the schedule of payment as set forth in Exhibit B ("Rate Schedule"), attached hereto and incorporated herein by this reference as though set forth in full, based upon actual time spent on the above tasks. This amount shall not exceed Sixty Thousand Eight Hundred Forty Three Dollars ($60,843.00) for the total Term of the Agreement unless additional payment is approved as provided in this Agreement.
(b) Consultant shall not be compensated for any services rendered in connection with its performance of this Agreement which are in addition to those set forth herein, unless such additional services are authorized in advance and in writing by the City. Consultant shall be compensated for any additional services in the amounts and in the manner as agreed to by City and Consultant at the time City's written authorization is given to Consultant for the performance of said services.

Page 2 of 16 ends

(C) Consultant shall submit invoices monthly for actual services performed. Invoices shall be submitted on or about the first business day of each month, or as soon thereafter as practical, for services provided in the previous month. Payment shall be made within thirty (30) days of receipt of each invoice as to all non-disputed fees. If the City disputes any of Consultant's fees it shall give written notice to Consultant within thirty (30) days of receipt of an invoice of any disputed fees set forth on the invoice. Any final payment under this Agreement shall be made within 45 days of receipt of an invoice therefore.

5. SUSPENSION OR TERMINATION OF AGREEMENT
(a) The City may at any time, for any reason, with or without cause, suspend or terminate this Agreement, or any portion hereof, by serving upon the Consultant at least ten (10) days prior written notice. Upon receipt of said notice, the Consultant shall immediately cease all work under this Agreement, unless the notice provides otherwise. If the City suspends or terminates a portion of this Agreement such suspension or termination shall not make void or invalidate the remainder of this Agreement. (b) In the event this Agreement is terminated pursuant to this Section, the City shall pay to Consultant the actual value of the work performed up to the time of termination, provided that the work performed is of value to the City. Upon termination of the Agreement pursuant to this Section, the Consultant shall submit an invoice to the City pursuant to Section 5 of this Agreement.

6. OWNERSHIP OF DOCUMENTS
(a) Consultant shall maintain complete and accurate records with respect to sales, costs, expenses, receipts, and other such information required by City that relate to the performance of services under this Agreement. Consultant shall maintain adequate records of services provided in sufficient detail to permit an evaluation of services. All such records shall be maintained in accordance with generally accepted accounting principles and shall be clearly identified and readily accessible. Consultant shall provide free access to the representatives of City or its designees at reasonable times to review such books and records; shall give City the right to examine and audit said books and records; shall permit City to make transcripts or copies therefrom as necessary; and shall allow inspection of all work, data, documents, proceedings, and activities related to this Agreement. Such records, together with supporting documents, shall be maintained for a period of three (3) years after receipt of final payment.
(b) Upon completion of, or in the event of termination or suspension of this Agreement, all original documents, designs, drawings, maps, models, computer files, surveys, notes, and other documents prepared in the course of providing the services to be performed pursuant to this Agreement shall become the sole property of the City and may be used, reused, or otherwise disposed of by the City without the permission of the Consultant. With respect to computer files, Consultant shall make available to the City, at the Consultant's office, and upon reasonable written request by the City, the necessary computer software and hardware for purposes of accessing, compiling, transferring, copying and/or printing computer files.

Consultant hereby grants to City all right, title, and interest, including any copyright, in and to

Page 3 of 16 ends

the documents, designs, drawings, maps, models, computer files, surveys, notes, and other documents prepared by Consultant in the course of providing the services under this Agreement. All reports, documents, or other written material developed by Consultant in the performance of the Services pursuant to this Agreement, shall be and remain the property of the City.

7. INDEMNIFICATION
(a) Indemnity for professional liability
When the law establishes a professional standard of care for Consultant's Services, to the fullest extent permitted by law, Consultant shall indemnify, protect, defend and hold harmless the City and any and all of its officials, employees and agents ("Indemnified Parties") from and against any and all losses, liabilities, damages, costs and expenses, including legal counsel's fees and costs caused in whole or in part by any negligent or wrongful act, error or omission of Consultant, its officers, agents, employees or subconsultants (or any agency or individual that Consultant shall bear the legal liability thereof) in the performance of professional services under this Agreement.
(b) Indemnity other than for professional liability
Other than in the performance of professional services and to the full extent permitted by law, Consultant shall indemnify, defend and hold harmless City, and any and all of its employees, officials and agents from and against any liability (including liability for claims, suits, actions, arbitration proceedings, administrative proceedings, regulatory proceedings, losses, expenses or costs of any kind, whether actual, alleged or threatened, including legal counsel fees and costs, court costs, interest, defense costs, and expert witness fees), where the same arise out of, are a consequence of, or are in any way attributable to, in whole or in part, the performance of this Agreement by Consultant or by any individual or agency for which Consultant is legally liable, including but not limited to officers, agents, employees or subcontractors of Consultant.
(c) Duty to defend.

In the event the City, its officers, employees, agents and/or volunteers are made a party to any action, claim, lawsuit, or other adversarial proceeding arising from the performance of the services encompassed by this Agreement, and upon demand by City, Consultant shall have an immediate duty to defend the City at Consultant's cost or at City's option, to reimburse the City for its costs of defense, including reasonable attorney's fees and costs incurred in the defense of such matters.

Payment by City is not a condition precedent to enforcement of this indemnity. In the event of any dispute between Consultant and City, as to whether liability arises from the sole negligence of the City or its officers, employees, or agents, Consultant will be obligated to pay for City's defense until such time as a final judgment has been entered adjudicating the City as solely negligent. Consultant will not be entitled in the absence of such a determination to any reimbursement of defense costs including but not limited to attorney's fees, expert fees and costs of litigation.

Page 4 of 16 ends

8. INSURANCE
Consultant shall maintain prior to the beginning of and for the duration of this Agreement insurance coverage as specified in Exhibit C attached hereto and incorporated herein by reference.

9. INDEPENDENT CONSULTANT
(a) Consultant is and shall at all times remain as to the City a wholly independent consultant and/or independent contractor. The personnel performing the services under this Agreement on behalf of Consultant shall at all times be under Consultants exclusive direction and control. Neither City nor any of its officers, employees, or agents shall have control over the conduct of Consultant or any of Consultant's officers, employees, or agents, except as set forth in this Agreement. Consultant shall not at any time or in any manner represent that it or any of its officers, employees, or agents are in any manner officers, employees, or agents of the City. Consultant shall not incur or have the power to incur any debt, obligation, or liability whatever against the City, or bind the City in any manner. (b) No employee benefits shall be available to Consultant in connection with the performance of this Agreement. Except for the fees paid to Consultant as provided in the Agreement, City shall not pay salaries, wages, or other compensation to Consultant for performing services hereunder for City. City shall not be liable for compensation or indemnification to Consultant for injury or sickness arising out of performing services hereunder.
(c) Consultant shall indemnify, defend and hold harmless, the City, its elected officials, officers, employees and agents, from and against any liability (including liability for claims, suits, actions, arbitration proceedings, administrative proceedings, regulatory proceedings, losses, expenses or costs of any kind, whether actual, alleged or threatened, including contributions to any retirement and/or pension plan, legal counsel fees and costs, court costs, interest, defense costs, and expert witness fees), where the same arise out of, are a consequence of, or are in any way attributable to, in whole or in part, Consultant's or by any individual or agency for which Consultant is legally liable, including but not limited to officers, agents, employees or subconsultants of Consultant service as an independent contractor. The indemnity provisions set forth in this Section 9 (c) shall survive the termination of this Agreement, and are in addition to any other rights or remedies the City may have under the law.

10. LEGAL RESPONSIBILITIES
The Consultant shall keep itself informed of State and Federal laws and regulations which in any manner affect those employed by it or in any way affect the performance of its service pursuant to this Agreement. The Consultant shall at all times observe and comply with all such laws and regulations. The City, and its officers and employees, shall not be liable at law or in equity occasioned by failure of the Consultant to comply with this Section.

Page 5 of 16 ends

11. UNDUE INFLUENCE
Consultant declares and warrants that no undue influence or pressure was used against or in concert with any officer or employee of the City in connection with the award, terms or implementation of this Agreement, including any method of coercion, confidential financial arrangement, or financial inducement. No officer or employee of the City has or will receive compensation, directly or indirectly, from Consultant, or from any officer, employee or agent of Consultant, in connection with the award of this Agreement or any work to be conducted as a result of this Agreement. Violation of this Section shall be a material breach of this Agreement entitling the City to any and all remedies at law or in equity.

12. NO BENEFIT TO ARISE TO LOCAL OFFICERS AND EMPLOYEES No member, officer, or employee of City, or their designees or agents, and no public official who exercises authority over or responsibilities with respect to the Project during his/her tenure or for one year thereafter, shall have any interest, direct or indirect, in any agreement or sub-agreement, or the proceeds thereof, for work to be performed in connection with the Project performed under this Agreement.

13. RELEASE OF INFORMATION/CONFLICTS OF INTEREST
(a) All information gained by Consultant in performance of this Agreement shall be considered confidential and shall not be released by Consultant without City's prior written authorization. Consultant, its officers, employees, agents, or subconsultants, shall not without written authorization from the City, voluntarily provide declarations, letters of support, testimony at depositions, response to interrogatories, or other information concerning the work performed under this Agreement or relating to any project or property located within the City, unless otherwise required by law or court order.
(b) Consultant shall promptly notify City should Consultant, its officers, employees, agents, or subconsultants be served with any summons, complaint, subpoena, notice of deposition, request for documents, interrogatories, request for admissions, or other discovery request ("Discovery"), court order, or subpoena from any person or party regarding this Agreement and the work performed there under or with respect to any project or property located within the City, unless Consultant is prohibited by law from informing the City of such Discovery, court order or subpoena. City retains the right, but has no obligation, to represent Consultant and/or be present at any deposition, hearing, or similar proceeding as allowed by law. Unless City is a party to the lawsuit, arbitration, or administrative proceeding and is adverse to Consultant in such proceeding, Consultant agrees to cooperate fully with the City and to provide the opportunity to review any response to discovery requests provided by Consultant. However, City's right to review any such response does not imply or mean the right by City to control, direct, or rewrite said response.

14. NOTICES
Any notices which either party may desire to give to the other party under this Agreement must be in writing and may be given either by (i) personal service, (i) delivery by a reputable document delivery service, such as but not limited to, Federal Express, which

Page 6 of 16 ends

provides a receipt showing date and time of delivery, or (i) mailing in the United States Mail, certified mail, postage prepaid, return receipt requested, addressed to the address of the party as set forth below or at any other address as that party may later designate by notice:

To City: City of Industry
15625 Mayor Dave Way
City of Industry, CA 91744
Attention: City Manager
With a Copy To: Casso & Sparks, LLP
13300 Crossroads Parkway North, Suite 410
City of Industry, CA 91746
Attention: James M. Casso, City Attorney
To Consultant: Roadway Asset Services, LLC
6001 W. Parmer Lane #370-1102
Austin, TX 78727
Attention: Bart Williamson, CEO

15. ASSIGNMENT
The Consultant shall not assign the performance of this Agreement, nor any part thereof, nor any monies due hereunder, without prior written consent of the City.

Before retaining or contracting with any subconsultant for any services under this Agreement, Consultant shall provide City with the identity of the proposed subconsultant, a copy of the proposed written contract between Consultant and such subconsultant which shall include and indemnity provision similar to the one provided herein and identifying City as an indemnified party, or an incorporation of the indemnity provision provided herein, and proof that such proposed subconsultant carries insurance at least equal to that required by this Agreement or obtain a written waiver from the City for such insurance.

Notwithstanding Consultant's use of any subconsultant, Consultant shall be responsible to the City for the performance of its subconstultant as it would be if Consultant had performed the Services itself. Nothing in this Agreement shall be deemed or construed to create a contractual relationship between the City and any subconsultant employed by Consultant. Consultant shall be solely responsible for payments to any subconsultants.

Consultant shall indemnify, defend and hold harmless the Indemnified Parties for any claims arising from, or related to, the services performed by a subconsultant under this Agreement.

16. GOVERNING LAW/ATTORNEYS' FEES
The City and Consultant understand and agree that the laws of the State of California shall govern the rights, obligations, duties, and liabilities of the parties to this Agreement and also govern the interpretation of this Agreement. Any litigation concerning this Agreement shall take place in the municipal, superior, or federal district court in Los Angeles County, California. If any action at law or suit in equity is brought to enforce or interpret the provisions

Page 7 of 16 ends

of this Agreement, or arising out of or relating to the Services provided by Consultant under this Agreement, the prevailing party shall be entitled to reasonable attorneys' fees and all related costs, including costs of expert witnesses and consultants, as well as costs on appeal, in addition to any other relief to which it may be entitled.

17. ENTIRE AGREEMENT
This Agreement contains the entire understanding between the Parties relating to the obligations of the Parties described in this Agreement. All prior or contemporaneous agreements, understandings, representations, and statements, oral or written and pertaining to the subject of this Agreement or with respect to the terms and conditions of this Agreement, are merged into this Agreement and shall be of no further force or effect. Each party is entering into this Agreement based solely upon the representations set forth herein and upon each party's own independent investigation of any and all facts such party deems material.

18. SEVERABILITY
If any term or provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, then such term or provision shall be amended to, and solely to, the extent necessary to cure such invalidity or unenforceability, and in its amended form shall be enforceable. In such event, the remainder of this Agreement, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and be enforced to the fullest extent permitted by law.

19. COUNTERPARTS
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

20. CAPTIONS
The captions appearing at the commencement of the sections hereof, and in any paragraph thereof, are descriptive only and shall have no significance in the interpretation of this Agreement.

21. WAIVER
The waiver by City or Consultant of any breach of any term, covenant or condition herein contained shall not be deemed to be a waiver of such term, covenant or condition or of any subsequent breach of the same or any other term, covenant or condition herein contained. No term, covenant or condition of this Agreement shall be deemed to have been waived by City or Consultant unless in writing.

Page 8 of 16 ends

22. REMEDIES
Each right, power and remedy provided for herein or now or hereafter existing at law, in equity, by statute, or otherwise shall be cumulative and shall be in addition to every other right, power, or remedy provided for herein or now or hereafter existing at law, in equity, by statute, or otherwise. The exercise, the commencement of the exercise, or the forbearance of the exercise by any party of any one or more of such rights, powers or remedies shall not preclude the simultaneous or later exercise by such party of any of all of such other rights, powers or remedies.

23. AUTHORITY TO EXECUTE THIS AGREEMENT
The person or persons executing this Agreement on behalf of Consultant represents and warrants that he/she has the authority to execute this Agreement on behalt of the Consultant and has the authority to bind Consultant to the performance of its obligations hereunder.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of the Effective Date.
"CITY" /CONSULTANT"
City of Industry Roadway Asset Services, LLC
By: By:

Joshua Nelson, City Manager Bart Williamson, CEO
Attest:

By:

Julie Gutierrez-Robles, City Clerk
Approved as to form:

By:

James M. Casso, City Attorney
Attachments: Exhibit A Scope of Services
Exhibit B Rate Schedule
Exhibit C Insurance Requirements

Page 9 of 16 ends

EXHIBIT A

SCOPE OF SERVICES
Consultant shall provide the following pavement management and inspection services:

1. Objective Pavement Condition Surveys
a. 100 percent linear assessment of the City's 127 pavement miles with the Consultant's Roadway Asset Collection ("RAC") vehicles.

2. Data Processing and Pavement Condition Index (*PCI) Development a. Upload data collected in field using Consultant's artificial intelligence ("Al") pavement rating tool Road Technical Rating Intelligence Program ("TRIP"). b. Generation of right-of-way, pavement image streams, calculation of profile, roughness, rutting, detection of cracks, lane-markings, man-made objects, and other distresses.
c. Overlay detected cracks on pavement images, define distress cracks by road zone, accumulate according to units defined by the City of Industry. d. Identify severity levels based on the ASTM D6433 and verify resolution through visual quality control checks of image files.
e. Calculate density metrics using the length and the width of the pavement segment.

3. Data Quality Assurance ("QA") - Verification of Pilot Data a. Consultant will review 10 miles of surface distress data, roughness data, and digital images with City Staff via a virtual meeting.
b. Consultant will use a PowerBl Portal that contains the segment PCI scores along with deduct points assigned to each distress to communicate the PCI impacts of present distresses.
c. Consultant will take corrective action on the initial field pilot data if issues are confirmed in the field and will review with the City prior to commencing the full network data processing activities.
d. Consultant will accommodate local roadway design, soil conditions, and modify the distress processing software as necessary before proceeding with the network-level data processing.

4. Cartegraph Operations Management System ("OMS) Configuration Workflow (all sub-sections).

Page 10 of 16 ends

a. Consultant will review the City's existing GIS and Cartegraph OMS setup and recommend changes to the segmentation and budgetary model configuration. b. Consultant will discuss the City's current Maintenance and Rehabilitation setup within Cartegraph OMS and work with the City to review existing pavement rehabilitation model parameters within Cartegraph OMS "Scenario Builder," including: Min/Max OCI, Breakpoint OCI, decision trees for treatments, costs, and reset OCI values.
c. Consultant will discuss other pavement treatments with the City, resulting in scenarios that include the investment benefit information indicating the cost per square foot of benefit for each maintenance strategy based on maintenance rehabilitation costs.
d. Consultant will work with the City to review and revise existing pavement deterioration curves for each pavement material type and each roadway classification in Cartegraph OMS Asset Condition Manager to reflect realistic degradation rates in the City using historical and collected data. Consultant will lead the update with the team prior to the production data load into Cartegraph. e. Consultant will develop a Supersegment layer consisting of multiple pavement segments stitched together to form a logical project or management section to be used to create budgetary scenarios at the project level in Cartegraph.

5. Deliverables
a. Consultant will deliver surface distress data, roughness data, and all digital imagery collected to the City in a format that includes unique identification numbers that connect data to pavement segments.
b. Consultant will deliver pavement assessment data in comma separated file (CSV) format so that the City can load data into Cartegraph. The Consultant will deliver the following CSV files:
i. A CSV file of all samples collected, which includes the corresponding pavement segment Cartegraph identification, sample identification, and sample from and to amount.
ii. A CSV file of the collected Ride Indices, including the corresponding pavement segment Cartegraph identification.
iii. A CSV file of all the distresses collected per pavement segment sample, including the distress type, severity, and extent, along with its corresponding sample identification.
c. Consultant will deliver the pilot surface distress, ride condition data, and digital images in Excel Spreadsheets, File Geodatabase, and Google Earth KMZ as a part of the Data QA and Verification of Pilot Data.

Page 11 of 16 ends

d. Consultant will deliver a Microsoft Access database of the final configuration, setup, and model of the developed pavement Supersegments.

Page 12 of 16 ends

EXHIBIT B

RATE SCHEDULE
Task Description Units Unit Cost Fee
Required Services
1 Project Initiation & Centerline Identification' 1 $1,950 $1,950 2 Field Set-Up, Mobilization, & GPS Network Creation 1 $8,500 $8,500 3 Collect Street Network (test miles)2 177 $125 $22,125 4 OCI Rating: ASTM D6433 Data Processing (test miles) 177 $60 $10,620 5 Pavement Width Measurements (lane miles)? 254 $12 $3,048 6 Scenario Builder Configuration & SuperSegment 254 $40 $10,160 Development (lane miles)
7 Contingency: Consulting Hours 24 $185 $4,440
Project Total: $60,843.00
1 - Consultant will utilize the City's existing GIS data. 2 - Primary/minor roads are 2-pass collection and secondary/other roads are 1-pass collection. Based on 127 centerline miles.
3 - Consultant will review imagery to verify data on each side of the roadway centerline; resulting in 254 lane miles.

This project is funded in the approved FY 24-25 CIP budget under Account No. 120-120- 5130. (MP 97-35 #1)

Page 13 of 16 ends

EXHIBIT C

INSURANCE REQUIREMENTS
Without limiting Consultant's indemnification of City, and prior to commencement of the Services, Consultant shall obtain, provide and maintain at its own expense during the term of this Agreement, policies of insurance of the type and amounts described below and in a form satisfactory to City.

General liability insurance. Consultant shall maintain commercial general liability insurance with coverage at least as broad as Insurance Services Office form CG 00 01, in an amount not less than $1,000,000.00 per occurrence, $2,000,000.00 general aggregate, for bodily injury, personal injury, and property damage. The policy must include contractual liability that has not been amended. Any endorsement restricting standard ISO "insured contract" language will not be accepted.

Automobile liability insurance. Consultant shall maintain automobile insurance at least as broad as Insurance Services Office form CA 00 01 covering bodily injury and property damage for all activities of the Consultant arising out of or in connection with Work to be performed under this Agreement, including coverage for any owned, hired, non-owned or rented vehicles, in an amount not less than $1,000,000.00 combined single limit for each accident.

Professional liability (errors & omissions) insurance. Consultant shall maintain professional liability insurance that covers the Services to be performed in connection with this Agreement, in the minimum amount of $1,000,000 per claim and in the aggregate. Any policy inception date, continuity date, or retroactive date must be before the effective date of this agreement and Consultant agrees to maintain continuous coverage through a period no less than three years after completion of the services required by this agreement.

Workers' compensation insurance. Consultant shall maintain Workers' Compensation Insurance (Statutory Limits) and Employer's Liability Insurance (with limits of at least $1,000,000.00).

Consultant shall submit to City, along with the certificate of insurance, a Waiver of Subrogation endorsement in favor of City, its officers, agents, employees and volunteers.

Proof of insurance. Consultant shall provide certificates of insurance to City as evidence of the insurance coverage required herein, along with a waiver of subrogation endorsement for workers' compensation. Insurance certificates and endorsement must be approved by City's Risk Manager prior to commencement of performance. Current certification of insurance shall be kept on file with City at all times during the term of this contract. City reserves the right to require complete, certified copies of all required insurance policies, at any time.

Duration of coverage. Consultant shall procure and maintain for the duration of the contract insurance against claims for injuries to persons or damages to property, which may arise from or in connection with the performance of the Services hereunder by Consultant, his agents, representatives, employees or subconsultants.

Page 14 of 16 ends

Primary/noncontributing. Coverage provided by Consultant shall be primary and any insurance or self-insurance procured or maintained by City shall not be required to contribute with it. The limits of insurance required herein may be satisfied by a combination of primary and umbrella or excess insurance. Any umbrella or excess insurance shall contain or be endorsed to contain a provision that such coverage shall also apply on a primary and non- contributory basis for the benefit of City before the City's own insurance or self-insurance shall be called upon to protect it as a named insured.

City's rights of enforcement. In the event any policy of insurance required under this Agreement does not comply with these specifications or is canceled and not replaced, City has the right but not the duty to obtain the insurance it deems necessary and any premium paid by City will be promptly reimbursed by Consultant, or City will withhold amounts sufficient to pay premium from Consultant payments. In the alternative, City may cancel this Agreement.

Acceptable insurers. All insurance policies shall be issued by an insurance company currently authorized by the Insurance Commissioner to transact business of insurance in the State of California, with an assigned policyholders' Rating of A- (or higher) and Financial Size Category Class VI (or larger) in accordance with the latest edition of Best's Key Rating Guide, unless otherwise approved by the City's Risk Manager.

Waiver of subrogation. All insurance coverage maintained or procured pursuant to this agreement shall be endorsed to waive subrogation against City, its elected or appointed officers, agents, officials, employees and volunteers or shall specifically allow Consultant or others providing insurance evidence in compliance with these specifications to waive their right of recovery prior to a loss. Consultant hereby waives its own right of recovery against City, and shall require similar written express waivers and insurance clauses from each of its subconsultants.

Enforcement of contract provisions (non estoppel). Consultant acknowledges and agrees that any actual or alleged failure on the part of the City to inform Consultant of non-compliance with any requirement imposes no additional obligations on the City nor does it waive any rights hereunder.

Requirements not limiting. Requirements of specific coverage features or limits contained in this Section are not intended as a limitation on coverage, limits or other requirements, or a waiver of any coverage normally provided by any insurance. Specific reference to a given coverage feature is for purposes of clarification only as it pertains to a given issue and is not intended by any party or insured to be all inclusive, or to the exclusion of other coverage, or a waiver of any type. If the Consultant maintains higher limits than the minimums shown above, the City requires and shall be entitled to coverage for the higher limits maintained by the Consultant. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the City.

Notice of cancellation. Consultant agrees to oblige its insurance agent or broker and insurers to provide to City with a thirty (30) day notice of cancellation (except for nonpayment for which a ten (10) day notice is required) or nonrenewal of coverage for each required coverage.

Page 15 of 16 ends

Additional insured status. General liability policies shall provide or be endorsed to provide that City and its officers, officials, employees, and agents, and volunteers shall be additional insureds under such policies. This provision shall also apply to any excess liability policies.

Prohibition of undisclosed coverage limitations. None of the coverages required herein will be in compliance with these requirements if they include any limiting endorsement of any kind that has not been first submitted to City and approved of in writing.

Separation of Insureds. A severability of interests provision must apply for all additional insureds ensuring that Consultant's insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the insurer's limits of liability.

The policy(ies) shall not contain any cross-liability exclusions.

Pass Through Clause. Consultant agrees to ensure that its subconsultants, subcontractors, and any other party involved with the project who is brought onto or involved in the project by Consultant, provide the same minimum insurance coverage and endorsements required of Consultant. Consultant agrees to monitor and review all such coverage and assumes all responsibility for ensuring that such coverage is provided in conformity with the requirements of this section. Consultant agrees that upon request, all agreements with consultants, subcontractors, and others engaged in the project will be submitted to City for review.

City's right to revise specifications. The City reserves the right at any time during the term of the contract to change the amounts and types of insurance required by giving the Consultant ninety (90) days advance written notice of such change. If such change results in substantial additional cost to the Consultant, the City and Consultant may renegotiate Consultant's compensation.

Self-insured retentions. Any self-insured retentions must be declared to and approved by the City. The City reserves the right to require that self-insured retentions be eliminated, lowered, or replaced by a deductible. Self-insurance will not be considered to comply with these specifications unless approved by the City.

Timely notice of claims. Consultant shall give the City prompt and timely notice of claims made or suits instituted that arise out of or result from Consultant's performance under this Agreement, and that involve or may involve coverage under any of the required liability policies.

Additional insurance. Consultant shall also procure and maintain, at its own cost and expense, any additional kinds of insurance, which in its own judgment may be necessary for its proper protection and prosecution of the work.

Page 16 of 16 ends

CITY COUNCIL
ITEM NO. 6.4

STOR DUSTRE
1957 CITY OF INDUSTRY

MEMORANDUM
TO: Honorable Mayor Moss and Members of the City Council FROM: Joshua Nelson, City Manager
STAFF: Sam Pedroza, Assistant City Manager
DATE: February 13, 2025
SUBJECT: Consideration of Amendment No. 5 to the Professional Services Agreement with Granicus, LLC, for website maintenance and hosting, extending the term through August 15, 2025, increasing compensation by $7,414.73, and updating the rate schedule
Background:

The City has utilized Granicus, LLC ("Granicus") for its website maintenance and hosting services since 2017. Granicus provides services for both the City and Industry Sheriff's Youth Activities League's ("YAL") websites. In its efforts to redesign and develop a new website, the City has contracted with CivicPlus. However, the project is underway and the City will need to continue its services with Granicus for an additional 6 months.

Discussion:

Amendment No. 5 extends the term through August 15, 2025, and compensation for web hosting services will be increased by $7,414.73. Staff recommends the Council approve Amendment No. 5 with Granicus.

Fiscal Impact:

In the Fiscal Year 2024/2025 budget, $425,000.00 was approved for General Fund - Administrative Services - Information Technology. No appropriations are required at this time (Account No. 100-525-5120-01).

Recommendation:

Staff recommends that the City Council approve Amendment No. 5 to the Agreement. 15625 Mayor Dave Way • City of Industry, California 91744 • 626.333.2211 • www.cityofindustry.org Exhibit:

A. Amendment No. 5 to the Professional Services Agreement with Granicus, LLC, dated February 15, 2025
JN/SP:yp
AMENDMENT NO. 5

TO PROFESSIONAL SERVICES AGREEMENT WITH
GRANICUS, LLC.

This Amendment No. 5 to the Professional Services Agreement ("Agreement), is made and entered into this 15th day of February 2025 ("Effective Date"), by and between the City of Industry, a California municipal corporation ('City") and Granicus, LLC, a Minnesota limited liability company (Consultant). The City and Consultant are hereinafter collectively referred to as the "Parties"

RECITALS
WHEREAS, on or about February 9, 2017, the Agreement was entered into and executed between the City and Vision Technology Solutions, LLC ("Vision") to provide website development services for the City, Homestead Museum, and Expo Center; and WHEREAS, on or about April 27, 2017, Amendment No. 1 was entered into for additional website development services to include the Industry Business Council and Industry Sheriff's Youth Athletic League; and
WHEREAS, on or about February 9, 2018, Vision was purchased by Consultant.

Given the dissolution of Vision, the Parties transferred all obligations previously held by Vision to Consultant; and
WHEREAS, on or about March 10, 2022, Amendment No. 2 was entered into, extending the Agreement to February 14, 2023, and increasing compensation by $33,195.72: and
WHEREAS, on or about March 23, 2023, Amendment No. 3 was entered into, extending the Agreement to February 14, 2024, and increasing compensation by $19,085.23: and
WHEREAS, on or about January 25, 2024, Amendment No. 4 was entered into, extending the Agreement to February 14, 2025, and increasing compensation by $14,748.64 and
WHEREAS, the Parties desire to amend the Agreement to extend the term to August 15, 2025, increase compensation by $7,414.73, and update the rate schedule; WHEREAS, for the reasons set forth herein, the City and Consultant desire to enter into this Amendment No.5, as set forth below.

AMENDMENT
NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements set forth herein, it is agreed the aforesaid Agreement, and incorporated herein by reference, shall remain in full force and effect except as otherwise hereinafter provided:
1 Section 1. TERM
The first sentence of Section 1 is hereby amended to read in its entirety as follows:

This Agreement shall commence on the Effective Date, and shall remain and continue in effect until August 15, 2025, unless sooner terminated pursuant to the provisions of this Agreement.

Section 4. PAYMENT
The second sentence of Section 4(a) is hereby amended to read in its entirety as follows:

This amount shall not exceed Two Hundred Ninety-Five Thousand Three Hundred Seventy-Three Hundred and Thirty-Two Cents ($295,373.32) for the total Term of the Agreement unless additional payment is approved as provided in this Agreement.

EXHIBIT B. RATE SCHEDULE
Exhibit B is hereby rescinded in its entirety, and replaced with a revised Rate Schedule, attached hereto as Attachment 1, and incorporated herein by reference.

The person or persons executing this Agreement on behalf of Consultant represents and warrants that he/she has the authority to execute this Agreement on behalf of the Consultant and has the authority to bind Consultant to the performance of its obligations hereunder.

IN WITNESS WHEREOF, the Parties here executed this Amendment No. 5 to the Agreement as of the Effective Date.
"CITY" "CONSULTANT"
CITY OF INDUSTRY GRANICUS, LLC.

By: By: _
Joshua Nelson, City Manager Bernadette Foley, Sr. Manager Renewals Attest:

By:

Julie Gutierrez-Robles, City Clerk

APPROVED AS TO FORM
By:

James M. Casso, City Attorney
2 ATTACHMENT NO. 1

EXHIBIT B

RATE SCHEDULE
Renewing Subscription Fees
Period of Billing Quantity
Solution Performance Frequency Annual Prorated
Fee
2/15/2025 to
govAccess Plus Edition - City Annual 1 Each $12,621.44 $6,345.30 8/15/2025
govAccess Specialty Subsite 2/15/2025 to Annual 1 Each $1,069.43 Maint & Hosting - YAL 8/15/2025 $2,127.20
SUBTOTAL: $14,748.64 $7,414.73
3 CITY COUNCIL
ITEM NO. 6.5

SIT OF DUSTRY
1957 CITY OF INDUSTRY
CARELES CONS Incorporated June 18, 1957

MEMORANDUM
TO: City Council
FROM: Joshua Nelson, City Manager
STAFF: Yamini Pathak, Director of Finance
DATE: February 13, 2025
SUBJECT: Annual Financial Reports for the City of Industry, Year Ending June 30, 2024

RECOMMENDATION
Receive and file the City of Industry (the "City") annual financial reports for the year ending June 30, 2024, and instruct Staff to present a summary of the year ending June 30, 2024 Annual Financial Reports to the City Council.

City of Industry

1. Annual Audited Basic Financial Statements for the Year Ending June 30, 2024 with Independent Auditors' Report

2. Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters for the Year Ending June 30, 2024

3. Auditors' Communications with the City Council for the Year Ending June 30, 2024

4. Independent Auditors' Report on Agreed-Upon Procedures Applied to the Appropriations Limit Worksheets for the Year Ending June 30, 2024

EXECUTIVE SUMMARY
The City's independent auditors, Rogers, Anderson, Malody & Scott, LLP, have completed their annual audit of the City's financial statements which include the financial activities of its component units (Successor Agency to the Industry Urban-Development Agency, the Civic-Recreational-Industrial Authority, the Industry Public Facilities Authority, and the Industry Property and Housing Management Authority) for the year ending June 30, 2024.

The financial statements received an unqualified (or clean) opinion. No material weakness

Page 1 ends

in internal control was noted by the Auditors.

DESCRIPTION OF REPORTS
The financial reports and management compliance letter for the year ending June 30, 2024 are briefly described below:

Annual Financial Report
The annual financial statement is a comprehensive document reflecting the financial position of the City and its component units. The Auditors issued an unqualified (or clean) opinion on these financial statements.

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 No material weakness in internal control was noted by the Auditors.

The Auditors' Communications with the City's Audit Committee and City Council Statement of Auditing Standards (SAS) No. 114 requires more and documented communications between the auditors and the City's Audit Committee and City Council.

This letter provides an opportunity for the auditors to report on any difficulties or major concerns discovered during the audit and to further define their role. They provide commentary on management's responsibilities for accounting policies and estimates that no significant difficulties were encountered in performing the audit, and no disagreements occurred with management. They point out that management has corrected all known material misstatements.

Independent Accountant's Report on Agreed-Upon Procedures Applied to Appropriation Limit Worksheets
Section 1.5 of Article XIII-B of the California Constitution requires that the City follow the procedures agreed upon by the State of California and the League of California Cities (as presented in the League publication entitled Article XIII-B Appropriations Limitation Uniform Guidelines) to determine the annual appropriations limit. The auditors provide this report, which confirms the City's compliance.

Fiscal Impact
There is no fiscal impact as result of this action.

Page 2 ends

City of Industry
Financial Statements and Supplementary Information
For the year ended June 30, 2024
This page intentionally left blank.

City of Industry
Financial Statements
For the Year Ended June 30, 2024

TABLE OF CONTENTS
Independent Auditor's Report
Management's Discussion and Analysis
Financial Statements:

Government-Wide Financial Statements:

Statement of Net Position 18
Statement of Activities . 20
Fund Financial Statements:

Governmental Funds:

Balance Sheet 22
Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position ..24
Statement of Revenues, Expenditures, and Changes in Fund Balances ... 25 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Government-Wide
Statement of Activities ... 27
Proprietary Funds:

Statement of Net Position ...... 28
Statement of Revenues, Expenses, and Changes in Net Position 29 Statement of Cash Flows .. 30
Fiduciary Funds:

Statement of Fiduciary Net Position . 32
Statement of Changes in Fiduciary Net Position ..33
Notes To Financial Statements 34
Required Supplementary Information:

Schedule of the City's Proportionate Share of the Plan's Net Pension Liability and Related Ratios (Unaudited) ...... 81
Schedule of Contributions - Pension (Unaudited). 83
Schedule of Changes in Net Other Postemployment Benefits Liability (Asset) and Related Ratios (Unaudited) 85
Budgetary Comparison Schedule - General Fund (Unaudited) 86 Note To Required Supplementary Information 87
Supplementary Information:

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual:

City Capital Projects Fund 88
City Debt Service Fund 89
Industry Public Facilities Authority Debt Service Fund 90 City of Industry
Financial Statements
For the Year Ended June 30, 2024

TABLE OF CONTENTS (CONTINUED)
Supplementary Information (Continued):

Nonmajor Governmental Funds:

Combining Balance Sheet .... ..91
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances. 93
Schedule of Revenues, Expenditures, And Changes in Fund Balances - Budget And Actual:

Gas Tax Special Revenue Fund 95
Measure R Local Return Special Revenue Fund 96
Proposition A Sales Tax Special Revenue Fund 97
Proposition C Sales Tax Special Revenue Fund 98
Measure M Special Revenue Fund 99
Measure W Special Revenue Fund 100
CARB Tax Special Revenue Fund 101
CRIA Capital Projects Fund 102
Schedule of Long-Term Debt - City of Industry Only:
$336,570,000 Taxable Sales Tax Refunding Bonds, Series 2015A 103 $51,460,000 Taxable Sales Tax Refunding Bonds, Series 2015 B 104 $34,340,000 Taxable Sales Tax Refunding Bonds, Series of 2017 105 RA
ROGERS, ANDERSON, MALODY & SCOTT. LLP
CERTIFIED PUBLIC ACCOUNTANTS, SINCE 1948
M S
735 E. Carnegie Dr. Suite 100
San Bernardino, CA 92408
909 889 0871 T
909 889 5361 F
ramscpa.net
Independent Auditor's Report

PARTNERS
Scott W. Manno, CPA, CGMA
Leena Shanbhag, CPA. MST. COMA To the Honorable Mayor and Members Bradferd A Welebir. CPA, MBA. CGMA of the City Council of the Jenny W Liu. CPA, MST City of Industry
Gardenya Duran. CPA, CGMA Industry, California
Brianna Schultz. CPA, CGMA
Brenda L Odle, CPA, MST (Partner Emeritus)
Report on the Audit of the Financial Statements
Terry P. Shea, CFA (Partner Emeritus:

Opinions
We have audited the financial statements of the governmental

MANAGERS / STAFF
activities, the business-type activities, each major fund, and the Seong Hyea Lee, CPA. MBA
aggregate remaining fund information of the City of Industry (the City), Evelyn Morentin-Barcena. C.PA
Veronica Hemandez, CPA as of and for the fiscal year ended June 30, 2024, and the related notes Laura Arviza. CPA to the financial statements, which collectively comprise the City's basic John Maldonado, CPA, MSA financial statements as listed in the table of contents.

Juba Rodriguez Fuentes, CPA, MSA
Demi Hite. CPA
In our opinion, the accompanying financial statements referred to Jeffrey McKennan. CPA
above present fairly, in all material respects, the respective financial Monica Wysocki, CPA
position of the governmental activities, the business-type activities, jacob Weatherbie. CPA, MSA
Bolim Han, CPA, MAcc each major fund, and the aggregate remaining fund information of the Anny Gonzalez, CPA City, as of June 30, 2024, and the respective changes in financial position and where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in

MEMBERS
the United States of America.

Amenican instillie ni
Cordled Public Accountants
Basis for Opinions
PCPS The AICPA Albance
for CPA Firms
We conducted our audit in accordance with auditing standards Governmiratel Audit
CuntRy Center generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government California Sociery of
Certified Public Accountants Auditing Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements Proud Member of relating to our audit. We believe that the audit evidence we have AlliottGlobalAlliance™ obtained is sufficient and appropriate to provide a basis for our audit opinions.
-1-
STABILITY. ACCURACY. TRUST.

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

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

Emphasis of Matter
As discussed in Note 1 to the financial statements, in the year ended June 30, 2024, the City adopted new accounting guidance under Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections. Our opinions are not modified with respect to this matter.

Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the • 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, the evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
-2-
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a going concern for a reasonable period of time.

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

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

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City's basic financial statements. The accompanying supplementary information listed in the table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The budgetary comparison schedules and the combining nonmajor fund financial statements are the responsibility of management and were derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information contain therein is fairly stated, in all material respects, In relation to the basic financial statements as a whole.
-3-
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 30, 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 internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City's internal control over financial reporting and compliance.

Rogers, Andercon, Malody e leott, LLP.

San Bernardino, California
January 30, 2025
-4.

City of Industry
Management's Discussion and Analysis
For the Year Ended June 30, 2024
As management of the City of Industry and its component units ("City"), we offer readers of the City's financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2024. We encourage readers to consider the information presented here in conjunction with the City's financial statements.

Financial Highlights
• The assets and deferred outflows of the City's governmental activities exceeded its liabilities and deferred inflows at June 30, 2024 by $904.2 million (Net Position). Of this amount, $412.5 million is invested in capital assets, and $477.6 million in unrestricted ne position. Net Position reflects a decrease of $8.8 million from prior period and is mainly attributable to increase in general government expenses, offset mainly by an increase in revenues from use of money and property.
• The assets of the City's business-type activities exceeded its liabilities at June 30, 2024 by $81.2 million (Net Position). Of this amount, $66.9 million is invested in capital assets, net of related debt, and $14.3 million in unrestricted net position. Net position remained comparable during the year ended June 30, 2024
• The City's total net debt decreased by $7.5 million, of which is primarily attributed to reductions in long-term liabilities due in more than one year as a result of scheduled principal payments on long-term debts.
• In the General Fund, the net change in fund balance was a decrease of $12.4 million. The decrease in fund balance was attributed mostly to an increase in public works and capital projects of $4.5 million and an increase net transfers by $45.2 million, offset by an increase in use of money and property by $11.7 million. At June 30, 2024, the General Fund's ending fund balance was $686.6 million with an unassigned balance of $615.9 million.

General Overview of the Financial Statements
This annual report consists of four parts - management's discussion and analysis, the basic financial statements, required supplementary information, and other supplementary information section that presents combining financial statements and debt amortization schedules. The basic financial statements are comprised of 3 parts - (1) the government-wide financial statements, (2) the fund financial statements and (3) the notes to the financial statements. The government-wide financial statements, the Statement of Net Position and the Statement of Activities provide information about the activities of the City as a whole and present a long-term view of the City's finances. For governmental activities, these statements tell how these services were financed in the short term as well as what remains for future spending. Fund financial statements also report the City's operations in more detail than the government- wide statements by providing information about the City's most significant funds.
-5-
City of Industry
Management's Discussion and Analysis
For the Year Ended June 30, 2024
Government-Wide Statements
The Statement of Net Position and the Statement of Activities The Statement of Net Position and the Statement of Activities report information about the City as a whole and about its activities. These statements include all assets, deferred outflows of resources, liabilities, and deferred inflows of resources using the accrual basis of accounting, which is similar to the accounting used by most private-sector companies. All of the current year's revenues and expenses are taken into account regardless of when cash is received or paid.

These two statements report the City's Net Position and changes thereto. Net Position, the difference between assets and deferred outflows of resources and liabilities and deferred inflows of resources are one way to measure the City's financial health or financial position. Over time, increases or decreases in Net Position are an indicator of whether the financial health is improving or deteriorating.

However, it is important to consider other non-financial factors such as changes in the City's property tax base or condition of the City's roads to accurately assess the overall health of the The Statement of Net Position and the Statement of Activities, present information about the following:

Governmental Activities - All of the City's basic services are considered to be governmental activities, including general government support services, community development, public safety, public works, and community services. Property taxes, transient occupancy taxes, sales taxes, and franchise fees finance most of these activities.

Proprietary Activities/Business Type Activities - The City charges a fee to customers to cover all or most of the cost of the services provided. The Industry Public Utilities Commission (the "IPUC"), the Industry Hills Expo Center, and the Industry Property and Housing Authority (the "Housing Authority") are reported in this category.

Component Units - The City's government-wide financial statements include the blending with the City of the following entities: The Civic-Recreational-Industrial Authority ("CRIA"), the Industry Public Utilities Commission, the City of Industry Public Facilities Authority (the "PFA") and the Industry Property and Housing Management Authority (the "Housing Authority"). Although legally separate, these "component units" are important because the City is financially accountable for them.
-6-
City of Industry
Management's Discussion and Analysis
For the Year Ended June 30, 2024
Reporting the City's Most Significant Funds
Fund Financial Statements
The fund financial statements provide detailed information about the most significant funds - not the City as a whole. Some funds are required to be established by State law and by bond covenants. However, management establishes many other funds that aid in the administration of resources for particular purposes or meet legal responsibilities associated with the usage of certain taxes, grants, and other money. The City's three kinds of funds, governmental, proprietary and fiduciary, use different accounting approaches as explained below.

Governmental Funds - Most of the City's basic services are reported in governmental funds.

Governmental funds focus on how resources flow in and out with balances remaining at year-end that are available for spending. These funds are reported using an accounting method called modified accrual, which measures cash and all other financial assets that can be readily converted to cash. The governmental fund statements provide a detailed short-term view of the City's general government operations and the basic services it provides. Governmental fund information shows whether there are more or fewer financial resources that can be spent in the near future to finance the City's programs.

We describe the relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds through a reconciliation following the fund financial statements.

Proprietary Funds - The City maintains four enterprise funds. The enterprise funds are classified as proprietary funds. Enterprise funds are used to report the same functions presented as business-type activities in the government- wide financial statements. The City uses enterprise funds to account for the IPUC, Industry Hills Expo Center, and Housing Authority. These funds use the full accrual method of accounting.

Fiduciary Funds - Agency Funds are used to account for assets held by the City as an agent for individuals, other governments and/or other funds. Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement or results of operations. The Private-Purpose Trust Fund is a fiduciary fund used by the City to report trust arrangements under which the principal and income benefits other governments. This fund reports the assets, liabilities and activities of the Successor Agency of the Industry Urban-Development Agency.

The City is the trustee, or fiduciary, for certain amounts held on behalf of developers, property owners, and others. These fiduciary activities are reported in Private-Purpose Trust Fund. The City is responsible for ensuring that the assets are used for their intended purposes. Therefore, fiduciary activities are excluded from the City's other financial statements because the assets cannot be used to finance operations.
-7-
City of Industry
Management's Discussion and Analysis
For the Year Ended June 30. 2024
The City as a Whole
Our analysis focuses on the net position (Tables 1 and 3) and changes in net position (Tables 2 and 4) of the City's governmental and business activities.

Table 1
Net Position
Governmental Activities
2024 2023 Change
Current and other assets $ 847,738,605 - $ 850,807,890 (3,069,285) Capital assets, net 412,500,156 427,217,570 (14,717,414) Total assets 1,260,238,761 1,278,025,460 (17,786,699)
Deferred outflows of resources:

Deferred loss on refunding, net 435,949 520,210 (84,261) Deferred outflows of resources - pension 3,855,124 5,098,065 (1,242,941) Deferred outflow of resources - OPEB 1,995,254 2,049,672 (54,418) Total deferred outflows of resources 6,286,327 7,667,947 (1,381,620) Long-term liabilities 325,548,900 330,583,557 (5,034,657) Other liabilities 29,054,461 31,515,745 (2,461,284)
Total liabilities 354,603,361 362,099,302 (7,495,941)
Deferred inflows of resources:

Deferred inflow of resources - leases 5,915,523 8,036,236 (2,120,713) Deferred inflows of resources - pension 1,474,003 1,656,000 (181,997) Deferred inflows of resources - OPEB 322,862 860,973 (538,111) Total deferred inflow of resources 7,712,388 10,553,209 (2,840,821) Net position:

Net investment in capital assets 412,500,156 427,217,570 (14,717,414) Restricted for:

Transportation and road 6,235,530 3,096,394 3, 139,136
Section 115 Trust 5,636,568 5,636,568
Other postemployment benefits 2,191,411 2.762,662 (571,251) Unrestricted 477,645,674 479,964,270 (2,318,596)
Total net position $ 904,209,339 $ 913,040,896 (8,831,557) As noted above, Net Position may serve over time as a useful indicator of a government's financial position. In the case of the City, assets exceeded liabilities for governmental activities by approximately $904.2 million at June 30, 2024.
-8-
City of Industry
Management's Discussion and Analysis
For the Year Ended June 30, 2024
The largest portion of the Net Position amounted to approximately $477.6 million is unrestricted by external sources on how the funds may be used. Approximately $412.5 million is the City's net investment in its capital assets. In addition, $6.2 million are restricted for transportation and road projects, $5.6 are restricted for Section 115 Trust and $2.1 million are restricted for other postemployment benefits.

The City's total Net Position under governmental activities decreased over the prior year by $8.8 million mainly attributable to increase in general government expenses, offset mainly by an increase in revenues from use of money and property.

Total liabilities and deferred inflows of resources decreased by approximately $10.3 million primarily attributable to reductions in long-term liabilities due in more than one year, as a result of regular scheduled principal payments on long-term debts.

The decrease in net investment in capital assets of $14.7 million is a result of net additions and dispositions of capital assets, and depreciation expense for the current year.

Governmental Activities - Changes in Net Position
Table 2
Change in Net Position
For the Year Ended June 30,
Governmental Activities
2024 2023 Change
General revenues:

Taxes $ 51,346,341 $ 58,208,523 $ (6,862,182)
Revenues from use of money and property 47,390,977 33,235,070 14,155,907 Other revenues 1,243,436 1,480,907 (237.471)
Total general revenues 99,980,754 92,924,500 7,056,254
Expenses in excess of program revenues:

General government 8,852,939 9,542,089 (689,150)
Support services 6,833,090 8,594,915 (1,761,825)
Community development 1,040,900 4,218,503 (3,177,603)
Community services 13,340,364 9,618,659 3,721,705
Public safety 14,634,712 14,536,698 98,014
Public works 38,122,757 (115,464,995) 153,587,752
Interest expense and fiscal charges 23,477,879 27,193,644 (3,715,765) Total expenses in excess of program revenues 106,302,641 (41,760,487) 148,063,128 Change in net position before other items (6,321,887) 134,684,987 (141,006,874) Transfers, net (2,509,670) (5,198,915) 2,689,245
Change in net position (8,831,557) 129,486,072 (138,317,629) Net position, beginning of year 913,040,896 783,554,824 129,486,072 Net position, end of year $ 904,209,339 $913,040,896 $ (8,831,557) -9-
City of Industry
Management's Discussion and Analysis
For the Year Ended June 30, 2024
The total revenues, reported as governmental activities, increased by approximately $7.1 million.

This was due to an increase in revenue from use of money and property of $14.2 million attributable to an increase in interest income and an increased gain in the fair market value of City's investment, offset by a decrease in taxes of $6.9 million.

The decrease in net position before other items was due to the decrease of expenses outpaced by the decrease of revenues.

Business-Type Activities - Net Position
Table 3
Net Position
Business-Type Activities
2024 2023 Change
Current and other assets 21,380,887 23,114,732 (1.733,845) Capital assets, net 66,902,691 62,591,257 4,311,434
Total assets = 88,283,578 85,705,989 2,577,589
Liabilities 6,783,350 8,149,074 (1,365,724)
-
Total liabilities 6,783,350 8,149,074 (1,365,724)
Deferred inflows of resources - leases 265,669 333,500 (67,831) Total deferred inflows of resources 265,669 333,500 (67,831) Net position
Net investment in capital assets 66,902,691 62,591,257 4,311,434 Unrestricted 14,331,868 14,632,158 (300,290)
Total net position 81,234,559 $ 77.223,415 $ 4,011,144
Total net position for the City's business type activities increased by approximately $4 million as compared to the prior year. The increase was primarily attributable to an increase in net capital assets.
-10-
City of Industry
Management's Discussion and Analysis
For the Year Ended June 30, 2024
Business-Type Activities - Change in Net Position
The change in Net Position for business type activities is summarized as follows:

Table 4
Change in Net Position
For the Year Ended June 30,
Business-Type Activities
2024 2023 Change
Revenues
Charges for services $ 18,908,797 $ 10,765,502 $ 8,143,295 Capital grants and contributions 22,039,657 (22,039,657) Other revenues 711,352 428,108 283,244
Total revenues 19,620,149 33,233,267 (13,613,118)
Expenses
Water transmission and distributions 4,111,354 3,769,585 341,769 Purchased electricity 8,981,225 7,095,044 1,886,181
Cost of expo operations 3,867,057 4,988,850 (1,121,793) Cost of housing authority operations 1,159,039 1,444,338 (285,299) Total expenses 18,118,675 17,297,817 820,858
Income (loss) from operations before transfers 1,501,474 15,935,450 (14,433,976) Transfers and contributions 2,509,670 5,198,915 (2.689,245) Change in net position 4,011,144 21,134,365 (17,123,221) Net position, beginning of year 77,223.415 56,089,050 21,134,365 Net position, end of year $ 81,234,559 $ 77,223,415 $ 4,011,144 Revenues decreased by $13.6 million over the prior year, primarily due to the absence of transfer of capital asset, offset by increase in charges for services. - 11-
City of Industry
Management's Discussion and Analysis
For the Year Ended June 30, 2024
Financial Analysis of the City's Funds
The City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The focus of the City's governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the City's financing requirements. Below is a summary of the General Fund revenues and expenditures compared to the prior year.

Table 5
General Fund Comparison
For the Year Ended June 30,
Governmental Activities
2024 2023 Change
Revenues
Taxes $ 51,356,984 $ 51,369,319 $ (12,335)
Intergovernmental 293,998 289,861 4,137
Charges for services 242,096 290,511 (48,415)
Licenses and permits 1,910,505 2,189,604 (279,099)
Fines, forfeitures and penalties 331,964 300,996 30,968 Use of money and property 35,921,710 24,190,693 11,731,017 Other revenue 3,440,869 2,396,367 1,044,502
Total revenues 93.498,126 81,027,351 12,470,775
Expenditures
Current:

Legislative 930,356 870,077 60,279
General administration 6,797,286 5,831,027 966,259
Support services 4,344,699 5,631,104 (1,286,405)
Community development 2,889,926 6,327,188 (3,437,262)
Community services 12,058,063 8,875,345 3,182,718
Public safety 14,548,154 13,153,974 1,394,180
Public works 16,803,011 14,187,850 2,615,161
Capital outlay 1,866,666 1,866,666
Total expenditures 60,238,161 54.876.565 5,361,596
Excess of revenues over expenditures 33,259,965 26,150,786 7,109,179 -
Other financing sources (uses):

Net transfers (45,612,994) (434,309) (45,178,685)
Proceeds from sale of assets 26,800 (26,800)
Total other financing sources (uses) (45,612,994) (407,509) (45,205,485) Change in fund balance $ (12,353,029) $ 25,743.277 $ (38,096,306) -12-
City of Industry
Management's Discussion and Analysis
For the Year Ended June 30, 2024
The General Fund is the main operating fund of the City. At the end of the current fiscal year, the General Fund reflects a fund balance of $686.6 million, which is a decrease from prior year of $12.4 million. The decrease was attributed mostly to an increase in public works and capital projects of $4.5 million and an increase net transfers by $45.2 million, offset by an increase in use of money and property by $11.7 million.

General Fund Budgetary Highlights
The City adopts a budget every fiscal year. Differences between the budget and actual for current expenditures for the General Fund are shown below:

Table 6
General Fund Budget to Actual Comparison
For the Year Ended June 30,
Original Revised
Budget Budget Actual Variance
Legislative $ 977,000 $ 977,000 $ 930,356 $ 46,644
General administration 8,663,000 8,229,000 6,797,286 1,431,714 Support services 5,124,000 5,338,000 4,344,699 993,301
Community sevilement 2,380,000 2,401,000 2,889,926 (488,926) 9,631,000 11,741,000 12,058,063 (317,063)
Public safety 14,219,000 14,653,000 14,548,154 104,846
Public works 14,198,000 14,194,000 16,803,011 (2,609,011) Total expenditures 55,192,000 $ 57,533,000 $ 58.371.495 (838,495) Overall, total actual expenditures for the City were on budget. -13-
City of Industry
Capital Asset and Debt Administration
Capital Assets
Net capital assets for governmental activities as of June 30, 2024 and 2023 are summarized as follows:

Table 7
Net Capital Assets at Year-End
Governmental Activities
2024 2023 Change
Capital assets not being depreciated:
$ 110,604,835 $ 110,604,835 $
Construction in progress 32,671,161 43,586,811 (10,915,650) Total capital assets, not being depreciated 143,275,996 154,191,646 (10,915,650) Capital assets being depreciated:

Buildings and improvements 120,670,145 120,670,145 :

Equipment, furniture and fixtures 6,508,578 6,508,578
Infrastructure 343,029,178 332,113,528 10,915,650
Total capital assets, being depreciated 470,207,901 459,292,251 10,915,650 Less accumulated depreciation (200,983,741) (186,266,327) (14,717,414) Total capital assets being depreciated, net 269,224,160 273,025,924 (3,801,764) Total governmental activities $ 412,500,156 $ 427,217,570 $ (14,717,414) As of June 30 2024, the City's governmental activities had approximately $412.5 million invested in capital assets including buildings, land, roads, and other general infrastructure, net of accumulated depreciation. This amount represents a net decrease of $14.7 million from prior year and it was due to additional capital improvement projects, as well as the City placing in service completed construction in progress projects for infrastructure, buildings and improvements.

Accumulated depreciation increased by $14.7 million.
-14-
City of Industry
Management's Discussion and Analysis
For the Year Ended June 30, 2024
Net capital assets for business-type activities as of June 30, 2024 and 2023 are summarized as follows:

Table 8
Net Capital Assets at Year-End
Business-Type Activities
2024 2023 Change
Capital assets not being depreciated:

Land 6,764,880 6,764,880 $
Water rights 441,200 441,200 :

Construction in progress 14,552,172 9,681,877 4,870,295 Total capital assets, not being depreciated 21,758,252 16,887,957 4,870,295 Capital assets being depreciated:

Buildings and improvements 55,193,845 55,193,845
Equipment, furniture and fixtures 1,322,648 1,322,648 100150 Infrastructure 33,782,414 31,824,258
Source of supply - electric 4,495,494 4,495,494
Total capital assets, being depreciated 94,794,401 92,836,245 1,958,156 Less accumulated depreciation (49,649,962) (47,132,945) (2.517,017) Total capital assets being depreciated, net 45,144,439 45,703,300 (558,861) Total business-type activities 66,902,691 62,591,257 4,311,434 Capital assets in the Business-Type Activities belong to IPUC and the Industry Hills Expo Center.

The increase in net capital assets of $4.3 million was primarily due to contributions of capital assets from the City.

Long-term Liabilities
As of June 30, 2024, the City had total long term debt and other non-current liabilities of approximately $328.3 million which is a decrease of $5.7 million from prior year. The reduction is primarily due to principal payments of outstanding debt.

Below is a summary of the outstanding long-term liabilities at June 30, 2024:

Table 9
Outstanding Debt, at Year-End
Governmental Activities
2024 2023 Change
Revenue bonds $ 332,940,000 $ 338,630,000 (5,690,000)
(4,826,355) (4,771,245) (55,110)
Comparise preminese 235,566 209,281 26,285
Total outstandina debt $ 328,349,211 $ 334,068,036 $ (5,718,825) -15-
City of Industry
Management's Discussion and Analysis
For the Year Ended June 30, 2024
Economic Factors and Next Year's Budgets and Rates
The City continuously strives and plans infrastructure investments to maximize development opportunities, streamline goods movement and link the workforce to their workplaces. In the meantime, the City expands its efforts to provide services and programs that promote the wellbeing of the San Gabriel Valley.

The City's General Fund has adopted an operating budget of $81.5 million in revenues and $60.4 million in expenditures. Additionally, approximately $59.1 million in capital project expenditures is budgeted for several funds in the 2024-2025 fiscal year. The following is a summary of the major capital improvement projects for citywide.

Table 10
Capital Projects for FY 2024-2025
Budget
Project Description 2024-2025
1 GRADE SEPARATION PROJECTS 305,000
STREET WIDENING, RECONSTRUCTION, RESURFACING AND SLURRY SEAL 27,525,000 3 STORM DRAIN IMPROVEMENTS 190,000
3W STORM DRAN IMPROVEMENTS (MEASURE W) 1,450,000
TRAFFIC SIGNAL IMPROVEMENTS 7,955,000
5 BRIDGE WIDENING, SEISMIC RETROFIT AND MAINTEANCE IMPROVEMENTS 325,000 HOMESTEAD MUSEUM 180,000
INDUSTRY HILLS GOLF & CONVENTION FACILITIES 175,000
8 EL ENCANTO C.I.P. 635,000
9 EXPO CENTER AT INDUSTRY HILLS 4,750,000
10 OPEN SPACES/ TONNER CANYONTRES HERMANOS 1,250,000
11 TRES HERMANOS RANCH PROPERTY 1,100,000
12 PROPERTY REDEVELOPMENT & DEMO 25,000
13 IPUC - WATER UTILITY (IPU) 3,325,000
14 IPUC - ELECTRIC UTILITY (IPU) 2,050,000
15 MISCELLANEOUS 715,000
16 CNIC CENTER FACILITIES 3,740,000
17 FACILITIES IMPROVEMENTS 2,675,000
18 IPHMA CAPITAL IMPROVEMENTS 700,000
Total 59,070,000
-16-
City of Industry
Management's Discussion and Analysis
For the Year Ended June 30, 2024
The Operating Budget for Fiscal Year 2024-25 is a well-balanced budget that reflects the City's commitment to the betterment of the community and stay within the City's financial constraint.

Budget documents are available online at www.cityofindustry.org. Questions or requests for information regarding the City of Industry's budget should be sent to the Finance Department at the address below.

Request for Information
This financial report is designed to provide a general overview of the City's finances for all those this report rest intes for dinst financial nestinio should be dinered to me final nev Department at the City of Industry, 15625 Mayor Dave Way, City of Industry, California 91744. -17-
City of Industry
Statement of Net Position
June 30, 2024
Governmental Business-Type
Activities Activities Total
ASSETS
Current assets:

Cash $ 4,601,038 $ 2,942,301 $ 7,543,339
Investments 370,448,724 15,439,344 385,888,068
Investment in Section 115 Trust 5,636,568 5,636,568
Investments with fiscal agent - unrestricted 277,845,674 2071875 277,845,674 Accounts receivable, net 8,008,666 10,080,541
Accrued interest 5,795,991 182,895 5,978,886
Lease receivable, current portion 2,130,691 235,921 2,366,612 Internal balances (89,397) 89,397
Inventory of materials and supplies 70,555 62,397 132,952 Prepaid items 3,365,596 353,757 3,719,353
Deposits 677,314,106 3,000 3,000
Total Current Assets 21,380,887 699,194,993
Noncurrent assets:

Investments with fiscal agent - restricted 142,506,003 142,506,003 Lease receivable 4,048,707 : 4,048,707
Notes receivable 21,178,378 21,178,378
Net OPEB asset 2,191,411 : 2,191,411
Capital assets:

Not being depreciated 143,275,996 21,758,252 165,034,248 Being depreciated (net of accumulated depreciation) 269,224,160 45,144,439 314,368,599 Total Noncurrent Assets 582,424,655 66,902,691 649,327,346 Total Assets 1,260,238,761 88,283,578 1,348,522,339

DEFERRED OUTFLOWS OF RESOURCES
Loss on refunding 435,949 435,949
Deferred amounts from pension plans 3,855,124 3,855,124 Deferred amounts from OPE 1,995,254 1,995,254
Total Deferred Outflows of Resources 6,286,327 6,286,327 (continued)
The accompanying notes are an integral part of these financial statements. -18-
City of Industry
Statement of Net Position
June 30, 2024
Governmental Business-Type
Activities Activities Total

LIABILITIES
Current liabilities:

Accounts payable 12,112,187 $ 2,337,381 $ 14,449,568
Accrued liabilities 1,360,283 1,360,283
Deposits 9,258 1,113,555 1,122,813
Interest payable 9,660,971 9,660,971
Unearned revenue 17,848 3,332,414 3,350,262
Long-term liabilities, current portion 5,893,914 5,893,914 Total Current Liabilities 29,054,461 6,783,350 35.837.811 Noncurrent liabilities:

Net pension liability 3,093,603 3,093,603
Long-term liabilities, net of current portion 322,455,297 322,455,297 Total Noncurrent Liabilities 325,548,900 325,548,900
Total Liabilities 354,603,361 6,783,350 361,386,711

DEFERRED INFLOWS OF RESOURCES
Deferred amounts from leases 5,915,523 265,669 6,181,192 Deferred amounts from pension plans 1,474,003 1,474,003 :

Deferred amounts from OPEB 322,862 322,862
Total Deferred Inflows of Resources 7,712,388 265,669 7.978,057

NET POSITION
Net investment in capital assets 412,500,156 66,902,691 479,402,847 Restricted for:

Transportation and road 6,235,530 6,235,530
Section 115 Trust 5,636,568 : 5,636,568
Other postemployment benefits 2,191,411 2,191,411
Unrestricted 477,645,674 14.31.868 491,977,542
Total Net Position 904,209,339 S 81,234,559 985.443.898 (concluded)
The accompanying notes are an integral part of these financial statements. -19-
City of Industry
Statement of Activities
For the Year Ended June 30, 2024
Program Revenues
Operating Capital
Charges for Grants and Grants and
Expenses Services Contributions Contributions

FUNCTIONS/PROGRAMS
Governmental activities:

General government $ 9,786,794 $ 933,855 $ $
Support services 6,833,090 :

Community development 3,166,060 2,125,160 :

Community services 13,340,364
Public safety 17,562,419 326,541 2,601,166
Public works 44,336,384 5,730,553 483,074
Interest expense and fiscal charges 23.477,879
- 3,385,556 8,331,719 483,074
Total Governmental Activities 118,502,990
Business-type activities:

Industry Public Utilities Commission:

Water utility 4,111,354 4,189,625
Electric utility 8,981,225 11,688,185
Industry-Hill Expo Center 3,867,057 2,703,098
Property and Housing Management Authority 1,159,039 327,889 Total Business-Type Activities 18.118,675 18,908,797
Total Functions/Programs $ 136,621,665 $ 22,294.353 $ 8.331,719 $ 483.074 (continued)
The accompanying notes are an integral part of these financial statements. -20-
City of Industry
Statement of Activities
For the Year Ended June 30, 2024
Net Revenue (Expense)
and Change in Net Position
-
Governmental Business-Type
Activities Activities Total

FUNCTIONS/PROGRAMS
Governmental activities:

General government $ (8,852,939) $ (8,852,939)
(6,833,090) (6,833,090)
Community devices ent (1,040,900) (1,040,900)
(13,340,364) ...... (13,340,364)
(14,634,712) (14,634,712)
(38,122,757) (38,122,757)
Interest expense and fiscal charges (23,477,879) (23,477,879) Total Governmental Activities (106,302,641) (106,302,641) -
Business-type activities:

Industry Public Utilities Commission:

Water utility 78,271 78,271
Electric utility : 2,706,960 2,706,960
Industry-Hill Expo Center (1,163,959) (1,163,959)
Property and Housing Management Authority (831,150) (831,150) Total Business-Type Activities 790,122 790,122
Total Functions/Programs (106,302,641) 790,122 (105,512,519)

GENERAL REVENUES AND TRANSFERS
Taxes:

Property tax 10,328,943 10,328,943
Sales tax 36,043,516 36,043,516
Franchise tax 3,871,059 3,871,059
Documentary transfer tax 317,116 317,116
Transient occupancy tax 785,707 513465,307-
-
Total Taxes 51,346,341
Investment income 47,390,977 700,575 48,091,552
Other 1,243,436 10,777 1,254,213
Transfers (2,509,670) 2,509,670
Total General Revenues and Transfers 97,471,084 3,221,022 100.692,106 Change in Net Position (8,831,557) 4,011,144 (4,820,413) Net position, beginning of year 913,040,896 77,223.415 990,264,311 Net Position, end of year 904,209,339 81,234,559 985,443,898 (concluded)
The accompanying notes are an integral part of these financial statements. -21-
City of Industry
Balance Sheet
June 30, 2024
Debt Service Funds
General Capital City Debt
Fund Projects Funds Service Fund
ASSETS
Cash $ 3,004,873 $ 47,059 $ 1,251
Investments 330,302,458 35,561,141 -
Investment in Section 115 Trust 5,636,568
Investments with fiscal agent - unrestricted 277,845,674 . :

Accounts receivable, net 8,000,965 -
Accrued interest 3,884,330 400,539
Lease receivable 6,179,398 :

Inventory 70,555 :

Prepaids and deposits 297,436 3,068,160
Due from other funds 253,835 1,754,611
Notes receivable 21,178,378
Investments with fiscal agent - restricted 80,003,858 62,502,145 Investments in City bonds
Advances to other funds 49,127,543 -
Total Assets § 705,782,013 117,767,208 65,571,556

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

LIABILITIES
Accounts payable $ 9,112,976 $ 2,365,610 $ :

Accrued liabilities 1,360,283
Deposits 9,258 -
Uneamed revenue 17,848
Due to other funds 2,792,715
Advance from other funds
Total Liabilties 13,293,080 2,365,610 -

DEFERRED INFLOWS OF RESOURCES
Deferred inflows in leases 5,915,523
Total Deferred Inflows of Resources 5,915,523 -

FUND BALANCES (DEFICIT)
Nonspendable:

Prepaids and deposits 297,436
Inventory 70,555 : :

Notes receivable 21,178,378 : :

Advances to other funds 49,127,543
Restricted:

Capital projects 115,401,598
Debt service : 65,571,556
Transportation and roads :

Unassigned 615,899,498 -
Total Fund Balances 686,573,410 115,401,598 65,571,556
Total Liabilities, Deferred Inflows of
Resources and Fund Balances $ 705,782,013 117,767,208 65,571,556 (continued)
The accompanying notes are an integral part of these financial statements.

City of Industry
Balance Sheet
June 30, 2024
Debt Service
Fund Nonmajor
Industry Public Governmental
Facilities Authority Funds Total
ASSETS
Cash $ $ 1,547,855 4,601,038
Investments : 4,585,125 370,448,724
Investment in Section 115 Trust 5,636,568
Investments with fiscal agent - unrestricted : : 277,845,674 Accounts receivable, net 7,701 8,008,666
Accrued interest 1,477,544 33,578 5,795,991
Lease receivable 6,179,398
Inventory : 70,555
Prepaids and deposits : 3,365,596
Due from other funds 1,375,988 3,384,434
Notes receivable : 21,178,378
Investments with fiscal agent - restricted 142,506,003
Investments in City bonds 40,833,312 40,833,312
Advances to other funds 49,127,543
Total Assets 42,310,856 $ 7,550,247 938,981,880

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

LIABILITIES
Accounts payable $ $ 633,601 12,112,187
Accrued liabilities : 1,360,283
Deposits : 9,258
Unearned revenue 17,848
Due to other funds 681,116 3,473,831
Advance from other funds 49,127,543 49,127,543
Total Liabilities 49,127,543 1,314,717 66,100,950

DEFERRED INFLOWS OF RESOURCES
Deferred inflows in leases - 5,915,523
Total Deferred Inflows of Resources 5,915,523

FUND BALANCES (DEFICIT)
Nonspendable:

Prepaids and deposits 297,436
Inventory : 70,555
Notes receivable : 21,178,378
Advances to other funds : 49,127,543
Restricted:

Capital projects : 115,401,598
Debt service : 65,571,556
Transportation and roads 6,433,734 6,433,734
Unassigned (6,816,687) (198,204) 608,884,607
Total Fund Balances (6,816,687) 6,235,530 866,965,407
Total Liabilties, Deferred Inflows of
Resources and Fund Balances 42,310,856 7,550,247 938.981,880 (concluded)
The accompanying notes are an integral part of these financial statements. -23-
City of Industry
Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position
June 30, 2024
Fund balances of governmental funds $ 866,965,407
Amounts reported for governmental activities in the statement of net position are different because:

Capital assets used in governmental activities are not current financial resources and, are not included in the funds. These assets consist of:

Capital assets $ 613,483,897
Accumulated depreciation (200,983.741)
Total 412,500,156
Long-term liabilities applicable to govemmental activities are not due and payable in the period and, accordingly, are not reported as fund liabilities. Long-term liabilities are included in the statement of net position as follows:

City of industry:

Bonds payable (380,590,000)
(Premium) discount, net 4,826,355
Compensated absences (235,566)
Deferred loss on refunding, net 435,949
(375,563,262)
Accrued interest payable for the current portion of interest due on bonds are not reported in the governmental funds. (9,660,971)
Internal activities are eliminated in the governmental activities:

Investment in City bonds (40,833,312)
Bonds payable 47,650,000
6,816,688
Pension related liabilities applicable to the City's governmental activities are not due and in the current period and accordingly are not reported as fund liabilities. Deferre outflows of resources and deferred inflows of resources related to pensions are on!! reported in the statement of net position as the changes in these amounts affect only the government-wide statements for governmental activities:

Deferred outflows of resources 3,855,124
Deferred inflows of resources (1,474,003)
(3.093,603)
Total (712,482)
OPE related liabilities applicable to the City's governmental activities are not due and the current period and accordingly are not reported as fund liabilities. Deferred outflows of resources and deferred inflows of resources related to OPE are only reported in the statement of net position as the changes in these amounts affect only the goverment- wide statements for governmental activities:

Deferred outflows of resources 1,995,254
Deferred inflows of resources (322,862)

2.191,411
Total 3,863,803
Net Position of Governmental Activities $ 904.209,339
The accompanying notes are an integral part of these financial statements.

City of Industry
Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds
For the Year Ended June 30, 2024
City Debt Service Funds
General Capital City Debt Tax
Fund Projects Funds Service Fund Override Fund

REVENUES
Taxes $ 51,356,984 $ $ 5
Intergovernmental 293,998 1,117,132
Charges for services 242,096 :

Licenses and permits 1,910,505
Fines, forfeitures and penalties 331,964 -
Use of money and property 35,921,710 5,570,033 2,314,212 3,440,869 1,480,766
Total revenues 93,498,126 8,167,931 2,314,217

EXPENDITURES
Current:

Legislative 930,356
General administration 6,797,286 15,200
Support services 4,344,699
Community development 2,889,926
Community services 12,058,063
Public safety 14,548,154
Public works 16,803,011
Capital outlay 1,866,666 14,669,146
Debt service:

Principal retirement : 6,305,000
Interest and fiscal charges 20,268,777
Total expenditures 60,238,161 14,669,146 26,588,977
Excess (deficiency) of revenues over
(under) expenditures 33,259,965 (6,501,215) (24,274,760)

OTHER FINANCE SOURCES (USES)
Transfers in 19,636,273 25,128,660 39,655,077
Transfers out (65,249,267) (23,529,824)
Total other financing sources (uses) (45,612,994) 1,598,836 39,655,077 Net change in fund balances (12,353,029) (4,902,379) 15,380,317

FUND BALANCES (DEFICIT)
Beginning of year, previously reported 698,926,439 120,303,977 50,191,239 $ 2,161 Adjustment - major to nonmajor (2,161)
Beginning of year, as restated 698,926,439 120,303,977 50,191,239 End of year $ 686.573,410 $ 115,401,598 65,571,556
(continued)
The accompanying notes are an integral part of these financial statements. -25-
City of Industry
Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds
For the Year Ended June 30, 2024
Debt Service
Fund Nonmajor
Industry Public Governmental
Facilities Authority Funds Total

REVENUES
Taxes $ $ 7.223 $ 51,364,212
Intergovernmental 4,437,308 5,848,438
Charges for services 242,096
Licenses and permits 1,910,505
Fines, forfeitures and penalties 331,964
Use of money and property 3,657,212 157,999 47,621,166
Other revenue 16,855 4,938,490
Total revenues 3.657,212 4,619,385 112,256,871

EXPENDITURES
Current:

Legislative 930,356
General administration 6,812,486
Support services 4,344,699
Community development 2,889,926
Community services .. . . 12,058,063
Public safety 14,548,154
Public works 3,322,321 20,125,332
Capital outlay 16,535,812
Debt service:

Principal retirement - 6,305,000
Interest and fiscal charges 3.588.944 : 23.857.721
Total expenditures 3.588.944 3.322,321 108.407,549
Excess (deficiency) of revenues over
(under) expenditures 68,268 1,297,064 3,849,322

OTHER FINANCE SOURCES (USES)
Transfers in 9,500 4,028,267 88,457,777
Transfers out - (2.188,356) (90,967,447)
Total other financing sources (uses) 9,500 1,839,911 (2.509,670) Net change in fund balances 77,768 3.136,975 1,339,652

FUND BALANCES (DEFICIT)
Beginning of year, previously reportec (6,894,455) 3,096,394 865,625,755 Adjustment - major to nonmajor 2,161
Beginning of year, as restated (6.894,455) 3,098,555 865,625,755 End of year (6.816,687) 6.235,530 $ 366,965.407
(concluded)
The accompanying notes are an integral part of these financial statements. -26-
City of Industry
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Government-wide Statements of Activities For the Year Ended June 30, 2024
Net change in fund balances of governmental funds 1,339,652 Amount reported for governmental activities in the statement of activities are different because:

Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over the estimated useful lives as depreciation expense. This is the amount by which capital outlay exceeded depreciation and disposals in the current period.

Depreciation expense (14,717,414)
The issuance of long term debt provides current financial resources to govemmental while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of issuance cost, discounts and similar items when the debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. These amounts are the net effect of these differences in the treatments of long-term debt and related items. $ 6,305,000
Bond premium and discount amortization 55,110
Deferred loss on refunding amortization (84,261)
6,275,849
Accrued interest for long-term liabilities. This is the net change in accrued interest in the current period. 408,993
Net effect of internal activities are eliminated in the statement of activities (75,768) Compensated absences expenses reported in the statement of activities do not require use of current financial resources and, therefore, are not reported as expenditures in the governmental funds. (26,285)
Pension expenditures reported in the governmental funds includes the annual required contributions. In the statement of activities, pension expense includes the change in the net pension liability, and related change in pension amounts for deferred outflows of resources and deferred inflows of resources. (1,949,026) OPE expenditures reported in the governmental funds includes the actual premium payments. In the statement of activities, OPE expense includes the change in the net OPE liability and related change in OPE amounts for deferred outflows deferred inflows of resources. (87,558)
Change in Net Position of Govermental Activities (8.831.557) The accompanying notes are an integral part of these financial statements. -27-
City of Industry
Statement of Net Position
Proprietary Funds
June 30, 2024
Civic
Recreational
Industrial Non-major
Industry Public Authority Property
Utilities Commission Industry and Housing
Water Electric Hills Expo Management
Fund Fund Center Fund Authority Fund Total
ASSETS
Current assets:

Cash and investments $ 1,836,966 914,946 148,653 $ 41,736 $ 2,942,301 Investments 6,856,883 8,579,011 3,450 15.439,344
Accounts receivable, net 632,605 1,275,302 99,490 64,478 2,071,875 Accrued interest 77,376 105.480 39 182,895
Lease receivable : 235,921 235,921
Inventory of materials and supplies 10,000 52,397 62,397 Prepaid items 333,699 11,064 8,994 353,757
Due from other funds : 89.397
89,397
Deposits 3000 3,000
Total Current Assets 9.747.529 10.975,200 312,534 345.624 21,380,887 Noncurrent assets:

Capital assets:

Capital assets not being depreciated 821,127 11,920,896 2,173,675 6,842,554 21,758,252 Capital assets being depreciated. net 13,588,696 14,557,100 13.836.890 3.161.753 45.144.439 Total Noncurrent Assets 14.409,823 26,477.996 16.010.565 10.004,307 66.902,691 Total Assets 24.157,352 37,453,196 16,323.099 10.349.931 88.283.578

LIABILITIES
Current liabilities:

Accounts payable 646,964 1,267,479 192,160 230,778 2.337,381 Deposits 20,773 1,050,282 41,200 1,300 1.113,555
Unearned revenue 3.201,767 130,540 107 3,332,414
Total Current Liabilities 3,869,504 2.317.761 363,900 232,185 6.783,350

DEFERRED INFLOWS OF RESOURCES
Deferred amounts from leases 265.669 265,669
Total deferred inflows of resources 265,669 265.669

NET POSITION (DEFICIT)
Net investment in capital assets 14,409,823 26,477,996 16,010,565 10,004,307 66,902,691 Unrestricted 5,878.025 8.657,439 (51.366) (152.230) 14.331.868 Total Net Position $ 20,287,848 $ 35,135,435 $ 15.959.199 $ 9,852,077 S 81.234.559 The accompanying notes are an integral part of these financial statements. -28-
City of Industry
Statement of Revenues, Expenses, and Changes in Net Position Proprietary Funds
For the Year Ended June 30, 2024
Civic
Recreational
Industrial
Industry Public Authority Property
Utilites Commission Industry and Housing
Water Electric Hills Expo Management
Fund Fund Center Fund Authority Fund Total

OPERATING REVENUES
Water sales and service 3,917,675 : $ 3,917,675
Electric and solar energy sales 5.234.224 5,234,224
Event and rental revenues 2.702,392 327,166 3,029,558
Other reval Operating Revenues 271,950 6.453,961 706 723 6,727,340 4,189,625 11.688.185 2.703.098 327.889 18,908.797

OPERATING EXPENSES
Purchased water 338,550 : 338,550
Purchased electricity 3.169.476 3,169,476
General administration 2,091,571 4,721,420 1.340,525 44,931 9,098,447 Expo Center operations 2.029.511 2,029,511
Housing Authority operations - 965,674 965,674
Depreciation 781,233 1,090,329 497.021 148,434 2,517,017 Total Operating Expenses 4,111,354 8,981.225 3.867.057 1.159.039 18,118,675 Operating Income (Loss) 78,271 2,706.960 (1.163.959) (831.150) 790,122

NONOPERATING REVENUES
Investment income 280,220 420,215 140 700,575
Leas inal Nomierating Revenues 420215 10,777 10,777
280,220 10,917 711,352
Income (Loss) Before Transfers and Contributions 358,491 3.127,175 (1,163,959) (820,233) 1,501,474

TRANSFERS AND CAPITAL CONTRIBUTIONS
Transfers in 819,149 210,994 1,598,356 681,171 3,309,670 Transfers out (800,000) (800,000)
Total Transfers and capital contributions 19,149 210.994 1.598.356 688.171 2,509.670 Changes in Net Position 377,640 3,338,169 434,397 (139,062) 4,011,144

NET POSITION
Beginning of year 19.910.208 31.797,266 15,524.802 9.991.139 77.223.415 End of year S 20,287,848 S 35,135.435 $ 15,959,199 $ 9.852,077 § 81,234,559 The accompanying notes are an integral part of these financial statements. -29-
City of Industry
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2024
Civic
Recreational
Industrial
Industry Public Authority Property
Utilities Commission - Industry and Housing
Water Electric Hills Expo Management
Fund Fund Center Fund Authority Fund Total

CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers and users 3.557,377 S 11,115,421 2.653,137 197,355 17,523,290 Cash payments for water purchases (459,913) (459,913)
Cash payments for electric purchases (3,948,252) (3,948,252) Cash payments for services and supplies (2991.571) (4.721,420) (3.371.912) (915.468) (12.000.371) Net Cash Provided by (Used for)
Operating Activities 105.893 2,445.749 (718,775) (718.113) 1,114.754

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
sh received from other fun 819,149 210,994 1.595.356 681,171 3,309,670 ish paid to other fun (800,000) (800,000)
Cash received/(repayments) to due toffrom other funds 59.688 10,730 70.418 Net Cash Provided by Noncapital and
Financing Activities 19,149 270,682 1598,356 691.901 2.580.088

CASH FLOWS FROM CAPITAL AND

RELATED FINANCING ACTIVITIES
Acquisition and construction of capital assets (179,521) (5.616,044) (976,295) (113.174) (6.885,034) Lease receipts 66,485 66.485
et Cash Provided by (used for) Capital an
elated Financing Activitle (179,521) (5.616,044) (976.295) (46.689) (6.818,549)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 250.43 406,251. 127 656,813
Net Cash Provided by Investing Activities 250.43 406.251 127 656.813 Net Change in Cash and Cash Equivalents 195,956 (2.493,362) (96,714) (72,774) (2,466,894) Cash and cash equivalents, beginning of year 8.497.893 11.987.319 245,367 117,960 20,848.539 Cash and cash equivalents, end of year S 8.693.849 9.493.957 5 148.653 45,186 18.381.645

CASH AND CASH EQUIVALENTS
Cash 1,836,966 914,946 148,653 41.736 $ 2,942,301
investments 6.856.883 8.579.011 3.450 15,439.344
Total Cash and Cash Equivalents 3 8.693.849 > 9493.957 3 148653 $ 45,186 18.381.645 (continued)
The accompanying notes are an integral part of these financial statements. -30-
City of Industry
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2024
Civic
Recreational
Industrial
Industry Public Authority Property
Utilities Commission Industry and Housing
Water Electric Hills Expo Management
Fund Fund Center Fund Authority Fund Total

RECONCILIATION OF OPERATING INCOME

OSS) TO NET CASH PROVIDED B

ISED FOR) OPERATING ACTIVITIE

78.271 $ 2.706.960 $ (1.163,959) S (831.150) $ 790.122
• net cash provided by (used for) operating activitie
781,233 1,090,329 497,021 148.434 2,517,017
Abandoned construction in progress : : 56,583 56,583
Leases (67.831) (67,831)
Changes in operating assets and liabilities:
(Increase) decrease in:

Accounts receivable (120,305) (572,764) (63,733) (819,612) Prepaid items 20,812 (17,273) (82840) (17,273)
Inventory of material & supplies 20,812
Increase (decrease) in:

Deposits (138,998) 477,274 (36,136) 95,137 397,277
Customer deposits (3,177) (1,256,050) (5,050) - (1,264,277) Unearned revenue (511.943) 13,772 107 (498.064)
Total Adjustments 27.622 (251.2111 445,184 113.037 324.632 Net Cash Provided by (Used for)
Operating Activities $ 105.893 ≤ 2.445.749 $ (718,775) (718,113) S 1.114,754

SCHEDULE OF NON-CASH CAPITAL AND

RELATED FINANCING ACTIVITIES
Contributed capital
(conciuded)
The accompanying notes are an integral part of these financial statements. -31-
City of Industry
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2024
Private-Purpose
Trust Fund
ASSETS
Cash $ 4,472,181
Investments 120,404,251
Accounts, net 5,752,145
Accrued interest 751,535
Property held for sale or disposition 50,064,421
Restricted assets:

Investments 41,622,972
Capital assets, net of depreciation 197,463,768
Total Assets 420,531,273

LIABILITIES
Current liabilities:

Accounts payable 17,791,485
Total Current Liabilities 17,791,485

NET POSITION
Restricted for Successor Agency 402,739,788
Total Net Position $ 402,739,788
The accompanying notes are an integral part of these financial statements. -32-
City of Industry
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2024
Private-Purpose
Trust Fund

ADDITIONS
Interest income $ 6,169,882
Rental and other income 37,647,500
Other revenues 24,718
Total Additions 43,842,100

DEDUCTIONS
General administration 159,582
Project expenses 12,081,032
Total Deductions 12,240,614
Change in Net Position 31,601,486

NET POSITION
Beginning of year 371,138,302
End of year $ 402,739,788
The accompanying notes are an integral part of these financial statements. -33-
This page intentionally left blank.

City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the City of Industry (the City), California, have been prepared in accordance with generally accepted accounting principles (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) Description of the Reporting Agency
The City is a municipal corporation governed by an elected five-member council of which the mayor is appointed by the members of the city council. The accompanying financial statements present the financial activities of the City, which is the primary government, and the financial activities of its component units, which are entities for which the City is financially accountable. Although legally separate entities, blended component units are in substance, part of the City's operations and are reported as an integral part of the City's financial statements. Blended component units, include the Civic-Recreational-Industrial Authority (CRIA), the Industry Public Utilities Commission (PUC), the Industry Public Facilities Authority (IPFA), and the Industry Property and Housing Management Authority (the Housing Authority). They are reported as blended for the following reasons: (1) the governing board is substantively the same as the primary government, and there is a financial benefit or burden relationship between the primary government and the component unit; and (2) the component unit provides services entirely, or almost entirely, to the primary government or otherwise exclusively, or almost exclusively, benefits the primary government even though it does not provide services directly to it.

Blended Component Units
CRIA was established to develop and finance projects within the City and is governed by a commission of five members. Four members are appointed by the City Council and one member by the Council of the City of La Puente. The City transfers funds to CRIA to fund operations and capital projects. CRIA is represented by capital projects and proprietary funds.

IPUC was established to provide reliable utility service at reasonable rates to the residents and to assist in the promotion and stability for business owners in the City. IPUC manages the Industry Waterworks System and the Industry Electric System. The board that governs the IPUC consists of the council members of the City. The IPUC is reported as a proprietary fund.

IPFA was established for the purpose of establishing a vehicle to reduce local borrowing costs, accelerate construction, repair and maintenance of needed public capital improvements. The Board consists of all members of the City Council. IPFA receives all of its funding from payments received on bonds issued by the City and Successor Agency (SA) to the Industry Urban-Development Agency (IUDA) which IPFA owns as investments. IPFA is reported as part of the debt service fund.
-34-
City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) A) Description of the Reporting Agency (Continued)
The Housing Authority was established to manage the property and housing rental activity in the City. The Board consists of five members who are appointed by the City Council. The Housing Authority is reported as proprietary funds.

Fiduciary Component Unit
The City has elected to become the Successor Agency to the Industry Urban- Development Agency (SA to IUDA). The City and the SA to IUDA have separate Boards of Directors.

However, individuals serving on the City's Council also serve on the SA to IUDA Board. The SA to IUDA is reported as private-purpose trust fund of the City that is fiduciary in nature and is reported in the statements of fiduciary net position and changes in fiduciary net position within the City's fiduciary funds.

Complete financial statements of CRIA, SA to IUDA and IPFA may be obtained from the finance department, which is located at 15625 Mayor Dave Way, City of Industry, California 91744. Separate financial statements are not prepared for IPUC and Housing Authority.

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

As a general rule, the effect of interfund activity has been eliminated from the government- wide financial statements. All internal balances in the statement of net position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances.

The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. The types of transactions reported as program revenues for the City are reported in three categories:

1. Charges for services,

2. Operating grants and contributions, and

3. Capital grants and contributions.

Charges for services include revenues from customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function. Grants and contributions include revenues restricted to meeting the operational or capital requirements of a particular function. Taxes and other items not properly included among program revenues are reported instead as general revenues.
-35-
City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C) Fund Financial Statements
The accounts of the City are organized on the basis of funds or account groups, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for by providing a separate set of self-balancing accounts, which are comprised of each fund's assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Fund financial statements for the primary government are governmental and proprietary funds, which are presented after the government-wide financial statements. These statements display information about major funds individually and nonmajor funds in the aggregate for governmental and enterprise funds. Fiduciary statements include financial information for private purpose trust funds and custodial funds. Fiduciary funds of the City primarily represent assets held by the City in a trust or custodial capacity for other individuals or organizations.

The City reports the following major governmental funds:

General Fund - This is the City's primary operating fund. It accounts for all activities of the general government, except those required to be accounted for in another fund.

City Capital Projects Funds - The Capital Projects Funds are used to account for financial resources to be used for the acquisition and construction of major capital projects (other than those financed by Proprietary Funds).

City Debt Service Fund - The Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long-term debt, principal, interest, and related costs.

Industry Public Facilities Authority Debt Service Fund - The Industry Public Facilities Authority Debt Service Fund is used to account for the accumulation of resources for, and the payment of the Authority's long-term debt, principal, interest, and related costs. -36-
City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C) Fund Financial Statements (Continued)
The City reports the following major proprietary funds:

Water Enterprise Fund - This fund accounts for activities of providing water services to the public.

Electric Enterprise Fund - This fund accounts for activities of providing limited electrical services to the public.

Civic-Recreational-Industrial Authority Industry Hills Expo Center Enterprise Fund - This fund accounts for space rentals for events and equestrian activities to the general public.

Industry Property and Housing Management Authority Enterprise Fund - This fund accounts for property and housing rental activity.

Additionally, the City reports the following fund types:

Governmental Fund Types
Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or major capital projects), that are restricted to expenditures for special purposes.

Fiduciary Fund Types
The Private-Purpose Trust Fund is a fiduciary fund type used by the City to report trust arrangements under which the principal and income benefits other governments. This fund reports the assets, liabilities and activities of the Successor Agency of the Industry Urban- Development Agency.

The Custodial Fund is used to account for assets held by the City as an agent for individuals, other governments and/or other funds. The assets, liabilities, and activities of the Assessment District are reported in the Custodial Fund.

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

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary and fiduciary funds.
-37-
City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) D) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)
Under the economic resources measurement focus, all assets, deferred outflows of resources, liabilities, and deferred inflows of resources (whether current or noncurrent) associated with their activity are included on their statements of net position.

Operating statements present increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Nonexchange transactions, in which the City gives (or receives) value without directly receiving (or giving) equal value in exchange include property taxes, grants, entitlements, and donations. On an accrual basis, property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenues as soon as all eligibility requirements imposed by the provider have been met.

Proprietary funds distinguish operating revenues and expenses from nonoperating items.

Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the proprietary funds are utility charges for service and event revenues. Operating expenses for proprietary funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under the current financial resources measurement focus, only current assets, current liabilities, and deferred inflows of resources are generally included on their balance sheets. The reported fund balance is considered to be a measure of "available spendable resources." Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in fund balance. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Noncurrent portions of long-term receivables are reported on the funds balance sheets in spite of their spending measurement focus.

Under the modified accrual basis of accounting revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, except for principal and interest on general long-term liabilities, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they have matured. General capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term liabilities are reported as other financing sources.
-38-
City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) D) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)
Property taxes, franchise fees, licenses, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government.

E) Cash and Investments
For purposes of the statement of cash flows, the City considers all highly liquid investments purchased with an initial maturity of three months or less to be cash equivalents.

Short-term investments are reported at amortized cost, which approximates fair value.

Investments that exceed more than one year in maturity and that are traded on a national exchange are valued at their quoted market price. Certain investments that exceed more than one year in maturity may be valued by pricing models that require inputs to the valuation methodology that include quoted prices of similar assets and certain observable inputs.

F) Accounts Receivable
Accounts receivable are stated at the amount management expects to collect from outstanding balances. A receivable balance is charged off in the period in which the receivable is deemed uncollectible. Management evaluates uncollectible amounts based on its assessment of the current status of individual accounts.

G) Interfund Transactions
Activities between funds that are representative of lending/borrowing arrangements utstanding at the end of the fiscal year are referred to as due to/from other funds (l.e., curren ortion of interfund loans) and advances from/to other funds (i.e., noncurrent portion o interfund loans). Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as internal balances.
-39-
City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) H) Inventories
inventories are carried at the lower of cost or net realizable value on the first-in, first-out basis 1) Prepaid Items
Prepaid items are payments made to vendors for services or insurance premiums that will benefit periods beyond the fiscal year ended.

J) Property Held for Sale or Disposition
Property held for sale or disposition is reported in the fiduciary fund financial statements at the lower of cost or net realizable value.

K) Restricted Assets
Certain proceeds of debt issues, as well as certain resources set aside for their repayment, are classified as restricted assets in the financial statements because their use is limited by applicable bond covenants.

L) Deferred Outflows and Inflows of Resources
In addition to assets, the statement of net position and governmental funds balance sheet 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 a future period and so will not be recognized as an outflow of resources (expense/expenditure) until that time. The City has the following items that qualify for reporting in this category:
• Unamortized loss on bond defeasance reported in the government-wide statement of net position and the fiduciary funds financial statements. An unamortized loss on bond defeasance results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the life of the refunding -40-
City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) L) Deferred Outflows and Inflows of Resources (Continued) • Deferred outflow related to pensions equal to employer contributions made after the measurement date of the net pension liability. These amounts will be recognized in the next fiscal year.
• Deferred outflow related to OPEB for change in assumptions. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with OPEB through the plan. • Deferred outflow related to OPEB for differences between actual and expected experiences. I hese amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with OPEB through the plan.
• Deferred outflow related to pensions resulting from the difference in projected and actual earnings on investments of the pension plan fiduciary net position. These amounts are amortized over five years.
• Deferred outflows related to pensions for the changes in employer 's proportion and differences between the employer's contributions and the employer's proportionate share of contributions. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with pensions through the plans.

In addition to liabilities, the statement of net position and governmental funds balance sheet 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 a future period and will not be recognized as an inflow of resources (revenue) until that time. The City has the following items that qualify for reporting in this category:
• Deferred inflow related to OPEB resulting from the difference in projected and actual earnings on investments of the OPEB plan fiduciary net position. These amounts are amortized over five years.
• Deferred inflow related to pension and OPEB for differences between actual and expected experiences. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with pension and OPEB through the plans.
• Deferred inflows related to pensions for the changes in employer's proportion and differences between the employer's contributions and the employer's proportionate share of contributions. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with pensions through the plans.
-41-
City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) M) Capital Assets and Depreciation
Capital assets, including infrastructure, are recorded at cost where historical records are available and at an estimated original cost where no historical records exist. Donated capital assets are reported at acquisition value on the date of donation. Generally capital asset purchases in excess of $5,000 are capitalized if they have an expected useful life of three years or more. Capital assets include public domain (infrastructure) general capital assets consisting of certain improvements including roads, streets, sidewalks, medians, and storm drains.

If a cost does not extend an asset's useful life, increase its productivity or improve its operating efficiency the cost is regarded as repairs and maintenance and recognized as an expense as incurred; if it does, the cost is regarded as major renewals and betterments and capitalized.

Capital assets used in operations are depreciated over their estimated useful lives using the straight-line method in the government-wide financial statements and in the fund financial statements of the proprietary fund types. Depreciation is charged as an expense against operations and accumulated depreciation is reported on the respective statement of net position.

The SA to IUDA has capital assets that are not depreciated as they will be transferred to another entity that will be responsible for the maintenance of the capital assets at which time depreciation will commence.

The range of lives used for depreciation purposes for each capital asset class is as follows:

Buildings and improvements 45 years
Equipment 3 to 10 years
Infrastructure 20 to 50 years.

N) Unearned Revenue and Unavailable Revenue
Unavailable revenues arise when revenue susceptible to accrual does not meet both the "measurable" and "available" criteria for recognition in the current period. Unearned revenues also arise when resources are received by the government before it has a legal claim to them.

In subsequent periods, when both revenue recognition criteria are met or when the government has a legal claim to the resources, unearned revenue reported as liabilities and unavailable revenue reported as deferred inflows of resources are removed from the balance sheet and revenues are recognized.
-42-
City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) O) Property Taxes
The valuation of property is determined as of March 1 each year and equal installments of taxes levied upon secured property become delinquent on the following 10th of December and April. Taxes on unsecured property are due when billed and become delinquent after August 31. If taxes are not paid on or before the date and time they become delinquent, a penalty of 10% is added. Unsecured property accrues an additional penalty of 1% per month beginning the first day of the third month following the delinquency date.

An initiative Constitutional Amendment, commonly known as the "Jarvis-Gann Initiative," providing for, among other things, certain property tax limitations, was approved as Proposition 13 on the June 6, 1978, statewide election. The principal thrust of Proposition 13 is to limit the amount of ad valorem taxes on real property to 1% of "full cash value," to define "full cash value" as the 1975-76 full cash value, to limit annual increases to two percent and to provide for reassessment after sale, transfer, or construction.

P) Bond Issuance Costs and Premiums/Discounts
Bond premiums and discounts in the government-wide and fiduciary funds financial statements are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are recognized as expense in the period incurred in the statement of changes in net position. In the governmental fund financial statements, governmental funds report bond premiums and discounts as other financial sources. Bond issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Q) Defined Benefit Pension Plan
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the plans and additions to/deductions from the plans' fiduciary net position have been determined on the same basis as they are reported by the plans. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value.

R) Other Postemployment Benefits (OPEB) Plan
For purposes of measuring the net OPEB liability (asset), deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the plans and additions to/deductions from the plans' fiduciary net position have been determined on the same basis as they are reported by the plans. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value. -43-
City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) S) Compensated Absences
It is the City's policy to permit employees to accumulate earned but unused vacation and sick leave (compensated absences). All vacation pay and eligible sick leave pay is accrued when incurred in the government-wide financial statements. Compensated absences are reported in governmental funds only if they matured (i.e., unused reimbursable leave still outstanding following an employee's termination from employment). Typically, the General Fund has been used in prior years to liquidate the liability for compensated absences.

T) Net Position
Net position in the government-wide and proprietary fund financial statements is classified as following:

Net Investment in Capital Assets - This component of net position consists of capital assets, net of accumulated depreciation, and reduced by outstanding debt attributed to the acquisition of these assets, net of unspent debt proceeds, related deferred outflows and inflows of resources, and retention payable.

Restricted - This component of net position consists of assets, net of any related liabilities, which have had restrictions imposed on them by external creditors, grantors, contributors, or laws or regulations of other governments or laws through constitutional provisions or enabling legislations.

Unrestricted - This component of net position consists of amounts that do not meet the definition of net investment in capital assets or restricted net position.

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

U) Fund Balance
In the governmental fund financial statements, fund balances are classified in the following categories:

Nonspendable - items that cannot be spent because they are not in spendable form or items that are legally or contractually required to be maintained intact.

Restricted - restricted fund balances are amounts with constraints placed on their use that are either (a) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments; (b) imposed by law by constitutional provisions or enabling legislation.
-44-
City of Industry
Notes to Financial Statements
June 30, 2024
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) U) Fund Balance (Continued)
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 authority (the City Council) through resolutions and that remain binding unless removed in the same manner.

Assigned - assigned fund balances are amounts that are constrained by the City's intent o be used for specific purposes. The intent can be established at either the highest leve of decision making, or by a body or an official designated for that purpose. The City Counc is authorized for this purpose.

Unassigned - includes the residual balance for the government's general fund and includes all spendable amounts not contained in other classifications. In other funds, the unassigned classification is used only to report a deficit balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned.

When both restricted and unrestricted resources are available in a fund, expenditures are to be paid first from restricted resources, and then unrestricted resources in the order of committed, assigned, then unassigned.

V) Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities and deferred inflows of resources at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates.

U) Implementation of New GASB Pronouncement
The City adopted GASB Statement No. 100, Accounting Changes and Error Corrections. This Statement defines accounting changes as changes in accounting principles, changes in accounting estimates, and changes to or within the financial reporting entity and describes the transactions or other events that constitute those changes. As part of those descriptions, for (1) certain changes in accounting principles and (2) certain changes in accounting estimates that result from a change in measurement methodology, a new principle or methodology should be justified on the basis that it is preferable to the principle or methodology used before the change. That preferability should be based on the qualitative characteristics of financial reporting-understandability, reliability, relevance, timeliness, consistency, and comparability.

This Statement also addresses corrections of errors in previously issued financial statements.

See Note 20 for details.
-45-
City of Industry
Notes to Financial Statements
June 30, 2024
2) CASH AND INVESTMENTS
As of June 30, 2024, cash and cash investments are classified in the accompanying financial statements as follows:

Government-Wide Fiduciary
Statement Fund Statement
of Net Position of Net Position Total
Cash and investments:

Unrestricted cash and investments:

Cash $ 7,543,339 $ 4,472,181 $ 12,015,520
Investments 385,888,068 120.404.251 506,292,319
Investments with fiscal agent 277,845,674 277,845,674
Restricted cash and investments:

Investment 41,622,972 41,622,972
Investment in Section 115 Trust 5,636,568 5,636,568
Investment with fiscal agent 142,506,003 : 142,506,003
Total Cash and Investments $ 819,419,652 $ 166,499,404 $ 985,919,056 As of June 30, 2024, cash and investments consisted of the following:

Cash and investments:

Cash on hand $ 18,800
Deposits with financial institutions 11,996,720
Investments 547,915,291
Investment in Section 115 Trust 5,636,568
Investments with fiscal agent 420,351,677
Total Cash and Investments $ 985,919,056
A) Demand Deposits
The carrying amount of the City's cash deposits was $11,996,720 as of June 30, 2024. Bank balances are 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 (FDIC). The City, however, has not waived the collateralization requirements. As of June 30, 2024 City's deposits are federally insured or collateralized. -46-
City of Industry
Notes to Financial Statements
June 30, 2024
2) CASH AND INVESTMENTS (Continued)
B) Investments Authorized by the City's Investment Policy and California Government Code Under provision of the City's Investment Policy, and in accordance with Section 53601 of the California Government Code, the City may invest in the following types of investments:

Maximum Maximum
Maximum Percentage Investment
Authorized Investment Type Maturity Allowed in One Issuer U.S. Treasury Obligations 5 years None None
U.S. Government Sponsored Enterprise
Securities 5 years None None
Money Market Funds (Composed Entirely of
Security of U.S. Government and Agencies) N/A 20% None
Bankers Acceptances 180 days 40% 30%
Commercial Paper 270 days 25% 10%
Negotiable Certificates of Deposit 5 years None None
Non-Negotiable Certificates of Deposit 5 years None None Local Agency Investment Fund (LAIF) N/A None None
Repurchase Agreements 1 year None None
Los Angeles County Investment Pool N/A None None
Local Agency Bonds 5 years None None
U.S. Corporate Bonds/Notes 5 years 30% None
-47-
City of Industry
Notes to Financial Statements
June 30, 2024
2) CASH AND INVESTMENTS (Continued)
C) Investments Authorized by Debt Agreements
Investments of debt proceeds held by a bond trustee are governed by provisions of the debt agreements rather than the general provisions of the California Government Code or the City's investment policy. The table below identifies the investment types that are authorized for investments held by a bond trustee. The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk.

Maximum Maximum
Maximum Percentage Investment
Authorized Investment Type Maturity Allowed in One Issuer U.S. Treasury Obligations None None None
U.S. Government Sponsored Enterprise Securities None None None Money Market Funds
Certificates of Deposit None None None
Commercial Paper None None None
Banker's Acceptances 18 Months None None
U.S. Corporate Bonds/Notes None None None
Municipal Bonds None None None
Noninvestment Grade Bonds None 10% None
Exchange Traded Funds None None None
Mortgage-Backed Securities None None None
Investment Contracts None None None
LAIF None None None
Foreign Government Bonds None None None
Foreign Corporate Bonds/Notes None None None
D) Risk Disclosures
Interest Rate Risk
Interest rate risk is the risk of changes in market interest rates that will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment the greater the sensitivity of its fair value to changes in the market interest rates. One of the ways that the City and its component units manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. -48-
City of Industry
Notes to Financial Statements
June 30, 2024
2) CASH AND INVESTMENTS (Continued)
D) Risk Disclosures (Continued)
The City and its component units and fiduciary funds monitor the interest rate risk inherent in its portfolio by measuring the weighted average maturity of its portfolio.

Weighted
Average
Investment Type Amounts Maturity
Investments - unrestricted:

Money market funds $ 128,072,145 N/A
U.S. Treasury obligation 45,893,403 N/A
Commercial paper 170,235,188 N/A
LAIF 160,290,209 N/A
Investments - restricted:

Money market funds 41,622,974 N/A
Section 115 Trust 5,636,568 N/A
Investment held by fiscal agent:

Money market funds 173,245,569 0.29
Disaggregated pooled asset backed 14,940,150 60.47
U.S. Treasury obligation 233,967,332 1.62
Total $ 973,903,538
-49-
City of Industry
Notes to Financial Statements
June 30, 2024
2) CASH AND INVESTMENTS (Continued)
D) Risk Disclosures (Continued)
Credit Risk
Credit risk is generally 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 organization. Presented below is the minimum rating required by Section 53601 and Section 53635 of the California Government Code, Section 33603 of the Health and Safety Code, the City and its component unit's investment policy, or debt agreements, and the actual rating as of year-end for each investment type.

Minimum Exempt Total as of
Investment Type Legal Rating Aaa/P-1 from Rating Not Rated June 30, 2024 Investments - unrestricted:

Money market funds Aaa/P-1 $ $ $ 128,072,145 $ 128,072,145 : : 45,893,403 45,893,403
U.S. Treasury obligation N/A
Commercial paper A-1/AA 170,235,188 : 170,235,188
LAIF N/A 160,290,209 160,290,209
Investments - restricted:

Money market funds Aaa/P-1 : 41,622,974 41,622,974
Section 115 Trust N/A 5,636,568 5,636,568
Investment held by fiscal agent:

Money market funds N/A 173,245,569 173,245,569
Disaggegated pooled asset backed N/A : 14,940,150 14,940,150 U.S. Treasury obligation A-1 233,967,332 233.967.332
Total $ 170,235,188 160,290,209 643.378.141 973.903.538 -50-
City of Industry
Notes to Financial Statements
June 30, 2024
2) CASH AND INVESTMENTS (Continued)
E) State of California Local Agency Investment Fund
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The fair value of the City's investment in this pool is reported in the by LAIF. Currently, LAIF does not have an investment rating.

LAIF has a minimum $5,000 transaction amount in increments of $1,000 with a maximum of 15 transactions (combination of deposits and withdrawals) per month. LAIF requires a one- day prior notice for deposits and withdrawals of $10 million or more.

F) Investment in City Bonds
As of June 30, 2024, the IPFA has investments in City bonds in the amounts totaling $40,833,312. These investments are reported in the Industry Public Facilities Authority Debt Service Fund. These assets arise from interfund activity and have been eliminated from the government-wide financial statements.

G) Fair Value Measurement
The City categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the relative inputs used to measure the fair value of the investments. Level 1 inputs are quoted prices in active markets for identical assets, Level 2 inputs are valued using a matrix pricing technique in where investments are valued based on the investments' relationship to benchmark quoted prices, and Level 3 inputs are significant unobservable inputs. -51-
City of Industry
Notes to Financial Statements
June 30, 2024
2) CASH AND INVESTMENTS (Continued)
G) Fair Value Measurement (Continued)
The City has the following recurring fair value measurements as of June 30, 2024:

Measurement Input
Investment Type Level 1 Level 2 Level 3 Uncategorized Total Investments - unrestricted
Money market funds $128,072,145 $ 128,072,145
U.S. Treasury obligation 45,893,403 45,893,403
Commercial paper 170,235,188 170,235, 188
LAIF 160,290,209 160,290,209
Investments - restricted:

Money market funds 41,622,974 41,622,974
Section 115 Trust : 5,636,568 5,636,568
Investment held by fiscal agent:

Money market funds 173,245,569 173,245,569
Disaggregated pooled asset backed 14940,150 : 14,940,150 U.S. Treasury obligation 233,967,332 5503.867.465 233.967,332 Total $ 465.036.073 $973.903,538
3) ACCOUNTS RECEIVABLE
As of June 30, 2024, accounts receivable for governmental funds consisted of the following:

Nonmajor
General Governmental
Fund Funds Total
Sales tax receivable $ 6.076,524 $ $ 6,076,524
Property tax receivable 1,514,026 1,514,026
Other 410,415 7,230 417,645
Total $ 8.000.965 7,230 $ 8,008,195
4) NOTES RECEIVABLE
As of June 30, 2024, notes receivable consisted of the following:

Governmental
Activities
Notes receivable:

City of La Puente $ 1,178,378
San Gabriel Valley Water and Power LLC 20,000,000
Total Notes Receivable 21,178,378
-52-
City of Industry
Notes to Financial Statements
June 30, 2024
4) NOTES RECEIVABLE (Continued)
A) City of La Puente Loan
In October 2015, The City entered into an agreement with the City of La Puente to mitigate noise, traffic and railroad impact and for other public purposes. As part of the agreement, the City of Industry agreed to lend to the City of La Puente, and the City of La Puente agreed to borrow and repay to the City, the loan in the amount of $5,952,908 for La Puente to use in constructing a sound wall along the north side of Valley Boulevard and the railroad tracks on the south side of Valley Boulevard along with other public improvements. The City of La Puente has borrowed a total of $1,801,762 of the original amount of the loan. The project has been completed and the City of La Puente does not plan on borrowing any additional funds.

In October 2019, the loan agreement has been modified to pay off the remaining $1,422,945 over 28 years. Beginning November 1, 2019, the annual payment will be $53,287 including interest at 0.33%.

B) San Gabriel Valley Water and Power, LLC
The City entered into master lease agreement (the Lease) with San Gabriel Valley Water and Power, LLC (SGVWP) and leased properties to SGVWP for a period of twenty-five years for the development of solar projects. As part of the Lease, as further amended, the City agreed to advance $20,000,000 for funding of the project development costs. As of June 30, 2024, the outstanding balance of the advance was in the amount of $20,000,000. Also refer to Note 17 for more contingency disclosures.
-53-
City of Industry
Notes to Financial Statements
June 30, 2024
5) LEASE RECEIVABLE
The City, acting as lessor, leases land and buildings under long-term, noncancelable lease agreements. The leases expire at various dates through 2026 and provide various renewal options ranging from three months to six years. During the year ended June 30, 2024, the City recognized $2,200,084 and $270,265 in lease revenue and interest revenue, respectively, pursuant to these contracts.

Certain leases provide for increases in future minimum annual rental payments based on defined increases in the Consumer Price Index, subject to certain minimum increases.

Total future minimum lease payments to be received under lease agreements are as follows:

Year Ending
June 30, Principal Interest Total
2025 $ 2,366,612 $ 196,870 $ 2,563,482
2026 1,602,207 120,573 1,722,780
2027 1,169,522 72,738 1,242,260
2028 785,188 29,572 814,760
2029 134,256 15,504 149,760
2030 - 3032 357,534 16,866 374,400
Total $ 6.415,319 $ 452,123 $ 6,867,442
6) INDUSTRY CONVALESCENT HOSPITAL
During 1992, the City Council passed a resolution stating that periodic advances made to Industry Convalescent Hospital dba: El Encanto Healthcare and Habilitation Center in the past, as well as currently, are treated as loans. The note is payable on demand with simple interest at 6% per annum on the unpaid balance. As of June 30, 2024, the unpaid note balance amounted to $32,414,364 and accrued interest amounted to $34,459,169. As the collectability of this note and accrued interest is uncertain, the loan amounts are offset with allowance for doubtful account in the financial statements; and the City will recognize the collections on the note receivable as revenue as the amounts are collected.

The Hospital leased property from the Successor Agency (SA) to IUDA for $1 a year, which was renewed annually, and at the time of renewal the lease may be terminated or the lease payment renegotiated by SA to IUDA. In November 2018, the SA to IUDA sold the property to the City. The City is currently working with the Hospital on the new lease agreement. During the June 30, 2024, the City incurred expenses on behalf of the Hospital totaling $1,135,039 relating to contract labor, security, and repairs and maintenance.
-54-
City of Industry
Notes to Financial Statements
June 30, 2024
7) PREPAID ITEMS
As of June 30, 2024, government-wide financial statements report the following prepaid items:

Governmental Business-Type
Activities Activities Total
Prepaid bond insurance $ 3,068,160 $ $ 3,068,160
Other prepaid items 297,436 58357. 651,193
Total $ 3,365,596 $ $ 3,719,353
As of June 30, 2024, fund financial statements reported the following prepaid items:

Governmental Funds
110643 353,757
5 3.365,596 333,699 3,994 353,757
8) INTERFUND TRANSACTIONS
All interfund assets, liabilities, fund equity, revenues, expenditures, and operating transfers have been eliminated in the statement of net position and the statement of activities.

A) Due to/from Other Funds
Due to/from other funds consisted of the following as of June 30, 2024:

Due from Other Funds
Governmental Funds Enterprise Funds
City Capital
General Projects Nonmajor IPUC Electric
Due to Other Fund Fund Fund Funds Fund Total
Governmental funds:

General Fund $ : $ 1,754,611 $ 1,038,104 $ $ 2,792,715
City Capital Projects Fund :
337,384 -
Nonmajor Funds 253,835 89,397 681,116
Total 253,835 S 1.754.611 1,375,988 3,473,831
The majority of the interfund balances were a result of routine short-term borrowing or reimbursement of expenditures.
-55-
City of Industry
Notes to Financial Statements
June 30, 2024
8) INTERFUND TRANSACTIONS (Continued)
B) Advances to/from Other Fund
Advances to/from other funds consisted of the following as of June 30, 2024:

Advance to
Other Funds
Governmental
Fund
Advance from Other Funds General Fund
Governmental fund:

Industry Public Facilities Authority
Debt Service Fund $ 49,127,543
Total $ 49,127,543
Un December 1, 2015, the IPFA entered into loan agreement with the City to borrow $51,460,000 for the purchase of City of Industry Subordinate Sales Tax Revenue Bonds, Series 2015B (Taxable). The loan bears interest ranging from 2.75% to 7.75% annually, due February 1 and August 1 each year. The principal payments are due on February 1 each year and range from $520,000 to $3,905,000.

As of June 30, 2024, the total outstanding balance amounted to $49,127,543 (principal of $47,650,000 and accrued interest of $1,477,543). Interest revenue for the City and interest expense for the IPFA in the amount of $3,592,510 is eliminated in the statement of activities.

The repayment schedule for the advances is as following:

Year Ending
June 30, Principal Interest Total
2025 $ 645,000 $ 3,561,760 $ 4,206,760
2026 680,000 3,527,898 4,207,898
2027 715,000 3,490,158 4,205,158
2028 755,000 3,448,330 4,203,330
2029 805,000 3,401,898 4,206,898
2030 - 2034 4,930,000 16,107,304 21,037,304
2035 - 2039 6,985,000 14,044,328 21,029,328
2040 - 2044 10,040,000 10,996,838 21,036,838
2045 - 2049 14,565,000 6,472,798 21,037,798
2050 - 2051 7,530,000 886,214 8,416,214
Total $ 47,650,000 65,937,526 $ 113,587,526
-56-
City of Industry
Notes to Financial Statements
June 30, 2024
8) INTERFUND TRANSACTIONS (Continued)
C) Transfers
Transfers in and transfers out for the year ended June 30, 2024, consisted of the following:

Transfers Out
Governmental Funds
City Nonmajor
General Capital Governmental
Transfers In Fund Projects Funds Funds
Governmental funds:

General Fund $ $ 18,246,273 $ 590,000
Captal Projects Funds 25,128,500
City Debt Service Fund 35,512,324 4,142,753
IPFA Debt Service Fund 9,500
Nonmajor Governmental Funds 3,034,205 994,062
Proprietary funds:

IPUC Water Fund 800,000 19,149
IPUC Electric Fund 198,578 12,416 106350
Expo Center Fund
IPHMA Fund 566,000 115.171
Total 65,249,267 5 23,529.824 2,186,356
Transfers Out
Proprietary Funds
IPUC
Transfers In Water Fund Total
Governmental funds:

General Fund $ 800,000 $ 19,636,273
Capital Projects Funds 25,128,660
City Debt Service Fund 39,655,077
IPFA Debt Service Fund : 9,500
Nonmajor Governmental Funds 4,028,267
Proprietary funds:

PUC Water Fund 819,149
PUC Electric Fund : 210,994
Expo Center Fund 1,598,356
IPHMA Fund 681,171
Total 00,000 $ 91.767,447
The following transfers were made:
• $25,128,660 Transfer to CIP fund project expenditures. • $35,512,324 Transfer to debt service funds to for debt service. • $4,142,753 Interest income earned on bond proceeds for projects funds transferred to Debt Service.
• $681,171 Transfer to IPHMA Fund to cover housing project costs. • $1,598,356 Transfer to CRIA Fund to cover project costs. • $18,246,273 Capital projects funds to reimburse General Fund for project costs. -57-
City of Industry
Notes to Financial Statements
June 30, 2024
9) CAPITAL ASSETS
A) Governmental Activities
A summary of changes in capital asset activity for the year ended June 30, 2024, is as follows:

Balance at Transfer and Balance at
Capital Assets Juiy 1, 2023 Additions Deletions Reclassification June 30. 2024 Primary government:

Governmental activities:

Capital assets, not being depreciated
Land § 110,604,835 $ $ $ 110,604,835
instruction in progres 43,586.811 (10.915.650) 32.671,161 tal capital assets, not bei
depreciated 154,191.646 (10,915,650) 143.275.996
Capital assets, being depreciated:

Buildings and improvements 120,670.145 120,670,145
Machinery and equipment 1,926,746 1,926,746
Furniture and fixtures 4,581,832 4.581,832
Infrastructure 332,113.528 10,915,650 343,029,178
Total capital assets, being depreciated 459,292.251 10,915.650 470.207.901 Less accumulated depreciation:

Buildings and improvements (77,068,078) 2,681,104) (79,749,182) Machinery and equipment (1,946,198) (1,138) (1,947,336) Furniture and fixtures (4,546,569) (4,546,569)
Infrastructure (102.705.482) (12.035,172) (114.740,654) Total accumulated depreciation (186,266,327) (14.717 414) (200.983,741) Total capital assets, being
depreciated, net 273.025.924 14.717,414) 10,915.650 269,224,160 Total Governmental Activities 427.217,570 S (14,717,414) S 412.500,156 Depreciation expense was charged to the primary government in the governmental activities in the amount of $14,717,414 to the following functions:

General government $ 619,486
Support services 2,009,802
Community development 134,617
Community services 1,282,301
Public safety 2,995,968
Public works 7,675,240
Total depreciation expense $14,717,414
-58-
City of Industry
Notes to Financial Statements
June 30, 2024
9) CAPITAL ASSETS (Continued)
B) Business-Type Activities
A summary of changes in capital asset activity for the year ended June 30, 2024, is as follows:

Balance at Transfer and Balance at
Capital Assets July 1, 2023 Additions Deletions Reclassification June 30. 2024 Business-type activities
Capital assets, not being depreciate
Land 6,764,880 6,764,880
441,200 441,200

9.681,877 6,885,035 (56,584) (1,958,156) 14.552,172
16,887,957 6,885,035 (56.584) (1,958,156) 21,758.252
Capital assets, being depreciate
Buildings and improvement 55, 193,845 55, 193,845
Equipment, furniture and fixtures 1,322,648 1,322,648
31,824,258 1,958,156 33,782,414
Source of supply - electric 4,495,494 4.495,494
Total capital assets, being depreciated 92,836,245 1,958,156 94,794,401 Less accumulated depreciation:
(41,073,032) (371,220) (41,444,252)
Equipment, furniture and fixtures (1,312,936) (4,856) : (1,317,792) (2,596,929) (2,060,313) (4,657,242)
(2,150.048) (80,628) (2.230,676)
Total accumulated depreciatior (47,132,945) (2.517,017) (49,649,962) Total capital assets, being
depreciated, net 45.703,300 (2,517,017) 1,958,156 45,144.439 Total Business-type Activities 62,591,257 4,368,018 - § (56.584) 66.902.691 Depreciation expense for business activities in the amount of $2,517,016 were charged to the following activities:

Water $ 781,233
Electric 1,090,329
CRIA Expo Center 497,021
IPHMA 148,434
Total Depreciation Expense $ 2,517,017
C) Private-Purpose Trust Fund
The SA to IUDA has the following assets held for sale or disposition.

Balance at Balance at
July 1. 2023 Transfer Additions Deletions June 30, 2024 Property held for sale or disposition:

Land $50.064.421 $ 50,064,421
-59-
City of Industry
Notes to Financial Statements
June 30, 2024
9) CAPITAL ASSETS (Continued)
C) Private-Purpose Trust Fund (Continued)
In addition, the SA to IUDA has the following capital assets as of June 30, 2024:

Balance at Balance at
July 1.2023 Transfer Additions Deletions June 30, 2024
Capital assets, being depreciated:

Construction in progress 190,441,571 6,860,684 197,302,255 Infrastructure 166,310 : 166,310
Less accumulated depreciation: (4,797) (4,797)
Capital Assets, Net $ 190,603.084 6.860,684 $ 197.463.768 10) UNEARNED REVENUE
Reclaimed Water Sales
The City purchases 10,000-acre feet of reclaimed water from LA County Sanitation District annually. The City also entered into separate joint use and development agreements with the Rowland Water District (RWD) and the Upper San Gabriel Valley Water District (SGVWD). The purpose of the agreements is to sell 3,400- and 2,500-acre feet of reclaimed water to RWO and SGVWD, respectively. Under the agreements, RWD and SGVWD had the option to pay their allocated shares of cost in advance or over 20 years. On July 15, 2009, RWD paid its allocated share of cost in advance in the amount of $5,958,516. Subsequently, SGVWD also paid its allocable share of cost in advance in the amount of $4,280,345 on November 10, 2012. Both advances are to be amortized and recognized as revenue over 20 years. As of June 30, 2024, total unearned revenue from the sale of reclaimed water to RWD and SGVWD was in the amount of $3,201,767.

Civic-Recreational-Industrial Authority
Unearned revenue for CRIA are for event rental fees collected prior to the event. As of June 30, 2024, unearned revenue for CRIA was in the amount of $130,540. -60-
City of Industry
Notes to Financial Statements
June 30, 2024
11) LONG-TERM LIABILITIES
A summary of changes in the governmental activities long-term liabilities for the year ended June 30,2024, is as follows:

Amount Due
Balance at Balance at Amount Due
July 1. 2023 Deletions June 30. 2024 in One Year Than One Year Governmental activities:

Bonds payable:

City of Industry:

Sales tax revenue bonds $ 338,630,000 (5,690,000) $ 332,940,000 5,865,000 $ 327,075,000 Deferred amounts:

Unamortized premium/discounts (4.771.245) (55.110) (4,826,355) 4.826,35.

Total bonds payable 333,858,755 (5,745,110) 328,113,645 5,86,000 22,248,64 -
Compensated absences 209,281 26,285 235,566 206,652
Total long-term liabilities 334,068.036 26.285 (5.745.110) 328,349.211 5.893.914 322.455.297 A) City of Industry Sales Tax Revenue Bonds
Balance at Balance at Amount Due
July 1, 2023 Additions Deletions June 30, 2024 in One Year Sales tax revenue bonds:
2015 Sales tax revenue
refunding bonds, Series A $ 323,995,000 $ (2,200,000) $ 321,795,000 2,270,000 2015 Sales tax revenue
refunding bonds, Series B 48,265,000 (615,000) 47,650,000 645,000 2017 Sales tax refunding
revenue bonds 14,635,000 (3,490,000) 11,145,000 3,595,000 Elimination of City bonds
issued to PFA (48,265,000) 615,000 (47,650.000) (645,000) Total sales tax revenue bonds 338,630,000 (5,690,000) 332,940.000 5.865.000 2015 Taxable Sales Tax Revenue Refunding Bonds, Series A On December 3, 2015, the City issued $336,570,000 Senior Sales Tax Revenue Refunding Bonds, Series A (Taxable) to: (1) refund its 2005 and 2008 Sales Tax Revenue Bonds, (2) to finance certain improvements and expenditures of the City, (3) purchase a surety for the reserve fund for the bonds, (4) purchase a municipal bond insurance policy for the bonds, and (5) pay certain costs of issuance of the bonds. The 2005 Taxable Sales Tax Revenues Bonds and 2008 Taxable Sales Tax Revenue Bonds were fully redeemed on December 13, 2015.

Principal ranges from $2,200,000 to $21,875,000 maturing annually through January 1, 2051.

The bonds bear interest at rates ranging from 3.250% to 5.125%, due semiannually on January 1 and July 1. Debt service requirement to maturity is as follows:
-61-
City of Industry
Notes to Financial Statements
June 30, 2024
11) LONG-TERM LIABILITIES (Continued)
A) City of Industry Sales Tax Revenue Bonds (Continued) Year Ending
June 30, Principal Interest Total
2025 $ 2,270,000 $ 15,990,412 $ 18,260,412
2026 2,345,000 15,910,963 18,255,963
2027 2,435,000 15,825,956 18,260,956
2028 7,270,000 15,728,556 22,998,556
2029 7,560,000 15,437,756 22,997,756
2030 to 2034 43,045,000 71,943,519 114,988,519
2035 to 2039 54,470,000 60,518,563 114,988,563
2040 to 2044 69,930,000 45,055,158 114,985,158
2045 to 2049 89,785,000 25,201,675 114,986,675
2050 to 2051 42,685,000 3,308,700 45,993,700
Total $ 321,795,000 284,921,258 606,716,258
2015 Taxable Sales Tax Revenue Refunding Bonds, Series B On December 3, 2015, the City issued $51,460,000 Subordinate Sales Tax Revenue Bonds, Series 2015B (Taxable) to finance working capital expenditures and/or project costs. Principal ranges from $615,000 to $3,905,000 maturing annually through February 1, 2051. The bonds bear interest at rates ranging from 5.000% to 7.750%, due semiannually on January 1 and July 1.

Debt service requirement to maturity is as follows:

Year Ending
June 30, Principal Interest Total
2025 645,000 3,561,760 4,206,760
2026 680,000 3,527,898 4,207,898
2027 715,000 3,490,158 4,205,158
2028 755,000 3,448,330 4,203,330
2029 805,000 3,401,898 4,206,898
2030 to 2034 4,930,000 16,107,304 21,037,304
2035 to 2039 6,985,000 14,044,328 21,029,328
2040 to 2044 10,040,000 10,996,838 21,036,838
2045 to 2049 14,565,000 6,472,798 21,037,798
2050 to 2051 7,530,000 886,215 8,416,215
Total $47,650,000 65,937,527 113,587,527
-62-
City of Industry
Notes to Financial Statements
June 30, 2024
11) LONG-TERM LIABILITIES (Continued)
A) City of Industry Sales Tax Revenue Bonds (Continued) 2017 Senior Taxable Sales Tax Revenue Refunding Bonds
On April 11, 2017, the City issued $34,340,000 Senior Sales Tax Revenue Refunding Bonds (Taxable) to: (1) defease its 2010 Sales Tax Revenue Bonds, (2) purchase a surety for the reserve fund for the bonds, (3) purchase a municipal bond insurance policy for the bonds, and (4) pay certain costs of issuance of the bonds.

Principal ranges from $3,390,000 to $3,835,000 maturing annually through January 1, 2027.

The bonds bear interest at rates ranging from 2.750% to 3.500%, due semiannually on January 1 and July 1. Debt service requirement to maturity is as follows:

Year Ending
June 30 Principal Interest Total
2025 $ 3,595,000 $ 376,444 $ 3,971,444
2026 3,715,000 259,606 3,974,606
2027 3,835,000 134,226 3,969,226
Total $ 11,145,000 770,276 $ 11,915,276
Revenue Pledged
The sales tax revenue bonds are secured by sales tax revenues received by the City until the oonds are paid off in fiscal year 2051. Principal and interest payments outstanding as of June 30, 2024, on the bonds amounted to $732,219,061. Annual principal and interest payments on the sales tax revenue bonds are expected to require 68% of the sales tax revenues. For the year ended June 30, 2024, total sales tax revenues received to pay for these bonds amounted to $39,094,364. Principal and interest paid on the bonds during the year ended June 30, 2024, amounted to $26,444,929.

B) Compensated Absences
As of June 30, 2024, compensated absences totaled to $235,566, which will be liquidated by the General Fund.
-63-
City of Industry
Notes to Financial Statements
June 30, 2024
12) DEFINED BENEFIT PENSION PLAN
A) General Information About the Pension Plan
Plan Description
The City contributes to CaPERS, a cost-sharing multiple-employer defined benefit pension plan, for its miscellaneous employees. CaPERS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries.

CaPERS acts as a common investment and administrative agent for participating public entities within the State of California. Benefit provisions and all other requirements are established by State statute and City ordinance. Copies of CaPERS's annual financial report may be obtained from its executive office at 400 P Street, Sacramento, California 95814.

Benefits Provided
CaPERS 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 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 5 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employees' Retirement Law.

The Plans' provisions and benefits in effect as of June 30, 2024, are summarized as follows:

Classic Classic
Tier 1 Tier 2 PEPRA
Benefit formula 2% @55 2% @60 2% @62
Benefit vesting schedule 5 years of 5 years of 5 years of service service service
Benefit payments Monthly for life Monthly for life Monthly for life Retirement age 50 to 63 50 to 63 52 to 67
Monthly benefits, as a
percentage of eligible
compensation 1.426% to 2.418% 1.426% to 2.418% 1.000 to 2.500% Required employee
contribution rates 8.00% 7.00% 8.25%
Required employer
contribution rates:

Normal cost rate 17.55% 11.88% 8.48%
-64-
City of Industry
Notes to Financial Statements
June 30, 2024
12) DEFINED BENEFIT PENSION PLAN (Continued)
A) General Information About the Pension Plan (Continued) Contributions
Section 20814(c) of the California Public Employees' Retirement Law requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS's annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. City contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contributions requirements are classified as plan member contributions. Employer Contributions to the Plan for the fiscal year ended June 30, 2024 were $355,699. The actual employer payments of $388,075 made to CaPERS by the City during the measurement period ended June 30, 2023 differed from the District's proportionate share of the employer's contributions of $1,316,588 by $928,513, which is being amortized over the expected average remaining service lifetime in the Public Agency Cost-Sharing Multiple Employer Plan.

B) Pension Liabilities, Pension Expenses, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued) The City's net pension liability for the Plan is measured as the total pension liability, less the pension plan's fiduciary net position. The net pension liability of the Plan is measured as of June 30, 2023, using an annual actuarial valuation as of June 30, 2022 rolled forward to June 30, 2023 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is as follows. -65-
City of Industry
Notes to Financial Statements
June 30, 2024
12) DEFINED BENEFIT PENSION PLAN (Continued)
B) Pension Liabilities, Pension Expenses, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued) Actuarial Methods and Assumptions Used to Determine Total Pension Liability The collective total pension liability for the June 30, 2023 measurement period was determined by an actuarial valuation as of June 30, 2022, with update procedures used to roll forward the total pension liability to June 30, 2023. The collective total pension liability was based on the following assumptions:

Miscellaneous
Valuation date June 30, 2022
Measurement date June 30, 2023
Actuarial cost method Entry-age actuarial cost method
Asset valuation method Fair value of assets
Actuarial assumptions:

Discount rate 6.90%
Inflation 2.30%
Salary increases Varies by entry age and service
Mortality rate table Derived using CaPERS' membership
data for all funds
Post retirement benefit increase The lessor of contract COLA or 2.30% until purchasing power protection
allowance floor of purchasing power
applies, 2.30% there after
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

In determining the long-term expected rate of return, CaPERS took into account both short- term and long-term market return expectations. Using historical returns of all of the funds' asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 Basis points.
-66-
City of Industry
Notes to Financial Statements
June 30, 2024
12) DEFINED BENEFIT PENSION PLAN (Continued)
B) Pension Liabilities, Pension Expenses, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued) The expected real rates of return by asset class are as follows:

Assumed
Asset
Asset Class Allocation Real Return 12
Global equity - cap-weighted 30.00% 4.54%
Global equity - non-weighted 12.00% 3.84%
Private equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed securities 5.00% 0.50%
Investment grade corporates 10.00% 1.56%
High yield 5.00% 2.27%
Emerging market debt 5.00% 2.48%
Private debt 5.00% 3.57%
Real assets 15.00% 3.21%
Leverage -5.00% -0.59%
Total 100.00%
"An expected inflation of 2.30% used for this period
2 Figures are based on the 2021 Asset Liability Management study Change of Assumptions
There were no assumption changes in 2023. Effective with the June 30, 2021 valuation date (June 30, 2022 measurement date), the accounting discount rate was reduced from 7.15% to

6.90%. In determining the long-term expected rate of return, CaPERS took into account long- term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CaPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017 through June 30, 2021, 7.65% for measurement dates June 30, 2015 through June 30, 2016, and 7.50% for measurement date June 30, 2014.
-67-
City of Industry
Notes to Financial Statements
June 30, 2024
12) DEFINED BENEFIT PENSION PLAN (Continued)
B) Pension Liabilities, Pension Expenses, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (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. Theretore, 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.

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

Pension Plan Fiduciary Net Position
Information about the pension plan's assets, deferred outflows of resources, liabilities, deferred inflows of resources, and fiduciary net position are presented in CaPERS' audited financial statements, which are publicly available reports that can be obtained at CaPERS website, at www.calpers.ca.gov. The plan's fiduciary net position and additions to/deductions from the plan's fiduciary net position have been determined on the same basis used by the pension plan, which is the economic resources measurement focus and the accrual basis of accounting. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Investments are reported at fair value.

C) Proportionate Share of Net Pension Liability
The following table shows the City's proportionate share of the Plan's net pension liability over the measurement period.

Proportionate share of Miscellaneous Plan
Total Fiduciary Net Pension
Pension Liability Net Position Liability (Asset)
(a) (b) _(c) = (a) - (b)
Balance at: 6/30/2022 $ 32,612,426 $ 30,406,905 2,205,521 Balance at: 6/30/2023 34,763,885 31,670,282 3,093,603
Net change $ 2,151,459 $ 1,263.377 $ 888,082
-68-
City of Industry
Notes to Financial Statements
June 30, 2024
12) DEFINED BENEFIT PENSION PLAN (Continued)
C) Proportionate Share of Net Pension Liability (Continued) The City's proportion of the net pension liability was determined by CaPERS using the output from the Actuarial Valuation System and the fiduciary net position, as provided in the CaPERS Public Agency Cost-Sharing Allocation Methodology Report, which is a publicly available report that can be obtained at CaPERS' website, at www.calpers.ca.gov. The City's proportionate share of the net pension liability for the miscellaneous Plan as of the June 30, 2022 and 2023 measurement dates was as follows:

Miscellaneous
Proportion - June 30, 2022 0.04713%
Proportion - June 30, 2023 0.06187%
Change - increase 0.01474%
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents the City's proportionate share of the net pension liability of the Plan as of the measurement date, calculated using the discount rate of 6.9 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 (5.9 percent) or 1 percentage-point higher (7.9 percent) than the current rate:

Current
Discount Rate Discount Rate Discount Rate
- 1% (5.90%) (6.90%) +1% (7.90%)
Net pension liability/(asset) $ 7,795,270 3,093,603 $ (776,273) 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. -69-
City of Industry
Notes to Financial Statements
June 30, 2024
12) DEFINED BENEFIT PENSION PLAN (Continued)
C) Proportionate Share of Net Pension Liability (Continued) The amortization period differs depending on the source of the gain or loss:

Net difference between 5-year straight-line amortization projected and actual earnings
on pension plan investments
All other amounts Straight-line amortization over the expected average remaining service lives (EARSL) of all members that
are provided with benefits (active, inactive and
retired) as of the beginning of the measurement
period
The expected average remaining service lifetime (EARSL) is calculated by dividing the total future service years by the total number of plan participants (active, inactive, and retired) in the Public Agency Cost-Sharing Multiple-Employer Plan (PERF C).

The EARS for PERF C for the measurement period ending June 30, 2023 is 3.8 years, which was obtained by dividing the total service years of 600,538 (the sum of remaining service lifetimes of the active employees) by 160,073 (the total number of participants: active, inactive, and retired) in PERF C. Inactive employees and retirees have remaining service lifetimes equal to 0. Total future service is based on the members' probability of decrementing due to an event other than receiving a cash refund.

D) Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions
As of the start of the measurement period (July 1, 2022), the City's net pension liability was $2,205,521. For the measurement period ending June 30, 2023 (the measurement date), the City incurred a pension expense of $2,304,725.
-70-
City of Industry
Notes to Financial Statements
June 30, 2024
12) DEFINED BENEFIT PENSION PLAN (Continued)
D) Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions (Continued)
As of June 30, 2024, the City has deferred outflows and deferred inflows of resources related to pensions as follows:

Deferred Deferred
Outflows Inflows
of Resources of Resources
Changes in assumptions $ 186,775
Differences between actual and expected
experience 133,522
Net differences between projected and
actual earnings on Plan investments 500,882
Change in proportionate share of contributions 1.47.003 Change in employers proportion 2,678,246
Pension contributions subsequent to
measurement date 355,699
Total $ 3,855,124 $ 1.474,003
The amounts above are net of outflows and inflows recognized in the 2022-23 measurement period expense. Contributions subsequent to the measurement date of $355,699 reported with deferred outflows of resources will be recognized as a reduction of the net pension liability in the upcoming fiscal year. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as Fiscal Deferred
Year Ending Outflows/(Inflows)
June 30, of Resources
2025 1,065,806
2026 671,447
2027 273,797
2028 14,372
2029 -
Thereafter
Total 2.025,422
E) Payable to the Pension Plan
As of June 30, 2024, the City had no outstanding amount of contributions to the pension plan required for the year ended June 30, 2024
-71-
City of Industry
Notes to Financial Statements
June 30, 2024
13) DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion of their salary until future years. Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death or an unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property or rights (until paid or made available to the employees or other beneficiary) are solely the property and rights of the participant and are not subject to the claims of the City's general creditors.

Investments are managed by the plan's trustee under one of several investment options, or a combination thereof. The choice of the investment options is made by the participants. Plan assets are held in trust for the exclusive benefit of participant and their beneficiaries; and therefore, are not included in the accompanying financial statements. As of June 30, 2024, the plan had investments in the amount of $2,868,427.
14) OTHER POSTEMPLOYMENT BENEFITS
A) General Information about the OPEB Plan
Plan Description
The City provides other postemployment benefits (OPEB) through the California Employer's Retiree Benefit Trust Fund (CERBT), an agent multiple-employer defined benefit plan to provide postemployment medical benefits. Specifically, the City offers postretirement medical, dental and vision benefits to all employees who retire from the City. The plan does not provide a publicly available financial report.

Benefits provided by the plan are as follows:

General
Employees Management
Benefit types provided Medical, dental and vision Medical, dental and vision Duration of benefits Lifetime Lifetime
Required services 15 years** 15 years*
Minimum age 50 50
Dependent coverage Yes Yes
City contribution percentage 100.00% 100.00%
City cap None None
*Elected and appointed officials qualify for City-paid coverage after eight or more years. **25 years for those hired April 26, 1990 to June 30, 2012; 10 years for those hired prior to April 26, 1990.
-72-
City of Industry
Notes to Financial Statements
June 30, 2024
14) OTHER POSTEMPLOYMENT BENEFITS (Continued)
A) General Information about the OPEB Plan (Continued)
Employees Covered by Benefit Term
At the June 30, 2023, valuation date, the following employees were covered by the benefit term:

Active employees 30
Inactive employees receiving benefits 31
Total 61
Contribution
The obligation of the City to contribute to the plan is established and may be amended by the City Council. Employees are not required to contribute to the plan.

B) Net OPEB Liability (Asset)
The City's net OPEB liability (asset) was measured as of June 30, 2023, and the total OPEB liability used to calculate the net OPEB liability (asset) was determined by an actuarial valuation as of June 30, 2023.
-73-
City of Industry
Notes to Financial Statements
June 30, 2024
14) OTHER POSTEMPLOYMENT BENEFITS (Continued)
B) Net OPEB Liability (Asset) (Continued)
Actuarial Assumptions
otherwise specified
Actuarial cost method Entry age actuarial cost method
Actuarial assumptions:

Inflation 2.50%
Discount rate 6.75%
Healthcare cost trend 4.00%
Payroll increase 2.75%
Mortality rate table 2021 CaPERS mortality for
miscellaneous and school employees
Retirement rate:

Hired before January 1, 2013 2021 CaPERS 2.7% @ 55 rates for miscellaneous employees
Hired before December 31, 2012 2021 CaPERS 2.0% @ 62 rates for miscellaneous employees
Service requirement:

General employees:

Hired before April 26, 1990 100% at 10 years of service Hired April 26, 1990 to June 30, 2012 100% at 25 years of service Hired July 1, 2012 or Later 100% at 15 years of service Elected and appointed officials 100% at 8 years of service Management 100% at 15 years of service
Participation rate:
< 65 non-Medicare participation % at 100%
> 65 Medicare participation % at 100%
Turnover 2021 CaPERS turnover for
miscellaneous employees
-74-
City of Industry
Notes to Financial Statements
June 30, 2024
14) OTHER POSTEMPLOYMENT BENEFITS (Continued)
B) Net OPEB Liability (Asset) (Continued)
Discount Rate
The discount rate of 6.75% was used in the valuation. It was assumed that contributions would be sufficient to fully fund the obligation over a period not to exceed 30 years. The City ised historic 27-year real rates of return for each asset class along with the assumed long term inflation assumption to set the discount rate. The City offset the expected investmen return by investment expenses of 25 basis points. The following is the assumed asset allocation and assumed rate of return:

Percentage Assumed
Asset Class of Portfolio Gross Return
All equities 59.00% 7.55%
All fixed income 25.00% 4.25%
Real estate investment trusts 8.00% 7.25%
All commodities 3.00% 7.55%
Treasury Inflation Protection Securities (TIPS 5.00% 3.00% 100.00%
The City looked at rolling periods of time for all asset classes in combination to appropriately reflect correlation between asset classes. That means that the average returns for any asset class don't necessarily reflect the averages over time individually, but reflect the return for the asset class for the portfolio average. The City used geometric means.

C) Change in the Net OPEB Liability (Asset)
Increase (Decrease)
Total Plan Fiduciary Net OPEB
_OPEB Liability Net Position Liability (Asset)
Balance at June 30, 2022
(measurement date) $ 8,601,739 $ 11,364,401 (2,762,662) Changes recognized for
the measurement period:

Service cost 300,540 300,540
Interest on total OPEB liability 572,363 764,125 (191,762) Change in assumptions 490,295 490,295
Difference between expected
and actual experience 53,713
Contributions-employer 84,863 (84,863)
Administrative expenses (3,328) 3,328
Benefit payments (714,841) (714,841)
Net change during measurement
period 2022 to 2023 702,070 130,819 571,251
-
Balance at June 30, 2023
(measurement date) 9,303,809 $ 11,495,220 (2,191,411)
-75-
City of Industry
Notes to Financial Statements
June 30, 2024
14) OTHER POSTEMPLOYMENT BENEFITS (Continued)
C) Change in the Net OPEB Liability (Asset) (Continued) Sensitivity of the Net OPEB Asset to Changes in the Discount Rate The following presents the net OPEB asset of the City, as well as what the City's net OPEB asset would be if it were calculated using a discount rate that is one percentage point lower (6.0%) or one percentage point higher (8.0%) than the current discount rate:

Current
Discount Rate Discount Rate Discount Rate
-1% (5.75%) (6.75%) +1% (7.75%)
Net OPEB (asset) $ (1,140,044) $ (2,191,411) $ (3,071,151) Sensitivity of the Net OPEB Asset to Changes in the Healthcare Cost Trend Rates The following presents the net OPEB liability (asset) of the City, as well as what the City's net OPEB liability (asset) would be if it were calculated using healthcare cost trend rates that are one percentage point lower or one percentage point higher than the current healthcare cost trend rates:

Healthcare Cost Current Healthcare Cost
Trend Rate Healthcare Trend Rate
1% lower Trend Rate 1% higher
Net OPEB asset (3,174,758) $ (2,191.411) $ (999,096)
D) OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the year ended June 30, 2024, the City recognized OPEB expense in the amount of $172,421. As of June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from following sources:

Deferred Deferred
Outflows Inflows
_of Resources of Resources
Differences between actual and expected
experience $ 547,256 $ 322,862
Change in assumptions 679,978 -
Net differences between projected and
actual earnings on Plan investments 768,020
Total $ 1,995,254 $ 322,862
-76-
City of Industry
Notes to Financial Statements
June 30, 2024
14) OTHER POSTEMPLOYMENT BENEFITS (Continued)
D) OPE Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB (Continued)
The amounts reported as deferred outflows and deferred inflows of resources related to OPEB will be recognized in the future OPEB expense as follows:

Deferred
Year Ending Outflows/(Inflows)
June 30, of Resources
2025 240,007
2026 480,454
2027 795,985
2028 97,663
2029 58,283
Thereafter
Total 1,672,392
15) SELF-INSURANCE PLAN
The City established a Self-insurance Plan (the Plan) to pay for liability claims against the City and its component units. The Plan is administered by an insurance committee which is responsible for approving all claims of $25,000 or less and for making provision to have sufficient funds available to pay approved claims and legal and investigative expenses. The insurance committee has vested this responsibility to the City Manager. Potential liability for claims in excess of $250,000 up to $10,000,000 is covered by excess liability insurance policies. As of June 30, 2024, there are approximately $1,350,627 in pending liability claims and litigation outstanding against the City and its component units. This balance is included in the accrued liabilities of the general tund in the governmental balance sheet. Based on intormation presently avallable, the City believes that there are substantial defenses to such litigation and disputes and that, in any event, the ultimate liability, if any, resulting there from will not have a material effect on the financial position of the City and its component units.

Changes in the liability since June 30, 2022, resulted from the following:

Liability
Liability at June 30, 2022 $ 764,922
1,141,474
laim payments during the yea
iability at June 30. 202: 1,906,396
(555,769)
$ 1,350,627
-77-
City of Industry
Notes to Financial Statements
June 30, 2024
16) COMMITMENTS AND CONTINGENCIES
San Gabriel Valley Water and Power, LLC
On or about May 17, 2016, the City entered into the Lease with SGVWP. The Lease was ratified by the City Council on or about October 12, 2017. Among the Lease's various provisions, the City provided SGVWP with a $20 million loan (Note 4) for SGVWP to analyze the feasibility of constructing a "solar farm" and other necessary public infrastructure improvements. The Lease potentially included two separate and adjacent properties. Under Section 25.3 of the Lease, repayment on the loan would be triggered "upon commencement of construction of the first project pursuant to the Lease." In January 2018, SGVWP failed to comply with certain material provisions of the Lease. The City gave SGVWP written notice of its obligations under the Lease and requested immediate compliance. On or about May 23, 2018, under Section 17.2.1 of the Lease, because SGVWP had failed to cure its default, the City informed SGVWP that the lease was null and void and of no further force or effect. During the year ended June 30, 2020, the City filed the lawsuit against SGVWP. At this time, given the termination of the Lease and the litigation, it is unknown whether SGVWP will repay the loan.
17) JOINT GOVERNED ORGANIZATION - TRES HERMANOS CONSERVATION AUTHORITY The Tres Hermanos Ranch (the Ranch) consists of approximately 2,445 acres of largely undeveloped property. Approximately 1,750 acres are within the City of Chino Hills (Chino Hills) and 695 acres are within the City of Diamond Bar (Diamond Bar). The Ranch was acquired by the IUDA in 1978 and owned by SA to IUDA due to the dissolution of the IUDA. On January 19, 1999, Chino Hills and Diamond Bar entered into a certain Joint Exercise of Powers (1999 Agreement) for the purpose to coordinate the overall development and conservation of the Ranch.

The City was made an ex-officio nonvoting member in 1999. As previously discussed in Note 4B, the City entered into a master lease agreement with SGVWP for the development of the solar project located at the Ranch with the plan to purchase the Ranch from SA to IUDA. Litigation was brought against the development of the solar project by Chino Hills and Diamond Bar. The three cities later entered into a settlement agreement dated February 4, 2019, where: (1) Chino Hills and Diamond Bar collectively contribute 10% of the City's $41,650,000 purchase price for the Ranch from SA to IUDA, (2) preserve the Ranch as environmental, scientific, educational, and recreational resources, and (3) transfer the ownership of the Ranch to a re-constituted Tres Hermanos Conservation Authority (the Authority).

On February 6, 2019, the three cities entered into Amended and Restated Tres Hermanos Conservation Authority Joint Powers Agreement (the Agreement) which superseded the 1999 Agreement in its entirety. The general purpose of the Authority is to coordinate the overall conservation, use and potential improvement of the Ranch through collaboration by its members.

The board consist of seven voting directors where three appointed by the City and two each appointed by Chino Hills and Diamond Bar. Each member city pays an equal one-third share of the cost for the reasonable annual and recurring maintenance of the Ranch. Any costs over the annual maintenance cost will be allocated and invoiced separately to the member cities based on the benefits provided.
-78-
City of Industry
Notes to Financial Statements
June 30, 2024
17) JOINT GOVERNED ORGANIZATION - TRES HERMANOS CONSERVATION AUTHORITY (Continued)
In addition, the City is responsible for a onetime remediation work for the Arnold Reservoir dam.

After the completion of the one-time remediation work, the City will not be responsible for any future repair, maintenance or other work to the Arnold Reservoir dam.

In February 2019, Chino Hills and Diamond Bar collectively contributed $4,165,000, and the City contributed the remaining $37,485,000 toward the purchase of the Ranch for the Authority. The financial statement of the Authority can be obtained at 14000 City Center Drive, Chino Hills, California.
18) TRANSACTIONS WITH RELATED PARTIES
The related party transactions of the City are summarized as follows:

Expenditures
for the
Year Ended
Service Provided by Vendor Related Parties June 30, 2024 Landscaping services Former Mayor and City Council Member 2,660,144 Amount for the
Other Related Year Ended
Party Transactions Related Parties June 30, 2024
Tenant of the City's (Housing City Council Members,
Authority) properties Commissioners, and
Board Members $ 70,140
-79-
City of Industry
Notes to Financial Statements
June 30, 2024
19) EXCESS OF EXPENDITURES OVER APPROPRIATIONS
During the year ended June 30, 2024, expenditures in excess of appropriations are as follows:

Appropriation Expenditures Variance
General Fund:

Community development $ 2,401,000 $ 2,889,926 $ (488,926) Community services 11,741,000 12,058,063 (317,063)
Public works 14,194,000 16,803,011 (2,609,011)
Debt Service Fund:

General administration 8,200 15,200 (7,000)
Interest and fiscal charges 20,140,200 20,268,777 (128,577) Proposition A Sales Tax
Special Revenue Fund:

Public works 248,000 331,777 (83,777)
CARB
Special Revenue Fund:

Public works 103,000 429,180 (326,180)
CRIA
Capital Project Fund:

Public works 2,189,000 2,266,789 (77,789)
20) PRIOR PERIOD RESTATEMENT
As a result of the implementation of GASB 100, as described in Note 1, the City is required to restate i a a major 023 any quantal as no fund for the. Year axi ride w0, 2ra4. This qualifies as a change to or within the financial reporting entity under the guidance of GASB 100.

The reclassification of these funds did not result in any changes to the government-wide financial statements' net position. Changes in fund balance as of June 30, 2023, were as follows:

Governmental Funds Nonmajor Governmental Funds
Tax Override Fund Tax Override Fund
Fund balance, beginning of year, as previously reported $ 2,161 Changes from major to nonmajor fund (2.161) 2,161
Fund balance, beginning of year, as restated $ - $ 2,161 -80-
This page intentionally left blank.

City of Industry
Required Supplementary Information
Schedule of the City's Proportional Share of the Plan's Net Pension Liability and Related Ratios (Unaudited)
Last Ten Years
California Public Employees' Retirement System
(CalPERS) Miscellaneous Classic Pian
Measurement period June 30, 2023 June 30, 2021 June 30, 2020 June 30, 2019 Reporting period June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Plan's proportion of the net pension liability (asset) 0.061870% 0.047134% -0.189058% 0.006036% 0.000381% Plan's proportionate share of the collective
net pension liability (asset)' $ 3,093,603 $ 2,205,521 S (3,589,831) 656,759 39,088 Plan's covered payroll $ 3,071,627 $ 2,840,527 $ 2,615,700 $ 2,376,701 $ 1,730,895 Plan's proportionate share of the net pension
liability (asset) as a percentage of its
covered payroll 100.72% -108.91% - 137.24% 27.63% 2.26% Plan's proportionate share of the fiduciary net
position as a percentage of the Plan's total
pension liability 93.24% 93.24% 111.34% 97.84% 99.87%
'Proportion of the net pension liability represents the plan's proportion of PERF C, which includes both the Miscellaneous and Safety Risk Pools excluding the 1959 Survivors Risk Pool.
-81-
City of Industry
Required Supplementary Information
Schedule of the City's Proportional Share of the Plan's Net Pension Liability and Related Ratios (Unaudited) (Continued)
Last Ten Years
Califomia Public Employees' Retirement System
(CaPERS) Miscellaneous Classic Plan June 30, 2015
Measurement period June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2014 Reporting period June 30, 2019 June 30, 2018 June 30, 2017 June 30,2016 June 30,2015 Plan's proportion of the net pension liability (asset) -0.001493% 0.090690% 0.090886% 0.092292% 0.076870% Plan's proportionate share of the collective
net pension liability (asset)' (143,883) $ 8,994,206 S 7,864,480 $ 6,331,815 § 4,782,916 Plan's covered payroll 1,680,481 $ 2,072,156 $ 1,936,492 $ 1,988,262 $ 1,779,595 Plan's proportionate share of the net pension
liability (asset) as a percentage of its
covered payroll -8.56% 434.05% 406.12% 318.46% 268.76%
Plan's proportionate share of the fiduciary net
position as a percentage of the Plan's total
pension liability 100.49% 69.70% 70.65% 77.21% 83.03%
-82-
City of Industry
Required Supplementary Information
Schedule of Contributions - Pension (Unaudited)
Last Ten Years
Califomia Public Employees' Retirement System
(CaIPERS) Miscellaneous Classic Plan
Fiscal Year Ended June 30. 2024 June 30. 2023 June 30. 2022 June 30, 2021 June 30,2020 Actuarially determined contribution $ 355,699 $ 388,075 $ 308,625 $ 291,851 245,590 Contributions in relation to the actuarially
determined contributions (355,699) (388,075) (308,625) (291,851) (245,590) Contribution Deficiency (Excess) -
Covered payroll $ 3,405,056 $ 3,071,627 $ 2,840,527 $ 2,615,700 $ 2,376,701 Contributions as a percentage of covered payroll 10.45% 12.63% 10.87% 11.16% 10.33% Notes to Schedule:

Changes in Benefit Terms: There were no changes to benefit terms that applied to all members of the Public Agency Pool. Additionally, the figures above do not include any liability impact that may have resulted from Golden Handshakes that occurred after the June 30, 2021 valuation date, unless the liability impact is deemed to be material to the Public Agency Pool.

Changes in 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, CaPERS 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) returs 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 CaPERS Experience Study and Review of Actuarial Assumptions. There were no assumption changes for 2021.

For 2020, the Plan adopted a new amortization policy effective with the 2019 actuarial valuation. The new amortization policy shortens the period over which actuarial gains and losses are amortized from 30 years to 20 years with the payments computed as a level dollar amount In addition, the new policy does not utilize a five-year ramp-up and ramp-down on UAL bases attributable to assumption changes and non- investment gains/losses. The new policy also does not utilize a five-year ramp-down on investment gains/losses. These changes apply only to new UAL bases established on or after June 30, 2019. There were no changes in assumptions in 2019. In 2018, demographic assumptions and inflation rate were changed in accordance to the CaPERS Experience Study and Review of Actuarial Assumptions December 2017.

There were no changes in the discount rate in 2019. In 2017, the accounting discount rate was reduced from 7.65% to 7.15%. In 2016, there were no changes in the discount rate. In 2015, amounts reported reflect an adjustment of the discount rate from 7.50% (net of administrative expense) to 7.65% (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.50% -83-
City of Industry
Required Supplementary Information
Schedule of Contributions - Pension (Unaudited) (Continued) Last Ten Years
California Public Employees' Retirement System J
(CaIPERS) Miscellaneous Classic Plan
Fiscal Year Ended June 30,2019 June 30, 2018 June 30,2017 June 30, 2016 June 30, 2015 Actuarially determined contribution 195,741 $ 640,586 § 567,355 $ 534,918 $ 255,850 Contributions in relation to the actuarially
determined contributions (195.741) (9.206.926) (567,355) (534,918) (255,850) Contribution Deficiency (Excess) $ (8.566.340)
Covered payroll $ 1,730,895 $ 1,680,481 S 2,072,156 $ 1,936,492 $ 1,988,262 Contributions as a percentage of covered payroll 11.31% 38.12% 27.38% 27.62% 12.87% -84-
City of Industry
Required Supplementary Information
Schedule of Changes Net Other Postemployment Benefits Liability (Asset) and Related Ratios (Unaudited)
Last Ten Years*
Measurement Period Ended
Jun 30.2023 June 30 2022. June 30. 2021 June 30.2020 _June 30. 2019 June 30. 2018 Reporting period June 30. 2023 June 30.2022 _June 30. 2021 June 30. 2020 June 30. 2019 Total OPEB liablity:

Service cost § 300,540 292,496 228.121 s 222,016 268,372 261,189 Interest on total OPEB liability 572,363 552,005 453,854 438.946 638,477 619,722 Charen is besween expected and 490,295 609,924 -

53.713 46,166 975.729 105.870 (3.185.366) 95,803
(714841) (594910) (560.106) (S50.184) (825,116) (579,992)

1.707.527 216,645 171.949 105913)
Net change in Total Pension Liabilit 702,070 - 295,757 (2,931,684) tal pension liability, beginning of ye 8.601.739 8.305.982 6.598,460 6,381.812 9.313.45 9.012.577 otal OPEB liability, end of yo 9.303.809 8.601,739 8.305.982 6.598.460 .381.81 9.313.496 OPE fiduciary net position:

Investment income 764,125 (1,838,972) 3,120,564 401.157 715,105 904.934 Contributions - employers 84,863 13,631 31,285 (850.184) nefit paymer (714,841) (594,910) (560,106) (579,992)
ministrative expens (3,328) (3,509) (4.270) (5,586) (20,767) Other 2,09
Net change in OPEB fiduciary net position 130,819 (2,423,760) 2.587.475 (154613) (112482) 306,268 Total fiduciary net position, beginning of year 11.364,401 13.788.161 11.200.688 11,355.301 11.467,783 11,161,517 Total fiduciary net position, end of year (a) 11.495.220 11,364.401 13.788.161 11.200.688 11.355.301 11.467.783 Net OPEB asset S (2.191.411) $ (2.762.662) 5 (5.482,179) $ (4.602228) S (4.973.489) $ (2.154,287) Pone a COPy salon sa percentage of 166.00% 169.75% 177.93% 123.13% 123.55% 132.12%
Covered-employee payroll $ 3.071,627 2,840,527 2,615,700 $ 2,376,701 1.730,895 $ 1,680,481 Net OPEB asset as a percentage of
covered-employee payroll 71.34% 97.26% 209.59% 193.64% 287.34% 128.19% Notes to schedule:

Beneft Changes
There were no changes in benefts
Changes in Assumptions:
"Historical information is presented only for measurement periods for which GASE 75 is applicable Additional years of information will be presented as they become available. -85-
City of Industry
Required Supplementary Information
Budgetary Comparison Schedule - General Fund (Unaudited) For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget Budget Amounts (Negative)

REVENUES
Taxes $ 51,403,000 $ 51,253,000 $ 51,356,984 $ 103,984
Intergovernmental 303,000 303,000 293,998 (9,002)
Charges for services 350,000 350,000 242,096 (107,904)
License and permits 2,308,000 2,318,000 1,910,505 (407,495) Fines, forfeitures, and penalties 291,000 296,000 331,964 35,964 Use of money and property 16,463,000 24,554,000 35,921,710 11,367,710 Other revenue 3.711,000 2,111,000 3,440,869 1,329,869
Total Revenues 74,829,000 81,185,000 93,498,126 12,313,126

EXPENDITURES
Current:

Legislative 977,000 977,000 930,356 46,644
General administration 8,663,000 8,229,000 6,797,286 1,431,714 Support services 5,124,000 5,338,000 4,344,699 993,301
Community development 2,380,000 2,401,000 2,889,926 (488,926) Community services 9,631,000 11,741,000 12,058,063 (317,063) Public safety 14,219,000 14,653,000 14,548,154 104,846
Public works 14,198,000 14,194,000 16,803,011 (2,609,011) Capital outlay 1,866,700 1,866,666 34
Total Expenditures 55,192,000 59,399,700 60,238,161 (838,461) Excess (Deficiency) of Revenues
Over (Under) Expenditures 19,637,000 21,785,300 33,259,965 11,474,665

OTHER FINANCING USES
Transfers in 13,046,600 13,046,600 19,636,273 6,589,673 Transfers out (43,677,200) (43,677,200) (65,249,267) (21,572,067) Total Other Financing Uses (30,630,600) (30,630,600) (45,612,994) (14,982,394) Net Change in Fund Balance (10,993,600) (8,845,300) (12,353,029) (3,507,729)

FUND BALANCE (DEFICIT)
Beginning of year 698,926,439 698,926,439 698,926,439
End of year $687,932,839 $ 690,081,139 $ 686,573,410 s (3,507,729) -86-
City of Industry
Note to Required Supplementary Information
For the Year Ended June 30, 2024
The City Council adopts an annual budget, submitted by the City Manager prior to June 30. The appropriated budget is prepared by fund, function and department. All annual appropriations lapse at the end of the fiscal year. The City Council has the legal authority to amend the budget at any time during the fiscal year. There were no amendments to the budget during the year. The City Manager has the authority to make adjustments to the operating budget within a fund. Transfers of operating budgets between funds or from appropriated reserve accounts, use of unappropriated fund balances, cancellation of appropriation and all changes in capital improvement project budgets require the approval of the City Council.

The annual budget is prepared on a basis consistent with generally accepted accounting principles and is adopted for all governmental type funds other than Measure W Special Revenue Fund, the Tax Override Debt Service Fund, and the Proposition C-AQMD Grant Special Revenue Fund
The City maintains budgetary controls to ensure compliance with legal provisions embodied in the appropriated budget approved by the City Council. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) for the operating budget is at the fund level.

Excess Expenditures over Appropriations
Appropriation Expenditures Variance
-
General Fund:

Community development $ 2,401,000 $ 2,889,926 $ (488,926) Community services 11,741,000 12,058,063 (317,063)
Public works 14,194,000 16,803,011 (2,609,011)
-87-
City of Industry
Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
City Capital Projects Fund - Major Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget Budget Amounts (Negative)

REVENUES
Intergovernmental $ 2,487,000 2,487,000 1,117,132 $ (1,369,868) Use of money and property 2,444,000 5,544,000 5,570,033 26,033 Other revenue 3,730,000 3,730,000 1,480,766 (2,249,234) Total Revenues 8,661,000 11,761,000 8,167,931 (3,593,069)

EXPENDITURES
Current:

Community Services 50,000 50,000 50,000
Capital outlay 57,605,000 55,820,000 14,69,146 41,150,854 Total Expenditures 57,655,000 55,870,000 14,669,146 41,200,854 Excess (Deficiency) of Revenues
Over (Under) Expenditures (48,994,000) (44,109,000) (6,501,215) 37,607,785

OTHER FINANCING SOURCES (USES)
Transfers in 25,128,660 25,128,660
Transfers out : : (23,529,824) (23,529,824)
Total Other Financing Sources (Uses) - 1,598,836 1,598,836 Net Change in Fund Balance (48,994,000) (44,109,000) (4,902,379) 39,206,621

FUND BALANCE (DEFICIT)
Beginning of year 120,303,977 120,303,977 120,303,977
End of year $ 71,309,977 76,194,977 $ 115,401,598 $ 39,206,621 -88-
City of Industry
Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
City Debt Service Fund - Major Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget Budget Amounts (Negative)

REVENUES
Taxes $ $ $ 5 $ 5
Use of money and property : 2,000,000 2,314.212 314,212 Total Revenues 2,000,000 2,314,217 314,217

EXPENDITURES
Current:

General administration 8,200 8,200 15,200 (7,000)
Debt service:

Principal 6,305,000 6,305,000 6,305,000
Interest and fiscal charges 20,140,200 20,140,200 20,268,777 (128,577) Total Expenditures 26,453,400 26,453,400 26,588,977 (135,577) Excess (Deficiency) of Revenues
Over (Under) Expenditures (26,453,400) (24,453,400) (24,274,760) 178,640

OTHER FINANCING SOURCES (USES)
Transfers in 39,087,000 39,087,000 39,655,077 568,077
Transfers out (13.046,600) (13,046,600) 13,046,600
Total Other Financing Sources (Uses) 26,040,400 26,040,400 39,655,077 13.614,677 Net Change in Fund Balance (413,000) 1,587,000 15,380,317 13,793,317

FUND BALANCE (DEFICIT)
Beginning of year 50,191,239 50,191,239 50,191,239
End of year $ 49,778.239 $ 51,778,239 $ 65,571,556| $ 13,793,317 -89-
This page intentionally left blank.

City of Industry
Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Industry Public Facilities Authority Debt Service Fund - Major Func For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget Budget Amounts (Negative)

REVENUES
Use of money and property $ 4,093,000 $ 4,093,000 3,657,212 (435,788) Total Revenues 4,093,000 4,093,000 3.657,212 (435,788)

EXPENDITURES
Debt service:

Principal 615,000 615,000 615,000
Interest and fiscal charges 3,601,800 3,601,800 3,588,944 12,856 Total Expenditures 4,216,800 4,216,800 3,588,944 627,856 Deficiency of Revenues
Under Expenditures (123,800) (123,800) 68,268 192,068

OTHER FINANCING SOURCES (USES)
Transfers in - 9,500 9,500
Total Other Financing Sources (Uses) - 9,500 9,500
Net Change in Fund Balance (123,800) (123,800) 77,768 201,568

FUND BALANCE (DEFICIT)
Beginning of year (6,894,455) (6,894,455) (6,894,455) - End of year $ (7,018,255) $ (7.018,255) $ (6,816,687) 201,568 -90-
City of Industry
Supplementary Information
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
Measure R Proposition A- Proposition C - roposition C
State Gas Tax Local Return Sales Tax Sales Tax OMD Gran ASSETS
Cash 24,834 $ 11,177
Investments 2,036,757
Accounts receivable, net 471
22,938
Deered terest -
Total Assets 7.230 5 ≤ 2,084.529 11.177 S 471

LIABILITIES AND FUND BALANCES

LIABILITIES
Accounts payable 25,121 $
Due to other funds 2.268
Total Liabilities 25.121 2,268

FUND BALANCES (DEFICIT)
Restricted for transportation and roads 7,230 2,059,408 8,909 Unassigned
Total Fund Balances 7.230 2,059.408 8.909 471
Total Liabilities and Fund Balances 7.230 ≤ 2.084.529 11.177 471 (continued)
-91-
City of Industry
Supplementary Information
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
Capital Debt Service
Special Revenue Funds Projects Fund Taroveride
Authority Fund
Capital (previously
Measure M Measure W CARB Grant Projects Fund major) Total ASSETS
Cash 1,042,976 254,008 § 212,699 2,161 1,547,855
investments 1,605,472 854,361 88,535 4,585,125
Accounts receivable, net - : 7,701
Accrued interest 9.641 999 33,578
Due from funds 1.375.988 1.375,988
Total Assets § 4.024,436 § 1.118.010 302,233 2,161 7.550,247

LIABILITIES AND FUND BALANCES

LIABILITIES
Accounts payable $ $ 105.882 - 502,598 633,601
Due to other funds : 589.451 89.397 : 681,116
Total Liabilities 695,333 89.397 502,598 1,314,717

UND BALANCES (DEFICIT
Restricted for transportation and roac 3,329,103 1,028,613 6,433,734 Unassigned (200.365) 2,161 (198.204)
Total Fund Balances 3.329.103 1.028,613 (200,365) 2,161 6.235.530 Total Liabilities and Fund Balances S § 4.024.436 1,118.010 302.233 2,161 7.550,247 (concluded)
-92-
City of Industry
Supplementary Information
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2024
Special Revenue Funds
State Gas Measure R Proposition A- Proposition C- Proposition C- Tax Local Retum Sales Tax Sales Tax AQMD Grants

REVENUES
Taxes, 7,223
Intergovemmental 25,609 2,344,947 9,034
Use of money and property : 59,411
Other
Total Revenues 25.609 7.223 2.404.358 9.634

EXPENDITURES
Current:

Public works 25.609 7.223 331.777 9.634
Total Expenditures 25.609 7.223 331.777 9,534
Excess (Deficiency) of Revenues
Over (Under) Expenditures 2.072,581

OTHER FINANCING SOURCES (USES)
Transfers in :

Transfers out
Total Other Financing Sources (Uses)
Net Change in Fund Balances 2,072.581

FUND BALANCES (DEFICIT)
Beginning of year, previousty reported 7,230 (13.173) 8,909 471 Adjustment - major to nonmajor
Beginning of year, as restated 7.230 (13,173) 8.909
End of year § 7.230 $ 2,059.408 8,909 471
(continued)
-93-
City of Industry
Supplementary Information
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2024
Capital Projects Debt Service
Special Revenue Funds Fund Fund
Authority Tax Override
Capital Projects Fund (previously
Measure M Measure W CARB Grant majori Total

REVENUES
Taxes $ 7,223

8.156 1,609.299 439,663 4,437,308
51,596 43,411 3,581 : 157,999

16.855 16,855
Total Revenues 8,156 1,660.895 483,074 20,436 4.619,385

EXPENDITURES
Current:

Public works 8.156 243.748 429,180. 2.266.789 205 3.322.321 Total Expenditures 8.156 243.748 429,180 2.266.789 205 3.322.321 Excess (Deficiency) of Revenues
Over (Under) Expenditures 1.417.147 53.894 (2246.353) (205) 1.297.064

OTHER FINANCING SOURCES (USES)
Transfers in 590,000 3,438,062 205 4,028,267
Transfers out : (590,000) (1.598.356) (2.188.356)
Total Other Financing Sources (Uses) 1.839,706 205 1,839.911 Net Change in Fund Balances 1,417.147 53,894 (406,647) 3.136.975

FUND BALANCES (DEFICIT)
Beginning of year, previously reported 1,911,956 974,719 206,282 3,096,394 Adjustment - major to nonmajor 974.719 206282 2,161 2,161 Beginning of year, as restated 1911.956 2,161 3,098,555 End of year 3,329,103 $ 1.028,613 (200,365) 2,161 S6,235,530 (concluded)
-94-
City of Industry
Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Gas Tax Special Revenue Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget Budget Amounts (Negative)

REVENUES
Intergovernmental 26,000 $ 26,000 25,609 $ (391)
Total Revenues 26,000 26,000 25,609 (391)

EXPENDITURES
Current:

Public works 17,000 26,000 25,609 391
Total Expenditures 17,000 26,000 25,609 391
Excess of Revenues
Over Expenditures 9,000 - - -

FUND BALANCE (DEFICIT)
Beginning of year 7,230 7,230 7,230 -
End of year $ 7,230 7,230 7,230 $
-95-
City of Industry
Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Measure R Local Return Special Revenue Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget BudgetR Amounts (Negative)

REVENUES
Taxes $ 8,000 $ 8,000 $ 7,223 $ (777)
Total Revenues 8,000 8,000 7.223 (777)

EXPENDITURES
Current:

Public works 8,000 8,000 7,223 777
Total Expenditures 8,000 8,000 7,223 777
Excess of Revenues
Over Expenditures - - - -

FUND BALANCE (DEFICIT)
Beginning of year
End of year - $ $ - $
-96-
City of Industry
Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Proposition A Sales Tax Special Revenue Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget Budget Amounts (Negative)

REVENUES
Intergovernmental $ 13,000 $ 2,346,300 $ 2,344,947 $ (1,353) Use of money and property 2,000 2,000 59,411 57,411
Total Revenues 15,000 2,348,300 2,404,358 56,058

EXPENDITURES
Current:

Public works 248,000 248,000 331,777 (83,777)
Total Expenditures 248,000 248,000 331,777 (83,777)
excess (Deficiency) of Revenue
Over (Under) Expenditure: (233,000) 2,100,300 2,072,581 (27,719)

OTHER FINANCING SOURCES (USES)
Transfers in 233,000 233,000 (233,000)
Total Other Financing Sources (Uses) 233,000 233,000 - (233,000) Net Change in Fund Balances - 2,333,300 2,072,581 (260,719)

FUND BALANCE (DEFICIT)
Beginning of year (13,173) (13.173) (13,173) -
End of year $ (13,173) 2.320,127 $ 2.059,408 (260,719)
-97-
City of Industry
Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Proposition C Sales Tax Special Revenue Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget Budget Amounts (Negative)

REVENUES
Intergovernmental 11,000 11,000 $ 9,634 $ (1,366)
Total Revenues 11,000 11,000 9,634 (1,366)

EXPENDITURES
Current:

Public works 11,000 11,000 9,634 1,366
Total Expenditures 11,000 11,000 9,634 1,366
Net Change in Fund Balances - - -

FUND BALANCE (DEFICIT)
Beginning of year 8,909 8,909 8.909 -
End of year 8,909 $ 8,909 $ 8,909 $ -
-98-
City of Industry
Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balances - Measure M Special Revenue Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget Budget Amounts (Negative)

REVENUES
Intergovernmental $ 9,000 $ 9,000 8,156 $ (844)
Total Revenues 9,000 9,000 8,156 (844)

EXPENDITURES
Current:

Public works 9,000 9,000 8,156 844
Total Expenditures 9,000 9,000 8,156 844
Excess of Revenues
Over Expenditures - - - -

FUND BALANCE (DEFICIT)
Beginning of year
End of year $ $
-99-
City of Industry.

Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Measure W Special Revenue Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget Budget Amounts (Negative)

REVENUES
Intergovernmental $ 1,600,000 1,600,000 $ 1,609,299 $ 9,299 Use of money and property 22,000 22,000 51,596 29,596
Total Revenues 1,622,000 1,622,000 1,660,895 38.895

EXPENDITURES
Current:

Public works 1,074,000 1,074,000 243,748 830,252
Total Expenditures 1,074,000 1,074,000 243,748 830,252
Excess (Deficiency) of Revenues
Over (Under) Expenditures 548,000 548,000 1,417,147 869,147

FUND BALANCE (DEFICIT)
Beginning of year 1,911,956 1,911,956 1,911,956
End of year $ 2,459,956 $ 2.459,956 $ 3,329,103 869,147 -100-
City of Industry
upplementary Informatio
chedule of Revenues. Expenditures and Changes in Fund Balances.

Budget and Actual
CARB Tax Special Revenue Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget Budget Amounts (Negative)

REVENUES
Intergovernmental $ 250,000 440,000 439,663 $ (337)
Use of money and property 6,000 35,000 43,411 8,411
Total Revenues 256,000 475,000 483,074 8,074

EXPENDITURES
Current:

Public works - 103,000 429,180 (326,180)
Total Expenditures 103,000 429,180 (326,180)
Net Change in Fund Balance 256,000 372,000 53,894 (318,106)

FUND BALANCE (DEFICIT)
Beginning of year 974,719 974,719 974,719 -
End of year $ 1,230,719 $ 1,346,719 $ 1,028,613 $ (318,106) -101-
City of Industry
Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
CRIA Capital Projects Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Original Final Actual Positive
Budget Budget Amounts (Negative)

REVENUES
Use of money and property $ 2,000 $ 2,000 $ 3,581 $ 1,581 Other revenue 1,000 1,000 16,855 15,855
Total Revenues 3,000 3,000 20,436 17,436

EXPENDITURES
Current:

Public works 2,189,000 2,189,000 2,266,789 (77,789)
Total Expenditures 2,189,000 2,189,000 2,266,789 (77,789) Deficiency of Revenues
Under Expenditures (2,186,000) (2,186,000) (2,246,353) (60,353)

OTHER FINANCING SOURCES (USES)
Transfers in 3,576,200 3,576,200 3,438,062 (138,138)
Transfers out (640,200) (640,200) (1,598,356) (958,156) Total Other Financing Sources (Uses) 2.936,000 2,936,000 1,839,706 (1,096,294) Net Change in Fund Balance 750,000 750,000 (406,647) (1,156,647)

FUND BALANCE (DEFICIT)
Beginning of year 206,282 206,282 206,282 -
End of year 956,282 956,282 (200,365) $ (1,156,647)
-102-
City of Industry
Supplementary Information
Schedule of Long-Term Debt - City of Industry Only
$336,570,000 Taxable Sales Tax Refunding Bonds, Series 2015A For the Year Ended June 30, 2024
Interest Debt Annual
Period Ending Principal Rate Interest Service Debt Service July 1, 2024 $ 3.250% 7,995,206 $ 7,995,206
January 1, 2025 2.270,000 3.500% 7,995,206 10,265,206 18,260,412 July 1, 2025 3.500% 7,955,481 7,955,481
January 1, 2020 2,345,000 3.625% 7,955,481 10,300,481 18,255,962 July 1, 2026 3.625% 7,912,978 7,912,978
January 1, 2027 2,435,000 4.000% 7,912,978 10,347,978 18,260,956 July 1, 2027 4.000% 7,864,278 7,864,278
January 1, 2028 7,270,000 4.000% 7,864,278 15,134,278 22,998,556 July 1, 2028 4.000% 7,718,878 7,718,878
January 1, 2029 7.50,000 4.125% 7,718,878 15,278,878 22,997,756 July 1, 2029 4.125% 7,562,953 7,562,953
January 1, 2030 7,870,000 4.250% 7,562,953 15,432,953 22,995,906 July 1, 2030 4.250% 7,395,716 7,395,716 -
January 1, 2031 8,205,000 4.625% 7,395,716 15,600,716 22,996,432 January 1, 2021 4.625% 7,205,975 7,205,975
January 1, 2032 8,585,000 4.625% 7,205,975 15,790,975 22,990,050 July 1, 2032 4.625% 7,007,447 7,007,447
January 1, 2033 8,985,000 4.625% 7,007,447 15,992,447 22,999,891 July 1, 2033 4.625% 6,799,669 6,799,669
January 1, 2034 9,400,000 4.625% 6,799,669 16,199,669 22,999,338 July 1, 2034 4.625% 6,582,294 6,582,294
January 1, 2035 9,835,000 5.125% 6,582,294 16,417,294 22,99,588 July 1, 2035 5.125% 6,330,272 6,330,272
January 1, 2036 10,335,000 5.125% 6,330,272 16,665,272 22.995,541 July 1, 2036 5.125% 6,065,438 6,065,438
January 1, 2037 10,865,000 5.125% 6,065,438 16,930,438 22995,376 July 1, 2037 5.125% 5,787,022 5,787,022
January 1, 2038 11,425,000 5.125% 5,787,022 17,212,022 22,999,044 July 1, 2038 5.125% 5,494,256 5,494,256
January 1, 2039 12,010,000 5.125% 5,494,256 17,504,256 22,998,512 July 1, 2039 5.125% 5,186,500 5,186,500
January 1, 2040 12,625,000 5.125% 5,186,500 17,811,500 22,998,000 July 1, 2040 5.125% 4,862,984 4,862,984 -
January 1, 2041 13,270,000 5.125% 4,862,984 18,132,984 22,995,968 July 1, 2041 5.125% 4,522,941 4,522,941
January 1, 2042 13,950,000 5.125% 1,522,941 18.472,941 22,995,882 July 1, 2042 5.125% 4,165,472 4,165,472
January 1, 2043 14,665,000 5.125% 4,165,472 18,830,472 22,995,944 July 1, 2043 5.125% 3,789,681 3,789,681
January 1, 2044 15,420,000 5.125% 3,789,681 19,209,681 22,999,362 July 1, 2044 5.125% 3,394,544 3,394,544
January 1, 2045 16,210,000 5.125% 3.394,544 19,604,544 22,999,088 July 1, 2045 5.125% 2,979,163 2,979,163
January 1, 2046 17,040,000 5.125% 2,979,163 20,019,163 22,998,326 July 1, 2046 5.125% 2,542,513 2,542,513
January 1, 2047 17,910,000 5.125% 2,542,513 20,452,513 22,995,026 July 1, 2047 5.125% 2,083,568 2,083,569
January 1, 2048 18,830,000 5.125% 2,083,568 20,913,569 22997,138 July 1, 2048 5.125% 1,601,050 1,601,050
January 1, 2049 19,795,000 5.125% 1,601,050 21,396,050 22,997,100 July 1, 2049 5.125% 1,093,803 1,093,803
January 1, 2050 20,810,000 5.125% 1,093,803 21,903,803 22,997,606 July 1, 2050 5.125% 560,547 560,547
January 1, 2051 21.875,000 5.125% 560,547 22,435,547 22,996,094 $ 321,795,000 S 284.921,258 $ 606.716,260 s 606.716.260 -103-
City of Industry
Supplementary Information
Schedule of Long-Term Debt - City of Industry Only
$51,460,000 Taxable Sales Tax Refunding Bonds, Series 2015 B For the Year Ended June 30, 2024
Interest Debt Annual
Principal Interest Service Debt Service
ugust 1, 202 5.250% 1,780,880 5 1,780,880
ebruary 1, 202 645,000 1,780,880 2,425,880 4, 206,760

5.550% 1,763,948 1,763,948
680,000 1,763,948 2,443,948 4,207,896
1,745,078 1,745,078
715,000 1,745,078 2,460,078 4,205,156

6.150% 1,724,165 1,724,165
755,000 6.150% 1,724,165 2,479,165 4.203,330

6.450% 1,700,949 1,700,949
August 1. 22229 305,000 6.450% 1,700,949 2,505,949 4, 206,893

6.750% 1,674,988 1,674,988
February 1, 2030 860,000 4.209,976

6.750% 1,674,988 2,534,988
August 1, 2030 7.000% 1,645,962 1,645,962
February 1, 2031 915,000 7.000% 1,645,962 2,560,962 4,206,924 February 1, 2021 7.250% 1,613,937 1,613,937
February 1, 2032 980,000 7.250% 1,613,938 2,593,938 4.207,875 August 1, 2032 7.250% 1,578,412 1,578,412
February 1, 2033 1,050,000 7.250% 1,578,412 2,628,412 4,206,324 August 1, 2033 7.250% 1,540,350 1,540,350
February 1, 2034 1,125,000 1,540,350 2,665,350 4,205,700

7.250%
August 1, 2034 7.250% 1,499,569 1,499,569
February 1, 2035 1.205,000 7.250% 1,499,569 2,704,569 4.204,138 August 1, 2035 7.250% 1,455,887 1,455,887
February 1, 2036 1.295,000 7.250% 1,455,887 2,750,887 4.206,774 August 1, 2036 7.500% 1,408,943 1,408,943
February 1, 2037 1,390,000 7.500% 1,408,943 2,798,943 4.207,886 August 1, 2037 7.500% 1,356,819 1,356,819
February 1, 2038 1.490,000 7.500% 1,356,819 2,846,819 4.203,638 August 1, 2038 7.500% 1,300,945 1,300,945
February 1, 2039 1.605,000 7.500% 1,300,945 2,905,945 4.206,890 August 1, 2039 7.500% 1,240,756 1,240,756
February 1, 2040 1.725,000 7.500% 1,240,756 2,965,756 4.206,512 August 1, 2040 7.500% 1,176,068 1,176,068
February 1, 2041 1,855,000 7.500% 1,176,068 3,031,068 4.207,136 August 1, 2041 7.750% 1,106,506 1,106,506
February 1, 2042 1,095,000 7.750% 1,106,506 3,101,506 4,208,012 August 1,2042 2.150,000 7.750% 1,029,200 1,029,200
February 1, 2043 7.750% 1,029,200 3,179,200 4.208.,400
August 1, 2043 7.750% 945,888 945,888
February 1, 2044 2,315,000 7.750% 945,888 3,260,888 4.206,776 August 1, 2044 7.750% 856,181 856,181
February 1, 2045 2.495,000 7.750% 856,181 3,351,181 4,207,362 August 1, 2045 7.750% 759,500 759,500
February 1, 2048 2,685,000 7.750% 759,500 3,444,500 4,204,000 August 1, 2046 7.750% 655,457 655,457
February 1, 2047 2,900,000 7.750% 655,457 3,555,457 4,210,914 August 1, 2047 7.750% 543,082 543,082
February 1, 2048 3,120,000 7.750% 543,082 3,663,082 4,206,164 August 1, 2048 7.750% 422,183 422,183
August 1,249 3,365,000 7.750% 422,183 3,787,183 4.209,366

7.750% 291,789 291,789
February 1, 2050 3.625,000 7.750% 291,789 3,916,789 4.208,578 August 1, 2050 7.750% 151,321 151,321
February 1, 2051 3905,000 7.750% 151.321 4.056.321 4.207,642. $ 47,650.000 $ 65,937,527 S 113587,527 $ 113.587,527
-104-
City of Industry
Supplementary Information
Schedule of Long-Term Debt - City of Industry Only
634,340,000 Taxable Sales Tax Refunding Bonds, Series 2017 For the Year Ended June 30, 2024
Interest Debt Annual
Period Ending Principal Interest Service Debt Service
July 1, 2024 188,222 188,222 $
January 1, 2025 3,595,000 188,222 3,783,222 3,971,444
July 1, 2025 3.250% 129,803 129,803
January 1, 2026 3,715,000 3.375% 129,803 3,844,803 3,974,506 July 1, 2026 67,113
January 1, 2027 3,835,000 67,113 3,902,113 3.969.226
$ 11,145,000 $ 770,276 § 11,915,276 $ 11,915,276
-105-
RA
ROGERS, ANDERSON, MALODY & SCOTT. LLP
CERTIFIED PUBLIC ACCOUNTANTS, SINCE 1948
M S
735 E. Carnegie Dr. Suite 100
San Bernardino. CA 92408 REPORT ON INTERNAL CONTROL OVER FINANCIAL 909 889 0871 T

REPORTING AND ON COMPLIANCE AND OTHER MATTERS
909 889 5361 F

BASED ON AN AUDIT OF FINANCIAL STATEMENTS
ramspa net

PERFORMED IN ACCORDANCE WITH

GOVERNMENT AUDITING STANDARDS

PARTNERS
Scott W Manno, CPA, CGMA
Leena Shanbhag, CPA. MST. CGMA Independent Auditor's Report Bradierd A. Welebir. CPA, MBA, CGMA
Jenny W. Lit. CPA, MST To the Honorable City Council
Gardenya Duran. CPA, CGHA
City of Industry, California
Brianna Schultz, CPA. COMA
Brenda L. Odle, CPA, MST (Partner Emeritus)
Terry P. Shea, CPA ‹Partner Emeritus) We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing MANAGERS: STAFF Standards), the financial statements of the governmental activities, the Seong-Hyca Lee, CPA. MBA business-type activities, each major fund, and the aggregate Evelyn Morentin-Barcena, CPA remaining fund information of the City of Industry (the entity) as of and Veronica Hemandez, CPA
for the year ended June 30, 2024, and the related notes to the financial Laura Arvizu. CPA
John Maldonado, CPA. MSA statements, which collectively comprise the entity's basic financial jula Rodriguez Fuentes, CPA. MSA statements, and have issued our report thereon dated January 30, Demn Hite. CPA 2025.
leitrey McKennan, CPA
Monica Wysock, CPA Report on Internal Control over Financial Reporting lacob Weatherbie. CPA, MSA
Bolim Han. CPA, MAcc
In planning and performing our audit of the financial statements, we Anny Gonzalez, CPA
considered the entity's internal control over financial reporting (internal control) as a basis for designing procedures that are appropriate in the MEMBERS circumstances for the purpose of expressing our opinions on the American Institute of
financial statements, but not for the purpose of expressing an opinion Certified Pubhe Accountants
on the effectiveness of the entity's internal control. Accordingly, we do PCPS The AICPA Alance not express an opinion on the effectiveness of the entity's internal for CPA Firmis
control.

Governmental Audit
Quality Center
A deficiency in internal control exists when the design or operation of Calfornia Society of
a control does not allow management or employees in the norma Certified Public Accoontants
course of performing their assigned functions, to prevent, or detect anc correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such the entity's financial statements will not be prevented, or detected and Proud Member of corrected, on a timely basis. A significant deficiency is a deticiency, or AlliottGlobalAlliance* a combination of deficiencies, in internal control that is less severe thai a material weakness, yet important enough to merit attention by thos charged with governance.
-1-
STABILITY. ACCURACY. TRUST.

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.

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the entity'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 compllance and the results of that testing, and not to provide an opinion on the effectiveness of the entity'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 entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Rogers, Andercon, Malody e Seott, LLP.

San Bernardino, California
January 30, 2025
-2.

RA
ROGERS, ANDERSON, MALODY & SCOTT. LLP
CERTIFIED PUBLIC ACCOUNTANTS, SINCE 1948
M S
735 E. Carnegie Dr. Suite 100
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
ramscpa.net

PARTNERS
Scott W Manno, CPA, CGMA
January 30, 2025
Leena Shanbhag, CPA. MST, CGMA
Bradierd A. Welebir. CPA, MBA. CGMA
Jenny W Lit. CPA. MST
Gardenya Duran, CPA, CGMA
Brianna Schultz, CPA, CGMA To the Honorable City Council Brenda L. Odle. CPA, MST (Partner Emeritus) City of Industry, California Terry P. Shea, CPA (Partner Emeritusi
We have audited the financial statements of the City of Industry (the entity) as of and for the year ended June 30, 2024, and have issued our report thereon dated January 30, 2025. Professional standards require that we MANAGERS / STAFF advise you of the following matters relating to our audit.

Seong Hyea Lee, CPA, MBA
Evelyn Morenon Barcena, CPA Our Responsibility in Relation to the Financial Statement Audit Veronica Hemandez, CPA
Laura Arvizu. CPA
As communicated in our engagement letter dated May 7, 2024, our foln Maldonado, CPA. MSA
responsibility, as described by professional standards, is to form and express Jula Rodriguez Fuentes, CPA. MSA opinions about whether the financial statements that have been prepared by Demi Hite. CPA
management with your oversight are presented fairly, in all material respects, Jeitrey McKennan, CPA
in accordance with accounting principles generally accepted in the United Monica Wysocki, CPA
States of America. Our audit of the financial statements does not relieve you Jacob Weatherbie. CPA, MSA
or management of your respective responsibilities.

Bolim Han. CPA. MAcc
Auny Gonzalez, CPA
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit

MEMBERS
American Institute of of financial statements includes consideration of the system of internal control Certified Public Accountants
over financial reporting as a basis for designing audit procedures that are PCPS The AICPA Allance appropriate in the circumstances, but not for the purpose of expressing an for CPA Furnis opinion on the effectiveness of the entity's internal control over financial Covernmeatal Audit reporting. Accordingly, as part of our audit, we considered the system of Quatay Center internal control of the entity solely for the purpose of determining our audit Calfornia Society of procedures and not to provide any assurance concerning such internal Certified Public Accountants
We are also responsible for communicating significant matters related to the Proud Member of
AlliottGlobalAlliance™
-1-
STABILITY. ACCURACY. TRUST.

Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.

Compliance with All Ethics Requirements Regarding Independence The engagement team, others in our firm, as appropriate, and our firm have complied with all relevant ethical requirements regarding independence.

We have evaluated whether certain nonattest services performed by our firm during the audit have created a significant threat to our independence in relation to the entity. We have identified a threat to our independence (preparation of the entity's financial statements, creating a self-review threat) that if not reduced to an acceptable level, would impair our independence. In order to reduce the threat to an acceptable level, we have applied the following safeguard:

Prior to the issuance of the entity's financial statements, another partner or manager, independent of the engagement, will review the financial statements.

Significant Risks Identified
We have identified the possibility of the following significant risks:

Management's override of internal controls over financial reporting - Management override of internal controls is the intervention by management in handling financial information and making decisions contrary to internal control policy.

Revenue recognition - Revenue recognition is a generally accepted accounting principle that refers to the conditions under which an entity can recognize a transaction as revenue. Auditing standards indicate that recognizing revenue is a presumed fraud risk and usually classified as a significant risk in most audits.

These significant risks are presumptive in most audits and merit attention by the auditors due to the direct impact over financial reporting and internal control processes. Although identified as significant risks, we noted no matters of management override of controls or deviations from generally accepted accounting principles which caused us to modify our audit procedures or any related matters which are required to be communicated to those charged with governance due to these identified risks.

Qualitative Aspects of the Entity's Significant Accounting Practices Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of the significant accounting policies adopted by the entity is included in Note 1 to the financial statements. The entity adopted GASB Statement No. 100, Accounting Changes and Error Corrections during 2024. No matters have come to our attention that would require us, under professional standards, to inform you about (1) the methods used to account for significant unusual transactions and (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
-2-
Significant Accounting Estimates and Related Disclosures Accounting estimates and related disclosures are an integral part of the financial statements prepared financial statements and because of the possibility that future events affecting them may differ markedly from management's current judgments.

The most sensitive accounting estimates affecting the entity's financial statements are:

Management's estimate of the net pension liability and related deferred inflows and outflows of resources are based on actuarial reports by independent actuaries. We evaluated the key factors and assumptions used to develop the estimate in determining that it is reasonable in relation to the basic financial statements taken as a whole and in relation to the applicable opinion units.

Management's estimate of the liability for other post-employment benefits (OPEB) and related deferred inflows and outflows of resources are based on actuarial reports provided by independent actuaries. We evaluated the key factors and assumptions used to develop the estimate in determining that it is reasonable in relation to the basic financial statements taken as a whole and in relation to the applicable opinion units.

Financial Statement Disclosures
Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users.

The most sensitive disclosures affecting the entity's financial statements relate to:

The disclosure of net pension liability and related deferred inflows and outflows of resources in the basic financial statements is based on actuarial assumptions. Actual future liabilities and actuarial deferred inflows and outflows may vary from disclosed estimates.

The disclosures of the other post-employment benefits (OPEB) liability and related deferred inflows and outflows of resources in the basic financial statements is based on actuarial assumptions.

Actual future liabilities and actuarial deferred inflows and outflows may vary from disclosed estimates.

Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of the audit.

Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely nisstatements identified during the audit, other than those that we believe are trivial, and communicate hem to the appropriate level of management. Further, professional standards require us to alsc communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account balances or disclosures, and the financial statements as a whole and each applicable opinion unit. There were no uncorrected misstatements noted. -3-
In addition, professional standards require us to communicate to you all material, corrected misstatements that were brought to the attention of management as a result of our audit procedures. None of the misstatements identified by us as a result of our audit procedures and corrected by management were material, either individually or in the aggregate, to the financial statements taken as a whole or applicable opinion unit.

Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the entity's financial statements or the auditor's report. No such disagreements arose during the course of the audit.

Representations Requested from Management
We have requested certain written representations from management, which are included in the attached letter dated January 30, 2025.

Management's Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters.

Other Significant Matters, Findings, or Issues
In the normal course of our professional association with the entity, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, significant events or transactions that occurred during the year, operating and regulatory conditions affecting the entity, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the entity's auditors.

Our responsibility also includes communicating to you any information which we believe is a material misstatement of fact. Nothing came to our attention that caused us to believe that such information, or its manner of presentation, is materially inconsistent with the information, or manner of its presentation, appearing in the financial statements.

This report is intended solely for the information and use of the City Council and management of the entity and is not intended to be and should not be used by anyone other than these specified parties.

Very truly yours,
Roger, Andercoa, Malody e beott, LLP.
-4-

CITY OF INDUSTRY
January 30, 2025
Rogers, Anderson, Malody & Scott, LLP
This representation letter is provided in connection with your audit of the basic financial statements of the City of Industry (the entity) as of June 30, 2024 and for the year then ended, and the related notes to the financial statements, for the purpose of expressing opinions on whether the basic financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows, where applicable, of the various opinion units of the entity in accordance with accounting principles generally accepted for governments in the United States of America (U.S. GAAP).

Certain representations in this letter are described as being limited to matters that are material. Items are considered material, regardless of size, if they involve an omission or misstatement of accounting information such that, in the light of surrounding circumstances, there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

We confirm that, to the best of our knowledge and belief, having made such inquiries as we considered necessary for the purpose of appropriately informing ourselves as of January 30, 2025:

Financial Statements
• We have fulfilled our responsibilities, as set out in the terms of the audit engagement letter dated May 7, 2024, for the preparation and fair presentation of the financial statements of the various opinion units referred to above in accordance with U.S. GAAP. • We acknowledge our responsibility for the design, implementation, and maintenance of the system 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. • We acknowledge our responsibility for the design, implementation, and maintenance of internal control to prevent and detect fraud.
• We acknowledge our responsibility for compliance with the laws, regulations, and provisions of contracts and grant agreements.
• We have reviewed, approved, and taken responsibility for the financial statements and related notes.
• We have a process to track the status of audit findings and recommendations. • We have identified and communicated to you all previous audits, attestation engagements, and other studies related to the audit objectives and whether related recommendations have been implemented.
• The methods, data and significant assumptions used by us in making accounting estimates and their related disclosures, are appropriate to achieve recognition, measurement, or disclosure that is reasonable in the context of the applicable financial reporting framework. • All related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of U.S. GAAP. • All events subsequent to the date of the financial statements and for which U.S. GAAP requires adjustment or disclosure have been adjusted or disclosed. • We have reviewed and approved the various adjusting journal entries that were proposed by you for recording in our books and records and reflected in the financial statements. • The effects of all known actual or possible litigation and claims have been accounted for and disclosed in accordance with U.S. GAAP.
• All component units, as well as joint ventures with an equity interest, if any, are included and other joint ventures and related organizations are properly disclosed. 15625 Mayor Dare Way • City of Industry, CA 91744-0360•(626) 333-2211 •FAT (626) 961-6795 Rogers, Anderson, Malody & Scott, LLP
All funds and activities are properly classified.
.. All funds that meet the quantitative criteria in GASB Statement No. 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments, GASB Statement No. 37, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments: Omnibus as amended, and GASB Statement No. 65, Items Previously Reported as Assets and Liabilities, for presentation as major are identified and presented as such and all other funds that are presented as major are considered important to financial statement users. • All components of net position, nonspendable fund balance, and restricted, committed, assigned, and unassigned fund balance are properly classified and, if applicable, approved.
• Our policy regarding whether to first apply restricted or unrestricted resources when an expense is incurred for purposes for which both restricted and unrestricted net position/fund balance are available is appropriately disclosed and net position/fund balance is properly recognized under the policy.

All revenues within the statement of activities have been properly classified as program revenues, general revenues, contributions to term or permanent endowments, or contributions to permanent fund principal.
• All expenses have been properly classified in or allocated to functions and programs in the statement of activities, and allocations, if any, have been made on a reasonable basis. • All interfund and intra-entity transactions and balances have been properly classified and reported
• Special items and extraordinary items have been properly classified and reported. • Deposit and investment risks have been properly and fully disclosed • Capital assets, including infrastructure assets, are properly capitalized, reported, and if applicable, depreciated.
• All required supplementary information is measured and presented within the prescribed guidelines.
• We have evaluated all of our lease and subscription agreements and have given you our assessment as to whether each agreement is subject to GASB Statement No. 87, Leases and GASB Statement No. 96, Subscription Based Information Technology Arrangements. assesent as to ether eac With regard to investments and other instruments reported at fair value:
- The underlying assumptions are reasonable and they appropriately reflect management's intent and ability to carry out its stated courses of action. - The measurement methods and related assumptions used in determining fair value are appropriate in the circumstances and have been consistently applied - The disclosures related to fair values are complete, adequate, and in accordance with U.S.

GAAP.
- There are no subsequent events that require adjustments to the fair value measurements and disclosures included in the financial statements.
• With respect to preparation of the financial statements, we have performed the following:
- Made all management decisions and performed all management functions; - Assigned a competent individual to oversee the services; - Evaluated the adequacy of the services performed;
Evaluated and accepted responsibility for the result of the service performed; and - Established and maintained internal controls, a process to monitor the system of internal controls.
• There have been no changes or updates to legal information disclosed to you by our attorneys) since the date of such legal response and now.
15625 Mayor Dare Way • City of Industry, CA 91744-0360• (626) 333-2211 +FAX (626) 961-6795 Rogers, Anderson, Malody & Scott, LLP
Information Provided
• We have provided you with:
- Access to all information, of which we are aware that is relevant to the preparation and fair presentation of the financial statements of the various opinion units referred to above, such as records, documentation, meeting minutes, and other matters; - Additional information that you have requested from us for the purpose of the audit; and - Unrestricted access to persons within the entity from whom you determined it necessary to obtain audit evidence.
- A written acknowledgement of all the documents that we expect to issue that will be included in the annual report and the planned timing and method of issuance of that annual report;
- A final version of the annual report (including all the documents that, together, comprise the annual report) in a timely manner prior to the date of the auditor's report. • The financial statements and any other information included in the annual report are consistent with one another, and the other information does not contain any material misstatements.

All information provided in electronic form are true representations of the original documents. • All transactions have been recorded in the accounting records and are reflected in the financial • We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.
• We have provided to you our analysis of the entity's ability to continue as a going concern, including significant conditions and events present, and we believe that our use of the going concern basis of accounting is appropriate.
• We have no knowledge of any fraud or suspected fraud that affects the entity and involves:
- Management;
- Employees who have significant roles in internal control; or - Others where the fraud could have a material effect on the financial statements. • We have no knowledge of any allegations of fraud, or suspected fraud, affecting the entity's financial statements communicated by employees, former employees, vendors, regulators, or • We are not aware of any pending or threatened litigation, claims, and assessments whose effects should be considered when preparing the financial statements. • We have disclosed to you the identity of the entity's related parties and all the related party relationships and transactions of which we are aware.
• There have been no communications from regulatory agencies concerning noncompliance with or deficiencies in accounting, internal control, or financial reporting practices. • The entity has no plans or intentions that may materially affect the carrying value or classification of assets and liabilities.
• We have disclosed to you all guarantees, whether written or oral, under which the entity is contingently liable.
15625 Mayor Dare Way • City of Industry, CA 91744-0360* (626) 333-2211 •FAX (626) 961-6795 Rogers, Anderson, Malody & Scott, LLP
• We have disclosed to you all nonexchange financial guarantees, under which we are obligated and have declared liabilities and disclosed properly in accordance with GASB Statement No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantees, for those guarantees where it is more likely than not that the entity will make a payment on any guarantee. • For nonexchange financial guarantees where we have declared liabilities, the amount of the liability recognized is the discounted present value of the best estimate of the future outflows expected to be incurred as a result of the guarantee. Where there was no best estimate but a range of estimated future outflows has been established, we have recognized the minimum amount within the range.

We have disclosed to you all significant estimates and material concentrations known to management that are required to be disclosed in accordance with GASB Statement No. 62 (GASB- 62), Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. Significant estimates are estimates at the balance sheet date that could change materially within the next year. Concentrations refer to volumes of business, revenues, available sources of supply, or markets or geographic areas for which events could occur that would significantly disrupt normal finances within the next year. • We have identified and disclosed to you the laws, regulations, and provisions of contracts and grant agreements that could have a direct and material effect on financial statement amounts, including legal and contractual provisions for reporting specific activities in separate funds. • There are no:
- Violations or possible violations of laws or regulations, or provisions of contracts or grant agreements whose effects should be considered for disclosure in the financial statements or as a basis for recording a loss contingency, including applicable budget laws and regulations. - Unasserted claims or assessments that our lawyer has advised are probable of assertion and must be disclosed in accordance with GASB-62.
- Other liabilities or gain or loss contingencies that are required to be accrued or disclosed by GASB-62
- Continuing disclosure consent decree agreements or filings with the Securities and Exchange Commission and we have filed updates on a timely basis in accordance with the agreements (Rule 240, 15c2-12).
• The entity has satisfactory title to all owned assets, and there are no liens or encumbrances on such assets nor has any asset or future revenue been pledged as collateral, except as disclosed to you.
• We have complied with all aspects of grant agreements and other contractual agreements that would have a material effect on the financial statements in the event of noncompliance.

Use of a Specialist
• We agree with the findings of specialists in evaluating the entity's net pension and net other post- employment benefit liabilities and related deferred amounts and have adequately considered the qualifications of the specialist in determining the amounts and disclosures used in the financial statements and underlying accounting records. We did not give or cause any instructions to be given to specialists with respect to the values or amounts derived in an attempt to bias their work, and we are not otherwise aware of any matters that have had an impact on the independence or objectivity of the specialists.
• We believe that the actuarial assumptions and methods used to measure pension and other postemployment benefit liabilities and costs for financial accounting purposes are appropriate in the circumstances
Cybersecurity
There have been no cybersecurity breaches or other cyber events whose effects should be considered for disclosure in the financial statements, as a basis for recording a loss contingency, or otherwise considered when preparing the financial statements. 15625 Mayor Dave Way • City of Industry, CA 91741-0360• (626) 333-2211 •FAX (620) 961-6795 Rogers, Anderson, Malody & Scott, LLP
Supplementary Information in Relation to the Financial Statements as a Whole With respect to supplementary information accompanying the financial statements:
• We acknowledge our responsibility for the presentation of the supplementary information in accordance with accounting principles generally accepted in the United States of America. • We believe the supplementary information, including its form and content, is fairly presented in accordance with accounting principles generally accepted in the United States of America. • The methods of measurement or presentation have not changed from those used in the prior period.
• We believe any significant assumptions or interpretations underlying the measurement or presentation of the supplementary information, and the basis for our assumptions and interpretations, are reasonable and appropriate in the circumstances. • When the supplementary information is not presented with the audited financial statements, management will make the audited financial statements readily available to the intended users of the supplementary information no later than the date of issuance by the entity of the supplementary information and the auditor's report thereon.

We acknowledge our responsibility to include the auditor's report on the supplementary information in any document containing the supplementary information and that indicates the auditor reported on such supplementary information.
• We acknowledge our responsibility to present the supplementary information with the audited financial statements or, if the supplementary information will not be presented with the audited financial statements, to make the audited financial statements readily available to the intended users of the supplementary information no later than the date of issuance by the entity of the supplementary information and the auditor's report thereon.

Required Supplementary Information
With respect to the required supplementary information accompanying the financial statements:
• We acknowledge our responsibility for the presentation of the required supplementary information in accordance with U.S. GAAP.
• We believe the required supplementary information, including its form and content, is measured and fairly presented in accordance with U.S. GAAP.
• The methods of measurement or presentation have not changed from those used in the prior • We believe the significant assumptions or interpretations underlying the measurement or presentation of the required supplementary information, and the basis for our assumptions and interpretations, are reasonable and appropriate in the circumstances 15625 Mayor Dare Way • City of Industry, CA 91741-0360• (626) 333-2211 •FAX (626) 961-6795 Rogers, Anderson, Malody & Scott, LLP
Accounting Estimates and Related Disclosures
• The significant judgments made in making the accounting estimates have taken into account all relevant information of which we are aware.
• We have consistently and appropriately selected and applied methods, assumptions, and data when making accounting estimates.
• The assumptions we used in making and disclosing accounting estimates appropriately reflect our intent and ability to carry out specific courses of action on behalf of the entity, when relevant to the accounting estimates and disclosures.
• The disclosures related to accounting estimates, including those disclosures describing estimation uncertainty, are complete and are reasonable in the context of the applicable financial reporting framework.
• We have obtained and applied appropriate specialized skills and expertise in making accounting • We are not aware of any events subsequent to the date of the financial statements that require adjustment to our accounting estimates and related disclosures included in the financial statements.

Signature: GoshaMeer Signature: Yamini Pathak
Title: City Manager Title: Finance Director
15625 Mayor Dave Way • City of Industry, CA 91741-0360• (626) 333-2211 •FAX (626) 961-6795 RA

ROGERS, ANDERSON, MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS, SINCE 1948
MS
735 E. Carnegie Dr: Suite 100
San Bernardino, CA 92408
909 889 0871 T
909 889 5361 F Independent Accountant's Report
ramscpanet
To the Honorable City Council
City of Industry

PARTNERS
Industry, California
Scott W Manno, CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A. Welebir. CPA, MBA, CGMA We have performed the procedures enumerated below to the Jenny W Lit. CPA. MST accompanying Appropriations Limit Worksheet of the City of Industry, Gardenya Duran. CPA, CGMA California (the City) for the year ended June 30, 2024. The Brianna Schultz, CPA, CGMA management of the City is responsible for the accompanying Brenda L Odle. CPA, MST (Partner Emeritus;
Appropriations Limit Worksheet.

Terry P Shea, CPA (Partner Emeritus)
The City has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of meeting the requirements of Section 1.5 of Article XIII-B of the California

MANAGERS / STAFF
Constitution. These procedures, which were suggested by the Seong-Hyea Lee, CPA. MBA
League of California Cities and presented in the publication entitled Evelyn Morentin Barcena, CPA
Veronica Hemandez, CPA Agreed-upon Procedures Applied to the Appropriations Limitation Laura Arvizu. CPA Prescribed by Article XIII-B of the California Constitution, were John Maldonado, CPA. MSA performed solely to assist you in meeting the requirements. This Julia Rodriguez Fuentes. CPA. MSA report may not be suitable for any other purpose. The procedures Demi Hite. CPA performed may not address all the items of interest to a user of this Jeifrey McKennan. CPA
report and may not meet the needs of all users of this report and, as Monica Wysocki, CPA
such, users are responsible for determining whether the procedures jacob Weatherbie. CPA, MSA
Bolm Han, CPA, MAcc performed are appropriate for their purposes.

Anny Gonzalez. CPA
The procedures and the associated findings are as follows:

MEMBERS

1. We obtained the completed worksheets and compared the American Institute of
limit and annual adjustment factors included in those
Certified Public Accountants
worksheets to the limit and annual adjustment factors that PCPS The AICPA Albance
for CPA Fras were adopted by resolution of the City Council. We also compared the population and inflation options included in the Govermental Audit
aforementioned documents to those that were selected by a recorded vote of the City Council.

Calfornia Society of
Certified Public Accountants
Finding: No exceptions were noted as a result of our
procedures.

2. For the accompanying Appropriations Limit Worksheet, we added last year's limit to total adjustments and agreed the Proud Member of resulting amount to this year's limit.

AlliottGlobalAlliance
Finding: No exceptions were noted as a result of our
procedures.
-1-
STABILITY. ACCURACY. TRUST.

3. We agreed the current year information presented in the accompanying Appropriations Limit Worksheet to the other documents referenced in number one above.

Finding: No exceptions were noted as a result of our procedures.

4. We agreed the prior year appropriations limit presented in the accompanying Appropriations Limit Worksheet to the prior year appropriations limit adopted by the City Council during the prior year.

Finding: No exceptions were noted as a result of our procedures.

We were engaged by the City to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on accompanying Appropriations Limit Worksheet for the year ended June 30, 2024. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

This report is intended solely for the information and use of the City Council and management of the City of Industry, California, and is not intended to be and should not be used by anyone other than these specified parties. However, this report is a matter of public record and its distribution is not limited
Rogers, Anderson, Malody e leott, LLP.

San Bernardino, California
January 30, 2025
-2-

CITY OF INDUSTRY

APPROPRIATIONS LIMIT WORKSHEET
2023-2024
Change in growth in California per capita personal income 4.44% Change in city population -0.23%
Change in growth in the California per capita personal
income converted to a ratio 1.0444
Change in city population converted to a ratio 0.9977
Calculation of factor for ratio of change (1.0444 x 0.9977) 1.04200 2022-2023 limit $ 1,042,982,039
Adjustment for inflation and population 43,803,034
2023-2024 limit $ 1,086,785,073
-3-

CITY COUNCIL
ITEM NO. 7.1

VERBAL PRESENTATION

CITY COUNCIL
ITEM NO. 8.1

OF INDUSTAY
1957 CITY OF INDUSTRY

MEMORANDUM
TO: Honorable Mayor and Members of the City Council
FROM: Joshua Nelson, City Manager
STAFF: Bing Hyun, Asst. City Manager
Kathy Tai, Dev. Services Manager
Troy Helling, Special Projects Manager
DATE: February 13, 2025
SUBJECT: Introduction and Consideration of Zoning Code Amendment No. 24-08, amending Section 17.04.010 (Zones-Classifications) of Chapter 17.04 (General Provisions) of Title 17 (Zoning); and amending Chapter 17.22 (Housing Overlay Zone) of Title 17 (Zoning); and adding Chapter 17.72 (Affordable Housing Density Bonus), to Title 17 (Zoning) of the City of Industry Municipal Code, to Implement the City's 2021-2029 Housing Element, and Adopt a Notice of Exemption Regarding Same, and Make Findings In Support Thereof
Background:

The City's Housing Element identified 15 housing programs with multiple objectives to be completed during the 2021-2029 cycle. The City will accomplish the objectives of Program 5 by adopting development and design standards, density bonus provisions in accordance with California Government Code Sections 65915-65918 ("State Density Bonus Law"), and a minor exception process.

The City wishes to continue complying with State regulations and maintain its Housing Element certification by amending the City's Code.

Discussion:

The proposed ordinance amends Section 17.04.010 (Zones-Classification) to add the Housing Overlay Zone ("HOZ") to eliminate inconsistencies, amends Chapter 17.22 (Housing Overlay Zone) to add development and design standards, and adds Chapter 17.72 (Affordable Housing Density Bonus) to comply with State Density Bonus Law, of Title 17 (Zoning). A red-line version of the ordinance is included (Exhibit 3) for reference.

Staff Analysis:

Staff recommends that the City Council adopt Ordinance No. 834, amending Title 17 (Zoning) of City Council
February 13, 2025

Page 2 of 3 ends

Industry City CouncilFebruary 13, 2025

Industry City Council
February 13, 2025