Agenda — Cudahy City Council, January 16, 2024 (part 1 of 3)

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AGENDA

A REGULAR MEETING

OF THE CUDAHY CITY COUNCIL
and JOINT MEETING of the
CITY OF CUDAHY AS SUCCESSOR AGENCY and HOUSING SUCCESSOR AGENCY

TO THE CUDAHY DEVELOPMENT COMMISSION
Tuesday, January 16, 2024 – 6:30 P.M.

Written materials distributed to the City Council within 72 hours of the City Council meeting shall be available for public inspection at www.cityofcudahy.com In compliance with the Americans with Disabilities Act (ADA) if you need special assistance to participate in this meeting, you should contact the City Clerk’s Office at (323) 773-5143 at least 72 hours in advance of the meeting.

Rules of Decorum
Under the Government Code, the City Council may regulate disruptive behavior that impedes the City Council Meeting.

Disruptive conduct may include, but is not limited to:
• Screaming or yelling during another audience member’s public comments period; • Profane language directed at individuals in the meeting room; • Throwing objects at other individuals in the meeting room; • Verbal altercations with other individuals in the meeting room; and • Going beyond the allotted three-minute public comment period granted.

When a person’s or group’s conduct disrupts the meeting, the Mayor or presiding officer will request that the person or group stop the disruptive behavior and WARN the person or group that they will be asked to leave the meeting room if the behavior continues.

If the person or group refuses to stop the disruptive behavior, the Mayor or presiding officer may order the person or group to leave the meeting room and may request that those persons be escorted from the meeting room. Any person who, without authority of law, willfully disturbs or breaks up a City Council meeting is guilty of a misdemeanor. (Pen. Code, § 403.)
Jose R. Gonzalez, Mayor
Elizabeth Alcantar, Vice Mayor
Martin U. Fuentes, Council Member
Cynthia Gonzalez, Council Member
Daisy Lomelí, Council Member
This meeting will be conducted in
person, telephonically, and
electronically.

Council Chambers/Bedwell Hall
5240 Santa Ana Street
Cudahy, CA 90201
Teleconference Phone Number:
1 (669) 900-6833
Meeting ID: 880 2718 1004
https://us06web.zoom.us/j/88027181004

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City of Cudahy
City Council and Successor Agency
Regular Meeting Agenda
January 16, 2024, at 6:30 P.M.

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1. CALL TO ORDER

2. ROLL CALL
Council / Agency Member Fuentes
Council / Agency Member Gonzalez
Council / Agency Member Lomelí
Vice Mayor / Vice Chair Alcantar
Mayor / Chair Gonzalez

3. APPROVAL OF AGENDA

4. PLEDGE OF ALLEGIANCE

5. LAND ACKNOWLEDGMENT
We would like to acknowledge that the land we inhabit today was once known as Tovangaar, the home of the Gabrieleño-Tongva people. We show our respects to the Gabrieleño-Tongva people, as well as all Indigenous people, past, present, and future, and honor their labor as original caretakers of this land. We commit to uplifting the Gabrieleño-Tongva people, invite you to acknowledge the history, and join us in caring for this land.

6. PRESENTATIONS
A. Open Data presentation by Daniela Trujillo, Administrative Analyst B. Cudahy Citywide Complete Streets Improvement Project (30% design)

7. PUBLIC COMMENTS
(Each member of the public may provide a public comment in person, telephonically or electronically.

In person participants must submit one comment card if they wish to address the City Council. Only speakers that submit a comment card within the first 20 minutes of the meeting will be permitted to speak. Remote participants may provide public comment by clicking the hand icon on Zoom or pressing star (*) nine (9) on the telephone, if they wish to address the City Council. Members of the public are permitted to speak for three (3) minutes concerning items under the City Council’s jurisdiction, including items on the council agenda.)
(Any person who, without authority of law, willfully disturbs or breaks up a City Council meeting is guilty of a misdemeanor. (Pen. Code, § 403).)

8. CITY COUNCIL COMMENTS / REQUESTS FOR AGENDA ITEMS (Each Council Member is limited to three minutes.)
(This is the time for the City Council / Agency to comment on any topics related to “City Business,” including announcements, reflections on city / regional events, response to public comments,

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City of Cudahy
City Council and Successor Agency
Regular Meeting Agenda
January 16, 2024, at 6:30 P.M.

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suggested discussion topics for future council meetings, general concerns about particular city matters, questions to the staff, and directives to the staff (subject to approval / consent of the City Council majority members present, regarding staff directives). Each Council / Agency Member will be allowed to speak for a period not to exceed three (3) minutes. Notwithstanding the foregoing, the City Council Members shall not use this comment period for serial discussions or debate between members on City business matters not properly agendized. The City Attorney shall be responsible for regulating this aspect of the proceeding.)

9. CITY MANAGER REPORT (information only)

10. REPORTS REGARDING AD HOC, ADVISORY, STANDING, OR OTHER COMMITTEE

MEETINGS

11. WAIVER OF FULL READING OF RESOLUTIONS AND ORDINANCES (Consideration to waive full text reading of all Resolutions and Ordinances by single motion made at the start of each meeting, subject to the ability of the City Council / Agency to read the full text of selected resolutions and ordinances when the item is addressed by subsequent motion.) (COUNCIL / AGENCY)
Recommendation: Approve the Waiver of Full Reading of Resolutions and Ordinances.

12. CONSENT CALENDAR
(Items under the Consent Calendar are considered routine and will be enacted by one motion, prior to the vote to approve the Consent Calendar, each Council Member shall have a maximum of three (3) minutes to comment on the Consent Calendar as a whole. There will be no separate discussion of these items unless a Council / Agency Member so requests specific item(s) be removed from the Consent Calendar for separate action. Items may only be considered as a separate action if either (1) a Council Member must recuse themselves due to a conflict of interest or (2) a Council Member has specific questions for City Staff. Items called for separate discussion will be heard as the next order of business.)

AS CITY COUNCIL
A. Consideration to Review and Approve the Draft Minutes of December 19, 2023, for the Regular Meeting of the City Council and the Joint Meeting of the City of Cudahy as Successor Agency and Housing Successor Agency to the Cudahy Development Commission (page 9) Presented by the City Clerk
Recommendation: The City Council is requested to review and approve the City Council / Successor Agency Draft Minutes for December 19, 2023.

B. Approval of the Local Agency Investment Fund (LAIF) for the Month of December 2023 (page 19)

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City of Cudahy
City Council and Successor Agency
Regular Meeting Agenda
January 16, 2024, at 6:30 P.M.

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Presented by the Finance Director
Recommendation: The City Council is requested to approve the Local Agency Investment Fund (LAIF) Report for the month of December 2023 in the amount of $12,601,991.50.

C. Approval of the City Demands and Payroll Including Statement of Investment for the Month of November 2023 (page 23)
Presented by the Finance Director
Recommendation: The City Council is requested to approve the Demands and Payroll in the amount of $1,514,985.44 including the Statement of Investments for the month of November 2023.

D. Approval of the City Demands and Payroll Including Statement of Investment for the Month of December 2023 (page 35)
Presented by the Finance Director
Recommendation: The City Council is requested to approve the Demands and Payroll in the amount of $1,120,942.42 including the Statement of Investments for the month of December 2023.

AS SUCCESSOR AGENCY
E. Consideration to Adopt Resolution No. SA 24-01 for Approval of the Recognized Obligation Payment Schedule Administrative Budget for Fiscal Period of July 1, 2024 to June 30, 2025 (page 47) Presented by the Finance Director
Recommendation: The Successor Agency is requested to adopt proposed Resolution No. SA 24-01 approving the Administrative Budget for the Recognized Obligation Payment Schedule (ROPS) for the fiscal period of July 1, 2024 to June 30, 2025 (ROPS 24-25).

F. Approval of the Recognized Obligation Payment Schedule for the Fiscal Period of July 1, 2024 to June 30, 2025 (ROPS 24-25) (page 55)
Presented by the Finance Director
Recommendation: The Successor Agency is requested to approve the Recognized Obligation Payment Schedule (ROPS) for the fiscal period of July 1, 2024 to June 30, 2025 (ROPS 24-25), for submission to the City of Cudahy Oversight Board.

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City of Cudahy
City Council and Successor Agency
Regular Meeting Agenda
January 16, 2024, at 6:30 P.M.

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13. PUBLIC HEARING
*The Public Hearing scheduled to consider the City’s Fiscal Year 2024-2025 Community Development Block Grant (CDBG) funding will be rescheduled and re-noticed to a date uncertain.

14. BUSINESS SESSION
A. Receive and File of the FY 2022-23 Audited Financial Statements and Related Reports (page 63) Presented by the Finance Director
Recommendation: The City Council is requested to receive and file the FY 2022-23 Audited Financial Statements and Related Reports.

B. Approval of Professional Services Agreement to Provide Design Phase Engineering Services for the Lugo Park Soccer Field Renovation Project (page 191) Presented by the Parks and Recreation Manager
Recommendation: City Council is requested to award a Professional Services Agreement (PSA) to BFS Landscape Architects to provide design phase engineering services for the preparation of PS&E Plan, Specifications, and Estimates) For the Lugo Park Soccer Field Renovation Project, not to exceed $76,100.

C. Retail Cannabis Business Permit Presentation – STIIIZY (page 251) Presented by Community Development Director
Recommendation: Staff recommends that the City Council:

1. Receive and file a presentation by the Retail Cannabis Permittee, STIIIZY; and

2. Receive and file this report.

D. Adopt Resolution No. 24-01 to Approve Membership in the Gateway Cities Affordable Housing Trust, A Joint Powers Authority (page 273)
Presented by Community Development Director
Recommendation: The City Council of the City of Cudahy (the “City”) is recommended to:

1. Hear presentation by City staff and the Gateway Cities Affordable Housing Trust; and

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City of Cudahy
City Council and Successor Agency
Regular Meeting Agenda
January 16, 2024, at 6:30 P.M.

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2. Discuss and Consider Adopting Resolution No. 24-01, approving City execution of the Joint Exercise of Powers Agreement relating to membership in the Gateway Cities Affordable Housing Trust; and

3. If Resolution is Adopted, Authorize the Mayor to execute the Gateway Cities Affordable Housing Trust Joint Powers Authority (JPA) Agreement.

E. Consideration to Authorize the City Manager to Enter into a Memorandum of Understanding “MOU” Between the City of Cudahy and Elizabeth Learning Center (page 305) Presented by the Community Services Director
Recommendation: The City Council is recommended to authorize the City Manager to enter into a Memorandum of understanding (“MOU”) between the City of Cudahy and Elizabeth Learning Center.

F. Approval of Facility Naming Application (page 313)
Presented by the Community Services Director
Recommendation: The City Council is recommended to approve the application to rename the Clara Park Expansion Soccer Field.

G. City of Cudahy Capital Improvement Program (CIP) Update FY2024-2028 (page 319) Presented by the Public Works Director
Recommendation: It is recommended that the City Council approve the proposed City of Cudahy Capital Improvement Program (CIP) Update for Fiscal Years FY2024-2028.

15. COUNCIL DISCUSSION - NONE

16. CLOSED SESSION
A. Conference with Legal Counsel Anticipated Litigation - Significant Exposure to Litigation Pursuant to Government Code § 54956.9(d)(2) -Two Matters

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City of Cudahy
City Council and Successor Agency
Regular Meeting Agenda
January 16, 2024, at 6:30 P.M.

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17. CLOSED SESSION ANNOUNCEMENT

18. ADJOURNMENT
I, Richard Iglesias, hereby certify under penalty of perjury under the laws of the State of California that the foregoing agenda was posted on the City’s Website, City Hall, Clara Park, and Lugo Park not less than 72 hours prior to the meeting. A copy of said Agenda is on file in the City Clerk’sOffice.

Dated this 11th day of January 2024
Richard Iglesias
City Clerk

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“Serving the People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 1 of 2

STAFF REPORT
Date: January 16, 2024
To: Honorable Mayor/Chair and City Council/Agency Members From: Alfonso Noyola, City Manager/Executive Director
By: Richard Iglesias, City Clerk
Subject: Consideration to Review and Approve the Draft Minutes of December 19, 2023, for the Regular Meeting of the City Council and the Joint Meeting of the City of Cudahy as Successor Agency and Housing Successor Agency to the Cudahy Development Commission

RECOMMENDATION
The City Council is requested to review and approve the City Council / Successor Agency Draft Minutes for December 19, 2023.

BACKGROUND / ANALYSIS
On December 12, 2016, the City Council of the City of Cudahy adopted Resolution No. 16-38, approving the use of summary action minutes, meant to allow the City Clerk's Office to write the minutes in brief, assuring a record of Council's actions, due to having a recording of the full Council Meeting on the City’s website.

Historically
The Municipal Clerk is one of the oldest professions in government, dating back to 1272 A.D., originating in England. The record keeper then was called Remembrancer, an English official whose job was to remind the Lord Treasurer and Barons of Court, of business pending.

Years later, in the 1600s, when early colonists came to America, the office of the Clerk was one of the first offices to be established. Over the years, the City Clerk’s office has become the core for local government, and the liaison to the residents of the Community. The Municipal Clerk (City Clerk) is the record keeper of a City’s recorded history.

Item Number
12A

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“Serving the People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 2 of 2
William Bennett Munro, a Canadian historian, and political scientist, who taught at Harvard University and the California Institute of Technology, stated in one of his first textbooks written: “No other office in municipal service has so many contacts. It serves the Mayor, the City Council, the City Manager (when there is one), and all administrative departments, without exception. All of them call upon it, almost daily, for some service or information. Its work is not spectacular, but it demands versatility, alertness, accuracy, and no end of patience.

The public does not realize how many loose ends of city administration this office pulls together.”
Moving forward to the present time, the City Clerk’s office today is generally responsible for keeping a record of City Council meetings; agreements; recordings of official documents; legal advertisements; municipal elections; commissions and committees current files; claims against the city; and other legal or official documents.

City Clerks are required to keep record of the proceedings (minutes) of Council meetings (Government Code Sections 36814 and 40801). Minutes are the official record of a meeting which provides a history of the Council’s decisions and actions.

CONCLUSION
The City Council is requested to approve the attached City Council / Agency Draft Minutes of the proceedings of December 19, 2023.

STRATEGIC PLAN CORRELATION
No correlation to the strategic plan.

FINANCIAL IMPACT
No Financial Impact.

ATTACHMENT
A. December 19, 2023, Draft Minutes
B. Resolution No. 16-38, approving the City Clerk’s use of Summary Action Minutes as the Official Record of the City Council proceedings.

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City Council/Successor Agency Minutes of 12/19/2023 Page 1 of 6

MINUTES
CUDAHY CITY COUNCIL REGULAR MEETING and
CITY OF CUDAHY AS SUCCESSOR AGENCY and

HOUSING SUCCESSOR AGENCY TO THE CUDAHY

DEVELOPMENT COMMISSION JOINT MEETING
December 19, 2023 6:30 P.M.

1. CALL TO ORDER
Mayor / Chair Lomelí called the meeting to order at 6:36 p.m.

2. ROLL CALL
PRESENT: Council / Agency Member Cynthia Gonzalez
Council / Agency Member Martin Fuentes
Council / Agency Member Elizabeth Alcantar
Vice Mayor / Vice Chair Jose R. Gonzalez
Mayor / Chair Daisy Lomelí
ABSENT: None
ALSO PRESENT: City Manager, Alfonso Noyola, City Attorney, Stephanie Arechiga, City Clerk, Richard Iglesias, Assistant City Clerk, Estefania Zamora, Community Services Director, Brenda Rodriguez, Community Development Director, Juan Arauz, Senior Accountant, Charles Ortiz, Building Official, Raul Diaz, Public Works Director, Aaron Hernandez, Assistant to the City Manager, Johncito “John” Peraza, Executive Assistant, Janet Andrade, and Administrative Analyst, Daniela Trujillo.

3. APPROVAL OF AGENDA
Motion: Vice Mayor J. Gonzalez motioned to approve the agenda as is, seconded by Council Member Fuentes. Motion passed 5-0 by the following roll call vote:

AYES: C. Gonzalez, Fuentes, Alcantar, J. Gonzalez and Lomelí NOES: None
ABSENT: None
ABSTAIN: None

4. PLEDGE OF ALLEGIANCE
The Pledge of Allegiance was led by Council Member Fuentes Attachment A Page 11 of 435
City Council/Successor Agency Minutes of 12/19/2023 Page 2 of 6

5. LAND ACKNOWLEDGEMENT
The Land Acknowledgment was led by Council Member Alcantar.

We would like to acknowledge that the land we inhabit today was once known as Tovangaar, the home of the Gabrieleño-Tongva people. We show our respects to the Gabrieleño-Tongva people, as well as all Indigenous people, past, present, and future, and honor their labor as original caretakers of this land. We commit to uplifting the Gabrieleño-Tongva people, invite you to acknowledge the history, and join us in caring for this land.

6. PRESENTATIONS – NONE

7. PUBLIC COMMENTS

EMAILED PUBLIC COMMENT
Edwin Gonzalez commented on the burden of being a consumer of energy provided by So Cal Gas/Edison, urged the need to obstruct deregulation, restore effective regulation, and address more harmful factors to the environment like deforestation and mechanized industry, alleging the SELA collaborative, under the helm of Dr. Franco, is just a front and a gimmick created by special interests.

8. CITY COUNCIL COMMENTS / REQUESTS FOR AGENDA ITEMS
Council Member Fuentes wished everyone a Happy Holidays, mentioned his participation in the State of the City, Huntington Park Holiday parade, County Sanitation District monthly meeting, Contract Cities Holiday event, Cudahy Staff Dinner, and the Holiday toy giveaway, lastly, thanked the Cudahy Youth Foundation.

Council Member C. Gonzalez commented on all the events that took place in December, her attendance at one of the events, pictures posted on social media, being tagged, this year being a learning experience, and looking forward to next year, building and reestablishing relations, continuing to improve and help residents.

Council Member Alcantar commented on attending the monthly Gateway Cities Council of Governments (COG) meeting, a policy presented on truck idling and wants to see an ordinance brought in the new year, congratulated on the State of the City, mentioned her attendance at the Southeast Los Angeles (SELA) Cultural Center check presentation, today a big celebration Supervisor Hahn and Solis motion to support the center, attended the Southeast Los Angeles (SELA) Club Holiday Dinner Party, City's toy giveaway, provided direction to the City Manager to attempt a Tri-City Holiday parade.

Vice Mayor J. Gonzalez agreed with everything that everyone said, commented that highlights for him were around social media the entire year, compared past and present resources, commended the team for all their work throughout the year, mentioned the

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City Council/Successor Agency Minutes of 12/19/2023 Page 3 of 6 State of the City, accomplishments, post on different platforms, and congratulated Council and Staff.

Mayor Lomelí commented on missing a few events due to being sick, the first time in the Mayor's role, a year of learning, thanked staff, mentioned her attendance in the City's toy giveaway, snow at the toy giveaway event, also attended Southern California Association of Governments (SCAG) Economic Summit, connections made, the City being able to play a role in developing our youth, the State of the City event and the collective effort, the talent in the City and region, and thanked the supervisor for passing the motion to support the SELA Cultural Center, Lastly, supported efforts for a Tri-City parade.

9. CITY MANAGER REPORT (information only)

10. REPORTS REGARDING AD HOC, ADVISORY, STANDING OR OTHER COMMITTEE MEETINGS – NONE

11. WAIVER OF FULL READING OF RESOLUTIONS AND ORDINANCES Motion: Vice Mayor J. Gonzalez motioned to waive full reading of resolutions and ordinances, seconded by Council Member Fuentes. Motion passed 5-0 by the following roll call vote:

AYES: C. Gonzalez, Fuentes, Alcantar, J. Gonzalez, and Lomelí NOES: None
ABSENT: None
ABSTAIN: None

12. CONSENT CALENDAR
A. Consideration to Review and Approve the Draft Minutes of December 5, 2023, for the Regular Meeting of the City Council and the Joint Meeting of the City of Cudahy as Successor Agency and Housing Successor Agency to the Cudahy Development Commission
Presented by the City Clerk
Recommendation: The City Council is requested to review and approve the City Council / Successor Agency Draft Minutes for December 5, 2023.

B. Approval of the Local Agency Investment Fund (LAIF) for the Month of November 2023
Presented by the Finance Director

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City Council/Successor Agency Minutes of 12/19/2023 Page 4 of 6 Recommendation: The City Council is requested to approve the Local Agency Investment Fund (LAIF) Report for the month of November 2023 in the amount of $12,601,991.50.

Motion: Vice Mayor J. Gonzalez motioned to approve Consent Calendar items, seconded by Council Member Fuentes. Motion passed 5-0 by the following roll call vote:

AYES: C. Gonzalez, Fuentes, Alcantar, J. Gonzalez, and Lomelí NOES: None
ABSENT: None
ABSTAIN: None

13. PUBLIC HEARING – NONE

14. BUSINESS SESSION
A. City Council Reorganization - Selection of Mayor and Vice Mayor for a One-Year Term Presented by the City Clerk
Recommendation: It is recommended that the City Council:

1. Receive presentations for the outgoing Mayor and Vice Mayor; and Presentations to the outgoing Mayor and Vice Mayor were presented by outside organizations.

2. Select a Mayor and Vice Mayor for a one-year term.

Motion: Council Member Fuentes motioned to nominate Council Member J. Gonzalez for Mayor. Motion passed 5-0 by the following roll call vote:

AYES: C. Gonzalez, Fuentes, Alcantar, J. Gonzalez, and Lomelí NOES: None
ABSENT: None
ABSTAIN: None
Motion: Council Member Lomelí motioned to nominate Council Member Alcantar for Vice Mayor. Motion passed 5-0 by the following roll call vote:

AYES: C. Gonzalez, Fuentes, Alcantar, J. Gonzalez, and Lomelí NOES: None
ABSENT: None
ABSTAIN: None
B. Annual Council Member Appointments to Serve on Various Regional Boards

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City Council/Successor Agency Minutes of 12/19/2023 Page 5 of 6 Presented by the City Clerk
Recommendation: The City Council is recommended to consider appointing a delegate and an alternate member to the regional boards.

Motion: Council Member Fuentes motioned to appoint the following Council Members to the following Regional Boards, seconded by Council Member C. Gonzalez. Motion passed 5-0 by the following roll call vote:

AYES: C. Gonzalez, Fuentes, Lomelí, Alcantar, and J. Gonzalez NOES: None
ABSENT: None
ABSTAIN: None

1. California Contract Cities Association (CCCA)
Delegate – Mayor J. Gonzalez Alternate – Council Member Fuentes

2. Gateway Cities Council of Governments Board of Directors Delegate – Vice Mayor Alcantar Alternate – Council Member C. Gonzalez

3. Hub Cities Consortium
Delegate – Vice Mayor Alcantar Alternate – Council Member Lomelí

4. League of California Cities
Delegate – Council Member Fuentes Alternate - Council Member C. Gonzalez

5. League of California Cities Los Angeles Division
Delegate – Council Member Fuentes Alternate - Council Member Lomelí

6. Los Angeles County Sanitation District No. 1
Delegate – Mayor J. Gonzalez Alternate - Council Member Fuentes

7. Southern California Association of Governments (SCAG) Delegate – Council Member Lomelí Alternate - Council Member Fuentes

8. Los Angeles County City Selection Committee
Delegate - Council Member C. Gonzalez Alternate Vice Mayor Alcantar

9. California Cities for Self-Reliance Joint Powers Authority (JPA) Delegate - Council Member Fuentes Alternate Mayor J. Gonzalez

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City Council/Successor Agency Minutes of 12/19/2023 Page 6 of 6 At 7:38 p.m., City Attorney, Stephanie Arechiga recessed to closed session.

16. CLOSED SESSION
A. Closed Session Pursuant to Government Code § 54956.9(d)(4) – One Matter At 8:17 p.m., Mayor J. Gonzalez reconvened to open session.

17. CLOSED SESSION ANNOUNCEMENT
City Attorney Stephanie Arechiga announced all five council members were present, direction was given, and no further reportable action at this time.

City Attorney, Stephanie Arechiga announced that staff is requesting to reopen item 14A for a brief presentation for outgoing Mayor and Vice Mayor.

Motion: Council Member C. Gonzalez motioned to reopen item 14A, seconded by Council Member Alcantar. Motion passed 5-0 by the following roll call vote:

AYES: C. Gonzalez, Fuentes, Alcantar, J. Gonzalez, and Lomelí NOES: None
ABSENT: None
ABSTAIN: None
Presentation for outgoing Mayor and Vice Mayor was presented.

18. ADJOURNMENT
The City Council / Agency meeting adjourned at 8:02 p.m.

Jose R. Gonzalez
Mayor
ATTEST:

Richard Iglesias
City Clerk

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Attachment
B

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“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 1 of 2

STAFF REPORT
Date: January 16, 2024
To: Honorable Mayor/Chair and City Council/Agency Members From: Alfonso Noyola, City Manager/Executive Director
By: Joshua Calhoun, Finance Director
Subject: Approval of the Local Agency Investment Fund (LAIF) for the Month of December 2023

RECOMMENDATION
The City Council is requested to approve the Local Agency Investment Fund (LAIF) Report for the month of December 2023 in the amount of $12,601,991.50.

BACKGROUND

1. In 1955, the Pooled Money Investment Account (PMIA) started. LAIF became part of the PMIA. The oversight is provided by the Pooled Money Investment Board (PMIB) and an inhouse Investment Committee. The PMIB members consist of the State Treasurer, Director of Finance, and State Controller.

2. In 1977, LAIF was created as a voluntary program by Section 16429.1 et seq. of the California Government Code. The program was intended to be used as an investment alternative for California's local governments and special districts. The LAIF continues today under State Treasurer, Fiona Ma's administration.

3. On December 1, 2023, the balance in LAIF was $12,601,991.50 (See Attachment).

4. On December 31, 2023, the balance in LAIF was $12,601,991.50 (See Attachment).

ANALYSIS
The voluntary program offers local agencies the opportunity to participate in a major portfolio, which invests hundreds of millions of dollars, using the investment expertise of the State Item Number
12B

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“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 2 of 2

Treasurer’s Office investment staff at no additional cost to the taxpayer.

All securities are purchased under the authority of Government Code Section 16430 and 16480.4. The State Treasurer's Office takes delivery of all securities purchased on a delivery versus payment basis using a third-party custodian.

Cudahy Municipal Code Section 3.04.080 indicates, "Except as otherwise provided, no warrant shall be drawn or evidence of indebtedness issued unless there shall be at the time sufficient money in the treasury legally applicable to the payment of the same."

CONCLUSION
Once the City Council approves the current LAIF, this balance may be relied upon when determining if the City has sufficient funds available to pay demands and payroll as required by Cudahy Municipal Code Section 3.04.080.

STRATEGIC PLAN CORRELATION
Strategy #2. Provide regular updates to the City Council and community about the city’s finances.

FINANCIAL IMPACT
None

ATTACHMENT
A. Local Agency Investment Fund (LAIF) Balance

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LOCAL AGENCY INVESTMENT FUND
General Account - City #98-19-225
Beginning Balance as of December 01, 2023 $12,601,991.50 LAIF Interest earned 0
Transfer from City operating account 0
Transfer to City operating account 0
Ending Balance as of December 31, 2023 $12,601,991.50
Attachment A Page 21 of 435
Blank Page

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“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 1 of 2

STAFF REPORT
Date: January 16, 2024
To: Honorable Mayor/Chair and City Council/Agency Members From: Alfonso Noyola, City Manager/Executive Director
By: Joshua Calhoun, Finance Director
Subject: Approval of the City Demands and Payroll Including Statement of Investment for the Month of November 2023

RECOMMENDATION
The City Council is requested to approve the Demands and Payroll in the amount of $1,514,985.44 including the Statement of Investments for the month of November 2023.

BACKGROUND

1. On December 13, 1993, Ordinance 476 was adopted and codified as Cudahy Municipal Code Section 3.04.080 indicating, "Except as otherwise provided, no warrant shall be drawn, or evidence of indebtedness issued unless there shall be at the time sufficient money in the treasury legally applicable to the payment of the same."

2. During the month, the Finance Department have completed the following demands and payroll:

A/P Demands $ 963,638.47
Payroll 551,346.97
Total: $ 1,514,985.44
Attachment A
Attachment B
Item Number
12C

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“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 2 of 2

ANALYSIS
The Check Register Report (Attachment A), Payroll Warrants including payroll taxes and insurance premiums (Attachment B), Statement of Investment (Attachment C) indicate that the cash and investment balance was sufficient for disbursements for the month, a summary of cash received and disbursed by month during Fiscal Year (FY) 2022-23 (Attachment D), and a summary of cash received and disbursed by month during FY 2021-22 (Attachment E).

Cudahy Municipal Code Section 3.04.070 indicates, "Budgeted demands paid by warrant prior to audit by the council shall be presented to the council for ratification and approval..."

CONCLUSION
The Finance Director certifies the accuracy and availability of funds for payment. A Demand/Warrant Register has been submitted to the City Council for approval in accordance with Cudahy Municipal Code Section 3.04.070.

STRATEGIC PLAN CORRELATION
Goal (Financial Stability and Transparency)
• Provide regular updates to the City Council and Community about the City’s finances.

FINANCIAL IMPACT
The Statement of Investments Report (Attachment C) indicates that there are sufficient funds within the City’s holdings to meet the City’s cash flow requirements.

ATTACHMENTS
A. Accounts Payable Check Register Report.

B. Payroll Warrants including payroll taxes and insurance premiums C. Statement of Investments
D. Summary of Cash Receipt / Disbursement by Month FY 2022-23 E. Summary of Cash Receipt / Disbursement by Month FY 2021-22 F. Credit Card Payment Detail

Page 24 of 435 ends

12/4/2023 5:49:14 PM Page 1 of 4
My Check Report
City of Cudahy, CA By Check Number
Date Range: 11/01/2023 - 11/30/2023
Vendor Number Vendor Name Payment Date Discount Amount Payment Type Payment Amount Number Bank Code: WF Checking-WF Checking
2378-3 8330 ATLANTIC AVE INC 11/08/2023 Regular 0.00 2,391.97 54969 10603 ADVANCED IMAGING SOLUTIONS 11/08/2023 Regular 0.00 583.01 54970 1778 ALL CITY MANAGEMENT 11/08/2023 Regular 0.00 11,232.86 54971 10841 American Global Security, Inc. 11/08/2023 Regular 0.00 4,284.00 54972 10595 ARAMSCO INC 11/08/2023 Regular 0.00 141.07 54973
10840 Baker Tilly US, LLP 11/08/2023 Regular 0.00 7,500.00 54974 7019 BUSINESS CARD 11/08/2023 Regular 0.00 115.78 54975 10398 CALIFORNIA BUILDING STANDARDS COMMISSIO11/08/2023 Regular 0.00 113.28 54976 10398 CALIFORNIA BUILDING STANDARDS COMMISSIO11/08/2023 Regular 0.00 -113.28 54976 10871 California Department of Conservation 11/08/2023 Regular 0.00 1,142.20 54977 10520 CASTRO DISCOUNT TIRES INC 11/08/2023 Regular 0.00 20.00 54978 10711 CLEARNETWORK, INC. 11/08/2023 Regular 0.00 395.84 54979 0186 COUNTY OF LOS ANGELES DEPT OF ANIMAL CA 11/08/2023 Regular 0.00 14,504.43 54980 5552 CUDAHY AUTO CENTER 11/08/2023 Regular 0.00 224.37 54981 2378-1 CUDAHY FUEL STOP 11/08/2023 Regular 0.00 39.11 54982 10873 Daktronics Inc. 11/08/2023 Regular 0.00 85,259.26 54983 10892 Daniel F. Windau 11/08/2023 Regular 0.00 400.00 54984 5741 DEPARTMENT OF JUSTICE 11/08/2023 Regular 0.00 25.00 54985 10734 DIVISION OF THE STATE Architect 11/08/2023 Regular 0.00 198.00 54986 5795 GRANDE VISTA STEEL 11/08/2023 Regular 0.00 198.45 54987 2139-2 HDL COREN & CONE 11/08/2023 Regular 0.00 1,624.29 54988 0197 LA COUNTY SHERIFF'S DEPARTMENT 11/08/2023 Regular 0.00 382,352.63 54989 1206-6 LOS ANGELES COUNTY FIRE DEPT. 11/08/2023 Regular 0.00 1,919.00 54990 10655 LUIS AGUILAR 11/08/2023 Regular 0.00 2,748.00 54991 10900 National Recreation & Park Association 11/08/2023 Regular 0.00 1,451.04 54992 7014 NATIONWIDE ENVIRONMENTAL SERVICES 11/08/2023 Regular 0.00 9,985.52 54993 5187 OCCUPATIONAL HEALTH SERVICES ATTN: ACCO 11/08/2023 Regular 0.00 1,155.00 54994 10732 OMEGA INDUSTRIAL SUPPLY, INC. 11/08/2023 Regular 0.00 548.38 54995 0095 PETTY CASH 11/08/2023 Regular 0.00 272.44 54996
10903 Rapid-O-Print 11/08/2023 Regular 0.00 639.45 54997 9737 REGIONAL TAP SERVICE CENTER 11/08/2023 Regular 0.00 513.60 54998 10902 Salvador Medina 11/08/2023 Regular 0.00 320.00 54999 2802 SAM'S CLUB 11/08/2023 Regular 0.00 3,647.96 55000
8394 SANDLER BROTHERS 11/08/2023 Regular 0.00 407.79 55001 0501 SCMAF SO CA MUNI ATHLETIC FEDERATION 11/08/2023 Regular 0.00 40.00 55002 10424 SHARPLINE SOLUTIONS 11/08/2023 Regular 0.00 689.06 55003 10859 Shoeteria, Inc. 11/08/2023 Regular 0.00 250.00 55004 10497 SOUTHEAST RIO VISTA YMCA 11/08/2023 Regular 0.00 12,600.00 55005 10178 STANLEY STEEMER 11/08/2023 Regular 0.00 216.00 55006 9676 SWIFT FIRE PROTECTION 11/08/2023 Regular 0.00 719.00 55007 10901 The Original Goodie's Uniforms 11/08/2023 Regular 0.00 710.56 55008 10543 TOWN HALL STREAMS LLC 11/08/2023 Regular 0.00 3,960.00 55009 9991 TRANSTECH ENGINEERING, INC. 11/08/2023 Regular 0.00 2,220.00 55010 8066 TYLER TECHNOLOGIES INC. 11/08/2023 Regular 0.00 51,279.60 55011 2859 UNDERGROUND SERVICE ALERT-SC SOUTHERN 11/08/2023 Regular 0.00 57.25 55012 10662 UNEXPECTED ATTRACTIONS 11/08/2023 Regular 0.00 1,200.00 55013 10881 Valerie Unger 11/08/2023 Regular 0.00 880.00 55014 5631 WELLS LOCK & KEY 11/08/2023 Regular 0.00 140.00 55015 2208 WEST COAST ARBORISTS, INC. 11/08/2023 Regular 0.00 12,350.25 55016 10401 WILLDAN FINANCIAL SERVICES 11/08/2023 Regular 0.00 2,303.18 55017 10735 YUNEX, LLC. 11/08/2023 Regular 0.00 1,512.93 55018 10672 5 STAR BUILDERS, INC. 11/22/2023 Regular 0.00 1,560.00 55019 2378-3 8330 ATLANTIC AVE INC 11/22/2023 Regular 0.00 1,350.88 55020 1778 ALL CITY MANAGEMENT 11/22/2023 Regular 0.00 4,015.20 55021 Attachment A Page 25 of 435
My Check Report Date Range: 11/01/2023 - 11/30/2023
12/4/2023 5:49:14 PM Page 2 of 4
Vendor Number Vendor Name Payment Date Discount Amount Payment Type Payment Amount Number 7995 AMERICAN CITY PEST & TERMITE 11/22/2023 Regular 0.00 457.00 55022 10680 AMERICAN PRIDE BUILDERS 11/22/2023 Regular 0.00 16,950.00 55023 0057-4 AT & T 11/22/2023 Regular 0.00 309.14 55024
9966 AT & T LONG DISTANCE SERVICE 11/22/2023 Regular 0.00 46.70 55025 8021 AT & T MOBILITY 11/22/2023 Regular 0.00 2,629.63 55026 10133 AVANT-GARDE, INC. 11/22/2023 Regular 0.00 4,465.00 55027 7019 BUSINESS CARD 11/22/2023 Regular 0.00 111.85 55028 0136 CITY OF SOUTH GATE 11/22/2023 Regular 0.00 75.00 55029 2289 CONSOLIDATED DISPOSAL 11/22/2023 Regular 0.00 4,197.52 55030 1206 COUNTY OF LOS ANGELES IND WAST DEPT OF P 11/22/2023 Regular 0.00 369.39 55031 10872 CSLM Construction, Inc. 11/22/2023 Regular 0.00 1,290.00 55032 10892 Daniel F. Windau 11/22/2023 Regular 0.00 320.00 55033 10485 ENTERPRISE FM TRUST 11/22/2023 Regular 0.00 9,332.57 55034 10581 FIESTA TAXI COOPERATIVE INC. 11/22/2023 Regular 0.00 7,873.62 55035 10472 GUTIERREZ PIPELINE, INC. 11/22/2023 Regular 0.00 2,142.00 55036 10394 KEENAN ASSOCIATES 11/22/2023 Regular 0.00 3,492.00 55037 10598 LEAF 11/22/2023 Regular 0.00 422.70 55038
6038 LGP EQUIPMENT RENTALS 11/22/2023 Regular 0.00 1,887.14 55039 10721 LOOMIS 11/22/2023 Regular 0.00 278.83 55040
10904 Los Angeles County Public Works 11/22/2023 Regular 0.00 3,118.74 55041 10875 Mancilla's Quality Printing, LLC. 11/22/2023 Regular 0.00 17.75 55042 10436 ONTARIO REFRIGERATION 11/22/2023 Regular 0.00 1,586.93 55043 10710 PAYLESS 4 PLUMBING INC. 11/22/2023 Regular 0.00 950.00 55044 10824 PlaceWorks, Inc. 11/22/2023 Regular 0.00 6,510.16 55045 10321 PRECISION CONCRETE CUTTING 11/22/2023 Regular 0.00 4,816.88 55046 9737 REGIONAL TAP SERVICE CENTER 11/22/2023 Regular 0.00 156.48 55047 10519 RS BUILT CONSTRUCTION, INC. 11/22/2023 Regular 0.00 1,984.50 55048 2802 SAM'S CLUB 11/22/2023 Regular 0.00 4,481.60 55049
10483-1 SOUTHERN CALIFORNIA NEWS GROUP 11/22/2023 Regular 0.00 1,907.30 55050 10467 STEAMX, LLC SIGNAL HILL 11/22/2023 Regular 0.00 331.99 55051 10853 SWA Group, Inc. 11/22/2023 Regular 0.00 146,018.13 55052 10827 Teslarian, Inc. 11/22/2023 Regular 0.00 3,200.00 55053 10869 The Pun Group, LLP. 11/22/2023 Regular 0.00 10,000.00 55054 8363 TIME WARNER CABLE 11/22/2023 Regular 0.00 975.00 55055 0079 TRACT 180 WATER COMPANY 11/22/2023 Regular 0.00 4,242.37 55056 0078 TRACT 349 MUTUAL WATER CO 11/22/2023 Regular 0.00 701.08 55057 9991 TRANSTECH ENGINEERING, INC. 11/22/2023 Regular 0.00 732.00 55058 10881 Valerie Unger 11/22/2023 Regular 0.00 320.00 55059 5695 VISTA PAINT 11/22/2023 Regular 0.00 529.20 55060
10735 YUNEX, LLC. 11/22/2023 Regular 0.00 3,196.98 55061 0126-1 GOLDEN STATE WATER COMPANY 11/08/2023 Bank Draft 0.00 454.56 DFT0000243 10053 HAULAWAY STORAGE CONTAINERS 11/08/2023 Bank Draft 0.00 89.04 DFT0000244 2724 HOME DEPOT CREDIT SERVICES 11/08/2023 Bank Draft 0.00 3,143.45 DFT0000245 10081-2 QUADIENT FINANCE USA, INC. 11/08/2023 Bank Draft 0.00 127.42 DFT0000246 10586 QUADIENT LEASING 11/08/2023 Bank Draft 0.00 235.74 DFT0000247 8363 TIME WARNER CABLE 11/08/2023 Bank Draft 0.00 227.97 DFT0000248 8363 TIME WARNER CABLE 11/08/2023 Bank Draft 0.00 227.97 DFT0000249 10729 WELLSONE COMMERCIAL CARD 11/08/2023 Bank Draft 0.00 37,451.26 DFT0000250 10640 AMAZON CAPITAL SERVICES, INC. 11/21/2023 Bank Draft 0.00 1,804.87 DFT0000255 2724 HOME DEPOT CREDIT SERVICES 11/21/2023 Bank Draft 0.00 3,237.20 DFT0000256 0070 SOUTHERN CALIFORNIA EDISON 11/21/2023 Bank Draft 0.00 21,352.56 DFT0000257 0070 SOUTHERN CALIFORNIA EDISON 11/21/2023 Bank Draft 0.00 8,528.79 DFT0000258

Page 26 of 435 ends

My Check Report Date Range: 11/01/2023 - 11/30/2023
12/4/2023 5:49:14 PM Page 3 of 4
Vendor Number Vendor Name Payment Date Discount Amount Payment Type Payment Amount Number 0070 SOUTHERN CALIFORNIA EDISON 11/21/2023 Bank Draft 0.00 36.10 DFT0000259 Regular Checks
Manual Checks
Voided Checks
Discount
Payment
Payment Type Count
Bank Code WF Checking Summary
Bank Drafts
EFT's
93 0
1 13
0 0.00

0.00 0.00

0.00 0.00
107 0.00
Payment
886,834.82

0.00 -113.28
76,916.93

0.00 963,638.47
Payable
Count
117
0 0
14 0
131

Page 27 of 435 ends

My Check Report Date Range: 11/01/2023 - 11/30/2023
12/4/2023 5:49:14 PM Page 4 of 4
All Bank Codes Check Summary
Payment Type Discount
Payment
Count Payment
Payable
Count
Regular Checks
Manual Checks
Voided Checks
Bank Drafts
EFT's
93 0
1 13
0 0.00

0.00 0.00

0.00 0.00
107 0.00
886,834.82

0.00 -113.28
76,916.93

0.00 963,638.47
117
0 0
14 0
131
Fund Name Period Amount
Fund Summary
998 Fund 998 11/2023 963,638.47
963,638.47

Page 28 of 435 ends

11/09/23 11/23/23 Total
(a) Direct Deposits 117,064.44 233,296.84 350,361.28
(b) ICMA & Union Dues 1,925.00 11,364.96 13,289.96
(c) CalPERS Ret & 457 Plan 21,741.47 21,527.69 43,269.16 (d) CalPERS Medical 26,283.11 45,321.94 71,605.05
(e) Payroll taxes 64,781.50 - 64,781.50
(f) Medical 3,841.94 4,198.08 8,040.02
Total Amount 235,423.68 315,923.29 551,346.97
(a) Employees / Council Members / Commissioners
(b) ICMA & Union Dues
(c) CalPERS Retirement & 457 Plan
(d) CalPERS Medical (active and retired)
(e) Federal / State payroll taxes and unemployment
(f) Medical Insurance - Active and Retired employees

CITY OF CUDAHY
Payroll - including payroll taxes and insurance premiums:

Attachment B Page 29 of 435
Type Issuer Amount % of Total
Deposit - 4588 Wells Fargo 3,233,198.68 16.04%
Successor Agency - 0688 Wells Fargo 2,958,300.99 14.68% Checking - 7128 Wells Fargo 866,246.59 4.30%
Payroll - 4570 Wells Fargo 155,660.53 0.77%
Savings - 4752 Wells Fargo 331,639.79 1.65%
Money Market Account Bank of New York (BNY) (a) 10,226.17 0.05% Pooled Savings State Local Agency 12,601,991.50 62.52%
Investment Fund (LAIF)
Total 20,157,264.25 100.00%
Pursuant to California Government Code Section 53646(b), I hereby certify that all investments held by the Authority are in compliance with state law and the agency's Statement of Investment Policy, and that there are sufficient funds within the agency's investment holdings to meet the Authority's cash flow requirements for the next six (6) months.

Respectfully submitted,
Joshua Calhoun
Joshua Calboun
Finance Director

CITY OF CUDAHY
Statement of Investments
11/30/2023
Attachment C Page 30 of 435
Month
Receipts Disbursement
July 2023 $ 1,698,263.55 $ 2,043,188.80 (a)
August 2023 1,570,904.87 3,148,357.16 (b)
September 2023 1,125,855.21 1,693,834.27
October 2023 1,259,614.45 848,009.43
November 2023 1,061,252.71 1,514,985.44
December 2023
January 2024
February 2024
March 2024
April 2024
May 2024
June 2024
Total: $ 6,715,890.79 9,248,375.10
Note (a) - City liab. & workers comp insurance, and PERS unfunded pension liab.

Note (b) - Includes $1,893,444 to Siemens Industries
Month
Cash Receipts Disbursement
July 2023 $ 913,951.26 $ 1,604,912.00 (1)
August 2023 1,069,666.17 2,784,467.93 (2)
September 2023 797,120.38 1,543,754.51
October 2023 759,320.17 710,945.37
November 2023 632,862.51 1,244,543.67
December 2023
January 2024
February 2024
March 2024
April 2024
May 2024
June 2024
Total: $ 4,172,920.49 $ 7,888,623.48
Note (1) - City liab. & workers comp insurance, and PERS unfunded pension liab.

Note (2) - Includes $1,893,444 to Siemens Industries
All Funds
General Fund
City of Cudahy
Summary of Cash Receipt/Disbursement by Month - FY 2023-2024 Attachment D

Page 31 of 435 ends

Month
Cash Receipts Disbursement
July 2022 $ 4,033,647.40 (a) 1,789,957.16 $
August 2022 1,686,604.16 1,750,512.85
September 2022 823,969.03 2,318,824.72 (b)
October 2022 1,991,064.32 3,914,418.49 (c)
November 2022 1,086,868.12 869,692.56
December 2022 1,406,231.74 1,395,830.23
January 2023 2,714,262.24 (d) 1,463,847.38
February 2023 739,588.01 1,006,801.94
March 2023 1,120,658.63 1,991,169.04
April 2023 1,196,447.59 1,257,126.86
May 2023 3,260,684.11 (e) 1,984,309.07
June 2023 2,011,618.48 1,230,025.68
Total: $ 22,071,643.83 20,972,515.98
Note (a) - Includes $2.819 M received from American Rescue Plan Act, Fund 530 Note (b) - Includes $949K paid to Siemens
Note (c) - Includes $1,230,610 deposited into an Escrow fund for the Seimens Project Note (d) - Includes $1,628,225 in Motor Vehicle In-Lieu tax Note (e) - Includes $1,625,225 in Motor Vehicle In-lieu tax Month
Cash Receipts Disbursement
July 2022 $ 845,547.28 $ 1,589,154.35 (1)
August 2022 1,012,769.79 1,077,279.74
September 2022 541,456.74 2,140,117.92 (2)
October 2022 1,628,965.30 834,689.66
November 2022 802,869.63 598,974.94
December 2022 774,144.70 976,007.61
January 2023 2,377,440.36 (3) 1,266,258.83
February 2023 489,780.43 829,217.41
March 2023 620,900.31 1,602,710.73 (4)
April 2023 969,432.86 710,177.71
May 2023 2,843,131.44 (5) 1,675,594.30 (6)
June 2023 435,137.76 945,268.74
Total: $ 13,341,576.60 $ 14,245,451.94
Note (1) - City liab. & workers comp insurance, and PERS unfunded pension liab.

City pre-payment option of PERS unfunded pension liability saved 3.5% interest ($12k) than paying on a monthly basis.

Note (2) - Includes $949K paid to Siemens
Note (3) - Includes $1,628,225 in Motor Vehicle In-Lieu tax Note (4) - Includes 2 Sheriff payments
Note (5) - Includes $1,628,225 in Motor Vehicle In-lieu tax Note (6) - Includes 2 Sheriff payments
City of Cudahy
Summary of Cash Receipt/Disbursement by Month - FY 2022-2023 All Funds
General Fund
Attachment E Page 32 of 435
Supplier - Name Amount Description
Dmi* Dell Bus Online Server upgrades 10,100.82
Vivint Inc/Us Alarm monitoring - City Hall & Mobile Office 5,423.84 Uline Tables for breakroom 3,386.50
Full Source, Llc Uniforms 2,935.38
Hyatt Regency Dallas 2,586.42 Hotel - National Parks and Recreation Conference Hyatt Tommie Austin ICMA hotel stay 1,522.85
Icma Online Staff Training 1,200.00
Staples Inc 1,142.68 Office Chairs for new building setup 4imprint, Inc City logo items for the State of the City Address. 968.51 Hp *hp.Com Store Printer for modular office 784.57
Local Government Hispa 750.00 Local Government Hispanic Network Msft * E0300pes9t Microsoft 365 Subscription 598.26
Adobe *acropro Subs Adobe Acrobat Monthly Subscription 551.77 World Famous Grill 317.07
American Society For P 316.50
Embassy Suites Dwntwn 314.73
Amzn Mktp Us 311.73
Msft * E0300pexny 275.00
Smart And Final 319 258.53
Ms* Petitsoleil 237.22
Ruffruffpoopbags.Com 236.95
Government Finance Offic 225.00
Lees Bbq And Boba 216.64
Www.Gomsa.Net 182.40
Samsclub.Com 179.82
Www.Ui.Com 174.27
Jersey Mikes Online Orde 170.00
Sq *agua Y Salud 149.98
Officemax/Depot 6440 148.68
Embassy Suites Brea 142.23
Tm Ticketmaster 140.09
Business.Apple.Com 125.87
Sq *sanchez Awards 123.48
Tgi Fridays #60689 114.37
Hp *instant Ink 107.95
Michaels Stores 1229 98.07
99-Cents-Only #0014 92.70
The Ups Store 5391 77.00
Cudahy 65.96
Portos Bakery West Covi 62.50
Sams Club #6626 57.18
Wm Supercenter #4132 52.19
Starbucks Store 49966 51.60
99 Cents Only Stores0211 50.75
Wal-Mart #3180 50.59
Norms-Slauson #11 50.23
Petco 0594 39.85
Msft * E0300per6w 36.00
Arctic Glacier - Vernon 35.92
Cprs Admin 30.00
Party City 520 24.90
Ubiquiti Inc. 24.84
Credit Card Payment Detail
October 01, 2023 to October 31, 2023, paid November 06, 2023

Page 1 of 2 ends

Attachment F Page 33 of 435

ATTACHMENT F
Supplier - Name Amount Description
Credit Card Payment Detail
October 01, 2023 to October 31, 2023, paid November 06, 2023 Portos Bakery Downey 24.75
Donut Galore 22.25
Dollar Tree 20.58
99-Cents-Only #0076 15.54
Digitalspace 13.00
San Luis Obispo Parking 12.00
Postermywall Premium 9.95
Target 00001909 7.81
Apple.Com/Bill 4.99
37,451.26

Page 2 of 2 ends

Page 34 of 435 ends

“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 1 of 2

STAFF REPORT
Date: January 16, 2024
To: Honorable Mayor/Chair and City Council/Agency Members From: Alfonso Noyola, City Manager/Executive Director
By: Joshua Calhoun, Finance Director
Subject: Approval of the City Demands and Payroll Including Statement of Investment for the Month of December 2023

RECOMMENDATION
The City Council is requested to approve the Demands and Payroll in the amount of $1,120,942.42 including the Statement of Investments for the month of December 2023.

BACKGROUND

2. During the month, the Finance Department have completed the following demands and payroll:

A/P Demands $578,154.72
Payroll $542,787.70
Total: $1,120,942.42
Attachment A
Attachment B
Item Number
12D

Page 35 of 435 ends

“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 2 of 2

Cudahy Municipal Code Section 3.04.070 indicates, "Budgeted demands paid by warrant prior to audit by the council shall be presented to the council for ratification and approval..."

STRATEGIC PLAN CORRELATION
Goal (Financial Stability and Transparency)
• Provide regular updates to the City Council and Community about the City’s finances.

FINANCIAL IMPACT
The Statement of Investments Report (Attachment C) indicates that there are sufficient funds within the City’s holdings to meet the City’s cash flow requirements.

ATTACHMENTS
A. Accounts Payable Check Register Report.

B. Payroll Warrants including payroll taxes and insurance premiums C. Statement of Investments
D. Summary of Cash Receipt / Disbursement by Month FY 2023-24 E. Summary of Cash Receipt / Disbursement by Month FY 2022-23 F. Credit Card Payment Detail

Page 36 of 435 ends

12/26/2023 10:41:52 AM Page 1 of 4
My Check Report
City of Cudahy, CA By Check Number
Date Range: 12/01/2023 - 12/31/2023
Vendor Number Vendor Name Payment Date Discount Amount Payment Type Payment Amount Number Bank Code: WF Checking-WF Checking
10804 Gabriel Cervantes 12/04/2023 Regular 0.00 1,000.00 55062 2378-3 8330 ATLANTIC AVE INC 12/06/2023 Regular 0.00 1,316.35 55063 10603 ADVANCED IMAGING SOLUTIONS 12/06/2023 Regular 0.00 370.79 55064 10393 ALEX'S AUTO SMOG 12/06/2023 Regular 0.00 60.00 55065 10896 Anaheim Lawnmower Shop 12/06/2023 Regular 0.00 21,688.86 55066 10595 ARAMSCO INC 12/06/2023 Regular 0.00 2,907.17 55067 10074 ARTIC GLACIER ICE 12/06/2023 Regular 0.00 2,573.25 55068 7019 BUSINESS CARD 12/06/2023 Regular 0.00 115.78 55069 10714 CARPENTER ROTHANS & DUPONT LLP 12/06/2023 Regular 0.00 3,308.79 55070 10520 CASTRO DISCOUNT TIRES INC 12/06/2023 Regular 0.00 20.00 55071 4546 CENTRAL BASIN MUNICIPAL WATER 12/06/2023 Regular 0.00 255.72 55072 10013 CENTRAL FORD 12/06/2023 Regular 0.00 103.72 55073 10906 City Fabrick 12/06/2023 Regular 0.00 8,322.50 55074 0136 CITY OF SOUTH GATE 12/06/2023 Regular 0.00 75.00 55075 9669 COMMERCIAL DOOR OF LOS ANGELES COUNTY 12/06/2023 Regular 0.00 3,492.00 55076 10891 Conexwest 12/06/2023 Regular 0.00 15,167.63 55077 10747 DEPARTMENT OF INDUSTRIAL Relations of Self 12/06/2023 Regular 0.00 998.46 55078 10723 DIONICIO SALAZAR 12/06/2023 Regular 0.00 800.00 55079 10616 EDISON FIRE EXTINGUISHER CO IN DBA: EDISON 12/06/2023 Regular 0.00 314.50 55080 10403 INTERNATIONAL COATINGS 12/06/2023 Regular 0.00 777.27 55081 10394 KEENAN ASSOCIATES 12/06/2023 Regular 0.00 5,000.00 55082 10598 LEAF 12/06/2023 Regular 0.00 845.40 55083
10598 LEAF 12/06/2023 Regular 0.00 -845.40 55083
10655 LUIS AGUILAR 12/06/2023 Regular 0.00 460.00 55084 10201-1 OLIVAREZ MADRUGA LAW ORGANIZATION, LLP 12/06/2023 Regular 0.00 72,412.57 55085 9717 PCAM, LLC 12/06/2023 Regular 0.00 18,356.34 55086
0095 PETTY CASH 12/06/2023 Regular 0.00 500.00 55087
10519 RS BUILT CONSTRUCTION, INC. 12/06/2023 Regular 0.00 1,598.63 55088 2802 SAM'S CLUB 12/06/2023 Regular 0.00 431.54 55089
10727 SANCHEZ AWARDS Victor Javier Sanchez 12/06/2023 Regular 0.00 644.96 55090 10749 SOCAL LIGHTING PROS 12/06/2023 Regular 0.00 8,700.00 55091 7039 STANLEYACCESS TECH LLC 12/06/2023 Regular 0.00 3,232.55 55092 10853 SWA Group, Inc. 12/06/2023 Regular 0.00 23,532.60 55093 10004 TALAMANTES ROBERT UNEXPECTED ATTRACTIO12/06/2023 Regular 0.00 1,100.00 55094 9991 TRANSTECH ENGINEERING, INC. 12/06/2023 Regular 0.00 23,248.25 55095 8066 TYLER TECHNOLOGIES INC. 12/06/2023 Regular 0.00 213.19 55096 10905 Ugarte and Associates LLC 12/06/2023 Regular 0.00 18,000.00 55097 2859 UNDERGROUND SERVICE ALERT-SC SOUTHERN 12/06/2023 Regular 0.00 43.25 55098 10879 Wedgewood Weddings 12/06/2023 Regular 0.00 6,681.74 55099 5631 WELLS LOCK & KEY 12/06/2023 Regular 0.00 495.00 55100 9951 WILLDAN 12/06/2023 Regular 0.00 13,762.00 55101
10805 World Trip, Inc. 12/06/2023 Regular 0.00 1,750.00 55102 10735 YUNEX, LLC. 12/06/2023 Regular 0.00 1,869.87 55103 0001 AAA BURGLAR ALARM CO, 12/07/2023 Regular 0.00 804.00 55104 10398 CALIFORNIA BUILDING STANDARDS COMMISSIO12/07/2023 Regular 0.00 295.20 55105 10873 Daktronics Inc. 12/07/2023 Regular 0.00 85,259.26 55106 10598 LEAF 12/07/2023 Regular 0.00 845.40 55107
10535 ALCANTAR ELIZABETH 12/14/2023 Regular 0.00 158.54 55108 10535 ALCANTAR ELIZABETH 12/14/2023 Regular 0.00 -158.54 55108 10729 WELLSONE COMMERCIAL CARD 12/14/2023 Regular 0.00 -39,406.91 55109 10729 WELLSONE COMMERCIAL CARD 12/14/2023 Regular 0.00 39,406.91 55109 **Void** 12/20/2023 Regular 0.00 0.00 55110
**Void** 12/20/2023 Regular 0.00 0.00 55111
**Void** 12/20/2023 Regular 0.00 0.00 55112
Attachment A Page 37 of 435
My Check Report Date Range: 12/01/2023 - 12/31/2023
12/26/2023 10:41:52 AM Page 2 of 4
Vendor Number Vendor Name Payment Date Discount Amount Payment Type Payment Amount Number **Void** 12/20/2023 Regular 0.00 0.00 55113
**Void** 12/20/2023 Regular 0.00 0.00 55114
**Void** 12/20/2023 Regular 0.00 0.00 55115
2378-3 8330 ATLANTIC AVE INC 12/20/2023 Regular 0.00 915.06 55121 10910 Action Cleanup Environmental Services 12/20/2023 Regular 0.00 10,251.10 55122 1778 ALL CITY MANAGEMENT 12/20/2023 Regular 0.00 5,514.54 55123 7995 AMERICAN CITY PEST & TERMITE 12/20/2023 Regular 0.00 457.00 55124 10841 American Global Security, Inc. 12/20/2023 Regular 0.00 4,410.00 55125 10595 ARAMSCO INC 12/20/2023 Regular 0.00 499.69 55126
0057-4 AT & T 12/20/2023 Regular 0.00 309.50 55127
9966 AT & T LONG DISTANCE SERVICE 12/20/2023 Regular 0.00 46.70 55128 8021 AT & T MOBILITY 12/20/2023 Regular 0.00 2,426.59 55129 10574 BOB MURRAY & ASSOCIATES 12/20/2023 Regular 0.00 11,735.64 55130 7019 BUSINESS CARD 12/20/2023 Regular 0.00 50.30 55131
10714 CARPENTER ROTHANS & DUPONT LLP 12/20/2023 Regular 0.00 1,207.50 55132 10520 CASTRO DISCOUNT TIRES INC 12/20/2023 Regular 0.00 20.00 55133 5552 CUDAHY AUTO CENTER 12/20/2023 Regular 0.00 284.99 55134 10485 ENTERPRISE FM TRUST 12/20/2023 Regular 0.00 7,104.25 55135 0569 FEDERAL EXPRESS SERVICES 12/20/2023 Regular 0.00 61.77 55136 6087 FIRST AMERICAN DATA TREE 12/20/2023 Regular 0.00 297.00 55137 2139 HINDERLITER DELLAMAS & ASST 12/20/2023 Regular 0.00 1,909.40 55138 10403 INTERNATIONAL COATINGS 12/20/2023 Regular 0.00 2,318.56 55139 10916 Isai Roblero 12/20/2023 Regular 0.00 500.00 55140 6038 LGP EQUIPMENT RENTALS 12/20/2023 Regular 0.00 817.11 55141 10721 LOOMIS 12/20/2023 Regular 0.00 293.09 55142
10655 LUIS AGUILAR 12/20/2023 Regular 0.00 1,315.00 55143 7014 NATIONWIDE ENVIRONMENTAL SERVICES 12/20/2023 Regular 0.00 9,985.52 55144 10732 OMEGA INDUSTRIAL SUPPLY, INC. 12/20/2023 Regular 0.00 548.95 55145 10824 PlaceWorks, Inc. 12/20/2023 Regular 0.00 5,849.71 55146 9737 REGIONAL TAP SERVICE CENTER 12/20/2023 Regular 0.00 76.80 55147 10372 RICOH USA, INC LEASE PAYMENTS 12/20/2023 Regular 0.00 9,550.41 55148 2802 SAM'S CLUB 12/20/2023 Regular 0.00 427.94 55149
5958 STATE WATER RESOURCES CONTROL BOARD 12/20/2023 Regular 0.00 10,602.00 55150 5958 STATE WATER RESOURCES CONTROL BOARD 12/20/2023 Regular 0.00 3,746.00 55151 10901 The Original Goodie's Uniforms 12/20/2023 Regular 0.00 242.44 55152 9991 TRANSTECH ENGINEERING, INC. 12/20/2023 Regular 0.00 1,480.00 55153 10745 TRAVELERS 12/20/2023 Regular 0.00 5,000.00 55154
10881 Valerie Unger 12/20/2023 Regular 0.00 320.00 55155 5631 WELLS LOCK & KEY 12/20/2023 Regular 0.00 861.00 55156 9951 WILLDAN 12/20/2023 Regular 0.00 19,307.25 55157
10805 World Trip, Inc. 12/20/2023 Regular 0.00 2,275.00 55158 10735 YUNEX, LLC. 12/20/2023 Regular 0.00 783.25 55159
8363 TIME WARNER CABLE 12/21/2023 Regular 0.00 975.00 55160 10053 HAULAWAY STORAGE CONTAINERS 12/06/2023 Bank Draft 0.00 89.04 DFT0000264 10081-2 QUADIENT FINANCE USA, INC. 12/06/2023 Bank Draft 0.00 400.00 DFT0000265 0070 SOUTHERN CALIFORNIA EDISON 12/06/2023 Bank Draft 0.00 19,902.20 DFT0000266 0070 SOUTHERN CALIFORNIA EDISON 12/06/2023 Bank Draft 0.00 784.32 DFT0000267 10643 STATE COMPENSATION INS FUND 12/06/2023 Bank Draft 0.00 29,904.45 DFT0000268 8363 TIME WARNER CABLE 12/06/2023 Bank Draft 0.00 319.98 DFT0000269 8363 TIME WARNER CABLE 12/06/2023 Bank Draft 0.00 227.97 DFT0000270 8363 TIME WARNER CABLE 12/06/2023 Bank Draft 0.00 227.97 DFT0000271 10729 WELLSONE COMMERCIAL CARD 12/14/2023 Bank Draft 0.00 39,406.91 DFT0000280 10640 AMAZON CAPITAL SERVICES, INC. 12/20/2023 Bank Draft 0.00 2,104.79 DFT0000283 10053 HAULAWAY STORAGE CONTAINERS 12/20/2023 Bank Draft 0.00 89.04 DFT0000284 0071-1 SO CAL GAS 12/20/2023 Bank Draft 0.00 180.80 DFT0000285 0071-1 SO CAL GAS 12/20/2023 Bank Draft 0.00 -180.80 DFT0000285 0071-1 SO CAL GAS 12/20/2023 Bank Draft 0.00 151.47 DFT0000286 0071-1 SO CAL GAS 12/20/2023 Bank Draft 0.00 66.84 DFT0000287 0070 SOUTHERN CALIFORNIA EDISON 12/20/2023 Bank Draft 0.00 6,314.97 DFT0000288 0070 SOUTHERN CALIFORNIA EDISON 12/20/2023 Bank Draft 0.00 44.09 DFT0000289 8363 TIME WARNER CABLE 12/20/2023 Bank Draft 0.00 319.98 DFT0000290

Page 38 of 435 ends

My Check Report Date Range: 12/01/2023 - 12/31/2023
12/26/2023 10:41:52 AM Page 3 of 4
Vendor Number Vendor Name Payment Date Discount Amount Payment Type Payment Amount Number 8363 TIME WARNER CABLE 12/20/2023 Bank Draft 0.00 -975.00 DFT0000291 8363 TIME WARNER CABLE 12/20/2023 Bank Draft 0.00 975.00 DFT0000291 0071-1 SO CAL GAS 12/21/2023 Bank Draft 0.00 120.50 DFT0000294 Regular Checks
Manual Checks
Voided Checks
Discount
Payment
Payment Type Count
Bank Code WF Checking Summary
Bank Drafts
EFT's
88 0
9 21
0 0.00

0.00 0.00

0.00 0.00
118 0.00
Payment
518,091.05

0.00 -40,410.85
100,474.52

0.00 578,154.72
Payable
Count
131
0 0
21 0
152

Page 39 of 435 ends

My Check Report Date Range: 12/01/2023 - 12/31/2023
12/26/2023 10:41:52 AM Page 4 of 4
All Bank Codes Check Summary
Payment Type Discount
Payment
Count Payment
Payable
Count
Regular Checks
Manual Checks
Voided Checks
Bank Drafts
EFT's
88 0
9 21
0 0.00

0.00 0.00

0.00 0.00
118 0.00
518,091.05

0.00 -40,410.85
100,474.52

0.00 578,154.72
131
0 0
21 0
152
Fund Name Period Amount
Fund Summary
998 Fund 998 12/2023 578,154.72
578,154.72

Page 40 of 435 ends

11/30/24 12/14/24 12/28/24 Total
(a) Direct Deposits 120,173.46 64,452.27 123,585.52 308,211.25 (b) ICMA & Union Dues 10,644.54 10,634.54 - 21,279.08
(c) CalPERS Ret & 457 Plan - 44,750.83 22,734.11 67,484.94 (d) CalPERS Medical 30,563.20 19,023.77 26,059.50 75,646.47 (e) Payroll taxes 64,781.50 - 64,781.50 -
(f) Medical 2,402.99 2,981.47 - 5,384.46
Total Amount 273,316.52 83,476.04 185,995.14 542,787.70 (a) Employees / Council Members / Commissioners
(b) ICMA & Union Dues
(c) CalPERS Retirement & 457 Plan
(d) CalPERS Medical (active and retired)
(e) Federal / State payroll taxes and unemployment
(f) Medical Insurance - Active and Retired employees

CITY OF CUDAHY
Payroll - including payroll taxes and insurance premiums:

Attachment B Page 41 of 435
Type Issuer Amount % of Total
Deposit - 4588 Wells Fargo 3,209,407.22 15.97%
Successor Agency - 0688 Wells Fargo 2,969,150.99 14.77% Checking - 7128 Wells Fargo 688,885.33 3.43%
Payroll - 4570 Wells Fargo 291,014.59 1.45%
Savings - 4752 Wells Fargo 331,811.80 1.65%
Money Market Account Bank of New York (BNY) (a) 10,270.42 0.05% Pooled Savings State Local Agency 12,601,991.50 62.69%
Investment Fund (LAIF)
Total 20,102,531.85 100.00%
Pursuant to California Government Code Section 53646(b), I hereby certify that all investments held by the Authority are in compliance with state law and the agency's Statement of Investment Policy, and that there are sufficient funds within the agency's investment holdings to meet the Authority's cash flow requirements for the next six (6) months.

Respectfully submitted,
Joshua Calhoun
Joshua Calboun
Finance Director

CITY OF CUDAHY
Statement of Investments
12/31/2023
Attachment C Page 42 of 435
Month
Receipts Disbursement
July 2023 $ 1,698,263.55 $ 2,043,188.80 (a)
August 2023 1,570,904.87 3,148,357.16 (b)
September 2023 1,125,855.21 1,693,834.27
October 2023 1,259,614.45 848,009.43
November 2023 1,061,252.71 1,514,985.44
December 2023 770,294.89 1,120,942.42
January 2024
February 2024
March 2024
April 2024
May 2024
June 2024
Total: $ 7,486,185.68 10,369,317.52
Note (a) - City liab. & workers comp insurance, and PERS unfunded pension liab.

Note (b) - Includes $1,893,444 to Siemens Industries
Month
Cash Receipts Disbursement
July 2023 $ 913,951.26 $ 1,604,912.00 (1)
August 2023 1,069,666.17 2,784,467.93 (2)
September 2023 797,120.38 1,543,754.51
October 2023 759,320.17 710,945.37
November 2023 632,862.51 1,244,543.67
December 2023 526,471.62 679,307.44
January 2024
February 2024
March 2024
April 2024
May 2024
June 2024
Total: $ 4,699,392.11 $ 8,567,930.92
Note (1) - City liab. & workers comp insurance, and PERS unfunded pension liab.

Note (2) - Includes $1,893,444 to Siemens Industries
All Funds
General Fund
City of Cudahy
Summary of Cash Receipt/Disbursement by Month - FY 2023-2024 Attachment D Page 43 of 435
Month
Cash Receipts Disbursement
July 2022 $ 4,033,647.40 (a) 1,789,957.16 $
August 2022 1,686,604.16 1,750,512.85
September 2022 823,969.03 2,318,824.72 (b)
October 2022 1,991,064.32 3,914,418.49 (c)
November 2022 1,086,868.12 869,692.56
December 2022 1,406,231.74 1,395,830.23
January 2023 2,714,262.24 (d) 1,463,847.38
February 2023 739,588.01 1,006,801.94
March 2023 1,120,658.63 1,991,169.04
April 2023 1,196,447.59 1,257,126.86
May 2023 3,260,684.11 (e) 1,984,309.07
June 2023 2,011,618.48 1,230,025.68
Total: $ 22,071,643.83 20,972,515.98
Note (a) - Includes $2.819 M received from American Rescue Plan Act, Fund 530 Note (b) - Includes $949K paid to Siemens
Note (c) - Includes $1,230,610 deposited into an Escrow fund for the Seimens Project Note (d) - Includes $1,628,225 in Motor Vehicle In-Lieu tax Note (e) - Includes $1,625,225 in Motor Vehicle In-lieu tax Month
Cash Receipts Disbursement
July 2022 $ 845,547.28 $ 1,589,154.35 (1)
August 2022 1,012,769.79 1,077,279.74
September 2022 541,456.74 2,140,117.92 (2)
October 2022 1,628,965.30 834,689.66
November 2022 802,869.63 598,974.94
December 2022 774,144.70 976,007.61
January 2023 2,377,440.36 (3) 1,266,258.83
February 2023 489,780.43 829,217.41
March 2023 620,900.31 1,602,710.73 (4)
April 2023 969,432.86 710,177.71
May 2023 2,843,131.44 (5) 1,675,594.30 (6)
June 2023 435,137.76 945,268.74
Total: $ 13,341,576.60 $ 14,245,451.94
Note (1) - City liab. & workers comp insurance, and PERS unfunded pension liab.

City pre-payment option of PERS unfunded pension liability saved 3.5% interest ($12k) than paying on a monthly basis.

Descanso Gardens Fdn Senior excursion to Descanso Gardens 1,470.00 League Of California Cit 1,350.00 League of California Cities conference Bjs Restaurants 490 Staff team meeting for november 1,185.89 Comm Industrial Councl Registration for State of the County 2024. 1,000.00 Thestagedepot.Com Skirt for Stage. 996.75
Nationwide Santas Santa for Tree Event 900.00
Ruffruffpoopbags.Com Bags for doggy stations 802.52
Www.Gomsa.Net MSA training 798.25
Msft * E0300pt3o2 Microsoft 365 Subscription 583.00
Fun Express Crafts for Tree Event 566.61
Adobe Inc. Adobe Subscription 551.77
Www.Flyingcross.Com Purchased jacket 546.82 s for Officers Barragan and Russel.

Wm Supercenter #3180 Supplies for staff meeting in November 545.99 Wingstop 717 Olo halloween luncheon/ training 509.94
Grant Writing Usa 495.00
Www.Ui.Com 449.90
Vivint Inc/Us 422.70
Officemax/Depot 6440 419.54
Puntip Cuisine Llc 415.48
Wave - *radius Maps 4 Les 410.00
Icma Online 400.00
U-Haul At Atlantic Ave 361.56
Honeybaked Ham Store # 340.62
Msft * E0300pt02m 291.14
Board Accountancy 280.00
Target 00001909 243.96
Sq *agua Y Salud 195.98
Jersey Mikes Online Orde 181.95
Lees Bbq And Boba 159.69
Crypto.Com Arena La Live 150.00
Hp *instant Ink 146.52
Grainger 142.99
Business.Apple.Com 133.49
Starbucks Store 67663 121.90
Sapporo 113.19
Party City 965 111.84
Los Angeles Chargers 110.00
Portos Bakery West Covi 96.67
Turn 12 Bar 80.00
Cudahy Sinclair 70.10
The Marketplace Grill Caf 67.27
Baskin #354428 59.99
Uber Trip 58.89
Cudahy 50.97
Don Chente Bar And Grill 50.00
Glorias Cocina Mexicana 49.69
Credit Card Payment Detail
November 01, 2023 to November 30, 2023, paid December 06, 2023

Page 1 of 2 ends

Attachment F Page 45 of 435

ATTACHMENT F
Supplier - Name Amount Transaction - Business Purpose
Credit Card Payment Detail
November 01, 2023 to November 30, 2023, paid December 06, 2023 Sams Club#6626 49.59
Amazon.Com*ip9ay47l3 48.66
Tst* Nothing Bundt Cakes 43.00
Baskin #342210 Q35 38.99
Norms - Downey 38.87
Msft * E0300pt01y 36.00
Tst* T&a Taco 31.14
Arco #42945 25.02
Lyft Ride Wed 6am 24.98
Usc Transp T2 Mobilepay 20.50
Target 00023978 18.97
Digitalspace 13.00
Laz Parking 670507 10.85
Postermywall Premium 9.95
Apple.Com/Bill 4.99
Dispute-Cpu-Cooling-Fan (52.55)
Dispute-Esec.Wayne (64.48)
Dispute-Nmpsychology (98.94)
Grand Total 39,406.91

Page 2 of 2 ends

Page 46 of 435 ends

“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 1 of 3

STAFF REPORT
Date: January 16, 2024
To: Honorable Chair and Agency Members
From: Alfonso Noyola, City Manager/Executive Director
By: Joshua Calhoun, Finance Director/Finance Officer
Subject: Consideration to Adopt Resolution No. SA 24-01 for Approval of the Recognized Obligation Payment Schedule Administrative Budget for Fiscal Period of July 1, 2024 to June 30, 2025

RECOMMENDATION
The Successor Agency is requested to adopt proposed Resolution No. SA 24-01 approving the Administrative Budget for the Recognized Obligation Payment Schedule (ROPS) for the fiscal period of July 1, 2024 to June 30, 2025 (ROPS 24-25).

BACKGROUND

1. On January 17, 2012, the City Council adopted Resolution No. 12-04 electing to serve as the Successor Agency to the Cudahy Community Development Commission.

2. On February 1, 2012, the former Cudahy Community Redevelopment Agency was dissolved pursuant to ABX1 26 (Stats 2011-12, 1st Ex Sess., Chapter 5), and collectively the AB X1 26, as amended by subsequent legislation, shall be referred to as the “State Redevelopment Dissolution Law.”

3. On February 1, 2012, the State Redevelopment Dissolution Law requires the Successor Agency to prepare a proposed "Administrative Budget" for the period concurrent with the six-month fiscal period of each ROPS.

4. On June 27, 2012, Assembly Bill 1484 was signed into law to augment and expand the State Redevelopment Dissolution Law by clarifying agencies’ roles in the dissolution process and changing the six-month ROPS submission schedule to an annual reporting process, beginning July 1, 2016.

Item Number
12E

Page 47 of 435 ends

“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 2 of 3

6. On January 17, 2023, Successor Agency prepared and approved the Administrative Budget for the fiscal period July 1, 2023 through June 20, 2024.

ANALYSIS
The approved Administrative Budget, which pertains to the Successor Agency’s “Administrative Cost Allowance,” will be listed on ROPS 24-25 and accordingly will be considered an enforceable obligation. Only those enforceable obligations listed and approved on the ROPS may be paid by funds from the Redevelopment Property Tax Trust Fund (RPTTF).

Administrative Cost Allowance is paid to the Successor Agency by the State from property tax revenues allocated by the Los Angeles County Auditor-Controller. This allowance has a limit of up to a maximum of 3% of the property tax allocated for enforceable obligations, but not less than $250,000 for any fiscal year, unless the Oversight Board reduces this amount. The allowance sought by the Successor Agency for such allowance through its proposed Administrative is $250,000.

Successor Agency staff have prepared and now submit to the Successor Agency the Administrative Budget for the period of July 1, 2024 to June 30, 2025 (Exhibit A to Resolution).

Pursuant to Section 34177(j), an Administrative Budget is to include all of the following: (a) estimated amounts of the Successor Agency’s administrative costs for the upcoming twelvemonth fiscal period (July 1, 2024 to June 30, 2025); (b) the proposed sources of payment for the costs identified in (a); and (c) proposals for arrangements for administrative and operations services provided by the City to the Successor Agency.

Under the State Redevelopment Dissolution Law, each ROPS includes a line item for the Successor Agency’s Administrative Budget for the applicable period and requires that the ROPS 24-25 be approved by the Successor Agency and Oversight Board and submitted to the State Department of Finance (DOF) as a part of the ROPS 24-25 by February 1, 2024. The ROPS is subject to review by the Oversight Board, DOF, and the County-Auditor Controller. If the DOF approves the ROPS enforceable obligations, the County-Auditor Controller allocates and remits funds from the RPTTF to be used for payments of the enforceable obligations listed on the ROPS.

Page 48 of 435 ends

“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 3 of 3

CONCLUSION
If approved, the Administrative Budget will be submitted to the Oversight Board for review and approval at a regular meeting on January 23, 2024. Under Section 4177(k), the Successor Agency would then provide to the County of Los Angeles Auditor-Controller (County) the administrative cost estimates from the approved Administrative Budget that are to be paid from property tax revenues deposited into the Redevelopment Property Tax Trust Fund for such fiscal period.

STRATEGIC PLAN CORRELATION
Goal (Financial Stability and Transparency)
• Provide regular updates to the City Council and Community about the City’s finances.

FINANCIAL IMPACT
The Successor Agency will be reimbursed up to $250,000 for expenses and costs related to the dissolution of the former Cudahy Community Development Commission for the fiscal period of July 1, 2024 to June 30, 2025, if approved by the Oversight Board, and the State Department of Finance.

ATTACHMENT
A. Proposed Resolution No. SA 24-01 with Exhibit “A” – Cudahy Successor Agency Administrative Budget

Page 49 of 435 ends

RESOLUTION NO. SA 24-01

A RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER

CUDAHY REDEVELOPMENT AGENCY (CUDAHY COMMUNITY

DEVELOPMENT COMMISSION) APPROVING AN ADMINISTRATIVE
BUDGET FOR THE PERIOD JULY 1, 2024 THROUGH JUNE 30, 2025 PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 AND

TAKING CERTAIN ACTIONS IN CONNECTION THEREWITH
A. Pursuant to Part 1.85 of the Community Redevelopment Law (commencing with Health and Safety Code Section 34170) (“Part 1.85”), the Successor Agency to the former Cudahy Redevelopment Agency (Cudahy Community Development Commission) (“Successor Agency”) is required to undertake a number of actions related to winding down the affairs of the former Cudahy Redevelopment Agency (the “Former Redevelopment Agency”) pursuant to Health and Safety Code Section 34177(h).

B. In connection with the administration and operations of the Successor Agency, the Successor Agency is and will be utilizing the staff, facilities, and other resources of the City of Cudahy. The City Manager of the City serves as Executive Director of the Successor Agency, the Finance Director serves as Finance Officer of the Successor Agency, and the City Clerk or Deputy City Clerk serves as Secretary to the Successor Agency. Planning, finance, engineering, public works, legal and other City departments devote and are expected to devote substantial time with respect to the administration and operations of the Successor Agency, including gathering information relating to the Former Redevelopment Agency’s enforceable obligations, conferring with public officials representing governmental agencies, and undertaking other activities in connection with administration and operations of the Successor Agency.

C. Pursuant to Health and Safety Code Section 34171(d)(1)(F), contracts or agreements necessary for the administration or operation of the Successor Agency are enforceable obligations and pursuant to Health and Safety Code Sections 34178(a) and 34180(h), and the Successor Agency may enter into agreements with the City with the approval of the Oversight Board for the Successor Agency (the “Oversight Board”).

D. Pursuant to Health and Safety Code Section 34177(j), the Successor Agency is required to prepare a proposed administrative budget for each fiscal period and submit each proposed administrative budget to the Oversight Board for its approval. Each proposed administrative budget shall include all of the following: (1) estimated amounts for Successor Agency administrative costs for the applicable fiscal period; (2) proposed sources of payment for the costs identified in (1); and (3) proposals for arrangements for administrative and operations services provided by the City or another entity.

E. Pursuant to Health and Safety Code Section 34177(k), the Successor Agency is required to provide administrative cost estimates, from its approved administrative budget that are to be paid from property tax revenues deposited in the Redevelopment Property Tax Trust Fund, to the County Auditor-Controller for each applicable twelve-month fiscal period.

F. Staff of the Successor Agency seeks the Successor Agency’s approval of the administrative budget for the period beginning on July 1, 2024 through June 30, 2025 (“Administrative Budget 24-25”), in the form attached to this Resolution as Exhibit “A”, and the Successor Agency’s authorization to submit the approved Administrative Budget 24-25 to the Oversight Board for its approval and to forward the information required by Health and Safety Code 34177(k) to the County Auditor-Controller.

G. Administrative Budget 24-25 has been prepared in accordance with Health and Safety Code Section 34177(j) and is consistent with the requirements of the Health and Safety Attachment A Page 50 of 435
Resolution No. SA 24-01

Page 2 of 4 ends

Code and other applicable law. The proposed source of payment of the costs set forth in Administrative Budget 24-25 is property taxes from the Redevelopment Property Tax Trust Fund of Los Angeles County established for the Successor Agency.

H. The activity proposed for approval by this Resolution is not a “project” for purposes of the California Environmental Quality Act (‘CEQA”), as that term is defined by CEQA Guidelines Section 15378, because the activity approved by this Resolution is an organizational or administrative activity that will not result in a direct or indirect physical change in the environment, in accordance with CEQA Section 15378(b)(5) of the Guidelines.

NOW, THEREFORE, THE SUCCESSOR AGENCY TO THE CUDAHY

REDEVELOPMENT AGENCY (CUDAHY COMMUNITY DEVELOPMENT COMMISSION) DOES HEREBY RESOLVE, FIND, DETERMINE AND ORDER AS FOLLOWS:

Section 1. The above recitals are true and correct and are a substantive part of this Resolution.

Section 2. This Resolution is adopted pursuant to the provisions of Part 1.85.

Section 3. The Successor Agency hereby approves the proposed administrative budget for the twelve-month fiscal period commencing July 1, 2024 and ending June 30, 2025 attached hereto as Exhibit “A” and incorporated herein by reference.

Section 4. The officers and staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable to effectuate this Resolution, and any such actions previously taken by such officers and staff are hereby ratified and confirmed.

Section 5. The Successor Agency hereby determines that the activity approved by this Resolution is not a “project” for purposes of CEQA, as that term is defined by CEQA Guidelines Section 15378, because the activity approved by this Resolution is an organizational or administrative activity that will not result in a direct or indirect physical change in the environment, per Section 15378(b)(5) of the CEQA Guidelines.

PASSED, APPROVED, AND ADOPTED this 16th day of January 2024. ________________________________
Jose Gonzalez
Chair of the Successor Agency to the
Former Cudahy Redevelopment Agency
ATTEST:
_____________________________
Richard Iglesias
Secretary to the Successor Agency

Page 51 of 435 ends

Resolution No. SA 24-01

Page 3 of 4 ends

CERTIFICATION

STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:

CITY OF CUDAHY )
I, Richard Iglesias, Secretary to the Successor Agency, do hereby certify that the above and foregoing Resolution No. SA 24-01 was passed, approved, and adopted by the Successor Agency to the former Cudahy Community Development Commission/Redevelopment Agency of the City of Cudahy, signed by the Chair and attested by the Secretary to the Successor Agency at a meeting of said Successor held on this 16th day of January 2024, and that said Resolution was adopted by the following votes to wit:

AYES:

NOES:

ABSENT:

ABSTAIN:

Richard Iglesias
Secretary to the Successor Agency

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Resolution No. SA 24-01

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Exhibit “A”

SUCCESSOR AGENCY TO THE CUDAHY COMMUNITY DEVELOPMENT COMMISSION

ANNUAL & SIX-MONTH ADMINISTRATIVE BUDGETS
FISCAL YEAR 2024-25
Expense Category
Annual FY 2024-
25 Jul - Dec
2024
Jan - Jun
2025 Description
Personnel Expenses
City Manager / Executive
Director $ 37,850 $ 18,925 $ 18,925
City Manager's Office - Provide
direction to staff and consultants as
needed; reviews and oversees SA
administration.

City Clerk $ 10,000 $ 5,000 $ 5,000 City Clerk's Office - Provides assistance with Agenda Items
including but not limited to
Resolutions and recording of
documents.

Assistant City Clerk /
Secretary $ $ - $ -
Finance Director / Finance
Officer $ 55,050 $ 27,525 $ 27,525
Finance Department - Process
payment of enforceable obligations;
maintain documentation of SA
records; coordinate with consultants
to answer questions and provide
documentation as needed for
reporting preparation and as
requested by the Oversight board,
County Auditor-Controller, and
DOF; administration and
implementation of SA wind-down
activities.

Senior Accountant and/or
Accounting Technician
$ 22,100 $ 11,050 $ 11,050
Personnel Costs Subtotal $ 125,000 $ 62,500 $ 62,500
Service expenses
Professional Services (HdL
Contract) $ 20,000 $ 10,000 $ 10,000
Prepare ROPS, PPA, staff reports
and resolutions for SA and OB;
coordinate and answer questions for
Oversight Board, County AuditorController, and DOF; monitor and project cash flow to ensure sufficient
revenues for obligations and inform
SA staff of expected revenues; other
SA services as needed.

Accounting and Auditing $ 10,000 $ 5,000 $ 5,000 Audits and other financial services as needed.

Legal Services $ 93,500 $ 46,750 $ 46,750
Provide general legal services as
needed, review staff reports and
resolutions, other legal services as
needed.

Risk management/insurance $ -
Property maintenance $ -
Overhead & Department
Expenses $ 1,500 $ 750 $ 750 Office overhead, supplies, training, conferences, other SA expenses
Service Costs Subtotal $ 125,000 $ 62,500 $ 62,500
Total Expenses $ 250,000 $ 125,000 $ 125,000
Source of Repayment is Redevelopment Property Tax Trust Fund (RPTTF)

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“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 1 of 3

STAFF REPORT
Date: January 16, 2024
To: Honorable Chair and Agency Members
From: Alfonso Noyola, City Manager/Executive Director
By: Joshua Calhoun, Finance Director
Subject: Approval of the Recognized Obligation Payment Schedule for the Fiscal Period of July 1, 2024 to June 30 2025 (ROPS 24-25)

RECOMMENDATION
The Successor Agency is requested to approve the Recognized Obligation Payment Schedule (ROPS) for the fiscal period of July 1, 2024 to June 30, 2025 (ROPS 24-25), for submission to the City of Cudahy Oversight Board.

BACKGROUND

1. On January 17, 2012, the City Council adopted Resolution No. 12-04 electing to serve as the Successor Agency to the Cudahy Community Development Commission.

3. On February 1, 2012, the Successor Agency to the Community Development Commission of the City began performing its functions under the Dissolution Law, Parts 1.8 and 1.85 of the Health and Safety Code, as amended by Assembly Bill 1484 and other subsequent legislation (together, the “Dissolution Law”), to administer the enforceable obligations and otherwise unwind the former Agency’s affairs, all subject to the review and approval by the Oversight Board.

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“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 2 of 3

changing the six-month ROPS submission schedule to an annual reporting process, beginning July 1, 2016.

5. On September 23, 2015, Governor Brown signed Senate Bill 107 into law to augment and expand the State Redevelopment Dissolution Law by imposing additional responsibilities on successor agencies and setting milestones for redevelopment dissolution, including a deadline of February 1, 2017 for the submission of future ROPS to State Department of Finance (DOF).

6. On January 17, 2023, the Successor Agency, pursuant to the Dissolution Law, approved ROPS 23-24 as it had passed all prior ROPS and thereafter submitted to DOF and approved.

Pursuant to Section 34 171(g) of Part 1.85, ROPS means the document setting forth the minimum payment amounts, and due dates of payments required by enforceable obligations for each fiscal period as provided in subdivision (m) of Section 34177.

ANALYSIS
AB X1 26 requires the Successor Agency to prepare a ROPS for each twelve-month period, beginning with the twelve-month period July 1, 2024 to June 30, 2025. The ROPS serves as an invoice between the Successor Agency and the Los Angeles County Auditor-Controller (County) and dictates how much former property tax increment will be released by the County for the twelve-month period to the Successor Agency to pay for enforceable obligations. Only payments listed on the ROPS may be made by the Successor Agency during this period.

Currently, the Successor Agency’s sources of revenue available to pay for costs listed on the approved ROPS include Former Tax Increment, now held by the County in the Redevelopment Property Tax Trust Fund (RPTTF).

Attachment A reflects the twelve-month estimated payment obligations for the Successor Agency in the online format provided by the DOF. The ROPS 24-25 will be submitted to the County, State Controller's Office (SCO) and the DOF by February 1, 2024, the statutory deadline.

CONCLUSION
It is recommended that the Successor Agency approve ROPS 24-25 for submission to the Oversight Board meeting on January 23, 2024, to ensure a timely submission of ROPS 24-25. If the Successor Agency does not approve the ROPS 24-25 and accordingly would not allow the Oversight Board the opportunity to approve the ROPS 24-25 and submit ROPS 24-25 by February 1, 2024 the Successor Agency will be fined a civil penalty of $10,000 per day for the

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“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 3 of 3

failure to submit on time.

STRATEGIC PLAN CORRELATION
Goal (Financial Stability and Transparency)
• Provide regular updates to the City Council and Community about the City’s finances.

FINANCIAL IMPACT
The Proposed Recognized Obligation Payment Schedule (ROPS 24-25) will approve the RPTTF to provide the funds necessary to make payments on the debt.

ATTACHMENT
A. Proposed Recognized Obligation Payment Schedule (ROPS 24-25) – ROPS Detail

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CITY OF CUDAHY
Recognized Obligation Payument Schedule (ROPS 23-24) - ROPS Detail July 1, 2023 through June 30, 2024

B C D E F G H I J K L MN O P Q R STU V W
Bond
Proceeds
Reserve
Balance
Other
Funds
RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds
RPTTF Admin
RPTTF
$12,625,528 $2,623,354 $0 $0 $0 $1,448,510 $125,000 $1,573,510 $0 $0 $0 $924,844 $125,000 $1,049,844 8 Fiscal Agent Fees Fees 10/28/
1999
10/01/2027 The Bank of
New York Mellon Trust Company, N.A.

Annual fiscal agent fees for bonds issues and Arbitrage Calculations Citywide 18,000 N $1,800 - - - - - 0 - - - 1,800 - $1,800 9 Bond Disclosure
Services
Fees 06/27/
2011
03/31/2027 HdL Coren &
Cone
Annual continuing disclosure for bond issues
Citywide 14,700 N $1,200 - - - - - 0 - - - 1,200 - $1,200 13 City
Reimbursement
City/County Loan
(Prior 06/28/11),Other
06/07/2005
07/02/2048 City of
Cudahy
Loan Repayment Citywide 524,916 N 524,916 - - - 524,916 - 524,916 - -- - - 0 24 Successor
Agency Admin. Cost
Admin Costs 07/01/
2022
06/30/2023 Various Greater of 3% or
$250,000
Citywide 250,000 N 250,000 - - - - 125,000 125,000 - - - - 125,000 125,000 52 Taxable Tax
Allocation Refunding Bonds, Series 2018
Bonds Issued After 12/31/10
09/25/2018
10/01/2027 The Bank of
New York Mellon Trust Company, N.A.

Refunding of multiple bond issues
Citywide 9,135,188 N 1,845,438 - 0 - 923,594 - 923,594 - - - 921,844 - 921,844 REMOVED17 County Deferral 814,87818 County Deferral 526,48453 Legal Counsel 054 Property Maintenance 0 Payee Item # Project Name Obligation Type Agreement Execution Date Agreement Termination Date Description Project Area Total Outstanding Obligation Retired ROPS 24-25 Total 24-25A Total ROPS 24-25B (Jan - Jun) 24-25B
Total Fund Sources Fund Sources
ROPS 24-25A (Jul - Dec)

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Attachment A

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AB C

D E F G H
Reserve Balance Other Funds RPTTF
Bonds issued
on or before
12/31/10
Bonds issued
on or after
01/01/11
Prior ROPS RPTTF
and Reserve
Balances retained
for future period(s)
Rent, grants, interest, etc.

Non-Admin and Admin
1 Beginning Available Cash Balance (Actual 07/01/19) RPTTF amount should exclude "A" period distribution amount.
2,205 2,535,965 901,458 147,600 0
2 Revenue/Income (Actual 06/30/20)
RPTTF amount should tie to the ROPS 19-20 total distribution from the County Auditor-Controller 0 0 0 0 2,121,796
3 Expenditures for ROPS 19-20 Enforceable Obligations (Actual 06/30/20)
0 0 0 0 2,068,447
4 Retention of Available Cash Balance (Actual 06/30/20) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 2,205 2,535,965 901,458 147,600 53,348
5 ROPS 19-20 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 19-20 PPA form submitted to the CAC 0 6 Ending Actual Available Cash Balance (06/30) C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $- $-
No entry required
Cudahy
Recognized Obligaiton Payments Schedule (ROPS 24-25) - Report of Cash Balances July 1, 2024 through June 30, 2025 (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation.

ROPS 19-20 Cash Balances (07/01/19 - 06/30/20)
Fund Sources
Comments
Bond Proceeds

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Item # Notes/Comments
8 9
13 17
18 23
24 52
53 54
55 56
Cudahy
Recognized Obligation Payment Schedule (ROPS 23-24) - Notes July 1, 2024 through June 30, 2025

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ESTIMATED ANNUAL ADMINISTRATIVE EXPENSES
External Consultants Costs Funding Source
Attorney Costs 20,000 $ RPTTF Administrative Allowance
Consultant Costs 20,000 $ RPTTF Administrative Allowance Auditor Fees 15,000 $ RPTTF Administrative Allowance
Successor Agency Expenses
Successor Agency rent and utilities 10,000 $ RPTTF Administrative Allowance Successor supplies 1,000 $ RPTTF Administrative Allowance Successor equipment 500 $ RPTTF Administrative Allowance Salaries and benefits 140,000 $ RPTTF Administrative Allowance Risk management / insurance 39,000 $ RPTTF Administrative Allowance Property Maintenance 4,500 $ RPTTF Administrative Allowance Estimated Annual Total $ 250,000
RPTTF - Redevelopment Property Tax Trust Fund
Exhibit "B"

CUDAHY SUCCESSOR AGENCY ADMINISTRATIVE BUDGET COVERING
July 1, 2024 to June 30, 2025

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“Serving The People” "Sirviendo A La Comunidad"
Staff Report
01/16/2024 Page 1 of 2

STAFF REPORT
Date: January 16, 2024
To: Honorable Mayor/Chair and City Council/Agency Members From: Alfonso Noyola, City Manager/Executive Director
By: Joshua Calhoun, Finance Director
Subject: Receive and File of the FY 2022-23 Audited Financial Statements and Related Reports

RECOMMENDATION
The City Council is requested to receive and file the FY 2022-23 Audited Financial Statements and Related Reports.

BACKGROUND

1. The firm The Pun Group, LLP was engaged on June 27, 2023, to perform an independent audit of the financial statements of the City for FY2022-23.

2. The firm completed the audit process and have issued related reports as of December 21, 2023.

ANALYSIS
The City’s independent auditor, The Pun Group, LLP, have completed their annual audit of the City’s general ledger for the fiscal year ending June 30, 2023. The City’s annual financial statements were prepared by the audit firm in accordance with Generally Accepted Accounting Principals (GAAP), Government Auditing Standards, and comply with other rules and regulations applicable to government entities.

At the conclusion of the audit test work, the audit firm issues an opinion as to the fairness of presentation of the financial position of City activities. The City received an unmodified opinion from the independent auditors. An unmodified opinion is an independent auditor’s judgement that an organization’s financial records and statements are fairly and appropriately presented in accordance with GAAP. In addition, the audit firm is required to issue reports related to internal controls and communicate with the Council on how the audit was planned and conducted. All reports and letters are attached.

Item Number
14A

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Staff Report
01/16/2024 Page 2 of 2
The financial statements consists of several parts: the basic financial statements which includes the government-wide financial statements, the fund financial statements, and notes to the financial statements. The required supplementary information provides additional financial information regarding the City not provided in the basic financial statements.

Additionally, the City was subject to a Single Audit for federal grant expenditures as expenditures were greater than $750,000. Based on the Independent Auditor’s Report for Each Major Federal Program on Internal Control over Compliance, and on the Schedule of Expenditures of Federal Awards Required by the Uniform Guidance, the City is in compliance with federal grants and received no comments for findings with respect to federal grant programs.

Within the auditor’s Letter of Comments to Management the auditors found no significant deficiencies or material weaknesses in the City’s internal controls.

CONCLUSION
The City’s financial statements are presented fairly and appropriately in accordance with GAAP.

STRATEGIC PLAN CORRELATION
Goal D (Financial Stability and Transparency), Objectives:

2. Provide regular updates to the City Council and community about the City’s finances.

4. Ensure internal financial controls are in place and regularly monitored.

FINANCIAL IMPACT
There is no fiscal impact associated with this report. Costs associated with the annual audit were included in the fiscal year 2022-23 adopted budget.

ATTACHMENTS
A. Independent Auditors’ Reports and Basic Financial Statements for the Year Ended June 30, 2023
B. Auditor’s Communication with Those Charged with Governance Pursuant to Statement on Auditing Standards 114
C. Single Audit Report Year Ended June 30, 2023 with Independent Auditor’s Report D. Independent Accountant’s Report on Agreed-upon Procedures Applied to Appropriations Limit Worksheet for Year Ended June 30, 2023

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City of Cudahy
Cudahy, California
Independent Auditors’ Reports and
Basic Financial Statements
For the Year Ended June 30, 2023
Attachment A Page 65 of 435

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City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
Table of Contents
Page
Independent Auditors’ Reports on the Audit of the Financial Statements ............................................................. 1 Basic Financial Statements:

Government-Wide Financial Statements:

Statement of Net Position .................................................................................................................................. 9 Statement of Activities .................................................................................................................................... 10 Fund Financial Statements:

Governmental Fund Financial Statements:

Balance Sheet ............................................................................................................................................ 15 Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position .......................................................................... 16 Statement of Revenues, Expenditures, and Changes in Fund Balances .................................................... 17 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Government-Wide Statement of Activities ....................................................................................................................... 18 Fiduciary Fund Financial Statements:

Statement of Fiduciary Net Position ......................................................................................................... 21 Statement of Changes in Fiduciary Net Position ...................................................................................... 22 Notes to the Basic Financial Statements ................................................................................................................ 27 Required Supplementary Information (Unaudited):

Budgetary Comparison Schedules:

General Fund ................................................................................................................................................... 58 Other Grants Special Revenue Fund ............................................................................................................... 59 Notes to the Budgetary Comparison Schedules ..................................................................................................... 61 Schedule of the City’s Proportionate Share of the Net Pension Liabilities ............................................................ 62 Schedule of Contributions – Pensions .................................................................................................................... 64 Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios .......................................................................................................................................... 66 Schedule of Contributions – Other Postemployment Benefits ............................................................................... 68 Supplementary Information:

Nonmajor Governmental Funds:

Combining Balance Sheet ............................................................................................................................... 75 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ....................................... 81

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City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
Table of Contents (Continued)
Page
Supplementary Information (Continued):

Schedules of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual Nonmajor Special Revenue Funds:

Prop 1B Local Street Improvements Special Revenue Fund .............................................................. 86 Proposition A Special Revenue Fund ................................................................................................. 87 Proposition C Special Revenue Fund ................................................................................................. 88 Measure M Special Revenue Fund ..................................................................................................... 89 Measure R Special Revenue Fund ...................................................................................................... 90 Measure W Special Revenue Fund ..................................................................................................... 91 Air Quality Improvement (AQMD) Special Revenue Fund ............................................................... 92 Community Oriented Policing Services (COPS) Special Revenue Fund ........................................... 93 TDA – Transportation Development Special Revenue Fund ............................................................. 94 Street Lighting Special Revenue Fund ............................................................................................... 95 Development Impact Fees Special Revenue Fund ............................................................................. 96 Surface Transportation Program Local (STPL) Special Revenue Fund ............................................. 97 State Gas Tax Special Revenue Fund ................................................................................................. 98 Community Development Block Grant (CDBG) Special Revenue Fund .......................................... 99

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200 E. Sandpointe Avenue, Suite 600
Santa Ana, California 92707
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and the Members of the City Council of the City of Cudahy
Cudahy, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Cudahy, California (the “City”), as of and for the year ended June 30, 2023, and the related notes to the basic financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2023, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these 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 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.

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To the Honorable Mayor and the Members of the City Council of the City of Cudahy
Cudahy, California

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2 Auditors’ 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 auditors’ 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 auditing standards generally accepted in the United States of America 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 auditing standards generally accepted in the United States of America and Government Auditing Standards, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

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

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Budgetary Comparison Schedules – General Fund, the Schedule of City’s Proportionate Share of the Net Pension Liability, the Schedule of Contributions – Pensions, the Schedules of Changes in Net Other Postemployment Benefits Liability and Related Ratios, and the Schedules of Contributions – Other Postemployment Benefits as listed in the table of contents be presented to supplement the basic financial statements. Such information, 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.

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To the Honorable Mayor and the Members of the City Council of the City of Cudahy
Cudahy, California

Page 3 ends

3 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.

Management has omitted Management’s Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, 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. Our opinion on the basic financial statements is not affected by this missing information.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The combining and individual nonmajor fund financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards. In our opinion, the combining and individual nonmajor fund financial statements are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 21, 2023, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

Santa Ana, California
December 21, 2023

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o
Cudahy
Management’s Discussion and Analysis
4 City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
(This page is intentionally left blank)

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BASIC FINANCIAL STATEMENTS
5

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(This page is intentionally left blank)
City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
6

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GOVERNMENT-WIDE

FINANCIAL STATEMENTS
7

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City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
(This page is intentionally left blank)
8

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Primary Government
Governmental
Activities
ASSETS
Current assets:

Cash and cash equivalents $ 17,051,310
Receivables 1,716,961
Prepaid items 103,595
Total current assets 18,871,866
Noncurrent assets:

Restricted cash and investments in escrow 5,502,393
Notes receivables, net 3,563,706
Land held for resale 940,000
Capital assets:

Capital assets, not being depreciated 15,055,462
Capital assets, being depreciated 19,574,053
Total capital assets 34,629,515
Total noncurrent assets 44,635,614
Total assets 63,507,480

DEFERRED OUTFLOWS OF RESOURCES
Pension related 1,875,624
Other postemployment benefits related 166,813
Total deferred outflows of resources 2,042,437

LIABILITIES
Current liabilities:

Accounts payable 1,247,708
Deposits 69,845
Interest payable 187,536
Unearned revenue 333,691
Due to other governments 146,000
Long-term debt - due within one year 121,726
Total current liabilities 2,106,506
Noncurrent liabilities:

Long-term debt - due in more than one year 5,418,874
Net pension liability 4,302,147
Net other postemployment benefits liability 1,850,437
Total noncurrent liabilities 11,571,458
Total liabilities 13,677,964

DEFERRED INFLOWS OF RESOURCES
Pension related 969,808
Other postemployment benefits related 398,049
Total deferred inflows of resources 1,367,857

NET POSITION
Net investment in capital assets 34,629,515
Restricted 17,701,061
Unrestricted (1,826,480)
Total net position $ 50,504,096
City of Cudahy
Statement of Net Position
June 30, 2023
See accompanying Notes to the Basic Financial Statements. 9

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Net (Expense)
Operating Capital Total Revenue amd
Charges for Grants and Grants and Program Change in
Functions/Programs Expenses Services Contributions Contributions Revenues Net Position Governmental activities:

General government 4,648,170 $ - $ 43,092 $ - $ 43,092 $ (4,605,078) $ Public safety 4,533,928 542,411 361,867 - 904,278 (3,629,650) Public works 1,317,680 - 303,639 - 303,639 (1,014,041)
Community services 2,107,326 347,132 520,938 - 868,070 (1,239,256) Community development 1,724,128 1,840,857 1,436,742 - 3,277,599 1,553,471 Interest and fiscal charges 187,536 - - - - (187,536)
Total primary government $ 2,730,400 14,518,768 $ 2,666,278 $ - $ 5,396,678 $ (9,122,090) General Revenues:

Property Taxes 464,954
Sales and use taxes 4,455,182
Franchise and transfer taxes 431,888
Transient occupancy taxes 75,497
Business licene taxes 194,728
Motor vehicle in-lieu taxes 3,279,798
Utility users tax 1,415,817
Investment income 534,050
Other revenue 202,329
Total general and other revenues 11,054,243
Special item:

Assets transferred from Successor Agency (Note 14) 15,296,169 Change in net position 17,228,322
Net position, beginning of year 33,275,774
Net position, end of year $ 50,504,096
Program Revenues
City of Cudahy
Statement of Activities
For the Year Ended June 30, 2023
Primary Government
Governmental Activities
See accompanying Notes to the Basic Financial Statements. 10

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FUND FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Fiduciary Fund Financial Statements
11

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City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
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12

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GOVERNMENTAL FUND

FINANCIAL STATEMENTS
General Fund - To account for all general revenues of the City not specifically levied or collected for other City funds and for expenditures related to the rendering of general services by the City.

Housing Authority Special Revenue Fund - To account for assets used for low-and-moderate income housing activities in accordance with the applicable housing-related regulations.

Other Grants Special Revenue Fund - To account for State Grants relating to future development in the City including transportation related projects.
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City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
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Nonmajor Total
General Housing Other Governmental Governmental
Fund Authority Grants Funds Funds
ASSETS
Cash and investments $ 5,795,838 $ 842,945 $ 10,411,909 618 $ $ 17,051,310 Accounts receivables - 578,578 - 139,310 717,888
Taxes receivables 591,507 - 32,359 - 623,866
Grant receivables - - 177,156 - 177,156
Notes receivables, net 3,189,970 - 373,736 - 3,563,706
Interest receivables 30,272 - 164,616 - 194,888
Other receivables 3,163 - - - 3,163
Prepaid items 67,540 - 36,055 - 103,595
Due from other funds 583,355 - - 583,355 -
Land held for resale 940,000 - - 940,000 -
Restricted cash and investments:

Cash and investments in escrow 5,502,393 - - 5,502,393 - Total assets $ 12,574,068 $ 4,972,915 $ 579,196 $ 11,335,141 $ 29,461,320

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities $ 848,195 $ 90,085 - $ $ 309,428 $ 1,247,708 Deposits payable 69,845 - - 69,845 -
Due to other governments - - 146,000 - 146,000
Due to other funds - 489,111 - 94,244 583,355
Unearned revenue - - 333,691 - 333,691
Total liabilities 918,040 579,196 - 883,363 2,380,599
Deferred inflows of resources:

Unavailable revenue 3,189,970 - - 3,189,970 -
Total deferred inflows of resources 3,189,970 - - 3,189,970 - Fund balances:

Nonspendable 67,540 - 36,055 - 103,595
Restricted 5,502,393 1,782,945 10,415,723 - 17,701,061
Committed 900,000 - 900,000 -
Assigned 4,287,569 - - 4,287,569 -
Unassigned 898,526 - - 898,526 -
Total fund balances 11,656,028 1,782,945 10,451,778 - 23,890,751 Total liabilities, deferred inflows of
resources, and fund balances $ 12,574,068 $ 4,972,915 $ 579,196 $ 11,335,141 $ 29,461,320 Special Revenue Funds
City of Cudahy
Balance Sheet
Governmental Funds
June 30, 2023
See accompanying Notes to the Basic Financial Statements. 15

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Total Fund Balances - Total Governmental Funds $ 23,890,751 Amounts reported for governmental activities in the statement of net position are different because:

Capital assets, not being depreciated 15,055,462 $
Capital assets, being depreciated 70,576,776
Less accumulated depreciation (51,002,723) 34,629,515
(187,536)
(5,100,000)
(35,232)
(160,499)
Claims liabilities - due within one year (86,494)
Claims liabilities - due in more than one year (5,540,600) (158,375) 1,875,624
(4,302,147)
(969,808)
166,813
(1,850,437)
(398,049)
3,189,970
Net position of governmental activities $ 50,504,096
Revenues earned but not available to pay for current expenditures for governmental funds are unavailable.

OPEB related deferred inflows of resources
City of Cudahy
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2023
Capital assets used in governmental activities are not financial resources and are not reported in the funds:

Long-term liabilities were not due and payable in the current period. Therefore, they were not reported in the Governmental Funds' Balance Sheet.

Interest is recognized when due, and therefore, interest payable is not reported in the governmental funds.

Amount reported in government-wide statement of position:

Long-term debt - due in more than one year
Net OPEB liability
Net pension liability and the related deferred outflows of resources and deferred inflows of resources are not due and payable in the current period or not available for current expenditures and are not reported in the governmental fund financial statements:

Pension related deferred outflows of resources
Net pension liability
Pension related deferred inflows of resources
Net other postemployment benefits liability and the related deferred outflows of resources and deferred inflows of resources are not due and payable in the current period or not available for current expenditures and are not reported in the governmental fund financial statements:

OPEB related deferred outflows of resources
Compensated absences - due within one year
Compensated absences - due in more than one year
See accompanying Notes to the Basic Financial Statements. 16

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Nonmajor Total
General Housing Other Governmental Governmental
Fund Authority Grants Funds Funds
REVENUES:

Taxes 8,465,896 $ - $ - $ 517,761 $ 8,983,657 $
Licenses and permits 2,296,533 - - - 2,296,533
Intergovernmental 116,509 - 606,735 4,015,384 4,738,628 Charges for services 215,260 - - 2,300 217,560
Fines, forfeitures, and penalties 367,730 - - - 367,730 Use of money and property 197,709 - 618 256,628 454,955 Other revenue 207,933 - - - 207,933
Total revenues - 11,867,570 607,353 4,792,073 17,266,996 EXPENDITURES:

Current:

General government 5,208,138 - - - 5,208,138
Public safety 4,467,760 - - 96,407 4,564,167
Public works 847,855 - 6,487 28,818 883,160
Community services 1,132,515 - 234,812 1,107,811 2,475,138 Community development 842,544 - - 875,677 1,718,221
Capital outlay 513,047 - 548,619 219,048 1,280,714
Total expenditures - 13,011,859 789,918 2,327,761 16,129,538

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES - (1,144,289) (182,565) 2,464,312 1,137,458 OTHER FINANCING SOURCES (USES):

Transfers in 663,445 - 52,399 553,727 1,269,571
Transfers out (606,126) - (663,445) - (1,269,571)
Proceeds from issuance of debt 5,100,000 - - 5,100,000 - Total other financing sources (uses) 5,157,319 - 52,399 (109,718) 5,100,000 NET CHANGES IN FUND BALANCES 4,013,030 (130,166) - 2,354,594 6,237,458 FUND BALANCES:

Beginning of year 7,642,998 1,782,945 130,166 8,097,184 17,653,293 End of year $ 11,656,028 $ 1,782,945 $ 10,451,778 - $ $ 23,890,751 City of Cudahy
Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds
For the Year Ended June 30, 2023
Special Revenue Funds
See accompanying Notes to the Basic Financial Statements. 17

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Net Change in Fund Balances - Total Governmental Funds: $ 6,237,458 Amounts reported for governmental activities in the Statement of Activities are different because:
1,228,792
15,296,169
(890,657)
(187,536)
$ (41,913)
(79,881) (37,968)
101,262
1,438,790
(5,100,000)
(816,075)
Change in net position of governmental activities $ 17,228,322 Capital asset transfer from successor agency
Claims laibilities
Compensated ansences
Unavailable revenue is not recognized as revenue in the governmental funds since the revenue is not available to fund expenditures of the current year.

The fund financial statements record interest expenditures on the current financial resources measurement focus whereas the Government-Wide Statement of Activities recognize interest expense on the accrual basis.

The reconciling amount was the change in accrued interest from the prior year.

Proceeds from long-term debt provided current financial resources to governmental funds, but issuing debt increased long-term liabilities in the Government-Wide Statement of Net Position.

Depreciation expenses on capital assets were reported in the Government-Wide Statement of Activities, but they did not require the use of current financial resources. Therefore, depreciation expenses were not reported as an expenditure in the governmental funds.

Long-term compensated absences and claims liabilities expense was reported in the Government-Wide Statement of Activities, but it did not require the use of current financial resources. Therefore, the change in long-term compensated absences and claims liabilities was not reported as an expenditure in the governmental funds.

Other postemployment benefits and pension expenses were reported in the Government-Wide Statement of Activities, but it did not require the use of current financial resources. Therefore, the increase in other postemployment benefits liability and net pension liabilities were not reported as an expenditure in the governmental funds.

Pension expense, net of pension contribution made after measurement date OPEB expense
Capital outlay ($51,922 of capital outlay expenditures were for current public works expenditures for repairs and maintenance and therefore, were not capitalized).

City of Cudahy
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Government-Wide Statement of Activities and Changes in Net Position For the Year Ended June 30, 2023
Acquisition of capital assets was reported as expenditures in the governmental funds. However, in the Government-Wide Statement of Activities, the cost of those assets was allocated over the estimated useful lives as depreciation expense. The following was the amount of capital assets recorded in the current period:

See accompanying Notes to the Basic Financial Statements. 18

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FIDUCIARY FUND

FINANCIAL STATEMENTS
Custodial Funds - To account for the assets held by the City as an agent for individuals, private organizations or other government units and/or other funds. The City’s custodial fund is the Cudahy Youth Foundation.

Successor Agency to the Dissolved Cudahy Community Development Commission Private-Purpose Trust Fund - This is a fiduciary fund type used by the City to report trust arrangements under which principal and income benefit other governments. This fund reports the assets, liabilities and activities of the Successor Agency to the Dissolved Cudahy Community Development Commission. The Private-Purpose Trust Fund reports a Statement of Fiduciary Net Position and a Statement of Changes in Fiduciary Net Position.
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City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
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Private
Custodial Purpose Trust
Fund Fund
Successor
Agency to the
Dissolved Cudahy
Cudahy Youth Community
Foundation Development
ASSETS:

Cash and cash equivalents $ 4,718,591 44,301 $
Restricted cash and investments wish fiscal agent - 8,809 Interest receivable 345 -
Total assets 4,727,400 44,646
DEFERRED OUTFLOWS OF RESOURCES:

Unamortized loss on defeasance of debt 812,405 -
Total deferred outflows of resources 812,405
LIABILITIES:

Accounts payable - 2,500
Accrued interest payable - 76,797
Long-term liabilities:

Bonds payable - due within one year - 1,540,000
Bonds payable - due in more than one year - 6,785,000
Notes payable - due in more than one year - 1,409,928
County tax deferrals - due in more than one year 1,408,430 - Total liabilities 11,220,155 2,500
NET POSITION (DEFICIT):

Held in trust for individuals, organizations, and other governments (5,680,350) 42,146 Total net position (deficit) $ (5,680,350) 42,146 $
City of Cudahy
Statement of Fiduciary Net Position
Fiduciary Fund
June 30, 2023
See accompanying Notes to the Basic Financial Statements 21

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Private
Custodial Purpose Trust
Fund Fund
Successor
Agency to the
Dissolved Cudahy
Cudahy Youth Community
Foundation Development
ADDITIONS:

Property tax trust fund $ - $ 2,326,052
Interest and investment income 1,497 148,506
Contributions 5,556 -
Other revenue - 535,961
Total revenue 7,053 3,010,519
DEDUCTIONS:

Interest and fiscal charges - 589,924
Administrative expenses 8,831 1,800
Total expenses 8,831 591,724
SPECIAL ITEM:

Transfer of assets to the City of Cudahy (Note 14) - 15,296,169 Change in net position (1,778) (12,877,374)
NET POSITION (DEFICIT):

Beginning of year 43,924 7,197,024
End of year $ (5,680,350) 42,146 $
City of Cudahy
Statement of Change in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2023
See accompanying Notes to the Basic Financial Statements. 22

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23 NOTES TO THE BASIC

FINANCIAL STATEMENTS

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24 City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
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City of Cudahy
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2023
25 Page
Note 1 – Summary of Significant Accounting Policies ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 27 A. Financial Reporting Entity ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 27 B. Measurement Focus, Basis of Accounting, and Financial Statement Presentationꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 28 C. Cash, Cash Equivalents, and Investmentsꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 29 D. Fair Value Measurement ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 30 E. Land Held for Resale ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 30 F. Prepaid Itemsꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 30 G. Capital Assets ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 30 H. Interest Payable ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 31 I. Unearned Revenue ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 31 J. Compensated Absences ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 31 K. Pension ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 31 L. Deferred Outflows/Inflows of Resources ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 32 M. Other Postemployment Benefits (OPEB) ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 32 N. Long-Term Obligations ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 32 O. Property Taxes ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 33 P. Net Position ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 33 Q. Fund Balancesꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 33 R. Use of Estimates ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 34 S. Implementation of New GASB Pronouncementsꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 34 Note 2 – Stewardship, Compliance and Accountabilityꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 35 A. Deficit Net Position ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 35 B. Expenditures in Excess of Appropriations ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 35 Note 3 – Cash and Investments ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 35 A. Demand Deposits ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 36 B. Investments ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 36 C. Fair Value Measurement ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 37 D. Risk Disclosures ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 37 Note 4 – Notes Receivablesꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 38 Note 5 – Interfund Receivables, Payables, and Transfersꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 39 A. Due to/from Other Funds ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 39 B. Interfund Transfers ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 39 Note 6 – Capital Assetsꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 40 Note 7 – Long Term Liabilitiesꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 41 Note 8 – Risk Management and Self-Insurance Program ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 41 A. Description of Self-Insurance Pool Pursuant to Joint Powers Agreement ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 41 B. Self Insurance Programs of the Authority ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 42 C. Adequacy of Protection ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 43 D. Claims and Judgments ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 43

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City of Cudahy
Index to the Notes to the Basic Financial Statements (Continued) For the Year Ended June 30, 2023
26 Page
Note 9 – Defined Benefit Pension Planꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 43 A. General Information about the Pension Plan Description ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 43 B. Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 45 C. Payable to the Pension Plan ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 49 Note 10 – Other Postemployment Benefits (“OPEB”) ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 50 A. General Information about the OPEB Plan ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 50 B. Net OPEB Liability ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 50 C. Change in the Net OPEB Liability ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 51 D. OPEB Expense and Deferred Inflows and Outflows of Resources Related to OPEB ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 52 Note 11 – Restricted Net Positionꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 53 Note 12 – Fund Balance Classifications ꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 54 Note 13 – Commitments and Contingenciesꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 54 Note 14 – Successor Agencyꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏꞏ 54

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City of Cudahy
Notes to the Basic Financial Statements
For the Year Ended June 30, 2023
27 Note 1 – Summary of Significant Accounting Policies
The basic financial statements of the City of Cudahy, California, (the “City”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as applied to governmental agencies. The Governmental Accounting Standards Board (“GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the significant policies:

A. Financial Reporting Entity
The City is a municipal corporation governed by an elected five-member council. As required by generally accepted accounting principles, these financial statements present the primary government and its component units, which are separate legal entities for which the City is considered to be financially accountable.

Component Units
The financial statements includes the financial activities of the City, the primary government, and its component units, entities for which the City is considered to be financially accountable. The City is considered to be financially accountable for an organization if the City appoints a voting majority of that organization's governing body and the City is able to impose its will on that organization, or there is a financial benefits or financial burden relationship. The City is also considered to be financially accountable for an organization if that organization is fiscally dependent (i.e., it is unable to adopt its budget, levy taxes, set rates or charges, or issue bonded debt without approval from the City) and there is a financial burden or benefit component to the relationship. In certain cases, other organizations are included as component units if the nature and significance of their operational and financial relationship with the City are such that their exclusion would cause the City's financial statements to be misleading or incomplete.

Management determined that the following component units should be blended based on the criteria above:

Cudahy Economic Development Corporation (“CEDC”)
The CEDC was created to hold the assets of the former redevelopment agency of the City. In 2014, the State Controller’s Office ordered the transfer of the assets to the Successor Agency to the former Cudahy Community Development Commission/ Redevelopment Agency (Successor Agency). In 2015, the Board of Directors of CEDC and the Oversight Board to the Successor Agency approved the asset transfer agreement. Accordingly, all properties of CEDC were transferred to the Successor Agency on October 19, 2015.

Cudahy Financing Authority (the “Financing Authority”)
The Financing Authority is a joint powers authority whose members are the City and the Successor Agency. The Financing Authority is duly organized and existing under a Joint Exercise of Powers agreement by and between the City and the former Redevelopment Agency, under the provisions of Chapter 5 of Division 7 of Title 1 of the California Government Code. Its purpose is to assist the City and the Successor Agency in providing financing for capital projects and improvements. The officers of the City and the Successor Agency serve as the officers of the Financing Authority.

The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity.

The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. City 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.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
28 Note 1 – Summary of Significant Accounting Policies (Continued) B. Measurement Focus, Basis of Accounting, and Financial Statement Presentation Government-Wide Financial Statements
The government-wide financial statements are reported using the “economic resources” measurement focus and the accrual basis of accounting. Under the economic resources measurement focus, all assets and deferred outflows of resources and liabilities and deferred inflows of resources (whether current or noncurrent) are included in the Statement 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.

The Statement of Net Position and Statement of Activities report information about the reporting government as a whole, except for its fiduciary activities.

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

Certain eliminations have been made in regards to interfund activities, payables and receivables. All internal balances in the statement of net position have been eliminated, except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the statement of activities, internal service fund transactions have been eliminated; however, those transactions between governmental and business-type activities have not been eliminated.

The following interfund activities have been eliminated:
 Due from/to other funds
 Transfers in/out
Nonexchange transactions, in which the City gives (or receives) value without directly receiving (or giving) equal value in exchange include property taxes, grants, and contributions. Revenues from grants, and contributions are recognized in the fiscal year in which all the eligibility requirements have been satisfied.

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

Governmental fund financial statements
Governmental fund financial statements are reported using the “current financial resources” measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collected within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the City considers revenues to be available if they are collected within 60 days of the end of the current fiscal period, except for certain grants which are considered available if collected within 7 months after year-end. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
29 Note 1 – Summary of Significant Accounting Policies (Continued) B. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) Governmental fund financial statements (Continued)
The City reports the following major governmental funds:

General Fund: This fund is used to account for all financial resources of the City, except for those required to be accounted for in another fund.

Housing Authority Special Revenue Fund: This fund accounts for assets used for low-and-moderate income housing activities in accordance with the applicable housing-related regulations.

Other Grants Special Revenue Fund: This fund accounts for State Grants relating to future development in the City including transportation related projects.

Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a Statement of Net Position and a Statement of Changes in Fiduciary Net Position. The City’s fiduciary funds represent custodial funds and private purpose trust funds. Both custodial funds and the private purpose trust funds are accounted for on the full accrual basis of accounting where the assets associated with the activity are controlled by the City and the assets are not derived 1) solely from the government’s own-source revenues or 2) from government-mandated nonexchange transactions or voluntary nonexchange transactions.

The City reports the following two types of fiduciary funds:

Custodial Funds
These funds are used to account for the assets held by the City in a purely custodial capacity, as an agent for individuals, private organizations or other government units and/or other funds.

Successor Agency Private-Purpose Trust Fund
Private-Purpose trust fund is a fiduciary fund type used by the City to report trust arrangements under which principal and income benefit other governments. This fund is used to report the assets, liabilities and activities of the Successor Agency to the Dissolved Cudahy Community Development Commission. The Private- Purpose Trust Fund reports a statement of fiduciary net position and a statement of changes in fiduciary net position.

C. Cash, Cash Equivalents, and Investments
The City pools cash and investments of all funds. Each fund’s share in this pool is displayed in the accompanying financial statements as cash and investments.

The City pools cash from all funds in order to increase income earned through its investment program.

Investment income from pooled investments is allocated to those funds which are required by law or administrative action to receive interest. Investment income is allocated on a quarterly basis based on the weighted average cash balance in each fund.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
30 Note 1 – Summary of Significant Accounting Policies (Continued) D. Fair Value Measurement
Investments, unless otherwise specified, recorded at fair value in the financial statements, are categorized based upon the level of judgment associated with the inputs used to measure their fair value.

The three levels of the fair value measurement hierarchy are described below:
 Level 1 – Inputs are unadjusted, quoted prices for identical assets and liabilities in active markets at the measurement date.
 Level 2 – Inputs, other than quoted prices included in Level 1, that are observable for the assets and liabilities through corroboration with market data at the measurement date.  Level 3 – Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the assets and liabilities at the measurement date.

E. Land Held for Resale
Land held for resale is carried at the lower of cost or estimated net realizable value.

F. Prepaid Items
Certain payments to vendors reflect costs applicable to future periods and are recorded under prepaid expenses in both government-wide and fund financial statements. These costs will be recognized in the period when services are received or when the City receives title to the property.

G. Capital Assets
Capital assets, which include land, buildings, improvements, equipment and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items) are reported in the governmental activities column in the government-wide financial statements. Capital assets are recorded at the lower of actual historical cost or fair value (as of the date donated for contributed assets).

It is the City's policy to capitalize all land, building, improvements, equipment and infrastructure assets, except assets costing less than $5,000, and to capitalize infrastructure assets costing $50,000 or more. In the governmentwide financial statements, costs of assets sold or retired (and related amounts of accumulated depreciation) are eliminated from the accounts in the year of sale or retirement and the resulting gain or loss is included in the statement of activities. In governmental funds, the sale of general capital assets is included in the statement of revenues, expenditures and changes in fund balances as proceeds from sale.

The City has analyzed its capital assets for potential impairment. The City does not believe that any capital assets are impaired at June 30, 2023.

The costs of normal maintenance and repairs that do not add to the value of the assets or materially extend asset lives are not capitalized.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
31 Note 1 – Summary of Significant Accounting Policies (Continued) G. Capital Assets (Continued)
Capital assets are depreciated using the straight-line method over the following estimated useful lives:

Building and improvements 50 years
Parks and park improvements 40 years
Infrastructure 10 to 40 years
Vehicles, furniture and equipment 3 to 5 years
H. Interest Payable
In the government-wide financial statements, interest payable on long-term debt is recognized, as the liability is incurred, for governmental activities. In the fund financial statements, only private-purpose trust fund types recognize the interest payable when the liability is incurred.

I. Unearned Revenue
Unearned revenues arise when the City receives resources before it has a legal claim to them (e.g., when grant monies are received prior to the incurrence of qualifying expenditures).

J. Compensated Absences
City employees receive up to 240 paid vacation hours per year, depending upon their length of service. In the fund financial statements, the City accounts for compensated absences (unpaid vacation and sick leave) as expenditures in the year paid, as it is the City's policy to liquidate any unpaid vacation or compensatory pay from future resources, rather than from currently available expendable resources.

All unpaid vacation and sick pay is accrued when earned in the government-wide and fiduciary fund financial statements.

K. Pension
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.

The following timeframes are used for pension reporting:

Valuation Date June 30, 2021
Measurement Date June 30, 2022
Measurement Period July 1, 2021 to June 30, 2022

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
32 Note 1 – Summary of Significant Accounting Policies (Continued) K. Pension (Continued)
Gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time. The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense. The amortization period differs depending on the source of the gain or loss. The difference between projected and actual earnings is amortized straight-line over 5 years. All other amounts are amortized straight-line over the average expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) as of the beginning of the measurement period.

L. Deferred Outflows/Inflows of Resources
The Statement of Net Position and Balance Sheet report separate sections for deferred outflows of resources, and deferred inflows of resources, when applicable.

Deferred Outflows of Resources represent a consumption of net asset that apply to future periods.

Deferred Inflows of Resources represent an acquisition of net asset that apply to future periods.

M. Other Postemployment Benefits (OPEB)
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the OPEB Plan and additions to/deductions from OPEB Plan's fiduciary net position have been determined on the same basis as they are reported by the Plan. For this purpose, the OPEB Plan recognizes benefit payments when due and payable in accordance with the benefit terms. Investments are reported at fair value, except for money market investments, which are reported at amortized cost.

General Fund and special revenue funds are typically used to liquidate OPEB liabilities for governmental funds.

The following timeframes are reported OPEB reporting:

Valuation Date June 30, 2021
Measurement Date June 30, 2023
Measurement Period July 1, 2022 to June 30, 2023
Gains and losses related to changes in total OPEB liability and fiduciary net position are recognized in OPEB expense systematically over time. The first amortized amounts are recognized in OPEB expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to OPEB and are to be recognized in future OPEB expense. Gains and losses are amortized on a straightline basis over the average expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) at the beginning of the measurement period.

N. Long-term Obligations
In the government-wide and fiduciary fund financial statements, long-term debt and other long-term obligations are reported as liabilities. Bond premiums and discounts are deferred and amortized over the life of the bonds.

Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are expensed when incurred.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
33 Note 1 – Summary of Significant Accounting Policies (Continued) O. Property Taxes
Assessed values are levied on an annual basis by the Los Angeles County Assessor as of July 1. Taxes become a lien on real property on January 1 and are payable in two installments on November 1 and February 1. They become delinquent if not paid by December 10 and April 10, respectively.

P. Net Position
In the government-wide financial statements and proprietary fund financial statements, net position is classified as follows:

Net Investment in Capital Assets – This component of net position consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of debt that are attributable to the acquisition, construction, or improvement of those assets, net of unspent debt proceeds, and the capital debt related deferred outflows and inflows of resources.

Restricted – This component of net position consists of restricted assets reduced by liabilities and deferred inflows of resources related to those assets.

Unrestricted – This component of net position is the amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted component of net position.

Q. Fund Balances
In the governmental fund financial statements, fund balances are classified as follows:

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

Restricted fund balance – includes resources that are subject to externally enforceable legal restrictions. It includes amounts that can be spent only for the specific purposes stipulated by constitution, external resource providers, or through enabling legislation.

Committed fund balance – includes amounts that can be used only for the specific purposes determined by a formal action or resolution of the City’s highest level of decision-making authority (City Council). Committed amounts cannot be used for any other purpose unless the City Council removes or changes the specific use through the same type of formal action or resolution taken to establish the commitment. The City has no committed fund balances.

Assigned fund balance – consists of funds that are set aside for specific purposes by the City’s highest level of decision-making authority or a body or official that has been given the authority to assign funds. The City Council delegates the authority to assign fund balance to the City Manager for purposes of reporting in the annual financial statements. The City has no assigned fund balances.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
34 Note 1 – Summary of Significant Accounting Policies (Continued) Q. Fund Balances (Continued)
Unassigned fund balance – is the residual classification for the City’s general fund and includes all spendable amounts not contained in the other classifications. This category also provides the resources necessary to meet unexpected expenditures and revenue shortfalls. However, in governmental funds other than General Fund, if expenditures incurred for specific purposes exceed the amounts that are restricted, committed, or assigned to those purposes, it may be necessary to report a negative unassigned fund balance in that fund.

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

S. Implementation of New GASB Pronouncements
In May 2019, GASB issued Statement No. 91, Conduit Debt Obligations, to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations, and (3) related note disclosures. This Statement achieves those objectives by clarifying the existing definition of a conduit debt obligation; establishing that a conduit debt obligation is not a liability of the issuer; establishing standards for accounting and financial reporting of additional commitments and voluntary commitments extended by issuers and arrangements associated with conduit debt obligations; and improving required note disclosures. Implementation of this Statement did not have a significant effect to the City’s financial statements for the fiscal year ended June 30, 2023.

In March 2020, GASB issued Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements (GASB Statement No. 94), to improve financial reporting by addressing issues related to public-private and public-public partnership arrangements (PPPs). Implementation of this Statement did not have a significant effect to the City’s financial statements for the fiscal year ended June 30, 2023.

In May 2020, GASB issued Statement No. 96, Subscription-Based Information Technology Arrangements (GASB Statement No. 96), to better meet the information needs of financial statement users by (a) establishing uniform accounting and financial reporting requirements for SBITAs; (b) improving the comparability of financial statements among governments that have entered into SBITAs; and (c) enhancing the understandability, reliability, relevance, and consistency of information about SBITAs. Under this Statement, a government is required to recognize a subscription liability and an intangible right-to-use subscription asset. The effective date of GASB Statement No. 96 is for fiscal years beginning after June 15, 2022. Implementation of this Statement did not have a significant effect to the City’s financial statements for the fiscal year ended June 30, 2023.

In March 2022, GASB issued Statement No. 99, Omnibus 2022, to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB Statements and (2) accounting and financial reporting for financial guarantees. Implementation of this Statement did not have a significant effect to the City’s financial statements for the fiscal year ended June 30, 2023.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
35 Note 2 – Stewardship, Compliance and Accountability
A. Deficit Net Position
The following fund had a deficit net position at June 30, 2023:

Fiduciary Funds:

Succesor Agency to the Dissolved Cudahy
Community Development (5,680,350) $
B. Expenditures in Excess of Appropriations
The following funds has expenditures in excess of appropriations:

Excess of
Expenditures over
Fund Appropriations Expenditures Appropriations
Nonmajor Governmental Fund:

Street Lighting Special Revenue Fund 73,044 $ 192,229 $ 119,185 $ Note 3 – Cash and Investments
The following is a summary of pooled cash and investments, including cash and investments with fiscal agents at June 30, 2023:

Fiduciary
Governmental Fund Statement
Activities of Net Position Total
Unrestricted assets:

Cash and investments 17,051,310 $ 4,762,892 $ 21,814,202 $ Restricted assets:

Cash and investments in escrow 5,502,393 - 5,502,393
Cash and investments with fiscal agent - 8,809 8,809
Total cash and investments $ 4,771,701 22,553,703 $ 27,325,404 $ Cash and investments consisted of the following at June 30, 2023:

Cash and cash equivalents:

Petty cash 1,100 $
Demand deposits 9,604,661
Total cash and cash equivalents 9,605,761
Investments:

Local Agency Investment Fund 12,208,441
Total cash and investments 21,814,202
Cash and investments in escrow 5,502,393
Cash and investments with fiscal agents 8,809
Total $ 27,325,404

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
36 Note 3 – Cash and Investments (Continued)
A. Demand Deposits
The carrying amounts of the City’s demand deposits were $9,604,661at June 30, 2023. Bank balances at that date were $9,541,817, the total amount of which was collateralized or insured with securities held by the pledging financial institutions in the City’s name as discussed below. The difference between the carrying amount and bank balances represents outstanding checks, deposits in transit, and other reconciling items.

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’s 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 follows the practice of pooling cash and investments of all funds, except for funds required to be held by fiscal agents under the provisions of bond indentures. Interest income earned on pooled cash and investments is allocated on an accounting period basis to the various funds based on the period-end cash and investment balances. Interest income from cash and investments with fiscal agents is credited directly to the related fund.

B. Investments
Investments Authorized by the City’s Investment Policy
The following table identifies the investment types that are authorized for the City by the California Government Code and the City's investment policy. The table also identifies certain provisions of the California Government Code (or the City's investment policy, if more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City's investment policy.

Authorized by Maximum Maximum
Investment Maximum Percentage Investment in
Authorized Investment Type Policy Maturity of Portfolio * One Issuer Local Agency Bonds No N/A N/A N/A
United States treasury obligations Yes 5 years No Limit No Limit United States Agency Securities Yes 5 years No Limit No Limit Bankers' acceptances Yes 180 days 30% 30%
Commercial paper No 270 days 25% 10%
Negotiable certificates of deposit Yes 5 years 30% None Repurchase agreements Yes 1 year N/A N/A
Reveres repurchase agreements No N/A N/A N/A
Medium-term notes No N/A N/A N/A
Mutual funds No N/A N/A N/A
Money market mutual funds Yes N/A 20% 10%
Mortgage pass through No N/A N/A N/A
County pooled investment funds No N/A N/A N/A
Local Agency Investment Fund ("LAIF") Yes N/A None No Limit N/A - Not Applicable
* Excluding amounts held by bond trustees that are not subject to California Government Code restrictions.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
37 Note 3 – Cash and Investments (Continued)
B. Investments (Continued)
The City is a participant in the Local Agency Investment Fund (“LAIF”) which is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The City’s investments with LAIF at June 30, 2023, included a portion of the pool funds invested in Structured Notes and Asset-Backed Securities:

Structured Notes: debt securities (other than asset-backed securities) whose cash flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or that have embedded forwards or options.

Asset-Backed Securities: generally, mortgage-backed securities that entitle their purchasers to receive a share of the cash flows from a pool of assets such as principal and interest repayments from a pool of mortgages (for example, Collateralized Mortgage Obligations) or credit card receivables.

As of June 30, 2023, the City had $12,208,441 invested in LAIF, which had invested 2.78% of the pool funds in Structured Notes and Asset-Backed Securities. The fair value of the City’s portion in the pool is the same as the value of the pool shares and reported at amortized cost.

C. Fair Value Measurement
At June 30, 2023, the City’s investments in LAIF were not measured within the fair value hierarchy.

D. Risk Disclosures
Interest Rate Risk
As a means of limiting its exposure to fair value losses arising from rising interest rates, the City’s investment provides that, final maturities of securities cannot exceed five years. Specific maturities of investments depend on liquidity needs. At June 30, 2023, the City’s investments had the following maturities:

Investment Type Fair Value Less Than 1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years Local Agency Investment Fund 12,208,441 $ $ 12,208,441 $ - $ - $ - $ - In escrow:

Money market funds 5,502,393 5,502,393 - - - -
Total $ 12,208,441 $ 12,208,441 $ - $ - $ - $ -
Investment Maturity (in Years)
Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. To be eligible to receive City money, a bank, savings association, federal association, or federally insured industrial loan company shall have received an overall rating of not less than "satisfactory" in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California's communities, including low-and-moderate income neighborhoods.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
38 Note 3 – Cash and Investments (Continued)
D. Risk Disclosures (Continued)
The City’s investments are rated by the nationally recognized statistical rating organizations as follows:

Moody's S&P's % of Investments
Credit Credit with Interest
Investment Type Rating Rating Rate Risk
Local Agency Investment Fund Not Rated Not Rated 100.00% In escrow:

Money market funds Not Rated Not Rated 100.00%
Credit Quality Distribution for Securities
with Credit Exposure as a Percentage of Total Investments Note 4 – Notes Receivables
Notes receivable in the governmental activities at June 30, 2023 include the following:

Housing Authority loans $ 3,189,970
Home-owner loans:

Cal HOME loans 146,000
Community Development Block Grants Loans 227,736
Subtotal 373,736
Total $ 3,563,706
Housing Authority Loans
Pursuant to the provisions of ABX1 26 and Resolution No 12-04, the City assumed all housing assets and housing functions of the former Redevelopment Commission. The housing assets transferred on February 1, 2012 to the Housing Authority included the following notes receivables which represent loans made for assistance in rehabilitating property for affordable housing, plus accrued interest. Because interest is payable at maturity and is not available to finance current operations, interest on notes receivable is not recognized in the financial statements as a current period revenue:

In November 1995 and May 1997, the Successor Agency (previously Cudahy Community Development Commission) loaned $220,000 and $60,000, respectively, to Elizabeth West & East L.P. The note is collateralized by a deed of trust on 5225-27 Elizabeth Street. The note bears compounding interest at 6.55% and all principal and accrued interest is due in November 2025. The balance of the loan at June 30, 2023 was $1,544,475.

In June 1998, February 2000, and September 2000, the Successor Agency loaned $150,000, $140,000 and $210,000, respectively, to 5159 Clara Street LLP for a total loan of $500,000. The note is collateralized by a deed of trust on 5159 Clara Street. The note bears simple interest at 1% and all principal and accrued interest are due in May 2026.

The balance of the loan at June 30, 2023 was $618,232.

During the year ended June 30, 2000, the Successor Agency agreed to loan $650,000 to Live Oak LLP, of which $590,000 had been advanced through June 30, 2003. The note is collateralized by a deed of trust on 5203 Live Oak.

The note bears interest at 2.5% and all principal and accrued interest are due in August 2029. The balance of the loan at June 30, 2023 was $1,027,263.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
39 Note 4 – Notes Receivables (Continued)
Home-owner Loans
The City granted loans to qualified individual homeowners in connection with the Cal Home and CDBG programs.

The loans are collateralized by deeds of trust in favor of the City. The notes vary as to terms and conditions. The notes have varying interest rates up to 3% and due dates from 5 years to unspecified. As of June 30, 2023, the outstanding loan balances were $373,736.

Note 5 – Interfund Receivables, Payables, and Transfers A. Due to/From Other Funds
At June 30, 2023, the City had the following advances to/from other funds:

Due From Other Funds
Due To Other Funds General Fund
Governmental Funds:

Other Grants Special Revenue Fund 489,111 $
Nonmajor Governmental Funds 94,244
Total $ 583,355
The above amounts resulted from temporary reclassifications made at June 30, 2023 to cover cash shortfalls.

B. Interfund Transfers
For the year ended June 30, 2023, the City had the following interfund transfers, which arise in the normal course of operations:

Other Grants
General Fund Special Nonmajor
Transfers Out Fund Revenue Fund Governmental Total
Governmental Funds:

General Fund - $ 52,399 $ 553,727 $ 606,126 $
Nonmajor Governmental Funds 663,445 - - 663,445
Total $ 52,399 663,445 $ 553,727 $ 1,269,571 $
Governmental Funds
Transfers In

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
40 Note 6 – Capital Assets
A summary of changes in the governmental activities capital assets for the year ended June 30, 2023 is as follows:

Balance Transfers Balance
July 1, 2022 Additions Deletions (a) June 30, 2023
Capital assets, not being depreciated:

Land $ 2,806,643 $ - $ 11,376,369 - $ $ 14,183,012
Construction in progress 406,761 515,233 (49,544) - 872,450 Total capital assets, not being depreciated 3,213,404 515,233 11,326,825 - 15,055,462 Capital assets, being depreciated:

Structures and improvements 12,965,547 167,255 3,969,344 - 17,102,146 Infrastructure 52,066,276 - - 52,066,276 -
Vehicles 569,298 237,166 - 806,464 -
Furniture and equipment 323,214 309,138 (30,462) 601,890 - Total capital assets, being depreciated 65,924,335 713,559 (30,462) 3,969,344 70,576,776 Less accumulated depreciation:

Structures and improvements (6,380,422) (311,110) - (6,691,532) - Infrastructure (43,022,150) (500,933) - (43,523,083) -
Vehicles (428,373) (55,238) - (483,611) -
Furniture and equipment (311,583) (23,376) 30,462 (304,497) - Total accumulated depreciation (50,142,528) (890,657) 30,462 (51,002,723) - Total capital assets, being depreciated, net 15,781,807 (177,098) 3,969,344 - 19,574,053 Governmental activities
capital assets, net $ 18,995,211 $ 338,135 $ 15,296,169 - $ $ 34,629,515 (a) The transfer of $15,296,169 relates to the transfer of capital assets from the successor agency to the City. See note 14 for additional information.

Depreciation expense was charged to functions of the governmental activities for the year June 30, 2023 as follows:

General government $ 22,147
Public safety 5,180
Public works 512,564
Community services 39,656
Community development 311,110
Total depreciation expense $ 890,657

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
41 Note 7 – Long-Term Liabilities
The summary of changes in the governmental activities long-term liabilities for the year ended June 30, 2023 is as follows:

Balance Balance Due within Due in more
July 1, 2022 Additions Deletions June 30, 2023 One Year One Year Master lease purchase $ 5,100,000 - $ $ 5,100,000 - $ $ 5,100,000 - $ Claims liabilities (Note 8) 202,956 101,455 (59,542) 244,869 86,494 158,375 Compensated absences 157,763 185,484 (147,516) 195,731 35,232 160,499 Total $ 360,719 $ 5,386,939 $ (207,058) $ 5,540,600 $ 121,726 $ 5,418,874 Siemens Master Lease
The City entered into a tax-exempt lease purchase agreement with Siemens Public, Inc. to finance the City-Wide Energy Efficiency Facilities Modernization Project on October 7, 2022. The principal is subject to 4.9029% interest and are due October 7, 2024 through October 7, 2038. The outstanding balance at June 30, 2023 was $5,100,000.

The annual future debt service requirements are as follows:

Fiscal Year Principal Interest Total
2024 $ 252,778 - $ $ 252,778
2025 129,448 376,108 505,556
2026 266,709 238,847 505,556
2027 280,028 225,528 505,556
2028 294,012 211,544 505,556
2029-2033 1,705,519 822,263 2,527,782
2034-2038 2,176,078 351,704 2,527,782
2039 248,206 4,572 252,778
Total $ 5,100,000 $ 2,483,344 $ 7,583,344
Compensated Absences
The long-term portion of compensated absences payable has been accrued for the Governmental Activities on the Government-Wide Financial Statements. In prior years, the General Fund has typically been used to liquidate the liability. The balance outstanding at June 30, 2023 was $195,731.

Note 8 – Risk Management and Self Insurance Program
A. Description of Self-Insurance Pool Pursuant to Joint Powers Agreement The City is a member of the California Joint Powers Insurance Authority (the “Authority”). The Authority is composed of 124 California public entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance for property and other lines of coverage. The California JPIA began covering claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine-member Executive Committee.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
42 Note 8 – Risk Management and Self Insurance Program (Continued) B. Self-Insurance Programs of the Authority
Municipal Insurance Cooperative (“MIC”) provides comprehensive and cost-effective coverage in terms of limits of liability and insurance coverage. MIC is available to public entities of all sizes, providing an insurance program that will assist them in maximizing valuable resources.

Liability
In the liability program, each member is individually rated based upon current market conditions and loss experience and exposures. Members have the option to purchase any and all of the available insurance program that makes sense for their agency. The City has elected to purchase excess liability coverage through MIC with total limits of $10M with a $100K self-insured retention. Premiums for the coverage are paid annually and are not subject to retrospective adjustments.

Workers' Compensation
In the workers’ compensation program, the City is individually rated based upon current market conditions, exposures and loss experience with the option to secure coverage at a retention level that is appropriate to the City’s appetite for risk. The City of Cudahy has elected to purchase excess workers’ compensation coverage through Arch Insurance Company with statutory limits and a self-insured retention of $1M. Premiums for the coverage are paid annually and are not subject to retrospective adjustments.

Property Insurance
The City purchases stand-alone all-risk property coverage for all city owned property excluding earthquake and flood. The City currently has all-risk property insurance protection based upon Total Insurable Values of $27,570,983. The coverage deductibles consist of $10,000 per occurrence for covered perils, $50,000 for vacant buildings, $100,000 for wildfire and $10,000 for service interruption. Premiums for the coverage are paid annually and are not subject to retrospective adjustments.

Crime Insurance
The City purchases government crime insurance coverage in the amount of $5,000,000 with a $50,000 deductible.

The fidelity coverage is provided through commercial insurance. Premiums are paid annually and are not subject to retrospective adjustments.

Cyber Liability Insurance
The City purchases cyber liability also known as data security breach coverage consisting of both first party and third-party liability through commercial insurance. Coverage limits consist of $1,000,000 per occurrence with a $10,000 retention, per claim. Premiums are paid annually and are not subject to retrospective adjustments.

Special Event Tenant User Liability Insurance
The City further protects against liability damages by requiring tenant users of certain property to purchase lowcost tenant user liability insurance for certain activities on agency property. The insurance premium is paid by the tenant user and the insurance is arranged by the City’s insurance broker, Keenan & Associates.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
43 Note 8 – Risk Management and Self Insurance Program (Continued) C. Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2022-23.

D. Claims and Judgments
The City accounts for uninsured, material claims and judgments and associated legal and administrative costs when it is probable that the liability claim has been incurred and the amount of the loss can be reasonably estimated. Included therein are claims incurred but not reported, which consists of (a) known loss events expected to be presented as claims later, (b) unknown loss events that are expected to become claims, and (c) expected future development on claims already reported. This is based upon historical actual results that have established a reliable pattern supplemental by specific information about current matters. Small dollar claims and judgments are recorded as expenditures when paid.

A summary of the changes in claims liabilities for the past three fiscal years is as follows:

Expenses and
Beginning Changes in Claims Ending
Balance Estimates Payments Balance
2020-2021 404,832 $ 2,287 $ (64,087) $ 343,032 $
2021-2022 343,032 25,679 (165,755) 202,956
2022-2023 202,956 101,455 (59,542) 244,869
Note 9 – Defined Benefit Pension Plan
A. General Information about the Pension Plan Description Plan Description
All qualified permanent and probationary employees are eligible to participate in the City’s Miscellaneous Employee Pension Plan, cost-sharing multiple employer defined benefit pension plan administered by the California Public Employees’ Retirement System (“CalPERS”). Benefit provisions under the Plan are established by State statute and the City’s resolution. CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.

Classic participants (defined as eligible participants prior to January 1, 2013) are required to contribute 8% of their annual covered salary. New or Public Employees’ Pension Reform Act of 2013 (PEPRA) participants (defined as eligible employees brought into CalPERS membership for the first time on or after January 1, 2013) contribute at least half the normal cost rate as determined by CalPERS. The City contributes the remaining amounts necessary to fund the benefits for its employees, using the actuarial basis adopted by the CalPERS Board of Administration.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
44 Note 9 – Defined Benefit Pension Plan (Continued)
A. General Information about the Pension Plan Description (Continued) Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to Plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the California Public Employees’ Retirement Law.

The Plans’ provisions and benefits in effect as of June 30, 2023 are summarized as follows:

Classic Second Tier PEPRA
Hire Date Prior to January 1, 2013 Prior to January 1, 2013 January 1, 2013 and after Benefit Formula 2.7% at 55 2% at 60 2% at 62
Benefit vesting schedule 5 years of service 5 years of service 5 years of service Benefit payments monthly for life monthly for life monthly for life Retirement age 50-55 50-55 52-67
Monthly benefits, as a % of eligible compensation 2.0% to 2.7% 2.0% to 2.7% 1.0% to 2.5% Required employee contribution rate (FY22-23) 8.000% 7.000% 7.590% Required employer contribution rate (FY22-23) 14.020% 9.130% 6.750% Miscellaneous Plan
Employees Covered by Benefit Terms
As of June 30, 2021, the valuation dates, the following number of employees were covered by the benefit terms:

Classic Second Tier PEPRA
Active employees 52 11
Transferred and terminated employees 15 6 7
Retired employees and beneficiaries 40 2 1
Total 60 10 19
Contributions
Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions for both Plans are determined annually on an actuarial basis as of June 30 by CalPERS. 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.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
45 Note 9 – Defined Benefit Pension Plan (Continued)
A. General Information about the Pension Plan Description (Continued) Contributions (Continued)
For the year ended June 30, 2023, the contributions made to the Plan were as follows:

Miscellaneous
Contributions - employer 560,350 $
Contributions - employee 199,336
B. Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
Actuarial Methods and Assumptions Used to Determine Total Pension Liability The June 30, 2021 valuations were rolled forward to determine the June 30, 2022 total pension liabilities based on the following actuarial methods and assumptions:

Actuarial Cost Method Entry Age Normal
Actuarial Assumptions:

Discount Rate
Inflation
Salary Increases Varies by Entry Age and Service
Mortality Rate Table1 Derived using CalPERS' Membership Data for all Funds Post Retirement Benefit Increase

6.90%

2.30%
The lesser of contract COLA or 2.30% until Purchasing
Power Protection. Allowance floor on purchasing
power applies, 2.30% thereafter
1 The mortality table used for June 30, 2022 was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and Post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from Novermber 2021 that can be found on the CalPERS website.

Change of Assumptions
Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. in determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension and fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
46 Note 9 – Defined Benefit Pension Plan (Continued)
B. Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

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

The expected real rates of return by asset class for 2022 are as followed:

Assumed Asset
Asset Class1 Allocation Real Return 1,2
Global Equity - Cap-weighted 30.00% 4.54%
Global Equity - Non-cap-weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed Securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
100.00%
1 An expected inflation of 2.30% used for this
2 Figures are based on the 2021 Asset Liability Management study.

Discount Rate
The discount rate used to measure the total pension liability was 6.90% for 2022. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
47 Note 9 – Defined Benefit Pension Plan (Continued)
B. Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the Plan as of the measurement date, calculated using the discount rate of 6.90%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.90%) or 1 percentage-point higher (7.90%) than the current rate:

Discount Rate Current Discount Discount Rate
Measurement Date - 1% (5.90%) Rate (6.90%) + 1% (7.90%) June 30, 2022 6,197,197 $ $ 4,302,147 $ 2,742,992
Plan's Aggregate Net Pension Liability (Asset)
Pension Plan Fiduciary Net Position
Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.

Proportionate Share of Net Pension Liability and Pension Expense The following table shows the plan’s proportionate share of the risk pool collective net pension liability over the measurement periods:

Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
(a) (b) (c) = (a) - (b)
Balance at 6/30/21 (Valuation Date) $ 12,901,120 $ 10,357,118 $ 2,544,002 Balance at 6/30/22 (Measurement Date) 13,901,679 9,599,532 4,302,147 Net Changes during 2021-2022 1,000,559 (757,586) 1,758,145 Increase (Decrease)
The following is the approach established by the plan actuary to allocate the net pension liability and pension expense to the individual employers within the risk pool for the measurement period ended June 30, 2022. (1) In determining a cost-sharing plan’s proportionate share, total amounts of liabilities and assets are first calculated for the risk pool as a whole on the valuation date June 30, 2021. The risk pool’s fiduciary net position (“FNP”) subtracted from its total pension liability (“TPL”) determines the net pension liability (“NPL”) at the valuation date.
(2) Using standard actuarial roll forward methods, the risk pool TPL is then computed at the measurement dates June 30, 2022. Risk pool FNP at the measurement date is then subtracted from this number to compute the NPL for the risk pool at the measurement date. For purposes of FNP in this step and any later reference thereto, the risk pool’s FNP at the measurement date denotes the aggregate risk pool’s FNP at June 30, 2022 less the sum of all additional side fund (or unfunded liability) contributions made by all employers during the measurement period 2021-20.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
48 Note 9 – Defined Benefit Pension Plan (Continued)
B. Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)
Proportionate Share of Net Pension Liability and Pension Expense (3) The individual plan’s TPL, FNP and NPL are also calculated at the valuation date. TPL is allocated based on the rate plan’s share of the actuarial accrued liability. FNP is allocated based on the rate plan’s share of the market value assets.
(4) Two ratios are created by dividing the plan’s individual TPL and FNP as of the valuation date from (3) by the amounts in step (1), the risk pool’s total TPL and FNP, respectively (5) The plan’s TPL as of the Measurement Date is equal to the risk pool TPL generated in (2) multiplied by the TPL ratio generated in (4). The plan’s FNP as of the Measurement Date is equal to the FNP generated in (2) multiplied by the FNP ratio generated in (4) plus any additional side fund (or unfunded liability) contributions made by the employer on behalf of the plan during the measurement period. (6) The plan’s NPL at the Measurement Date is the difference between the TPL and FNP calculated in (5).

Deferred outflows of resources, deferred inflows of resources, and pension expense is allocated based on the City’s share of net pension liability.

The City proportionate share of the net pension liability was as follows:

Measurement Date
June 30, 2021 0.13398%
June 30, 2022 0.09194%
Change - Increase (Decrease) -0.04204%
For the years ended June 30, 2023, the City recognized pension credit in the amounts of $878,440 for CalPERS plan.

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). The EARSL for PERF C for the measurement period is 3.7 years, which was obtained by dividing the total service years 2021-22 of 574,665 (the sum of remaining service lifetimes of the active employees) by 153,587 (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.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
49 Note 9 – Defined Benefit Pension Plan (Continued)
B. Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued)
Proportionate Share of Net Pension Liability and Pension Expense At June 30, 2023, the City has deferred outflows and deferred inflows of resources related to pensions as follows:

Deferred outflows Deferred inflows
of Resources of Resources
Contribution made after the measurement date 560,350 $ - $ Changes of assumptions 440,843 -
Difference between expected and actual experience 86,395 (57,864) Net difference between projected and actual earning
on pension plan investments 788,036 -
Adjustment due to differences in proportions - (458,428) Difference between the City's contributions and
proportionate share of contributions - (453,516)
Total $ (969,808) 1,875,624 $
$560,350 reported as deferred outflows of resources related to pensions for the fiscal year ended June 30, 2023, respectively, resulting from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the collective net pension liability in the year ending June 30, 2024.

Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in the future pension expense as follows:

Deferred
Outflows/(Inflows
Year Ending of Resources
2024 (90,760) $
2025 (34,522)
2026 (11,243)
2027 481,991
2028 -
Total 345,466 $
C. Payable to the Pension Plan
As of June 30, 2023, the City did not have outstanding amounts of contributions due to the pension plan.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
50 Note 10 – Other Postemployment Benefits (“OPEB”)
A. General Information about the OPEB Plan
Plan Description
Integrated medical/prescription drug coverage is provided through CalPERS under the Public Employees' Medical and Hospital Care Act (PEMHCA). Employees may choose from a variety of HMO and PPO options.

The City pays 100% of the cost of PEMHCA coverage for active full-time employees, including coverage for spouse and dependent children. The City also pays a 0.36% of premium administrative charge for all active employees. The City offers the same medical plans to its eligible retirees as to its active employees, with the exception that once a retiree becomes eligible for Medicare (that is, reaches age 65), he or she must join a Medicare HMO or a Medicare Supplement plan under PEMHCA.

Certain employees become eligible to retire and receive City-paid healthcare benefits upon attainment of age 50 and 5 years of covered Public Employees' Retirement System (PERS) service, or by qualifying disability retirement status.

Benefits Provided
Benefits are paid for the lifetime of the retiree and, if applicable, the surviving spouse of the retiree.

Employees Covered Benefit Terms
At June 30, 2021 (the valuation date), the following employees were covered by the benefit terms:

Active employees 52
Inactive employees or beneficiaries currently receiving benefit 13 Inactive employees entitled to but not yet receiving benefit payment 4 Total 69
Funding Policy and Contributions
The City's contribution on behalf of all eligible retirees is the same as it is for active employees (100% of the cost of coverage for retiree, spouse and dependent children). The City has elected the equal contribution method, where the contribution will remain the same annually.

The City opened an irrevocable trust account with Public Agency Retirement Services (PARS). The contribution requirements of the City are established and may be amended by the City Council. The required contribution is based on pay-as-you-go financing requirements plus $100 thousand contribution to the trust. For the fiscal year ended June 30, 2023, the City contributed $155,048 to the plan.

B. Net OPEB Liability
The City’s total OPEB liability was measured as of June 30, 2023, and the total OPEB liability used to calculate the total OPEB liability was determined by an actuarial valuation as of June 30, 2021.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
51 Note 10 – Other Postemployment Benefits (“OPEB”) (Continued) B. Net OPEB Liability (Continued)
Actuarial Methods and Assumptions Used to Determine Total OPEB Liability The total OPEB liability for the June 30, 2021 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified:

Actuarial Cost Method Entry-Age Normal Cost Method
Inflation 2.50%
Salary Increases 2.75% per year
Discount Rate 5.50%
Medical Trend
Dental and vision trend 2.75% per year
Family Coverage at
retirement
Mortality Rate Table
Non-Medicare - 6.50% for 2023, decreasing to an ultimate rate of

3.75% in 2076
25% of future retirees cover non-spouse family members until retiree age 65
CalPERS 2000-2019 Experience Study
Discount Rate
The discount rate used to measure the total OPEB liability was 5.50% at June 30,2023 measurement date.

C. Change in the Net OPEB Liability
The changes in the total OPEB Liability for the plan are as follows:

Total OPEB Fiduciary Net Net OPEB
Liability Position Liability
(a) (b) ( c ) = (a) - (b)
Balance at June 30, 2022 $ 2,260,292 $ 411,501 $ 1,848,791 Changes Recognized for the Measurement Period:

Service cost 61,172 61,172 -
Interest on the total OPEB liability 123,430 123,430 -
Changes of benefit terms - - -
Difference between expected and actual experience - - - Changes of assumptions - - -
Contributions from the employer 155,048 - (155,048)
Contributions from the employee - - -
Actual investment income 29,441 - (29,441)
Actual payments from trust - - -
Actual payments from employer (154,562) (154,562) -
Administrative expenses (1,533) - 1,533
Net Changes 30,040 28,394 1,646
Balance at June 30, 2023 $ 2,290,332 $ 439,895 $ 1,850,437 Increase (Decrease)

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
52 Note 10 – Other Postemployment Benefits (“OPEB”) (Continued) C. Change in the Net OPEB Liability (Continued)
Sensitivity of the Net OPEB liability to Changes in the Discount Rate The net OPEB liability of the City, as well as what the City’ net OPEB liability would be if it were calculated using a discount rate that is one percentage point lower (4.50%) or one percentage point higher (6.50%) follows:

Discount Rate -1% Current Discount Discount Rate +1%
Measurement Date (4.50%) Rate (5.50%) (6.50%)
June 30, 2023 2,127,169 $ 1,850,437 $ 1,619,406 $
Plan's Net OPEB Liability
Sensitivity of the Net OPEB liability to Changes in the Healthcare Cost Trend Rates The net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are one percentage point lower (3%) or one percentage point higher (5%) than current healthcare cost trend rates follows:

Measurement Date 1% Decrease Current Trend 1% Increase
June 30, 2023 1,638,303 $ 1,850,437 $ 2,072,744 $
Plan's Net OPEB Liability
D. OPEB Expense and Deferred Inflows and Outflows of Resources Related to OPEB For the year ended June 30, 2023, the City recognized OPEB expense of $30,040 with details as follows:
2023
Service Cost 61,172 $
Interest on Total OPEB Liability 123,430
Benefit payments (154,562)
Total OPEB Expense $ 30,040
The City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Deferred outflows Deferred inflows
of resources of resources
Difference between expected and actual experience 78,502 $ (155,353) $ Changes in assumptions 68,031 (242,696)
Difference between projected and actual return on assets OPEB plan investments 20,280 -
Total 166,813 $ (398,049) $
OPEB Plan

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
53 Note 10 – Other Postemployment Benefits (“OPEB”) (Continued) D. OPEB Expense and Deferred Inflows and Outflows of Resources Related to OPEB (Continued) Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in future OPEB expenses based on expected average remaining service lifetime for the measurement periods as follows:

Deferred
Year Ending Outflows/(Inflows)
June 30 of Resources
2024 (109,574) $
2025 (99,589)
2026 (29,625)
2027 (18,147)
2028 (16,778)
Thereafter 42,477
Total $ (231,236)
Note 11 – Restricted Net Position
At June 30, 2023, the restricted net position consists of the following:

Governmental
Activities
Restricted for:

Transportation $ 7,004,423
Community development 3,376,273
Community services 1,574,606
Capital projects 5,502,393
Other purposes 243,366
$ 17,701,061

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
54 Note 12 – Fund Balance Classifications
At June 30, 2023, fund balances are classified in the governmental funds as follows:

Housing Nonmajor Total
General Authority Special Governmental Governmental
Fund Revenue Fund Funds Funds
Nonspendable:

Prepaid items 67,540 $ - $ 36,055 $ 103,595 $
Total nonspendable - 67,540 36,055 103,595
Restricted:

Transportation - - 7,004,423 7,004,423
Community development - 1,782,945 1,593,328 3,376,273
Community services - - 1,574,606 1,574,606
Capital projects 5,502,393 - - 5,502,393
Other purposes - - 243,366 243,366
Total restricted 1,782,945 5,502,393 10,415,723 17,701,061 Committed:

Strategic Plan Implementation
Programs 900,000 - - 900,000
Total committed - 900,000 - 900,000
Assigned:

Capital projects 4,287,569 - 4,287,569 -
Total assigned 4,287,569 - 4,287,569 -
Unassigned: 898,526 - 898,526 -
Total fund balance $ 11,656,028 $ 1,782,945 $ 10,451,778 $ 23,890,751 Note 13 – Commitments and Contingencies
The City has an outstanding commitment of $900,000 for the Implementation of Strategic Plan Implementation Programs as of June 30, 2023.

The City is a defendant in a number of lawsuits, which have arisen in the normal course of business. While substantial damages are alleged in some of these actions, their outcome cannot be predicted with certainty.

Amounts received or receivable from granting agencies are subject to audit and adjustment by grantor agencies.

While no matters of noncompliance were disclosed by the audit of the financial statements or single audit of the Federal grant programs, grantor agencies may subject grant programs to additional compliance tests, which may result in disallowed costs. In the opinion of management, future disallowances of current or prior grant expenditures, if any, would not have a material adverse effect on the financial position of the City.

Note 14 – Successor Agency
The accompanying financial statements also include the Private-purpose Trust Fund for the Successor Agency to the City’s former Redevelopment Agency (“Successor Agency”). The City, as the Successor Agency, serves in a fiduciary capacity, as custodian for the assets and to wind down the affairs of the former Redevelopment Agency. Its assets are held in trust for the benefit of the taxing entities within the former Redevelopment Agency’s boundaries and as such, are not available for the use of the City.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
55 Note 14 – Successor Agency (Continued)
In 2014, the State Controller’s Office ordered the transfer of assets from Cudahy Economic Development Corporation (CEDC) back to the Successor Agency. In 2015, the Board of Directors of CEDC and the Oversight Board to the Successor Agency approved the asset transfer agreement. The assets were returned to the Successor Agency with the recording of quit claim deeds on October 19, 2015. During the fiscal year ended June 30, 2023, the Successor Agency transferred assets to the City with a net book value of $15,296,169.

Disclosures related to assets and long-term liabilities of the Successor Agency are as follows:

Rental Receivables
At June 30, 2023, rental and other accounts receivable consisted of the following:

Rental receivables $ 124,687
Less allowance for doubtful accounts (124,687)
Total $ -
Capital Assets and Land Held for Development
Effective July 1, 2022, the Successor Agency transferred capital assets and land held for development to the City in the net amount of $15,296,169.

Long-term Debt
The summary of changes in the Successor Agency’s long-term liabilities for the year ended June 30, 2023 is as follows:

Balance Balance Due within Due in more
July 1, 2022 Additions Deletions June 30, 2023 One Year One Year 2018 Series Tax Allocation
Refunding Bonds $ 9,815,000 $ (1,490,000) - $ $ 8,325,000 $ 1,540,000 $ 6,785,000 Notes Payable 1,409,928 - 1,409,928 - 1,409,928 -
County Tax Deferral 1,341,362 67,068 1,408,430 - 1,408,430 - Total $ 12,566,290 $ 67,068 $ (1,490,000) $ 11,143,358 $ 1,540,000 $ 9,603,358 Taxable Tax Allocation Refunding Bonds, Series 2018
In September 2018, the Successor Agency to the Former Cudahy Community Development Commission issued the Taxable Tax Allocation Refunding Bonds, Series 2018 in the amount of $14,030,000 to (i) to currently refund certain obligations of the Cudahy Community Development Commission (the “Former Agency”) currently outstanding in the aggregate principal amount of $16,460,000, (ii) to purchase a municipal bond insurance policy (the “Policy”) with respect to certain 2018 Bonds; (iii) to purchase a municipal debt service reserve insurance policy for the 2018 Bonds (the “Reserve Policy”), and (iv) to pay certain costs of issuance of the 2018 Bonds. Accordingly, the old debt was defeased and replaced by the new debt. The difference between the reacquisition price and the net carrying amount of the old debt of $1.8 million was reported as deferred loss on debt refunding and is being amortized as a component of interest expense over the remaining life of the new debt.

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City of Cudahy
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023
56 Note 14 – Successor Agency (Continued)
Long-term Debt (Continued)
Taxable Tax Allocation Refunding Bonds, Series 2018 (Continued) Interest on the 2018 Taxable Tax Allocation Refunding Bonds which ranges from 2.8% to 3.8% is payable semiannually on April 1 and October 1 of each year, commencing April 1, 2019, until maturity. The Bonds are payable from the Pledged Tax Revenues deposited in the Redevelopment Property Tax Trust Fund and payable from amounts on deposit therein after payments of certain County of Los Angeles administrative costs and payments to certain taxing agencies.

The 2018 Bonds are insured. In the event of default of the payment of the scheduled principal of or interest on the Insured Bonds when all or some becomes due, the Trustee on behalf of any owner of the Insured Bonds shall have a claim under the Policy for such payments.

The outstanding balance of the 2018 bonds as of June 30, 2023 was $8,325,000.

The future annual debt service requirements for 2018 Taxable Tax Allocation Refunding Bonds are as follows:

Fiscal Year Principal Interest Total
2024 1,540,000 $ 293,763 $ 1,833,763 $
2025 1,590,000 239,418 1,829,418
2026 1,640,000 181,273 1,821,273
2027 1,700,000 119,210 1,819,210
2028 1,855,000 53,271 1,908,271
Total 8,325,000 $ $ 886,935 $ 9,211,935
Pledged Future Revenues
The City pledged future tax revenues associated with bond issuance for Series 2018 Tax Allocation Refunding Bonds. These debt issuance and pledged tax revenues are reported in the Private-Purpose Trust Fund (fiduciary funds). The pledged tax revenues are to be used solely for the repayment of principal and interest on the bonds until they are paid in full through 2027 and are not available for other purposes during the duration that the bonds are outstanding. The total principal and interest remaining is approximately $9,211,935. Management expects that pledged tax revenues will be sufficient to make future principal and interest payments on the bonds.

Note Payable
In 1986-1987, the Agency borrowed a total of $1,000,000 from a financial institution for costs associated with a development project (Parcel A). Payments are due in annual installments equal to the incremental difference between sales tax revenue from Parcel A as of the 1984-1985 tax year and sales tax revenues for each subsequent fiscal year. Sales tax incremental revenue from Parcel A is insufficient to make loan payments. The balance of the note at June 30, 2023 was $1,409,928.

County Deferrals
The City, Agency and County entered into agreements whereby the County will defer tax increment generated within the project area to meet the Agency's debt service obligations. The outstanding balance accrues interest of five percent (5%) compounded annually and shall be repaid with the property tax revenues received by the Agency in excess of its debt service payment requirements. The County Deferral is recorded as tax revenue when earned and debt in the fiduciary funds. Outstanding balance of the County Tax Deferral as of June 30, 2023 was $1,408,430.

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REQUIRED SUPPLEMENTARY

INFORMATION (UNAUDITED)
57

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes $ 6,629,664 $ 7,751,464 $ 8,465,896 $ 714,432
Licenses and permits 3,276,000 2,511,000 2,296,533 (214,467) Intergovernmental 625,000 625,000 116,509 (508,491)
Charges for services 288,000 288,000 215,260 (72,740)
Fines, forfeitures and penalties 181,500 181,500 367,730 186,230 Use of money and property 85,000 85,000 197,709 112,709 Other revenue 742,000 742,000 207,933 (534,067)
Total revenues 11,827,164 12,183,964 11,867,570 (316,394) EXPENDITURES:

Current:

General government 4,292,986 4,831,075 5,208,138 (377,063) Public safety 4,588,041 4,590,851 4,467,760 123,091
Public works 873,532 894,688 847,855 46,833
Community services 1,262,651 1,163,627 1,132,515 31,112 Community development 905,966 4,305,012 842,544 3,462,468 Capital outlay 190,000 6,839,025 513,047 6,325,978
Total expenditures 12,113,176 22,624,278 13,011,859 9,612,419

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (286,012) (10,440,314) (1,144,289) 9,296,025 OTHER FINANCING SOURCES (USES):

Transfers in - - 663,445 663,445
Transfers out 11,045 (2,174,011) (606,126) 1,567,885
Proceeds from issuance of debt 5,100,000 - 5,100,000 -
Total other financing sources (uses) 11,045 2,925,989 5,157,319 2,231,330 NET CHANGE IN FUND BALANCE $ (274,967) $ (7,514,325) 4,013,030 $ 11,527,355 FUND BALANCE:

Beginning of Year 7,642,998
End of Year $ 11,656,028
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule
City of Cudahy
For the Year Ended June 30, 2023
General Fund
58

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 5,542,987 $ 5,807,987 $ 606,735 $ (5,201,252) Use of money and property - - 618 618
Total revenues 5,542,987 5,807,987 607,353 (5,200,634)
EXPENDITURES:

Current:

Public works - - 6,487 (6,487)
Community services 1,537,105 1,537,105 234,812 1,302,293 Capital outlay 4,692,408 4,957,408 548,619 4,408,789
Total expenditures 6,229,513 6,494,513 789,918 5,704,595

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (686,526) (686,526) (182,565) 503,961 OTHER FINANCING USES:

Transfers in - - 52,399 52,399
Total other financing uses - - 52,399 52,399
NET CHANGE IN FUND BALANCE $ (686,526) $ (686,526) (130,166) $ 556,360 FUND BALANCE:

Beginning of year 130,166
End of year $ -
Other Grants Special Revenue Fund
City of Cudahy
For the Year Ended June 30, 2023
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule (Continued)
59

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City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
(This page is intentionally left blank)
60

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Note 1 - Budgetary Control and Accounting Policy





TheCity Council approves total budgeted appropriations and any amendments to increase appropriations throughout the budget period. The legal level of control is considered to be at the fund level since management can reassign resources within a fund without special approval from City Council.

The basis for budgeting in the General Fund, Special Revenue Funds is substantially consistent with U.S. GAAP, except that payments made on financing leases are recorded as functional expenditures. The lease agreements are not budgeted as a financing source and the acquisition price of the acquired asset is not budgeted as an expenditure.

The budget is formally integrated into the accounting system and employed as a management control tool during the year. At fiscal year-end, unexpended appropriations lapse, with the exception of capital improvements. All appropriations for capital improvements are carried forward until such time as the project is completed or terminated by action of the City Council.

Periodically, budget review sessions will be held by the City Council. Necessary adjustments to expenditures and available revenue sources will be reviewed and approved by the City Council.

Preparation of the budget consists of the following steps:

City of Cudahy
Required Supplementary Information (Unaudited)
Notes to the Budgetary Comparison Schedule
For the Year Ended June 30, 2023
The City adopts annual budgets for the General Fund and special revenue funds. The Successor Agency's operating expenditures is adopted separately and is not included in the City Budgeting process. The City does not have Capital Projects Funds, rather, capital projects are budgeted in the appropriate special revenue funds. During the year ended June 30, 2023, the City did not adopt budgets for the Housing Authority Special Revenue Fund, County Park Bond Special Revenue Funds, Cal Home Special Revenue Fund, and ARPA Special Revenue Fund.

Departments submit budget estimates to the Finance Department for review and input into the excel budget worksheets.

The City Manager issues budget guidelines.

The City Manager issues a budget calendar.

Departments submit the percentage allocation of employee salaries and benefits to various activities (special funding) based on projected time spent on these activities.

The Personnel Department calculates salary and benefit costs and allocates them to activities based on the department submittals. 61

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Measurement Period Classic Second Tier PERPA Classic Second Tier PERPA 2015-16 Proportion of the Net Pension Liability 0.033470% 0.000010% 0.000000% 0.070240% 0.000510% 0.000170% 0.090580% Proportionate Share of the Net Pension Liability 2,082,443 $ $ 4,983 140$ 2,626,208 $ 534$ $ 3,146,658 (757) $ Covered Payroll 628,845$ 320,891$ 88,443$ $ 463,703 452,647$ 257,941$ $ 1,174,291 Proportionate share of the net pension liability
as a percentage of its covered payroll 331.15% 1.55% 0.16% 566.36% 0.12% -0.29% 267.96% Plan Fiduciary net position as a percentage of
the total pension liability 79.87% 83.03% 83.05% 72.59% 99.23% 103.32% 68.73% 2014-15
1 Historical information is presented only for measurement periods after GASB 68 implementation in 2013-14. 2013-141
For the Year Ended June 30, 2023
Last Ten Fiscal Years1
City of Cudahy
Required Supplementary Information (Unaudited)
Schedule of the City’s Proportionate Share of the Net Pension Liability and Related Ratios 62

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Measurement Period 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 Proportion of the Net Pension Liability 0.029050% 0.090810% 0.089930% 0.089320% 0.133980% 0.091941% Proportionate Share of the Net Pension Liability $ 3,539,977 $ 3,422,376 $ 3,601,385 $ 3,767,399 $ 2,544,002 $ 4,302,147 Covered Payroll $ 1,179,459 $ 1,325,975 $ 1,368,001 $ 1,502,899 $ 1,270,525 $ 1,613,163 Proportionate share of the net pension liability
as a percentage of its covered payroll 300.14% 258.10% 263.26% 250.68% 200.23% 266.69% Plan Fiduciary net position as a percentage of
the total pension liability 69.21% 70.91% 67.61% 70.07% 80.28% 69.05% For the Year Ended June 30, 2023
Last Ten Fiscal Years
City of Cudahy
Required Supplementary Information (Unaudited)
Schedule of the City’s Proportionate Share of the Net Pension Liability and Related Ratios (Continued) 63

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2016-17 2017-18
Classic PEPRA Classic PEPRA
Actuarially determined contribution $ 118,139 $ 12,145 $ 73,439 $ 14,443 $ 91,846 $ 101,829 Contributions in relation to
the actuarially determined contribution2 (12,145) (118,139) (73,439) (14,443) (91,846) (101,829) Contribution deficiency (excess) - $ - $ - $ - $ - $ - $ Covered payroll3 $ 949,736 $ 88,443 $ 916,350 $ 257,941 $ 1,179,459 $ 1,325,975 Contributions as a percentage of covered payr 12.44% 13.73% 8.01% 5.60% 7.79% 7.68% Notes to Schedule:

Change in Benefit Terms: There were no changes in benefit term.

Changes of Assumptions: In 2022, the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. In 2021, 2020 and 2019, there were no changes. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduced from

7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense.) In 2014, amounts reported were based on the 7.5 percent discount rate.
3 Includes one year’s payroll growth using 2.75 percent payroll growth assumption for fiscal years ended June 30, 2018-22; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17.

California Public Employees' Retirement System ("CalPERS") - Miscellaneous Plan Last Ten Fiscal Years
City of Cudahy
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions
For the Year Ended June 30, 2023
1 Historical information is presented only for measurement periods after GASB 68 implementation in 2014-15. Additional years of information will be displayed as it becomes available.
2014-151 2015-16
2 Employers are assumed to make contributions equal to the actuarially determined contributions. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contributions. 64

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2018-19 2019-20 2020-21 2021-22 2022-23
Actuarially determined contribution 103,577 $ 112,357 $ 109,592 $ 145,192 $ 560,350 $ Contributions in relation to
the actuarially determined contribution2 (112,357) (103,577) (109,592) (145,192) (560,350) Contribution deficiency (excess) - $ - $ - $ - $ - $
Covered payroll3 $ 15,028,899 1,368,001 $ 1,270,525 $ 1,613,163 $ 1,657,525 $ Contributions as a percentage of covered payroll3 7.57% 0.75% 8.63% 9.00% 33.81% City of Cudahy
Last Ten Fiscal Years
California Public Employees' Retirement System ("CalPERS") - Miscellaneous Plan Required Supplementary Information (Unaudited) (Continued) Schedule of Contributions - Pensions (Continued)
For the Year Ended June 30, 2023
65

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Measurement period 2017-181 2018-19 2019-20 2020-21 2021-22 Total OPEB liability
Service cost 121,259$ 118,228$ 83,187$ 71,216$ 73,353$
Interest 98,653 106,800 133,413 118,018 121,345
Changes of benefit terms 441 - - - -
Changes of assumptions (101,442) (609,512) (58,153) - 86,669 Differences between expected and actual experience - - (277,197) - 100,010 Experience (Gains)/ Losses - - - - -
Benefit payments, including refunds of employee contributions (110,633) (113,023) (120,236) (131,500) (140,317) Net change in total OPEB liability 8,278 (497,507) (238,986) 57,734 241,060 Total OPEB liability - beginning 2,689,713 2,697,991 2,200,484 1,961,498 2,019,232 Total OPEB liability - ending (a) $ 2,697,991 2,200,484$ 1,961,498$ 2,019,232$ 2,260,292$ OPEB fiduciary net position
Contributions - employer -$ 213,280$ 220,541$ 231,834$ 240,669$ Contributions - employee - - - - -
Investment income - 1,149 8,394 51,049 (46,070)
Benefit payments, including refunds of employee contributions - (113,023) (120,236) (131,500) (140,317) Other - (257) (581) (977) (2,454)
Net change in plan fiduciary net position - 101,149 108,118 150,406 51,828 Plan fiduciary net position - beginning - - 101,149 209,267 359,673 Plan fiduciary net position - ending (b) -$ 101,149$ 209,267$ 359,673$ 411,501$ Net OPEB liability - ending (a) - (b) $ 2,697,991 2,099,335$ 1,752,231$ 1,659,559$ 1,848,791$ Plan fiduciary net position as a percentage
of the total OPEB liability 0.00% 4.60% 10.67% 17.81% 18.21% Covered-employee payroll 720,987$ $ 1,368,001 1,502,899$ 1,502,899$ 1,613,163$ Net OPEB liability as a percentage of covered-employee payroll 374.21% 153.46% 116.59% 110.42% 115% For the Year Ended June 30, 2023
Last Ten Fiscal Years
1 Historical information is presented only for measurement periods after GASB 75 implementation in 2017-2018.

City of Cudahy
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios 66

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Measurement period 2022-23
Total OPEB liability
Service cost 61,172$
Interest 123,430
Changes of benefit terms -
Changes of assumptions -
Differences between expected and actual experience -
Experience (Gains)/ Losses -
Benefit payments, including refunds of employee contributions (154,562) Net change in total OPEB liability 30,040
Total OPEB liability - beginning 2,260,292
Total OPEB liability - ending (a) $ 2,290,332
OPEB fiduciary net position
Contributions - employer 155,048$
Contributions - employee -
Investment income 29,441
Benefit payments, including refunds of employee contributions (154,562) Other (1,533)
Net change in plan fiduciary net position 28,394
Plan fiduciary net position - beginning 411,501
Plan fiduciary net position - ending (b) 439,895$
Net OPEB liability - ending (a) - (b) $ 1,850,437
Plan fiduciary net position as a percentage
of the total OPEB liability 19.21%
Covered-employee payroll 2,932,703
Net OPEB liability as a percentage of covered-employee payroll 63% For the Year Ended June 30, 2023
Last Ten Fiscal Years
City of Cudahy
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios (Continued) 67

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Fiscal Year: 2017-181 2018-19 2019-20 2020-21 2021-22
Actuarially Determined Contribution2 110,633$ 113,023$ 197,212$ 203,407$ 209,797$ Contribution in Relation to the Actuarially Determined Contribution (110,633) (213,280) (220,541) (231,834) (240,669) Contribution Deficiency (Excess) -$ (100,257) $ $ (23,329) $ (28,427) $ (30,872) Covered-employee Payroll 720,987$ $ 1,368,001 1,502,899$ 1,502,899$ 1,613,163$ Contributions as a Percentage of Covered-employee Payroll 15.34% 15.59% -14.67% -15.43% -14.92% 2 The actuarially determined contribution was calculated based on annual required benefit payments.

Other Postemployment Benefits Plan
1 Historical information is presented only for measurement periods after GASB 75 implementation in 2017-18.

For the Year Ended June 30, 2023
Last Ten Fiscal Years
City of Cudahy
Required Supplementary Information (Unaudited)
Schedule of Contributions - Other Postemployment Benefits Plan 68

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Fiscal Year: 2022-23
Actuarially Determined Contribution2 207,954$
Contribution in Relation to the Actuarially Determined Contribution (155,048) Contribution Deficiency (Excess) 52,906$
Covered-employee Payroll $ 2,932,703
Contributions as a Percentage of Covered-employee Payroll -5.29% Other Postemployment Benefits Plan
For the Year Ended June 30, 2023
Last Ten Fiscal Years
City of Cudahy
Required Supplementary Information (Unaudited)
Schedule of Contributions - Other Postemployment Benefits Plan (Continued) 69

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City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
(This page is intentionally left blank)
70

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SUPPLEMENTARY INFORMATION
71

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City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
(This page is intentionally left blank)
72

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Development Impact Fees Special Revenue Fund - To account for monies received from developers restricted to finance the acquisition and develop new parkland space. These monies are restricted under the Quimby Act by ordinance and require the dedication of land or impose a requirement of the payment of fee in lieu.

Surface Transportation Program Local (STPL) Special Revenue Fund - To account for Federal, state, and local Surface Transportation Program funds received from Los Angeles County Metropolitan Transportation Authority for transportation related projects.

American Rescue Plan Act (ARPA) Special Revenue Fund - To account for funds received from the federal government to cover revenue short falls and COVID-19 related costs.

Community Development Block Grant (CDBG) Special Revenue Fund - To account for expenses of the Community Development Block Grant received through the County of Los Angeles.

TDA – Transportation Development Special Revenue Fund - To account for funds received from the Transportation Development Authority for transport projects.

Street Lighting Special Revenue Fund - To account for revenues and costs associated with the City’s street lighting program.

State Gas Tax Special Revenue Fund - To account for gas tax revenue received from the State of California to cover costs of street maintenance and improvements.

Cal Home Special Revenue Funds - To account for transactions funded by the Cal Home program.

NONMAJOR

GOVERNMENTAL FUNDS
Measure R Special Revenue Fund - To account for revenues and expenditures for projects from a voter-approved sales tax measure (Measure R) for public transportation purposes.

Prop B1 Local Street Improvements Special Revenue Fund - Prop 1B came from bond proceeds issued to fund maintenance and improvement of local streets and roads.

Proposition A Special Revenue Fund - To account for revenues and expenditures for projects from a voter-approved sales tax override for public transportation purposes.

Measure M Special Revenue Fund - To account for revenues and expenditures for Measure M Local Return money from LACMTA that are restricted for specific use.

Air Quality Improvement District (AQMD) Special Revenue Fund - To account for the additional vehicle registration fees received from Southern California Air Quality Management District in accordance with AB 2766, as authorized by the California Clean Air Act of 1988.

Recycling Conservation Grants Special Revenue Fund - To account for revenue and expenditure pertaining to recycling grants.

Proposition C Special Revenue Fund - To account for financial transactions in accordance with Proposition C of the Local Transit Assistance Act.

Measure W Special Revenue Fund - To account for the Measure W Funds and expenditure allowable under the Measure W – Safe, Clean Water Program.

County Park Bond Special Revenue Fund -To account for projects and grants funded by the County Park Bond Act.

COPS Special Revenue Fund - To account for financial transactions in accordance with grant requirements from the California Office of Criminal Justice.
73

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City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
(This page is intentionally left blank)
74

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Prop 1B
Local Street
Improvements Proposition A Proposition C Measure M
ASSETS
Cash and investments 283 $ 1,216,875 $ 1,078,645 $ 1,787,180 $ Accounts receivable - - - -
Taxes receivable - - - -
Grants receivable - - - -
Notes receivable - - - -
Interest receivable - 9,271 7,600 12,923
Prepaid items - 9,885 26,170 -
Total assets $ 1,236,031 283 $ 1,112,415 $ 1,800,103 $
Liabilities:

Accounts payable - $ 28,350 $ 4,610 $ 4,695 $
Due to other governments - - - -
Due to other funds - - - -
Unearned revenue - - - -
Total liabilities 28,350 - 4,610 4,695
Fund Balances:

Nonspendable - 9,885 26,170 -
Restricted 283 1,197,796 1,081,635 1,795,408
Total fund balances 1,207,681 283 1,107,805 1,795,408
Total liabilities and fund balances $ 1,236,031 283 $ 1,112,415 $ 1,800,103 $ (Continued)
City of Cudahy
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2023

LIABILITIES AND FUND BALANCES
Special Revenue Funds
75

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Recycling
Conservation
Measure R Measure W AQMD Grants
ASSETS
Cash and investments 2,058,524 $ 637,414 $ 130,029 $ 23,541 $ Accounts receivable - - - -
Taxes receivable - - - -
Grants receivable - - - -
Notes receivable - - - -
Interest receivable 14,658 4,033 - -
Prepaid items - - - -
Total assets $ 641,447 2,073,182 $ 130,029 $ 23,541 $
Liabilities:

Accounts payable 670 $ - $ - $ - $
Due to other governments - - - -
Due to other funds - - - -
Unearned revenue - - - -
Total liabilities - 670 - -
Fund Balances:

Nonspendable - - - -
Restricted 2,072,512 641,447 130,029 23,541
Total fund balances 641,447 2,072,512 130,029 23,541
Total liabilities and fund balances $ 641,447 2,073,182 $ 130,029 $ 23,541 $ (Continued)

LIABILITIES AND FUND BALANCES
City of Cudahy
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
Special Revenue Funds
76

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TDA
County Park Transportation Street
COPS Bond Development Lightning
ASSETS
Cash and investments 219,825 $ 29,412 $ 24,837 $ 112,578 $ Accounts receivable - - - -
Taxes receivable - - 31,633 726
Grants receivable - - - -
Notes receivable - - - -
Interest receivable - - - -
Prepaid items - - - -
Total assets $ 29,412 219,825 $ 56,470 $ 113,304 $
Liabilities:

Accounts payable - $ - $ 24,837 $ 19,060 $
Due to other governments - - - -
Due to other funds - - - 94,244
Unearned revenue - - - -
Total liabilities - - 24,837 113,304
Fund Balances:

Nonspendable - - - -
Restricted 219,825 29,412 31,633 -
Total fund balances 29,412 219,825 31,633 -
Total liabilities and fund balances $ 29,412 219,825 $ 56,470 $ 113,304 $ (Continued)
City of Cudahy
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
Special Revenue Funds

LIABILITIES AND FUND BALANCES
77

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Development Surface
Impact Transportation
Cal Home Fees Program Local ARPA
ASSETS
Cash and investments 120,894 $ 72,580 $ 825,439 $ - $
Accounts receivable - - - -
Taxes receivable - - - -
Grants receivable - - - -
Notes receivable 146,000 - - -
Interest receivable 79,186 547 - -
Prepaid items - - - -
Total assets $ 346,080 $ 73,127 $ 825,439 $ -
Liabilities:

Accounts payable $ 5,000 $ - $ - $ -
Due to other governments 146,000 - - -
Due to other funds - - - -
Unearned revenue 78,886 - - -
Total liabilities 229,886 - - -
Fund Balances:

Nonspendable - - - -
Restricted 116,194 73,127 825,439 -
Total fund balances 116,194 73,127 825,439 -
Total liabilities and fund balances $ 73,127 346,080 $ 825,439 $ - $ (Continued)

LIABILITIES AND FUND BALANCES
Special Revenue Funds
City of Cudahy
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
78

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State
Gas Tax CDBG Total
ASSETS
Cash and investments 1,611,690 $ 462,163 $ 10,411,909 $ Accounts receivable 139,310 - 139,310
Taxes receivable - - 32,359
Grants receivable 177,156 - 177,156
Notes receivable 227,736 - 373,736
Interest receivable 23,200 13,198 164,616
Prepaid items - - 36,055
Total assets $ 1,764,198 $ 890,255 $ 11,335,141
Liabilities:

Accounts payable 219,004 $ 3,202 $ 309,428 $
Due to other governments - - 146,000
Due to other funds - - 94,244
Unearned revenue 254,805 333,691 -
Total liabilities 219,004 258,007 883,363
Fund Balances:

Nonspendable - - 36,055
Restricted 1,545,194 632,248 10,415,723
Total fund balances 1,545,194 632,248 10,451,778
Total liabilities and fund balances $ 890,255 1,764,198 $ 11,335,141 $ (Concluded)
Special Revenue Funds

LIABILITIES AND FUND BALANCES
June 30, 2023
City of Cudahy
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
79

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City of Cudahy
Basic Financial Statements
For the Year Ended June 30, 2023
(This page is intentionally left blank)
80

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Prop 1B
Local Street
Improvements Proposition A Proposition C Measure M
REVENUES:

Taxes $ - - $ - $ 439,186 $
Intergovernmental - 624,261 517,807 -
Charges for services - - 2,300 -
Use of money and property 2 38,102 30,375 55,157
Total revenues 662,363 2 550,482 494,343
EXPENDITURES:

Current:

Public safety - - - -
Public works - - - -
Community development - 338,946 - 26,736
Community services - - 113,871 113,759
Capital outlay - - - -
Total expenditures 338,946 - 113,871 140,495

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 323,417 2 436,611 353,848
OTHER FINANCING SOURCES (USES):

Transfers in - - 93,304 1,339
Transfers out - - - -
Total other financing sources (uses) - - 93,304 1,339
NET CHANGES IN FUND BALANCES 323,417 2 529,915 355,187
FUND BALANCES:

Beginning of year 281 884,264 577,890 1,440,221
End of year 283 $ 1,207,681 $ 1,107,805 $ 1,795,408 $
(Continued)
Special Revenue Funds
City of Cudahy
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2023
81

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Recycling
Conservation
Measure R Measure W AQMD Grants
REVENUES:

Taxes - $ - $ - $ - $
Intergovernmental 388,243 332,349 29,829 -
Charges for services - - - -
Use of money and property 61,638 14,735 - -
Total revenues 347,084 449,881 29,829 -
EXPENDITURES:

Current:

Public safety - - - -
Public works - - 28,818 -
Community development 49,847 - - -
Community services - - - -
Capital outlay 292 30,086 - -
Total expenditures 50,139 30,086 28,818 -

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 399,742 316,998 1,011 -
OTHER FINANCING SOURCES (USES):

Transfers in 99,574 - - -
Transfers out - - - -
Total other financing sources (uses) 99,574 - - -
NET CHANGES IN FUND BALANCES 499,316 316,998 1,011 -
FUND BALANCES:

Beginning of year 1,573,196 324,449 129,018 23,541
End of year $ 2,072,512 $ 641,447 $ 130,029 $ 23,541
(Continued)
Special Revenue Funds
City of Cudahy
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2023
82

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TDA
County Park Transportation Street
COPS Bond Development Lightning
REVENUES:

Taxes - $ - $ - $ 78,575 $
Intergovernmental 165,271 - 31,633 -
Charges for services - - - -
Use of money and property - - 17 -
Total revenues - 165,271 31,650 78,575
EXPENDITURES:

Current:

Public safety 96,407 - - -
Public works - - - -
Community development - - 30,787 192,229
Community services - - - -
Capital outlay - - - -
Total expenditures 96,407 - 30,787 192,229

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 68,864 - 863 (113,654)
OTHER FINANCING SOURCES (USES):

Transfers in - - 30,770 220,687
Transfers out - - - -
Total other financing sources (uses) - - 30,770 220,687 NET CHANGES IN FUND BALANCES 68,864 - 31,633 107,033
FUND BALANCES:

Beginning of year 150,961 29,412 (107,033) -
End of year $ 219,825 $ 29,412 $ 31,633 $ -
(Continued)
City of Cudahy
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2023
Special Revenue Funds
83

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Development Surface
Impact Transportation
Cal Home Fees Program Local ARPA
REVENUES:

Taxes $ - $ - $ - $ -
Intergovernmental - - 662,918 -
Charges for services - - - -
Use of money and property - 2,636 - -
Total revenues - 2,636 662,918 -
EXPENDITURES:

Current:

Public safety - - - -
Public works - - - -
Community development - - - -
Community services - - - -
Capital outlay - - 10,637 -
Total expenditures - - 10,637 -

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES - 2,636 (10,637) 662,918
OTHER FINANCING SOURCES (USES):

Transfers in - - - -
Transfers out - - (662,918) -
Total other financing sources (uses) - - (662,918) -
NET CHANGES IN FUND BALANCES - 2,636 (10,637) -
FUND BALANCES:

Beginning of year 116,194 70,491 836,076 -
End of year $ 116,194 $ 73,127 $ 825,439 $ -
(Continued)
Special Revenue Funds
City of Cudahy
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2023
84

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State
Gas Tax CDBG Total
REVENUES:

Taxes $ - - $ 517,761 $
Intergovernmental 1,030,008 233,065 4,015,384
Charges for services - - 2,300
Use of money and property 53,966 - 256,628
Total revenues 233,065 1,083,974 4,792,073
EXPENDITURES:

Current:

Public safety - - 96,407
Public works - - 28,818
Community development - 237,132 875,677
Community services 880,181 - 1,107,811
Capital outlay - 178,033 219,048
Total expenditures 237,132 1,058,214 2,327,761

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (4,067) 25,760 2,464,312
OTHER FINANCING SOURCES (USES):

Transfers in - 108,053 553,727
Transfers out (527) - (663,445)
Total other financing sources (uses) (527) 108,053 (109,718) NET CHANGES IN FUND BALANCES (4,594) 133,813 2,354,594
FUND BALANCES:

Beginning of year 1,411,381 636,842 8,097,184
End of year $ 1,545,194 $ 632,248 $ 10,451,778
(Concluded)
Special Revenue Funds
City of Cudahy
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2023
85

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Use of money and property 1 1 $ 2 1
Total revenues 1 1 2 1
NET CHANGE IN FUND BALANCE $ 1 $ 1 2 $ 1
FUND BALANCE:

Beginning of year 281
End of year $ 283
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Prop 1B Local Street Improvements Special Revenue Fund
For the Year Ended June 30, 2023
86

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 579,424 $ 579,424 $ 624,261 $ 44,837 Use of money and property 500 500 38,102 37,602
Total revenues 579,924 579,924 662,363 82,439
EXPENDITURES:

Current:

Community services 396,400 396,400 338,946 57,454
Total expenditures 396,400 396,400 338,946 57,454
NET CHANGE IN FUND BALANCE $ 183,524 $ 183,524 323,417 $ 139,893 FUND BALANCE:

Beginning of year 884,264
End of year $ 1,207,681
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Proposition A Special Revenue Fund
For the Year Ended June 30, 2023
87

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ - $ 480,617 $ 517,807 $ 37,190
Charges for services 25,000 25,000 2,300 (22,700)
Use of money and property 350 350 30,375 30,025
Total revenues 25,350 505,967 550,482 44,515
EXPENDITURES:

Current:

Community services 613,872 613,872 113,871 500,001
Total expenditures 613,872 613,872 113,871 500,001

EXCESS OF REVENUES OVER
EXPENDITURES (588,522) (107,905) 436,611 544,516
OTHER FINANCING USES:

Transfers in - - 93,304 93,304
Total other financing uses - - 93,304 93,304
NET CHANGE IN FUND BALANCE $ (588,522) $ (107,905) 529,915 $ 637,820 FUND BALANCE:

Beginning of year 577,890
End of year $ 1,107,805
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Proposition C Special Revenue Fund
For the Year Ended June 30, 2023
88

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes $ 408,525 $ 408,525 $ 439,186 $ 30,661
Use of money and property 500 500 55,157 54,657
Total revenues 409,025 409,025 494,343 85,318
EXPENDITURES:

Current:

Community development 157,467 157,467 26,736 130,731
Community services 252,092 252,092 113,759 138,333
Total expenditures 409,559 409,559 140,495 269,064

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (534) (534) 353,848 354,382
OTHER FINANCING SOURCES (USES):

Transfers in - - 1,339 1,339
Total other financing (sources) uses - - 1,339 1,339
NET CHANGE IN FUND BALANCE $ (534) $ (534) 355,187 $ 355,721 FUND BALANCE:

Beginning of year 1,440,221
End of year $ 1,795,408
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure M Special Revenue Fund
For the Year Ended June 30, 2023
89

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 360,465 $ 360,465 $ 388,243 $ 27,778 Use of money and property 500 500 61,638 61,138
Total revenues 360,965 360,965 449,881 88,916
EXPENDITURES:

Current:

Community development 90,092 90,092 49,847 40,245
Capital outlay 1,443,903 1,443,903 292 1,443,611
Total expenditures 1,533,995 1,533,995 50,139 1,483,856

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (1,173,030) (1,173,030) 399,742 1,572,772 OTHER FINANCING USES:

Transfers in - - 99,574 99,574
Total other financing uses - - 99,574 99,574
NET CHANGE IN FUND BALANCE $ (1,173,030) $ (1,173,030) 499,316 $ 1,672,346 FUND BALANCE:

Beginning of year 1,573,196
End of year $ 2,072,512
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure R Special Revenue Fund
For the Year Ended June 30, 2023
90

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 170,000 $ 170,000 $ 332,349 $ 162,349 Use of money and property - - 14,735 14,735
Total revenues 170,000 170,000 347,084 177,084
EXPENDITURES:

Capital outlay 170,000 170,000 30,086 139,914
Total expenditures 170,000 170,000 30,086 139,914
NET CHANGE IN FUND BALANCE $ - $ - 316,998 $ 316,998
FUND BALANCE:

Beginning of year 324,449
End of year $ 641,447
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure W Special Revenue Fund
For the Year Ended June 30, 2023
91

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 31,500 $ 31,500 $ 29,829 $ (1,671)
Total revenues 31,500 31,500 29,829 (1,671)
EXPENDITURES:

Current:

Public works 31,500 31,500 28,818 2,682
Total expenditures 31,500 31,500 28,818 2,682
NET CHANGE IN FUND BALANCE $ - $ - 1,011 $ 1,011
FUND BALANCE:

Beginning of year 129,018
End of year $ 130,029
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual AQMD Special Revenue Fund
For the Year Ended June 30, 2023
92

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 165,271 $ 100,000 $ 165,271 $ 65,271 Total revenues 165,271 100,000 165,271 65,271
EXPENDITURES:

Current:

Public safety 96,407 100,000 96,407 3,593
Total expenditures 96,407 100,000 96,407 3,593
NET CHANGE IN FUND BALANCE $ 68,864 $ - 68,864 $ 68,864 FUND BALANCE:

Beginning of year 150,961 ,
End of year $ 219,825
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Community Oriented Policing Services (COPS) Special Revenue Fund For the Year Ended June 30, 2023
93

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 119,867 $ 119,867 $ 31,633 (88,234) Use of money and property - - 17 17
Total revenues 119,867 119,867 31,650 (88,217)
EXPENDITURES:

Current:

Community development 30,787 119,867 30,787 89,080
Total expenditures 30,787 119,867 30,787 89,080

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 89,080 - 863 863
OTHER FINANCING USES:

Transfers in - - 30,770 30,770
Total other financing uses - - 30,770 30,770
NET CHANGE IN FUND BALANCE $ 89,080 $ - 31,633 $ 31,633 FUND BALANCE:

Beginning of year -
End of year $ 31,633
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual TDA Transportation Development Special Revenue Fund
For the Year Ended June 30, 2023
94

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes $ 78,575 $ 73,044 $ 78,575 5,531
Total revenues 78,575 73,044 78,575 5,531
EXPENDITURES:

Current:

Community development 192,229 73,044 192,229 (119,185)
Total expenditures 192,229 73,044 192,229 (119,185)

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (113,654) - (113,654) (113,654)
OTHER FINANCING USES:

Transfers in 220,687 - 220,687 220,687
Total other financing uses 220,687 - 220,687 220,687
NET CHANGE IN FUND BALANCE $ 107,033 $ - 107,033 $ 107,033 FUND BALANCE:

Beginning of year (107,033)
End of year $ -
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Street Lighting Special Revenue Fund
For the Year Ended June 30, 2023
95

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Use of money and property $ 2,637 $ 250 $ 2,636 $ 2,386 Total revenues 2,637 250 2,636 2,386
NET CHANGE IN FUND BALANCE $ 2,637 $ 250 2,636 $ 2,386
FUND BALANCE:

Beginning of year 70,491
End of year $ 73,127
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Development Impact Fees Special Revenue Fund
For the Year Ended June 30, 2023
96

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Original Final Variance with
Budget Budget Actual Final Budget
EXPENDITURES:

Capital outlay $ 10,637 $ 777,894 $ 10,637 $ 767,257
Total expenditures 10,637 777,894 10,637 767,257
NET CHANGE IN FUND BALANCE $ (10,637) $ (777,894) (10,637) $ 767,257 FUND BALANCE:

Beginning of year 836,076
End of year $ 825,439
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Surface Transportation Program Special Revenue Fund
For the Year Ended June 30, 2023
97

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 1,001,313 $ 1,235,768 $ 1,030,008 $ (205,760) Use of money and property 4,000 4,000 53,966 49,966
Total revenues 1,005,313 1,239,768 1,083,974 (155,794)
EXPENDITURES:

Current:

Community development 1,037,566 1,037,566 880,181 157,385 Capital outlay 2,045,411 2,045,411 178,033 1,867,378
Total expenditures 3,082,977 3,082,977 1,058,214 2,024,763

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (2,077,664) (1,843,209) 25,760 1,868,969 OTHER FINANCING USES:

Transfers in - - 108,053 108,053
Total other financing uses - - 108,053 108,053
NET CHANGE IN FUND BALANCE $ (2,077,664) $ (1,843,209) 133,813 $ 1,977,022 FUND BALANCE:

Beginning of year 1,411,381
End of year $ 1,545,194
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual State Gas Tax Special Revenue Fund
For the Year Ended June 30, 2023
98

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Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 504,894 $ 805,296 $ 233,065 $ (572,231) Total revenues 504,894 805,296 233,065 (572,231)
EXPENDITURES:

Current:

Community development 368,893 455,295 237,132 218,163
Total expenditures 368,893 455,295 237,132 218,163

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 136,001 350,001 (4,067) (354,068)
OTHER FINANCING USES:

Transfers out - - (527) (527)
Total other financing uses - - (527) (527)
NET CHANGE IN FUND BALANCE $ 136,001 $ 350,001 (4,594) $ (354,595) FUND BALANCE:

Beginning of year 636,842
End of year $ 632,248
City of Cudahy
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual CDBG Special Revenue Fund
For the Year Ended June 30, 2023
99

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Basic Financial Statements
For the Year Ended June 30, 2023
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City of Cudahy
100

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200 E. Sandpointe Avenue, Suite 600
Santa Ana, California 92707
December 21, 2023
To the Honorable Mayor and the Members of the City Council of the City of Cudahy
Cudahy, California
We have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Cudahy, California (the “City”) for the year ended June 30, 2023.

Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards, and Government Auditing Standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letter to you dated June 27, 2023. Professional standards also require that we communicate the following information related to our audit.

Significant Audit Matters
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City are described in Note 1 to the basic financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2023. We noted no transactions entered into by the City during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period.

Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the City’s financial statements were:
 Management’s estimate of the investment fair market value is based on information provided by UMB Bank based on interactive data. We evaluated the key factors and assumptions used to develop the investment fair market value in determining that it is reasonable in relation to the financial statements taken as a whole.  Management’s estimate of the depreciation on capital assets is based on the industry standard and past experience on actual useful life of the asset groups. We evaluated the key factors and assumptions used to develop the depreciation on capital assets in determining that it is reasonable in relation to the financial statements taken as a whole.  Management’s estimate of the net other postemployment benefits (“OPEB”) liability is based on the actuarial valuation on total OPEB liability and financial statements on fiduciary net position. We evaluated the key factors and assumptions used to develop the OPEB liability in determining that it is reasonable in relation to the financial statements taken as a whole.
 Management’s estimate of the net pension liability is based on the actuarial valuation on total pension liability and based on the audited financial statements on fiduciary net position. We evaluated the key factors and assumptions used to develop the net pension liability in determining that it is reasonable in relation to the financial statements taken as a whole.

Attachment B Page 169 of 435
To the Honorable Mayor and Members of the City Council
of the City of Cudahy
Cudahy, California

Page 2 ends

Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. The most sensitive disclosures affecting the financial statements were:
 Note 1 – Summary of Significant Accounting Policies
 Note 2 – Stewardship, Compliance and Accountability
 Note 9 – Defined Benefit Pension Plan
 Note 10 – Other Postemployment Benefits (“OPEB”)
 Note 11 – Restricted Net Position
 Note 12 –Fund Balances Classifications
 Note 15 – Commitments and Contingencies
The financial statement disclosures are neutral, consistent, and clear.

Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our audit.

Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. In addition, none of the misstatements detected as a result of audit procedures and corrected by management were material, either individually or in the aggregate, to each opinion unit’s financial statements taken as a whole.

Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor’s report.

We are pleased to report that no such disagreements arose during the course of our audit.

Management Representations
We have requested certain representations from management that are included in the management representation letter dated December 21, 2023.

Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the City’s financial statements or a determination of the type of auditors’ opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants.

Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the City’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention.

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To the Honorable Mayor and Members of the City Council
of the City of Cudahy
Cudahy, California

Page 3 ends

Other Matters
We applied certain limited procedures to the Budgetary Comparison Schedules for General Fund and Major Special Revenue Funds, the Schedule of City’s Proportionate Share of the Net Pension Liability and Related Ratios, the Schedules of Contributions – Pensions, the Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios, and the Schedule of Contributions – Other Postemployment Benefits, which are Required Supplementary Information (“RSI”) that supplement the basic financial statements. Our procedures consisted of inquiries of management regarding 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 did not audit the RSI and do not express an opinion or provide any assurance on the RSI.

We were engaged to report on the Combining and Individual Fund Financial Statements, which accompany the financial statements but are not RSI. With respect to this supplementary information, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves.

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

Very truly yours,
Santa Ana, California

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City of Cudahy
Cudahy, California
Single Audit and
Independent Auditors’ Reports
For the Year Ended June 30, 2023
Attachment C Page 172 of 435

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City of Cudahy
Table of Contents
Page
Independent Auditors’ Reports:

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 ............................................................ 1 Report on Compliance for Each Major Federal Program; Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures of Federal Awards Required by the Uniform Guidance .............................................................................. 3 Schedule of Expenditures of Federal Awards ............................................................................................................ 7 Notes to the Schedule of Expenditures of Federal Awards ........................................................................................ 8 Schedule of Findings and Questioned Costs .............................................................................................................. 9

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200 E. Sandpointe Avenue, Suite 600
Santa Ana, California 92707

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND

OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN

ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Independent Auditors’ Report
To the Honorable Mayor and the Members of City Council
of the City of Cudahy
Cudahy, California
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 Standards”), the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Cudahy, California (the “City”), as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated December 21, 2023.

Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (“internal control”) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that have not been identified.

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.

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To the Honorable Mayor and the Members of City Council
of the City of Cudahy
Cudahy, California

Page 2 ends

2 Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the 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.

Santa Ana, California
December 21, 2023

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200 E. Sandpointe Avenue, Suite 600
Santa Ana, California 92707
REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM;
REPORT ON INTERNAL CONTROL OVER COMPLIANCE; AND REPORT ON THE

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS REQUIRED BY THE UNIFORM GUIDANCE Independent Auditors’ Report
To the Honorable Mayor and the Members of City Council
of the City of Cudahy
Cudahy, California
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited the City of Cudahy, California’s (the “City”) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the City’s major federal programs for the year ended June 30, 2023. The City’s major federal programs are identified in the summary of the auditors' results section of the accompanying Schedule of Findings and Questioned Costs.

In our opinion, the City complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2023.

Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (“GAAS”); the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States (“Government Auditing Standards”); and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditors’ Responsibilities for the Audit of Compliance section of our report.

We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of City’s compliance with the compliance requirements referred to above.

Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to City’s federal programs.

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To the Honorable Mayor and the Members of City Council
of the City of Cudahy
Cudahy, California

Page 2 ends

4 Auditors’ Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the City’s compliance based on our audit. 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, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the City’s compliance with the requirements of each major federal program as a whole.

In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we:
 exercise professional judgment and maintain professional skepticism throughout the audit.  identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the City’s compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.  obtain an understanding of the City’s internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control over compliance. Accordingly, no such opinion is expressed.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.

Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the Auditors’ Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.

Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.

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To the Honorable Mayor and the Members of City Council
of the City of Cudahy
Cudahy, California

Page 3 ends

5 The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance.

Accordingly, this report is not suitable for any other purpose.

Report on the Schedule of Expenditures of Federal Awards Required by the Uniform Guidance We have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements. We issued our report thereon dated December 21, 2023, which contained unmodified opinions on those financial statements. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements.

The accompanying Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Uniform Guidance and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the Schedule of Expenditure of Federal Awards is fairly stated in all material respects in relation to the basic financial statements as a whole.

Santa Ana, California
January 10, 2024, except for the Schedule of Expenditures of Federal Awards, which is as of December 21, 2023.

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City of Cudahy
Schedule of Expenditures of Federal Awards
For the Year Ended June 30, 2023
See accompanying Notes to the Schedule of Expenditures of Federal Awards. 7 Assistance Agency or
Listing Pass-Through Federal
Number Number Expenditures
U.S. Department of Housing and Urban Development
CDBG - Entitlement Grants Cluster
Passed through County of Los Angeles:

CDBG - Entitlement Grants Cluster:

Community Development Block Grants/Entitlement Grants 14.218 D96171 122,268 $ Community Development Block Grants/Entitlement Grants 14.218 602496 50,134 Community Development Block Grants/Entitlement Grants 14.218 D96168 39,725 Community Development Block Grants/Entitlement Grants 14.218 D96166 25,006 Total CDBG - Entitlement Grants Cluster 237,133
Total U.S. Department of Housing and Urban Development 237,133 Department of Homeland Security
Passed through California Governor's Office of Emergency Services:

Homeland Security Grant Program 97.067 2020-0095 183,556 Total U.S. Department of Homeland Security 183,556
U.S. Department of Transportation
Passed through California Department of Transportation:

Highway Planning and Construction 20.205 ATPL-5369(011) 271,932 Total U.S. Department of Transportation 271,932
U.S. Department of the Treasury
Passed through California Department of Finance:

Coronavirus State and Local Fiscal Recovery Funds 21.027 N/A 662,918 Total U.S. Department of the Treasury 662,918
Total Expenditures of Federal Awards $ 1,355,539
Federal Grantor/Pass - Through Grantor
Program Title

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City of Cudahy
Notes to the Schedule of Expenditures of Federal Awards For the Year Ended June 30, 2023
8 Note 1 – Reporting Entity
The financial reporting entity, as defined by the Governmental Accounting Standards Board (“GASB”) Codification, consists of the primary government, which is the City of Cudahy, California (the “City”), organizations for which the primary government is financially accountable, and other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the City’s financial statements to be misleading or incomplete.

The City Council acts as the governing body and is able to impose its will on the following organizations, establishing financial accountability:
 Cudahy Economic Development Corporation (“CEDC”)
 Cudahy Financing Authority (the “Financing Authority”) Note 2 – Summary of Significant Accounting Policies
Basis of Accounting
The activity of the City’s federal award programs is reported within the General Fund and the special revenue funds of the City. The City utilizes the modified accrual basis of accounting for the General Fund and the special revenue funds as described in Note 1 to the City’s basic financial statements. The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the City’s basic financial statements.

Schedule of Expenditures of Federal Awards
The accompanying Schedule presents the activity of all federal financial assistance programs of the City. Federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through the County of Los Angeles, the State of California Governor’s Office of Emergency Services, the California Department of Transportation, and the State of California Department of Finance are included in the Schedule. The Schedule was prepared from only the accounts of various grant programs and, therefore, does not present the financial position or results of operations of the City.

Assistance Listing Numbers
The assistance listing numbers included in the accompanying Schedule were determined based on the program name, review of grant contract information, and the Office of Management and Budget’s Catalog of Federal Domestic Assistance.

Indirect Cost Rate
The City did not elect to use the 10% de minimis cost rate.

Note 3 – Loans Receivable
Loans made with Community Development Block Grant (CDBG) funds in the amount of $250,237, which includes interest of $23,200, are outstanding as of June 30, 2023. During the year ended June 30, 2023, there were no new loans made with CDBG funds.

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City of Cudahy
Schedule of Findings and Questioned Costs
For the Year Ended June 30, 2023
9 Section I – Summary of Auditors’ Results
Financial Statements
Type of report the auditors issued on whether the financial statements audited were prepared in accordance with GAAP: Unmodified Internal control over financial reporting:
 Material weakness(es) identified? No
 Significant deficiency(ies) identified? None Reported Noncompliance material to financial statements noted? No Federal Awards
Internal control over major federal programs:
 Material weakness(es) identified? No
 Significant deficiency(ies) identified? None Reported Type of auditors’ report issued on compliance for major federal programs: Unmodified Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? No
Identification of major federal programs:

Assistance Listing Number Name of Federal Program or Cluster Expenditures

21.027 COVID-19 - Coronavirus State and Local Fiscal Recovery Funds $ 662,918 Total Expenditures of All Major Federal Programs $ 662,918 Total Expenditures of Federal Awards $ 1,355,539
Percentage of Total Expenditures of Federal Awards 48.90% Dollar threshold used to distinguish between type A and type B programs: $750,000 Auditee qualified as low-risk auditee in accordance with 2 CFR 200.520? No

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Cudahy City CouncilJanuary 16, 2024

Cudahy City Council
January 16, 2024