Annual Comprehensive
Financial Report
Year ending June 30, 2024
CITY OF DIAMOND BAR, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Prepared by:
Finance Department
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CITY OF DIAMOND BAR, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
Page(s)
INTRODUCTORY SECTION
Letter of Transmittal ..................................................................................................................................................... i GFOA Certificate of Achievement for Excellence in Financial Reporting ................................................................... v Organization Chart ..................................................................................................................................................... vi List of Elected and Administrative Officials .............................................................................................................. vii
FINANCIAL SECTION
Independent Auditors’ Report .................................................................................................................................... 1 Management's Discussion and Analysis (Required Supplementary Information) ..................................................... 5
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements
Statement of Net Position ........................................................................................................................... 19 Statement of Activities ................................................................................................................................ 21 Fund Financial Statements
Balance Sheet – Governmental Funds ...................................................................................................... 22 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ................................................................................................................. 23 Statement of Revenues, Expenditures, and Changes in Fund Balances .................................................. 24 Reconciliation of Statement of Revenues, Expenditures and Changes in Fund Balances of the Governmental Funds to the Statement of Activities ................................................ 25 Statement of Net Position – Proprietary Funds .......................................................................................... 26 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds ...................................................................................................................... 27 Statement of Cash Flows – Proprietary Funds ........................................................................................... 28 Notes to Basic Financial Statements ............................................................................................................. 31
CITY OF DIAMOND BAR, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
Page(s)
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary Comparison Information:
Budgetary Comparison Schedule – General Fund ................................................................................. 59 Budgetary Comparison Information:
Budgetary Comparison Schedule – Traffic Improvement Fund ............................................................. 60 Schedule of Proportionate Share of the Net Pension Liability ........................................................................ 61 Schedule of Changes in the Net OPEB Liability and Related Ratios ............................................................. 62 Schedule of Plan Contributions – Pension ..................................................................................................... 64 Schedule of Contributions – OPEB ................................................................................................................. 64 Notes to Required Supplementary Information .............................................................................................. 65
SUPPLEMENTAL INFORMATION
Combining Balance Sheet .............................................................................................................................. 66 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ................................................................................................................................................ 74 Budgetary Comparison Schedules - Special Revenue Funds:
State Gas Tax Fund .................................................................................................................................... 82 Proposition A Transit Fund .......................................................................................................................... 83 Proposition C Transit Fund ......................................................................................................................... 84 Integrated Waste Management Fund .......................................................................................................... 85 Sewer Mitigation Fund ................................................................................................................................. 86 Air Quality Improvement Fund ..................................................................................................................... 87 Measure M Local Return Fund .................................................................................................................... 88 Road Maintenance & Rehab Fund .............................................................................................................. 89 Trails & Bikeways Fund ............................................................................................................................... 90 Beverage Center Recycling Grant Fund ..................................................................................................... 91 Used Oil Block Grant Fund .......................................................................................................................... 92 Park and Facility Development Fund........................................................................................................... 93 Community Development Block Grant (CDBG) Fund ................................................................................ 94 Citizens Option for Public Safety (COPS) Fund .......................................................................................... 95 California Law Enforcement Equipment Program (CLEEP) Fund ............................................................... 96 Landscape Maintenance District Fund ........................................................................................................ 97 Measure R Local Return Fund .................................................................................................................... 98 PEG Fees Fund ........................................................................................................................................... 99 Waste Hauler Fund .................................................................................................................................... 100 CASP Fees (SB1186) ................................................................................................................................ 101 Measure A Neighborhood Park Acts ......................................................................................................... 102 Street Beautification Fund ......................................................................................................................... 103 Measure W Return Fund ........................................................................................................................... 104 Hazard Mitigation Grant Fund ................................................................................................................... 105 Homelessness Response .......................................................................................................................... 106
CITY OF DIAMOND BAR, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
Page(s)
SUPPLEMENTAL INFORMATION (Continued)
Budgetary Comparison Schedule – Capital Projects Fund:
Capital Improvement Funds ...................................................................................................................... 107 Budgetary Comparison Schedule – Debt Service Fund:
Public Financing Authority ......................................................................................................................... 108 Internal Service Funds:
Combining Statement of Net Position ........................................................................................................... 109 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position ......................................................................................................................................... 110 Combining Statement of Cash Flows ........................................................................................................... 111
STATISTICAL SECTION
Financial Trends:
Net Position by Component - Last Ten Fiscal Years .................................................................................... 115 Changes in Net Position - Last Ten Fiscal Years ......................................................................................... 116 Fund Balances of Governmental Funds - Last Ten Fiscal Years ................................................................. 118 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years .............................................. 120 Revenue Capacity:
Property Tax Dollar Breakdown .................................................................................................................... 122 Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years .................................. 123 Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years ........................................................... 124 Top 10 Property Taxpayers - Current Fiscal Year and Nine Fiscal Years Ago ............................................ 125 Property Tax Levies and Collections - Last Ten Fiscal Years ...................................................................... 126 Debt Capacity:
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years....................................................................... 127 Direct and Overlapping Debt ........................................................................................................................ 128 Computation of Legal Debt Margin - Last Ten Fiscal Years ......................................................................... 129 Demographic and Economic Information:
Demographic and Economic Statistics - Last Ten Calendar Years .............................................................. 130 Taxable Sales by Category - Current Fiscal Year and Nine Fiscal Years Ago ............................................ 132 Operating Information:
Full-Time Equivalent City Employees by Function - Last Ten Fiscal Years ................................................. 134 Operating Indicators by Function - Last Ten Fiscal Years ............................................................................ 135 Capital Asset Statistics by Function - Last Ten Fiscal Years ....................................................................... 136 7+,63$*(,17(17,21$//</()7%/$1.
City of Diamond Bar
21810 Copley Drive | Diamond Bar, CA 91765-4178
909-839-7000 | Fax 909-861-3117
www.DiamondBarCA.gov
Chia Yu Teng
Mayor
District 4
Steve Tye
Mayor Pro Tem
District 1
Andrew Chou
Council Member
District 3
Stan Liu
Council Member
District 5
Ruth M. Low
Council Member
District 2
January 10, 2025
To the Honorable Mayor, Members of the City Council
and the Residents of the City of Diamond Bar, California:
It is an honor to submit to you the Annual Comprehensive Financial Report (ACFR) of the City of Diamond Bar for the fiscal year ended June 30, 2024. This report consists of management’s representations concerning the finances of the City. Consequently, responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the City’s management. To provide a reasonable basis for making these representations, management of the City has established a comprehensive internal control framework that is designed both to protect the City’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City’s financial statements in conformance with generally accepted accounting principles (GAAP). Because the cost of internal controls should not outweigh their benefits, the City’s comprehensive framework of internal controls has been designed to provide assurance that the financial statements will be free from misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material aspects.
The City’s financial statements have been audited by Lance, Soll, & Lunghard, LLP, a firm of certified public accountants. The goal of the independent audit is to provide reasonable assurance that the financial statements of the City for fiscal year ended June 30, 2024, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation.
The independent auditor concluded based upon the audit that there was a reasonable basis for rendering an unmodified opinion that the City’s financial statements for the fiscal year ended June 30, 2024, were fairly presented in conformity with GAAP. The independent auditor’s report is presented as the first component of the financial section of this report.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement and should be read in conjunction with the MD&A. The City’s MD&A can be found immediately following the report of the independent auditors. i
PROFILE OF THE CITY OF DIAMOND BAR
The City of Diamond Bar was incorporated on April 18, 1989, and is located at the eastern edge of Los Angeles County in the East San Gabriel Valley. Diamond Bar is primarily a residential community of about 57,000, situated among the meandering hills and valleys of Brea Canyon. Many desired services can be found in Diamond Bar's shopping and business centers. Recreational opportunities within the City include more than 75 acres of developed park facilities, hiking trails, a community center, a County-owned and operated 18-hole public golf course and more than 370 acres of undeveloped publicly owned open space.
Diamond Bar is also strategically located at the junction of the SR-57 and SR-60 freeways with easy access to I-10 and SR-71 freeways. This makes Diamond Bar a desirable and convenient location to live and work within close proximity to Los Angeles, Orange, Riverside and San Bernardino counties.
Diamond Bar is a General Law city and operates under the council-manager form of government. Policy making and legislative authority are vested in a five- member City Council. The City Council is responsible, among other things, for passing ordinances, adopting the budget, appointing Commissioners, and hiring both the City Manager and contracting for City Attorney services. The Council Members are elected by districts on a non-partisan basis and serve four-year staggered terms, with elections held every other year. Each December, the City Council selects a Mayor and Mayor Pro Tem from its membership. The City Manager is responsible for overseeing the day-to-day operations of the City, and for appointing the heads of the various departments.
The City of Diamond Bar operates primarily as a “contract city” utilizing agreements with other governmental agencies, private sector firms and individuals to provide many of its essential services. This includes law enforcement services, animal services, building and safety services, engineering, road maintenance and landscape maintenance.
The Los Angeles County Fire District provides fire protection, which is independent of the City. Los Angeles County also provides library services through a Library District, and sewer and sanitation services through a Sanitation District. Funds for these services are collected through property tax bills and are disbursed directly by the Los Angeles County Tax Collector's Office to those entities.
Water services for the City are provided by the Walnut Valley Water District. Refuse collection is provided by private waste collection companies. Additionally, schools are provided by both the Walnut Valley Unified School District and the Pomona Unified School District. Accordingly, none of these activities are included in this report.
ECONOMIC CONDITION AND OUTLOOK
The Adopted FY 2024/25 Budget offers a positive outlook and continues to provide for many City programs and services, advance deferred maintenance and Capital Improvement Projects, and focuses on key initiatives consistent with the City’s Long-Term Financial Stability Report.
ii
Aside from modest increases to key revenue sources, management remains cautious and conservative in budgeting due to ongoing pressure from rising costs driven by a competitive labor market, increased prices for materials and service delivery, higher fuel prices, and uncertainty related to the future of interest rates. Importantly, the proposed budget implements the various objectives and priorities of the City Council guided by the adopted FY 2024-2027 Strategic Plan.
Economic Development continues to be an area of priority for the City. Accordingly, the FY 2024/25 Budget incorporates resources dedicated to continue planning efforts to create a pedestrian-oriented and walkable Town Center and programs to retain current businesses and attract new businesses that increase the City’s employment base and generate revenue. In addition, efforts are underway to establish a “Shop Diamond Bar First, Keep It Local” campaign and a local rewards program to encourage residents to invest in their community through supporting local businesses.
AWARDS
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Diamond Bar for its annual comprehensive financial report for the fiscal year ended June 30, 2023. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local financial reports.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized annual comprehensive financial report (ACFR), with contents that conform to program standards. The ACFR must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City of Diamond Bar has received the Certificate of Achievement for the last twenty-nine consecutive years (fiscal years ended 1995 through 2023). We believe our current report continues to meet the Certificate of Achievement Program’s requirements and we will be submitting it to GFOA to determine its eligibility for another certificate.
REPORTING ENTITY AND ITS SERVICES
This Annual Comprehensive Financial Report includes all funds of the City. The City directly provides a limited range of services and contracts for several other services. The City's significant reliance on contracted services has the benefit of reducing expenses to the citizens of the City of Diamond Bar while simultaneously providing the City with a high degree of flexibility in responding to changing economic conditions. iii
Contracted services include law enforcement protection, building and safety, street maintenance, park maintenance, capital improvement projects, animal control, attorney services and engineering. Staff provided services include: community development (which includes planning, building and safety administration, and neighborhood improvement), public works (which includes engineering, capital projects administration, street maintenance contract management, traffic and transportation matters, engineering contract management, park maintenance, landscape maintenance and solid waste contract management), parks & recreation (which includes senior services, recreation services, community events and community center operation), public information, subsidized transit ticket sales, grant administration, financial management, administrative management, human resources and risk management, information systems and economic development. All of these activities are included in this report.
INTERNAL CONTROLS
The City of Diamond Bar’s accounting system has been developed by giving consideration to the adequacy of internal accounting controls. Internal accounting controls are implemented by the City to provide reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition; and that the City’s financial records used for preparing financial statements are maintained in a reliable fashion. The concept of reasonable assurance recognizes that the cost of these controls should not exceed the benefits derived from them. The City’s internal controls accomplish these objectives.
ACKNOWLEDGEMENTS
The preparation of this Annual Comprehensive Financial Report was made possible by the dedicated service and excellence found within the City's Finance Department staff, and through the cooperation of the entire City staff. Each City staff member has my sincere appreciation for their cooperation and contributions in the preparation of this Report.
I would like to thank Jason Jacobsen, Finance Director, for his prudent fiscal stewardship.
In addition, I would also like to thank our independent auditor, Lance, Soll, and Lunghard, LLP, who provided expertise and advice in the preparation of the City's Annual Comprehensive Financial Report.
In closing, without the leadership and support of the City Council of the City of Diamond Bar, the preparation of this Report would not have been possible.
Sincerely,
Daniel Fox
City Manager
iv
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Diamond Bar
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
v
vi
OFFICIALS OF THE CITY OF DIAMOND BAR
As of December 3, 2024
City Council
Chia Yu Teng, Mayor
Steve Tye, Mayor Pro Tem
Andrew Chou, Council Member
Ruth M. Low, Council Member
Stan Liu, Council Member
Administration and Department Heads
City Manager Dan Fox
Assistant City Manager Ryan McLean
City Clerk Kristina Santana
Director of:
Community Development Greg Gubman
Finance Jason Jacobsen
Information Systems Ken Desforges
Parks & Recreation Ryan Wright
Public Works David Liu
vii
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LSLCPAS.COM
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
City of Diamond Bar, 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 Diamond Bar, California (the “City”), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the 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, 2024, and the respective changes in financial position, and, where applicable, cash flows thereof, for the year then ended in accordance with accounting principles generally accepted in 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 Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
To the Honorable Mayor and Members of the City Council
City of Diamond Bar, California
Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards 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 generally accepted auditing standards and Government Auditing Standards, we:
x Exercise professional judgment and maintain professional skepticism throughout the audit. x 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. x 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. x 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. x Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, budgetary comparison information, and required pension and other postemployment benefits schedules, as listed on the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. 2 To the Honorable Mayor and Members of the City Council City of Diamond Bar, California
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying combining and individual fund financial statements and schedules (“supplementary information”) 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. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 10, 2025, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s 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.
Irvine, California
January 10, 2025
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4 CITY OF DIAMOND BAR
MANAGEMENT’S DISCUSSION AND ANALYSIS
As management of the City of Diamond Bar, we offer readers this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2024. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal.
FINANCIAL HIGHLIGHTS
x The total revenues from all sources totaled $44,954,618, an increase of 1.0% from the prior year.
x The total cost of all City programs totaled $39,993,477 an increase of 6.8% from the prior year.
x The assets and deferred outflows of the City of Diamond Bar exceeded its liabilities and deferred inflows at the close of the fiscal year by $399,708,488 (net position), an increase of $5.0 million from the prior year. Of this amount, $36,631,555 represents unrestricted net position may be used to meet the City’s ongoing obligations to citizens and creditors.
x As of the close of the current fiscal year, the City of Diamond Bar’s governmental funds reported combined ending fund balances of $65,965,883, an increase of $2.8 million in comparison with the prior year. Approximately $36.6 million of the $65.9 million is unrestricted and available for spending at the City’s discretion, including amounts assigned and committed by city council action. x At the end of the current fiscal year, the Unassigned Fund Balance of the General Fund was $21,674,550 which represents a $1.3 million decrease from the prior year amount of $22,959,067. The Unassigned Fund Balance is in addition to a $8,217,405 reserve for emergencies/contingencies as established by Council resolution and $2,072,420 committed to capital projects for City parks and facilities. The reduction in General Fund Unassigned Fund Balance was mainly due to transferring funds to these two reserves.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the City of Diamond Bar’s basic financial statements. The City of Diamond Bar’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to basic financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.
5 Government–wide Financial Statements. The government-wide financial statements are designed to provide readers with a broad overview of the City of Diamond Bar’s finances, in a manner similar to a private-sector business. These statements include the statement of net position and the statement of activities.
The statement of net position presents financial information on all of the City of Diamond Bar’s assets, liabilities and deferred inflows/outflows of resources with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City of Diamond Bar is improving or deteriorating.
The statement of activities presents information showing how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the City of Diamond Bar that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City of Diamond Bar include general government, public safety, highways and streets, community development, and parks and recreation. The City of Diamond Bar currently has no business-type activities or enterprise funds.
The government-wide financial statements include not only the City of Diamond Bar itself, but also a legally separate financing authority. Although legally separate, the Diamond Bar Public Financing Authority is included because the City is financially accountable for it.
Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City of Diamond Bar, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into three categories:
governmental funds, proprietary funds and fiduciary funds.
Governmental Funds – Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources available at the end of the fiscal year. Such information may be useful in assessing the near-term financing requirements necessary to finance City programs. A reconciliation to facilitate a comparison between governmental funds and governmental activities is located on page 25 of the financial statements. 6 Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impacts of the City’s near-term financing decisions. The governmental funds balance sheet can be found on page 22 of the financial statements, and the governmental funds statement of revenues, expenditures, and changes in fund balances can be found on page 24 of the financial statements.
The City of Diamond Bar adopts an annual appropriated budget for its general fund. A budgetary comparison statement has been provided for the general fund to demonstrate compliance with this budget on page 59.
Proprietary Funds – The type of proprietary funds that the City maintains are internal service funds that are used to allocate costs internally among the various functions of the City. The City of Diamond Bar uses these funds to account for its liability insurance costs and vehicle, building and computer maintenance and replacement costs. Because these services predominantly benefit governmental rather than business-type functions, they have been included within governmental activities within the government-wide financial statements.
Notes to Basic Financial Statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.
Other Information. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City’s budgetary control and accounting and expenditures in excess of appropriations.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
City-wide Statement of Net Position. The Statement of Net Position is intended to measure an agency’s financial health at the end of the fiscal year. The “net position” is the net of the agency’s total assets and its total liabilities. At June 30, 2024, the City of Diamond Bar’s net position (total assets and deferred outflows less total liabilities and deferred inflows) was $399,708,488 (see Table 1 below).
By far the largest portion of the City’s net position (85%) is its investment in capital assets (e.g., land, buildings, infrastructure, machinery, equipment, and construction in progress), net of the related outstanding debt used to acquire those assets. The City of Diamond Bar uses these capital assets to provide services to its citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. As shown in Table 1 below, the City’s investment in capital assets (net of related debt) is $331,125,815 which represents a decrease of approximately $482 thousand from the prior year. This decrease is a result of 7 additional investments in capital assets of $8.8 million, less an increase in liabilities used to finance the capital assets in the amount of $1.6 million and $7.7 million in depreciation expense (see note 5 Capital Assets for more information).
The City’s total liabilities are $27,692,718 which is an increase of $2.8 million due largely to increases in accounts payable at year-end in the amount of $3.4 million and net pension liability in the amount of $870 thousand (this amount fluctuates with the annual returns of the California Public Employees’ Retirement System), offset by various reductions. The City’s restricted net position increased by $2.6 million from last year. This is mostly attributable to the unspent portion of restricted revenues received for highways and streets in non-major special revenue funds. These funds are accumulated to fund large capital projects and, once appropriated, can take several years to fully expend.
Table 1
CITY OF DIAMOND BAR
Statement of Net Position
The unrestricted portion of the total net position represents those funds the City can use at its sole discretion. This portion is often looked at when evaluating a city’s financial health. The unrestricted net position increased by $2.8 million. This is due to several factors, but mainly the intentional accumulation of reserves for various city purposes pursuant to the City’s reserve policy.
8 Governmental Activities and Changes in Net Position. Although the Statement of Net Position discussed above is an important measure of financial health, it is only at a specific point in time. A more useful measure is how the City’s financial position is changing over time. Table 2 below present a summary of the City’s change in net position from the prior year, and the specific revenue and expenditure activities that caused the change.
Overall, the City ended the year with a $5.0 million increase to its net position, compared to an increase of $7.1 million the prior year. Many of the reasons leading to these results have already been discussed, but some of the more notable factors are discussed below.
Table 2
CITY OF DIAMOND BAR
Changes in Net Position
2024 2023
Revenues:
Program Revenues:
Charges for services $ 8,138,692 $ 7,983,986
Operating grants and contributions 7,570,259 9,630,820
Capital grants and contributions 96,569 853,518
General Revenues:
Property taxes 13,963,044 13,650,877
Transient occupancy taxes 1,499,045 1,462,904
Sales taxes 6,467,915 6,598,953
Franchise fees 1,628,505 1,687,104
Other taxes 1,620,453 1,540,855
Motor vehicle in lieu 67,901 56,347
Use of money & property 3,880,104 863,861
Other 22,131 166,330
Total Revenues 44,954,618 44,495,555
Expenses
General government 8,332,738 8,377,284
Public safety 8,783,229 8,149,425
Community development 3,830,323 3,663,339
Parks & recreation 4,258,559 4,481,255
Public works 14,661,974 12,621,030
Interest and fiscal charges 126,654 145,302
Total Expenses 39,993,477 37,437,635
Increase (Decrease) in net position 4,961,141 7,057,920 Net position - beginning 394,747,347 387,689,427
Net Position - ending $ 399,708,488 $ 394,747,347
Governmental Activities
9 General Revenues
As show in Table 2 above, total revenues for all governmental activities were $44,954,618.
This is approximately $460 thousand, or 1%, higher than the prior year. Revenues remained largely flat and were supported by significant increases in investment earnings in the amount of $3.9 million as compared to $860 thousand the prior year, offsetting a
significant reduction of one-time monies in the amount of $3.4 million from the American Rescue Plan Act (ARPA)
received the prior year. Revenues from property taxes
and transient occupancy taxes increased by 2.3% and
2.5% respectively, while sales tax revenues dipped slightly by -2.0%.
10 As mentioned, revenues from the use of
money & property demonstrated
remarkable improvement, ending the
year with $3.9 million. Total revenue
from the use of money and property
reflects total investment earnings of
$2.8 million plus unrealized gains in the
amount of $1.1 million; such gains would
only be realized were the portfolio liquidated at current market valuations as of June 30, 2024 (see table above for year-over year changes). It should be noted that while year-over-year interest earnings increased by approximately $800 thousand, the $3.0 million net increase in this category is mostly attributable to interest rate volatility resulting in unrealized gains for year. As interest rates rose the prior FY 2022/23, the City’s portfolio experienced an unrealized loss. Those higher rates were then locked in as new investments were purchased, and as rates subsequently dropped there was an unrealized gain on the portfolio for FY 2023/24, showcasing the responsiveness of the City’s actively managed investment portfolio to market dynamics.
Governmental Expenses
The FY 2023/24 budget was developed with the intention of expanding programs and services across the organization, in particular in the General Fund. As such, fiscal year budgeted and actual expenditures were higher in FY 2023/24 than in FY 2022/23.
Specifically, the revised FY 2023/24 General Fund budget totaled $37.3 million compared to the FY 2022/23 revised budget of $32.8 million.
In addition to expanding programs and services, the City also increased appropriations to its Capital Improvement Program in order to improve facilities and maintain key infrastructure, as well as advance deferred maintenance. In FY 2020/21, the City had to scale back its capital program due to reduced revenues largely tied to the pandemic.
In FY 2021/22, the City’s annual Capital Improvement Program increased from $3.5 million to $7.5 million. In FY 2022/23, the Capital Improvement Program increased to $16.1 million.
And in FY 2023/24 the Capital Improvement Program increased to $22.6 million.
While not all of the budget is expended within each year of appropriation, and much of the funding comes from restricted revenues and grants, the growth nonetheless helps explain the increases in the overall spending that occurred generally throughout all categories, most notably public works expenditures which totaled $14.6 million as compared to $12.6 million the prior year.
11 City Reserves
In 2011 the City Council adopted Resolution No. 2011-26 establishing policies related to fund balance and reserves. These policies were amended in August of 2019 with the adoption of Resolution No. 2019-36. In general, reserves are intended to serve a variety of goals and purposes. One of the key reserves set forth in the City’s reserve policies is for emergencies, such as natural disasters (earthquakes, flooding, wildfires, etc.), or unexpected events and circumstances that impact the City’s finances. The recent global pandemic is an excellent example of this. Another purpose of reserves is to set aside funds for the replacement of equipment, vehicles, facilities, and other capital needs. The accumulation of such funds over time minimizes the financial burden and impacts of funding these types of capital items, which often are very expensive, in a single year.
The degree to which a city has set aside reserves for the purposes noted above is an important measure of a city’s financial health. To that end, the City’s reserve policies establish the following reserves:
1. Contingency Reserve – No less than 25% of the adopted budget General Fund expenditures to provide for economic uncertainties, local emergencies or disasters, and other financial hardships or downturns in the local economy, including unforeseen operating or capital needs and cash flow requirements. 12 2. Other Post-Employment Benefit (OPEB) Reserve Fund – To cover the projected cost of future retiree benefits, the City will maintain a reserve so that the combined amount of the reserve and funds held in an OPEB trust are no less than 80% of the total OPEB liability based on the most recent actuarial valuation.
3. Building Facility and Maintenance Fund – The City will make annual contributions to this fund from the General Fund of no less than $100,000 to provide for the future replacement of systems and equipment at City Hall, the Diamond Bar Center, and other City buildings and facilities. In addition, the City will transfer 40% of the General Fund year-end surplus after funding the other reserves described in this section.
4. Vehicle Maintenance and Replacement Fund – To provide funding for the timely replacement of vehicles and related equipment with an individual cost of $10,000 or more, the City will annually make a contribution from its General Fund to the Vehicle Maintenance and Replacement Fund equal to its estimated operating costs plus depreciation net of any interest earnings and proceeds from the sale of assets.
5. Technology Reserve Fund – The City will maintain a technology reserve fund to accumulate funds for the replacement of essential technology systems and equipment. The annual contribution from the General Fund will be no less than $100,000.
6. Park Development Fund – This fund provides for the development and enhancement of the City’s parks and facilities. The City will transfer 40% of the General Fund year-end surplus after funding the other reserves described in this section.
The aforementioned reserves with amounts are listed below in Table 3 along with other highlighted reserves.
See note 11 Classification of Fund Balance for more information. 13 Table 3
CITY OF DIAMOND BAR
Changes in Key Reserves
The most striking thing to note from Table 3 above is that total reserves for these funds increased by $1,709,584 (or 4.3%) to a total of $41,289,564. It is important to note that all of these individual reserves ultimately derive from the General Fund, either from the allocation of year-end surpluses or annual contributions pursuant to the reserve policies summarized earlier.
FUND FINANCIAL ANALYSIS
As noted earlier the City of Diamond Bar uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. These are presented starting on page 23 of the financial statements.
Governmental funds - The focus of the City of Diamond Bar’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of a city’s net resources available for spending at the end of the fiscal year. 2024 2023 Change
General Fund
Committed Reserves
Contingency Reserve $ 8,217,405 $ 7,981,243 $ 236,162
Assigned Reserves
OPEB Reserve 313,523 291,182 22,341
Technology Reserve 695,389 591,346 104,043
Capital Improvement Projects 2,072,420 1,308,920 763,500 Tres Hermanos Conservancy Reserve 6,910 6,910 -
General Plan Update Reserve 453,782 518,504 (64,722)
Law Enforcement Reserve 1,066,070 941,362 124,708
Unassigned Reserve 21,674,550 22,961,129 (1,286,579)
Total General Fund 34,500,049 34,600,596 (100,547)
Park Development Fund
Unrestricted Reserve 2,535,198 1,567,641 967,557
Vehicle Maintenance & Replacement Fund
Unrestricted Reserve 381,674 316,864 64,810
Building Maintenance & Replacement Fund
Unrestricted Reserve 2,280,042 1,062,451 1,217,591
Computer Equipment Replacement Fund
Unrestricted Reserve 1,541,453 2,032,428 (490,975)
Grand Totals 41,238,416 $ 39,579,980 $ 1,658,436 $
Fiscal Year Ended June 30,
14 At June 30, 2024, the City of Diamond Bar’s governmental funds reported combined ending fund balances of $65,965,883, an increase of $2.8 million in comparison with the prior year. Of this amount, $21,259,227, or 32.2%, constitutes unassigned fund balances which are available for spending at the government’s discretion. The remainder of the fund balances are either restricted for particular purposes ($31,881,157), committed to contingencies per City policy ($8,217,405), or assigned to a specific purpose ($4,608,094).
The balance sheet for governmental funds is presented on page 22 of the financial statements.
The General Fund, which is included as a governmental fund, is the main operating fund of the City. It is where most traditional services associated with local government, including public safety, recreation, development services, economic development, and public works. The services are funded primarily from unrestricted tax revenues, such as taxes and charges for services. At the end of the 2023/24 fiscal year, the unassigned fund balance of the General Fund was $21,674,550, while the total fund balance was $34,500,049; this represents a decrease of -$100,547 in total fund balance from last year as opposed to a planned budgetary deficit of -$6.6 million. The factors leading to the decrease are largely the same as that of the governmental activities, and can be explained by flat revenues supported by increases to investment earnings, offset by with slight increases in operational expenses, mainly those related to public safety, and increased contributions to the City’s Capital Improvement Program in the amount of $1.3 million as compared to $1.0 million the prior year (see Statement of Revenues, Expenditures, and Changes in Fund Balances on page 24 for more information). A budget-to-actuals comparison for the General Fund is available within the Required Supplementary Information found on page 59.
As a measure of the General Fund’s liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance of $21.7 million represents 65% of total General Fund expenditures, including transfers out, while total fund balance of $34.5 million represents 104% of the same amount.
The Traffic Improvement Fund is used to account for funds which have been received from development projects and designated by the City Council for traffic mitigation projects. Total revenues for FY 2023/24 were $214,439 and there were no expenditures. As a result, the ending fund balance for the Traffic Improvement Fund increased by $214,439.
The Capital Improvement Fund is used to account for major capital projects included in the annual Capital Improvement Program. Projects are funded by multiple funding sources including grants, restricted revenues, and the general fund. Total expenditures for FY 2023/24 were $8,146,443. Total revenues and transfers-in were $8,216,426. As a result, the ending fund balance for the Capital Improvement fund increased by $69,983. 15 CAPITAL ASSET AND DEBT ADMINISTRATION
Capital assets - The City of Diamond Bar’s investment in capital assets for its governmental activities as of June 30, 2024 amounts to $340,729,351 (net of accumulated depreciation). This investment in capital assets includes land, right of way, buildings and improvements, furniture and fixtures, vehicles and equipment, infrastructure and construction in progress.
Table 4
CITY OF DIAMOND BAR
Capital Assets (net of depreciation)
The City’s capital assets increased in value by $1.1 million during FY 2023/24. This increase was due to $8.8 million in new assets, mostly attributed to construction in progress, offset by $7.7 million in depreciation expense.
Construction in progress at the end of the year included projects in various stages of design or construction. Virtually all of the $5.2 million of construction in progress relates to streets improvement projects, including both residential and arterial roadways.
See note 5 Capital Assets for more information.
Long-term debt – At the end of the current fiscal year, the City of Diamond Bar’s total long-term debt totaled $6,380,321, which includes outstanding bonds payable and accrued compensated absences as shown in Table 5 below. 16 Table 5
CITY OF DIAMOND BAR
Outstanding Long-Term Debt
At June 30, 2024
In June 2021 the City issued the 2021 Lease Revenue Refunding Bonds to refinance the 2002 Lease Revenue Bonds. The 2002 bonds were originally issued to finance the construction of a community/senior center (the Diamond Bar Center) and other public improvements. The refunding, which capitalizes on historically low interest rates, will result in a savings of $1,736,355 over the remaining life of the bonds.
In addition to the bonds, city employees have accrued leave time (sick and vacation) totaling $1,045,321 as of June 30, 2024. This liability is primarily paid out as time off or the use of sick time and to this extent does not result in an increase in costs.
See note 6 Long-Term Liabilities for more information on long-term debt.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES
The Adopted FY 2024/25 Budget incorporates a positive outlook and continues to expand many City programs and services, advance deferred maintenance and capital improvement projects, and focuses on key initiatives consistent with the City's Long-Term Financial Stability Report and recently adopted 2024-2027 Strategic Plan. The adopted Capital Improvement Program totals $8.2 million in new projects for FY 2024/25 and includes many projects that were in the design phase in FY 2023/24 which will now move to the construction phase in FY 2024/25. The FY 2024/25 Adopted Budget also includes the use of General Fund monies in the amount of $150 thousand for capital improvements, and has a planned use of unassigned reserves in the amount of $145 thousand to fund one-time projects and programs.
Similarly to FY 2023/24, the revenue outlook for FY 2024/25 is reasonably optimistic, with growth in key General Fund revenues—including property taxes and sales taxes— and other taxes expected to be moderate and in line with historic and pre-pandemic growth rates. The Federal Reserve is anticipated to continue cuts to interest rates in early 2025 due to an anticipated slowdown in GDP growth for 2024 compared to 2023, which could positively impact investment holdings.
17 The continued growth in FY 2024/25 in property tax and sales tax revenues, coupled with prudent investments and fiscal policies, will strengthen the City’s financial position in the year ahead. For these reasons the City continues to stand as a beacon of economic strength in our region. It is management’s belief that the detailed financial statements that follow reflect this collective dedication to the ongoing well-being and prosperity of the Diamond Bar community.
CONTACTING THE CITY’S FINANCIAL MANAGEMENT TEAM
This financial report is designed to provide our residents, taxpayers, customers, and creditors with a general overview of the City of Diamond Bar’s finances and to show the City’s accountability for the money it receives. If you have questions about this report or need additional financial information, contact the City’s Finance Department, at the City of Diamond Bar, 21810 Copley Drive, Diamond Bar, California 91765. 18 CITY OF DIAMOND BAR, CALIFORNIA
Statement of Net Position
Governmental
Activities
ASSETS
Cash and investments $ 78,964,624
Receivables:
Accounts 361,246
Taxes 1,832,321
Accrued interest 449,667
Due from other governments 838,783
Notes and loans 476,028
Leases 2,343,892
Restricted assets:
Cash with fiscal agent 2,974
Capital assets (not being depreciated/amortized) 277,169,513 Capital assets (net of accumulated depreciation/amortization) 63,559,838 Total assets 425,998,886
DEFERRED OUTFLOWS OF RESOURCES
Pension-related 4,015,168
OPEB-related 178,044
Total deferred outflows of resources 4,193,212
LIABILITIES
Accounts payable 7,196,273
Due to other governments 476,024
Accrued liabilities 578,947
Accrued interest 16,912
Deposits payable 2,551,855
Unearned revenue 148,936
Noncurrent liabilities:
Due within one year:
Compensated absences 300,000
Bonds Payable 505,000
Due in more than one year:
Net pension liability 8,772,989
Net OPEB liability 603,641
Compensated absences 745,321
Bonds Payable 5,796,820
Total liabilities 27,692,718
DEFERRED INFLOWS OF RESOURCES
Pension-related 278,997
OPEB-related 168,003
Lease-related 2,343,892
Total deferred inflows of resources 2,790,892
NET POSITION
Net investment in capital assets 331,125,815
Restricted:
Community development projects 5,846,342
Public Safety 412,824
Public works 23,306,048
Capital Projects 2,382,930
Debt Service 2,974
Unrestricted 36,631,555
Total net position $ 399,708,488
June 30, 2024
See Notes to Financial Statements.
19 7+,63$*(,17(17,21$//</()7%/$1.
20 CITY OF DIAMOND BAR, CALIFORNIA
Statement of Activities
For the Year Ended June 30, 2024
Net (Expenses)
Revenues and
Changes in
Net Position
Operating Capital
Charges for Contributions Contributions Governmental
Expenses Services and Grants and Grants Activities
Functions/Programs:
Primary government:
Governmental activities:
General government $ 8,332,738 $ 267,248 $ 434,678 $ - $ (7,630,812) Public safety 8,783,229 380,424 234,807 - (8,167,998)
Community development 3,830,323 2,624,871 364,599 - (840,853) Parks & recreation 4,258,559 1,608,375 184,000 - (2,466,184) Public works 14,661,974 3,257,774 6,352,175 96,569 (4,955,456) Interest on long-term debt 126,654 - - - (126,654)
Total governmental activities 39,993,477 8,138,692 7,570,259 96,569 (24,187,957) General revenues:
General revenues:
Property taxes 13,963,044
Sales taxes 6,467,915
Transient occupancy taxes 1,499,045
Franchise taxes 1,628,505
Other taxes 1,620,453
Motor vehicle in lieu - unrestricted 67,901
Use of money and property 3,880,104
Other 22,131
Total general revenues 29,149,098
Change in net position 4,961,141
Net position-beginning 394,747,347
Net position-ending $ 399,708,488
Program Revenues
See Notes to Financial Statements.
21 CITY OF DIAMOND BAR, CALIFORNIA
Balance Sheet
Governmental Funds
June 30, 2024
Special
Revenue Funds
Capital Projects
Funds
Total Total
Nonmajor Governmental
General Funds Funds
ASSETS
Pooled cash and investments $ 8,306,200 39,049,080 $ 2,882,053 $ 23,468,047 $ $ 73,705,380 Receivables:
Accounts 137,064 - 224,182 - 361,246
Taxes 1,792,529 - - 39,792 1,832,321
Accrued interest 449,667 - - - 449,667
Notes and loans - - - 476,028 476,028
Lease receivables - 2,343,892 - - 2,343,892
Due from other governments - 34,760 36,573 719,104 790,437 Due from other funds - 128,032 - - 128,032
Restricted assets:
Cash and investments with fiscal agents - - - 2,974 2,974 Total assets $ 43,935,024 $ 8,306,200 $ 2,918,626 $ 24,930,127 $ 80,089,977
LIABILITIES
Accounts payable $ - 3,214,088 $ 3,051,237 $ 552,889 $ $ 6,818,214 Accrued liabilities - 527,530 - 49,559 577,089
Retainage payable - - 245,936 2,548 248,484
Unearned revenues - 2,619 - 146,317 148,936
Deposits payable - 2,551,855 - - 2,551,855
Due to other governments - - - 476,028 476,028
Due to other funds - - - 128,032 128,032
Total liabilities 6,296,092 3,297,173 - 1,355,373 10,948,638
DEFERRED INFLOWS OF RESOURCES
Deferred inflows lease related - 2,343,892 - - 2,343,892 Unavailable revenues - 794,991 36,573 - 831,564
Total deferred inflows of resources 3,138,883 - 36,573 3,175,456 -
FUND BALANCES (DEFICITS)
Restricted for:
Community development projects - - 5,846,364 - 5,846,364 Public safety - - - 412,824 412,824
Highways and streets - 8,306,200 - 14,999,848 23,306,048 Capital Projects - - - 2,312,947 2,312,947
Debt service - - - 2,974 2,974
Committed to:
Emergency contingencies 8,217,405 - - - 8,217,405
Assigned to:
Other Post Employment Benefits (OPEB) 313,523 - - - 313,523 Technology Reserve 695,389 - - - 695,389
Capital Improvement Projects 2,072,420 - - - 2,072,420
Tres Hermanos Conservancy 6,910 - - - 6,910
General Plan Update 453,782 - - - 453,782
Law Enforcement Reserve 1,066,070 - - - 1,066,070
Unassigned - 21,674,550 (415,120) (203) 21,259,227
Total fund balances (deficits) 34,500,049 8,306,200 (415,120) 23,574,754 65,965,883 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 43,935,024 $ 8,306,200 $ 2,918,626 $ 24,930,127 $ 80,089,977 Traffic
Improvement
Capital
Improvement
See Notes to Financial Statements.
22 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position
June 30, 2024
Amounts reported for governmental activities in the Statement of Net Position are different because:
Total fund balances - governmental funds $ 65,965,883
339,351,478
Deferred outflows-pension related 4,015,168 $
Deferred outflows-OPEB related 178,044
Deferred inflows-pension related (278,997)
Deferred inflows-OPEB related (168,003)
Total deferred outflows and inflows related to postemployment benefits 3,746,212 Miscellaneous revenues 831,564
Total other long-term assets 831,564
6,554,034
Bonds payable (5,335,000)
Compensated absences (1,045,321)
Accrued interest payable on long-term debt (16,912)
Net pension liability (8,772,989)
Net OPEB liability (603,641)
Total long-term liabilities (15,773,863)
Bond premiums (966,820)
Total premiums (966,820)
Net position of governmental activities $ 399,708,488
Long-term liabilities that are not due and payable in the current period, and therefore, are not reported in the funds.
Governmental funds report the effect of premiums when debt is first issued, whereas, these amounts are deferred and amortized in the Statement of Activities.
CITY OF DIAMOND BAR, CALIFORNIA
Capital assets, net of accumulated depreciation/amortization, used in governmental activities are not financial resources and, therefore, are not reported in the funds.
Differences between expected and actual experiences, assumption changes and net differences between projected and actual earnings, and contributions subsequent to the measurement date for the postretirement benefits (pension and OPEB) are recognized as deferred outflows of resources and deferred inflows of resources on the Statement of Net Position.
Other long-term assets that are not available to pay for current period expenditures and, therefore, are either labeled unavailable or not reported in the funds.
Internal service funds provide services to other funds on a cost-reimbursement basis. The assets, deferred outflows of resources, liabilities, and deferred inflows of resources of the internal service funds are included in governmental activities in the Statement of Activities.
See Notes to Financial Statements.
23 CITY OF DIAMOND BAR, CALIFORNIA
Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds
For the Year Ended June 30, 2024
Special
Revenue
Funds
Capital
Projects
Funds
Total Total
Nonmajor Governmental
General Funds Funds
REVENUES
Taxes $ - 16,323,617 $ - $ 1,319,406 $ $ 17,643,023
Licenses and permits - 1,268,981 - 183,227 1,452,208
Intergovernmental - 8,018,518 307,470 9,211,181 17,537,169 Charges for services - 2,579,437 - 757,983 3,337,420
Use of money and property 214,439 2,510,188 - 1,125,582 3,850,209 Fines and forfeitures - 380,424 - - 380,424
Miscellaneous - 67,397 - 2,453 69,850
Total revenues 31,148,562 214,439 307,470 12,599,832 44,270,303
EXPENDITURES
Current:
General government 7,292,772 - - 27,755 7,320,527
Public safety 8,778,429 - - 4,800 8,783,229
Community development 2,951,791 - - 729,738 3,681,529
Parks and recreation 2,229,336 - - 50,073 2,279,409
Public works 5,515,807 - - 2,752,024 8,267,831
Capital outlay - - 8,146,443 27,413 8,173,856
Debt service:
Principal retirement - - 480,000 - 480,000
Interest and fiscal charges - - - 235,600 235,600
Total expenditures 26,768,135 8,146,443 - 4,307,403 39,221,981 Excess (deficiency) of revenues
over (under) expenditures 4,380,427 214,439 (7,838,973) 8,292,429 5,048,322
OTHER FINANCING SOURCES (USES)
Transfers in - 1,962,348 7,908,956 2,230,600 12,101,904 Transfers out - (6,443,322) - (7,924,187) (14,367,509)
Total other financing sources (uses) (4,480,974) 7,908,956 - (5,693,587) (2,265,605) Net change in fund balances (100,547) 214,439 69,983 2,598,842 2,782,717 Fund balances (deficit)-beginning 8,091,761 34,600,596 (485,103) 20,975,912 63,183,166 Fund balances (deficit)-ending $ 34,500,049 $ 8,306,200 $ (415,120) $ 23,574,754 $ 65,965,883 Traffic
Improvement
Capital
Improvement
See Notes to Financial Statements.
24 Reconciliation of the Statement of Revenues, Expenses and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Year Ended June 30, 2024
Amounts reported for governmental activities in the Statement of Activities are different because:
Net change in fund balances - total governmental funds: $ 2,782,717 Capital outlay $ 8,164,153
Depreciation/amortization expense (7,497,330)
Total adjustment 666,823
Earned but unavailable grant revenues 456,557
Total adjustment 456,557
Amortization of bond premiums and discounts 107,424
Principal payments 480,000
Total adjustment 587,424
1,277,313
Accrued interest on long-term debt 1,522
Compensated absences (39,778)
Changes in pension liabilities and related deferred outflows and inflows of resources (757,108) Changes in OPEB liabilities and related deferred outflows and inflows of resources (14,329) Total adjustment (809,693)
Change in net position of governmental activities $ 4,961,141 Internal service funds provide services to other funds on a cost-reimbursement basis. The net revenue of certain activities of internal service funds is reported with governmental activities.
Some expenses reported in the Statement of Activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds.
CITY OF DIAMOND BAR, CALIFORNIA
Governmental funds report capital outlays are expenditures. However, in the Statement of Activities, the cost of these assets is allocated over their estimated useful lives and reported as depreciation/amortization expense. This is the amount by which capital outlays exceeded depreciation/amortization expense in the current period.
Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds.
Bond and other debt proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the Statement of Net Position. Repayment of bond and other debt principal is an expenditure in the governmental funds, but repayment reduces long-term liabilities in the Statement of Net Position. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the Statement of Activities.
See Notes to Financial Statements.
25 CITY OF DIAMOND BAR, CALIFORNIA
Statement of Net Position
Proprietary Funds
June 30, 2024
Governmental
Activities
Internal
Service Funds
ASSETS
Current:
Pooled cash and investments $ 5,259,244
Due from Other Governments 48,346
Total current assets 5,307,590
Noncurrent:
Capital assets, net 1,377,873
Total noncurrent assets 1,377,873
Total assets 6,685,463
LIABILITIES
Current liabilities:
Accounts payable 129,434
Retainage payable 1,995
Total current liabilities 131,429
Total liabilities 131,429
NET POSITION
Net investment in capital assets 1,375,878
Unrestricted 5,178,156
Total net position $ 6,554,034
See Notes to Financial Statements.
26 CITY OF DIAMOND BAR, CALIFORNIA
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
For the Year Ended June 30, 2024
Governmental
Activities
Internal
Service Funds
OPERATING EXPENSES
Insurance premiums $ 609,466
Equipment Repair and Maintenance 401,880
Depreciation expense 203,991
Total operating expenses 1,215,337
Operating income (loss) (1,215,337)
NONOPERATING REVENUES (EXPENSES)
Interest Revenue 198,713
Other Income 9,045
Other Expenses (713)
Total nonoperating revenues (expenses) 227,045
Income (loss) before transfers (988,292)
Transfers In 2,265,605
Change in net position 1,277,313
Net position-beginning 5,276,721
Net position-ending $ 6,554,034
See Notes to Financial Statements.
27 CITY OF DIAMOND BAR, CALIFORNIA
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2024
Governmental
Activities
Internal
Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and service providers $ (1,050,726) Other receipts (payments) 49,787
Net cash provided by (used for)
operating activities (1,000,939)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 2,265,605
Net cash provided by (used for)
noncapital financing activities 2,265,605
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition and construction of capital assets (671,863) Net cash provided by (used for)
capital and related financing activities (671,863)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 198,713
Net cash provided by (used for)
investing activities 198,713
Net increase (decrease) in
cash and cash equivalents 791,516
Cash and cash equivalents-beginning 4,467,728
Cash and cash equivalents-ending $ 5,259,244
See Notes to Financial Statements.
28 CITY OF DIAMOND BAR, CALIFORNIA
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2024
Governmental
Activities
Internal
Service Funds
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
Operating income (loss) $ (1,215,337)
Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:
Depreciation/amortization expense 203,991
Increase (decrease) in accounts payable 10,407
Total adjustments 214,398
Net cash provided by (used for)
operating activities $ (1,000,939)
SCHEDULE OF NON-CASH NONCAPITAL, CAPITAL,
AND INVESTING ACTIVITIES
Unrealized gain/(loss) on fair value of investments (54,986) $ See Notes to Financial Statements.
29 7+,63$*(,17(17,21$//</()7%/$1.
30 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1: REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES A. Description of Reporting Entity
The City of Diamond Bar (the City) was incorporated April 18, 1989, as a "General Law” City governed by an elected five-member city council. As required by accounting principles generally accepted in the United States of America, these financial statements present the City of Diamond Bar (the primary government) and its component units. The component units discussed below are included in the City's reporting entity because of the significance of their operational or financial relationship with the City. These entities are legally separate from each other. However, the City of Diamond Bar's elected officials have a continuing full or partial accountability for fiscal matters of the other entities. The financial reporting entity consists of: (1) the City (2) organizations for which the City is financially accountable; and, (3) organizations for which the nature and significance of their relationship with the City are such that exclusion would cause the City's financial statements to be misleading or incomplete.
An organization is fiscally dependent on the primary government if it is unable to adopt its budget, levy taxes or set rates or charges, or issue bonded debt without approval by the primary government. In a blended presentation, a component unit’s balances and transactions are reported in a manner similar to the balances and transactions of the City. Component units are presented on a blended basis when the component unit’s governing body is substantially the same as the City's or when the component unit provides services almost entirely to the City.
Blended Component Units
The Diamond Bar Public Financing Authority (the Authority) was formed on November 19, 2002. The purpose of the Authority is to issue debt to finance public improvements and other capital purchases for the City and Agency.
The activity of the Authority is reported in debt service and capital projects funds. Separate financial statements are not prepared for this blended component unit.
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of changes in net position) report information on all of the nonfiduciary activities of the City. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The City has no business-type activities.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements.
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The basic financial statements of the City are composed of the following:
x Government-wide financial statements.
x Fund financial statements.
x Notes to basic financial statements.
31 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1: REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The government-wide financial statements, proprietary fund and fiduciary fund 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 liabilities (current and long-term) are reported. 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. Property taxes are recognized as revenues in the fiscal year, which the taxes are levied. Revenue from grants, entitlements, and donations is recognized in the fiscal year in which all the eligibility requirements imposed by the provider have been met.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the City's internal service funds are charges to departments for services. Operating expenses for the proprietary funds include the cost of services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under the current financial resources measurement focus, generally only current assets and liabilities are reported in the governmental funds. Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Under the modified accrual basis of accounting, revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal year. Expenditures generally are recorded when a liability is incurred, except for principal and interest on long-term liabilities, claims and judgments, and compensated absences which are recognized as expenditures only when payment is due.
Property taxes, taxpayer-assessed taxes, such as sales taxes, gas taxes, and transient occupancy taxes, and interest associated with the current fiscal period are all considered to be susceptible to accrual and have been recognized as revenues of the current fiscal period. Only the portion of special assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period to the extent normally collected within the availability period. All other revenue items are considered to be measurable and available only when cash is received by the City.
The accounts of the City are organized and operated on the basis of funds, each of which is considered a separate accounting entity with a self-balancing set of accounts, established for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations.
As a general rule, the effect of Interfund activity has been eliminated from the government-wide financial statements.
Exceptions to this general rule are charges between the government’s proprietary funds functions and various other functions of the government. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services or privileges provided, 2) operating contributions and grants, and 3) capital contributions and grants, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues.
Likewise, general revenues include all taxes.
When both restricted and unrestricted resources are combined in a fund, expenses are considered to be paid first from restricted resources, and then from unrestricted resources. 32 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1: REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Fund Classifications
The City reports the following major governmental funds:
The General Fund is the primary operating fund of the City and is used to account for all revenues and expenditures of the City not legally restricted as to use. A broad range of municipal activities are provided through this fund including City Manager, City Attorney, Finance, City Clerk, Public Works, Building and Safety, and Parks and Recreation.
The Traffic Improvement Fund is used to account for funds which have been received from development projects and designated by the City Council for traffic mitigation projects.
The Capital Improvement Project Fund is used to account for improvements of construction of capital facilities.
The City's fund structure also includes the following fund types:
Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted or committed to expenditures for specified purposes.
Capital Projects Funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets.
Debt Service Fund are used to account for the receipt of revenues and payments of debt service related to outstanding bonds.
Additionally, the City reports the following fund types:
Internal Service Funds have been established to finance and account for goods and services provided by one City department to other City departments or agencies. These activities include self-insurance, equipment, building maintenance and computer maintenance.
E. Investments
For financial reporting purposes, investments are stated at fair value.
Changes in fair value that occur during a fiscal year are recognized as investment income reported for that fiscal year. Investment income includes interest earnings, changes in fair value, and any gains or losses realized upon the liquidation or sale of investments.
The City pools cash and investments of all funds, except for assets held by fiscal agents. Each fund’s share in this pool is displayed in the accompanying financial statements as cash and investments. Investment income earned by the pooled investments is allocated to the various funds based on each fund's average cash and investment balances.
F. Cash and Cash Equivalents
For purposes of the statement of cash flows, cash and cash equivalents are defined as short-term, highly liquid investments that are both readily convertible to known amounts of cash or so near their maturity (an original maturity date of three months or less from the date of purchase) that they present insignificant risk of changes in value because of changes in interest rates. Cash and cash equivalents also represent the proprietary funds' share in the cash and investment pool of the City. All cash and investments of the proprietary (internal service) funds are pooled with the City's pooled cash and investments and are therefore considered cash equivalents for purposes of the statement of cash flows.
33 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1: REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) G. Prepaid Costs
Prepaid costs are accounted for on the consumption method. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.
H. Capital Assets
Capital assets (including infrastructure) are recorded at cost where historical records are available and at an estimated original cost where no historical records exist. Contributed capital assets are valued at acquisition value at the date of contribution. Capital asset purchases (other than infrastructure) in excess of $5,000 are capitalized if they have an expected useful life of three years or more. Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement are recorded at acquisition value at the date of donation.
Capital assets include additions to public domain (infrastructure), certain improvements including roads, streets, sidewalks, medians and storm drains within the City.
Capital assets used in operations are depreciated over their estimated useful lives using the straight-line method in the Government-wide and Proprietary Fund Financial Statements. Depreciation is charged as an expense against operations and accumulated depreciation is reported on the respective balance sheet.
The lives used for depreciation purposes of each capital asset class are:
Buildings and improvements 50 years
Furniture and fixtures 7 years
Vehicles 5 years
Infrastructure 10 - 50 years
Equipment 3 years
Intangible Assets are capitalized at cost related to the enterprise resource management system. Amortization has been provided on a straight-line basis over the estimated useful life of 10 years.
I. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/ expenditure) until then. The City has two items that qualify for reporting in this category. It is deferred outflows relating to the net pension obligation and net OPEB obligation reported in the government-wide statement of net position. These outflows are the results of contributions made after the measurement period, adjustments due to difference in proportions, and the difference between actual contributions made and the proportionate share of the risk pool’s total contributions, differences between expected and actual experiences, net differences between projected and actual experiences on plan investments, and change in assumptions. 34 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1: REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and thus will not be recognized as an inflow of resources (revenue) until that time. The government has three items which arises under the modified accrual basis of accounting that qualifies for reporting in this category. Accordingly, one item, unavailable revenue, is reported only in the governmental funds balance sheet. The governmental funds report unavailable revenues from two sources:
taxes and grant revenues. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. In addition, the government has items that qualify for reporting in this category which relate to deferred inflows relating to the net pension and net OPEB obligations reported in the government-wide statement of net position. These inflows are the result of the net difference between projected and actual earnings on plan investments, changes in employer’s proportion, difference between the employer’s contributions and the employer’s proportionate share of contributions, adjustments due to difference in proportions, differences between expected and actual experiences, and change in assumptions. Lastly, leases related items for the amount of the lease receivable plus any lease payments related to future periods, less any lease incentives paid to, or on behalf of, the lessee at or before the commencement of the lease term.
J. Net Position Flow Assumption
Sometimes the government will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted – net position and unrestricted – net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the government’s policy to consider restricted – net position to have been depleted before unrestricted – net position is applied.
K. Fund Balance Flow Assumptions
Sometimes the government will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the government’s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.
L. Compensated Absences
Vacation and sick leave time begin to accumulate as of the first day of employment to a maximum of 360 hours and 480 hours, respectively. Employees who accumulate sick leave in excess of 200 hours may be compensated for the excess up to 80 hours annually at one half the employees current wage rate.
A liability is recorded for unused vacation and similar compensatory leave balances since the employees' entitlement to these balances are attributable to services already rendered and it is probable that virtually all of these balances will be liquidated by either paid time off or payments upon termination or retirement.
A liability is recorded for unused sick leave balances only to the extent that it’s probable that the unused balances will result in termination payments. This is estimated by including in the liability the unused balances of employees currently entitled to receive termination payments, as well as those who are expected to become eligible to receive termination benefits as a result of continuing their employment with the City.
If an employee retires, resigns, or terminates in good standing with a minimum of five years of service, the employee is entitled to receive 100% of unused sick leave at one half the employees current wage rate. Compensated absences will be reported in government funds only if they have matured, such as upon retirement. 35 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1: REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) M. Pension Plan
For purposes of measuring the net pension liability, deferred outflows and inflows of resources related to pensions, and pension expense, information about the fiduciary net position and additions to/deductions from the fiduciary net position have been determined on the same basis as they are reported by the CalPERS Financial Office. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value. CalPERS audited financial statements are publicly available reports that can be obtained at CalPERS’ website under Forms and Publications.
Net Pension liability is expected to be paid in future years from future resources, typically liquidated from the General Fund.
N. Other Post-Employment 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 City’s plan (OPEB Plan), the assets of which are held by California Employers’ Retiree Benefit Trust (CERBT), and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined by an independent actuary. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value. Net OPEB liability is expected to be paid in future years from future resources, typically liquidated from the General Fund.
Generally accepted accounting principles require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used:
Valuation Date June 30, 2023
Measurement Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024
O. Recognition of Deferred Outflows and Deferred Inflows of Resources Gains and losses related to changes in total OPEB or Pension liability and fiduciary net position are recognized in OPEB or Pension expense systematically over time. Amounts are first recognized in OPEB or 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 OPEB or Pension and are to be recognized in future OPEB or Pension expense.
The recognition period differs depending on the source of the gain or loss:
Net difference between projected and actual 5 years
earnings on plan investments
All other amounts Expected average remaining service lifetime (EARSL) P. Property Taxes
Under California law, property taxes are assessed and collected by the counties up to 1% of assessed value, plus other increases approved by the voters. The property taxes go into a pool, and are then allocated to the cities based on complex formulas. Accordingly, the City accrues only those taxes which are received from the County within 60 days after year end.
36 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1: REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Property taxes are assessed and collected each fiscal year according to the following property tax calendar:
Lien date January 1
Levy date July 1
Due dates November 1 - 1st installment
February 1 - 2nd installment
Collection dates December 10 - 1st installment
April 10 - 2nd installment
Delinquent dates December 11 - 1st installment
April 11 - 2nd installment
Q. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. Net OPEB liability is expected to be paid in future years from future resources, typically liquidated from the General Fund.
R. Fund Equity
In the fund financial statements, government funds report the following fund balance classification:
x Nonspendable include amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. x Restricted include amounts that are constrained on the use of resources by either (a) external creditors, grantors, contributors, or laws of regulations of other governments or (b) by law through constitutional provisions or enabling legislation.
x Committed include amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government’s highest authority, City Council. The formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution. x Assigned include amounts that are constrained by the government’s intent to be used for specific purposes, but are neither restricted nor committed. The Director of Finance is authorized to assign amounts to a specific purpose, which was established by the governing body in resolution. x Unassigned include the residual amounts that have not been restricted, committed, or assigned to specific purposes. The General Fund is the only fund that reports a positive fund unassigned fund balance amount. In other governmental funds it is not appropriate to report a positive unassigned fund balance amount.
However, in governmental funds other than the 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.
An individual governmental fund could include nonspendable resources and amounts that are restricted or unrestricted (committed, assigned, or unassigned) or any combination of those classifications. Restricted amounts are to be considered spent when an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available and committed, assigned, then unassigned amounts are considered to have been spent when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications can be used.
37 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 2: STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
A. Deficit Fund Equity
At June 30, 2024, The City reported deficit fund equities in the following funds:
NOTE 3: CASH AND INVESTMENTS
As of June 30, 2024, cash and investments were reported in the accompanying financial statements as follows:
Cash and investments held by the City at June 30, 2024, consisted of the following:
Fund Name Fund Type Deficit Cause
CDBG NonMajor Special Revenue Fund (111) $ (a)
Local Roadway Safety Plan NonMajor Special Revenue Fund (a) (92) Capital Improvement Fund Major Capital Projects Fund (415,120) (b) (a) Deficit due to timing differences between grant receipts and disbursements, and is expected to be eliminated through future grant revenues. (b) Deficit due to the timing differences between expenditures and the issuance of bonds to finance the project, and is expected to be eliminated once the bonds are issued.
Statement of Net Position
Cash and investments 78,964,624 $
Restricted:
Cash with fiscal agent 2,974
Total cash and investments $ 78,967,598
Cash on hand $ 2,998,561
Deposits with financial institutions 1,630
Total cash and cash equivalent 3,000,191
United States Government Sponsored Securities 10,941,369 Federal Agency Securities 20,452,743
Certificates of Deposit 18,562,234
Corporate Notes 5,261,998
Money Market Mutual Funds 18,652,215
Local Agency Investment Fund 2,093,893
Held by Fiscal Agent:
Money Market Mutual Funds 2,955
Total cash and investments $ 78,967,598
38 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 3: CASH AND INVESTMENTS (CONTINUED)
Investments Authorized by the California Government Code and the City's Investment Policy The following table identifies the investment types that are authorized for the City by the California Government Code (or the City’s investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City's investment policy, where more restrictive) that address' interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City's investment policy. The City Treasurer may waive the collateral requirement for deposits that are fully insured up to $250,000 by the FDIC.
Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustee are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City's investment policy. The table below identifies the investment types that are authorized for investments held by bond trustee. The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk.
Authorized by Maximum Maximum
Investment Types Investment Maximum Percentage Investment Authorized by State Law Policy Maturity * of Portfolio * in One Issuer * U.S. Treasury obligations Yes 5 years None None
U.S. agency securities Yes 5 years None None
Bankers acceptances Yes 180 days 40% 30%
Time Certificate of Deposits Yes 5 years 30% $250,000
Commercial paper Yes 270 days 25% 10%
Certificates of deposit (negotiable) Yes 5 years 30% None Repurchase agreements Yes 1 year None None
Medium-term corporate notes (1) Yes 5 years 30% 5%
Money market mutual funds Yes N/A 20% None
Supranational Yes 5 years 30% None
(1) Notes ust be rated "A" or better
* Based on state law requirements or City investment policy requirements, whichever is more restrictive.
Maximum Maximum
Maximum Percentage Investment
Authorized Investment Type Maturity of Portfolio in One Issuer U.S. Treasury obligations None None None
U.S. agency securities None 10% None
Bankers acceptances 1 year None None
Repurchase obligations tax exempt 30 Days None None
Local Agency Investment Fund None None None
Taxable government money market portfo None Equal to six months of
principal and
interest in the
bonds
None
39 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 3: CASH AND INVESTMENTS (CONTINUED)
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment.
Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations.
Information about the sensitivity of the fair values of the City's investments (including investments held by bond trustee) to interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity:
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization.
Presented below is the minimum rating required by (where applicable) the California Government Code, the City's investment policy, or debt agreements, and the actual rating, as reported by Moody’s, as of year-end for each investment type:
12 Months 13 to 36 37 to 60
Investment Type Total or Less Months Months
U.S. Treasury obligations 10,941,369 $ 5,903,595 $ 3,837,305 $ 1,200,469 $ U.S. agency securities 20,452,743 5,688,427 9,058,723 5,705,593 Certificates of deposit (negotiable) 18,562,234 3,425,877 8,501,422 6,634,935 Medium-term notes 5,261,998 338,591 1,292,523 3,630,884 Money market mutual funds 18,652,215 18,652,215 - -
Local Agency Investment Fund 2,093,893 2,093,893 - -
Held by Fiscal Agents
Money market mutual funds 2,955 2,955 - -
Total 75,967,407 $ 36,105,553 $ 22,689,973 $ 17,171,881 $ Remaining Maturity (in Months)
Minimum Exempt or
Investment Type Total Legal Rating Aaa Aa3 AA2 A1 A2 Not Rated U.S. Treasury obligations $ Aaa 10,941,369 10,941,369 $ - $ -$ $ - -$ $ - U.S. agency securities 20,452,743 Aaa 20,452,743 - - - - - Certificates of deposit (negotiable) 18,562,234 Not Rated - - - - - 18,562,234 Repurchase agreements A - - - - - - -
Medium-term notes 5,261,998 A 337,890 1,757,330 1,455,315 98,392 467,808 1,145,263 Money market mutual funds 18,652,215 Not Rated - - - - - 18,652,215 Local Agency Investment Fund 2,093,893 Not Rated - - - - - 2,093,893 Held by Fiscal Agents
Money market mutual funds Not Rated 2,955 - - - - - 2,955 Total $ 31,732,002 75,967,407 $ 1,757,330 $ 98,392 $ $ 467,808 1,455,315 $ 40,456,560 $ 40 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 3: CASH AND INVESTMENTS (CONTINUED)
Fair Value Hierarchy
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset.
Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs.” The City has the following recurring fair value measurements as of June 30, 2024:
Local Agency Investment Funds classified in Level 2 of the fair value hierarchy are valued using specified fair value factors. Federal Agency Securities classified in Level 2 of the fair value hierarchy are valued using institutional bond quotes.
Disclosures Relating to Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City's investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits: The California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The fair value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. The City does not accept 150% of the secured public totals. At June 30, 2024, the City deposits (bank balances) were insured by the Federal Depository Insurance Corporation up to $250,000 and the remaining balances were collateralized under California Law. The cash and investments held by Bond Trustee are uninsured and uncollateralized.
Investment Type Total Level 1 Level 2
U.S. Treasury obligations $ 10,941,369 $ 10,941,369 $ - U.S. agency securities 20,452,743 20,452,743 -
Certificates of deposit (negotiable) 18,562,234 18,562,234 - Medium-term notes 5,261,998 5,261,998 -
Total 55,218,344 $ 10,941,369 $ 44,276,975
Investment Type
Local Agency Investment Fund 2,093,893
Money Market Mutual Funds 18,652,215
Cash with Fiscal Agents
Money Market Funds 2,955
Totals 20,749,063
Total Investments 75,967,407 $
Input Category
41 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 3: CASH AND INVESTMENTS (CONTINUED)
Investment in State Investment Pool
The City is a voluntary participant in the California Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five members, in accordance with State statute. The State Treasurer’s Office audits the fund annually. The fair value of the position in the investment pool is the same as the value of the pool shares.
NOTE 4: INTERFUND TRANSFERS AND DUE TO/FROM OTHER FUNDS Transfers from the General Fund to the Capital Improvement Fund were made to fund various capital improvement projects.
Transfers from the General Fund to the Non-major Governmental Funds were made to fund various capital improvement projects, the City general plan revision, a fund deficit and debt service payments.
Transfers to the General Fund from the Non-major Governmental Funds were made to fund various capital projects and administrative expenditures.
Transfers to the Capital Improvement Fund from the Non-major Governmental Funds were made to fund various capital projects.
Short-term borrowings were made from the General Fund to Non-major Governmental due to negative cash. This is expected to be repaid in the immediate future with reimbursements.
Capital Non-Major
General Improvement Governmental Internal Service
Fund Fund Funds Funds Total
Transfers out
General fund - $ 1,947,117 $ 2,230,600 $ 2,265,605 $ 6,443,322 $ Non-Major Governmental Funds 1,962,348 5,961,839 - - 7,924,187 Total 1,962,348 $ 7,908,956 $ 2,230,600 $ 2,265,605 $ 14,367,509 $ Transfers in
Due/to From Due from other funds Due to other funds Amount General Fund Non-major Governmental Funds 128,032
Total $ 128,032
42 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 5: CAPITAL ASSETS
A summary of changes in the Governmental Activities capital assets at June 30, 2024, is as follows:
Depreciation/amortization expense was charged to functions in the Statement of Activities as follows:
NOTE 6: LONG-TERM LIABILITIES
Long-term liability activity for the year ended June 30, 2024, was as follows:
Bonds Payable
Balance Balance
July 1, 2023 Adjustments Additions Deletions Transfers June 30, 2024 Governmental activities:
Capital assets, not being depreciated/amortized
Land 6,369,509 $ - $ - $ - $ - $ 6,369,509 $
Right of way 265,614,104 - - - - 265,614,104
Construction-in-progress 2,892,780 - 6,111,906 - (3,818,786) 5,185,900 Total capital assets, not being depreciated/amortized 274,876,393 - 6,111,906 - (3,818,786) 277,169,513 Capital assets, being depreciated/amortized
Buildings and improvements 50,540,643 - 136,011 - 58,072 50,734,726 Furniture and fixtures 259,868 - - - - 259,868
Vehicles and equipment 4,712,339 - 460,148 - - 5,172,487 Infrastructure 202,406,052 - 2,127,952 - 3,760,714 208,294,718 Intangible 771,167 - - - - 771,167
Total capital assets, being depreciated/amortized 258,690,069 - 2,724,111 - 3,818,786 265,232,966 Less accumulated depreciation/amortization
Buildings and improvements (41,655,626) - (2,028,574) - - (43,684,200) Furniture and Fixtures (259,868) - - - - (259,868)
Vehicles and equipment (4,189,236) - (198,518) - - (4,387,754) Infrastructure (147,789,956) - (5,397,116) - (153,187,072) - Intangible (77,117) - (77,117) - (154,234) -
Total accumulated depreciation/amortization (193,971,803) (7,701,325) - - (201,673,128) - Total capital assets, being depreciated/amortized, net 64,718,266 (4,977,214) - 3,818,786 - 63,559,838 Total governmental activities capital assets $ 339,594,659 $ 1,134,692 - $ $ - $ 340,729,351 - $ General government $ 20,986
Community development 6,043,242
Parks and recreation 1,433,106
Internal service funds 203,991
Total depreciation/amortization expense $ 7,701,325
Amount
Balance Balance Due Within
July 1, 2023 Additions Deletions June 30, 2024 One Year Public Offering
Bonds payable
Bonds payable 5,815,000 $ - $ 480,000 $ 5,335,000 $ 505,000 $ Premium 1,074,244 - 107,424 966,820 -
Total bonds payable 6,889,244 - 587,424 6,301,820 505,000 Total governmental activities 6,889,244 $ - $ 587,424 $ 6,301,820 $ 505,000 $ 43 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 6: LONG-TERM LIABILITIES (CONTINUED)
2021 Series A Lease Revenue Refunding Bonds
The 2021 Series A Lease Revenue Refunding Bonds were originally issued on June 1, 2021, in the principal amount of $6,735,000. Interest is paid semiannually on December 1 and June 1. The interest rate on these bonds is 4.0%.
The purpose of these bonds is to refund the 2002 Series A Lease Revenue Bonds and to cover issuance costs of the 2021 Series A bonds.
The following events are Events of Default under the Indenture: (i) if the City fails; (A) to pay rental payment payable under the lease agreement when the same becomes due and payable, time being expressly declared to be of the essence in the lease agreement; or (B) to keep, observe or perform any other term, covenant or condition contained therein or in the indenture to be kept or performed by the City; or (ii) upon the happening of any of the events specified in the lease agreement, the City is deemed to be in default thereunder and it is lawful for the Authority to exercise any and all remedies available pursuant to law or granted pursuant thereto. The 2021 Bonds are not subject to acceleration in the event of payment default. The City completed the refunding to reduce its total service payments by $1,736,355 and to obtain an economic gain (difference between the present value of the old and new debt service payments) of $1,632,706.
Credit Risk
The Counterparty, JPMorgan Chase, has the following credit ratings of: (i) Standard & Poor's, AA+ and (ii) Moody's, Aa2.
Payments and Associated Debt
As of June 30, 2024, debt service requirements of the Bonds and the Counterparty's payments, assuming current interest rates remain the same for remainder of the term of the Agreement, are as follows:
Compensated Absences
The City's policies relating to compensated absences are described in Note 1. This liability, amounting to $1,045,321 at June 30, 2024, is expected to be paid in future years from future resources, typically liquidated from the General Fund.
June 30 Principal Interest
2025 505,000 $ 213,400 $
2026 530,000 193,200
2027 550,000 172,000
2028 580,000 150,000
2029 605,000 12,800
2030-2033 2,565,000 256,200
Totals 5,335,000 $ 997,600 $
Governmental Activities
Balance at
June 30, 2023 Additions Deletions
Balance at
June 30, 2024
Due Within
One Year
Compensated absences 1,005,543 $ 519,775 $ 479,997 $ 1,045,321 $ 300,000$ 44 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 7: LIABILITY, PROPERTY AND WORKERS’ COMPENSATION PROTECTION The City of Diamond Bar is a member of the California Joint Powers Insurance Authority (Authority). The Authority is composed of 126 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.
A. Self-Insurance Programs of the Authority
Each member pays an annual contribution at the beginning of the coverage period. A retrospective adjustment is then conducted annually thereafter, for coverage years 2012-13 and prior. Coverage years 2013-14 and forward are not subject to routine annual retrospective adjustment. The total funding requirement for primary self-insurance programs is based on an actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk-sharing pool.
Primary Liability Program
Claims are pooled separately between police and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers.
The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. Subsidence losses also have a $50 million per occurrence limit. The coverage structure is composed of a combination of pooled self-insurance, reinsurance, and excess insurance. Additional information concerning the coverage structure is available on the Authority’s website: https://cjpia.org/coverage/risk-sharing-pools/.
Primary Workers’ Compensation Program
Claims are pooled separately between public safety (police and fire) and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $75,000 to $200,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers.
For 2023-24 the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Compensation Law. Employer’s Liability losses are pooled among members to $1 million. Coverage from $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses from $5 million to $10 million are pooled among members.
B. Purchased Insurance
Pollution Legal Liability Insurance
The City of Diamond Bar participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City of Diamond Bar. Coverage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million.
45 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 7: LIABILITY, PROPERTY AND WORKERS’ COMPENSATION PROTECTION (CONTINUED) Property Insurance
The City of Diamond Bar participates in the all-risk property protection program of the Authority. This insurance protection is underwritten by several insurance companies. City of Diamond Bar property is currently insured according to a schedule of covered property submitted by the City of Diamond Bar to the Authority. City of Diamond Bar property currently has all-risk property insurance protection in the amount of $38,767,939. There is a $10,000 deductible per occurrence except for non-emergency vehicle insurance which has a $2,500 deductible.
Earthquake and Flood Insurance
The City of Diamond Bar purchases earthquake and flood insurance on a portion of its property. The earthquake insurance is part of the property protection insurance program of the Authority. City of Diamond Bar property currently has earthquake protection in the amount of Non Participant. There is a deductible of 5% per unit of value with a minimum deductible of $100,000.
Crime Insurance
The City of Diamond Bar purchases crime insurance coverage in the amount of $1,000,000 with a $2,500 deductible. The fidelity coverage is provided through the Authority.
Special Event Tenant User Liability Insurance
The City of Diamond Bar further protects against liability damages by requiring tenant users of certain property to purchase low-cost tenant user liability insurance for certain activities on agency property. The insurance premium is paid by the tenant user and is paid to the City of Diamond Bar according to a schedule. The City of Diamond Bar then pays for the insurance. The insurance is facilitated by the Authority.
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 2023-24.
NOTE 8: PENSIONS
A. Rate Plan Description
All qualified permanent and probationary employees are eligible to participate in the Public Agency Cost-Sharing Multiple-Employer Defined Benefit Pension Plan (Plan) administered by the California Public Employees’ Retirement System (CalPERS.) The Plan consists of individual rate plans (benefit tiers) within a miscellaneous risk pool (all other.) Plan assets may be used to pay benefits for any employer rate plan of the miscellaneous pools.
Accordingly, rate plans miscellaneous pools are not separate plans under GASB Statement No. 68. Individual employers may sponsor more than one rate plan in the risk pools. The City sponsors two rate plans. Benefit provisions under the Plan are established by State statute and Local Government 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.
B. Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to rate 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 Optional Settlement 2W Death Benefit or the Lump Sum 46 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 8: PENSIONS (CONTINUED)
Death Benefit. The cost of living adjustments for each rate plan are applied as specified by the Public Employees’ Retirement Law. The Rate Plans’ provisions and benefits in effect at June 30, 2024, are summarized as follows:
Miscellaneous* Misc. PEPRA
Hire dates
Prior to
January 1, 2013
January 1, 2013
and thereafter
Benefit formula 2% @55 2% @62
Benefit vesting schedule 5 years of service 5 years of service Benefit payments monthly for life monthly for life
Retirement age Minumum 50 yrs Minumum 52 yrs
Monthly benefits, as a percentage of eligible
compensation
1.425% - 2.418%,
50 yrs - 63+ yrs,
respectively
1.000% - 2.500%,
52 yrs - 67+ yrs,
respectively
Required employee contribution rates 6.920% 6.750%
Required employer contribution rates 10.320% 7.470%
Payment towards UAL 579,146 $ 3,484 $
* Miscellaneous rate plan is closed to new entrants.
C. Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) 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. The total rate plan contributions are determined through the CalPERS’ annual actuarial valuation process. The actuarially determined rate is based on the estimated amount necessary to pay the Plan’s allocated share of the risk pool’s costs of benefits earned by employees during the year, and any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.
The City’s contributions to the Plan for the year ended June 30, 2024, were $1,230,051.
D. Pension Liabilities, Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions
As of June 30, 2024, the City reported a net pension liability for its proportionate share of the net pension liability of the Plan of $8,772,989 and is expected to be paid in future years from future resources, typically liquidated from the General Fund.
The City’s net pension liability for the Plan is measured as the proportionate share of thenet pension liability. The net pension liability of the Plan is measured as of June 30, 2023, and the total pension liability for the Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2022, rolled forward to June 30, 2023, using standard update procedures. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to Plan relative to the projected contributions of all participating employers, actuarially determined. The City’s proportionate share of the net pension liability for each Rate Plan as of June 30, 2022 and 2023, was as follows:
Miscellaneous
Proportion - June 30, 2023 (measured June 30, 2022) 0.0684% Proportion - June 30, 2024 (measured June 30, 2023) 0.0703% Change 0.0019%
47 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 8: PENSIONS (CONTINUED)
For the year ended June 30, 2024, the City recognized pension expense of $1,987,158. At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
$1,230,051 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:
E. Actuarial Methods and Assumptions Used to Determine Total Pension Liability For the measurement period ended June 30, 2023 (the measurement date), the total pension liability was determined by rolling forward the June 30, 2022 total pension liability. The June 30, 2023 total pension liability was based on the following actuarial methods and assumptions:
Deferred Outflows Deferred Inflows
of Resources of Resources
Contributions subsequent to the
measurement date $ 1,230,051 $ -
Changes of assumptions 529,665 -
Adjustment due to difference
in proportins 386,854 -
Differences between expected and
actual experience 448,172 (69,522)
Change in employer's proportion and
differences between the employer's
contribution and the employer's
proportionate share of contributions - (209,475)
Net difference between projected
and actual earnings on pension
plan investments 1,420,426 -
Total $ 4,015,168 $ (278,997)
Deferred
Outflows/(Inflows)
Fiscal year ended June 30, of Resources
2025 817,674 $
2026 550,539
2027 1,097,149
2028 40,758
Total 2,506,120 $
48 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 8: PENSIONS (CONTINUED)
Actuarial Methods and Assumptions
The collective total pension liability for the June 30, 2023 measurement period was determined by an actuarial valuation as of June 30, 2022, with update procedures used to roll forward the total pension liability to June 30, 2023. The collective total pension liability was based on the following assumptions:
1 The mortality table was used developed based on CalPERS-specific data. The table includes 15 years of mortality improvements using Society of Actuaries Scale 80% of scale MP 2020. For more details on this table, please refer to the December 2021 experience study report (based on CalPERS demographic date from 2010 to 2019) that can be found on the CalPERS website.
All other actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience study for the period from 2010 to 2019, including updates to salary increase, mortality and retirement rates. The Experience Study report can be obtained at CalPERS’ website under Forms and Publications.
F. Discount Rate
The discount rate used to measure the total pension liability for PERF C was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
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 return expectations as well as the expected pension fund cash flows. Using historical returns and forecasted information of all the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The Investment rate of return 6.90%
Inflation 2.30%
Salary increases Varies by Entry Age and Service
Mortality rate table 1 Derived using CalPERS' Membership Date for all Funds Post-retirement benefit increase Contract COLA up to 2.30% until Purchase Power Protection Allowance Floor on Purchasing Power applies. 49 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 8: PENSIONS (CONTINUED)
expected rate of return was set by calculating the rounded single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns.
The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses.
The table below reflects long-term expected real rate of return by asset class. The rate of return was calculated using the capital assumptions applied to determine the discount rate and asset allocation.
Asset Class 1
Assumed
asset
allocation Real return
Global equity - Cap-weighted 30.00% 4.54%
Global equity - Non-Cap-weighted 12.00% 3.84%
Private equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
G. Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability/(asset) of the Plan as of the measurement date, calculated using the discount rate of 6.90 percent, as well as what the net pension liability/(asset) would be if it were calculated using a discount rate that is 1 percentage-point lower (5.90 percent) or 1 percentage-point higher (7.90 percent) than the current rate:
H. Pension Plan Fiduciary Net Position
Detailed information about the Plan’s fiduciary net positions is available in the separately issued CalPERS financial reports.
NOTE 9: POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS
The City provides an agent multiple employer OPEB plan to retirees through the California Employers’ Retiree Benefit Trust (CERBT). Information on the plan is available from CalPERS on their website www.calpers.ca.gov.
A. Plan Description
Plan administration. Medical coverage is provided through CalPERS under the Public Employees' Medical and Hospital Care Act (PEMHCA), also referred to as PERS Health. Employees may choose from a variety of HMO and PPO medical and prescription drug options.
Discount Rate Current Discount Rate
-1 Percent Discount Rate +1 Percent
(5.90%) (6.90%) (7.90%)
Proportionate share of net pension liability/(asset) 14,015,445 $ 8,772,989 $ 4,457,998 $ 50 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 9: POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) Benefits provided. The City sets its monthly contribution rates for health insurance on behalf of active employees according to the PEMHCA statutory minimum $136/month for calendar 2019 and $139/month for calendar 2020.
These amounts are indexed (increased) in all future years according to the rate of medical inflation. The City pays a 0.33% of premium administrative charge for all active employees. The City offers the same medical plans to its retirees as to its active employees, with the general exception that upon reaching age 65 and becoming eligible for Medicare, the retiree must join one of the Medicare Supplement coverages offered under PEMHCA.
Employees become eligible to retire and receive City-paid healthcare benefits upon attainment of age 50 and 5 years of covered PERS service (age 52 and 5 for hires after 1/1/13), or by attaining qualifying disability retirement status. The City's contribution on behalf of all eligible retirees is the same as for active employees $139/month for calendar 2020 and $219/month for calendar 2021, increased in all future years according to the rate of medical inflation. The City pays a 0.33% of premium administrative charge on behalf of all retirees.
B. Plan membership
At June 30, 2024, membership consisted of the following:
Inactive plan members or beneficiaries currently receiving benefit payments 11 Active plan members 61
Total 72
C. Contributions
The City currently contributes the full Actuarially Determined Contribution (ADC) to the CERBT OPEB trust, in addition to paying benefit payments outside the trust. For the measurement date ended June 30, 2024, the City’s total cash contributions were $107,863 in total payments, which were recognized as a reduction to the OPEB liability.
D. Investments
The CERBT was established for public agencies to pre-fund other post-employment benefit obligations. Employers may choose amount three different investment strategies. The City of Diamond Bar has selected Strategy 3.
Compared to strategies 1 and 2, this portfolio consists of a higher percentage of bonds and other assets and a lesser percentage of equities. The following was the investment committee approved asset allocation targets as of June 30, 2023 (CalPERS ACFR for fiscal year 2023-2024 was not available as of the issuance of the City’s ACFR):
Asset Class Target Allocation
Global Equity 22%
U.S. Fixed Income 49%
TIPS 16%
REITs 8%
Commodoties 5%
Total 100%
E. Net OPEB Liability
The City’s Net OPEB Liability was measured as of June 30, 2024 and the Total OPEB Liability used to calculate the Net OPEB Liability was determined by an actuarial valuation as of July 1, 2023 and is expected to be paid in future years from future resources, typically liquidated from the General Fund. 51 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 9: POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) F. Actuarial assumptions
The total OPEB liability was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified:
Actuarial Cost Method Entry Age Level Percent of Pay Cost Method Actuarial Assumptions
Discount Rate 5.75%
Salary increases 2.75%
Inflation rate 2.50%
Investment rate of return 5.75%, net of OPEB plan investment expense Healthcare cost trend rate 4.00%
Pre-retirement mortality rates were based on the RP-2014 Employee Mortality Table for Males or Females, as appropriate, without projection. Post-retirement mortality rates were based on the RP-2014 Health Annuitant Mortality Table for Males or Females, as appropriate, without projection.
Retirement and termination assumptions used were based on a review of plan experience and the actuary’s best estimate of future plan experience.
G. Discount rate
The discount rate used to measure the total OPEB liability was 5.75%. The projection of cash flows used to determine the discount rate assumed that the City contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB 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 OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.
H. Changes in the Net OPEB Liability
The changes in the net OPEB liability are as follows:
*Contributions-employer amount includes implicit subsidy associated with benefits paid.
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability/(Asset)
(a) (b) (c) = (a) - (b)
Balance at June 30, 2023 (measured June 30, 2022) $ 645,436 1,260,651 $ 615,215 $ Changes recognized for the
measurement period:
Service cost 72,163 - 72,163
Interest on total OPEB liability 73,978 - 73,978
Contributions-employer - 107,863 (107,863)
Net investment income - 49,997 (49,997)
Benefit payments, including refunds of
employee contributions (19,863) (19,863) -
Administrative expense - (610) 610
Experience (Gains)/Losses (465) - (465)
Net changes 125,813 137,387 (11,574)
Balance at June 30, 2024 (measured June 30, 2023) $ 782,823 1,386,464 $ 603,641 $ 52 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 9: POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) I. Sensitivity of the Net OPEB liability to changes in the discount rate The following presents the net OPEB liability, as well as what the net OPEB liability would be if it were calculated using a discount rate that is 1 percentage-point lower (4.75 percent) or 1 percentage-point higher (6.75 percent) than the current discount rate:
J. Sensitivity of the Net OPEB liability to changes in the healthcare cost trend rates The following presents the net OPEB liability, as well as what the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower (5.00 percent decreasing to 4.00 percent) or 1-percentage-point higher (7.00 percent decreasing to 6.00 percent) than the current healthcare cost trend rates:
K. Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB At June 30, 2024, the City’s deferred outflows of resources and deferred inflows of resources to OPEB from the following sources are:
Discount Rate Current Discount Rate
-1 Percent Discount Rate +1 Percent
(4.75%) (5.75%) (6.75%)
Plan's net OPEB liability/(asset) 800,875 $ 603,641 $ 439,714 $ Current
1 Percent Heathcare 1 Percent
Decrease Trend Rate Increase
Plan's net OPEB liability/(asset) 386,136 $ 603,641 $ 877,708 $ Deferred Outflows Deferred Inflows
of Resources of Resources
Changes of assumptions 140,242 $ - $
Differences between expected and
actual experience 2,932 (168,003)
Net difference between projected
and actual earnings on OPEB
plan investments 34,870 -
Total $ 178,044 $ (168,003)
53 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 9: POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED) Amounts reported as deferred outflows and deferred inflows of resources will be recognized in OPEB expense as follows:
NOTE 10: LEASES
A. Leases Receivable and Deferred Inflows of Resources
The City leases of communication equipment and land for the installation of cellular towers. The terms range from 60 months to 360 months as of the contract commencement date. Some leases have extension options of ranging from 60 months to 25 years. An initial lease receivable was recorded in the amount of $2,742,364. As of June 30, 2024, the value of the lease receivable is $2,343,892. The value of the deferred inflow of resources as of June 30, 2024 was $2,343,892, and the City recognized lease revenue of $113,750 during the fiscal year.
The principal and interest payments that are expected to maturity are as follows:
Deferred
Outflows/(Inflows)
Fiscal year ended June 30, of Resources
2025 15,374 $
2026 22,294
2027 4,427
2028 (2,601)
2029 (530)
Thereafter (28,923)
Total 10,041 $
Fiscal Year Principal Payments Interest Payments Total Payments 2025 $ 140,982 $ 90,717 $ 231,699
2026 146,722 87,204 233,926
2027 149,196 79,227 228,423
2028 150,271 73,391 223,662
2029 156,389 67,384 223,773
2030-2034 850,304 239,139 1,089,443
2035-2039 667,962 68,817 736,779
2040-2044 82,066 2,357 84,423
Total $ 2,343,892 $ 708,236 $ 3,052,128
Principal and Interest Requirements to Maturity
54 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 11: CLASSIFICATION OF FUND BALANCE
Details of the fund balance classifications at June 30, 2024, are as follows:
Restricted for Community Development Projects:
Integrated Waste Management 2,169,988 $
Trails & Bikeways Fund 31,518
Beverage Recycling 122,591
Used Oil Block Grant 29,305
Park and Facility Development 2,667,577
Homelessness Response 49,086
PEG Fees 722,286
CASP Fees (SB1186) 54,013
Total 5,846,364
Restricted for Public Safety:
COPS 407,356
Hazard Mitigation Grant 5,468
Total 412,824
Restricted for Highways and Streets:
State Gas Tax 615,025
Proposition A Transit 2,993,943
Proposition C Transit 3,306,548
Transportation Grant 1,072
Traffic Improvement 8,306,200
Sewer Mitigation 60,141
Road Maintenance & Rehab 4,668,094
Measure R Local Return 1,106,403
Waste Hauler 275,647
Street Beautification 354,049
Measure W Local Return 1,618,926
Total 23,306,048
Restricted for Capital Projects:
Air Quality Improvement 131,170
Measure M Local Return 1,350,431
Landscape Maintenance District 831,346
Total 2,312,947
Restricted for Debt Service:
Public Financiing Authority 2,974
Committed for Emergency Contingencies
General Fund 8,217,405
Assigned to Other Post Employment Benefits (OPEB):
General Fund 313,523
Assigned to Technology Reserve:
General Fund 695,389
Assigned for Capital Improvement Projects:
General Fund 2,072,420
Assigned for Tres Hermano Conservancy:
General Fund (Tres Hermanos Fund 248) 6,910
Assigned for General Plan Update:
General Fund (General Plan Update Fund 103) 453,782
Assigned for Law Enforcement Reserve:
General Fund (Law Enforcement Reserve Fund 102) 1,066,070 Unassigned Fund Balance:
General Fund (Fund 100) 21,674,550
Other Governmental Funds (415,323)
Total Unassigned Funds 21,259,227 $
55 CITY OF DIAMOND BAR, CALIFORNIA
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 12: TRES HERMANOS CONSERVATION AUTHORITY JOINT POWERS AUTHORITY
The Tres Hermanos Conservation Authority (Authority) is a joint powers agency created by a joint powers agreement between the cities of Chino Hills and Diamond Bar, California, dated January 19, 1999. It was created pursuant to Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the Government Code of the State of California, in accordance with the provisions of the Marks-Roos Local Bond Pooling Act of 1985. The purpose of the Authority is to create a public entity to coordinate the overall development and conservation of a large undeveloped area of real property known as the Tres Hermanos Ranch, by preparing studies, plans, environmental reviews and similar information and by making recommendations to its members to take such actions including, but not limited to, acquisition and eminent domain as are necessary to implement its recommendations.
On February 6, 2019, the Authority amended and restated its agreement with the City of Industry pursuant to a Settlement Agreement. The City of Industry purchased the Tres Hermanos Ranch from the Successor Agency to Industry’s Urban Development Agency. The City of Chino Hills and Diamond Bar contributed 10% of the purchase of the land. With the new agreement each City will contribute approximately $70,000 each year for ranch expenses and maintenance costs. The Board shall consist of seven voting directors and one alternate from each City, actions taken require at least four approval. Three must come from the City of Industry, two from City of Chino Hills and two from City of Diamond Bar.
The Authority is a public entity separate and apart from each of the Cities. The funds of the Authority have not been included within the scope of the basic financial statements of the Cities because the Authority has its own governing board that has responsibility over the operations of the Authority.
NOTE 13: CONSTRUCTION COMMITMENTS
The City had the following material construction commitments at June 30, 2024:
NOTE 14: SUBSEQUENT EVENTS
The City evaluated subsequent events for recognition and disclosure through January 10, 2025, the date on which these financial statements were available to be issued. Management concluded that no material subsequent events have occurred since June 30, 2024, that required recognition or disclosure in these financial statements.
Capital Projects Fund $ 1,090,059
Total $ 1,090,059
56 REQUIRED SUPPLEMENTARY INFORMATION
57 7+,63$*(,17(17,21$//</()7%/$1.
58 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual General Fund
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 15,860,183 $ 16,360,183 $ 16,323,617 $ (36,566) Licenses and permits 1,176,940 1,176,940 1,268,981 92,041 Intergovernmental 7,862,837 7,703,497 8,018,518 155,681 Charges for services 3,114,855 3,014,855 2,579,437 (535,418) Use of money and property 1,028,000 1,028,000 2,510,188 1,482,188 Fines and forfeitures 385,000 385,000 380,424 (4,576)
Miscellaneous 46,430 46,430 67,397 20,967
Total revenues 29,974,245 29,214,905 31,148,562 1,174,317
EXPENDITURES
Current:
General government
City council 233,272 232,772 198,645 34,627
City attorney 255,000 205,000 270,113 (15,113)
City manager 1,371,228 1,350,673 1,167,243 203,985
City clerk 422,612 424,112 438,058 (15,446)
Finance 906,277 906,277 850,159 56,118
Human resources & risk management 548,867 556,867 530,723 26,144 Information systems 1,607,387 1,607,387 1,507,623 99,764 Community relations 1,008,676 1,024,976 720,466 304,510 Diamond Bar center 1,647,848 1,704,418 1,521,742 182,676 Contribution to OPEB trust 88,000 88,000 88,000 -
Subtotal General government 8,019,612 8,170,037 7,292,772 877,265 Public safety
Law enforcement 8,628,117 8,443,117 8,280,491 347,626
Volunteer program 4,000 4,000 1,519 2,481
Fire protection 7,500 7,500 7,359 141
Animal control 472,500 447,500 453,501 18,999
Emergency preparedness 47,100 47,100 35,559 11,541
Subtotal Public Safety 8,949,217 9,159,217 8,778,429 380,788 Community development
Planning 1,491,188 1,054,922 1,128,510 362,678
Building & safety 1,150,413 1,148,113 1,033,286 117,127 Neighborhood improvement 521,603 521,603 469,714 51,889 Economic development 377,289 398,021 320,281 77,740
Subtotal Community Development 3,101,927 3,561,225 2,951,791 609,434 Parks and recreation
Recreation 2,637,412 2,619,055 2,229,336 408,076
Subtotal Parks and Recreation 2,619,055 2,637,412 2,229,336 408,076 Public works
Public works administration 647,156 647,156 637,688 9,468 engineering 741,164 751,564 394,383 346,781
Civic center 807,312 761,312 704,382 102,930
Parks & facilities maintenance 1,725,825 1,838,325 1,599,920 238,405 Landscape maintenance 405,600 405,600 392,445 13,155
Road maintenance 1,897,514 2,070,781 1,786,989 283,792
Subtotal Public Works 6,188,971 6,510,338 5,515,807 994,531 Total expenditures 30,038,229 28,878,782 26,768,135 3,270,094 Excess (deficiency) of revenues
over (under) expenditures 336,123 (63,984) 4,380,427 4,444,411
OTHER FINANCING SOURCES (USES)
Transfers In 1,918,500 1,842,500 1,962,348 43,848
Transfers Out (8,407,241) (3,471,185) (6,443,322) 1,963,919 Total other financing sources (uses) (1,628,685) (6,488,741) (4,480,974) 2,007,767 Net change in fund balances $ (1,292,562) $ (6,552,725) (100,547) $ 6,452,178 Fund balances-beginning 34,600,596
Fund balances (deficit)-ending $ 34,500,049
See Notes to Required Supplementary Information.
59 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Traffic Improvement
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property $ 81,600 81,600 $ 214,439 $ $ 132,839 Total revenues 81,600 81,600 214,439 132,839
Net change in fund balances $ 81,600 $ 81,600 214,439 $ 132,839 Fund balances-beginning 8,091,761
Fund balances (deficit)-ending $ 8,306,200
See Notes to Required Supplementary Information.
60 CITY OF DIAMOND BAR, CALIFORNIA
Miscellaneous Rate Plan
Schedule of Proportationate Share of Net Pension Liability As of June 30, for the Last Ten Fiscal Years
Proportionate Share Plan's Fiduciary
Proportion of the Proportionate of the Net Pension Net Position as a Reporting Date 1 Net Pension Share of Net Liability as a % of % of the Total as of June 30, Liability Pension Liability Covered Payroll Covered Payroll Pension Liability 2024 0.07032% $ 8,772,989 $ 5,404,127 162.3% 77.4%
2023 0.06843% 7,903,769 5,433,199 145.5% 76.7%
2022 0.05574% 3,014,631 5,417,136 55.6% 88.3%
2021 0.06032% 6,563,014 5,227,663 125.5% 75.1%
2020 0.05926% 6,072,351 5,077,171 119.6% 75.3%
2019 0.00000% 5,424,380 5,088,134 106.6% 75.3%
2018 0.00000% 5,537,585 4,680,371 118.3% 73.3%
2017 0.05325% 4,607,967 4,551,711 101.2% 74.1%
2016 0.04862% 3,337,560 4,650,369 71.8% 78.4%
2015 0.05155% 3,207,669 4,376,117 73.3% 79.8%
Notes to Schedule of Proportionate Share of the Net Pension Liability:
1 The proportions and proportionate share of the net pension liability are measured as of one year behind the reporting date.
Refer to notes to basic financial statements.
Benefit Changes : None
Changes of Assumptions : None
See Notes to Required Supplementary Information.
61 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Changes in Net OPEB Liability and Related Ratios As of June 30, for the Last Ten Fiscal Years 1
2024 2023 2022
Measurement Date 6/30/2023 6/30/2022 6/30/2021
Reporting Date 1
TOTAL OPEB LIABILITY
Service cost $ 76,892 72,163 $ $ 74,834
Interest on the total OPEB liability 74,864 73,978 67,934 Actual and expected experience difference (162,768) (465) - Changes in assumptions 23,517 - -
Benefit payments (30,784) (19,863) (15,768)
Net change in total OPEB liability 125,813 (18,279) 127,000 Total OPEB liability-beginning 1,278,930 1,260,651 1,151,930 Total OPEB liability-ending (a) 1,386,464 1,260,651 1,278,930
PLAN FIDUCIARY NET POSITION
Contribution - employer 118,784 107,863 103,768
Net investment income 34,017 49,997 32,264
Actual and expected experience difference (23,947) - (89,300) Benefit payments (30,784) (19,863) (15,768)
Administrative expense (486) (610) (440)
Net change in fiduciary net position 137,387 97,584 30,524 Plan fiduciary net position-beginning 547,852 645,436 517,328 Plan fiduciary net position-ending (b) 782,823 645,436 547,852 Net OPEB liability/(asset) (a) - (b) $ 603,641 $ 615,215 $ 731,078 Plan fiduciary net position as a percentage of the
total OPEB liability 56.5% 51.2% 42.8%
Covered-employee payroll $ 5,404,127 5,770,674 $ $ 5,433,199 Plan net OPEB liability/(asset) as a percentage of
covered-employee payroll 10.5% 11.4% 13.5%
Benefit Changes : None
1 Fiscal year 2018 was the first year of GASB Statement No. 75 implementation; therefore only seven years are shown.
Changes of Assumptions : None
1 The proportions and proportionate share of the net pension liability are measured as of one year behind the reporting date. Refer to notes to basic financial statements.
See Notes to Required Supplementary Information.
62 2021 2020 2019 2018
6/30/2020 6/30/2019 6/30/2018 6/30/2017
$ 41,976 43,235 $ 57,513 $ 55,838 $
53,641 57,448 46,352 41,616
7,817 (54,653) - -
10,172 186,125 - -
(28,427) (32,136) (19,058) (17,988)
85,179 200,019 84,807 79,466
866,732 951,911 781,925 702,459
951,911 1,151,930 866,732 781,925
116,427 32,136 106,186 102,579
20,741 27,335 18,278 7,102
1,529 34,612 - -
(28,427) (32,136) (19,058) (17,988)
(302) (414) (209) (132)
109,968 61,533 105,197 91,561
345,827 455,795 240,630 149,069
455,795 517,328 345,827 240,630
$ 496,116 634,602 $ 520,905 $ 541,295 $
44.9% 47.9% 39.9% 30.8%
$ 6,113,473 5,417,136 $ 5,077,171 $ 5,163,684 $
11.7% 8.1% 10.3% 10.5%
See Notes to Required Supplementary Information.
63 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Plan Contributions
As of June 30, for the Last Ten Fiscal Years
Covered/ Contribution as a
Fiscal Year Actuarially Actual Contribution Covered- % of Covered/ Reporting Date 1 Determined Employer Deficiency Employee Covered Employee June 30, Contribution Contributions (Excess) Payroll Payroll 2024 403,553 1,230,051 (826,498) 5,770,674 21.3%
2023 1,157,713 1,157,713 - 5,404,127 21.4%
2022 1,243,813 1,243,813 - 5,433,199 22.9%
2021 939,844 939,844 - 5,417,136 17.3%
2020 1,005,631 1,005,631 - 5,227,663 19.2%
2019 710,349 710,349 - 5,077,171 14.0%
2018 418,349 618,219 (199,870) 5,088,134 12.2%
2018 386,806 542,557 (155,751) 4,680,371 11.6%
2016 460,471 587,648 (127,177) 4,551,711 12.9%
2015 403,553 403,553 - 4,650,369 8.7%
2024 $ 107,863 $ 107,863 $ - $ 5,770,674 1.9%
2023 106,000 106,000 - 5,404,127 2.0%
2022 103,768 103,768 - 5,433,199 1.9%
2021 32,136 32,136 - 5,417,136 0.6%
2020 116,427 116,427 - 6,113,473 1.9%
2019 87,129 106,186 (19,057) 5,077,171 2.1%
2018 84,591 102,579 (17,988) 5,163,684 2.0%
Notes to Schedule:
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available. * Actuarial methods and assumtions used to set the actuarially determiend contribution for Fiscal Year 2023 were from the June 30, 2024 actuarial valuation.
Single Employer OPEB Plan
Miscellaneous Plan
See Notes to Required Supplementary Information.
64 CITY OF DIAMOND BAR, CALIFORNIA
Notes to Required Supplementary Information
For the Year Ended June 30, 2024
NOTE 1: STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A. Budgetary Data
General Budget Policies
The City adopts an annual budget prepared on the modified accrual basis of accounting for its governmental funds and on the accrual basis of accounting for its proprietary funds. The City Manager or his designee is authorized to transfer budgeted amounts between the accounts of any department or funds that are approved by City Council.
Prior year appropriations lapse unless they are approved for carryover into the following fiscal year. Expenditures may not legally exceed appropriations at the department level.
Budget Basis of Accounting
Budgets for governmental funds are adopted on a basis consistent with generally accepted accounting principles (GAAP).
Compliance with Budgetary Limitations
The General Fund City Attorney and City Clerk departments exceeded appropriations by $15,113 and $15,446 respectively for the year ended June 30, 2024. The General Fund did not exceed total budgeted appropriations.
The Transportation Grant, Local Roadway Safety Plan, and MTA Grant special revenue funds did not adopt budgets for the fiscal year ended June 30, 2024.
65 CITY OF DIAMOND BAR, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments $ 3,169,097 518,929 $ 3,283,470 $ $ 1,072 Receivables:
Accounts - - - -
Taxes - 5,845 - -
Due from other governments 128,313 - 93,644 -
Notes and loans - - - -
Restricted assets:
Cash and investments with fiscal agents - - - -
Total assets 647,242 3,174,942 3,377,114 1,072
LIABILITIES
Accounts payable 81,443 30,606 60,032 -
Accrued liabilities 9,041 - 7,874 -
Retainage payable - 1,611 - -
Due to Other Governments - - - -
Due to Other Funds 90,515 - 2,660 -
Total liabilities 32,217 180,999 70,566 -
DEFERRED INFLOWS OF RESOURCES
Unearned revenue - - - -
Total deferred inflows of resources - - - -
FUND BALANCES (DEFICITS)
Restricted for:
Community development projects - - - -
Public safety - - - -
Highways and streets 615,025 2,993,943 3,306,548 1,072
Capital projects - - - -
Debt Service - - - -
Unassigned - - - -
Total fund balances (deficits) 615,025 2,993,943 3,306,548 1,072 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 647,242 $ 3,174,942 $ 3,377,114 $ 1,072 State Gas Tax Proposition A Proposition C
Transportation
Grant
Special Revenue Funds
66 CITY OF DIAMOND BAR, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Due from other governments
Notes and loans
Restricted assets:
Cash and investments with fiscal agents
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Retainage payable
Due to Other Governments
Due to Other Funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unearned revenue
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted for:
Community development projects
Public safety
Highways and streets
Capital projects
Debt Service
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
(Continued)
$ 60,141 2,170,289 $ 113,211 $ $ 1,271,399
184,685 - - -
- - - -
- - 17,959 79,860
- - - -
- - - -
60,141 2,354,974 131,170 1,351,259
- 16,906 - 9
- 21,763 - 819
- - - -
- - - -
- - - -
- 38,669 - 828
- 146,317 - -
- 146,317 - -
- 2,169,988 - -
- - - -
60,141 - - -
- - 131,170 1,350,431
- - - -
- - - -
60,141 2,169,988 131,170 1,350,431
$ 60,141 2,354,974 $ 131,170 $ 1,351,259 $
Integrated
Waste
Management
Sewer
Mitigation
Air Quality
Improvement
Measure M
Local Return
Special Revenue Funds
67 CITY OF DIAMOND BAR, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Due from other governments
Notes and loans
Restricted assets:
Cash and investments with fiscal agents
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Retainage payable
Due to Other Governments
Due to Other Funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unearned revenue
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted for:
Community development projects
Public safety
Highways and streets
Capital projects
Debt Service
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
$ 31,518 4,420,866 $ - $ $ 122,591
- - - -
- - - -
- 247,228 - -
- - - -
- - - -
31,518 4,668,094 - 122,591
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
31,518 - - 122,591
- - - -
- 4,668,094 - -
- - - -
- - - -
- - - -
31,518 4,668,094 - 122,591
$ 31,518 4,668,094 $ - $ 122,591 $
Trails &
Bikeways MTA Grant
Beverage
Center
Recycling
Grant
Road
Maintenance &
Rehab
Special Revenue Funds
68 CITY OF DIAMOND BAR, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Due from other governments
Notes and loans
Restricted assets:
Cash and investments with fiscal agents
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Retainage payable
Due to Other Governments
Due to Other Funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unearned revenue
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted for:
Community development projects
Public safety
Highways and streets
Capital projects
Debt Service
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
(Continued)
$ 2,667,577 29,530 $ - $ $ 407,356
- - - -
- - - -
- - 81,661 -
- - 476,028 -
- - - -
2,667,577 29,530 557,689 407,356
225 - 46,440 -
- - 567 -
- - - -
- - 476,028 -
- - 34,765 -
225 557,800 - -
- - - -
- - - -
2,667,577 29,305 - -
- - - 407,356
- - - -
- - - -
- - - -
- - (111) -
2,667,577 29,305 (111) 407,356
$ 2,667,577 29,530 $ 557,689 $ 407,356 $
Used Oil
Block Grant
Park and
Facility
Development CDBG
Special Revenue Funds
COPS
69 CITY OF DIAMOND BAR, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Due from other governments
Notes and loans
Restricted assets:
Cash and investments with fiscal agents
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Retainage payable
Due to Other Governments
Due to Other Funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unearned revenue
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted for:
Community development projects
Public safety
Highways and streets
Capital projects
Debt Service
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
$ 1,130,000 - $ 1,036,792 $ $ 705,001
- - - -
16,662 - - 17,285
- - 70,439 -
- - - -
- - - -
1,146,662 - 1,107,231 722,286
309,779 - 9 -
4,600 - 819 -
937 - - -
- - - -
- - - -
315,316 - 828 -
- - - -
- - - -
- - - 722,286
- - - -
- - 1,106,403 -
831,346 - - -
- - - -
- - - -
831,346 - 1,106,403 722,286
$ 1,146,662 - $ 1,107,231 $ 722,286 $
Landscape
Maintenance
District
Measure R
Local Return PEG Fees
Special Revenue Funds
CLEEP
70 CITY OF DIAMOND BAR, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Due from other governments
Notes and loans
Restricted assets:
Cash and investments with fiscal agents
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Retainage payable
Due to Other Governments
Due to Other Funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unearned revenue
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted for:
Community development projects
Public safety
Highways and streets
Capital projects
Debt Service
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
(Continued)
$ 54,228 236,150 $ - $ $ 354,049
39,497 - - -
- - - -
- - - -
- - - -
- - - -
54,228 275,647 - 354,049
215 - - -
- - - -
- - - -
- - - -
- - - -
215 - - -
- - - -
- - - -
54,013 - - -
- - - -
- 275,647 - 354,049
- - - -
- - - -
- - - -
54,013 275,647 - 354,049
$ 54,228 275,647 $ - $ 354,049 $
CASP Fees
(SB1186)
Measure A
Neighborhood
Park Acts
Street
Waste Hauler Beautification
Special Revenue Funds
71 CITY OF DIAMOND BAR, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Due from other governments
Notes and loans
Restricted assets:
Cash and investments with fiscal agents
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Retainage payable
Due to Other Governments
Due to Other Funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unearned revenue
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted for:
Community development projects
Public safety
Highways and streets
Capital projects
Debt Service
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
$ 1,630,227 - $ 5,468 $ $ 49,086
- - - -
- - - -
- - - -
- - - -
- - - -
1,630,227 - 5,468 49,086
7,225 - - -
4,076 - - -
- - - -
- - - -
- 92 - -
11,301 92 - -
- - - -
- - - -
- - - 49,086
- - 5,468 -
1,618,926 - - -
- - - -
- - - -
- (92) - -
1,618,926 (92) 5,468 49,086
$ 1,630,227 - $ 5,468 $ 49,086 $
Local
Roadway
Safety Plan
Special Revenue Funds
Measure W
Local Return
Hazard
Mitigation
Grant
Homelessness
Response
72 CITY OF DIAMOND BAR, CALIFORNIA
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Receivables:
Accounts
Taxes
Due from other governments
Notes and loans
Restricted assets:
Cash and investments with fiscal agents
Total assets
LIABILITIES
Accounts payable
Accrued liabilities
Retainage payable
Due to Other Governments
Due to Other Funds
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unearned revenue
Total deferred inflows of resources
FUND BALANCES (DEFICITS)
Restricted for:
Community development projects
Public safety
Highways and streets
Capital projects
Debt Service
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
Debt Service
Funds
Total
Nonmajor
Funds
$ 23,468,047 - $
- 224,182
- 39,792
- 719,104
- 476,028
2,974 2,974
24,930,127 2,974
552,889 -
- 49,559
- 2,548
- 476,028
- 128,032
1,209,056 -
146,317 -
146,317 -
5,846,364 -
- 412,824
- 14,999,848
- 2,312,947
2,974 2,974
- (203)
23,574,754 2,974
$ 24,930,127 2,974 $
Public Financing
Authority
73 CITY OF DIAMOND BAR, CALIFORNIA
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes $ 27,500 - $ - $ $ -
Licenses and permits - - - -
Intergovernmental 1,437,294 1,486,767 1,192,202 -
Charges for services 63,936 - - -
Use of money and property 125,232 71,794 173,934 -
Miscellaneous - - - -
Total revenues 1,558,561 1,653,962 1,366,136 -
EXPENDITURES
Current:
General government - - - -
Public safety - - - -
Community development - - - -
Parks and recreation - 22,175 - -
Public works 32,217 566,877 606,214 -
Capital Outlay - - - -
Debt service:
Principal Retirement - - - -
Interest Expense and Fiscal Charges - - - -
Total expenditures 32,217 589,052 606,214 -
Excess (deficiency) of revenues
over (under) expenditures 1,526,344 1,064,910 759,922 -
OTHER FINANCING SOURCES (USES)
Transfers In - - - -
Transfers Out (5,944) (1,687,957) (746,527) -
Total other financing sources (uses) (1,687,957) (5,944) (746,527) - Net change in fund balances (161,613) 1,058,966 13,395 - Fund balances (deficit)-beginning 1,934,977 776,638 3,293,153 1,072 Fund balances (deficit)-ending $ 615,025 $ 2,993,943 $ 3,306,548 $ 1,072 Special Revenue Funds
State Gas Tax Proposition A Proposition C
Transportation
Grant
74 CITY OF DIAMOND BAR, CALIFORNIA
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital Outlay
Debt service:
Principal Retirement
Interest Expense and Fiscal Charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
(Continued)
$ - - $ - $ $ -
- - - -
- 53,781 71,804 1,009,371
- 694,047 - -
2,907 51,091 7,489 103,556
- 2,453 - -
2,907 801,372 79,293 1,112,927
- - - -
- - - -
- 604,994 - -
- - - -
- - - 6,693
- - 27,413 -
- - - -
- - - -
- 604,994 27,413 6,693
2,907 196,378 51,880 1,106,234
- - - -
- - (132,000) (1,835,004)
- - (132,000) (1,835,004)
2,907 196,378 (80,120) (728,770)
57,234 1,973,610 211,290 2,079,201
$ 60,141 2,169,988 $ 131,170 $ 1,350,431 $
Special Revenue Funds
Integrated
Waste
Management
Sewer
Mitigation
Air Quality
Improvement
Measure M
Local Return
75 CITY OF DIAMOND BAR, CALIFORNIA
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital Outlay
Debt service:
Principal Retirement
Interest Expense and Fiscal Charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
$ - - $ - $ $ -
- - - -
48,648 1,418,584 56,599 13,696
- - - -
- 217,048 - 5,355
- - - -
48,648 1,635,632 56,599 19,051
- - - -
- - - -
- - - 3,942
- - - -
- - - -
- - - -
- - - -
- - - -
- - - 3,942
48,648 1,635,632 56,599 15,109
- - - -
(1,048,614) (42,131) - -
(1,048,614) (42,131) - -
6,517 587,018 56,599 15,109
25,001 4,081,076 (56,599) 107,482
$ 31,518 4,668,094 $ - $ 122,591 $
Special Revenue Funds
Trails &
Bikeways MTA Grant
Beverage
Center
Recycling
Grant
Road
Maintenance &
Rehab
76 CITY OF DIAMOND BAR, CALIFORNIA
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital Outlay
Debt service:
Principal Retirement
Interest Expense and Fiscal Charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
(Continued)
$ - - $ - $ $ -
- - - -
- 7,771 310,818 186,159
- - - -
104,187 1,236 - 25,217
- - - -
104,187 9,007 310,818 211,376
- - - -
- - - 4,800
- 8,525 112,277 -
- - 27,898 -
- - - -
- - - -
- - - -
- - - -
- 8,525 140,175 4,800
104,187 482 170,643 206,576
1,204,585 - - -
(208,836) - (170,776) (152,500)
995,749 - (170,776) (152,500)
1,099,936 482 (133) 54,076
1,567,641 28,823 22 353,280
$ 2,667,577 29,305 $ (111) $ 407,356 $
Special Revenue Funds
Used Oil
Block Grant
Park and
Facility
Development CDBG COPS
77 CITY OF DIAMOND BAR, CALIFORNIA
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital Outlay
Debt service:
Principal Retirement
Interest Expense and Fiscal Charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
$ 1,220,718 - $ - $ $ 71,188
- - - -
- - 893,872 -
- - - -
- - 71,248 36,313
- - - -
1,220,718 - 965,120 107,501
- - - 6,841
- - - -
- - - -
- - - -
1,102,703 - 6,693 -
- - - -
- - - -
- - - -
1,102,703 - 6,693 6,841
118,015 - 958,427 100,660
260,749 - - -
(8,351) (1,132,017) - (85,267)
(8,351) 260,749 (1,132,017) (85,267)
(8,351) 378,764 (173,590) 15,393
452,582 8,351 1,279,993 706,893
$ 831,346 - $ 1,106,403 $ 722,286 $
Special Revenue Funds
CLEEP
Landscape
Maintenance
District
Measure R
Local Return PEG Fees
78 CITY OF DIAMOND BAR, CALIFORNIA
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital Outlay
Debt service:
Principal Retirement
Interest Expense and Fiscal Charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
(Continued)
$ - - $ - $ $ -
25,239 157,988 - -
- - 184,000 -
- - - -
2,443 15,971 - 17,110
- - - -
27,682 173,959 184,000 17,110
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
27,682 173,959 184,000 17,110
- - - -
(233,740) - - -
(233,740) - - -
27,682 (59,781) 184,000 17,110
26,331 335,428 (184,000) 336,939
$ 54,013 275,647 $ - $ 354,049 $
Special Revenue Funds
CASP Fees
(SB1186)
Measure A
Neighborhood
Park Acts
Street
Waste Hauler Beautification
79 CITY OF DIAMOND BAR, CALIFORNIA
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital Outlay
Debt service:
Principal Retirement
Interest Expense and Fiscal Charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
$ - - $ - $ $ -
- - - -
839,815 - - -
- - - -
91,423 - 281 -
- - - -
931,238 - 281 -
20,000 - - 914
- - - -
- - - -
- - - -
430,627 - - -
- - - -
- - - -
- - - -
450,627 - - 914
480,611 - 281 (914)
- - - 50,000
(434,523) - - -
(434,523) - - 50,000
46,088 - 281 49,086
1,572,838 (92) 5,187 -
$ 1,618,926 (92) $ 5,468 $ 49,086 $
Special Revenue Funds
Local
Roadway
Safety Plan
Measure W
Local Return
Hazard
Mitigation
Grant
Homelessness
Response
80 CITY OF DIAMOND BAR, CALIFORNIA
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES
Current:
General government
Public safety
Community development
Parks and recreation
Public works
Capital Outlay
Debt service:
Principal Retirement
Interest Expense and Fiscal Charges
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
OTHER FINANCING SOURCES (USES)
Transfers In
Transfers Out
Total other financing sources (uses)
Net change in fund balances
Fund balances (deficit)-beginning
Fund balances (deficit)-ending
Debt Service
Funds
Total
Nonmajor
Funds
$ - $ 1,319,406
- 183,227
- 9,211,181
- 757,983
1,747 1,125,582
- 2,453
12,599,832 1,747
- 27,755
- 4,800
- 729,738
- 50,073
- 2,752,024
- 27,413
480,000 480,000
235,600 235,600
4,307,403 715,600
8,292,429 (713,853)
715,266 2,230,600
- (7,924,187)
(5,693,587) 715,266
2,598,842 1,413
1,561 20,975,912
$ 23,574,754 2,974 $
Public Financing
Authority
81 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual State Gas Tax
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental Revenues $ 1,555,555 1,555,555 $ 1,486,767 $ $ (68,788) Use of Money and Property 1,800 1,800 71,794 69,994
Total revenues 1,557,355 1,557,355 1,558,561 1,206
EXPENDITURES
Current:
Public works 66,000 66,000 32,217 33,783
Total expenditures 66,000 66,000 32,217 33,783
Excess (deficiency) of revenues
over (under) expenditures 1,491,355 1,491,355 1,526,344 34,989
OTHER FINANCING SOURCES (USES)
Transfers Out (2,117,992) (1,604,000) (1,687,957) 430,035 Total other financing sources (uses) (2,117,992) (1,604,000) (1,687,957) 430,035 Net change in fund balances $ (112,645) $ (626,637) (161,613) $ 465,024 Fund balances-beginning 776,638
Fund balances (deficit)-ending $ 615,025
82 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Proposition A
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 13,000 13,000 $ 27,500 $ $ 14,500
Intergovernmental 1,566,554 1,566,554 1,437,294 (129,260) Charges for services 200,000 200,000 63,936 (136,064)
Use of money and property 2,700 2,700 125,232 122,532
Total revenues 1,782,254 1,782,254 1,653,962 (128,292)
EXPENDITURES
Current:
Parks and recreation 12,500 33,500 22,175 11,325
Public works 893,136 880,136 566,877 313,259
Total expenditures 913,636 905,636 589,052 324,584
Excess (deficiency) of revenues
over (under) expenditures 868,618 876,618 1,064,910 196,292
OTHER FINANCING SOURCES (USES)
Transfers out (50,000) - (5,944) 44,056
Total other financing sources (uses) (50,000) - (5,944) 44,056 Net change in fund balances $ 876,618 $ 818,618 1,058,966 $ 240,348 Fund balances-beginning 1,934,977
Fund balances (deficit)-ending $ 2,993,943
83 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Proposition C
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 1,299,415 1,299,415 $ 1,192,202 $ $ (107,213) Use of money and property 9,500 9,500 173,934 164,434
Total revenues 1,308,915 1,308,915 1,366,136 57,221
EXPENDITURES
Current:
Public works 728,930 728,930 606,214 122,716
Total expenditures 728,930 728,930 606,214 122,716
Excess (deficiency) of revenues
over (under) expenditures 579,985 579,985 759,922 179,937
OTHER FINANCING SOURCES (USES)
Transfers out (2,564,000) (3,654,479) (746,527) 2,907,952 Total other financing sources (uses) (2,564,000) (3,654,479) (746,527) 2,907,952 Net change in fund balances $ (1,984,015) $ (3,074,494) 13,395 $ 3,087,889 Fund balances-beginning 3,293,153
Fund balances (deficit)-ending $ 3,306,548
84 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Integrated Waste Management
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ - - $ 53,781 $ $ 53,781
Charges for services 612,000 612,000 694,047 82,047
Use of money and property 14,700 14,700 51,091 36,391
Miscellaneous 14,526 14,526 2,453 (12,073)
Total revenues 641,226 641,226 801,372 160,146
EXPENDITURES
Current:
Community development 797,482 750,792 604,994 192,488
Total expenditures 797,482 750,792 604,994 192,488
Excess (deficiency) of revenues
over (under) expenditures (156,256) (109,566) 196,378 352,634
OTHER FINANCING SOURCES (USES)
Transfers out (10,000) (10,000) - 10,000
Total other financing sources (uses) (10,000) (10,000) - 10,000 Net change in fund balances $ (119,566) $ (166,256) 196,378 $ 362,634 Fund balances-beginning 1,973,610
Fund balances (deficit)-ending $ 2,169,988
85 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Sewer Mitigation
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property $ 400 400 $ 2,907 $ $ 2,507
Total revenues 400 400 2,907 2,507
Net change in fund balances $ 400 $ 400 2,907 $ 2,507
Fund balances-beginning 57,234
Fund balances (deficit)-ending $ 60,141
86 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Air Quality Improvement
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 73,000 73,000 $ 71,804 $ $ (1,196)
Use of money and property 1,000 1,000 7,489 6,489
Total revenues 74,000 74,000 79,293 5,293
EXPENDITURES
Current:
Public works 40,000 40,000 - 40,000
Capital outlay 34,000 34,000 27,413 6,587
Total expenditures 74,000 74,000 27,413 46,587
Excess (deficiency) of revenues
over (under) expenditures - - 51,880 51,880
OTHER FINANCING SOURCES (USES)
Transfers out (132,000) (100,000) (132,000) -
Total other financing sources (uses) (132,000) (100,000) (132,000) - Net change in fund balances $ (100,000) $ (132,000) (80,120) $ 51,880 Fund balances-beginning 211,290
Fund balances (deficit)-ending $ 131,170
87 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Measure M Local Return
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 1,104,503 1,104,503 $ 1,009,371 $ $ (95,132) Use of money and property 7,400 7,400 103,556 96,156
Total revenues 1,111,903 1,111,903 1,112,927 1,024
EXPENDITURES
Current:
Public works 14,305 14,305 6,693 7,612
Total expenditures 14,305 14,305 6,693 7,612
Excess (deficiency) of revenues
over (under) expenditures 1,097,598 1,097,598 1,106,234 8,636
OTHER FINANCING SOURCES (USES)
Transfers out (3,008,936) (1,200,000) (1,835,004) 1,173,932 Total other financing sources (uses) (3,008,936) (1,200,000) (1,835,004) 1,173,932 Net change in fund balances $ (102,402) $ (1,911,338) (728,770) $ 1,182,568 Fund balances-beginning 2,079,201
Fund balances (deficit)-ending $ 1,350,431
88 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Road Maintenance & Rehab
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 1,358,896 1,358,896 $ 1,418,584 $ $ 59,688 Use of money and property 12,900 12,900 217,048 204,148 Total revenues 1,371,796 1,371,796 1,635,632 263,836
Excess (deficiency) of revenues
over (under) expenditures 1,371,796 1,371,796 1,635,632 263,836
OTHER FINANCING SOURCES (USES)
Transfers out (4,050,000) (5,314,384) (1,048,614) 4,265,770 Total other financing sources (uses) (4,050,000) (5,314,384) (1,048,614) 4,265,770 Net change in fund balances $ (2,678,204) $ (3,942,588) 587,018 $ 4,529,606 Fund balances-beginning 4,081,076
Fund balances (deficit)-ending $ 4,668,094
89 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Trails & Bikeways
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 63,420 63,420 $ 48,648 $ $ (14,772) Total revenues 63,420 63,420 48,648 (14,772)
Excess (deficiency) of revenues
over (under) expenditures 63,420 63,420 48,648 (14,772)
OTHER FINANCING SOURCES (USES)
Transfers out (73,923) (33,650) (42,131) 31,792
Total other financing sources (uses) (73,923) (33,650) (42,131) 31,792 Net change in fund balances $ 29,770 $ (10,503) 6,517 $ 17,020 Fund balances-beginning 25,001
Fund balances (deficit)-ending $ 31,518
90 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Beverage Center Recycling Grant
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 13,817 13,817 $ 13,696 $ $ (121)
Use of money and property 1,200 1,200 5,355 4,155
Total revenues 15,017 15,017 19,051 4,034
EXPENDITURES
Current:
Community development 37,300 37,300 3,942 33,358
Total expenditures 37,300 37,300 3,942 33,358
Net change in fund balances $ (22,283) $ (22,283) 15,109 $ 37,392 Fund balances-beginning 107,482
Fund balances (deficit)-ending $ 122,591
91 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Used Oil Block Grant
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 8,557 8,557 $ 7,771 $ $ (786)
Use of money and property 200 200 1,236 1,036
Total revenues 8,757 8,757 9,007 250
EXPENDITURES
Current:
Community development 9,900 9,900 8,525 1,375
Total expenditures 9,900 9,900 8,525 1,375
Net change in fund balances $ (1,143) $ (1,143) 482 $ 1,625 Fund balances-beginning 28,823
Fund balances (deficit)-ending $ 29,305
92 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Park and Facility Development
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property $ 7,800 7,800 $ 104,187 $ $ 96,387 Total revenues 7,800 7,800 104,187 96,387
Excess (deficiency) of revenues
over (under) expenditures 7,800 7,800 104,187 96,387
OTHER FINANCING SOURCES (USES)
Transfers in 1,204,585 - 1,204,585 -
Transfers out (1,211,623) (500,000) (208,836) 1,002,787 Total other financing sources (uses) (7,038) (500,000) 995,749 1,002,787 Net change in fund balances $ (492,200) $ 762 1,099,936 $ 1,099,174 Fund balances-beginning 1,567,641
Fund balances (deficit)-ending $ 2,667,577
93 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual CDBG
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 335,699 335,699 $ 310,818 $ $ (24,881) Total revenues 335,699 335,699 310,818 (24,881)
EXPENDITURES
Current:
Community development 152,000 150,581 112,277 38,304
Parks and recreation 37,917 39,336 27,898 11,438
Total expenditures 189,917 189,917 140,175 49,742
Excess (deficiency) of revenues
over (under) expenditures 145,782 145,782 170,643 24,861
OTHER FINANCING SOURCES (USES)
Transfers out (339,914) (145,464) (170,776) 169,138
Total other financing sources (uses) (339,914) (145,464) (170,776) 169,138 Net change in fund balances $ 318 $ (194,132) (133) $ 193,999 Fund balances-beginning 22
Fund balances (deficit)-ending $ (111)
94 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual COPS
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 163,000 163,000 $ 186,159 $ $ 23,159 Use of money and property 3,200 3,200 25,217 22,017
Total revenues 166,200 166,200 211,376 45,176
EXPENDITURES
Current:
Public safety 10,000 10,000 4,800 5,200
Total expenditures 10,000 10,000 4,800 5,200
Excess (deficiency) of revenues
over (under) expenditures 156,200 156,200 206,576 50,376
OTHER FINANCING SOURCES (USES)
Transfers out (152,500) (152,500) (152,500) -
Total other financing sources (uses) (152,500) (152,500) (152,500) - Net change in fund balances $ 3,700 $ 3,700 54,076 $ 50,376 Fund balances-beginning 353,280
Fund balances (deficit)-ending $ 407,356
95 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual CLEEP
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
OTHER FINANCING SOURCES (USES)
Transfers out $ (9,000) (9,000) $ (8,351) $ $ 649
Total other financing sources (uses) (9,000) (9,000) (8,351) 649 Net change in fund balances $ (9,000) $ (9,000) (8,351) $ 649 Fund balances-beginning 8,351
Fund balances (deficit)-ending $ -
96 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Landscape Maintenance District
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 1,221,416 1,221,416 $ 1,220,718 $ $ (698)
Total revenues 1,221,416 1,221,416 1,220,718 (698)
EXPENDITURES
Current:
Public works 1,410,911 1,419,850 1,102,703 317,147
Total expenditures 1,419,850 1,410,911 1,102,703 317,147 Excess (deficiency) of revenues
over (under) expenditures (198,434) (189,495) 118,015 316,449
OTHER FINANCING SOURCES (USES)
Transfers in 271,955 271,955 260,749 (11,206)
Total other financing sources (uses) 271,955 271,955 260,749 (11,206) Net change in fund balances $ 82,460 $ 73,521 378,764 $ 305,243 Fund balances-beginning 452,582
Fund balances (deficit)-ending $ 831,346
97 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Measure R Local Return
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 974,561 974,561 $ 893,872 $ $ (80,689) Use of money and property 4,500 4,500 71,248 66,748
Total revenues 979,061 979,061 965,120 (13,941)
EXPENDITURES
Current:
Public works 14,305 14,305 6,693 7,612
Total expenditures 14,305 14,305 6,693 7,612
Excess (deficiency) of revenues
over (under) expenditures 964,756 964,756 958,427 (6,329)
OTHER FINANCING SOURCES (USES)
Transfers out (2,160,443) (1,175,000) (1,132,017) 1,028,426 Total other financing sources (uses) (2,160,443) (1,175,000) (1,132,017) 1,028,426 Net change in fund balances $ (210,244) $ (1,195,687) (173,590) $ 1,022,097 Fund balances-beginning 1,279,993
Fund balances (deficit)-ending $ 1,106,403
98 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual PEG Fees
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes $ 100,000 100,000 $ 71,188 $ $ (28,812)
Use of money and property 3,800 3,800 36,313 32,513
Total revenues 103,800 103,800 107,501 3,701
EXPENDITURES
Current:
General government 100,000 100,000 6,841 93,159
Total expenditures 100,000 100,000 6,841 93,159
Excess (deficiency) of revenues
over (under) expenditures 3,800 3,800 100,660 96,860
OTHER FINANCING SOURCES (USES)
Transfers out (300,000) - (85,267) 214,733
Total other financing sources (uses) (300,000) - (85,267) 214,733 Net change in fund balances $ 3,800 $ (296,200) 15,393 $ 311,593 Fund balances-beginning 706,893
Fund balances (deficit)-ending $ 722,286
99 CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Waste Hauler
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Licenses and permits $ 157,000 157,000 $ 157,988 $ $ 988 Use of money and property 1,300 1,300 15,971 14,671
Total revenues 158,300 158,300 173,959 15,659
Excess (deficiency) of revenues
over (under) expenditures 158,300 158,300 173,959 15,659
OTHER FINANCING SOURCES (USES)
Transfers out (396,004) (250,000) (233,740) 162,264
Total other financing sources (uses) (396,004) (250,000) (233,740) 162,264 Net change in fund balances $ (91,700) $ (237,704) (59,781) $ 177,923 Fund balances-beginning 335,428
Fund balances (deficit)-ending $ 275,647
100
CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual CASP Fees (SB1186)
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Licenses and permits $ 8,000 8,000 $ 25,239 $ $ 17,239
Use of money and property 200 200 2,443 2,243
Total revenues 8,200 8,200 27,682 19,482
Net change in fund balances $ 8,200 $ 8,200 27,682 $ 19,482 Fund balances-beginning 26,331
Fund balances (deficit)-ending $ 54,013
101
CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Measure A Neighborhood Park Acts
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 184,000 184,000 $ 184,000 $ $ -
Total revenues 184,000 184,000 184,000 -
Excess (deficiency) of revenues
over (under) expenditures 184,000 184,000 184,000 -
OTHER FINANCING SOURCES (USES)
Transfers out (1,000) - - 1,000
Total other financing sources (uses) (1,000) - - 1,000
Net change in fund balances $ 184,000 $ 183,000 184,000 $ 1,000 Fund balances (deficit)-beginning (184,000)
Fund balances (deficit)-ending $ -
102
CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Street Beautification
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property $ 2,400 $ 2,400 $ 17,110 $ 14,710 Total revenues 2,400 2,400 17,110 14,710
Net change in fund balances $ 2,400 $ 2,400 17,110 $ 14,710 Fund balances-beginning 336,939
Fund balances (deficit)-ending $ 354,049
103
CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Measure W Local Return
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 838,000 838,000 $ 839,815 $ $ 1,815 Use of money and property - - 91,423 91,423
Total revenues 838,000 838,000 931,238 93,238
EXPENDITURES
Current:
General government 25,000 25,000 20,000 5,000
Public works 522,538 623,538 430,627 192,911
Total expenditures 648,538 547,538 450,627 197,911
Excess (deficiency) of revenues
over (under) expenditures 189,462 290,462 480,611 291,149
OTHER FINANCING SOURCES (USES)
Transfers out (1,272,575) (300,000) (434,523) 838,052
Total other financing sources (uses) (1,272,575) (300,000) (434,523) 838,052 Net change in fund balances $ (9,538) $ (1,083,113) 46,088 $ 1,129,201 Fund balances-beginning 1,572,838
Fund balances (deficit)-ending $ 1,618,926
104
CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Hazard Mitigation Grant
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 22,500 22,500 $ - $ $ (22,500)
Use of money and property - - 281 281
Total revenues 22,500 22,500 281 (22,219)
Net change in fund balances $ 22,500 $ 22,500 281 $ (22,219) Fund balances-beginning 5,187
Fund balances (deficit)-ending $ 5,468
105
CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Homelessness Response
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES
Current:
General government $ 50,000 $ 50,000 $ 914 $ 49,086
Total expenditures 50,000 50,000 914 49,086
Excess (deficiency) of revenues
over (under) expenditures (50,000) (50,000) (914) 49,086
OTHER FINANCING SOURCES (USES)
Transfers in 50,000 50,000 50,000 -
Total other financing sources (uses) 50,000 50,000 50,000 - Net change in fund balances $ - $ - 49,086 $ 49,086
Fund balances-beginning -
Fund balances (deficit)-ending $ 49,086
106
CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Capital Improvement
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Intergovernmental $ 823,350 302,850 $ 307,470 $ $ (515,880) Total revenues 823,350 302,850 307,470 (515,880)
EXPENDITURES
Capital outlay 22,597,996 12,030,964 8,146,443 14,451,553 Total expenditures 22,597,996 12,030,964 8,146,443 14,451,553 Excess (deficiency) of revenues
over (under) expenditures (21,774,646) (11,728,114) (7,838,973) 13,935,673
OTHER FINANCING SOURCES (USES)
Transfers in 22,260,169 11,728,114 7,908,956 (14,351,213) Total other financing sources (uses) 22,260,169 11,728,114 7,908,956 (14,351,213) Net change in fund balances $ 485,523 - $ 69,983 $ (415,540) Fund balances (deficit)-beginning (485,103)
Fund balances (deficit)-ending $ (415,120)
107
CITY OF DIAMOND BAR, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual Public Financing Authority
For the Year Ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES
Use of money and property $ 50 50 $ 1,747 $ $ 1,697
Total revenues 50 50 1,747 1,697
EXPENDITURES
Debt service:
Principal 480,000 480,000 480,000 -
Interest and fiscal charges 236,100 236,100 235,600 500 Total expenditures 716,100 716,100 715,600 500
Excess (deficiency) of revenues
over (under) expenditures (716,050) (716,050) (713,853) 2,197
OTHER FINANCING SOURCES (USES)
Transfers in 716,100 716,100 715,266 (834)
Total other financing sources (uses) 716,100 716,100 715,266 (834) Net change in fund balances $ 50 $ 50 1,413 $ 1,363
Fund balances-beginning 1,561
Fund balances (deficit)-ending $ 2,974
108
CITY OF DIAMOND BAR, CALIFORNIA
Combining Statement of Net Position
Internal Service Funds
June 30, 2024
Total Internal
Service
Funds
ASSETS
Current assets:
Pooled cash and investments 974,986 $ 365,079 $ 1,607,712 $ 2,311,467 $ 5,259,244 $ Receivables:
Due from Other Governments - 20,000 28,346 - 48,346
Total current assets 974,986 385,079 1,636,058 2,311,467 5,307,590 Noncurrent:
Capital Asset, net - 177,007 1,000,340 200,526 1,377,873 Total noncurrent assets - 177,007 1,000,340 200,526 1,377,873 Total assets 974,986 562,086 2,636,398 2,511,993 6,685,463
LIABILITIES
Current liabilities:
Accounts payable - 3,404 94,605 31,425 129,434
Retainage payable - - - 1,995 1,995
Total current liabilities - 3,404 94,605 33,420 131,429 Total liabilities - 3,404 94,605 33,420 131,429
NET POSITION
Net investment in capital assets - 177,007 1,000,340 198,531 1,375,878 Unrestricted 974,986 381,675 1,541,453 2,280,042 5,178,156 Total net position 974,98 $ 6 $ 558,682 $ 2,541,793 $ 2,478,573 $ 6,554,034 Self Insurance
Equipment
Replacement
Computer
Equipment
Replacement
Building
Facility &
Maintenance
109
CITY OF DIAMOND BAR, CALIFORNIA
Combining Statement of Revenues, Expenses and
Changes in Net Position
Internal Service Funds
For the Year Ended June 30, 2024
Total Internal
Service
Funds
OPERATING EXPENSES
Insurance premiums $ 609,466 $ - $ - $ 609,466 - $
Equipment repair and maintenance - 87,935 306,145 7,800 401,880 Depreciation & amortization - 32,083 160,820 11,088 203,991 Total operating expenses 609,466 120,018 466,965 18,888 1,215,337 Operating income (loss) (609,466) (120,018) (466,965) (18,888) (1,215,337)
NONOPERATING REVENUES (EXPENSES)
Intergovernmental - 20,000 - - 20,000
Interest revenue 20,808 13,750 82,430 81,725 198,713
Contributions - - 9,045 - 9,045
Other Expenses (713) - - - (713)
Total nonoperating revenues (expenses) 20,095 33,750 91,475 81,725 227,045 Income (loss) before transfers (589,371) (86,268) (375,490) 62,837 (988,292) Transfers in 609,380 278,750 72,890 1,304,585 2,265,605 Change in net position 20,009 192,482 (302,600) 1,367,422 1,277,313 Net position-beginning 954,977 366,200 2,844,393 1,111,151 5,276,721 Net position-ending $ 974,986 $ 558,682 $ 2,541,793 $ 2,478,573 $ 6,554,034 Self Insurance
Equipment
Replacement
Computer
Equipment
Replacement
Building
Facility &
Maintenance
110
CITY OF DIAMOND BAR, CALIFORNIA
Internal Service Fund
Combining Statement of Cash Flows
For the Year Ended June 30, 2024
Totals
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and service providers $ (659,253) $ (87,274) $ (275,262) $ (28,937) $ (1,050,726) Other receipts (payments) 49,787 - - - 49,787
Net cash provided by (used for)
operating activities (609,466) (87,274) (275,262) (28,937) (1,000,939)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 609,380 278,750 72,890 1,304,585 2,265,605 Net cash provided by (used for)
noncapital financing activities 609,380 278,750 72,890 1,304,585 2,265,605
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition and construction of capital assets (159,754) - (349,195) (162,914) (671,863) Net cash provided by (used for)
capital and related financing activities (159,754) - (349,195) (162,914) (671,863)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 20,808 13,750 82,430 81,725 198,713 Net cash provided by (used for)
investing activities 20,808 13,750 82,430 81,725 198,713 Net increase (decrease) in
cash 20,722 45,472 (469,137) 1,194,459 791,516
Cash beginning 954,264 319,607 2,076,849 1,117,008 4,467,728 Cash ending $ 974,986 $ 365,079 $ 1,607,712 $ 2,311,467 $ 5,259,244
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
Operating income (loss) $ (609,466) $ (120,018) $ (466,965) $ (18,888) $ (1,215,337) Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:
Depreciation/amortization expense 32,083 - 160,820 11,088 203,991 Increase (decrease) in accounts payable - 661 30,883 (21,137) 10,407 Total adjustments 32,744 - 191,703 (10,049) $ 214,398
Net cash provided by (used for)
operating activities $ (87,274) (609,466) $ (275,262) $ (28,937) $ (1,000,939) $
SCHEDULE OF NON-CASH NONCAPITAL, CAPITAL
AND INVESTING ACTIVITIES
Unrealized gain/(loss) on fair value of investments $ (5,757) $ (3,810) $ (22,807) $ (22,612) $ (54,986) Self
Insurance
Equipment
Replacement
Computer
Equipment
Replacement
Building
Facility &
Maintenance
111
7+,63$*(,17(17,21$//</()7%/$1.
112
DESCRIPTION OF STATISTICAL SECTION CONTENTS
June 30, 2024
This part of the City of Diamond Bar's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information say about the government's overall financial health.
Contents: Schedules
Financial Trends - These schedules contain trend information to help the reader understand how the city's financial performance and well-being have changed over time.
Revenue Capacity - These schedules contain information to help the reader assess the city's most significant local revenue source, the property tax.
Debt Capacity - These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future.
Demographic and Economic Information - These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place.
Operating Information - These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs. 1 - 4
5 - 9
10 - 12
13 - 14
15 – 17
Capital Asset Statistics by Function 18
113
7+,63$*(,17(17,21$//</()7%/$1.
114
Fiscal Year 2020 2021 2022 2023 2024
Governmental activities:
Net investment in capital assets $ 345,260,286 $ 339,727,186 $ 332,972,933 $ 331,607,485 $ 331,125,815 Restricted for:
Capital projects 944,561 1,724,690 2,863,447 2,743,073 2,382,930 Community development 2,086,977 3,100,228 3,453,843 4,435,781 5,846,342 Public safety 346,066 346,594 347,228 366,818 412,824
Public works 11,874,243 13,772,296 19,187,254 21,761,109 23,306,048 Debt service 19 22,776 75 1,561 2,974
Other Post Employment Benefits(OPEB) - 353,283 - - -
Unrestricted 21,513,688 23,604,159 28,511,364 33,831,520 36,631,555 Total governmental activities net position $ 382,025,840 $ 382,297,929 $ 387,689,427 $ 394,747,347 $ 399,708,488 Fiscal Year 2015 2016 2017 2018 2019
Governmental activities:
Net investment in capital assets $ 368,779,901 $ 363,216,277 $ 358,765,476 $ 354,824,312 $ 350,017,830 Restricted for:
Capital projects 207,205 267,984 184,074 356,711 655,124 Community development 1,482,522 2,382,667 2,066,650 1,907,215 2,137,080 Public safety 171,928 193,941 243,642 235,752 286,848
Public works 3,862,123 4,465,023 3,095,734 3,268,495 10,721,764 Debt service 3 29 80 199 361
Other Post Employment Benefits(OPEB) - - - - -
Unrestricted 20,659,058 22,742,992 23,047,078 21,270,741 21,083,148 Total governmental activities net position $ 395,162,740 $ 393,268,913 $ 387,402,734 $ 381,863,425 $ 384,902,155 Source:
City Finance Department
City of Diamond Bar
Net Assets by Component
Last Ten Fiscal Years
(accrual basis of accounting)
115
2015 2016 2017 2018 2019
Expenses:
Governmental Activities:
General government 6,524,968 $ 5,812,525 $ 6,627,894 $ 6,926,331 $ 8,990,203 $ Public safety 5,929,156 6,216,279 6,586,188 6,904,971 7,142,733 Public works 10,225,922 11,966,721 14,178,723 14,612,857 13,644,523 Community development 2,587,504 2,127,206 3,231,764 3,083,101 3,069,374 Parks and recreation 6,300,920 6,137,787 5,164,413 5,532,810 6,149,343 Interest on long-term debt 466,662 455,700 443,480 423,400 402,671 Contribution to OPEB Trust - 84,761 84,761 84,591 87,128 Total Primary Government 32,035,132 32,800,979 36,317,223 37,568,061 39,485,975 Program Revenues:
Governmental Activities:
Charges for services
General Government 587,081 661,910 811,846 619,147 1,248,171 Public safety 523,145 470,722 460,325 459,615 415,701
Public works 5,536,984 4,389,876 2,675,313 3,782,259 9,797,871 Community development 2,463,932 1,820,325 2,077,810 2,023,466 2,110,515 Parks, recreation and culture 1,758,319 1,684,814 1,544,002 1,648,945 1,347,448 Operating grants and contributions 4,443,765 3,687,015 3,844,192 4,120,526 5,651,932 Capital grants and contributions 717,961 1,455,770 359,669 159,258 12,595 Total Governmental Activities
Program Revenues 16,031,187 14,170,432 11,773,157 12,813,216 20,584,233 General Revenues:
Taxes
Property taxes 4,448,566 4,665,140 4,951,033 5,187,630 5,405,335 Transient occupancy taxes 935,355 994,476 923,527 1,019,915 1,222,925 Sales taxes 3,974,564 4,598,858 4,789,172 4,999,873 4,970,980 Franchise taxes 1,460,342 1,431,513 1,320,617 1,419,605 1,355,003 Other taxes 442,914 523,015 394,961 509,322 1,062,003
Unrestricted Motor vehicle in lieu 5,133,910 5,411,143 5,757,423 6,011,177 6,285,504 Use of money and property 244,275 524,918 58,160 67,046 1,397,727 Other revenues 114,545 703,457 482,994 161,145 240,995
Loss on disposal of capital asset - - - - -
Total General Revenues 16,754,471 18,852,520 18,677,887 19,375,713 21,940,472 Change in Net Position 750,526 221,973 (5,866,179) (5,379,132) 3,038,730 Net Position at Beginning of Year 398,429,156 395,162,740 393,268,913 387,402,734 381,863,425 Restatement of Net Position (4,016,942) (2,115,800) (160,177) - - Net Position at End of Year $ 395,162,740 $ 393,268,913 $ 387,402,734 $ 381,863,425 $ 384,902,155 Source:
City Finance Department
City of Diamond Bar
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
116
2020 2021 2022 2023 2024
$ 7,810,434 6,693,192 $ 7,210,304 $ 8,377,284 $ 8,332,738 $ 7,401,924 7,371,290 7,993,744 8,149,425 8,783,229
11,626,695 14,435,606 11,641,746 12,621,030 14,661,974
3,128,813 3,138,506 2,579,271 3,663,339 3,830,323
3,802,025 5,188,798 3,903,018 4,481,255 4,258,559
392,652 385,006 192,897 145,302 126,654
- 88,000 - - -
34,162,543 37,300,398 33,520,980 37,437,635 39,993,477
642,791 431,216 94,571 114,485 267,248
263,147 432,774 436,610 383,058 380,424
2,881,793 2,312,413 3,265,094 3,452,701 3,257,774
2,260,454 1,914,403 2,270,878 2,450,481 2,624,871
319,896 848,675 1,079,941 1,583,261 1,608,375
5,919,399 4,938,893 9,745,284 9,630,820 7,570,259
302,616 1,098,879 - 853,518 96,569
12,590,096 11,977,253 16,892,378 18,468,324 15,805,520
5,873,328 5,590,899 12,814,147 13,650,877 13,963,044
1,128,386 797,785 1,359,842 1,462,904 1,499,045
4,846,330 5,106,920 6,127,593 6,598,953 6,467,915
1,340,960 1,390,250 1,308,250 1,687,104 1,628,505
1,070,672 1,105,651 1,400,481 1,540,855 1,620,453
6,545,989 6,804,019 65,523 56,347 67,901
1,378,227 121,612 (895,646) 863,861 3,880,104
139,321 258,910 136,203 166,330 22,131
- - - - -
22,040,784 21,458,475 22,316,393 26,027,231 29,149,098
(3,282,361) (113,972) 5,687,791 7,057,920 4,961,141
384,902,155 382,025,840 382,297,929 387,689,427 394,747,347 406,046 386,061 (296,293) - -
$ 382,025,840 $ 382,297,929 $ 387,689,427 $ 394,747,347 $ 399,708,488 117
General fund: 2015 2016 2017 2018 2019
Nonspendable:
Prepaid costs $ 75,887 $ 75,866 $ 42,108 $ 8,230 $ 26,203 Committed to:
Emergency contingencies 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000 Assigned to:
Community organization support - - - - -
Other Post Employment Benefits (OPEB) - - - - -
Technology Reserve - - - - -
Capital improvement projects - - - - -
Tres Hermanos Conservancy - - - - -
General Plan Update - - - - -
Law Enforcement Reserve - - - - -
Unassigned
Unassigned Reserve 17,656,659 19,350,943 20,379,854 19,440,147 18,583,174 Total general fund 23,926,809 22,232,546 24,921,962 23,948,377 23,109,377 All other governmental funds:
Restricted for:
Community development projects 1,482,522 2,382,667 2,066,650 1,907,215 2,137,080 Public safety 171,928 193,941 243,642 235,752 286,848
Highways and streets 3,862,123 3,541,041 3,095,514 3,268,495 10,721,764 Capital projects 207,205 267,984 184,074 356,711 655,124 Debt service 3 29 80 199 361
Assigned to:
Technology Reserve - - - - -
Unassigned (71,561) 18,047 (290,141) (49,618) (557,242)
Total all other governmental funds 6,403,709 5,652,220 5,299,819 5,718,754 13,243,935 Total fund balances $ 27,884,766 $ 30,330,518 $ 30,221,781 $ 29,667,131 $ 36,353,312 Source: City Finance Department
City of Diamond Bar
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
118
2020 2021 2022 2023 2024
$ 4,496 2,275 $ - $ - $ $ -
6,000,627 6,797,181 7,864,770 7,981,243 8,217,405
- - 2,062 -
- - 353,283 291,182 313,523
- - 442,418 591,346 695,389
- - 1,308,920 2,072,420
- - 20,726 6,910 6,910
- - 518,504 453,782
- - 929,558 941,362 1,066,070
20,950,249 18,687,761 20,615,949 22,959,067 21,674,550
27,749,705 24,692,884 30,226,704 34,600,596 34,500,049
3,100,228 2,086,977 3,453,843 4,435,803 5,846,364
346,066 346,594 347,228 366,818 412,824
13,772,296 11,874,243 19,187,254 21,761,109 23,306,048
944,561 1,724,690 2,863,447 2,743,073 2,312,947
22,776 19 75 1,561 2,974
- - - - -
(144,722) (351,346) (187,428) (725,794) (415,323)
18,821,862 14,900,520 25,664,419 28,582,570 31,465,834
$ 46,571,567 39,593,404 $ 55,891,123 $ 63,183,166 $ 65,965,883 $ 119
2015 2016 2017 2018 2019
Revenues:
Taxes $ 12,930,081 10,730,234 $ 12,698,595 $ 13,031,475 $ $ 13,233,033 Special assessments 781,232 672,492 769,014 788,971 783,213 Intergovernmental 10,384,417 11,185,489 11,668,517 11,753,427 14,013,870 Charges for services 3,101,103 3,344,356 2,899,321 2,972,508 2,540,344 Fines and forfeitures 470,722 523,145 460,325 459,615 415,701 Licenses and permits 4,121,387 5,474,765 2,355,980 3,128,048 9,337,213 Use of money and property 563,300 273,656 28,478 39,014 1,361,323 Other 716,914 136,786 561,288 189,350 278,317
Total revenues 32,340,923 33,069,156 31,441,518 32,362,408 41,963,014 Expenditures:
Current:
General government 5,177,288 5,040,491 5,560,482 5,956,082 8,078,152 Public safety 6,201,985 5,914,404 6,576,954 6,898,325 7,136,362 Public works 5,531,705 5,216,083 8,964,282 9,298,972 8,653,425 Parks, recreation and culture 4,232,431 4,225,938 2,723,558 2,893,702 3,075,935 Community development 2,313,053 2,540,430 2,985,973 2,874,443 2,900,120 Capital outlay 5,598,997 4,646,891 3,041,443 3,230,907 2,709,445 Debt service:
Principal retirement 385,000 365,000 400,000 420,000 440,000 Interest and fiscal charges 470,741 481,656 459,191 439,191 418,191 Total expenditures 28,430,893 29,911,200 30,711,883 32,011,622 33,411,630 Excess (deficiency) of
revenues over (under)
expenditures 3,157,956 3,910,030 729,635 350,786 8,551,384 Other financing sources (uses):
Bond issued or refinancing - - - - -
Bonds discount or premium - - - - -
Payment to refunded bond escrow - - - - -
Transfers in 7,287,721 7,084,629 6,395,368 6,758,082 5,962,151 Transfers out (7,999,925) (8,249,564) (6,831,304) (7,663,738) (7,827,354) Proceeds from sale of capital asset - - - - -
Total other financing
sources (uses) (712,204) (1,164,935) (435,936) (905,656) (1,865,203) Net changes in fund balances $ 2,445,752 2,745,095 $ 293,699 $ (554,870) $ 6,686,181 $ Debt service as a
percentage of noncapital
expenditures 3.48% 3.24% 3.08% 2.95% 2.81%
Source: City Finance Department
City of Diamond Bar
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
120
2020 2021 2022 2023 2024
$ 13,498,926 13,200,479 $ 15,160,087 $ 16,445,551 $ $ 16,323,617 775,008 776,768 943,000 1,262,383 1,319,406
16,273,538 14,110,518 18,736,104 21,094,276 17,537,169
914,766 1,864,015 1,740,824 2,297,541 3,337,420
263,147 432,774 436,610 383,058 380,424
2,259,287 2,246,294 2,177,224 2,407,329 1,452,208
96,495 1,326,838 (867,840) 827,050 3,850,209
262,929 201,503 176,874 202,085 69,850
34,159,189 34,344,096 38,502,883 44,919,273 44,270,303
6,383,456 5,607,821 6,744,954 7,022,442 7,320,527
7,401,924 7,371,290 7,993,744 8,149,425 8,783,229
6,430,811 8,860,331 6,716,430 7,403,724 8,267,831
1,178,756 2,699,950 1,745,665 1,967,229 2,279,409
2,919,045 2,871,762 2,728,649 3,522,887 3,681,529
1,398,225 2,604,402 447,896 6,910,290 8,173,856
485,000 460,000 455,000 465,000 480,000
543,673 400,591 280,413 254,200 235,600
30,876,147 26,740,890 27,112,751 35,695,197 39,221,981
7,603,206 3,283,042 11,390,132 9,224,076 5,048,322
8,024,092 - - - -
- - - -
(7,839,852) - - - -
3,777,515 7,173,287 3,350,683 8,497,451 12,101,904
(4,586,798) (7,622,283) (5,124,966) (10,429,484) (14,367,509) - - - - -
(625,043) (448,996) (1,774,283) (1,932,033) (2,265,605) $ 6,978,163 2,834,046 $ 9,615,849 $ 7,292,043 $ $ 2,782,717
3.03% 4.09% 2.76% 2.49% 2.30%
121
City of Diamond Bar
Source: Los Angeles County Assessor Annual Tax Increment Tables. 122
Fiscal
Year Less Total Taxable Total
Ended Secured Unsecured Other Tax Assessed Direct
June 30, Property Property Property Exemptions Value Tax Rate % Change 2014-15 8,201,610,010 70,524,426 83,189,280 8,188,945,156 0.0526 5.64% - 2015-16 8,649,508,385 72,343,401 85,103,082 8,636,748,704 0.0526 5.47% - 2016-17 9,175,049,277 74,892,798 62,484,967 9,187,457,108 0.0525 6.38% - 2017-18 9,589,040,619 76,356,565 78,363,662 9,587,033,522 0.0525 4.35% - 2018-19 10,037,428,342 83,787,675 90,713,106 10,030,502,911 0.0525 4.63% - 2019-20 10,435,977,033 76,572,055 93,257,612 10,419,291,476 0.0525 3.88% - 2020-21 10,834,109,675 94,903,135 90,417,003 10,838,595,807 0.0524 4.02% - 2021-22 11,071,176,004 93,096,143 1,199,912 93,033,033 11,071,239,114 0.0524 2.15% 2022-23 11,582,901,902 97,490,346 87,372,428 11,593,019,820 0.0524 4.71% - 2023-24 12,071,506,492 105,461,086 97,994,848 12,078,972,730 0.0524 4.19% Note: Exempt values are not included in Total Net Taxable Values.
The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.
Source: HDL Coren & Cone and Los Angeles County Assessor's Combined Tax Rolls.
Real Property
2014/15 - 2023/24 Taxable Property Values
(unaudited)
City of Diamond Bar
Assessed and Estimated Actual Values of Taxable Property 0 2,000,000,000
4,000,000,000
6,000,000,000
8,000,000,000
10,000,000,000
12,000,000,000
14,000,000,000
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Millions
Fiscal Year
Net Assessed Value
123
Agency 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Basic Levy* 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Metropolitan Water District 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 Mt. San Antonio College 0.022 0.024 0.024 0.021 0.024 0.048 0.045 0.046 0.043 0.038 Pomona Unified School Dist 0.154 0.144 0.173 0.166 0.169 0.207 0.151 0.141 0.146 0.145 Walnut Valley Unified School Dist 0.093 0.066 0.074 0.115 0.106 0.095 0.099 0.101 0.101 0.107 Total Direct & Overlapping Tax Rates 1.272 1.237 1.306 1.274 1.303 1.354 1.298 1.291 1.293 1.293 City's Share of 1% Levy Per Prop 13* 0.0519 0.0519 0.0519 0.0519 0.0519 0.0519 0.0519 0.0519 0.0519 0.0519 General Obligation Debt Rate
Redevelopment Rate*
Total Direct Rate* 0.0526 0.0526 0.0525 0.0525 0.0525 0.0524 0.0524 0.0524 0.0524 0.0524 In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of any voter approved bonds for the Pomona Unified School District or Walnut Valley Unified School Districts in Diamond Bar depending on which school district the property is located in.
Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapping rates apply to all city property owners.
RDA rate is based on the largest RDA tax rate area(TRA) and includes only rate(s) from indebtedness adopted prior to 1989 per California State statute. RDA direct and overlapping rates are applied only to the incremental property values.
Total Direct Rate is the weighted average of all individual direct rates applied by the government preparing the statistical section information.
City of Diamond Bar
Direct and Overlapping Property Tax Rates
(Rate per $100 of Assessed Value)
124
Sec & Unsecured Percentage of Total
2023-24 Assessed Valuation Net Assessed Valuation
Apex 2015 LLC $ 0.63% 76,263,417
Roic Diamond Hills Plaza LLC 0.48% 57,967,898
Emerald Pointe Apartments LLC 0.36% 43,907,020
Hua Qing Enterprise LLC 0.33% 39,257,689
BSP Senita Gateway Center LLC 0.31% 37,323,509
Target Corporation 0.28% 34,415,346
Bridgegate Drive Properties LLC 0.28% 33,848,346
Diamond Springs LLC 0.27% 32,699,720
Roic DBTC LLC Lessor 0.27% 32,430,896
Muller Rock 2 Gateway 0.26% 30,935,199
Top Ten Total $ 3.47% 419,049,040
City Total $ 12,078,972,730
Percentage of Total
2014-15 Assessed Valuation Net Assessed Valuation
Roic California LLC $ 0.59% 48,217,907
SRGMF South Grand Diamond Bar 0.56% 45,449,908
DB Gateway Corporate Inc. 0.49% 40,000,000
Pacifica Trenton Holdings-2 LLC 0.37% 30,236,654
Roic DBTC LLC 0.34% 27,926,208
Target Corporation 0.32% 26,556,094
Muller Rock 2 Gateway 0.32% 26,254,959
Millenium Diamond Road 0.29% 23,869,795
Foremost Diamond Ranch 0.23% 18,841,989
Margaret M Tam Trust Et Al 0.22% 18,103,517
Top Ten Total $ 305,457,031 3.73%
City Total $ 8,188,945,156
Source: Hdl Coren & Cone.
City of Diamond Bar
Top 10 Property Taxpayers
Current Year and Nine Years Ago
125
Fiscal Year Taxes Levied
Ended for the
June 30 Fiscal Year Amount % to Levy Years % to Levy
2015 4,326,040 4,189,390 96.84% 136,650 3.16%
2016 4,568,789 4,412,561 96.58% 156,228 3.42%
2017 4,842,897 4,643,891 95.89% 199,007 4.11%
2018 5,081,117 4,838,019 95.22% 243,098 4.78%
2019 5,313,057 5,131,554 96.58% 181,503 3.42%
2020 5,540,291 5,267,524 95.08% 272,767 4.92%
2021 5,681,444 5,847,155 102.92% - 0.00%
2022 5,871,398 5,881,098 100.17% 224,683 3.83%
2023 6,121,244 6,194,513 101.20% - 0.00%
2024 6,377,702 6,427,105 100.77% - 0.00%
Source: Los Angeles County Auditor/Controller.
City Finance Department
Fiscal Year of Levy
City of Diamond Bar
Property Tax Levies and Collections
Last Ten Fiscal Years
(unaudited)
Collected within the Collections in
Subsequent
126
Fiscal Year Lease Unamortized Total Total % of Debt
Ended Revenue Bond Premium Governmental Primary Personal Per June 30 Bonds (a) (Discount) Activities Government Income (b) Capita (b) 2015 10,420,000 201,475 10,621,475 10,621,475 0.55% 188 2016 10,035,000 187,349 10,222,349 10,222,349 0.53% 179 2017 9,635,000 173,223 9,808,223 9,808,223 0.50% 172
2018 9,215,000 159,097 9,374,097 9,374,097 0.48% 163
2019 8,775,000 144,971 8,919,971 8,919,971 0.43% 155
2020 8,315,000 130,845 8,445,845 8,445,845 0.40% 148
2021 6,735,000 1,289,092 * 8,024,092 8,024,092 0.38% 140 2022 6,280,000 1,181,668 7,461,668 7,461,668 0.33% 138
2023 5,815,000 1,074,244 6,889,244 6,889,244 0.29% 129
2024 5,335,000 966,820 6,301,820 6,301,820 0.25% 118
Note:
See Financial Statement Note 5: Long-Term Liabilities for an explantion regarding the above amounts. (b) Details regarding the City's population and personal income can be found in the Demographic and Economic Statistics Table.
* The increase in Unamortized Bond Premium is due to the refinancing of the City's lease revenue bonds.
Source: City Finance Department
(a) Details regarding the City's outstanding lease revenue bonds can be found in the notes to the financial statements.
Governmental Activities
City of Diamond Bar
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(Unaudited)
127
Total Debt
% Applicable
To City (1)
City's Share of
Debt
Direct Debt
Diamond Bar Lease Revenue Bonds, 2021 Series A $ 5,335,000 100.000 $ 5,335,000 Overlapping Debts (2)
Metropolitan Water District 18,210,000 0.312 56,815
Mt San Antonio Community College District 867,726,492 10.362 89,913,819 Pomona Unified School District 442,151,336 18.270 80,781,049 Walnut Valley Unified School District 219,959,621 58.810 129,358,253 Total Overlapping Tax and Assessment Debts $ 1,548,047,449 $ 300,109,936 Direct and Overlapping General Fund Debt
Los Angeles County General Fund Obligations 2,479,229,730 0.602 14,924,963 Los Angeles County Superintendent of Schools Certificates of Participation 2,857,300 0.602 17,201 Los Angeles County Sanitation District No.21 Authority 0 0.000 0 Mt.San Antonio Community College District Certificates of Participation 0 0.000 0 Pomona Unified School District General Fund Obligations 3,925 18.270 717,098 City's General Fund Obligations (Lease Revenue Bonds, 2021 Series A) 5,335,000 100.000 5,335,000 Total Direct and Overlapping General Fund Debt $ 2,487,425,955 $ 20,994,262 Total Overlapping Debt $ 315,769,198
Grand Total Direct and Overlapping Debt: 4,035,473,404 $ $ 321,104,198 Debt to Assessed Valuation Ratios:
2023/24 Net Assessed Valuation: $ 12,078,972,730 Direct Debt 0.04% $100 2023 City Population: 53,3335 Overlapping Debt 2.48% $5,627 Total Debt 2.66% $5,727
Note:
(1) Percentage of direct and overlapping agency's assessed valuation located within boundaries of the city. (2) The overlapping debt is the portion of a larger agency, and is responsible for debt in areas outside the city.
Source:
Hdl Coren & Cone
U.S. Census Bureau
City Finance Department
City of Diamond Bar
Direct and Overlapping Debt
June 30, 2024
(unaudited)
128
Fiscal Year 2024 2023 2022 2021 2020
Net assessed value $ 11,680,392,248 12,176,967,578 $ 11,165,472,059 $ 10,929,012,810 $ 10,419,291,476 $ Add back: Exemptions 97,994,848 87,372,428 94,232,945 90,417,003 93,257,612 Gross assessed value 12,274,962,426 11,767,764,676 11,259,705,004 11,019,429,813 10,512,549,088 Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 3,068,740,607 2,941,941,169 2,814,926,251 2,754,857,453 2,628,137,272 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 460,311,091 441,291,175 422,238,938 413,228,618 394,220,591 City Debts:
Revenue bonds 5,335,000 5,815,000 6,280,000 8,315,000 8,315,000 Unamortized Bond Premium 966,820 1,074,244 1,181,668 130,845 130,845 Legal debt margin 454,009,271 $ 434,401,931 $ 414,777,270 $ 404,782,773 $ 385,774,746 $ Fiscal Year 2019 2018 2017 2016 2015
Net assessed value $ 9,587,033,522 10,030,502,911 $ 9,187,457,108 $ 8,636,748,704 $ 8,188,945,156 $ Add back: Exemptions 90,713,106 78,363,662 62,484,967 85,146,082 83,189,280 Gross assessed value 10,121,216,017 9,665,397,184 9,249,942,075 8,721,894,786 8,272,134,436 Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed valuation 2,530,304,004 2,416,349,296 2,312,485,519 2,180,473,697 2,068,033,609 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 379,545,601 362,452,394 346,872,828 327,071,054 310,205,041 City Debts:
Revenue bonds 8,775,000 9,215,000 9,635,000 10,035,000 10,420,000 Unamortized Bond Premium 144,971 159,097 173,223 187,349 201,475 Legal debt margin 370,625,630 $ 353,078,297 $ 337,064,605 $ 316,848,705 $ 299,583,566 $ The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California for local government located within the state.
Source: Section 43605 of the California Government Code Hdl Coren & Cone
City Finance Department
City of Diamond Bar
Computation of Legal Debt Margin
Last Ten Fiscal Years
(unaudited)
129
General Information
Date of Incorporation April 18, 1989
Form of Government Council-Manager
Area 14.88 Square Miles
Miles of Streets 132.3
Public Safety
Police Protection Los Angeles County Sheriff Department Fire Protection Los Angeles County Fire Department
Education
School District Pomona Unified School District
Schools 1 High School, 1 Middle School, & 4 Elementary Schools School District Walnut Valley Unified School District
Schools 1 High School, 2 Middle Schools, & 4 Elementary Schools Population Distribution by Race (2020 US Census) Total Percent Asian 32,540.48 58.40%
White 9,472.40 17.00%
Hispanic or Latino 10,363.92 18.60%
African American 2,005.92 3.60%
Others 1,337.28 2.40%
Single Family Residential Full Value Sales (01/01/2015-06/30/2024) * Year Full Value Sales Average Price Median Price Median % Change 2015 726 626,515 # 551,000 2.99%
2016 837 628,252 # 570,000 4.22%
2017 745 645,253 # 589,500 3.42%
2018 647 704,743 # 657,500 11.93%
2019 663 701,439 # 635,000 -3.42%
2020 250 (Jan-Jun 2020) 656,486 # 629,000 -0.94%
2021 391 788,473 # 755,000 11.85%
2022 562 983,950 # 860,000 10.16%
2023 453 1,009,694 # 888,000 3.26%
2024 225 1,095,188 # 960,000 8.11%
* "Single Family Residential" includes both stand-alone homes and townhouses and condos with a common wall.
Notes and
Los Angeles County Recorder
HdL Coren & Cone
US Bureau of the Census. The official population census of the United States is conducted every ten years.
Median Household Income were obtained from U.S. Census Bureau, 2017 American Community Survey 1-Year Estimates.
City of Diamond Bar
Demographic and Economic Statistics
(unaudited)
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Median Price
Year
Median Home Prices
130
Personal Income Median HouseholdUnemploym Median
Population (In Thousands) Income Rate Age
2014 56,426 1,919,782 34,023 84,705 5.3% 40.9 92.0% 48.4% 2015 57,081 1,943,144 34,041 85,505 4.3% 41.1 91.5% 47.9% 2016 57,066 1,978,657 34,673 89,409 3.3% 42.0 92.1% 50.9% 2017 57,460 1,953,402 33,995 94,630 3.8% 42.2 92.4% 50.7% 2018 57,495 2,061,233 35,850 98,660 3.7% 42.6 92.8% 52.1% 2019 57,177 2,127,028 37,200 101,862 3.6% 41.8 93.8% 53.2% 2020 56,717 2,228,525 39,292 118,892 10.6% 42.6 94.2% 54.9% 2021 54,204 2,265,532 41,796 107,322 7.0% 42.9 93.6% 54.0% 2022 53,381 2,344,903 43,927 113,824 3.8% 43.7 93.2% 53.8% 2023 53,335 2,482,197 46,539 112,451 3.9% 44.7 92.4% 51.9% City of Diamond Bar
Demographic and Econimic Statistics
(unaudited)
Calendar Per Capita % of Pop 25+ with
High School Degree
% of Pop 25+ with
Year Personal Bachelor's Degree
Notes and Data Sources:
Population: California State Department of Finance. Unemployment Data: California Employment Development Department 2000-2009 Income, Age, and Education Data: ESRI - Demographic Estimates are based on the last available Census. Projections are developed by incorporating all of the prior census data released to date. Demographic Data is totaled from Census Block Groups that overlap the City's boundaries 2010 and later - Income, Age and Education Data - US Census Bureau, most recent American Community Survey. Estimated Median Household Income - Nielsen Company.
131
2023 2022 2021 2020 2019
Apparel Stores $ 8,547 8,925 $ 8,419 $ 5,748 $ $ 8,240
Food Stores 21,239 21,955 20,748 22,263 19,202
Eating and Drinking Places 81,992 84,603 72,395 49,816 66,156 Building Materials - - - -
Auto Dealers and Supplies 7,834 8,244 7,529 5,527 7,328 Service Stations 138,435 121,981 101,227 63,969 102,945 Other Retail Stores 66,896 64,395 54,654 53,356 62,312
All Other Outlets 326,061 354,913 198,965 175,218 193,417 Total $ 651,005 665,015 $ 463,937 $ 375,898 $ $ 459,600 State Board of Equalization, California Department of Taxes and Fees Administration, State Controllers Office, and The HdL Companies.
Due to confidentiality issues, the names of the ten largest revenue payers are not available. The categories presented are intended to provide alternative information regarding the sources of the City's revenue.
Notes and Data Sources:
City of Diamond Bar
Taxable Sales by Category
Last Ten Calendar Years
(in thousands of dollars)
132
2018 2017 2016 2015 2014
$ 2,008 7,871 $ 2,347 $ 2,104 $ $ 1,949
17,512 18,566 15,591 12,478 11,004
64,415 64,383 59,746 56,886 54,421
- - - - -
6,737 6,510 7,470 7,649 7,659
97,351 104,939 92,551 104,637 112,494
63,167 65,370 62,492 61,234 68,035
195,099 182,162 193,416 161,467 53,764
$ 446,289 449,802 $ 433,613 $ 406,455 $ $ 309,326
133
Function 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 General government 26 27 26 22 29 27 27 27 25 25 24
Part-time* 1 1 1 1.01
Community development 11 11 8 8 9 9 8 9 9 8 8
Part-time* 1 0 1 0.25 0 0 0 0 0
Public works 16 14 13 15 18 14 17 17 10 9 8
Part-time* 0 1 3 1.15
Community services 0 0 0 0 0 0 0 0 14 15 14
Part-time* 0 0 0 0 0 0 0 0 56 58 60
Parks & recreation 11 11 11 11 10 11 9 9 0 0 0
Part-time & Seasonal* 66 53 50 24.68 52 51 65 50 0 0 0
Total 132 118 113 83.09 118 112 126 112 114 115 114
Note:
The City is a contract city and as such contracts for many of its services. This includes police services, fire services, building and safety services, engineering, road maintenance and landscape maintenance.
A full-time employee is scheduled to work 2,080 hours per year (including vacation and sick leave).
Beginning In FY2017, part of the former Community Services Department, road maintenance and landscape maintenance, has been centralized in Public Works.
* Part-time/Seasonal staff reported as Full-time Equivalent beginning FY 2020-21 Full-Time Employee count includes only active employees as of 6/30/2024 Source: City Finance Department
Fiscal Year Ended June 30,2024
City of Diamond Bar
Full-time and Part-time City Government Employees
by Function/Program
134
2024 2023 2022 2021 2020
Police:(in fiscal year) (1)
Physical arrests 353 462 457 483 564
Street Sweeping Parking Citation 2,695 3,668 5,726 2,846 4,450 Fire: (in fiscal year) (2)
Number of incident calls 3,566 3,576 3,566 3,237 3,014
Inspections 1,111 1,433 226 988 941
Public works: (in fiscal year) (3)
Street resurfacing (miles) 23.0 19.6 19.7 1.1 16.5
Parks and recreation:(in fiscal year)(4)
Number of recreation classes(5) 843 838 668 450 1,547
Number of facility rentals 6,887 6,217 3,900 1,219 2,766 2019 2018 2017 2016 2015
Police: (1)
Physical arrests 653 493 636 702 522
Street Sweeping Parking Citation 5,256 5,367 5,289 5,682 5,887 Fire: (2)
Number of emergency calls 3,207 3,362 3,331 3,180 2,820 Inspections 1,151 1,403 1,336 1,667 1,413
Public works: (3)
Street resurfacing (miles) 12.3 17.2 14.4 19.3 17.0
Parks and recreation:(4)
Number of recreation classes 2,461 2,461 2,338 2,546 2,591 Number of facility rentals 4,610 4,610 4,316 4,804 4,491 Sources:
(1) Police Walnut/Diamond Bar Station
(2) LA County Fire Dep East Regional Operation Bureau
(3) City Public Works Department
(4) City Community Services Department
(5) Includes online classes
Note: Indicators are not available for the general government function.
Function
Fiscal Year Ended June 30,2024
City of Diamond Bar
Operating Indicators by Function
Last Ten Fiscal Years
Function
Fiscal Year Ended June 30,
135
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Public safety (1)
Police:
Station 1 1 1 1 1 1 1 1 1 1
Patrol units (all shifts combined) 17 17 18 18 18 18 18 18 18 18 Fire stations (2) 3 3 3 3 3 3 3 3 3 3
Highways and streets (3)
Streets (miles) 132.3 132.3 132.3 132.3 132.3 132.3 132.3 130.9 130.9 129.4 Streetlights 314 314 314 314 314 314 307 307 294 294
Traffic signals 76 76 76 76 76 76 76 76 74 74
Culture and recreation (4)
Parks Acreage 79.4 79.4 79.4 79.4 79.4 79.4 79.4 72.6 67.9 67.9 Hiking Trails 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.0 4.0
Parks 17 17 17 17 17 17 17 16 15 15
Public Tennis courts 7 7 7 8 8 8 8 8 8 8
Community centers 3 3 3 3 3 3 3 3 3 3
Golf Course (5)
County golf course 1 1 1 1 1 1 1 1 1 1
Sewer (3)
Sanitary sewers (miles) 161.53 161.53 161.53 161.38 161.38 161.38 161.38 161.38 161.21 161.21 Sources:
(1) Police Walnut/Diamond Bar Station
(2) LA County Fire Department, Division VIII Office
(3) City Public Works Department
(4) City Community Services Department
(5)LA County Golf Course
Note:
The City is a contract city and as such contracts for many of its services. This includes police services, fire services, building and safety services, engineering, road maintenance and landscape maintenance.
No capital asset indicators are available for the general government function.
Function
Fiscal Year Ended June 30, 2024
City of Diamond Bar
Capital Asset Statistics by Function
Last Ten Fiscal Years
136
City of Diamond Bar Finance Department
21810 Copley Drive, Diamond Bar, CA 91765
909-839-7050 | www.diamondbarca.gov
137