Dinuba City Council
January 13, 2026

Attachment “C” (Location Map)

Attachment “D” (Aerial Photo)

Attachment “E” (Existing Zoning and Land Use Designations) General Plan Map
Site
MLDR
MLDR
MLDR
CC
MDR
MDR
PPB
PPB
MHDR
MLDR
MDR
MDR
CC
CC
MHDR
Legend
MLDR (Medium-Low
Density
Residential)
MDR: Medium Density
Residential
MHDR: Medium High
Density
Residential
CC: Community
Commercial
PPB Park/Ponding
Basin
PSP: Public/Semi Public
Site
Zoning Map Legend
RA (Residential
Acreage)
R-1-6: Single Family
Residential (6,000
s.f. lot size
R-1-7.5: Single Family
Residential (7,500
s.f. lot size
R-1-10: Single Family
Residential
(10,000 s.f. lot
size
RM-2 Multi-Family
Residential (one
unit per 2,000 s.f.)
RCO Resource
Conservation
C-3 Community
Commercial
PO Professional Office

Attachment “F” (Proposed Parcel Map)

City Council Staff Report
Department: ADMINISTRATIVE

SERVICES
January 13, 2026
To: Mayor and City Council
From: Karina Solis, Administrative Services Director
By: Karina Solis, Administrative Services Director
Subject: Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2024/2025 (KS)
RECOMMENDATION:

Council to receive and accept the City of Dinuba's Annual Comprehensive Financial Report ACFR for the year ended June 30, 2025.

EXECUTIVE SUMMARY:

The city retained Badawi and Associates to conduct an independent audit report of the Annual Comprehensive Financial Report (ACFR) for fiscal year 2024/2025. Ahmed Badawi, CPA, the President of Badawi and Associates will be presenting the audit report for review and acceptance by the City Council.

OUTSTANDING ISSUES:

None.

DISCUSSION:

The attached 2024/2025 fiscal year Annual Comprehensive Financial Report represents the City's financial, operational and current economic condition for the fiscal year ending June 30, 2025. The City's financial statements for this period have been audited by Badawi and Associates, the City's independent audit firm. The independent Auditors Report has been incorporated into the ACFR document. This item is presented to City Council each year for review and acceptance.

State law requires the City of Dinuba to prepare a complete set of audited financial statements. The attached 2024/2025 ACFR fulfills this requirement.

The Finance Department completed the Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2024/2025. The ACFR is a thorough and detailed presentation of the city’s financial condition for a given fiscal year that is in compliance with the

accounting requirements established by the Governmental Accounting Standards Board (GASB). The ACFR was audited by Badawi and Associates an independent auditor using generally accepted government auditing standards.

The ACFR consists of three sections: Introductory, Financial and Statistical. The Introductory section orients and guides the reader through the report. The Financial section presents the entity’s basic financial statements as well as notes to the statements and the independent auditors’ report. The Statistical section provides additional financial and statistical data, including data about financial trends that may better inform the reader about the government’s activities. A copy of the audited Annual Comprehensive Financial Report for Fiscal Year 2024/2025 is enclosed as Attachment ‘1’.

In summary, the Independent Auditor's Report reflects an unmodified ‘clean’ audit of the city's basic financial statements for fiscal 2024/2025.

FISCAL IMPACT:

None.

PUBLIC HEARING:

None.

ATTACHMENTS:

1. Annual Comprehensive Financial Report

People.

Places.

ANNUAL

COMPREHENSIVE

FINANCIAL
REPORT
2024-2025
Progress.

FORTHEFISCALYEARJULY1, 2024 TOJUNE30, 2025

FOR THE FISCAL YEAR ENDED JUNE 30, 2025
City of Dinuba, California

Prepared by the Finance Department

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

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City of Dinuba
Annual Comprehensive Financial Report
For the year ended June 30, 2025
Table of Contents
Page

INTRODUCTORY SECTION
Table of Contents ............................................................................................................................................................ i Letter of Transmittal ...................................................................................................................................................... v GFOA Certificate of Achievement of Excellence in Financial Reporting ............................................................xii Organization Chart & Principal Officials ............................................................................................................... xiii

FINANCIAL SECTION
Independent Auditor’s Report ................................................................................................................................... 1 Management’s Discussion and Analysis .................................................................................................................. 5 Basic Financial Statements:

Government-Wide Financial Statements:

Statement of Net Position ..................................................................................................................................... 25 Statement of Activities .......................................................................................................................................... 26 Fund Financial Statements:

Governmental Fund Financial Statements:

Balance Sheet ...................................................................................................................................................... 30 Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position ................................................................................. 32 Statement of Revenues, Expenditures and
Changes in Fund Balances ............................................................................................................................. 34 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and changes in Fund Balances to the Government-Wide Statement of Activities ................................................................................................................................... 36 Proprietary Fund Financial Statements:

Statement of Net Position ................................................................................................................................ 38 Statement of Revenues, Expenses and Changes in Net Position................................................................. 40 Statement of Cash Flows ................................................................................................................................... 42 Fiduciary Fund Financial Statements:

Statement of Fiduciary Net Position ............................................................................................................... 45 Statement of Changes in Fiduciary Net Position ........................................................................................... 46 Notes to the Basic Financial Statements ................................................................................................................ 49 i

City of Dinuba
Annual Comprehensive Financial Report
For the year ended June 30, 2025
Table of Contents
Page
FINANCIAL SECTION (Continued)
Required Supplementary Information:

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

General Fund .................................................................................................................................................... 102 HUD Grants ...................................................................................................................................................... 103 General Construction ...................................................................................................................................... 104 Schedule of the Proportionate Share of the Net Pension Liability and Related Ratios ................................ 106 Schedule of Plan’s Contributions ......................................................................................................................... 108 Schedule of Changes in the Total OPEB Liability and Related Ratios ............................................................ 110 Notes to Required Supplementary Information ................................................................................................ 112 Supplementary Information:

Major Capital Project Fund:

Statement of Revenues, Expenditures and Changes in
Fund Balances – Budget and Actual:

Transportation Construction ....................................................................................................................... 115 Nonmajor Governmental Funds:

Combining Balance Sheet ................................................................................................................................... 120 Combining Statement of Revenues, Expenditures and Changes in Fund Balance .................................... 124 Statements of Revenues, Expenditures and Changes in
Fund Balances – Budget and Actual:

Housing Authority ........................................................................................................................................... 128 ARPA ................................................................................................................................................................. 129 2020 PLHA ........................................................................................................................................................ 130 Public Safety Sales Tax .................................................................................................................................... 131 Gas Tax .............................................................................................................................................................. 132 Parks Reserve .................................................................................................................................................... 133 Transportation .................................................................................................................................................. 134 System Development Charges ....................................................................................................................... 135 Community Enhancement Grants ................................................................................................................. 136 Assessment Districts ........................................................................................................................................ 137 Road Repair and Accountability Act of 2017 (SB1) Fund ........................................................................... 138 ii

City of Dinuba
Annual Comprehensive Financial Report
For the year ended June 30, 2025
Table of Contents
Page
FINANCIAL SECTION (Continued)
Supplementary Information, Continued
Vocational Center ............................................................................................................................................. 139 MTBE ................................................................................................................................................................. 140 Financing Authority ........................................................................................................................................ 141 General Debt Service ....................................................................................................................................... 142 Nonmajor Enterprise Funds:

Combining Statement of Net Position........................................................................................................... 144 Combining Statement of Revenues, Expenses and Changes in Net Position .......................................... 145 Combining Statement of Cash Flows ............................................................................................................ 146 Internal Service Funds:

Combining Statement of Net Position........................................................................................................... 148 Combining Statement of Revenues, Expenses and Changes in Net Position .......................................... 149 Combining Statement of Cash Flows ............................................................................................................ 150 STATISTICAL SECTION (Unaudited)
Statistical Section Description ............................................................................................................................... 153 Financial Trends Information:

Net Position by Component .............................................................................................................................. 155 Changes in Net Position ..................................................................................................................................... 156 Fund Balances of Governmental Funds ........................................................................................................... 160 Changes in Fund Balances Governmental Funds ........................................................................................... 162 Government-Wide Revenues ............................................................................................................................. 164 General Government Revenues by Source ...................................................................................................... 165 Revenue Capacity Information:

Property Ad Valorem Tax Assessed Values .................................................................................................... 166 Principal Property Taxpayers ............................................................................................................................ 167 Direct and Overlapping Property Tax Rates ................................................................................................... 168 Property Tax Levies and Collections ................................................................................................................ 169 iii

City of Dinuba
Annual Comprehensive Financial Report
For the year ended June 30, 2025
Table of Contents
Page
STATISTICAL SECTION (Unaudited), Continued
Debt Capacity Information:

Ratios of Outstanding Debt by Type ................................................................................................................ 170 Ratios of General Bonded Debt Outstanding .................................................................................................. 171 Statement of Direct and Overlapping Debt ..................................................................................................... 172 Computation of Legal Debt Margin ................................................................................................................. 173 Pledged Revenue Coverage ............................................................................................................................... 174 General Bonded Indebtedness Maturities by Fiscal Year .............................................................................. 175 Demographic and Economic Information:

Population and Unemployment Rate ............................................................................................................... 176 Principal Employers ............................................................................................................................................ 177 Employees by Function (Full-Time Equivalents) ........................................................................................... 178 Construction Activity ......................................................................................................................................... 179 Tulare County Crop Statistics ............................................................................................................................ 180 Operating Information:

Capital Assets Used ............................................................................................................................................ 181 Demands for City Services ................................................................................................................................. 182 General Governmental Expenditures by Function ......................................................................................... 183 Sales Tax Rates ..................................................................................................................................................... 184 Top 25 Sales Tax Generators .............................................................................................................................. 185 Sales Tax Amounts in Benchmark Year ........................................................................................................... 186 Schedule of Insurance in Force .......................................................................................................................... 187 iv

December 31, 2025
To the Honorable Mayor, City Council and Citizens of the City of Dinuba:

The Annual Comprehensive Financial Report (ACFR) of the City of Dinuba, for the fiscal year ended June 30, 2025, is hereby submitted as mandated by both local ordinances and state statutes. These ordinances and statutes require that the City of Dinuba issue annually a report on its financial position and activity, and that an independent firm of certified public accountants audit this report. The accounting firm of Badawi and Associates of Berkeley, California, was retained by the City to perform the audit of financial records for the fiscal year ended June 30, 2025. The audit was designed to meet the requirements of the federal Single Audit Act of 1984, as amended and related OMB Circular A-133. The auditors report on the fair presentation of the financial statements, the internal controls, and compliance with legal requirements and have issued an unmodified (“clean”) opinion on Dinuba’s financial statements.

Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with management. To the best of our knowledge and belief, the enclosed data are accurate in all material respects and are reported in a manner that presents fairly the financial position and results of operations of the various funds and component units of the City. All disclosures necessary to enable the reader to gain an understanding of the City’s activities have been included.

Management’s discussion and analysis (MD&A) follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it.

Government Profile
The financial reporting entity (the government) includes all the funds of the primary government (i.e., the City of Dinuba as legally defined), as well as all of its component units. Component units are legally separate entities for which the primary government is financially accountable.

Blended component units, although legally separate entities, are, in substance, part of the primary government’s operations and are included as part of the primary government; the Dinuba Financing Authority qualifies as a blended component unit in this regard. City Council members serve as the governing board of the Authority, and the City Manager serves as the Executive Director of the Authority.

The City of Dinuba is situated in the northern part of Tulare County, near the Fresno County line. Roughly, 180 miles north of Los Angeles and 200 miles south of San Francisco, the City lies in the heart of California’s agriculturally rich San Joaquin Valley, near the Sierra Nevada Mountain Range.

Dinuba was established in 1888 with the coming of the railroad and was incorporated in 1906. Because of Dinuba’s rich agricultural area, it grew quickly into a thriving community as people from outlying areas moved closer to the railroad shipping area.

Since its founding, Dinuba has had consistent growth, increasing from 970 persons in 1910 to a 2025 population of 26,025 among the eight incorporated cities of Tulare County, Dinuba ranks fourth in population.

The City, until 1994, operated under the General Laws of the State of California. The voters adopted the City Charter on June 4, 1994, and by the Secretary of State on July 7, 1994. The Charter gives the City government greater latitude in carrying out its operations and enables the City to operate more efficiently.

Springtime in Dinuba is filled with the fragrance of blossoms from the surrounding orchards. Dinuba’s warm summer days bring forth the abundance of produce that keeps the packinghouses and shippers busy during the summer months. Mild temperatures year-round enhance the dairy industry in the surrounding area as well.

The Dinuba area is one of the San Joaquin Valley’s most productive agricultural spots.

The variety of crops includes cotton, nuts, vegetables, and fruits, such as grapes, raisins, plums, peaches, nectarines, and citrus. Raisins are a major product in the Dinuba area, where 40 percent of the world’s raisins are grown and dried, a total of approximately 300,000 tons annually. Table grapes and wine are also major products. The City of Dinuba is in Tulare County; a table in the Statistical Section lists the major crops raised in Tulare County and the gross value of the crops in the previous calendar year.

Although agriculture is Dinuba’s predominant activity, the community has had a modest commercial and industrial base for many years. Dinuba is home to Ruiz Food Products, Incorporated, which prepares frozen Mexican foods and distributes them worldwide. It is also home to the West Coast Distribution Facility for Best Buy, Inc. and Patterson Logistics, Inc. This concentration of employers attracts more residents, which in turn draws additional commercial businesses. This has been evidenced through continued strength of the building sector in Dinuba. Because of its unparalleled agricultural base and its expanding industrial site, Dinuba is a community with a progressive and diverse economy.

The City has a Council-Manager form of government. There are five Council members who serve overlapping terms of four years and the Council in turn elects one of the Council members to serve as the Mayor for a term of two years. The Council engages a City Manager and a City Attorney. The Manager is the chief executive officer of the City, and it is the City Manager’s responsibility to hire department managers for each of the City functions. Such person also proposes the annual budgets, coordinates and oversees all activities of the organization, and implements the policies, budgets, and vi

laws adopted by the City Council. The Dinuba Redevelopment Agency was created on June 12, 1984, by an Ordinance of the City Council, pursuant to the California Community Redevelopment Law. With the dissolution of redevelopment agencies by the state, Tulare County Oversite Board has assumed the role of the board to the Successor Agency of the City of Dinuba.

Local Economy
Non-internet sales tax revenue from the top 10 generators remained relatively stable between 2021 and 2022, holding at just over $2.1 million. Beginning in 2023, however, revenue enters a steady downward trend, declining each year through 2025 and reaching approximately $1.85 million.

This change reflects a combination of economic factors. One key driver is a continued shift in consumer purchasing behavior away from traditional brick-and-mortar businesses toward online retailers, reducing taxable in-store sales. Additionally, inflationary pressures and broader economic uncertainty during this period have dampened consumer spending at physical locations.
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
2,200,000
2021 2022 2023 2024 2025
Non-Internet Sales Tax
Top 10 Generators
Over the past five years, online sales tax revenue has been the City’s largest source of General Fund revenue. In September 2023, the California Department of Tax and Fee Administration (CDTFA) completed an audit of the City of Dinuba’s online sales tax and notified the City of its intent to change the allocation methodology, which would have resulted in a substantial reduction in sales tax revenue.

The City appealed the CDTFA’s decision. Ultimately, the revised allocation was implemented beginning in January 2025, with no retroactive “clawback” of previously received revenues.
vii

As a result, the liability account that had been established to hold online sales tax revenues from prior fiscal years, pending the potential clawback, has been dissolved.

The funds previously held in this liability account have been transferred to the General Fund balance in the current fiscal year.

For the past five years, the online sales tax revenue had been the largest source of revenues for the City of Dinuba’s general fund. In September 2023, the California Department of Tax and Fee Administration (CDTFA) completed an audit of the online sales tax and informed the City of the intent to change the allocation of online sales tax which would resulted in a substantial reduction of sales tax to the City. After appealing the CDTFA’s decision, the reduction of sales tax to the City was implemented beginning January 2025 with no ‘claw back’.

The liability account that had been holding the sales tax amounts from previous fiscal years that the CDTFA had indicated they intended to ‘claw back’ has been dissolved.

The funds have been moved from the liability account to General Fund balance in the current fiscal year.

In the 2024-2025 fiscal year the City of Dinuba’s Public Works Department issued a total of 768 building permits. A total of 657 of those permits were residential and 111 were for commercial projects. The total valuation for all permits issued was $36,824,971. There are currently four residential developments that are being built in Dinuba. These include developments that are below market, market, and above market. There are several other residential developments that are working their way through the development process.

Property values saw a slight uptick in fiscal year 2024-2025. The continued growth in new residential and commercial permits is anticipated to continue to reflect in the assessed values going forward and will be apparent in the property tax rolls in future years.
$0
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
$1,400,000,000
$1,600,000,000
$1,800,000,000
$2,000,000,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
City of Dinuba Assessed Value
viii

Current Major Initiatives
During fiscal year 2024-2025 the City’s Public Works Department completed several capital improvements projects. They include:
 Well No. 21 Phase 1: This project was undertaken to provide sufficient water to support current and projected growth of the city. It involved drilling a test well to evaluate water quality and the depth of water-bearing soils. Groundwater samples were collected and tested for potential contaminants. All tests confirmed the location was viable. The well was drilled by Arthur & Orum Well Drilling, and a video inspection was performed to verify it was constructed correctly. This project was funded through state and EPA grant funding.  Demolition of the Strand Theater: The Strand Theater, built in 1922, was constructed with unreinforced masonry common for that time, which does not meet today’s safety standards. On February 11, 2024, the theater suffered extensive fire damage. For public safety, the adjacent street was closed to both pedestrian and vehicle traffic. Demolition was carried out by MAG Engineering in coordination with the City to ensure the process was completed safely and efficiently. The project was funded through the City’s General Fund reserves.  Safety Improvements at Various Locations: This project included the installation of additional bike and pedestrian improvements throughout the City.

The work consisted of installing flushed and raised median islands, edge line striping, centerline striping, rectangular rapid flashing beacons, and enhanced bicycle facilities. The specific streets included were:
o Alta Avenue (Kamm Avenue to Nebraska Avenue)
o Crawford Avenue (Kamm Avenue to Nebraska Avenue)
o El Monte Way (Alta Avenue to Road 92)
o Saginaw Avenue (Alta Avenue to Crawford Avenue & PR to Euclid Avenue)
o Kamm Avenue (Alta Avenue to College Avenue)
o Kern Street (M Street to College Avenue)
o Englehart Avenue (El Monte Way to Saginaw Avenue)
o Surabian Drive (Monte Vista Drive to Alta Avenue)
o Sequoia Drive (Alta Avenue to Hayes Avenue)
o Nebraska Avenue (Eaton Avenue to Crawford Avenue)
This project was compiled by Avison Construction, Inc., and Funded with federal HSIP and local matching funds.
 Kamm Avenue and Alta Avenue Roundabout: This project involved the reconstruction of the pavement structural section, curbs and gutters, curb ramps, sidewalks, median islands, landscaping, irrigation, enhanced crosswalks, and ix

other improvements designed to reduce traffic congestion and improve air quality.

The contract was awarded to Avison Construction, Inc., and the project was funded through CMAQ, Measure R, SB-1, and Transportation Impact Fees.  Fire Department Training Facility: With the completion of this project, the Fire Department can now train personnel more safely and efficiently while consolidating training operations at a centralized, department-controlled site.

Training will include initial attack fire drills, hose management skills, ladder operations, search and rescue, firefighter survival, confined space rescue, and live fire exercises. The project features a three-story training tower for simulated fire scenarios, as well as restrooms and classrooms for instructional use. The contract was completed by JT2, Inc. and funded through Ambulance and Fire SDC funds.  Viscaya Park Improvements Project: With the development and completion of this project, neighborhood livability has been significantly enhanced, promoting outdoor recreation and improving community access to open space. The park features many amenities, including two large pavilions, playgrounds, a basketball court, a pickleball court, a parking lot, visually distinctive butterfly sculpture, and concrete pathways throughout. This project was completed by DOD Construction LTD and funded through an Urban Green Grant, Land and Water Conservation Grant, park impact fee credits, and local funds.

Financial Information
City management is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City are protected from loss, theft, or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. This should provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation costs and benefits require estimates and judgments by management.

As a recipient of federal, state, and local financial assistance, the City also is responsible for ensuring that an adequate internal control structure is in place to ensure and document compliance with applicable laws and regulations related to those programs.

This internal control structure is subject to periodic evaluation by management.

The City maintains budgetary controls with the objective of ensuring compliance with legal provision embodied in the annual appropriated budget approved by the City Council. Activities of most funds are included in the annual appropriated budget and both revenues and expenses are categorized into either recurring or one-time. Projectlength financial plans are adopted for long-term capital projects in a five-year Capital Improvement Plan. As a component of capital projects, future operating costs are analyzed, projected, and incorporated into future budget forecasts. x Page 207 of 402
xi

Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Dinuba
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2024
Executive Director/CEO
xii

Organizational Chart and Principal Officials
Citizens of
Dinuba
City Council
Rachel Nerio-Guerrero Benjamin Prado
Mayor Vice Major
Linda Launer Maribel Reynosa Kuldip Thusu
Council Member Council Member Council Member
City Commissions
City Attorney
Chad Lew
City Manager
Luis Patlan
City Clerk
Maria Alaniz
Administrative Services
Karina Solis, Director
Information Technology
Daniel James, Assistant City Manager
Human Resources
Maria Alaniz, Director
Police
Abel Iriate, Chief
Parks and Recreation
Stephanie Hurtado, Director
Public Works
George Avila, Director
Fire Department
Greg Chastain, Chief
Community Development
Elva Patino, Business Manager
xiii

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xiv

*Alta Kamm Roundabout Project

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INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and Members of the City Council
of the City of Dinuba
Dinuba, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Dinuba (City), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise City’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2025, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting 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 (GAAS) 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 The City’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

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

To the Honorable Mayor and Members
of the City Council of the City of Dinuba
Dinuba, 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 GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

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

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

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison schedules for the General Fund, major special revenue funds, and required pension and other post-employment benefit information on pages 5-20 and 102-112, 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 2

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

about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The combining and individual fund financial statements and schedules and budget comparison information for major capital project fund and non-major governmental funds are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The combining and individual fund financial statements and schedules and budget comparison information for major capital project fund and non-major governmental funds are 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. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements and schedules are 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 annual reports. The other information comprises the introductory section and statistical section but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
3

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

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 31, 2025 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

Badawi & Associates, CPAs
Emeryville, California
December 31, 2025
4

This management’s discussion and analysis provides an overview of financial activities of the City of Dinuba (City) for the fiscal year ended June 30, 2025. Please read this discussion and analysis in conjunction with the accompanying transmittal letter, the basic financial statements, and the accompanying notes to the basic financial statements.

City-Wide
 City total assets increased by $0.1 million to $79.9 million, of which $57.9 million represented governmental assets and $21.9 million represented business-type assets.
 City total liabilities decreased by $23.9 million to $87.7 million, of which $66.9 million were governmental liabilities and $21.0 million were business-type liabilities.
 The City’s total net position increased by $34.8 million to $321.4 million.  City-wide revenues were $87.5 million, of which $61.2 million were generated by governmental activities and $26.3 were generated by business-type activities.
 City-wide expenses were $49.4 million, of which $27.5 million were incurred by governmental activities and $21.9 were incurred by business-type activities.

Fund Level
 Governmental Fund balances increased $24.1 million to $80.1 million. Of this amount $31.7 million was unassigned fund balance and available for spending at the City’s discretion.
 Governmental Fund revenues were $61.2 million, an increase of $23.4 million from the previous year.
 Governmental Fund expenditures increased by $1.3 million to $38.8 million in fiscal year 2025.
 Enterprise net position increased by $2.2 million to $67.7 million. Of this amount, $11.1 million was unrestricted net position and available for spending at the City’s discretion.
 Enterprise Fund operating revenues increased by $1.2 million to $20.7 million compared to the previous fiscal year which was at 19.5 million.  Enterprise Fund operating expenses were $21.4 million in fiscal year 2025, an increase of $2.1 million compared to the previous fiscal year amount of $19.3 million.

Management’s Discussion and Analysis
Fiscal Year Ended June 30, 2025

FINANCIAL HIGHLIGHTS

The Annual Comprehensive Financial Report is composed of the following:

1. Introductory section, including the Transmittal Letter

2. Management’s Discussion and Analysis

3. Basic Financial Statements, which include the Government-wide and the Fund financial statements

4. Notes to the financial statements

5. Combining statements for Non-Major Governmental, Internal Service and Fiduciary Funds

6. Statistical information
Basic Financial Statements
The Basic Financial Statements consist of the City-wide Financial Statements and the Fund Financial Statements. These two sets of financial statements provide a short-term view as well as a long-term view.

The City-wide Financial Statements are designed to provide a broad overview of all of the City’s finances taken as a whole, using a long-term view, in a manner similar to private-sector businesses. The City-wide Financial Statements consist of the Statement of Net Position and the Statement of Activities.

The Statement of Net Position provides information about the financial position of the City as a whole, including all of its capital assets, liabilities, deferred outflows of resources, and deferred inflows of resources, with the difference between these elements reported as net position. The full accrual basis of accounting is used; therefore, the flow of all economic resources is measured.

The Statement of Activities presents financial information reporting how the City’s net position changed during the fiscal year by listing the revenues and expenses of each of the City’s major activities. The full accrual basis of accounting is also used, thereby all changes to net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. Thus revenues and expenses are reported in this statement for some items that will result in cash flows in a future fiscal period.

The fund financial statements report the City’s operations in more detail than the Citywide statement and focus primarily on the sort-term activities of the City’s General Fund and other Major Funds. The Fund Financial Statements measure only current revenues and expenditures, current, assets, liabilities and fund balances; they exclude capital assets, long-term debt and other long-term amounts.

OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
6

City-wide Financial Statements
All of the City’s activities are grouped into either Governmental Activities or into Business-type Activities. Governmental Activities are those functions that are principally supported by taxes or by specific governmental program revenues such as developer fees. Business Activities are those services supported by charges paid by direct users of the service such as Disposal collection.

City-wide financial statements are prepared on the accrual basis, which means they measure the flow of all economic resources of the City as a whole.

Fund Financial Statements
The fund financial statements are designed to report information about related accounts that have been segregated for specific activities or objectives. The City uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. All of the City’s funds are divided into three categories: governmental funds, proprietary funds and fiduciary funds.

The Fund Financial Statements provide detailed information about each of the City’s most significant funds called Major Funds. Major Funds account for the major financial activities of the City and are presented individually, while the activities of the Nonmajor funds are presented in summary as Other Governmental Funds. Subordinate schedules of the Non-major funds present detailed financial information of the City’s smaller funds.

Governmental Funds
Most of the City’s basic services are reported in governmental funds. These funds focus on reporting the flow of money into and out of those funds and the balances left at year-end that are available for spending. These funds are reported using the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become measurable and available). “Measurable” means that the amount of the transaction can be determined and “available” means that it is collectible within the current period or soon enough thereafter to be used.

The governmental fund financial statements provide a detailed short-term view of the City’s general government operations and the basic services provided. Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance the City’s programs. The differences between the Governmental Fund Financial Statements and the Government-Wide Financial Statements are explained in a reconciliation following the Governmental Funds’ Financial Statements.
7

Proprietary Funds
When the City charges customers for services - whether to outside customers or to programs of the City - these services are generally reported in proprietary funds.

Proprietary funds are reported in the same way in that all activities are reported in the Statement of Net Position and the Statement of Revenues, Expenses, and Changes in Fund Net Position. The City’s enterprise funds are the same as the business-type activities reported in the Government-Wide Financial Statements, but provide more detail and additional information, such as cash flows for each enterprise fund. The City also uses internal service funds to report activities that provide supplies and services for the City’s internal program and activities, such as the City’s self-insurance.

Fiduciary Funds
The City is the trustee, or fiduciary, for certain funds established to account for assets held by the City in a trustee capacity, or as an agent for individuals, private organizations, and other governmental units. The City’s fiduciary activities are reported in separate Statements of Fiduciary Net Position. These activities are excluded from the City’s Government-Wide Financial Statements because the City cannot use these assets to finance its operations. The City is responsible for ensuring that the assets reported in these funds are used for their specified purposes.

Notes to the 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. The notes to the financial statement can be found following the fund financial statements in this report. 8

The net position and changes in net position of the City’s Governmental Activities (Tables 1 and 2) and Business-Type Activities (Tables 3 and 4) are presented in the City-wide Statement of Net Position and Statement of Activities.

Governmental Activities
FY 2025 FY 2024 Change
Current and other assets 57,935 59,144 (1,209)
Capital Assets 227,791 218,548 9,243
Receivables - Non-current 32,570 31,572 998
Total Assets 318,296 309,264 9,031
Deferred outflows 9,965 12,125 (2,161)
Total deferred outflow 9,965 12,125 (2,161)
Current and other liabilities 5,992 30,874 (24,882)
Long-term obligations outstanding 60,902 59,756 1,145
Total liabilities 66,894 90,630 (23,736)
Deferred inflows 7,620 9,677 (2,057)
Total deferred inflow 7,620 9,677 (2,057)
Net Position
Net investment in capital assets 208,986 199,011 9,975
Restricted 45,743 45,596 146
Unrestricted (982) (23,525) 22,543
Total net position 253,747 221,082 32,665
Table 1
Governmental Net Position at June 30, 2024 and 2025
(in Thousands)
Net Position
As shown in Table 1, the City’s governmental Total Net Position is $253.7 million.

During fiscal year 2025, the overall net position increased by $32.7 million, or 15%.

During fiscal year 2015, the City implemented GASB 68 & 71, which required the recording of net pension liability and pension related deferred inflows and outflows.

GOVERNMENT-WIDE FINANCIAL ANALYSIS
9

The largest portion of the City’s net position, approximately $209 million, reflects its investment in capital assets (e.g., land, buildings, improvements other than buildings, equipment, infrastructure, and construction in progress); less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves rarely are used to liquidate these liabilities.

Resources that are subject to restriction that may only be used to construct specified capital projects, debt service or other special revenue programs represent 18% of the City’s Governmental Net Position. These are external restrictions and cannot be changed by the City.

Unrestricted net position can be used to finance day-to-day operation without constraints. Due to the restrictions mentioned and the implementation GASB 68 & 71, the unrestricted net position was ($1) million at year end.

Changes in Net Position
The Statement of Activities provides information regarding the entirety of the City’s governmental revenues and expenses. The Statement describes in detail the changes in net position from the previous year.

The City’s governmental net position increased by $32.7 million in fiscal year 2025.

This change was driven by a $23.2 million increase in revenues and a $18.6 million increase in expenses. However, both the revenues and expenses include a $22.4 million sales tax liability adjustment, which represents a reclassification from liabilities to fund balance rather than a true operating expense. When adjusting for the reclassification, the increase in revenues is $0.8 million, while expenses show a decrease of $3.8 million.

Excluding the impact of the sales tax liability adjustment, the City experienced modest revenue growth, supported by higher property tax, utility users tax, and capital contributions, partially offset by declines in sales tax and investment earnings.

Operating expenses decreased primarily as the costs of five Public Safety positions, which were previously charged to the governmental funds, were reallocated to the Public Safety Sales Tax Fund, along with lower Public Works expenditures following the completion of major projects. Overall, these results indicate a strengthening of the City’s financial position driven by stable core revenues and reduced operating expenditures.
10

FY 2025 FY 2024 Change
Revenues
Program Revenues
Charges for services 4,137 3,984 153
Operating contribution and grants 3,295 3,405 (110)
Capital contributions and grants 8,524 5,496 3,028
General Revenues
Taxes
Sales Tax 10,526 11,075 (549)
Business license taxes 290 347 (57)
Utility Users Tax 2,364 2,230 134
Property Tax 2,296 2,072 224
Other Tax 1,405 1,461 (56)
Investment Earnings 2,246 2,497 (251)
Miscellaneous 26,118 5,421 20,697
Total Revenues 61,201 37,988 23,213
Expenses
Public Safety 13,217 14,132 (915)
General Government 6,169 5,910 260
Community Development 2,281 2,217 64
Public Works 1,724 5,321 (3,597)
Parks and Recreation 3,280 2,873 407
Interest on Long-Term Debt 844 846 (2)
Total Expenses 27,515 31,299 (3,784)
Excess (deficiency)
before transfers and special items 33,686 6,689 26,997
Transfers 1,665 52 1,613
Total Transfers & Special Items 1,665 52 1,613
Change in Net Position 35,351 6,741 28,610
Net Position- Beginning, Restated 218,396 214,341 4,055 Net Position- Ending
253,747 221,082 32,665
Table 2
Changes in Governmental Net Position
(in Thousands)
11

The following charts display the City’s governmental activities for fiscal year 2025, highlighting the makeup of the governmental revenues and expenses.

Revenues by Source
Governmental Activities
Expenses by Function
Governmental Activities
12

Business Type Activities
The statement of Business-Type Net Position (Table 3) and statement of Business-Type Activities (Table 4) are presented below.

Net Position
The business–type activities of the City showed an increase of $2.4 million in total assets. Of the total business type net position, 84% was net investment in capital assets and 16% was unrestricted, which is available for future operations. FY 2025 FY 2024 Change Current and other assets 21,931 20,608 1,323
Capital Assets 65,094 64,060 1,034
Receivables - Non-current 350 350 -
Total Assets 87,375 85,018 2,357
Deferred outflows 2,566 3,215 (649)
Total deferred outflow 2,566 3,215 (649)
Current and other liabilities 2,143 2,150 (7)
Long-term obligations outstanding 18,688 18,846 (158)
Total liabilities 20,831 20,996 (165)
Deferred inflows 1,443 1,771 (328)
Total deferred inflow 1,443 1,771 (328)
Net Position
Net investment in capital assets 56,560 55,006 1,554
Unrestricted 11,107 10,461 646
Total net position 67,667 65,467 2,200
Table 3
Business-Type Net Position at June 30, 2024 and 2025
(in Thousands)
Changes in Net Position
As shown in Table 4, net revenues for business-type activities were $26.3 million in fiscal year 2025, an increase of $3.6 million over the prior year. The increase was primarily attributable to an increase in charges for services and funding for Capital projects from grants and operating contributions.

Expenses for business-type activities increased by $2.1 million compared to the prior fiscal year. This increase was primarily driven by higher costs in the Water, Sewer, Disposal, and Ambulance funds. The most significant increase occurred in the Ambulance fund, largely due to changes in employee cost allocations that resulted in a greater share of personnel expenses being charged to that fund. 13

FY 2025 FY 2024 Change
Revenues
Program Revenues
Charges for services 20,502 19,427 1,075
Operating contribution and grants 3,324 2,461 863
Capital contributions and grants 1,491 - 1,491
General Revenues
Investment Earnings 804 788 16
Miscellaneous 210 34 175
Total Revenues 26,331 22,710 3,621
Expenses
Disposal 3,471 3,429 41
Golf Course 4,721 4,735 (14)
Sewer 4,110 3,839 271
Water 4,341 3,353 989
Ambulance 4,859 3,859 1,000
Transit 182 321 (139)
Compressed Natural Gas 191 218 (26)
Total Expenses 21,877 19,754 2,149
Excess (deficiency)
before transfers and special items 4,454 2,956 1,472
Transfers (1,665) (52) (1,613)
Total Transfers & Special Items (1,665) (52) (1,613)
Change in Net Position 2,789 2,904 (114)
Net Position- Beginning, Restated 64,878 62,591 2,287
Net Position- Ending 67,667 65,495 2,173
(in Thousands)
Table 4
Business-Type Activities
14

Table 5 summarizes the Governmental balances at the fund level.

FY 2025 FY 2024 Change
Total Assets 87,937 88,382 (445)
Total Liabilities 7,319 31,730 (24,411)
Total Deferred Inflows of Resources 492 634 (142)
Total Fund Balances 80,126 56,018 24,108
Total Revenues 61,160 37,794 23,366
Total Expenditures 38,845 37,501 1,344
Total Other Financing Sources (Uses) 1,685 225 1,460
Table 5
Financial Highlights at Fund Level at June 30, 2024 and 2025 (in Thousands)
General Fund
The General Fund accounts for all financial resources traditionally associated with government activities that are not accounted for reported in another fund.

Fund balance in the General Fund increased by 220% to end the fiscal year at a balance of $34.9 million. The increase was due primarily to the resolution of an online sales tax audit, which confirmed the City would not have to repay previously received revenues and allowed those funds to be added to the General Fund.

The final budget for General Fund expenditures totaled $18.2 million, excluding transfers out, while actual expenditures excluding transfers out were $17.9 million, resulting in a favorable variance of $0.3 million. Original General Fund revenues were budgeted at $18.4 million; however, actual revenues totaled $43.0 million. This $22.0 million positive revenue variance is primarily attributable to $22.4 million previously recorded in a liability account for sales tax amounts that the California Department of Tax and Fee Administration (CDTFA) had indicated it intended to potentially recover.

During the current fiscal year, this liability was dissolved, and the funds were reclassified from the liability account to the General Fund balance.

Other Major Funds
HUD Grants
The fund accounts for the Community Development Block Grants (CDBG) and Home Investment Partnership Program (HOME). The fund’s assets include $26 million in notes and loans receivable. The loans are offset by deferred inflows as the loans are not expected to be repaid within the next year. The notes and loans receivable are for housing acquisition assistance and housing rehabilitation.

FINANCIAL ANALYSIS OF CITY’S MAJOR FUNDS
15

General Construction:

This fund became major fund in FY2025. There was large increase in capital outlay due to addition from Avison ALta Kamm Roundabout and DOD Construction Viscaya Park Projects. Revenue in the General Construction fund came to $3.9 million. The revenue is primary composed of intergovernmental revenues originating with the State Grant from UGG Grant Viscaya Project and Land and Water Conservation Funds.

Transportation Construction:

Revenue in the Transportation Construction fund came to $3.7 million. The revenue is primarily composed of intergovernmental revenues originating with the Tulare County Association of Governments and taxes.

Other Governmental Funds:

These funds (referred to a Non-major Funds) are not presented separately in the Basic Financial Statements, but are individually presented in Supplementary Information.

Combined they received $9.1 million in revenue and have a combined Fund Balance at year-end of $17.2 million.

Business-Type Funds
The business-type funds account for operations that are financed and operated in a manner similar to private business enterprises, wherein the cost of goods and services to the general public are financed or recovered primarily through user charges.

Water
The net position in the water fund increased by $1.9 million to $17.4 million. The unrestricted portion of the net position totaled $1.4 million.

Sewer
The sewer fund ended the year with a net position of $20 million of which $0.2 million was unrestricted. Operating revenues exceeded operating expenses by $1.2 million.

The fund’s net position increased by $1.5 million.

Disposal
Both operating revenues and operating expenses were virtually flat when compared to the previous fiscal year. The fund ended the year with a net position of $1.8 million of which $1.6 million was unrestricted.

Ambulance
In 2025 the City continued to participate in the Inter-governmental Transfer funding provided by the State. Revenue from the IGT transfer was $2.2 million in 2025. As of June 30, 2025, the fund had net position of $12.5 million.

Golf Course
Operating revenues increased by $0.5 million in comparison to the prior fiscal year.

Operating expenses increased slightly by $0.07 million from the prior year due to several factors, including the purchase of one-time capital expenses and projects for the aging facility, among other repairs and replacements. The net position of the Golf Course at the end of the fiscal year was $13.3 million. 16

A summary of the City’s capital assets is shown below in Table 6. More detail regarding the assets can be found in Note 8 of the financial statements.

FY 2025 FY 2024 Change
Governmental Activities
Land 125,976 123,819 2,157
Artwork 118 69 49
Construction in Progress 2,956 6,149 (3,192)
Buildings 4,417 3,528 890
Improvements 8,345 8,765 (420)
Equipment and Machinery 2,008 2,368 (361)
Infrastructure 83,971 73,820 10,151
Total 227,791 218,518 9,274
Business-Type Activities
Land 7,752 7,752 - Construction in Progress 637 2,602 (1,965) Buildings and Improvements 17,569 18,330 (761)
Equipment and Machinery 3,777 2,553 1,224
Furniture and Fixtures 52 (64) 116
Right of Use Leased Asset 374 - 374
Infrastructure 34,932 32,806 2,126
Total 65,094 63,979 1,114
Table 6
Capital Assets Net of Accumulated Depreciation at June 30 (in Thousands)
The net increase of $9.3 million in governmental activity assets is primarily attributable to additions to land, infrastructure, and buildings related to right-of-way acquisitions and infrastructure improvements supporting new residential and development projects. These increases were partially offset by decreases in construction in progress for completed projects, including Viscaya Park and the Fire Training Facility, as well as reductions in equipment and machinery resulting from the retirement of obsolete assets.

CAPITAL ASSETS
17

The net increase of $1.1 million for business-type activity assets is primarily attributable to capital additions to infrastructure and equipment, along with the recognition of right-of-use leased assets, partially offset by the completion of construction projects and a reduction in buildings and improvements. Land balances remained unchanged during the year.

For Government-wide Financial Statements, capital asset purchases for governmental activities are capitalized and depreciated. In contrast, in the Fund Financial Statements capital asset purchases for governmental activities are recorded as expenditures. More information concerning the City’s investment in capital assets is available in Note 8 in the Notes to Basic Financial Statements section later in this document.

Each debt is discussed in more detail in Note 9 to the financial statements.

The City’s total long-term debt decreased by $2.1 million compared to the prior fiscal year. The decrease was primarily due to not acquiring new debt and making payments throughout the fiscal year.

The following table provides a breakdown of the City’s outstanding indebtedness as of June 30, 2025:

FY 2025 FY 2024 Change
Governmental Activity Debt
Revenue Bonds Payable 10,675 11,430 (755)
Notes and Capital Leases Payable 8,471 9,160 (689)
Original Issue Discount (161) (173) 12
Original Issue Premium 112 120 (8)
Total 19,097 20,537 (1,444)
Business-Type Debt
Revenue Bonds Payable 6,278 6,864 (586)
Notes and Capital Leases Payable 2,624 2,669 (45)
Original Issue Premium 29 31 (2)
Total 8,931 9,564 (633)
Total Long-Term Obligations 28,028 30,101 (2,073)
Table 7
Outstanding Debt
(in Thousands)

DEBT ADMINISTRATION
18

The City’s annual budget is the legally adopted expenditure control document of the City. Budgetary comparison statements are required for the General Fund and all major special revenue funds and may be found immediately following the Government-wide financial statements in this Financial Section of the ACFR. These statements compare the original adopted budget, the budget as amended throughout the fiscal year, and the actual expenditures for each fund, prepared on a budgetary basis. Budgets are prepared on the modified accrual basis of accounting consistent with GAAP, except that encumbrances are included in budgeted expenditures.

Appropriations lapse at fiscal year-end. The City Council generally reauthorizes appropriations for continuing projects and activities. The City Council has the legal authority to amend the budget of any fund at any time during the fiscal year. The budgetary legal level of control (the level on which expenditures may not legally exceed appropriations) is generally at the fund level. For budgeting purposes, the General Fund is composed of several departments while all other budgeted funds (special revenue funds included) are considered a single department. Budgeted expenditures may be reallocated within a division and between divisions within a department without City Council approval.

Based upon sales tax revenues, the local business climate has decreased. Excluding revenues from the Internet Sales Tax, sales tax from the top 10 sources decreased by

4.6% from fiscal year 2024 to 2025. This decrease is attributed to the change in the overall economic climate which focuses in particular in decreases to retail, auto sales and service stations.

The unemployment rate increased slightly from June 2024 at 9.8% to 10.3% for 2025 as was attributed to the seasonal changes in agricultural jobs and slower hiring across other local industries.

The construction of new homes increased in the past year. There were 64 permits issued in 2024 for single-family residential homes and 100 in 2025 permits issued for single-family residential homes.

BUDGETING

ECONOMIC OUTLOOK
19

This management’s discussion and analysis is designed to provide the City’s residents, taxpayers, customers, investors, and creditors with a general overview of the City’s finances and to demonstrate the City’s accountability. If you have questions about this document, separate reports of the City’s component unit, or wish any additional financial information, contact:

Karina Solis
Administrative Services Director
405 East El Monte Way
Dinuba, California 93618
Phone (559) 591-5900

CONTACT THE CITY’S FINANCIAL MANAGEMENT
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*Roundabout Project
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GOVERNMENT-WIDE

FINANCIAL STATEMENTS
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City of Dinuba
Statement of Net Position
June 30, 2025
Governmental Business-type
Activities Activities Total
ASSETS
Current assets:

Cash and investments $ 46,539,379 $ 19,185,069 $ 65,724,448 Receivables:

Accounts 988,215 3,466,252 4,454,467
Accrued interest 46,859 18,124 64,983
Lease receivable 64,755 - 64,755
Internal balances 2,207,304 (2,207,304) -
Prepaid costs 141,552 134,783 276,335
Due from other governments 7,170,845 65,368 7,236,213
Inventories - 190,373 190,373
Restricted assets:

Cash with fiscal agent 776,446 1,077,756 1,854,202
Total current assets 57,935,355 21,930,421 79,865,776
Noncurrent assets:

Notes and loans 32,569,770 350,370 32,920,140
Capital assets:

Nondepreciable 129,050,312 8,389,151 137,439,463
Depreciable 98,740,906 56,704,581 155,445,487
Total noncurrent assets 260,360,988 65,444,102 325,805,090 Total assets 318,296,343 87,374,523 405,670,866

DEFERRED OUTFLOWS OF RESOURCES
Deferred charges on refunding 291,525 397,257 688,782
Deferred pension related items 7,363,539 1,751,991 9,115,530 Deferred OPEB related items 2,309,576 416,876 2,726,452 Total deferred outflows of resources 9,964,640 2,566,124 12,530,764

LIABILITIES
Current liabilities
Accounts payable 2,829,386 754,722 3,584,108
Accrued liabilities 1,956,137 544,536 2,500,673
Accrued interest 167,956 106,953 274,909
Unearned revenue - 332,812 332,812
Deposits payable 711,843 403,897 1,115,740
Accrued Compensated absences - current 276,853 102,793 379,646 Accrued claims and judgements - current 50,000 - 50,000 Long-term debt - current 1,649,359 1,237,201 2,886,560
Net OPEB liability - due within one year 699,495 126,257 825,752 Total current liabilities 8,341,029 3,609,171 11,950,200 Noncurrent liabilities:

Accrued Compensated absences 2,316,648 608,855 2,925,503 Long-term debt 17,447,408 7,693,903 25,141,311
Net pension liability 21,427,359 5,785,586 27,212,945
Total OPEB liability 17,361,483 3,133,714 20,495,197
Total noncurrent liabilities 58,552,898 17,222,058 75,774,956 Total liabilities 66,893,927 20,831,229 87,725,156

DEFERRED INFLOWS OF RESOURCES
Deferred Pension related items 333,572 138,827 472,399
Deferred OPEB related items 7,223,839 1,303,891 8,527,730 Deferred inflows related to leases 62,723 - 62,723
Total deferred inflows of resources 7,620,134 1,442,718 9,062,852

NET POSITION
Net investment in capital assets 208,985,977 56,559,885 265,545,862 Restricted for:

Community development projects 32,485,215 - 32,485,215
Public safety 3,516,051 - 3,516,051
Parks and recreation 98,836 - 98,836
Public work 5,547,773 - 5,547,773
Capital projects 3,279,466 - 3,279,466
Debt service 815,162 - 815,162
Total restricted 45,742,503 - 45,742,503
Unrestricted (981,558) 11,106,815 10,125,257
Total net position $ 253,746,922 $ 67,666,700 $ 321,413,622 Primary Government
See accompanying Notes to Basic Financial Statements.
25

City of Dinuba
Statement of Activities
For the year ended June 30, 2025
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Total Governmental activities:

General government $ 6,169,301 $ 1,219,792 $ - $ 1,219,792 - $ Public safety 13,216,727 692,300 194,663 886,963 -
Community development 2,281,180 694,903 - 694,903 -
Parks and recreation 3,280,172 268,209 - 268,209 -
Public works 1,723,831 1,956,490 2,405,911 8,523,816 12,886,217 Interest on long-term debt 843,921 - - - -
Total governmental activities 27,515,132 4,136,791 3,295,477 8,523,816 15,956,084 Business-type Activities:

Water 4,341,213 4,048,882 950,000 930,238 5,929,120
Sewer 4,110,396 4,940,510 560,886 - 5,501,396
Golf course 4,721,274 3,884,636 - 3,884,636 -
Disposal 3,470,507 3,544,188 - 3,544,188 -
Ambulance 4,859,454 3,945,507 2,234,239 6,179,746 -
Transit 182,330 18,675 139,821 158,496 -
Compressed natural gas 191,446 119,190 - 119,190 -
Total business-type activities 21,876,620 20,501,588 3,324,060 1,491,124 25,316,772 Total primary government $ 49,391,752 $ 24,638,379 $ 6,619,537 $ 10,014,940 $ 41,272,856 General Revenues:

Taxes:

Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Business license taxes
Utility users taxes
Other taxes
Total taxes
Motor vehicle in lieu, unrestricted
Use of money and property
Other
Non-departmental - sales tax settlement
Transfers
Total general revenues and transfers
Change in net position
Net position - beginning of year, as previously stated
Restatement
Net position - beginning of year, as restated
Net position - end of year
Program Revenues
See accompanying Notes to Basic Financial Statements.
26

Governmental Business-Type
Activities Activities Total
$ (4,949,509) $ (4,949,509) - $
(12,329,764) (12,329,764) -
(1,586,277) (1,586,277) -
(3,011,963) (3,011,963) -
11,162,386 11,162,386 -
(843,921) - (843,921)
(11,559,048) (11,559,048) -
1,587,907 - 1,587,907
1,391,000 - 1,391,000
(836,638) - (836,638)
- 73,681 73,681
1,320,292 - 1,320,292
(23,834) - (23,834)
(72,256) - (72,256)
3,440,152 - 3,440,152
(11,559,048) 3,440,152 (8,118,896)
2,295,919 2,295,919 -
307,785 - 307,785
10,526,037 10,526,037 -
340,891 - 340,891
290,254 - 290,254
2,364,011 2,364,011 -
756,272 - 756,272
16,881,169 16,881,169 -
2,842,122 2,842,122 -
2,245,932 804,379 3,050,311
886,128 209,599 1,095,727
22,389,726 22,389,726 -
1,665,005 (1,665,005) -
46,910,082 (651,027) 46,259,055
35,351,034 2,789,125 38,140,159
221,082,039 65,466,773 286,548,812
(2,686,151) (589,198) (3,275,349)
218,395,888 64,877,575 283,273,463
$ 253,746,922 $ 67,666,700 $ 321,413,622
and Changes in Net Position
Net (Expense) Revenue
27

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28

FUND

FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
29

City of Dinuba
Balance Sheet
Governmental Funds
June 30, 2025
Capital Project
Fund
ASSETS
Cash and investments $ 33,194,602 $ 136,451 $ - $ -
Receivables:

Accounts 381,240 - - -
Notes and loans - 26,117,793 - -
Accrued interest 33,447 962 - 83
Lease receivable 64,755 - - -
Prepaid costs 108,263 - - -
Due from other governments 793,255 961,090 1,247,241 1,931,444 Due from other funds 1,082,227 - - -
Restricted assets:

Cash and investments with fiscal agents - - - -
Advances to other funds 3,069,094 - - -
Total assets $ 38,726,883 $ 27,216,296 $ 1,247,241 $ 1,931,527

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable $ 1,442,725 $ 72,780 $ 302,633 $ 782,628 Accrued liabilities 1,553,719 2,467 291,681 -
Deposits payable 711,843 - - -
Due to other funds - - 645,946 256,841
Advances from other funds - - - -
Total liabilities 3,708,287 75,247 1,240,260 1,039,469
Deferred Inflows of Resources
Unavailable revenue 37,017 - - -
Deferred inflows related to leases 62,723 - - -
Total deferred inflows of resources 99,740 - - -
Fund Balances:

Nonspendable:

Prepaid costs and Advance 3,177,357 - -
Restricted for:

Community development projects - 27,141,049 - -
Public safety - - - -
Parks and recreation - - - -
Public works - - - -
Capital projects - - 6,981 892,058
Debt service - - - -
Unassigned 31,741,499 - - -
Total fund balances 34,918,856 27,141,049 6,981 892,058 Total liabilities, deferred inflows of
resources and fund balances $ 38,726,883 $ 27,216,296 $ 1,247,241 $ 1,931,527 Special Revenue Funds
Transportation
General Fund HUD Grants Construction
General
Construction
See accompanying Notes to Basic Financial Statements.
30

Nonmajor Total
Governmental Governmental
Funds Funds
$ 9,348,003 $ 42,679,056
30,377 411,617
6,451,977 32,569,770
9,172 43,664
- 64,755
15,148 123,411
2,237,815 7,170,845
- 1,082,227
722,613 722,613
- 3,069,094
$ 18,815,105 $ 87,937,052
$ 122,398 $ 2,723,164
92,180 1,940,047
- 711,843
41,230 944,017
1,000,000 1,000,000
1,255,808 7,319,071
392,014 429,031
- 62,723
392,014 491,754
15,148 3,192,505
5,344,166 32,485,215
3,516,051 3,516,051
98,836 98,836
5,038,723 5,038,723
2,380,427 3,279,466
815,162 815,162
(41,230) 31,700,269
17,167,283 80,126,227
$ 18,815,105 $ 87,937,052
31

Total Fund Balances - Total Governmental Funds $ 80,126,227 Capital assets used in governmental activities were not current financial resources.

Therefore, they were not reported in the Governmental Funds Balance Sheet. Except for the internal service funds reported below, the capital assets were adjusted as follows:

GovernmentWide Statement
of Net Position
Internal Service
Funds Total
Nondepreciable $ 129,050,312 $ 129,050,312 -
Depreciable, net 98,740,906 (34,106) 98,706,800
Total capital assets $ 227,791,218 $ (34,106) 227,757,112 Internal service funds were used by management to charge the costs of certain activities, such as insurance, to individual funds. The assets and liabilities of the Internal service funds were included in governmental activities in the GovernmentWide Statement of Net Position. 2,975,461
Unavailable revenues recorded in the fund financial statements resulting from activities in which revenues were earned but were not available are reclassified as revenues in the Government-Wide Financial Statements. 429,031 In the Government-Wide Financial Statements, deferred employer contributions for pension and OPEB, certain differences between actuarial estimates and actual results, and other adjustments resulting from changes in assumptions and benefits are deferred in the current year.

GovernmentWide Statement
of Net Position
Internal Service
Funds
Deferred outflows of resources related to pension 7,363,539 (208,696) 7,154,843 Deferred outflows of resources related to OPEB 2,309,576 (80,976) 2,228,600 Deferred inflows of resources related to pension (333,572) 16,538 (317,034) Deferred inflows of resources related to OPEB (7,223,839) 253,273 (6,970,566) Long-term liabilities were not due and payable in the current period. Therefore, they were not reported in the Governmental Funds Balance Sheet.

GovernmentWide Statement
of Net Position
Internal Service
Funds Total
Compensated absences - due within one year $ (276,853) $ 16,205 $ (260,648) Interest payable (167,956) - (167,956)
Long-term debt - due within one year (1,649,359) (1,649,359) - Unamortized deferred loss on refunding 291,525 - 291,525 Compensated absences - due in more than one year (2,316,648) 79,673 (2,236,975) Long-term debt - due in more than one year (17,447,408) (17,447,408) - Net pension liability (21,427,359) 689,172 (20,738,187) Net OPEB liability - due within one year (699,495) 24,525 (674,970) Net OPEB liability - due in more than one year (17,361,483) 608,709 (16,752,774) Total long-term liabilities $ (61,055,036) $ 1,418,284 (59,636,752)

Net Position of Governmental Activities $ 253,746,922
City of Dinuba
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2025
Amounts reported for governmental activities in the statement of net position are different because:

See accompanying Notes to Basic Financial Statements.
32

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33

City of Dinuba
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the year ended June 30, 2025
Capital Project
Fund
REVENUES:

Taxes $ 12,155,346 $ - $ - $ -
Assessments 1,199,293 - - -
Intergovernmental 2,957,583 1,200,866 3,921,329 3,727,233 Charges for services 2,496,494 - - -
Use of money and property 1,386,439 296,592 203 1,026
Fines and forfeitures 52,862 - - -
Miscellaneous 341,510 - - (38,603)
Non-departmental - sales tax settlement 22,389,726 - - - Total revenues 42,979,253 1,497,458 3,921,532 3,689,656 EXPENDITURES:

Current:

General government 3,443,793 - - -
Public safety 9,151,836 - - -
Community development 1,963,518 246,745 - -
Parks and recreation 3,066,541 204,601 - -
Public works - - - -
Capital outlay 238,947 10,420 7,576,111 4,522,363
Debt service:

Principal retirement 31,269 - - -
Interest and fiscal charges - - - -
Total expenditures 17,895,904 461,766 7,576,111 4,522,363

REVENUES OVER (UNDER)
EXPENDITURES 25,083,349 1,035,692 (3,654,579) (832,707) OTHER FINANCING SOURCES (USES):

Transfers in 153,271 11,618 3,191,288 1,349,946
Transfers out (2,283,210) (4,372) - (180,000)
Proceeds from long-term debt 16,200 - - -
Total other financing sources (uses) (2,113,739) 7,246 3,191,288 1,169,946 Net change in fund balances 22,969,610 1,042,938 (463,291) 337,239 FUND BALANCES:

Beginning of year 10,917,582 26,098,111 - 554,819
Restatement - change in major funds - - 470,272 -
Restatement 1,031,664 - - -
Beginning of year, as restated 11,949,246 26,098,111 470,272 554,819 End of year $ 34,918,856 $ 27,141,049 $ 6,981 $ 892,058 Special Revenue Funds
Transportation
General Fund HUD Grants Construction
General
Construction
See accompanying Notes to Basic Financial Statements.
34

Nonmajor Total
Governmental Governmental
Funds Funds
$ 4,725,822 $ 16,881,168
- 1,199,293
3,424,461 15,231,472
397,260 2,893,754
443,251 2,127,511
36,466 89,328
44,926 347,833
- 22,389,726
9,072,186 61,160,085
641,562 4,085,355
3,281,712 12,433,548
- 2,210,263
- 3,271,142
1,509,024 1,509,024
693,762 13,041,603
1,513,020 1,544,289
749,277 749,277
8,388,357 38,844,501
683,829 22,315,584
2,068,734 6,774,857
(2,764,080) (5,231,662)
125,554 141,754
(569,792) 1,684,949
114,037 24,000,533
18,447,852 56,018,364
(470,272) -
(924,334) 107,330
17,053,246 56,125,694
$ 17,167,283 $ 80,126,227
35

City of Dinuba
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Government-Wide Statement of Activities For the year ended June 30, 2025
Net Change in Fund Balances - Total Governmental Funds $ 24,000,533 Governmental funds reported capital outlay as expenditures. However, in the Government-Wide Statement of Activities, the cost of those assets was allocated over their estimated lives as depreciation expense. This was the amount of capital assets recorded in the current period, net of the amount related to internal service funds. 13,241,134
Depreciation expense on capital assets was reported in the Government-Wide Statement of Activities, but did not require the use of current financial resources. Therefore, depreciation expense was not reported as expenditures in the governmental funds, net of the amount related to internal service funds. (4,011,638) Accrued compensated leave payments were reported as expenditures in the governmental funds, however expense is recognized in the Government-Wide Statement of Activities based on earned leave accruals. 111,554 Debt proceeds provide current financial resources to governmental funds, but issuing debt increased longterm liabilities in the Government-Wide Statement of Net Position. Repayment of debt was an expenditure in governmental funds, but the repayment reduced long-term liabilities in the Government-Wide Statement of Net Position.

Long-term debt repayments 1,576,212
Issuance of long-term debt (141,754)
Amortization of deferred charges (49,931)
Amortization of bonds premium (discount), net (3,692)
Net change in accrued interest payable (40,594)
Current year employer OPEB contributions are recorded as expenditures in the governmental funds, however, these amounts are reported as a deferred outflow of resources in the Government-Wide Statement of Net Position. OPEB expense is reported in the Government-Wide Statement of Activities does not require the use of current financial resources, and therefore is not reported as expenditures in governmental funds.

This amount represents the net effect of expense and contribution 1,075,743 Current year employer pension contributions are recorded as expenditures in the governmental funds, however, these amounts are reported as a deferred outflow of resources in the Government-Wide Statement of Net Position. Pension expense is reported in the Government-Wide Statement of Activities does not require the use of current financial resources, and therefore is not reported as expenditures in governmental funds. This amount represents the net effect of expense and contribution (1,203,885) Unavailable revenues recorded in the fund financial statements resulting from activities in which revenues were earned but were not available are reclassified as revenues in the Government-Wide Financial Statements. (80,018)
Internal service funds were used by management to charge the costs of certain activities, such as insurance and fleet management, to individual funds. The net revenue of the internal service funds was reported with governmental activities.
877,370

Change in Net Position of Governmental Activities $ 35,351,034 Amounts reported for governmental activities in the Government-Wide Statement of Activities were different because:

See accompanying Notes to Basic Financial Statements.
36

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37

City of Dinuba
Statement of Net Position
Proprietary Funds
June 30, 2025
ASSETS
Current Assets:

Cash and investments $ 3,208,188 $ 11,097 $ 272,986 $ 2,054,718 Receivables:

Accounts 887,951 972,408 57,537 390,446
Accrued interest 2,901 68 - 1,896
Prepaid costs 19,098 2,134 16,271 60,175
Due from other governments - - - -
Inventories - - 190,373 -
Restricted:

Cash and investments with fiscal agents 507,127 570,629 - - Total current assets 4,625,265 1,556,336 537,167 2,507,235 Noncurrent:

Notes and loans 370 - - -
Capital assets:

Nondepreciable capital assets 452,692 4,695,619 3,101,766 - Depreciable capital assets, net 17,473,804 20,986,587 13,140,337 144,498 Net capital assets 17,926,496 25,682,206 16,242,103 144,498 Total noncurrent assets 17,926,866 25,682,206 16,242,103 144,498 Total assets 22,552,131 27,238,542 16,779,270 2,651,733

DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding - 397,257 - -
Deferred pension related items 359,922 185,249 - 154,459 Deferred OPEB related items 156,226 60,255 - 30,536
Total deferred outflows of resources 516,148 642,761 - 184,995

LIABILITIES
Current liabilities:

Accounts payable 184,937 119,740 58,381 187,593
Accrued liabilities 28,577 19,787 316,117 7,101
Accrued interest 29,521 77,432 - -
Unearned revenue - - 332,812 -
Deposits payable 403,897 - - -
Due to other funds - - - -
Accrued Compensated absences 20,743 15,582 - 2,128
Accrued Claims and judgements - - - -
Long-term debt - current portion 433,546 596,789 202,886 2,481 Net OPEB liability - due within one year 47,316 18,249 - 9,248 Total current liabilities 1,148,537 847,579 910,196 208,551 Noncurrent liabilities:

Advances from other funds - - 2,069,094 -
Compensated absences 193,156 60,885 - 15,456
Net pension liability 1,188,568 611,746 - 510,067
Net OPEB liability - due in more than one year 1,174,374 452,943 - 229,547 Long-term debt 1,490,376 5,712,609 490,918 -
Total noncurrent liabilities 4,046,474 6,838,183 2,560,012 755,070 Total liabilities 5,195,011 7,685,762 3,470,208 963,621

DEFERRED INFLOWS OF RESOURCES
Deferred pension related items 28,520 14,679 - 12,239
Deferred OPEB related items 488,639 188,463 - 95,511
Total deferred inflows of resources 517,159 203,142 - 107,750

NET POSITION
Net investment in capital assets 16,002,574 19,770,065 15,548,299 142,017 Unrestricted 1,353,535 222,334 (2,239,237) 1,623,340
Total net position $ 17,356,109 $ 19,992,399 $ 13,309,062 $ 1,765,357 Business-Type Activities - Enterprise Funds
Water Sewer Golf Course Disposal
See accompanying Notes to Basic Financial Statements.
38

Governmental
Nonmajor Activities -
Enterprise Internal Service
Funds Totals Funds
$ 13,378,347 $ 259,733 $ 19,185,069 $ 3,860,323
1,157,910 - 3,466,252 576,598
13,023 236 18,124 3,195
37,105 - 134,783 18,141
- 65,368 65,368 -
- - 190,373 -
- - 1,077,756 53,833
14,586,385 325,337 24,137,725 4,512,090
- 350,000 350,370 -
139,074 - 8,389,151 -
2,622,518 2,336,837 56,704,581 34,106
2,761,592 2,336,837 65,093,732 34,106
2,761,592 2,686,837 65,444,102 34,106
17,347,977 3,012,174 89,581,827 4,546,196
- - 397,257 -
1,051,002 1,359 1,751,991 208,696
161,679 8,180 416,876 80,976
1,212,681 9,539 2,566,124 289,672
191,663 12,408 754,722 106,222
172,504 450 544,536 16,090
- - 106,953 -
- - 332,812 -
- - 403,897 -
- 138,210 138,210 -
64,097 243 102,793 16,205
- - - 50,000
1,499 - 1,237,201 -
48,967 2,477 126,257 24,525
478,730 153,788 3,747,381 213,042
- - 2,069,094 -
338,256 1,102 608,855 79,673
3,470,719 4,486 5,785,586 689,172
1,215,364 61,486 3,133,714 608,709
- - 7,693,903 -
5,024,339 67,074 19,291,152 1,377,554
5,503,069 220,862 23,038,533 1,590,596
83,281 108 138,827 16,538
505,695 25,583 1,303,891 253,273
588,976 25,691 1,442,718 269,811
2,760,093 2,336,837 56,559,885 34,106
9,708,520 438,323 11,106,815 2,941,355
$ 12,468,613 $ 2,775,160 $ 67,666,700 $ 2,975,461
Business-Type Activities - Enterprise Funds
Ambulance
39

City of Dinuba
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
For the year ended June 30, 2025
OPERATING REVENUES:

Sales and service charges $ 4,048,882 $ 4,940,510 $ 3,884,636 $ 3,544,188 Miscellaneous 2,068 - - 774
Total operating revenues 4,050,950 4,940,510 3,884,636 3,544,962 OPERATING EXPENSES:

Salaries and benefits 1,224,767 783,438 2,353,678 256,050 Contractual services 596,420 310,765 351,903 2,957,045
Materials and supplies 512,733 214,510 488,904 35,342
Insurance - - - -
Employee health insurance - - - -
Repairs and maintenance 88,811 168,581 105,866 8,228
Utilities 822,789 1,220,135 235,717 36,143
Allocated costs 434,978 466,478 - 130,424
Depreciation expense 606,780 601,404 1,126,894 39,144
Total operating expenses 4,287,278 3,765,311 4,662,962 3,462,376 Operating income (loss) (236,328) 1,175,199 (778,326) 82,586 NONOPERATING REVENUES (EXPENSES):

Intergovernmental 950,000 - - -
Interest revenue 145,537 47,855 - 80,523
Interest expense (53,935) (345,085) (15,340) (386)
Loss on disposal of capital assets - - (42,972) (7,745) Total nonoperating revenues (expenses) 1,041,602 (297,230) (58,312) 72,392 Income before contributions and transfers 805,274 877,969 (836,638) 154,978 CONTRIBUTIONS AND TRANSFERS:

Transfers in 298,542 102,832 - -
Transfers out (383,837) (543,439) - (95,290)
Capital contributions 1,208,928 1,122,207 - -
Total contributions and transfers 1,123,633 681,600 - (95,290) Change in net position 1,928,907 1,559,569 (836,638) 59,688 NET POSITION:

Beginning of year 15,528,638 18,503,829 14,053,030 1,935,375 Restatement (101,436) (70,999) 92,670 (229,706)
Beginning of year, as restated 15,427,202 18,432,830 14,145,700 1,705,669 End of year $ 17,356,109 $ 19,992,399 $ 13,309,062 $ 1,765,357 Business-Type Activities - Enterprise Funds
Water Sewer Golf Course Disposal
See accompanying Notes to Basic Financial Statements.
40

Governmental
Nonmajor Activities -
Enterprise Internal Service
Funds Totals Funds
$ 3,945,507 $ 137,865 $ 20,501,588 $ 7,027,785
206,757 - 209,599 -
4,152,264 137,865 20,711,187 7,027,785
3,366,413 10,158 7,994,504 539,515
(214,565) 38,227 4,039,795 197,560
706,349 - 1,957,838 124,062
- - - 2,455,717
- - - 2,768,279
75,102 1,359 447,947 227,251
- 76,254 2,391,038 9,259
619,894 72,134 1,723,908 43,671
306,262 175,644 2,856,128 13,166
4,859,455 373,776 21,411,158 6,378,480
(707,191) (235,911) (699,971) 649,305
2,234,239 139,821 3,324,060 -
520,704 9,760 804,379 121,097
- - (414,746) (67)
(882,095) - (932,812) -
1,872,848 149,581 2,780,881 121,030
1,165,657 (86,330) 2,080,910 770,335
- - 401,374 98,550
(1,001,728) - (2,024,294) (18,825)
- - 2,331,135 27,310
(1,001,728) - 708,215 107,035
163,929 (86,330) 2,789,125 877,370
12,584,411 2,861,490 65,466,773 2,195,662
(279,727) - (589,198) (97,571)
12,304,684 2,861,490 64,877,575 2,098,091
$ 12,468,613 $ 2,775,160 $ 67,666,700 $ 2,975,461
Business-Type Activities - Enterprise Funds
Ambulance
41

City of Dinuba
Combining Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from customers and users $ 3,973,106 $ 4,886,180 $ 3,898,027 $ 3,524,486 Cash received from interfund services provided - - - -
Cash paid to suppliers for goods and services (2,459,000) (2,613,811) (1,306,051) (3,166,742) Cash paid to employees for services (1,163,101) (803,214) (2,353,678) (272,532) Cash Received from (payments to) others 2,068 - - 774
Net cash provided (used) by operating activities 353,073 1,469,155 238,298 85,986 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Cash transfers in 298,542 102,832 - -
Cash transfers out (383,837) (543,439) - (95,290)
Short-term loans to/from other funds (372,026)
Intergovernmental revenue 950,000 - - -
Net cash provided (used) by
noncapital financing activities 864,705 (812,633) - (95,290) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Capital contributions 1,208,928 1,122,207
Acquisition and construction of capital assets (1,846,006) (1,224,609) (499,926) - Principal paid on capital debt (416,369) (597,728) 294,070 (2,939) Interest paid on capital debt (58,867) (237,514) (15,340) (386) Net cash provided (used ) by
capital and related financing activities (1,112,314) (937,644) (221,196) (3,325) CASH FLOWS FROM INVESTING ACTIVITIES:

Interest earning 145,365 47,787 - 80,477
Net cash provided (used ) by investing activities 145,365 47,787 - 80,477 Net increase (decrease) in cash and cash equivalents 250,829 (233,335) 17,102 67,848 CASH AND INVESTMENTS - Beginning of year 3,464,486 815,061 255,884 1,986,870 CASH AND INVESTMENTS - End of year $ 3,715,315 $ 581,726 $ 272,986 $ 2,054,718

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Operating income (loss) $ (236,328) $ 1,175,199 $ (778,326) $ 82,586 Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation 606,780 601,404 1,126,894 39,144
Changes in pension related items 89,890 46,265 - 38,576 Changes in OPEB liability (85,803) (33,093) - (16,771)
Changes in lease receivable related items - - - -
(Increase) decrease in accounts receivable (76,457) (52,134) (34,165) (19,702) (Increase) decrease in prepaid expense 388 (19) (12,703) 1,358 (Increase) decrease in inventories - - (40,156) -
Increase (decrease) in accounts payable & accrued liabilities (3,657) (233,323) (70,802) (918) Increase (decrease) in deposits payable 681 - - -
Increase (decrease) in unearned revenues - (2,196) 47,556 - Increase (decrease) in compensated absences 57,579 (32,948) - (38,287) Net cash provided by (used in) operating activities $ 353,073 $ 1,469,155 $ 238,298 $ 85,986 Business-Type Activities - Enterprise Funds
Water Sewer Golf Course Disposal
See accompanying Notes to Basic Financial Statements.
42

Governmental
Nonmajor Activities -
Enterprise Internal Service
Funds Totals Funds
$ 3,743,183 $ 138,857 $ 20,163,839 $ -
- - - 6,544,109
(960,113) (185,355) (10,691,072) (5,789,592)
(3,219,953) (7,812,478) (531,427)
206,757 (16,293) 193,306 -
(230,126) (62,791) 1,853,595 223,090
- - 401,374 125,860
(1,883,823) - (2,906,389) (18,825)
(205,588) (577,614) -
2,234,239 285,159 3,469,398 -
350,416 79,571 386,769 107,035
- 2,331,135 -
(232,417) - (3,802,958) (82,236)
7,757 - (715,209) 5,386
- - (312,107) (67)
(224,660) - (2,499,139) (76,917)
518,915 9,746 802,290 121,111
518,915 9,746 802,290 121,111
414,545 26,526 543,515 374,319
12,963,802 233,207 19,719,310 3,539,837
$ 13,378,347 $ 259,733 $ 20,262,825 $ 3,914,156
$ (707,191) $ (235,911) $ (699,971) $ 649,305
306,262 175,644 2,856,128 13,166
262,486 339 437,556 52,121
(88,798) (4,492) (228,957) (44,473)
- 217 217 (9,470)
(202,324) 775 (384,007) (483,676)
(37,045) 81 (47,940) (14,550)
- - (40,156) -
263,712 - (44,988) 60,227
- 2,538 3,219 -
- - 45,360 -
(27,228) (1,982) (42,866) 440
$ (230,126) $ (62,791) $ 1,853,595 $ 223,090
Business-Type Activities - Enterprise Funds
Ambulance
43

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44

City of Dinuba
Statement of Fiduciary Net Position
Fiduciary Funds
For the year ended June 30, 2025
Redevelopment
Successor Agency
Private-Purpose
Trust Fund
ASSETS
Cash and investments $ 2,365,995
Receivables:

Accrued interest 1,856
Prepaid costs 187
Land held for resale 1,888,463
Restricted assets:

Cash and investments with fiscal agents 115,491
Capital assets:

Nondepreciable 2,730,607
Depreciable 167,848
Accumulated depreciation (143,260)
Total assets 7,127,187

DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding 1,254,456
Total deferred outflows of resources 1,254,456

LIABILITIES
Accrued liabilities 6,223
Accrued interest 484,144
Due to other governments 187
Long-term liabilities:

Long-term debt - due within one year 1,745,000
Long-term debt - due in more than one year 34,852,445
Total liabilities 37,087,999

DEFERRED INFLOWS OF RESOURCES
Deferred gain on refunding 751,349
Total deferred inflows of resources 751,349

NET POSITION
Restricted for:

Held in trust for private purposes (29,457,705)
Total Net Position $ (29,457,705)
See accompanying Notes to Basic Financial Statements.
45

City of Dinuba
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the year ended June 30, 2025
Redevelopment
Successor Agency
Private-Purpose
Trust Fund
ADDITIONS:

Taxes $ 3,426,484
Interest and change in fair value of investments 58,100 Total additions 3,484,584
DEDUCTIONS:

Administrative expenses 200,000
Contractual services 18,960
Interest expense 1,703,415
Depreciation expense 4,431
Cost of issuance of debt (4,368)
Total deductions 1,922,438
Change in net position 1,562,146
NET POSITION:

Beginning of year (31,019,851)
End of year $ (29,457,705)
See accompanying Notes to Basic Financial Statements.
46

*Butterfly Garden at Viscaya Park
47

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48

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the City of Dinuba (City) have been prepared in conformity with accounting principles generally accepted in the United States of America (USGMP) as applied to governmental units.

The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the government's accounting policies are described below.

A. Reporting Entity
The City of Dinuba is a political subdivision provided for by the General Law of the State of California and, as such, can exercise the powers specified by the Constitution and laws of the State of California. The City was incorporated in 1906 as a general law city. On June 4, 1994, the voters of the City approved a Charter which gives the City Council greater self-rule, and the Charter was accepted by the Secretary of State on July 7, 1994. The City operates under a council-manager form of government.

The City of Dinuba is a municipal corporation governed by an elected five-member City Council who, in turn, elects one of its members to serve as the Mayor. As required by accounting principles generally accepted in the United States of America, these financial statements present the government and its component units, entities for which the government is considered to be financially accountable. Blended component units, although legally separate entities, are, in substance, part of the government's operations and so data from these units are combined with data of the City. The blended component units have a June 30 fiscal year end to coincide with the City's.

Blended Component Unit
In addition, in May 1994, the Dinuba Financing Authority (Authority) was formed in order to provide a funding vehicle for necessary street improvements within the City. The governing board of the Dinuba Financing Authority is the City Council, and the City Manager acts as Executive Director. A separate financial report is not being issued for the Dinuba Financing Authority. The activity of the Authority is reported in the Financing Authority Debt Service Fund of the City.

B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the primary government and its component units. 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 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 49

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued B. Government-Wide and Fund Financial Statements, Continued 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 and major individual enterprise funds are reported as separate columns in the fund financial statements.

C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary funds financial statements. Revenues are recorded when earned and expenses are recorded when the liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the fiscal year for which they are levied.

Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

In the Fund Financial Statements, fiduciary funds are presented using the accrual basis of accounting. The private-purpose trust funds and custodial funds use the economic resources measurement focus.

Governmental funds financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when the liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due.

Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government.

The City reports the following major governmental funds:

The General Fund is the City's primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in other funds.

HUD Grants Fund - This fund accounts for certain designated projects paid for the HUD Grant Federal program monies received from the State, along with repayments of loans.

General Construction Fund – This funds accounts for other major construction projects. 50

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation, Continued Transportation Construction Fund - This fund accounts for other major street construction projects.

The City reports the following major proprietary funds:

The Water Enterprise Fund - This fund accounts for the operation and maintenance of the City's water distribution system.

The Sewer Enterprise Fund - This fund accounts for the operation and maintenance of the City's wastewater collection system including operating costs of the wastewater treatment facility.

The Golf Course Fund - This fund accounts for the operation and maintenance of the City's golf course.

The Disposal Enterprise Fund - This fund accounts for the collection and disposal of solid waste from industrial, commercial, and residential users throughout the Dinuba area.

The Ambulance Enterprise Fund - This fund accounts for ambulance service fees and all costs associated with providing ambulance service throughout the City.

Additionally, the City reports the following fund types:

The Debt Service Funds are used to account for financial resources that are restricted, committed, or assigned to expenditure for principal and interest.

The Special Revenue Funds are used to account for the City’s other source of special revenue.

The Capital Project Funds are used to account for the City’s major capital improvement.

The Internal Service Funds account for financial transactions related to the City's billing and collections, maintenance and repairs, self-insurance programs and technology replacement. These services are provided to other departments or agencies of the City on a cost reimbursement basis.

The Fiduciary Funds are used to report resources held by the City in a purely custodial capacity, which involves only the receipt, temporary investment, and remittance of fiduciary resources to individuals, private organizations, or other governments. These funds are not included in the government-wide financial statements. The Private-Purpose Trust Funds are used to account for the assets of the former City of Dinuba Redevelopment Agency during the wind down period.

As a general rule, the effect of interfund activity has been eliminated from the governmentwide financial statements. Exceptions to this general rule are charges between the government's proprietary funds function 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.

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 Enterprise Funds and of the Internal Service Fund are charges to customers for sales and services.

Operating expenses for the Enterprises Funds and the Internal Service Funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. 51

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation, Continued When both restricted and unrestricted resources are available for use, it is the government's policy to use restricted resources first, then unrestricted resources as they are needed.

D. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, Net Position or Equity
Cash and Investments
In order to maximize the flexibility of its investment program and to aid in cash budgeting, the City pools the cash of all funds, except for monies deposited with fiscal agents in accordance with related bond indentures. The cash and investments balance in each fund represent that fund's equity share of the City's cash and investment pool. As the City places no restrictions on the deposit or withdrawal of a particular fund's equity in the pool, the pool operates like a demand deposit account for the participating funds.

Interest income earned on pooled cash and investments is allocated monthly to the various funds based on month-end balances and is adjusted at fiscal year-end. Interest income on restricted cash and investments with fiscal agents is credited directly to the related fund.

In accordance with the State of California Government Code, the City adopts an investment policy annually that, among other things, authorizes types and concentrations of investments and maximum investment terms.

The City's investments are carried at fair value. The fair value of equity and debt securities is determined based on sales prices or bid-and-asked quotations from SEC- registered securities exchanges or NASDAQ dealers. LAIF determines the fair value of its portfolio quarterly and reports a factor to the City; the City applies that factor to convert its share of LAIF from amortized cost to fair value. Changes in fair value are allocated to each participating fund.

For purposes of the statement of cash flows, the City has defined cash and cash equivalents to be change and petty cash funds, equity in the City's cash and investment pool, and restricted non-pooled investments with initial maturities of three months or less.

Property Taxes
Assessed values for purposes of property taxes are determined on an annual basis for the period July 1 to June 30 by the Tulare County Assessor as of January 1. Taxes are levied annually on July 1 and become a lien on real property at January 1. Taxes are due November 1 and February 1 and are delinquent if not paid by December 10 and April 10, respectively, at which time applicable penalties and interest are assessed. Unsecured taxes became delinquent if not paid by August 31.

Prepaid Items
Payments to vendors that reflect costs applicable to future accounting periods are recorded as prepaid items in both government-wide and fund financial statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased. 52

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued D. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, Net Position or Equity, Continued
Restricted Assets
Certain proceeds of the City's long-term debt, as well as certain resources set aside for their repayment, are classified as restricted assets on the balance sheet because they are maintained in separate bank accounts and their use is limited by applicable bond covenants.

In the absence of specific statutory provisions governing the issuance of bonds, certificates, or leases, these bond monies may be invested in accordance with the ordinance; resolutions and indentures specifying the types of investments its trustees or fiscal agents may make. These ordinances, resolutions, and indentures are generally more restrictive than the City's general investment policy. In no instance have additional types of investments been authorized that are not permitted by the City's general investment policy.

Capital Assets
Capital assets, which include property, plant, equipment, fine art, and infrastructure assets (e.g., roads, bridges, sidewalks, traffic lights and signals, streetlights, and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the City as assets with an initial, individual cost of $10,000 or more and an estimated useful life in excess of one year. Such capital assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital asset, donated works of art and similar items, and capital assets received in a service concession arrangement are reported at acquisition value. The cost of normal maintenance and repairs that do not add to the value of the capital asset or materially extend capital asset lives are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are constructed.

Capital assets of the City are depreciated using the straight-line method over the following estimated useful lives:

The City's art collection is not depreciated. Periodic restoration and maintenance costs on particular items are charged to expense as incurred.

Assets Years
Buildings 30
Improvements other than buildings 30
Infrastructure 20 to 40
Utility systems 40 to 75
Vehicles 5
Computer equipment 7
53

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued D. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, Net Position or Equity, Continued
Compensated Absences
The City recognizes a liability for compensated absences for leave time that (1) has been earned for services previously rendered by employees, (2) accumulates and is allowed to be carried over to subsequent years, and (3) is more likely than not to be used as time off or settled (for example paid in cash to the employee) during or upon separation from employment. Based on the criteria listed, three types of leave qualify for liability recognition for compensated absences – vacation, sick leave, and compensated time-off. The liability for compensated absences is reported as incurred in the government-wide and proprietary fund financial statements. The liability for compensated absences includes salary-related benefits, where applicable. The flow assumption used by the City in estimating compensated absence amounts is that the oldest accrued leave is used first by employees (first in first out).

Long-Term Obligations
In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net position. Initial-issue bond premiums and discounts are deferred and amortized over the life of the bonds using the straight-line method (which approximates the effective interest method). The difference between the reacquisition price of refunding bonds and the net carrying amount of refunded debt (deferred amount on refunding) is amortized over the shorter of the life of the refunding debt or remaining life of the refunded debt.

Amortization of bond premiums or discounts, and deferred amounts on refunding is included in interest expense.

In the fund financial statements, governmental fund types recognize bond premiums, discounts, and issuance costs during the period issued. The face amount of debt issued is reported as other financing sources. Premiums received are reported as other financing sources, while discounts are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Net Pension Liability
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.

Other Post-Employment Benefits (OPEB)
For purposes of measuring the total OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense have been determined by an independent actuary. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms.
54

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued D. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, Net Position or Equity, Continued
Generally accepted accounting principles require that the reported results must pertain to liability information within certain defined timeframes. For this report, the following timeframes are used:

Deferred Outflows and Inflows of Resources
In addition to assets, the statement of net 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) until then. The City reports deferred charges on bond refunding's as well as deferred outflows relating to the net pension liability and total OPEB liability reported in the government-wide statement of net position for governmental and business-type activities.

In addition to liabilities, the statement of net position and governmental balance sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The City has five items that qualify for reporting in the category. The first item are deferred inflows relating to the net pension liability reported in the government-wide statement of net position for governmental and business-type activities.

The second item relates to revenues earned, but not yet available for resources. The third item is deferred inflows relating to the total OPEB liability reported in the government-wide statement of net position for governmental and business-type activities. The fourth item is deferred inflows related to lease revenues that are recognized over the lease period. The fifth item is deferred inflows related to deferred gain on bond refunding.

Interfund Transactions
Interfund transactions are reflected as either loans, services provided, reimbursements, or transfers. Loans are reported as receivables and payables as appropriate, are subject to elimination upon consolidation and are referred to as either "due to/from other funds" (i.e., the current portion of interfund loans) or "advances to/from other funds" (i.e., the noncurrent portion of interfund loans). Any residual balances outstanding between the governmental activities and the business-type activities are reported in the government-wide financial statements as "internal balances". Advances between funds, as reported in the fund financial statements, are offset by a fund balance reserve account in applicable governmental funds to indicate that they are not available for appropriation and are not available financial resources.

Services provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements are when one fund incurs a cost, charges the appropriate benefiting fund, and reduces its related cost as a reimbursement. All other interfund transactions are treated as transfers. Transfers between governmental or proprietary funds are netted as part of the reconciliation to the government-wide presentation.

Valuation Date June 30, 2023
Measurement Date June 30, 2024
Measurement Period June 30, 2023 to June 30, 2024
55

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued D. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, Net Position or Equity, Continued
Net Position and Fund Equity
GASB Statement No. 63 requires that the difference between assets added to the deferred outflows of resources and liabilities added to the deferred inflows of resources be reported as net position. Net position is classified as either net investment in capital assets, restricted, or unrestricted.

Net position that is net investment in capital assets consist of capital assets, net of accumulated depreciation, and reduced by the outstanding principal of related debt.

Restricted net position is the portion of net position that has external constraints placed on it by creditors, grantors, contributors, laws, or regulations of other governments, or through constitutional provisions or enabling legislation. Unrestricted net position consists of net position that does not meet the definition of net investment in capital assets or restricted net position.

In the fund financial statements, governmental funds report fund balance as non-spendable, restricted, committed, assigned or unassigned based primarily on the extent to which the City is bound to honor constraints on how specific amounts can be spent.
 Non-spendable fund balance - amounts that cannot be spent because they are either (a) not spendable in form or (b) legally or contractually required to be maintained intact.  Restricted fund balance - amounts with constraints placed on their use that are either (a) externally imposed by creditors, granters, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislation.  Committed fund balance - amounts that can only be used for specific purposes determined by formal action of the City Council which includes the City resolutions that remain binding unless removed in the same manner. The underlying action that imposed the limitation needs to occur no later than the close of the reporting period.
 Assigned fund balance - amounts that are constrained by the City's intent to be used for specific purposes but are neither restricted nor committed. The body or official authorized to assign amounts to a specific purpose and the policy established by the governing body pursuant to which that authorization is given. Constraints imposed on the use of assigned amounts can be removed with no formal Council actions.
 Unassigned fund balance - the residual classification for the City's General Fund that includes amounts not contained in the other classifications. In other funds, the unassigned classification is used only if expenditures incurred for specific purposes exceed the amounts restricted, committed, or assigned to those purposes.
56

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued The City Council establishes, modifies, or rescinds fund balance commitments and assignments by passage of a resolution or other formal action. This is done through adoption of the budget, subsequent budget amendments, resolution, or other formal actions when necessary that occur throughout the year.

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

E. Use of Estimates
The preparation of basic 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 revenue and expenses/expenditures during the reporting period. Actual results could differ from those estimates.

2. STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
A. Deficit Fund Balances and Net Position
The MTBE Fund has a deficit fund balance of $41,230 which should be alleviated as additional revenues or transfers are received.

The Property and Equipment Internal Service Fund has a deficit net position of $572,642. The deficit should be alleviated as additional revenues are received by City departments.

3. CASH AND INVESTMENTS
Cash and investments as of June 30, 2025, are classified in the accompanying financial statements as follows:

Cash and investments as of June 30, 2025, consist of the following:

Statement of net position:

Cash and investments $ 65,724,448
Restricted cash and investments with fiscal agents 1,854,202 Fiduciary funds:

Cash and investments 2,365,995
Restricted cash and investments with fiscal agents 115,491 $ 70,060,136 Cash on hand $ 8,570
Deposits with financial institutions 13,166,162
Investments 56,885,404
$ 70,060,136
57

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

3. CASH AND INVESTMENTS, Continued
A. Investments Authorized by the California Government Code and the City's Investment Policy The table below identifies the investment types that are authorized for the City of Dinuba (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 investment policy allows for the above investments which have equal safety and liquidity as all other allowed investments. Maturity depends on the cash needs of the City.

Authorized Investment Type
Maximum
Maturity
Maximum
Percentage
of Portfolio
Maximum
Investment in
One Issuer
Local Agency Investment Fund (State Pool) N/A None $75 million U.S. Treasury Obligations 5 years None None
U.S. Government Agency Issues 5 years None None
Insured Passbook on Demand Deposits with
Banks and Savings and Loans N/A None 100,000
Certificates of Deposit 5 years None 100,000
Money Market Funds (must be comprised
of eligible securities permitted under this
policy)
N/A None None
Repurchase Agreements 1 year None None
58

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

3. CASH AND INVESTMENTS, Continued
B. Investments Authorized by Debt Agreements
Investment of debt proceeds held by bond trustees are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City's investment policy.

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.

The investment policy allows for the above investments which have equal safety and liquidity as all other allowed investments. Maturity depends on the cash needs of the City.

C. Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations.

Authorized Investment Type
Maximum
Maturity
Maximum
Percentage
of Portfolio
Maximum
Investment in
One Issuer
Local Agency Investment Fund (State Pool) N/A None $50,000 U.S. Treasury Obligations N/A None None
U.S. Government Agency Issues N/A None None
Insured Passbook on Demand Deposits with
Banks and Savings and Loans N/A None 100,000
Certificates of Deposit 5 years None 100,000
Commercial Paper
Mutual Funds (must be comprised
of eligible securities permitted under this
policy)
Money Market Funds (must be comprised
of eligible securities permitted under this
policy)
N/A None None
Municipal Bonds (rated highest 2 categories) N/A None None Investment Agreements N/A None None
Repurchase Agreements 1 year None None
59

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

3. CASH AND INVESTMENTS, Continued
C. Disclosures Relating to Interest Rate Risk, Continued Information about the sensitivity of the fair values of the City's investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity:

D. Investments with Fair Values Highly Sensitive to Interest Rate Fluctuations The City has no investments (including investments held by bond trustees) that are highly sensitive to interest rate fluctuations (to a greater degree than already indicated in the information provided above).

E. Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the California Government Code, the City's investment policy, or debt agreements, and the actual rating as of fiscal year end for each investment type.

The investment policy of the City contains limitations on the amount that can be invested in any one issuer. There are no investments in any one issuer (other than U.S. Treasury securities, mutual funds, and external investment pools) that represent 5% or more of total City investments.

Investment Type Totals
12 Months or
Less
State Investment Pool $ 7,172,770 $ 7,172,770
Money Market Funds 47,858,432 47,858,432
Held by Bond Trustees:

Money Market Funds 1,854,202 1,854,202
Total $ 56,885,404 $ 56,885,404
Remaining Maturity (in Months)
Investment Type Amount
Minimum
Legal
Rating
Rating as of
Fiscal Year-end
Not Rated
State Investment Pool 7,172,770 $ N/A $ 7,172,770
Money Market Funds 47,858,432 N/A 47,858,432
Held in Bond Trustees:

Money Market Funds 1,854,202 N/A 1,854,202
Total $ 56,885,404 $ 56,885,404
60

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

3. CASH AND INVESTMENTS, Continued
F. 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.

The California Government Code requires that 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 government 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.

As of June 30, 2025, all of the City's deposits with financial institutions in excess of federal depository insurance limits were held in collateralized accounts. As of June 30, 2025, City investments in the following investment types were held by the same broker-dealer (counterparty) that was used by the City to buy the securities:

G. Investment in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by the California Government Code under the oversight of the Treasurer of the State of California. The fair value of the City's investment in this pool is reported in the accompanying financial statements at amounts based upon the City's pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis.

H. Fair Value Measurements
The City categorizes its fair value measurements within the fair value hierarchy establish by generally accepted accounting principles. These principles recognize a three tiered fair value hierarchy as follows:

Level 1 - Investments reflect prices quoted in active markets; Level 2 - Investments reflect prices that are based on similar observable asset either directly or indirectly, which may include inputs in markets that are not considered active; and Level 3 - Investments reflect prices based upon unobservable sources. The City has marketable securities that are measured with recurring fair value measurements as of June 30, 2025 and are valued using quoted market prices (level 1 inputs).

Investment Type Reported Amount
Money Market Funds 1,854,202 $
61

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

4. NOTES AND LOANS RECEIVABLE
Notes receivable as of June 30, 2025, totaled $32,920,140 and were recorded as follows:

Notes and loans receivable by type are:

5. ACCOUNTS RECEIVABLE
The following is a list of accounts receivable at June 30, 2025:

Special Revenue Funds $ 32,569,770
Enterprise Funds 350,370
Total Notes and Loans Receivables 32,920,140 $
Home Loan Rehabilitation Program loans to assist low income residents to afford safe and sanitary housing, including improvements to the housing; non-interest bearing to 10 percent interest; principal and interest generally due at maturity or change of home ownership; secured by deeds of trust; proceeds are paid directly to the builder and a receivable is recorded from the home purchaser. $ 13,933,303 HOME program funds were used to loan to a developer for the construction of an affordable Senior housing complex 3,000,000 California Department of Housing and Communty Development - City of Dinuba and Self-Help Enterprises Permanent Local Housing Allocation (PLHA) 5,088,428
Promissory notes from developers for the acquisition and development of property for housing projects within the City; interest rates from 3% to 4.81%; terms of the notes are thirty to forty years; notes secured by deeds of trust. 10,898,409 Totals $ 32,920,140
Receivable Allowance Net
Governmental Activities -
Due from other governments 7,170,845 $ $ 7,170,845 - $
Accounts 988,215 988,215 - $ 8,159,060 $ 8,159,060 - $
Business-type Activities -
Due from other governments $ 65,368 $ - $ 65,368
Accounts 4,961,690 1,495,438 3,466,252
$ 5,027,058 $ 1,495,438 $ 3,531,620
62

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

6. INTERFUND TRANSACTIONS
A. Current Interfund Balances
Current interfund balances arise in the normal course of business and are expected to be repaid shortly after the end of the fiscal year. These balances normally represent loans to cover temporary shortages of cash in individual funds. The following presents a summary of current interfund balances at June 30, 2025:

B. Long-term Interfund Advances
At June 30, 2025, the funds below have made/received advances that were not expected to be repaid within one year:

Advances will be repaid to the advancing fund when revenue in the receiving fund is adequate. These usually occur as impact fees, operating, fees, tax revenues, or sales of property occur.

Due to Fund Amount Due From Fund Amount
General Fund 1,082,227 $ General Construction Fund $ 645,946 Transportation Construction Fund 256,841
Nonmajor Governmental Funds 41,230
Nonmajor Enterprise Funds 138,210
$ 1,082,227 Total $ 1,082,227
Payable Fund Amount Receivable Fund Amount
Major Fund: Major Fund:

General $ General - $ 3,069,094
Major Proprietary Fund: Major Proprietary Fund:

Golf Course 2,069,094 Disposal - Non-Major Governmental Funds 1,000,000 Non-Major Governmental Funds - Total $ 3,069,094 Total $ 3,069,094 63

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

6. INTERFUND TRANSACTIONS, Continued
C. Transfers Between Funds
With Council approval, resources may be transferred from one City fund to another. The purpose of the majority of transfers is to cover operating costs and fund capital projects, less often, an equity transfers may be made to open or close a fund.

7. COMPENSATED ABSENCES
The following is a summary of changes in the City's compensated absences for the fiscal year ended June 30, 2025:

Transfers In Amount Transfers Out Amount
Major Governmental: Major Governmental:

General $ 153,271 General $ 2,283,210
HUD Grants HUD Grants 11,618 4,372
Transportation Construction 1,349,946 Transportation Construction 180,000 General Construction 3,191,288 Major Enterprise:

Major Enterprise: Water 383,837
Water 298,542 Sewer 543,439
Sewer 102,832 Golf
Golf Disposal 95,290
Internal Service Funds Ambulance 98,550 1,001,728
Non-Major Governmental Funds 2,068,734 Non-major Governmental Funds 2,764,080 Internal Service Funds 18,825 $ 7,274,781 $ 7,274,781
Balance
July 1, 2024, as
restated Reductions*
Balance
June 30, 2025
Current
Portion
Governmental activities $ 2,759,944 $ (166,443) $ 2,593,501 $ 276,853 Business-type activities 738,643 (26,995) 711,648 102,793 $ 3,498,587 $ (193,438) $ 3,305,149 $ 379,646
*Presented as net change
64

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. CAPITAL ASSETS
A. Governmental Activities
Capital asset governmental activity for the fiscal year ended June 30, 2025 was as follows:

Depreciation expense was charged to functions/programs of the City's governmental activities as follows:

Balance at
July 1, 2024 Additions Deletions Transfers*
Balance at
June 30, 2025
Capital Assets not being depreciated:

Land $ 10,600,525 $ - $ - $ 10,600,525 - $
Artwork 68,641 - - 49,090 117,731
Right of way s/easements 113,218,295 1,525,059 - 632,404 115,375,758 Construction in progress 6,148,625 10,304,400 (3,863,331) (9,633,396) 2,956,298 Total 130,036,086 11,829,459 (3,863,331) (8,951,902) 129,050,312 Capital Assets being depreciated:

Buildings 9,248,031 75,891 - 9,323,922 - Improvements other than buildings 13,048,473 - 1,092,019 - 14,140,492 Equipment and machinery 11,042,708 253,116 (16,200) 11,279,624 - Infrastructure 112,929,150 4,934,604 7,902,237 - 125,765,991 Total 146,268,362 5,263,611 (16,200) 8,994,256 160,510,029 Less accumulated depreciation for:

Buildings (5,690,296) (308,184) - (5,998,480) - Improvements other than buildings (4,283,354) (420,424) - (4,703,778) - Equipment and machinery (8,674,341) (613,726) 16,200 (9,271,867) - Infrastructure (39,108,838) (2,686,160) - (41,794,998) - Total (57,756,829) (4,028,494) 16,200 (61,769,123) - Total, net of accumulated depreciation 88,511,533 1,235,117 8,994,256 - 98,740,906 Total Capital Assets, Net $ 218,547,619 $ 13,064,576 $ (3,863,331) $ 42,354 $ 227,791,218 *Includes fixed asset transfer between funds
General Government $ 3,018,144
Public Safety 612,201
Community Development 127,101
Parks & Rec 257,882
Internal Service Funds 13,166
$ 4,028,494
65

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. CAPITAL ASSETS, Continued
B. Business-type Activities
Capital asset business-type activity for the fiscal year ended June 30, 2025, was as follows:

Balance at
July 1, 2024 Additions Deletions Transfers*
Balance at
June 30, 2025
Water Fund:

Capital Assets not being depreciated:

Land $ 261,806 $ - $ - $ - $ 261,806
Construction in progress 332,222 712,770 (227,067) (627,039) 190,886 Total capital assets not being depreciated 594,028 712,770 (227,067) (627,039) 452,692 Capital Assets being Depreciated:

Infrastructure 22,466,976 930,238 1,038,064 - 24,435,278 Buildings and Improvements 4,852,279 - - 4,852,279 - Equipment and machinery 1,279,419 23,473 - 1,302,892 - Total capital assets being depreciated 28,598,674 953,711 1,038,064 - 30,590,449 Less accumulated depreciation for:

Infrastructure (8,356,605) (369,163) - (8,725,768) - Buildings and improvements (3,288,943) (142,042) - (3,430,985) - Equipment and machinery (864,317) (95,575) - - (959,892) Total accumulated depreciation (12,509,865) (606,780) - (13,116,645) - Total capital assets being depreciated, net 16,088,809 346,931 1,038,064 - 17,473,804 Water Fund Capital Assets, net $ 16,682,837 $ 1,059,701 $ (227,067) $ 411,025 $ 17,926,496 Sewer Fund:

Capital Assets not being depreciated:

Land $ 4,388,142 - - 4,388,142 - $
Construction in progress 307,477 - - - 307,477
Total capital assets not being depreciated 4,695,619 - - 4,695,619 - Capital Assets being depreciated:

Infrastructure 21,947,638 560,886 - 564,154 23,072,678
Buildings and improvements 7,189,879 - - 7,189,879 - Equipment and machinery 1,054,190 110,358 (9,095) 1,155,453 - Total capital assets being depreciated 30,191,707 671,244 (9,095) 564,154 31,418,010 Less accumulated depreciation for:

Infrastructure (6,282,294) (382,663) - (6,664,957) - Buildings and improvements (3,056,435) (133,737) - (3,190,172) - Equipment and machinery (500,385) (85,004) 9,095 - (576,294) Total accumulated depreciation (9,839,114) (601,404) 9,095 (10,431,423) - Total capital assets being depreciated, net 20,352,593 69,840 - 564,154 20,986,587 Sewer Funds Capital Assets, net $ 25,048,212 $ 69,840 $ - $ 564,154 $ 25,682,206 Disposal Funds:

Capital Assets being depreciated:

Equipment and machinery $ 795,841 $ - $ (50,332) $ - $ 745,509 Less accumulated depreciation for:

Equipment and machinery (604,454) (39,144) 42,587 - (601,011) Disposal Fund Capital Assets, net $ 191,387 $ (39,144) $ (7,745) $ - $ 144,498 *Includes fixed asset transfer between funds
66

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. CAPITAL ASSETS, Continued
B. Business-type Activities, Continued
Balance at
July 1, 2024 Additions Deletions Transfers*
Balance at
June 30, 2025
Ambulance Fund:

Capital Assets not being depreciated:

Construction in progress $ 1,962,715 $ 1,092,977 $ (2,916,618) - $ $ 139,074 Total capital assets not being depreciated 1,962,715 1,092,977 (2,916,618) - 139,074 Capital Assets being depreciated:

Buildings and improvements - - - 325,776 325,776
Equipment and machinery 2,263,693 156,973 1,573,309 - 3,993,975 Total capital assets being depreciated 2,263,693 156,973 1,899,085 - 4,319,751 Less accumulated depreciation for:

Buildings and improvements - (905) - - (905)
Equipment and machinery (1,390,971) (305,357) - (1,696,328) - Total accumulated depreciation (1,390,971) (306,262) - (1,697,233) - Total capital assets being depreciated, net 872,722 (149,289) 1,899,085 - 2,622,518 Ambulance Fund Capital Assets, net $ 2,835,437 $ 943,688 $ (1,017,533) - $ $ 2,761,592 Golf Course Fund:

Capital Assets not being depreciated:

Land $ 3,101,766 $ - $ - $ 3,101,766 - $
Total capital assets not being depreciated 3,101,766 - - 3,101,766 - Capital Assets being depreciated/amortized:

Infrastructure 6,530,587 - - 6,530,587 - Buildings and improvements 21,203,721 13,500 - 21,217,221 - Equipment and machinery 910,392 151,447 (351,251) - 710,588 Furniture & Fixures 63,865 - - - 63,865
Right-of-use leased asset - 438,197 - - 438,197
Total capital assets being depreciated/amortized 28,708,565 603,144 (351,251) 28,960,458 - Less accumulated depreciation for:

Infrastructure (3,500,270) (215,170) - (3,715,440) - Building and improvements (10,989,408) (694,922) - (11,684,330) - Equipment and machinery (506,483) (145,260) 307,398 - (344,345) Furniture & Fixures (4,464) (7,638) - - (12,102)
Total accumulated depreciation (15,000,625) (1,062,990) 307,398 (15,756,217) - Less accumulated amortization for:

Right-of-use leased asset - (63,904) - - (63,904)
Total accumulated amortization - (63,904) - - (63,904)
Total capital assets being depreciated/amortized, net 13,707,940 (523,750) (43,853) 13,140,337 - Golf Course Capital Assets, net $ 16,809,706 $ (523,750) $ (43,853) $ 16,242,103 - $ Other Enterprise Funds:

Capital Assets being depreciated:

Building and improvements $ 4,638,844 $ - $ - $ 4,638,844 - $ Equipment and machinery 1,476,835 19,914 (56,604) 1,440,145 - Total capital assets being depreciated 6,115,679 19,914 (56,604) 6,078,989 - Less accumulated depreciation for:

Buildings and improvements (2,216,836) (131,282) - (2,348,118) - Equipment and machinery (1,406,276) (44,362) 56,604 (1,394,034) - Total accumulated depreciation (3,623,112) (175,644) 56,604 (3,742,152) - 0 0 Other Enterprise Funds Capital Assets, net $ 2,492,567 $ (155,730) $ - $ 2,336,837 - $ Total Business-type Capital Assets, net $ 64,060,146 $ 1,354,605 $ (278,665) $ (42,354) $ 65,093,732 *Includes fixed asset transfer between funds
67

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. CAPITAL ASSETS, Continued
B. Business-type Activities, Continued
Depreciation and amortization expenses were charged to functions/programs of the City's business-type activities as follows:

9. LONG-TERM LIABILITIES
The following is a summary of changes in the City's long-term liabilities for the fiscal year ended June 30, 2025:

Business-type Activities
Water $ 606,780
Sewer 601,404
Disposal 39,144
Ambulance 306,262
Golf 1,126,894
Other Enterprise Funds 175,644
Total $ 2,856,128
Balance at
July 1, 2024, as
restated Additions Reductions
Balance at
June 30, 2025
Due Within
One Year
Governmental Activities
Direct Borrowings:

Financed purchase $ 8,159,883 $ 141,754 $ (730,682) $ 7,570,955 $ 774,359 Measure R fund advance 1,000,000 - (100,000) 900,000 100,000 Public Offerings:

Lease revenue bonds payable 11,430,000 - (755,000) 10,675,000 775,000 Original issue discount (172,941) 12,090 - (160,851) - Original issue premium 120,061 - (8,398) 111,663 - Total Governmental Activities $ 20,537,003 $ 153,844 $ (1,594,080) $ 19,096,767 $ 1,649,359 Business-type Activities:

Direct Borrowings:

Financed purchase $ 386,343 $ 135,904 $ (166,354) $ 355,893 $ 135,294 Water notes payable 2,283,434 - (391,408) 1,892,026 401,651 Lease liability - 438,197 (61,621) 376,576 106,256
Public Offerings:

Revenue bonds 4,940,000 - (470,000) 4,470,000 475,000
Original issue premium 30,759 - (2,150) 28,609 - Private Placement:

Revenue bonds 1,924,000 - (116,000) 1,808,000 119,000
Total Business-type Activities $ 9,564,536 $ 574,101 $ (1,207,533) $ 8,931,104 $ 1,237,201 68

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
A. Governmental Activities - Lease Revenue Bonds (Public Offerings) 2012 DFA Lease Revenue Bonds Payable - On November 7, 2012, the Dinuba Financing Authority issued $11,270,000 of 2012 Lease Revenue Refunding Bonds. The proceeds of the bonds were used to refund the 2002 Lease Revenue Bonds in the amount of $6,430,000, refund the $3,825,000 remaining balance of the 2010 Lease Revenue Notes issued by the Redevelopment Agency, fund a reserve account, and pay costs of issuance. The bonds consist of $5,285,000 of serial bonds with maturity dates from September 1, 2014 through 2024. Interest rates vary between 2.0%-3.0% with semi-annual payments due each March 1 and September 1. There are also $4,650,000 of term bonds due September 1, 2032 and $1,335,000 term bonds due September 1, 2038, which carry interest rates of 3.75% and 4.00%, respectively.

The principal balance outstanding on the 2012 bonds as of June 30, 2025 was $5,985,000. The refunding of the 2002 bonds resulted in a cash savings over the repayment period of $690,097 and an economic gain of $481,729. The refunding of the 2010 bonds resulted in a cash deficit of $2,361,946 as the 2010 bonds were due in 2017 whereas the 2012 bonds are due through 2038. 2016 DFA Lease Revenue Refunding Bonds Payable - October 12, 2016, the Dinuba Financing Authority issued $6,580,000 of 2016 Lease Revenue Refunding Bonds. The proceeds of the bonds were used to refund the 2007 Lease Revenue Bonds in the amount of $6,255,000 and pay costs of issuance.

The bonds consist of $6,580,000 of serial bonds with maturity dates from September 1, 2018 through 2038.

Interest rates vary between 2.0%-4.0% with semi-annual payments due each March 1 and September 1.

The refunding of the 2007 bonds resulted in a cash savings over the repayment period of $1,529,810 and an economic loss of $296,346. The principal balance outstanding on the 2016 bonds as of June 30, 2025 was $4,690,000.

B. Governmental Activities – Finance Purchase Agreements (Direct Borrowings) On July 1, 2015, the City entered into a Site and Facility Lease with PNC Bank. The City determined it was necessary and desirable to repay a loan to the Successor Agency to the Dinuba Redevelopment Agency.

The City will lease real property and improvements consisting of the Dinuba Transit Center to PNC in consideration for PNC's paying the City the sum of not to exceed $1,300,000 in advance rental. PNC bank will then lease the site and facility back to the City at an interest rate not to exceed 5.25%. The site and facility lease will commence on July 1, 2015 and shall end on May 25, 2030. The outstanding principal balance of this finance purchase obligation at June 30, 2025 is $595,041.

On December 1, 2013, the City entered into a lease purchase agreement with the Dinuba Financing Authority and Western Alliance Bank in the amount of $8,433,377. The lease was executed to finance the costs associated with the acquisition, construction, and installation of solar energy improvements to City facilities. The funds are to be deposited into a project fund ($8,146,742), a capitalized interest fund ($176,785) and a delivery costs fund ($109,850). Lease payments are made semi-annually on June 12 and December 12. Interest is 4.1925%. The lease term matures on December 12, 2033. The City has the right to prepay the lease at any time. The outstanding balance as of June 30, 2025 is $6,446,911. 69

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
B. Governmental Activities – Finance Purchase Agreements (Direct Borrowings), Continued On July 1, 2016, the City entered into an agreement with Ray Morgan Company (RMC) for the purpose leasing a City Hall copy machine in the amount of $159,000. The monthly payments begin July 1, 2016 with a final maturity date of June 1, 2023. On May 17, 2021, the City re-entered into an agreement with RMC for the purpose leasing a City Hall copy machine in the amount of $98,265. The agreement has no stated interest rate and the monthly payments are $2,075. Payments are split between the governmental and business-type funds. The outstanding balance of the finance purchase obligation as of June 30, 2025 related to the governmental funds was $18,015.

On May 1, 2024, the City entered into an agreement with Wells Fargo Vendor Financial Services, LLC for the purpose of leasing multiple copiers for the Police Department in the amount of $31,140. The monthly payments begin June 30, 2024 with a final maturity date of April 30, 2029. The agreement has no stated interest rate and the monthly payments are $529 respectively. The outstanding balance of the finance purchase obligation as of June 30, 2025 was $23,874.

On July 1, 2016, the City entered into an agreement with Ray Morgan Company (RMC) for the purpose leasing a Public Works copy machine in the amount of $50, 190. The monthly payments begin July 1, 2016 with a final maturity date of June 1, 2023. On May 18, 2021, the City re-entered into an agreement with RMC for the purpose leasing a Public Works copy machine in the amount of $8,127. The agreement has no stated interest rate and the monthly payments are $645. Payments are split between the governmental and business-type funds. The outstanding balance of the finance purchase obligation as of June 30, 2025 related to the governmental funds was $1,481.

On April 5, 2024. The City entered into an agreement with Wells Fargo Vendor Financial Services, LLC for the purpose of leasing a copy machine for the Fire Department in the amount of $6,360. The first monthly payment was made on April 30, 2024. The monthly payments are $106. The outstanding balance of the finance purchase obligations as of June 30, 2025 was $4,770.

On September 25, 2019, the City entered into an agreement with Dell Financial Services for the purpose of providing services, software and hardware in the amount of $160,114. The first payment was due November 1, 2019. The agreement has an interest rate of 4.13% and the monthly payments are $2,948. The finance purchase obligation was paid off as of June 30, 2025.

On December 1, 2019, the City entered into an agreement with Enterprise to lease 3 vehicles for the Police Department in the amount of $55,472. The first monthly payment was made in January 2020. The monthly payment is $924.16. Subsequently, on August 14, 2020, the City entered into an additional agreement with Enterprise to lease 2 additional vehicles for the Police Department. The monthly payment is $1,241.92. On August 1, 2023, and April 1, 2024, the city entered into an additional agreement with Enterprise to lease 4 additional vehicles for the Police Department. The monthly payment is $1,004 to $1,131. The outstanding balance of the finance purchase obligations as of June 30, 2024, was $358,629.

On August 3, 2020, the City entered into an agreement with Image 200 to lease a copier for the Fire Department in the amount of $16,200. The first monthly payment was made in October 2020. The monthly payments are $270. On April 25, 2025, the City entered into an agreement with Image 200 to lease a copier for the Fire Department with the same amount of $16,200. The outstanding balance of the finance purchase obligation as of June 30, 2025 was $15,930.
70

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
C. Long-Term Debt Amortization -Governmental Activities On October 1, 2021, the City entered into a government obligation contract with KS State Bank for the purpose of providing construction services of purchasing trailer-mount hot box in the amount of $48,729.54. The contract payment each year is $10,956. The outstanding balance of the government obligation contract as of June 30, 2025 was $10,315.

On October 16, 2023, the City entered into a Measure R cooperative agreement with Tulare County Association of Governments to receive $1,000,000 advance Local Measure R fund allocation. The City needs to pay back $100,000 annually for 10 years starting in FY2025. The outstanding balance of the agreement as of June 30, 2025 was $900,000.

On July 15, 2024. The City entered into an with Axon to lease the Taser hardware and software for the Police Department in the amount of $125,554. The first monthly payment was made in July 2024. The monthly payments are $2,464. The outstanding balance of the finance purchase obligation as of June 30, 2025 was $95,988.

The annual requirements to amortize long-term debt outstanding at June 30, 2025 (other than compensated absences) are as follows:

Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 510,000 $ 218,212 $ 728,212
2027 525,000 198,806 723,806
2028 545,000 178,744 723,744
2029 570,000 157,838 727,838
2030 590,000 136,088 726,088
2031-2035 2,320,000 359,925 2,679,925
2036-2039 925,000 75,700 1,000,700
$ 5,985,000 $ 1,325,313 $ 7,310,313
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 265,000 $ 143,750 $ 408,750
2027 280,000 132,850 412,850
2028 290,000 121,450 411,450
2029 300,000 111,150 411,150
2030 310,000 102,000 412,000
2031-2035 1,690,000 362,850 2,052,850
2036-2038 1,555,000 94,725 1,649,725
$ 4,690,000 $ 1,068,775 $ 5,758,775
2016 DFA Lease Revenue Refunding Bonds
2012 DFA Lease Revenue Refunding Bonds
71

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
C. Long-Term Debt Amortization -Governmental Activities, Continued Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 96,123 $ 29,594 $ 125,717
2027 101,167 24,551 125,718
2028 106,475 19,242 125,717
2029 112,062 13,655 125,717
2030 179,214 9,363 188,577
$ 595,041 $ 96,405 $ 691,446
Site and Facility
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 471,541 $ 265,396 $ 736,937
2027 536,023 244,958 780,981
2028 605,475 221,764 827,239
2029 680,220 195,604 875,824
2030 760,599 166,253 926,852
2031-2034 3,393,053 298,919 3,691,972
$ 6,446,911 $ 1,392,894 $ 7,839,805
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 18,015 - $ 18,015
$ 18,015 $ - $ 18,015
RMC City Hall Copier
Solar Energy
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 3,240 $ - $ 3,240
2027 3,240 - 3,240
2028 3,240 - 3,240
2029 3,240 - 3,240
2030 2,970 - 2,970
$ 15,930 $ - $ 15,930
DeLange Fire Department
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 6,228 $ - $ 6,228
2027 6,228 - 6,228
2028 6,228 - 6,228
2029 5,190 - 5,190
$ 23,874 $ - $ 23,874
Wells Fargo Police Department Copier
72

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
C. Long-Term Debt Amortization -Governmental Activities, Continued Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 1,481 $ - $ 1,481
$ 1,481 $ - $ 1,481
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 135,394 $ 35,482 $ 170,876
2027 109,108 30,115 139,223
2028 103,763 24,927 128,690
2029 10,364 2,863 13,227
$ 358,629 $ 93,387 $ 452,016
RMC Public Works Copier
Enterprise Car
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 1,272 $ - $ 1,272
2027 1,272 - 1,272
2028 1,272 - 1,272
2029 954 - 954
$ 4,770 $ - $ 4,770
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 10,315 $ 642 $ 10,957
$ 10,315 $ 642 $ 10,957
IM 350F Fire Department Copier
Hotbox
73

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
C. Long-Term Debt Amortization -Governmental Activities, Continued Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 100,000 $ - $ 100,000
2027 100,000 - 100,000
2028 100,000 - 100,000
2029 100,000 - 100,000
2030 100,000 - 100,000
2031-2034 400,000 - 400,000
$ 900,000 $ - $ 900,000
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 30,750 $ - $ 30,750
2027 31,980 - 31,980
2028 33,258 - 33,258
$ 95,988 $ - $ 95,988
TCAG
Axon
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 1,649,359 $ 693,076 $ 2,342,435
2027 1,694,018 631,280 2,325,298
2028 1,794,711 566,127 2,360,838
2029 1,782,030 481,110 2,263,140
2030 1,942,783 413,703 2,356,486
2031-2035 7,803,054 1,021,694 8,824,748
2036-2039 2,480,000 170,425 2,650,425
19,145,955 $ 3,977,415 $ 23,123,370
Net Premium (Discount) (49,188)
Grand Total
Governmental Activities $ 19,096,767
74

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
D. Business-Type Activities
Finance Purchase Agreements (Direct Borrowing)
On July 1, 2016, the City entered into an agreement with Ray Morgan Company (RMC) for the purpose leasing a City Hall copy machine in the amount of $159,000. The monthly payments begin July 1, 2016 with a final maturity date of June 1, 2021. On May 17, 2021, the City re-entered into an agreement with RMC for the purpose leasing a City Hall copy machine in the amount of $26, 150. The agreement has no stated interest rate and the monthly payments are $2,075. Payments are split between the governmental and business-type funds. The outstanding balance of the finance purchase obligation as of June 30, 2025 related to the business-type funds was $5,247.

On July 1, 2016, the City entered into an agreement with Ray Morgan Company (RMC} for the purpose leasing a Public Works copy machine in the amount of $50, 190. The monthly payments begin July 1, 2016 with a final maturity date of June 1, 2021. On May 18, 2021, the City re-entered into an agreement with RMC for the purpose leasing a Public Works copy machine in the amount of $30,574. The agreement has no stated interest rate and the monthly payments are $645. Payments are split between the governmental and business-type funds. The outstanding balance of the finance purchase obligation as of June 30, 2025 related to the business-type funds was $6,081.

On December 1, 2019, the City entered into an agreement with Leasing 2, Inc for the purpose of leasing a PipeHunter VacHunter excavator in the amount of $174,830. The first payment was due June 1, 2020. The agreement has an interest rate of 3.77%. The outstanding balance of the finance purchase obligation as of June 30, 2025 was $27,336.

On March 16, 2020, the City entered into an agreement with RJMS Corporation for the purpose of leasing a Toyota Madvac Litter Vacuum in the amount of $50,332. The first payment was due April 8, 2020. The agreement has a total finance charge of $7,312. The finance purchase obligation was paid off as of June 30, 2025.

On September 18, 2020, the City entered into an agreement with PNC Equipment Finance, LLC (Lessor) for the purpose of financing the purchase of 75 Golf Carts in the amount of $280,512. The monthly payments begin January 1, 2021 with a final maturity date of January 1, 2025. The agreement has no stated interest rate and the monthly payments are $5,844. The finance purchase obligation was paid off as of June 30, 2025.

On February 1, 2021, the City entered into an agreement with PNC Equipment Finance, LLC (Lessor) for the purpose of financing the purchase of utility equipment in the amount of $144,642. The monthly payments begin March 1, 2021 with a final maturity date of March 1, 2026. The agreement has interest rate of 5.017% and the monthly payments are $2,331. The outstanding balance of the finance purchase obligation as of June 30, 2025 was $44,627.

On March 7, 2024, the City entered into an agreement with PNC Equipment Finance, LLC (Lessor) for the purpose of financing the purchase of Workman MDX in the amount of $188,581. The monthly payments begin June 1, 2024 with a final maturity date of May 1, 2029. The agreement has no stated interest rate and the monthly payments are $3,143. The outstanding balance of the finance purchase obligation as of June 30, 2025 was $153,122.
75

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
D. Business-Type Activities, Continued
On June 30, 2022, the City entered into an agreement with PNC Equipment Finance, LLC (Lessor) for the purpose of financing the purchase of Golf Cart EZ #12 in the amount of $9,556. The monthly payments begin July 1, 2022 with a final maturity date of December 1, 2026. The agreement has no stated interest rate and the monthly payments are $228. The outstanding balance of the finance purchase obligation as of June 30, 2025 was $1,366.

On November 22, 2024, the City entered into an agreement with PNC Equipment Finance, LLC (Lessor) for the purpose of financing the purchase of Golf Haulers in the amount of $80,782. The monthly payments begin December 1, 2024 with a final maturity date of December 1, 2028. The agreement has no stated interest rate and the monthly payments are $1,683. The outstanding balance of the finance purchase obligation as of June 30, 2025 was $69,001.

On December 22, 2024, the City entered into an agreement with PNC Equipment Finance, LLC (Lessor) for the purpose of financing the purchase of Golf Mowers in the amount of $55,123. The monthly payments begin January 1, 2025 with a final maturity date of January 1, 2030. The agreement has no stated interest rate and the monthly payments are $919. The outstanding balance of the finance purchase obligation as of June 30, 2025 was $49,122.
2012 Wastewater Revenue Refunding Bonds (Public Offering) On November 7, 2012, the City issued $8,145,000 of Series 2012 Wastewater Revenue Refunding Bonds.

The bonds were issued to refund $3,005,000 of outstanding 1998A Refunding Certificates of Participation, $3,845,000 of outstanding 2008 Lease Revenue Bonds, fund a reserve fund, and pay the costs of issuance.

These bonds will be payable from and secured by net revenues and certain funds and accounts of the City's wastewater system.

The bonds consist of $1,880,000 of service bonds at an interest rate of 2% and maturing between 2014 and 2020. The issue also includes $6,265,000 of term bonds with interest rates ranging from 2.50% to 5.00% and maturing between 2022 and 2038. Interest is payable semi-annually each March 1 and September 1.

Principal is due annually each September 1.

The outstanding principal balance of the bonds as of June 30, 2025 was $4,470,000. The City advance refunded the 1998A Refunding Certificates of Participation of the 2008 Lease Revenue Bonds to reduce its total debt service over the next 25 years by $416,788 and $869,754, respectively. These refunding's also provided an economic gain of $311,941 and $561,370, respectively. 76

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
D. Business-Type Activities, Continued
2019 Wastewater Revenue Refunding Bonds (Private Placement) On November 1, 2019, the City issued $2,360,000 of Series 2019 Wastewater Revenue Refunding Bonds.

The bonds were issued to refund $2,430,000 of outstanding 2007 DFA Wastewater System Revenue Bonds and $110,777 of the proceeds is to pay the cost of issuance.

These bonds will be payable from and secured by net revenues and certain funds and accounts of the City's wastewater system.

The bonds have an interest rate of 2.66% and maturing between 2020 and 2038. Interest is payable semiannually each March 1 and September 1, commencing on March 1, 2020. Principal is due annually each September 1.

The outstanding principal balance of the bonds as of June 30, 2025 was $1,808,000.

Water Notes Payable (Direct Borrowing)
The State of California Department of Water Resources granted a loan to the Water Fund of the City for construction of water facilities in the amount of $7,462,450. Of this amount, $6,956,217 was drawn down from the State. The note calls for semiannual payments of $224, 125 including interest at 2.60% until January 2029. The balance at June 30, 2025 is $1,892,026.

Lease Liability (Golf Cart)
On December 1, 2024, the City entered into a lease as Lessee for the use of Golf Cart and the lease end date was on November 30, 2028. An initial lease liability was recorded in the amount of $438,197 on December 1, 2024. As of June 30, 2025, the value of the lease liability is $376,576. The City is required to make monthly fixed payments of $9,675. The lease has an interest rate of 3%. 77

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
E. Long-Term Debt Amortization - Business-type Activities The annual requirements to amortize enterprise long-term debt outstanding at June 30, 2025 are as follows:

Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 26,328 $ 1,644 $ 27,972
2027 18,299 349 18,648
$ 44,627 $ 1,993 $ 46,620
Utility Vehicle
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 5,247 $ - $ 5,247
$ 5,247 $ - $ 5,247
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 6,081 $ - $ 6,081
$ 6,081 $ - $ 6,081
RMC City Hall Copier
RMC Public Works Copier
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 20,195 $ - $ 20,195
2027 20,195 - 20,195
2028 20,195 - 20,195
2029 8,416 - 8,416
$ 69,001 $ - $ 69,001
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 11,025 $ - $ 11,025
2027 11,025 - 11,025
2028 11,025 - 11,025
2029 11,025 - 11,025
2030 5,022 - 5,022
$ 49,122 $ - $ 49,122
Golf Haulers #14
Golf Mower #16
78

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
E. Long-Term Debt Amortization - Business-type Activities, Continued

Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 475,000 $ 178,531 $ 653,531
2027 500,000 160,250 660,250
2028 520,000 141,125 661,125
2029 535,000 121,344 656,344
2030 205,000 107,469 312,469
2031-2035 1,135,000 409,500 1,544,500
2036-2039 1,100,000 113,250 1,213,250
$ 4,470,000 $ 1,231,469 $ 5,701,469
2012 Lease Revenue Bonds
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 401,652 $ 46,598 $ 448,250
2027 412,161 36,088 448,249
2028 422,948 25,302 448,250
2029 434,016 14,234 448,250
2030 221,249 2,876 224,125
$ 1,892,026 $ 125,098 $ 2,017,124
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 27,336 $ 1,031 $ 28,367
$ 27,336 $ 1,031 $ 28,367
2005 Water Note Payable
Pipehunter Excavator
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 106,256 $ 9,844 $ 116,100
2027 109,488 6,612 116,100
2028 112,818 3,282 116,100
2029 48,014 361 48,375
$ 376,576 $ 20,099 $ 396,675
Lease Liability (Golf Cart)
79

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
E. Long-Term Debt Amortization - Business-type Activities, Continued Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 1,366 $ - $ 1,366
$ 1,366 $ - $ 1,366
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 37,716 $ - $ 37,716
2027 37,716 - 37,716
2028 37,716 - 37,716
2029 39,974 - 39,974
$ 153,122 $ - $ 153,122
Golf Cart EZ #12
Golf Workman MDX
Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 119,000 $ 46,510 $ 165,510
2027 122,000 43,305 165,305
2028 125,000 40,020 165,020
2029 127,000 36,668 163,668
2030 133,000 33,210 166,210
2031-2035 711,000 110,912 821,912
2036-2038 471,000 18,926 489,926
$ 1,808,000 $ 329,551 $ 2,137,551
2019 Wastewater Refunding Bond
80

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. LONG-TERM LIABILITIES, Continued
E. Long-Term Debt Amortization - Business-type Activities, Continued

10. LEASES
The City implemented GASB Statement No. 87 in the fiscal year ended June 30, 2022. The primary objective of this statement is to enhance the relevance and consistency of information about governments' leasing activities. This statement establishes a single model for lease accounting based on the principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources. For additional information, refer to the disclosures below.

Leases Receivable and Deferred Inflows of Resources
The City entered into a 60 month-lease as Lessor for the use of a building at 920 College Ave. An initial lease receivable was recorded in the amount of $96,558. As of June 30, 2025, the value of the lease receivable is $19,312. The lessee is required to make monthly fixed payments of $1,609. The lease has no interest rate. The value of the deferred inflow of resources as of June 30, 2025 was $19,312, and the City recognized lease revenue of $19,312 during the fiscal year.

The City entered into a 21 month-lease as Lessor for the use of a building at 1390 E Elizabeth. An initial lease receivable was recorded in the amount of $37,497. As of June 30, 2025, the value of the lease receivable is $18,847. The lessee is required to make quarterly payments ranging from $4,695 to $4,930. The lease has an interest rate of 3.0%. The value of the deferred inflow of resources as of June 30, 2025 was $18,335, and the City recognized lease revenue of $18,335 during the fiscal year.

The City entered into a 95 month-lease as Lessor for the use of a building at 920 College Ave A. An initial lease receivable was recorded in the amount of $36,987. As of June 30, 2025, the value of the lease receivable is $21,224. The lessee is required to make monthly fixed payments of $400. The lease has an interest rate of

3.0%. The value of the deferred inflow of resources as of June 30, 2025 was $20,000, and the City recognized lease revenue of $4,227 during the fiscal year.

Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 1,237,201 $ 284,158 $ 1,521,359
2027 1,230,884 246,604 1,477,488
2028 1,249,702 209,729 1,459,431
2029 1,203,445 172,607 1,376,052
2030 564,271 143,555 707,826
2031-2035 1,846,000 520,412 2,366,412
2036-2038 1,570,992 132,176 1,703,168
8,902,495 $ 1,709,241 $ 10,611,736
Net Premium (Discount) 28,609
Grand Total Business-type
Activities $ 8,931,104
Total Business-type Activities
81

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

10. LEASES, Continued
The City entered into a 51 month-lease as Lessor for the use of land. An initial lease receivable was recorded in the amount of $26,467. As of June 30, 2025, the value of the lease receivable is $5,373. The lessee is required to make monthly fixed payments of $1,800. The lease has an interest rate of 3.0%. The value of the deferred inflow of resources as of June 30, 2025 was $5,076, and the City recognized lease revenue of $20,305 during the fiscal year.

The principal and interest payments that are expected to maturity are as follows:

The City entered into a 38 month-lease as Lessor for the use of a building at 180 W Merced. An initial lease receivable was recorded in the amount of $52,903. As of June 30, 2025, the value of the lease receivable is $0.

The lessee is required to make monthly fixed payments of ranging from #1,379 to $1,506. The lease has an interest rate of 3.0%. The value of the deferred inflow of resources as of June 30, 2025 was $0, and the City recognized lease revenue of $2,731 during the fiscal year.

Fiscal Year
Principal
Payments
Interest
Payments
Total
Payments
2026 $ 47,753 $ 918 $ 48,671
2027 4,349 451 4,800
2028 4,481 319 4,800
2029 4,618 182 4,800
2030 3,554 45 3,599
Total $ 64,755 $ 1,915 $ 66,670
Total Governmental Activities
82

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. PENSION PLAN
Plan Description
All qualified permanent and probationary employees are eligible to participate in the Public Agency CostSharing 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 safety risk pool (police and fire) and a miscellaneous risk pool (all other). Plan assets may be used to pay benefits for any employer rate plan of the safety and miscellaneous risk pools. Accordingly, rate plans within the safety or miscellaneous pools are not separate plans under GASB Statement No. 68. Individual employers may sponsor more than one rate plan in the miscellaneous or safety risk pools. The Agency sponsors 2 rate plans (1 miscellaneous and 1 safety). Benefit provisions under the Plan are established by State statute and Agency resolution. CalPERS issues publicly available reports that included a full description of the pension plan regarding benefit provisions, assumptions, and membership information that can be found on the CalPERS website.

Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees' Retirement Law.

The rate plan provisions and benefits in effect at June 30, 2025, are summarized as follows:

Tier 1* PEPRA
Hire Date Prior to
January 1, 2013
On or after
January 1, 2013
Benefit formula 2% @ 55 2% @ 62
Benefit Vesting Schedule 5 years service 5 years service Benefit payments Monthly for life Monthly for life
Retirement Age Minimum 50 years Minimum 50 years
Monthly benefits, as a % of eligible
compensation 1.426% to 2.418% 1.0% to 2.5%
Required employee contribution
rates 7.00% 6.25%
Required employer normal
contribution rates 12.52% 7.87%
Required employer UAL
contributions $1,052,306 $6,901
Miscellaneous Cost-Sharing Rate Plans
83

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. PENSION PLAN, Continued
Contribution Description
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 plan contributions are determined through the CalPERS' annual actuarial valuation process. For public agency cost-sharing plans covered by either the Miscellaneous or Safety risk pools, the Plan's 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.

For the year ended June 30, 2025, the employer contributions recognized as a reduction to the net pension liability for the Plan were $1,562,380 for Miscellaneous and $2,382,470 for Safety.

Pension Liabilities, Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions
As of June 30, 2025, the City reported net pension liabilities for its proportionate shares of the net pension liability of the Plan as follows:

Tier 1* PEPRA
PEPRA
Fire
Hire Date Prior to
January 1, 2013
On or after January
1, 2013
On or after January
1, 2013
Benefit formula
Benefit Vesting Schedule 5 years service 5 years service 5 years service Benefit payments Monthly for life Monthly for life Monthly for life Retirement Age Minimum 50 years Minimum 50 years Minimum 50 years Monthly benefits, as a % of eligible
compensation 2.4% to 3.0% 2.0% to 2.7% 2.0% to 2.7%
Required employee contribution
rates

9.00% 12.00% 12.00%
Required employer contribution
rates

21.30% 13.76% 13.76%
Required employer UAL
contributions $1,435,631 $10,379 $6,037
Safety Cost-Sharing Rate Plans
Miscellaneous Plan $ 12,196,617
Safety Plan 15,016,328
Total Plan Net Pension Liability $ 27,212,945
Proportionate Share of Net Pension Liability/(Asset)
84

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. PENSION PLAN, Continued
The City's net pension liability for the Plan is measured as the proportionate share of the net pension liability.

The net pension liability of the Plan is measured as of June 30, 2024, 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, 2023 rolled forward to June 30, 2024, 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 the pension plan relative to the projected contributions of all participating employers, actuarially determined.

The City's proportionate share of the net pension liability for the City's Miscellaneous Rate Plan as of the June 30, 2023 and 2024 measurement dates were as follows:

The City's proportionate share of the net pension liability for the City's Safety Rate Plan as of June 30, 2023 and 2024 measurement dates were as follows:

For the year ended June 30, 2025, the City recognized a total pension expense of $2,259,935 for the Miscellaneous Plan and pension expense of $3,378,474 for the Safety Plan.

Miscellaneous Plan
Proportion - June 30, 2023 0.24688%
Proportion - June 30, 2024 0.25217%
Change - Increase (Decrease) 0.00529%
Safety Plan
Proportion - June 30, 2023 0.20664%
Proportion - June 30, 2024 0.20596%
Change - Increase (Decrease) -0.00068%
85

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. PENSION PLAN, Continued
At June 30, 2025, the City reported deferred outflows and deferred inflows of resources related to the plans as follows:

The $1,562,380 for the Miscellaneous Plan and the $2,382,470 for the Safety Plan, 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, 2026. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Deferred Outflows
of Resources
Deferred Inflows of
Resources
Pension contributions subsequent to
measurement date $ 3,944,850 $ - Change of Assumptions 683,449 - Difference between Expected and Actual Experiences
2,279,975 80,991
Changes in employer's proportion 79,219 214,801
Differences between the employer's
contribution and the employer's
proportionate share of contributions
700,071 176,607
Net Difference between Projected and Actual
Earnings on Pension Plan Investments 1,427,966 - $ 9,115,530 $ 472,399 Fiscal Year
Ended June 30: Total
2026 $ 1,680,582
2027 3,431,063
2028 75,596
2029 (488,960)
$ 4,698,281
86

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. PENSION PLAN, Continued
Actuarial Methods and Assumptions Used to Determine Total Pension Liability For the measurement period ended June 30, 2024, the total pension liability was determined by rolling forward the June 30, 2023 total pension liability. The June 30, 2023 and the June 30, 2024 total pension liabilities were based on the following actuarial methods and assumptions:

Discount Rate
Discount Rate – The discount rate used to measure the total pension liability as of the measurement date of June 30, 2024 for the Plan 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.

A detailed report testing these projections can be obtained from the CalPERS website.

In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated and, combined with risk estimates, are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return.

Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each PERF C fund. The expected rate of return was set by calculating the 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 rounded down to the nearest one quarter of one percent.

Actuarial Costs Method Entry Age Normal in accordance with the requirements of GASB Statement No. 68
Actuarial Assumptions
Discount Rate 6.90%
Inflation 2.30%
Salary Increases Varies by Entry Age and Service
Mortality Rate Table (1) Derived using CalPERS' Membership Data for all Funds
Post Retirement Benefit Increase
Contract COLA up to 2.30% until
Purchasing Power Protection Allowance
Floor on Purchasing Power applies
(1) The mortality table was developed based on CalPERS-specific data. The rates incorporate Generational Mortality to capture ongoing mortality improvement using 80% of Scale MP 2020 published by the Society of Actuaries. For more details, please refer to the 2021 experience study report that can be found on the CalPERS website.
87

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. PENSION PLAN, Continued
The table below reflects long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation.

Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the City's proportionate share of the net pension liability for the Plan, calculated using the discount rate for the Plan, as well as what the City's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1 % point lower or 1 % point higher than the current rate:

12. OTHER POST-EMPLOYMENT BENEFITS (OPEB)
Pension Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in the separately issued CalPERS financial reports. See CalPERS website for additional information.

Asset Class
Current
Target
Allocation
Real
Return(1)(2)
Global equity - cap-weighted 30.0% 4.45%
Global equity non-cap-weighted 12.0% 3.84%
Private Equity 13.0% 7.28%
Treasury 5.0% 0.27%
Mortgage-backed Securities 5.0% 0.50%
Investment Grade Corporates 10.0% 1.56%
High Yield 5.0% 2.27%
Emerging Market Debt 5.0% 2.48%
Private Debt 5.0% 3.57%
Real Assets 15.0% 3.21%
Leverage -5.0% -0.59%
1 An expected inflation of 2.3% used for this period
2 Figures are based on the 2021-2022 Asset Liability Management study Plan
Discount Rate
- 1%

5.90%
Current
Discount

6.90%
Discount Rate
+1%

7.90%
Miscellaneous Plan $ 18,505,354 $ 12,196,617 $ 7,003,598 Safety Plan 23,023,950 15,016,328 8,467,216
Total $ 41,529,304 $ 27,212,945 $ 15,470,814
Proportionate Share of Net Pension Liability/(Asset)
88

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

12. OTHER POST-EMPLOYMENT BENEFITS (OPEB), Continued
Description of the Plan
The City sponsors and administers a single-employer health care plan (HC Plan) for its employees. The plan provides medical, dental and vision plan coverage. Medical coverage is provided through CalPERS under the Public Employees' Medical and Hospital Care Act (PEMHCA), also referred to as PERS Health. Children are eligible for coverage until age 26.

As the City's OPEB benefits are administered by City personnel, no separate financial statements are issued.

The City participates in the CalPERS Health Program, a community-rated program for its medical coverage.

Employees Covered
As of the June 30, 2023 actuarial valuation, the following current and former employees were covered by the benefit terms under the Plan:

Contributions
The HC Plan and its contribution requirements are established by Memoranda of Understanding with the applicable employee bargaining units and may be amended by agreements between the City and the bargaining units. The City is funding the benefits as a "Pay-as-you-go", meaning the City only contributes the required benefits when due. Total contributions were $825,752, which include the City's cash contributions of $684,756 and implied subsidy of $140,996.

Total OPEB Liability
The City's Total OPEB liability was measured as of June 30, 2024 and the total OPEB liability used to calculate the total OPEB liability was determined by an actuarial valuation dated June 30, 2023, based on the following actuarial methods and assumptions:

Changes of Assumptions
Discount rate changed from 3.86% as of June 30, 2023 to 3.93% as of June 30, 2024, based on the published change in return for the applicable municipal bond index.

Active 56
Inactive employees or beneficiaries currently receiving benefits 33 89 Actuarial Cost Method Entry Age Normal
Actuarial Assumptions
Discount Rate 3.93% at June 30, 2024 Bond Buyer Index

3.86% at June 30, 2023 Bond Buyer Index
Inflation 2.50%
Salary Increase 3.00% per year
Mortality CalPERS 2021 Experience Study
Medical Trend 6.5% in 2025, grading down to 3.9% by 2075 89

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

12. OTHER POST-EMPLOYMENT BENEFITS (OPEB), Continued
Discount Rate
The discount rate used to measure the total OPEB liability was 3.93 percent. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribution rates. The City does not participate in a trust fiduciary fund.

Changes in the OPEB Liability
The changes in the Total OPEB liability for the HC Plan are as follows:

Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the City if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:

Sensitivity of the total OPEB Liability to Changes in the Health Care Cost Trend Rates The following presents the total OPEB liability of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:

Increase (Decrease)
Total OPEB Liability
Balance at June 30, 2024 (measurement date 06/30/2023) $ 20,690,755 Changes recognized over the measurement period:

Service Cost 606,904
Interest 809,653
Change of assumptions (216,079)
Difference between expected and actual experience 74,102 Benefit Payments (644,386)
Net Changes 630,194
Balance at June 30, 2025 (measurement date 06/30/2024) $ 21,320,949 1% Increase
(2.93%)
Current
Discount Rate
(3.93%)
1% Increase
(4.93%)
Total Net OPEB Liability 24,742,497 $ $ 21,320,949 $ 18,561,548 1% Decrease
Current
Healthcare
Cost Trend Rates 1% Increase
Total Net OPEB Liability 18,087,908 $ $ 21,320,949 $ 25,448,908 90

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

12. OTHER POST-EMPLOYMENT BENEFITS (OPEB), Continued
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2025, the City recognized OPEB expense (income) of $(490,303) as of fiscal year ended June 30, 2025, the City reported deferred outflows of resources related to OPEB from the following sources:

The $825,752 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2024 measurement date will be recognized as a reduction of the Total OPEB Liability during the fiscal year ending June 30, 2026. Other amounts reported as deferred outflows or deferred inflows of resources related to OPEB will be recognized as OPEB expense as follows:

13. DEFERRED COMPENSATION
The City has established a Deferred Compensation Plan and Trust as provided in Section 457 of the Internal Revenue Code of 1986, as amended. The City, acting as trustee of this plan, has agreed to perform its services as trustee in accordance with, and, as necessary, limited to comply with, applicable law. All amounts of compensation deferred pursuant to the plan, all property and rights purchased with such amounts, and all income attributable to such amounts, property or rights shall be held in trust for the exclusive benefit of participants and beneficiaries under the plan.

14. RISK MANAGEMENT/JOINT VENTURE
The City's risk management activities are recorded in the internal service fund. The purpose of the fund is to administer the employee life, health, property and liability, and workers' compensation insurance programs of the City.

Deferred Outflows
of Resources
Deferred Inflows of
Resources
OPEB Contributions subsequent to
the measurement date $ 825,752 $ - Changes of assumptions 1,838,587 4,937,531 Differences between expected and
actual experiences 62,113 3,590,199
$ 2,726,452 $ 8,527,730
Fiscal Year
ended June 30:

Deferred
Outflows/(Inflows of
Resources
2026 $ (1,906,860)
2027 (1,906,860)
2028 (1,793,493)
2029 (1,128,409)
2023 3,253
Thereafter 105,339
$ (6,627,030)
91

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

14. RISK MANAGEMENT/JOINT VENTURE, Continued
The City participates with other public entities in a joint venture under a joint powers agreement which establishes the Central San Joaquin Valley Risk Management Authority (CSJVRMA). The relationship between the City and CSJVRMA is such that CSJVRMA is not a component unit of the City for financial reporting purposes.

The City is covered for the first $1,000,000 of each general liability claim and $500,000 of each worker's compensation claim through the CSJVRMA. The City has the right to receive dividends or the obligation to pay assessments based on a formula which among other expenses, charges the City's account for liability losses under $50,000 and workers' compensation losses under $50,000. The CSJVRMA purchases excess reinsurance from $1,000,000 to $40,000,000. The CSJVRMA participates in an excess pool which provides Workers' Compensation coverage for $500,000 and purchases excess reinsurance above $4,500,000 to the statutory limit.

The CSJVRMA is a consortium of fifty-five (55) cities in San Joaquin Valley, California. It was established under the provisions of California Government Code Section 6500 et seq. The CSJVRMA is governed by a Board of Directors, which meets three times per year, consisting of one member appointed by each member city. The day-to-day business is handled by a management group employed by the CSJVRMA. The financial statements of CSJVRMA can be obtained at 1831 K Street, Sacramento, California 95814.

The most recent financial position and results of operations for the CSJVRMA as of June 30, 2025 are presented below:

At the termination of the joint powers agreement and after all claims have been settled, any excess or deficit will be divided among the cities in accordance with its governing documents.

The City is self-insured for health insurance for its employees. Each department and division is charged an actuarially determined amount for health insurance expenses based on its employees. All claims are administered by an independent insurance processor; the City is responsible for reimbursing the company for all claims up to $50,000 per covered individual, with any expenses greater than that being covered by the insurance provider.

The claims liability of $50,000 for health insurance at June 30, 2025 is based on the requirements of Governmental Accounting Standards Board Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. The claims liability was estimated from the average amount of claims paid per lag reports provided by the administrator. Settlements have not exceeded coverages for each of the past three fiscal years.

Total Assets $ 179,635,612
Total Liabilities 144,400,470
Total Net Position 35,253,142
Total Liabilities and Net Position 179,653,612
Revenues for Fiscal Year 95,596,916
Expenses for Fiscal Year 94,324,180
Change in Position $ 1,272,736
92

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

14. RISK MANAGEMENT/JOINT VENTURE, Continued
Changes in health claim liabilities at June 30, 2025 and 2024, were as follows:

15. COMMITMENTS
The City is committed to pay the local Chamber of commerce 40% of the annual business license fees collected.

For the fiscal year ended June 30,2025 this amount is approximately $114,002. The budgeted amount for fiscal year June 30, 2025 is $109,954.

16. CONTINGENT LIABILITIES
Amounts received or receivable from granting agencies are subject to audit and adjustment by granter agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures that may be disallowed by the granter cannot be determined at this time, although the government expects such amounts, if any, to be immaterial.

The City is subject to various lawsuits and claims involving public liability and other actions incidental to the ordinary course of City operations. In the aggregate, those claims seek monetary damages in significant amounts. To the extent the outcome of such litigation may be determined to result in financial loss to the City, in the opinion of City management, any potential liability for these actions is adequately provided for in the basic financial statements. The timing of potential payment of such losses cannot presently be determined.

17. TAX ABATEMENTS
The City entered into an operating covenant agreement with a retailer of consumer electronic goods in 2015.

The City agreed to rebate quarterly 50% of sales tax revenues attributable to online taxable sales. This agreement qualifies as tax abatement under the provisions of GASB Statement 77. However, due to legal restrictions per the California Revenue and Taxation Code Section 7056, additional disclosures cannot be provided.

The City entered into a professional services agreement with a consultant to provide specialized legal and sales tax expertise and information services to the City. The consultant will also assist in any local sales tax audit or appeal with the California Department of Tax and Fee Administration (CDTFA). The City agreed to pay quarterly 20% of what the City retains from the aforementioned operating covenant agreement. This agreement qualifies as tax abatement under the provisions of GASB Statement 77. However, due to legal restrictions per the California Revenue and Taxation Code Section 7056, additional disclosures cannot be provided.
2025 2024
Liability - beginning of fiscal year 50,000$ 50,000$
Current year claims and changes in estimates 2,768,279 3,516,434 Claim payments (2,768,279) (3,516,434)
Liability - end of fiscal year 50,000$ 50,000$
93

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (SADRA)
On December 29, 2011, the California Supreme Court upheld AB X1 26 that provides for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City that previously had reported a redevelopment agency within the reporting entity of the City as a blended component unit.

AB X1 26 provides that upon dissolution of a redevelopment agency, either the city or another unit of local government will agree to serve as the "successor agency" to hold the assets until they are distributed to other units of state and local government. The City Council elected to become the Successor Agency for the former redevelopment agency in accordance with AB X1 26.

After enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the State of California cannot enter into new projects, obligations or commitments. Subject to the control of a newly established oversight board, remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution (including the completion of any unfinished projects that were subject to legally enforceable contractual commitments).

In future fiscal years, successor agencies will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the former redevelopment agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated.

AB X1 26 directs the State Controller of the State of California to review the propriety of any transfers of assets between redevelopment agencies and other public bodies that occurred after January 1, 2011. If the public body that received such transfers is not contractually committed to a third party for the expenditure or encumbrance of those assets, the State Controller is required to order the available assets to be transferred to the public body designated as the successor agency by AB X1 26.

In accordance with the timeline set forth in the Bill (as modified by the California Supreme Court on December 29, 2011) all redevelopment agencies in the State of California were dissolved and ceased to operate as a legal entity as of February 1, 2012. Prior to that date, the final seven months of the activity of the redevelopment agency continued to be reported in the Low-Moderate Income Housing, Tax Allocation and Redevelopment Agency governmental funds of the City. After the date of dissolution, the assets and activities of the dissolved redevelopment agency are reported in a fiduciary fund (private-purpose trust fund) in the financial statements of the City.
94

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (SADRA), Continued
A. Capital Assets Held by SADRA
B. Summary of SADRA's Long-Term Debt
2012 Subordinate Tax Allocation Refunding Bonds - On December 6, 2012, SADRA issued $1,700,000 Subordinate Tax Allocation Refunding Bonds bearing interest of 2.0% to 4.25% payable semi-annually on March 1 and September 1 commencing March 1, 2014. The bonds mature annually at various amounts through September 2039. The bonds are payable from and secured by incremental tax revenues. Bonds outstanding as of June 30, 2025 were $1,130,000.

The Bonds were issued to refinance the Agency's previously issued $1,370,000, 2009 Tax Allocation Notes.

As a result, the 2009 Tax Allocation Notes are considered to be defeased and the liability for those bonds have been removed from the long-term liabilities.

The aggregate debt service payments of the new debt is $1,406,600 more than the old debt.

After using funds remaining from the 2001 and 2003 issues, recognizing an original issue premium, paying costs of issuance, and paying an escrow agent for the refunding, the SADRA recognized a deferred loss on refunding in the amount of $495,141.

Balance
July 1, 2024 Additions
Balance
June 30, 2025
Capital assets, not depreciated:

Land $ 2,730,607 $ 2,730,607 - $
Total capital assets, not depreciated 2,730,607 2,730,607 - Capital assets, depreciated:

Buildings and structures 167,848 - 167,848
Total capital assets, depreciated 167,848 - 167,848
Less accumulated depreciation for:

Buildings and structures (138,829) (4,431) (143,260)
Total accumulated depreciation (138,829) (4,431) (143,260) Total capital assets, depreciated, net 29,019 (4,431) 24,588 Total capital assets, net $ 2,759,626 $ (4,431) $ 2,755,195 Balance
July 1, 2024 Deletions
Balance
June 30, 2025 Current Portion
Public Offerings:

Tax allocation Bonds $ 36,815,000 $ (1,285,000) $ 35,530,000 $ 1,745,000 Original issue premium 1,220,275 (127,745) 1,092,530 N/A Original issue discount (26,829) (1,744) (25,085) N/A
Total long-term liabilities, net $ 38,008,446 $ (1,414,489) $ 36,597,445 $ 1,745,000 95

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (SADRA), Continued
B. Summary of SADRA's Long-Term Debt, Continued
2015 Tax Allocation Refunding Bonds - On October 1, 2015, the Successor Agency to the Dinuba Redevelopment Agency issued $15,055,000 Tax Allocation Refunding Bonds bearing interest of 3% payable semi-annually on March 1 and September 1 commencing March 1, 2017. The bonds mature annually at various amounts through September 1, 2036. The bonds are payable from and secured by incremental tax revenues. Bonds outstanding as of June 30, 2025 were $9,425,000.

The Bonds were issued to refinance the outstanding amount ($4,440,000) of the Agency's previously issued 2005 Tax Allocation Refunding Bonds and outstanding amount ($11,375,000) of the Agency's 2006 Tax Allocation Refunding Bonds. As a result, the 2005 Tax Allocation Refunding Bonds are considered to be defeased and the liability for the bonds have been removed from the long-term liabilities of the Private Purpose Trust Fund.

As a result of this refunding, the SADRA recognized a deferred loss on refunding in the amount of $828,923.
2017 Tax Allocation Refunding Bonds - On February 22, 2017, the Successor Agency to the Dinuba Redevelopment Agency issued $18,875,000 Tax Allocation Refunding Bonds bearing interest of 2%-4% payable semi-annually on March 1 and September 1 commencing September 1, 2017. The bonds mature annually at various amounts through September 1, 2041. The bonds are payable from and secured by incremental tax revenues. Bonds outstanding as of June 30, 2025 were $15,740,000.

The Bonds were issued to refinance the outstanding amount ($3,000,000) of the Agency's previously issued 2006 Tax Allocation Refunding Bonds, outstanding amount ($10,365,000) of the Agency's previously issued 2011A Tax Allocation Refunding Bonds and outstanding amount ($4,325,000) of the Agency's 2011 B Tax Allocation Refunding Bonds. As a result, the 2006, 2011A, and 2011 B Tax Allocation Refunding Bonds are considered to be defeased and the liability for the bonds have been removed from the long-term liabilities of the Private Purpose Trust Fund.

As a result of this refunding, the SADRA recognized a deferred loss on refunding in the amount of $2,820,201.
96

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

18. SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (SADRA), Continued
B. Summary of SADRA's Long-Term Debt, Continued
2024 Tax Allocation Refunding Bonds – On June 1, 2024 the Successor Agency to the Dinuba Redevelopment Agency issued $9,235,000 Tax Allocation Refunding Bonds bearing interest of 5% payable annually on September 1 commencing September 1, 2025. The bonds mature annually at various amounts through September 1, 2033. The bonds are payable from and secured by incremental tax revenues. Bonds outstanding as of June 30, 2025 were $9,235,000.

The Bonds were issued to refinance the outstanding amount ($10,630,000) of the Agency's previously issued 2014 Tax Allocation Refunding Bonds. As a result, the 2014 Tax Allocation Refunding Bonds was considered to be defeased and the liability for the bonds have been removed from the long-term liabilities of the Private Purpose Trust Fund.

The refunding of the 2014 Tax Allocation Refunding Bonds provided an economic gain of $722,250.

The annual requirements to amortize long-term debt outstanding at June 30, 2025 are as follows:

Fiscal Year
Ended June 30, Principal Interest Total
2026 $ 1,745,000 $ 1,462,614 $ 3,207,614
2027 1,830,000 1,380,864 3,210,864
2028 1,890,000 1,294,814 3,184,814
2029 1,945,000 1,227,714 3,172,714
2030 2,035,000 1,145,333 3,180,333
2031-2035 11,860,000 4,238,705 16,098,705
2036-2040 14,225,000 1,707,536 15,932,536
Subtotal 35,530,000 $ 12,457,580 $ 47,987,580
Net Premium
Discount 1,067,445
Grand Total
SADRA 36,597,445 $
97

City of Dinuba
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

19. RESTATEMENT
The City recorded the following restatements:
1) Changes to or within the financial reporting entity – The City’s General Construction fund changed from Non-major to Major fund as of June 30, 2025.
2) Implementation of GASB 101 to compensated absences – The City recorded a restatement of the prior year’s compensated absences liability balance to comply with the requirements of GASB Statement No. 101, Compensated Absences. For Governmental Activities, compensated absences were increased by $1,793,481, which includes $97,571 from Internal Service Fund, and for Business-type Activities, compensated absences were increased by $481,868 due to the restatement in the prior year. The breakdown of $481,868 is listed in the table as below from Water, Sewer, Disposal, and Ambulance Fund.
3) Error correction to advances – The City wrote off the advance and recorded the restatement as below  For Governmental Activities, the advance was overstated by $107,330 and fund balance was understated by $107,330 in the prior year. The breakdown of $107,330 is listed in the table as below from General and Non-major Governmental Fund.
 For Business-type Activities, the advance was understated by $107,330 and fund balance was overstated by $107,330 in the prior year. The breakdown of $107,330 is listed in the table as below from Golf Course and Disposal Fund.
4) Error corrections to Long-term Debt – The City recorded a restatement of the prior year’s long-term debt balance. For Governmental Activities, the Long-term Debt was understated by $1,000,000 and fund balance was overstated by $1,000,000 in the prior year.

Changes to or
Previously within the Error Error
Reported Financial Implementation Correction - Correction - Restated at at June 30, 2024 Reporting Entity of GASB 101 Advances Long-term Debt June 30, 2024 Fund Financial
General $ 10,917,582 $ - $ 1,031,664 - $ $ 11,949,246 - $ General Construction - 470,272 - - - 470,272
Non-major Governmental 18,447,852 (470,272) - (924,334) 17,053,246 - Water 15,528,638 - (101,436) - 15,427,202 - Sewer 18,503,829 - (70,999) - 18,432,830 - Golf Cousrse 14,053,030 - - 92,670 14,145,700 - Disposal 1,935,375 - (29,706) (200,000) 1,705,669 - Ambulance 12,584,411 - (279,727) - 12,304,684 - Internal Service 2,195,662 - (97,571) - 2,098,091 - Governmental-Wide Financial Governmental Activities $ 221,082,039 $ - $ (1,793,481) $ 107,330 $ (1,000,000) $ 218,395,888 Business-type Activities 65,466,773 - (481,868) (107,330) 64,877,575 - Restatement
98

*Viscaya Park Project
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101

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes $ 12,107,400 $ 12,530,521 $ 12,155,346 $ (375,175) Assessments 1,199,292 1,199,292 1,199,293 1
Intergovernmental 2,722,000 2,877,000 2,957,583 80,583
Charges for services 1,549,412 2,658,818 2,496,494 (162,324) Use of money and property 721,600 1,251,600 1,386,439 134,839 Fines and forfeitures 78,100 78,100 52,862 (25,238)
Miscellaneous 45,750 306,901 341,510 34,609
Non-departmental - sales tax settlement - - 22,389,726 22,389,726 - Total revenues 18,423,554 20,902,232 42,979,253 22,077,021 EXPENDITURES:

Current:

General government:

City council 120,455 120,455 116,408 4,047
City manager 297,033 297,033 295,600 1,433
City attorney 220,000 220,000 203,749 16,251
Human resources 1,821,461 1,853,461 2,036,941 (183,480) Finance administration 851,329 851,329 791,095 60,234
Public safety:

Police services 7,264,622 7,332,798 6,977,773 355,025
Fire control 2,311,312 2,363,932 2,174,063 189,869
Community development:

Engineering 409,490 409,490 491,696 (82,206)
Planning 529,988 529,988 779,789 (249,801)
Code enforcement 219,224 219,224 213,550 5,674
Building 506,497 506,497 407,301 99,196
Housing 76,432 76,432 71,182 5,250
Parks and recreation:

Community services 729,930 729,930 748,069 (18,139)
Parks 914,072 927,713 919,376 8,337
Special events 176,992 176,992 174,348 2,644
Youth events 405,426 405,426 269,201 136,225
Sportplex 227,692 428,442 415,952 12,490
Sports 197,596 197,596 233,529 (35,933)
Senior citizens 304,127 304,127 306,066 (1,939)
Capital outlay 62,093 237,813 238,947 (1,134)
Debt service:

Principal retirement 43,787 34,989 31,269 3,720
Interest and fiscal charges 2,641 - - -
Total expenditures 17,692,199 18,223,667 17,895,904 327,763 REVENUES OVER (UNDER) EXPENDITURES 731,355 2,678,565 25,083,349 22,404,784 OTHER FINANCING SOURCES (USES):

Transfers in 97,483 150,093 153,271 3,178
Transfers out (2,246,429) (2,561,453) (2,283,210) 278,243 Proceeds from long-term debt - - 16,200 16,200
Total other financing sources (uses) (2,148,946) (2,411,360) (2,113,739) 23,013,968 Net change in fund balances $ (1,417,591) $ 267,205 22,969,610 $ 22,702,405 FUND BALANCES:

Beginning of year

10,917,582-
Restatement 1,031,664
Beginning of year, as restated 11,949,246
End of year $ 34,918,856
Budgeted Amounts
102

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual HUD Grants
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental $ 576,118 $ 1,195,668 $ 1,200,866 $ 5,198 Use of money and property 15,512 105,304 296,592 191,288 Total revenues 591,630 1,300,972 1,497,458 196,486
EXPENDITURES:

Current:

Community development 782,280 1,988,280 246,745 1,741,535 Parks and recreation 96,496 207,632 204,601 3,031
Capital outlay 700,000 700,000 10,420 689,580
Total expenditures 1,578,776 2,895,912 461,766 2,434,146

REVENUES OVER (UNDER)
EXPENDITURES (987,146) (1,594,940) 1,035,692 2,630,632
OTHER FINANCING SOURCES (USES):

Transfers in - - 11,618 11,618
Transfers out (390) (62,390) (4,372) 58,018
Total other financing sources (uses) (390) (62,390) 7,246 69,636 Net change in fund balances $ (987,536) $ (1,657,330) 1,042,938 $ 2,700,268 FUND BALANCES:

Beginning of year 26,098,111
End of year $ 27,141,049
Budgeted Amounts
103

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Construction
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental $ 8,220,558 $ 8,220,558 $ 3,921,329 $ (4,299,229) Use of money and property 100 100 203 103
Total revenues 8,220,658 8,220,658 3,921,532 (4,299,126) EXPENDITURES:

Current:

Capital outlay 10,940,901 13,893,765 7,576,111 6,317,654 Total expenditures 10,940,901 13,893,765 7,576,111 6,317,654

REVENUES OVER (UNDER)
EXPENDITURES (2,720,243) (5,673,107) (3,654,579) 2,018,528 OTHER FINANCING SOURCES (USES):

Transfers in 2,696,651 4,203,181 3,191,288 (1,011,893)
Total other financing sources (uses) 2,696,651 4,203,181 3,191,288 (1,011,893) Net change in fund balances $ (23,592) $ (1,469,926) (463,291) $ 1,006,635 FUND BALANCES:

Beginning of year 470,272
End of year $ 6,981
Budgeted Amounts
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City of Dinuba
Required Supplementary Information
For the year ended June 30, 2025
Cost Sharing Multiple-Employer Plan
Schedule of Proportionate Share of the Net Pension Liability - Last 10 Years* 2016 2017 2018 2019
Measurement Date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 Miscellaneous Rate Plan
Rate Plan's Proportion of the Net Pension Liability 0.08449% 0.08530% 0.08633% 0.08682% Rate Plan's proportionate share of
the net pension liability $ 5,799,429 $ 7,380,757 $ 8,561,182 $ 8,366,578 Plan's covered payroll $ 4,535,654 $ 4,950,525 $ 4,855,630 $ 4,623,761 Rate Plan's proportionate share of
the net pension liability as percentage
of its covered payroll 127.86% 149.09% 176.31% 180.95%
Safety Rate Plan
Rate Plan's proportion of the net pension liability 0.11578% 0.10988% 0.10815% 0.02695% Rate Plan's proportionate share of
the net pension liability $ 7,946,896 $ 9,507,786 $ 10,725,363 $ 10,683,936 Rate Plan's covered payroll $ 4,579,907 $ 4,837,830 $ 4,868,573 $ 5,340,189 Rate Plan's proportionate share of
the net pension liability as percentage
of its covered payroll 173.52% 196.53% 220.30% 200.07%
Total Plan
Rate Plan's proportion of the net pension liability 0.20027% 0.19517% 0.19447% 0.11378% Rate Plan's proportionate share of
the net pension liability $ 13,746,325 $ 16,888,543 $ 19,286,545 $ 19,050,514 Plan's covered payroll $ 9,115,561 $ 9,788,355 $ 9,724,203 $ 9,963,950 Plan's proportionate share of
the net pension liability as percentage
of its covered payroll 150.80% 172.54% 198.34% 191.19%
The Pension Plan's (PERF-C) Fiduciary Net Position
as Percentage of the Total Pension Liability 78.40% 74.06% 73.31% 75.26% Notes to the schedule:

The CalPERS mortality assumptions were adjusted in fiscal year 2019.

The CalPERS discount rate was increased from 7.5% to 7.65% in fiscal year 2016, decreased from 7.65% to 7.15% in fiscal year 2018, and then decreased from 7.15% to 6.9% in fiscal year 2023. 106

2020 2021 2022 2023 2024 2025
6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024

0.08889% 0.09050% 0.10748% 0.24600% 0.24688% 0.25217%
$ 9,108,392 $ 9,846,994 $ 5,812,852 $ 11,510,980 $ 12,345,175 $ 12,196,617 $ 4,190,146 $ 4,115,214 $ 2,742,630 $ 2,879,705 $ 4,501,222 $ 5,064,864 217.38% 239.28% 211.94% 399.73% 274.00% 240.81%

0.11147% 0.11411% 0.13699% 0.20636% 0.20664% 0.21000%
$ 11,422,641 $ 12,415,460 $ 7,408,964 $ 14,180,065 $ 15,446,540 $ 15,016,327 $ 5,275,144 $ 5,276,932 $ 4,272,963 $ 3,654,856 $ 5,191,827 $ 5,600,807 216.54% 235.28% 173.39% 387.98% 298.00% 268.11%

0.20036% 0.20461% 0.24447% 0.22242% 0.22277% 0.22439%
$ 20,531,033 $ 22,262,454 $ 13,221,816 $ 25,691,045 $ 27,791,715 $27,212,944 $ 9,465,290 $ 9,392,146 $ 7,015,593 $ 6,534,561 $ 9,693,049 $ 10,665,671 216.91% 237.03% 188.46% 393.16% 286.72% 255.15%

75.18% 75.10% 88.29% 76.68% 76.21% 78.08%
107

City of Dinuba
Required Supplementary Information
For the year ended June 30, 2025
Cost Sharing Multiple-Employer Plan
Schedule of Plan Contributions - Last 10 Years*
Miscellaneous Rate Plan
Fiscal Year Ended 2016 2017 2018 2019
Actuarially determined contribution $ 588,950 $ 699,287 $ 801,836 $ 882,029 Contributions in relation to actuarially deemed contributions (588,950) (699,287) (801,836) (882,029) Contribution deficiency (excess) $ - $ - $ - $ -
Covered payroll $ 4,950,525 $ 4,855,630 $ 4,623,761 $ 4,190,146 Contributions as a percentage of covered payroll 11.90% 14.40% 17.34% 21.05% Safety Rate Plan
Actuarially determined contribution $ 1,201,260 $ 1,211,650 $ 1,487,592 $ 1,553,598 Contributions in relation to actuarially deemed contributions (1,201,260) (1,211,650) (1,487,592) (1,553,598) Contribution deficiency (excess) $ - $ - $ - $ -
Covered payroll $ 4,837,830 $ 4,868,573 $ 5,340,189 $ 5,275,144 Contributions as a percentage of covered payroll 24.83% 24.89% 27.86% 29.45% Total Plan
Actuarially determined contribution $ 1,790,210 $ 1,910,937 $ 2,289,428 $ 2,435,627 Contributions in relation to actuarially deemed contributions (1,790,210) (1,910,937) (2,289,428) (2,435,627) Contribution deficiency (excess) $ - $ - $ - $ -
Covered payroll $ 9,788,355 $ 9,724,203 $ 9,963,950 $ 9,465,290 Contributions as a percentage of covered payroll 18.29% 19.65% 22.98% 25.73% Notes to Schedule
Methods and assumptions used to determine contribution rates:

Valuation date (for contractually required contribution): 6/30/2013 6/30/2014 6/30/2015 6/30/2016 Actuarial cost method: Entry Age Entry Age Entry Age Entry Age Amortization method: (1) (1) (1) (1)
Assets valuation method: Market Value Market Value Market Value Market Value Inflation: 2.75% 2.75% 2.75% 2.75%
Salary increases: (2) (2) (2) (2)
Investment rate of return 7.50% 7.50% 7.50% 7.375%
Retirement age: (3) (3) (3) (3)
Mortality: (4) (4) (4) (4)
(1) Level percentage of payroll, closed
(2) Depending on age, service, and type of employment
(3) 50 for all plans, with the exception of 52 for Miscellaneous PEPRA 2% @62 (4) Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by CalPERS Board. * Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation, therefore onlynine years are shown
108

2020 2021 2022 2023 2024 2025
$ 1,023,527 $ 1,096,427 $ 1,226,073 $ 1,346,268 $ 1,363,481 $ 1,562,380 (1,023,527) (1,096,427) (1,226,073) (1,346,268) (1,363,481) (1,562,380) $ - $ - $ - $ - $ - $ -
$ 4,115,214 $ 4,127,220 $ 4,486,433 $ 4,672,479 $ 4,501,222 $ 5,064,864

24.87% 26.57% 27.33% 28.81% 30.29% 30.85%
$ 1,702,909 $ 1,842,579 $ 1,950,523 $ 2,086,604 $ 2,213,185 $ 2,382,470 (1,702,909) (1,842,579) (1,950,523) (2,086,604) (2,213,185) (2,382,470) $ - $ - $ - $ - $ - $ -
$ 5,276,932 $ 5,226,210 $ 4,976,379 $ 4,903,344 $ 5,191,827 $ 5,600,807

32.27% 35.26% 39.20% 42.55% 42.63% 42.54%
$ 2,726,436 $ 2,939,006 $ 3,176,596 $ 3,432,872 $ 3,576,666 $3,944,850 (2,726,436) (2,939,006) (3,176,596) (3,432,872) (3,576,666) (3,944,850) $ - $ - $ - $ - $ - $ -
$ 9,392,146 $ 9,353,430 $ 9,462,812 $ 9,575,823 $ 9,693,049 $ 10,665,671

29.03% 31.42% 33.57% 35.85% 36.90% 36.99%
6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age (1) (1) (1) (1) (1) (1)
Market Value Market Value Market Value Market Value Market Value Market Value

2.63% 2.50% 2.50% 2.50% 2.50% 2.30%
(2) (2) (2) (2) (2) (2)

7.25% 7.00% 7.00% 7.00% 7.00% 6.80%
(3) (3) (3) (3) (3) (3)
(4) (4) (4) (4) (4) (4)
109

City of Dinuba
Required Supplementary Information
For the year ended June 30, 2025
Schedule of Changes in the Total OPEB Liability and Related Ratios - Last 10 Years (1) Measurement Date 6/30/2018 6/30/2019 6/30/2020 6/30/2021 Total OPEB Liability
Service cost $ 1,508,388 $ 1,308,469 $ 1,330,644 $ 1,040,926 Interest on the total OPEB liability 759,508 879,229 942,696 787,756 Differences between expected and actual
experience (3,331,140) (1,369,150) - -
Changes of assumptions 475,464 (255,242) (914,613) 3,237,466 Benefit payments (459,273) (591,507) (630,017) (516,507) Net change in the total OPEB liability (1,047,053) 1,340,949 (640,440) 4,549,641 Total OPEB liability - beginning 24,731,785 23,684,732 25,025,681 24,385,241 Total OPEB liabilty - ending (a) 23,684,732 25,025,681 24,385,241 28,934,882 Covered-employee payroll $ 7,746,382 $ 7,359,008 $ 6,955,744 $ 7,015,595 Net OPEB liability as a percentage of coveredemployee payroll 305.75% 340.07% 350.58% 412.44% (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. (2) Total employer contributions consist of $531,061 explicit contributions and $113,325 implicit contributions. (3) As of June 30, 2023 there are no assets accumulated in a trust that meets the criteria of GASB codification P22.101 or P52.101 to pay related benefits for the OPEB plan.
110

6/30/2022 6/30/2023 6/30/2024 6/30/2025
$ 1,286,106 $ 1,081,677 $ 697,021 $ 606,904
734,965 515,191 769,067 809,653
(3,691,435) - 74,102 -
(444,836) (6,741,676) (757,912) (216,079)
(794,248) (548,529) (349,518) (644,386)
(2,909,448) (5,693,337) 358,658 630,194
28,934,882 26,025,434 20,332,097 20,690,755
26,025,434 20,332,097 20,690,755 21,320,949
$ 6,883,894 $ 5,995,531 $ 6,141,423 $ 5,541,195
378.06% 339.12% 336.90% 384.77%
111

City of Dinuba
Required Supplementary Information
For the year ended June 30, 2025

1. BUDGET AND BUDGETARY DATA
a.
b.
c.
d.
e.
f. Under Article XIII-B of the California constitution (the Gann Spending Limitation Initiative), the City is restricted as to the amount of annual appropriations from the proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, the excess must either be refunded to the State Controller or returned to the taxpayers through revised tax rates or revised fee schedules, or an excess in one year may be offset by a deficit in the following year. For the fiscal year ended June 30, 2023, based on calculations by City staff, proceeds of taxes did not exceed appropriations. Further, Section 5 of Article XIII-B allows the City to designate a portion of fund balance for general contingencies, to be used for any purpose.

The annual budget adopted by the City Council provides for the general operation of the City. It includes proposed expenditures and the means of financing them.

The City Council approves total budgeted appropriations and any amendments to appropriations throughout the fiscal year. All amendments made during the fiscal year are included in the budgetary amounts reported herein. The "appropriated budget" covers all City expenditures, with the exception of debt service on bond issues and capital improvement projects carried forward from prior fiscal years, which expenditures constitute legally authorized "non-appropriated budget". Actual expenditures may not exceed budgeted appropriations at the fund level, which is the legal level of control.

The City Manager is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the City Council.

Formal budgetary integration is employed as a management control device during the fiscal year. Commitments for materials and services, such as purchase orders and contracts, are recorded as encumbrances to assist in controlling expenditures. Appropriations which are encumbered lapse al fiscal year-end, and then are added to the following fiscal year's budgeted appropriations.

Budgets for the General. Special Revenue, and Debt Service Funds are adopted on a basis substantially consistent with accounting principles generally accepted in the United States of America (USGMP).

Accordingly, actual revenues and expenditures can be compared with related budgeted amounts without any significant reconciling items.

The Housing Authority Fund and 2020 PLHA Fund do not have legally adopted budgets for the fiscal year ended June 30, 2023.

Budget comparisons are not presented for the Proprietary Funds, as the City is not legally required to adopt a budget for these type funds.

Capital projects are budgeted through the Capital Projects Funds. Appropriations for capital projects authorized but not constructed or completed during the fiscal year are carried forward as continuing appropriations into the following fiscal year's budget.
112

*Fire Station Water Tower
113

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114

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Transportation Construction
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental $ 23,368,000 $ 22,363,574 $ 3,727,233 $ (18,636,341) Use of money and property 500 500 1,026 526
Miscellaneous 20,000 20,000 (38,603) (58,603)
Total revenues 23,388,500 22,384,074 3,689,656 (18,694,418) EXPENDITURES:

Current:

Capital outlay 25,445,318 26,800,047 4,522,363 22,277,684 Total expenditures 25,445,318 26,800,047 4,522,363 22,277,684

REVENUES OVER (UNDER)
EXPENDITURES (2,056,818) (4,415,973) (832,707) 3,583,266 OTHER FINANCING SOURCES (USES):

Transfers in 1,119,218 1,983,900 1,349,946 (633,954)
Transfers out - - (180,000) (180,000)
Total other financing sources (uses) 1,119,218 1,983,900 1,169,946 (813,954) Net change in fund balances $ (937,600) $ (2,432,073) 337,239 $ 2,769,312 FUND BALANCES:

Beginning of year 554,819
End of year $ 892,058
Budgeted Amounts
115

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116

City of Dinuba
Nonmajor Governmental Funds
Year Ended June 30, 2025
Special Revenue Funds
Special revenue funds are used to account for specific revenues (other than those for major capital projects) that are restricted legally to expenditures for particular purposes.

Housing Authority
This fund is used to account for activities of the former low and moderate income housing fund of the former Dinuba Redevelopment Agency.

ARPA
This fund is used for account for activities funded by the American Rescue Plan Act (ARPA) funds. 2020 PLHA
This fund is used to account for activities of the Permanent Local Housing Allocation (PLHA) grant.

Public Safety Sales Tax Fund
This fund accounts for 3/4% add-on sales tax approved by voters in November 2005 for enhanced public safety services.

Gas Tax Fund
This fund accounts for street projects paid out for the City's share of the gas tax monies received from the state.

Parks Reserve Fund
Monies received from developers for the purpose of acquiring additional parklands are accounted for in this fund.

Transportation Fund
This fund accounts for monies received under the Transportation Development Act for street and road projects, and for planning purposes.

System Development Charges Fund
This fund accounts for developer deposits for expanding existing water, sewer, and/or transportation systems, and to provide new systems necessary in new real estate developments.

Community Enhancement Grants Fund
This fund accounts for various State and Federal grants awards to the City.

Assessment Districts Fund
This fund accounts for the lighting and maintenance district costs of various medians and landscape areas in the City.

Funding is provided by assessments charged to property owners within the district.

Road Repair and Accountability Act of 2017 (SB1) Fund
This fund accounts for fees collected from developers and saved for future capital outlays for fire equipment. 117

City of Dinuba
Nonmajor Governmental Funds (Continued)
Year Ended June 30, 2025
Capital Projects Funds
Capital projects funds are used to account for the acquisition and construction of major capital facilities other than those financed by proprietary funds and trust funds.

Vocational Center Fund
This fund accounts for the expenditures associated with the operation of the Vocational Center.

MTBE Fund
This fund accounts for the revenue received as part of the MTBE Settlement Litigation. Revenue is received in this fund and allocated-out to the appropriate funds and capital projects that have expenditures associated with MTBE.

Debt Service Funds
Debt service funds are used to account for the accumulation of resources for, and the retirement of, long-term debt principal and interest.

Financing Authority Debt Service Fund
This fund accounts for the accumulation of resources for, and the retirement of, the Authority's long-term debt issue for capital investments.

General Debt Service Fund
This fund was set up to account for servicing general long-term debt incurred in Governmental Funds through equipment lease-purchases and/or loans, along with its commitment to fund the long-term portion of employee vacation, sick leave, and compensatory time benefits.
118

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119

City of Dinuba
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments $ 1,025 $ 129,778 $ - $ 2,807,334
Receivables:

Accounts - - - 23,063
Notes and loans - - 5,163,400 -
Accrued interest - 509 - 2,513
Prepaid costs - - - 1,200
Due from other governments - - - 631,711
Restricted assets:

Cash and investments with fiscal agents - - - -
Total assets $ 1,025 $ 130,287 $ 5,163,400 $ 3,465,821

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable $ - $ - $ - $ 13,391
Accrued liabilities - - - 67,333
Due to other funds - - - -
Advances from other funds - - - -
Total liabilities - - - 80,724
Deferred Inflows of Resources
Unavailable revenue - - - -
Total deferred inflows of resources - - - -
Fund Balances:

Nonspendable:

Prepaid costs - - - 1,200
Restricted for:

Community development projects 1,025 130,287 5,163,400
Public safety - - - 3,383,897
Parks and recreation - - - -
Public works - - - -
Capital projects - - - -
Debt service - - - -
Unassigned - - - -
Total fund balances 1,025 130,287 5,163,400 3,385,097
Total liabilities, deferred inflows of
resources and fund balances $ 1,025 $ 130,287 $ 5,163,400 $ 3,465,821 Housing
Authority 2020 PLHA
Public Safety Sales
ARPA Tax
Special Revenue Funds
120

$ 178,127 $ 9,093 $ 575,971 $ 1,499,968 $ 136,528 $ 68,891 $ 1,470,551 1,321 - 5,993 - - - -
- 117,537 - 1,171,040 - - -
199 87 666 1,392 138 181 1,248
- - 2,737 - - 11,211 -
290,873 - 1,251,577 - - 5,165 58,489
- - - - - - -
$ 470,520 $ 126,717 $ 1,836,944 $ 2,672,400 $ 136,666 $ 85,448 $ 1,530,288 $ 38,468 $ - $ 4,269 $ 46,238 $ - $ 20,032 $ -
4,098 - 11,486 - 4,512 4,751 -
- - - - - - -
- - - 1,000,000 - - -
42,566 - 15,755 1,046,238 4,512 24,783 -
- 27,881 - 364,133 - - -
- 27,881 - 364,133 - - -
- - 2,737 - - 11,211 -
- - - - - 49,454 -
- - - - 132,154 - -
- 98,836 - - - - -
427,954 - 1,818,452 1,262,029 - - 1,530,288
- - - - - - -
- - - - - - -
- - - - - - -
427,954 98,836 1,821,189 1,262,029 132,154 60,665 1,530,288 $ 470,520 $ 126,717 $ 1,836,944 $ 2,672,400 $ 136,666 $ 85,448 $ 1,530,288 Community
Enhancement
Grants
Assessment
Districts
Road Repair and
Accountability Act
Gas Tax Parks Reserve Transportation of 2017 Fund
System
Development
Charges
Special Revenue Funds
121

City of Dinuba
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
Debt Service
Funds
ASSETS
Cash and investments $ 2,378,235 $ - $ 48,315
Receivables:

Accounts - - -
Notes and loans - - -
Accrued interest 2,192 - 47
Prepaid costs - - -
Due from other governments - - -
Restricted assets:

Cash and investments with fiscal agents - - 722,613
Total assets $ 2,380,427 $ - $ 770,975

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable $ - $ - $ -
Accrued liabilities - - -
Due to other funds - 41,230 -
Advances from other funds - - -
Total liabilities - 41,230 -
Deferred Inflows of Resources
Unavailable revenue - - -
Total deferred inflows of resources - - -
Fund Balances:

Nonspendable:

Prepaid costs - - -
Restricted for:

Community development projects - - -
Public safety - - -
Parks and recreation - - -
Public works - - -
Capital projects 2,380,427 - -
Debt service - - 770,975
Unassigned - (41,230) -
Total fund balances 2,380,427 (41,230) 770,975
Total liabilities, deferred inflows of
resources and fund balances $ 2,380,427 $ - $ 770,975
Financing
Authority
Capital Projects Funds
Vocational
Center MTBE
122

Debt Service
Funds
Total Nonmajor
Governmental
Funds
$ 44,187 $ 9,348,003
- 30,377
- 6,451,977
- 9,172
- 15,148
- 2,237,815
- 722,613
$ 44,187 $ 18,815,105
$ - $ 122,398
- 92,180
- 41,230
- 1,000,000
- 1,255,808
- 392,014
- 392,014
- 15,148
- 5,344,166
- 3,516,051
- 98,836
- 5,038,723
- 2,380,427
44,187 815,162
- (41,230)
44,187 17,167,283
$ 44,187 $ 18,815,105
General Debt
Service
123

City of Dinuba
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
REVENUES:

Taxes $ - $ - $ - $ 3,383,362
Intergovernmental - 490,038 - -
Charges for services - - - -
Use of money and property - 36,893 - 101,114
Fines and forfeitures - - - -
Miscellaneous - - - 20,995
Total revenues - 526,931 - 3,505,471
EXPENDITURES:

Current:

General government - - - -
Public safety - - - 3,048,851
Public works - - - -
Capital outlay - - - 29,567
Debt service:

Principal retirement - - - 145,255
Interest and fiscal charges - - - 33,353
Total expenditures - - - 3,257,026

REVENUES OVER (UNDER)
EXPENDITURES - 526,931 - 248,445
OTHER FINANCING SOURCES (USES):

Transfers in - - - -
Transfers out - (669,682) - (6,186)
Proceeds from long-term debt - - - 125,554
Total other financing sources (uses) - (669,682) - 119,368 Net change in fund balances - (142,751) - 367,813
FUND BALANCES:

Beginning of year 1,025 273,038 5,163,400 3,017,284
Restatement - change in major funds - - - -
Restatement - - - -
Beginning of year, as restated 1,025 273,038 5,163,400 3,017,284 End of year $ 1,025 $ 130,287 $ 5,163,400 $ 3,385,097
Public Safety Sales
Tax
Housing
Authority ARPA 2020 PLHA
Special Revenue Funds
124

$ - $ - $ 667,275 $ - $ - $ 675,185 $ -
875,255 - 1,169,602 - 194,663 - 694,903
- - - 397,260 - - -
6,981 3,209 35,981 69,249 4,983 7,157 51,260
- 36,466 - - - - -
10,884 - 12,843 - - - -
893,120 39,675 1,885,701 466,509 199,646 682,342 746,163 - - - - - 641,562 -
- - - 28,276 204,585 - -
725,907 - 783,117 - - - -
- 12,020 - 98,417 - - 553,758
- - 109,710 - - - -
- - 1,246 - - - -
725,907 12,020 894,073 126,693 204,585 641,562 553,758
167,213 27,655 991,628 339,816 (4,939) 40,780 192,405
- - 7,304 13,928 - - 82,333
(14,772) (83,305) (677,344) (1,312,791) - - -
- - - - - - -
(14,772) (83,305) (670,040) (1,298,863) - - 82,333
152,441 (55,650) 321,588 (959,047) (4,939) 40,780 274,738 275,513 154,486 1,499,601 2,221,076 137,093 19,885 1,255,550 - - - - - - -
- - - - - - -
275,513 154,486 1,499,601 2,221,076 137,093 19,885 1,255,550 $ 427,954 $ 98,836 $ 1,821,189 $ 1,262,029 $ 132,154 $ 60,665 $ 1,530,288 Road Repair and
Accountability Act
of 2017 Fund
Assessment
Gas Tax Parks Reserve Transportation Districts
System
Development
Charges
Community
Enhancement
Grants
Special Revenue Funds
125

City of Dinuba
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
Debt Service
Funds
REVENUES:

Taxes $ - $ - $ - $ -
Intergovernmental - - - -
Charges for services - - - -
Use of money and property - 92,318 - 34,106
Fines and forfeitures - - - -
Miscellaneous - 204 - -
Total revenues - 92,522 - 34,106
EXPENDITURES:

Current:

General government - - - -
Public safety - - - -
Public works - - - -
Capital outlay - - - -
Debt service:

Principal retirement - - - 1,166,724
Interest and fiscal charges - - - 680,403
Total expenditures - - - 1,847,127

REVENUES OVER (UNDER)
EXPENDITURES - 92,522 - (1,813,021)
OTHER FINANCING SOURCES (USES):

Transfers in - - - 1,839,452
Transfers out - - - -
Proceeds from long-term debt - - - -
Total other financing sources (uses) - - - 1,839,452
Net change in fund balances - 92,522 - 26,431
FUND BALANCES:

Beginning of year 470,272 2,287,905 (41,230) 544,544
Restatement - change in major funds (470,272) - - -
Restatement - - - 200,000
Beginning of year, as restated - 2,287,905 (41,230) 744,544 End of year $ - $ 2,380,427 $ (41,230) $ 770,975
Financing
Authority
Capital Projects Funds
General
Construction
Vocational
Center MTBE
126

Debt Service
Funds
Total Nonmajor
Governmental
Funds
$ - $ 4,725,822
- 3,424,461
- 397,260
- 443,251
- 36,466
- 44,926
- 9,072,186
- 641,562
- 3,281,712
- 1,509,024
- 693,762
91,331 1,513,020
34,275 749,277
125,606 8,388,357
(125,606) 683,829
125,717 2,068,734
- (2,764,080)
- 125,554
125,717 (569,792)
111 114,037
1,168,410 18,447,852
- (470,272)
(1,124,334) (924,334)
44,076 17,053,246
$ 44,187 $ 17,167,283
General Debt
Service
127

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Housing Authority
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Net change in fund balances $ - $ - - $ -
FUND BALANCES:

Beginning of year 1,025
End of year $ 1,025
Budgeted Amounts
128

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ARPA
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental $ - $ - $ 490,038 $ 490,038
Use of money and property 60,000 60,000 36,893 (23,107) Total revenues 60,000 60,000 526,931 466,931
OTHER FINANCING SOURCES (USES):

Transfers out (682,371) (492,540) (669,682) (177,142)
Total other financing sources (uses) (682,371) (492,540) (669,682) (177,142) Net change in fund balances $ (622,371) $ (432,540) (142,751) $ 289,789 FUND BALANCES:

Beginning of year 273,038
End of year $ 130,287
Budgeted Amounts
129

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 2020 PLHA
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Net change in fund balances $ - $ - - $ -
FUND BALANCES:

Beginning of year 5,163,400
End of year $ 5,163,400
Budgeted Amounts
130

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Public Safety Sales Tax
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes $ 3,327,000 $ 3,482,000 $ 3,383,362 $ (98,638)
Use of money and property 50,000 83,000 101,114 18,114
Miscellaneous - - 20,995 20,995
Total revenues 3,377,000 3,565,000 3,505,471 (59,529)
EXPENDITURES:

Current:

Public safety 3,227,657 3,251,657 3,048,851 202,806
Capital outlay 91,087 91,087 29,567 61,520
Debt service:

Principal retirement 131,986 131,986 145,255 (13,269)
Interest and fiscal charges 31,018 31,018 33,353 (2,335) Total expenditures 3,481,748 3,505,748 3,257,026 248,722

REVENUES OVER (UNDER)
EXPENDITURES (104,748) 59,252 248,445 189,193
OTHER FINANCING SOURCES (USES):

Transfers out (6,186) (6,186) (6,186) -
Proceeds from long-term debt - - 125,554 125,554
Total other financing sources (uses) (6,186) (6,186) 119,368 125,554 Net change in fund balances $ (110,934) $ 53,066 367,813 $ 314,747 FUND BALANCES:

Beginning of year 3,017,284
End of year $ 3,385,097
Budgeted Amounts
131

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Gas Tax
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental $ 999,665 $ 856,665 $ 875,255 $ 18,590 Use of money and property 4,000 4,000 6,981 2,981
Miscellaneous - 10,000 10,884 884
Total revenues 1,003,665 870,665 893,120 22,455
EXPENDITURES:

Current:

Public works 775,141 775,141 725,907 49,234
Total expenditures 775,141 775,141 725,907 49,234

REVENUES OVER (UNDER)
EXPENDITURES 228,524 95,524 167,213 71,689
OTHER FINANCING SOURCES (USES):

Transfers out (12,918) (180,772) (14,772) 166,000
Total other financing sources (uses) (12,918) (180,772) (14,772) 166,000 Net change in fund balances $ 215,606 $ (85,248) 152,441 $ 237,689 FUND BALANCES:

Beginning of year 275,513
End of year $ 427,954
Budgeted Amounts
132

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Parks Reserve
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property $ - $ - $ 3,209 $ 3,209
Fines and forfeitures - 36,801 36,466 (335)
Total revenues - 36,801 39,675 2,874
EXPENDITURES:

Current:

Capital outlay - 12,020 12,020 -
Total expenditures - 12,020 12,020 -

REVENUES OVER (UNDER)
EXPENDITURES - 24,781 27,655 2,874
OTHER FINANCING SOURCES (USES):

Transfers out - (60,000) (83,305) (23,305)
Total other financing sources (uses) - (60,000) (83,305) (23,305) Net change in fund balances $ - $ (35,219) (55,650) $ (20,431) FUND BALANCES:

Beginning of year 154,486
End of year $ 98,836
Budgeted Amounts
133

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Transportation
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes $ 610,839 $ 610,839 $ 667,275 $ 56,436
Intergovernmental 782,375 782,375 1,169,602 387,227
Use of money and property 20,000 32,000 35,981 3,981
Miscellaneous - - 12,843 12,843
Total revenues 1,413,214 1,425,214 1,885,701 460,487
EXPENDITURES:

Current:

Public works 777,573 799,573 783,117 16,456
Capital outlay 7,750 - - -
Debt service:

Principal retirement 25,710 9,710 109,710 (100,000)
Interest and fiscal charges 7,246 1,246 1,246 -
Total expenditures 818,279 810,529 894,073 (83,544)

REVENUES OVER (UNDER)
EXPENDITURES 594,935 614,685 991,628 376,943
OTHER FINANCING SOURCES (USES):

Transfers in 7,304 7,304 7,304 -
Transfers out (891,898) (1,047,316) (677,344) 369,972
Total other financing sources (uses) (884,594) (1,040,012) (670,040) 369,972 Net change in fund balances $ (289,659) $ (425,327) 321,588 $ 746,915 FUND BALANCES:

Beginning of year 1,499,601
End of year $ 1,821,189
Budgeted Amounts
134

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual System Development Charges
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Charges for services $ 289,429 $ 423,429 $ 397,260 $ (26,169) Use of money and property 13,000 39,000 69,249 30,249
Total revenues 302,429 462,429 466,509 4,080
EXPENDITURES:

Current:

Public safety - 28,276 28,276 -
Capital outlay - 100,000 98,417 1,583
Total expenditures - 128,276 126,693 1,583

REVENUES OVER (UNDER)
EXPENDITURES 302,429 334,153 339,816 5,663
OTHER FINANCING SOURCES (USES):

Transfers in - - 13,928 13,928
Transfers out (315,715) (1,326,207) (1,312,791) 13,416
Proceeds from sale of property 500 500 - (500)
Total other financing sources (uses) (315,215) (1,325,707) (1,298,863) 26,844 Net change in fund balances $ (12,786) $ (991,554) (959,047) $ 32,507 FUND BALANCES:

Beginning of year 2,221,076
End of year $ 1,262,029
Budgeted Amounts
135

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Community Enhancement Grants
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental $ 110,000 $ 147,031 $ 194,663 $ 47,632 Use of money and property - - 4,983 4,983
Total revenues 110,000 147,031 199,646 52,615
EXPENDITURES:

Current:

Public safety 192,831 192,831 204,585 (11,754)
Total expenditures 192,831 192,831 204,585 (11,754)

REVENUES OVER (UNDER)
EXPENDITURES (82,831) (45,800) (4,939) 40,861
Net change in fund balances $ (82,831) $ (45,800) (4,939) $ 40,861 FUND BALANCES:

Beginning of year 137,093
End of year $ 132,154
Budgeted Amounts
136

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Assessment Districts
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes $ 653,541 $ 675,290 $ 675,185 $ (105)
Use of money and property - - 7,157 7,157
Total revenues 653,541 675,290 682,342 7,052
EXPENDITURES:

Current:

General government 609,086 657,486 641,562 15,924
Debt service:

Principal retirement 4,083 - - -
Interest and fiscal charges 1,317 - - -
Total expenditures 614,486 657,486 641,562 15,924

REVENUES OVER (UNDER)
EXPENDITURES 39,055 17,804 40,780 22,976
Net change in fund balances $ 39,055 $ 17,804 40,780 $ 22,976 FUND BALANCES:

Beginning of year 19,885
End of year $ 60,665
Budgeted Amounts
137

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Road Repair and Accountability Act of 2017 (SB1) Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental $ 651,812 $ 651,812 $ 694,903 $ 43,091 Use of money and property 3,000 33,000 51,260 18,260
Total revenues 654,812 684,812 746,163 61,351
EXPENDITURES:

Capital outlay 422,000 1,489,898 553,758 936,140
Total expenditures 422,000 1,489,898 553,758 936,140

REVENUES OVER (UNDER)
EXPENDITURES 232,812 (805,086) 192,405 997,491
OTHER FINANCING SOURCES (USES):

Transfers in 82,333 82,333 82,333 -
Total other financing sources (uses) 82,333 82,333 82,333 - Net change in fund balances $ 315,145 $ (722,753) 274,738 $ 997,491 FUND BALANCES:

Beginning of year 1,255,550
End of year $ 1,530,288
Budgeted Amounts
138

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Vocational Center
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property $ 50,000 $ 77,000 $ 92,318 $ 15,318 Miscellaneous - - 204 204
Total revenues 50,000 77,000 92,522 15,522
Net change in fund balances $ 50,000 $ 77,000 92,522 $ 15,522 FUND BALANCES:

Beginning of year 2,287,905
End of year $ 2,380,427
Budgeted Amounts
139

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual MTBE
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Net change in fund balances $ - $ - - $ -
FUND BALANCES:

Beginning of year (41,230)
End of year $ (41,230)
Budgeted Amounts
140

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Financing Authority
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property $ - $ 30,000 $ 34,106 $ 4,106 Total revenues - 30,000 34,106 4,106
EXPENDITURES:

Current:

Debt service:

Principal retirement 1,166,724 1,166,724 1,166,724 -
Interest and fiscal charges 672,728 672,728 680,403 (7,675) Total expenditures 1,839,452 1,839,452 1,847,127 (7,675)

REVENUES OVER (UNDER)
EXPENDITURES (1,839,452) (1,809,452) (1,813,021) (3,569) OTHER FINANCING SOURCES (USES):

Transfers in 1,839,452 1,839,452 1,839,452 -
Total other financing sources (uses) 1,839,452 1,839,452 1,839,452 - Net change in fund balances $ - $ 30,000 26,431 $ (3,569) FUND BALANCES:

Beginning of year 544,544
Restatement 200,000
Beginning of year, as restated 744,544
End of year $ 770,975
Budgeted Amounts
141

City of Dinuba
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Debt Service
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:

Debt service:

Principal retirement $ 91,331 $ 91,331 $ 91,331 $ -
Interest and fiscal charges 34,386 34,386 34,275 111
Total expenditures 125,717 125,717 125,606 111

REVENUES OVER (UNDER)
EXPENDITURES (125,717) (125,717) (125,606) 111
OTHER FINANCING SOURCES (USES):

Transfers in 125,717 125,717 125,717 -
Total other financing sources (uses) 125,717 125,717 125,717 - Net change in fund balances $ - $ - 111 $ 111
FUND BALANCES:

Beginning of year 1,168,410
Restatement (1,124,334)
Beginning of year, as restated 44,076
End of year $ 44,187
Budgeted Amounts
142

City of Dinuba
Nonmajor Enterprise Funds
Year Ended June 30, 2025
Enterprise funds are used to account for the financing of goods or services provided to customers.

Transit Enterprise Fund
This fund accounts for the operation of the City's transit system, which is accomplished by a private contractor. The principal source of funding for this activity is SB325 money.

Compressed Natural Gas
This fund accounts for the sale of compressed natural gas and related costs to outside entities. 143

City of Dinuba
Combining Statement of Net Position
Nonmajor Enterprise Funds
June 30, 2025
Totals
ASSETS
Current Assets:

Cash and investments $ - $ 259,733 $ 259,733
Receivables:

Accrued interest - 236 236
Due from other governments 65,368 - 65,368
Total current assets 65,368 259,969 325,337
Noncurrent:

Notes and loans 350,000 - 350,000
Capital assets:

Depreciable capital assets, net 1,011,650 1,325,187 2,336,837 Net capital assets 1,011,650 1,325,187 2,336,837
Total noncurrent assets 1,361,650 1,325,187 2,686,837
Total assets 1,427,018 1,585,156 3,012,174

DEFERRED OUTFLOWS OF RESOURCES
Deferred pension related items 1,359 - 1,359
Deferred OPEB related items 8,180 - 8,180
Total deferred outflows of resources 9,539 - 9,539

LIABILITIES
Current liabilities:

Accounts payable 5,888 6,520 12,408
Accrued liabilities 450 - 450
Due to other funds 138,210 - 138,210
Compensated absences - current 243 - 243
Net OPEB liability - due within one year 2,477 - 2,477
Total current liabilities 147,268 6,520 153,788
Noncurrent liabilities:

Compensated absences 1,102 - 1,102
Net pension liability 4,486 - 4,486
Total OPEB liability 61,486 - 61,486
Total noncurrent liabilities 67,074 - 67,074
Total liabilities 214,342 6,520 220,862

DEFERRED INFLOWS OF RESOURCES
Derred pension related items 108 - 108
Deferred OPEB related items 25,583 - 25,583
Total deferred inflows of resources 25,691 - 25,691

NET POSITION
Net investment in capital assets 1,011,650 1,325,187 2,336,837 Unrestricted 184,874 253,449 438,323
Total net position $ 1,196,524 $ 1,578,636 $ 2,775,160
Transit
Compressed
Natural Gas
144

City of Dinuba
Combining Statement of Revenues, Expenses and Changes in Net Position Nonmajor Enterprise Funds
For the year ended June 30, 2025
Totals
OPERATING REVENUES:

Sales and service charges $ 18,675 $ 119,190 $ 137,865
Total operating revenues 18,675 119,190 137,865
OPERATING EXPENSES:

Salaries and benefits 10,158 - 10,158
Contractual services 11,497 26,730 38,227
Repairs and maintenance 884 475 1,359
Utilities 27,784 48,470 76,254
Allocated costs 44,301 27,833 72,134
Depreciation expense 87,706 87,938 175,644
Total operating expenses 182,330 191,446 373,776
Operating income (loss) (163,655) (72,256) (235,911)
NONOPERATING REVENUES (EXPENSES):

Intergovernmental 139,821 - 139,821
Interest revenue 11 9,749 9,760
Total nonoperating revenues (expenses) 139,832 9,749 149,581 Income before contributions and transfers (23,823) (62,507) (86,330) Change in net position (23,823) (62,507) (86,330)
NET POSITION:

Beginning of year 1,220,347 1,641,143 2,861,490
End of year $ 1,196,524 $ 1,578,636 $ 2,775,160
Transit
Compressed
Natural Gas
145

City of Dinuba
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the year ended June 30, 2025
Totals
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from customers and users $ 19,667 $ 119,190 $ 138,857 Cash paid to suppliers for goods and services (82,956) (102,399) (185,355) Cash paid to employees for services (16,293) - (16,293) Net cash provided (used) by operating activities (79,582) 16,791 (62,791) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Short-term loans to/from other funds (205,588) - (205,588) Intergovernmental revenue 285,159 - 285,159
Net cash provided by (used in)
noncapital financing activities 79,571 - 79,571
CASH FLOWS FROM INVESTING ACTIVITIES:

Interest received 11 9,735 9,746
Net cash provided by (used in) investing activities 11 9,735 9,746 Net increase (decrease) in cash and cash equivalents - 26,526 26,526 CASH AND INVESTMENTS - Beginning of year - 233,207 233,207 CASH AND INVESTMENTS - End of year $ - $ 259,733 $ 259,733

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Operating income (loss) $ (163,655) $ (72,256) $ (235,911) Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation 87,706 87,938 175,644
Changes in pension related items 339 - 339
Changes in OPEB liability (4,492) - (4,492)
Changes in lease receivable related items 217 - 217
(Increase) decrease in accounts receivable 775 - 775
(Increase) decrease in prepaid expense 27 54 81
Increase (decrease) in accounts payable & accrued liabilities 1,483 1,055 2,538 Increase (decrease) in compensated absences (1,982) - (1,982) Net cash provided by (used in) operating activities $ (79,582) $ 16,791 $ (62,791) Transit
Compressed
Natural Gas
146

City of Dinuba
Internal Service Funds
Year Ended June 30, 2025
Internal service funds are used to account for the financing of goods or services provided to departments or agencies of the government and to other government units, on a cost reimbursement basis.

Insurance Fund
This fund was set up to account for the cost of general liability, property damage, and employee related health insurance costs. The City is involved in a self-insurance program through a joint powers authority with other local municipalities. The source of funding for the City’s program is a charge to all operating departments through a budgeting of the estimated costs to be allocated.

Property and Equipment Service Fund
This fund was set up to account for the costs of maintenance and repairs for both buildings and equipment throughout the City. The source of this funding is a charge against the departments for services rendered.

Technology Replacement Fund
This fund was set up as a computer replacement program, implemented to account for the costs associated with computer, server and Information Technology replacements throughout the City. All costs are spread amongst the benefitting funds.
147

City of Dinuba
Combining Statement of Net Position
Internal Service Funds
June 30, 2025
Totals
ASSETS
Current Assets:

Cash and investments 3,682,335 $ 118,263 $ 59,725 $ 3,860,323 Receivables:

Accounts 571,427 5,171 - 576,598
Accrued interest 3,146 49 - 3,195
Prepaid costs 17,391 750 - 18,141
Restricted:

Cash and investments with fiscal agents 53,833 - - 53,833 Total current assets 4,328,132 124,233 59,725 4,512,090 Noncurrent:

Capital assets:

Depreciable capital assets, net - 34,106 - 34,106
Net capital assets - 34,106 - 34,106
Total noncurrent assets - 34,106 - 34,106
Total assets 4,328,132 158,339 59,725 4,546,196

DEFERRED OUTFLOWS OF RESOURCES
Deferred pension related items 129,789 78,907 - 208,696 Deferred OPEB related items 37,080 43,896 - 80,976
Total deferred outflows of resources 166,869 122,803 - 289,672

LIABILITIES
Current liabilities:

Accounts payable 80,834 24,323 1,065 106,222
Accrued liabilities 7,088 9,002 - 16,090
Compensated absences 2,083 14,122 - 16,205
Claims payable 50,000 - - 50,000
Net OPEB liiability - due within one year 11,230 13,295 - 24,525 Total current liabilities 151,235 60,742 1,065 213,042
Noncurrent liabilities:

Compensated absences 20,728 58,945 - 79,673
Net pension liability 428,598 260,574 - 689,172
Net OPEB liability - due in more than one year 278,736 329,973 - 608,709 Total noncurrent liabilities 728,062 649,492 - 1,377,554 Total liabilities 879,297 710,234 1,065 1,590,596

DEFERRED INFLOWS OF RESOURCES
Derred pension related items 10,284 6,254 - 16,538
Deferred OPEB related items 115,977 137,296 - 253,273
Total deferred inflows of resources 126,261 143,550 - 269,811

NET POSITION
Net investment in capital assets - 34,106 - 34,106
Unrestricted 3,489,443 (606,748) 58,660 2,941,355
Total net position $ 3,489,443 $ (572,642) $ 58,660 $ 2,975,461 Insurance Fund
Technology
Replacement Fund
Property and
Equipment Internal
Service Fund
148

City of Dinuba
Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the year ended June 30, 2025
Totals
OPERATING REVENUES:

Sales and service charges $ 6,122,313 $ 905,472 $ - $ 7,027,785 Total operating revenues 6,122,313 905,472 - 7,027,785
OPERATING EXPENSES:

Salaries and benefits 202,265 337,250 - 539,515
Contractual services 27,133 170,427 - 197,560
Materials and supplies - 118,003 6,059 124,062
Insurance 2,455,717 - - 2,455,717
Employee health insurance 2,768,279 - - 2,768,279
Repairs and maintenance - 216,814 10,437 227,251
Utilities - 9,259 - 9,259
Allocated costs - 43,671 - 43,671
Depreciation expense - 2,493 10,673 13,166
Total operating expenses 5,453,394 897,917 27,169 6,378,480 Operating income (loss) 668,919 7,555 (27,169) 649,305
NONOPERATING REVENUES (EXPENSES):

Interest revenue 118,338 2,759 - 121,097
Interest expense - - (67) (67)
Total nonoperating revenues (expenses) 118,338 2,759 (67) 121,030 Income before contributions and transfers 787,257 10,314 (27,236) 770,335 CONTRIBUTIONS AND TRANSFERS:

Transfers in - 27,349 71,201 98,550
Transfers out (1,328) (17,497) - (18,825)
Capital contributions - 27,310 - 27,310
Total contributions and transfers (1,328) 37,162 71,201 107,035 Change in net position 785,929 47,476 43,965 877,370
NET POSITION:

Beginning of year 2,746,158 (565,191) 14,695 2,195,662
Restatement (42,644) (54,927) - (97,571)
Beginning of year, as restated 2,703,514 (620,118) 14,695 2,098,091 End of year $ 3,489,443 $ (572,642) $ 58,660 $ 2,975,461 Insurance Fund
Property and
Equipment Internal
Service Fund
Technology
Replacement Fund
149

City of Dinuba
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2025
Totals
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from interfund services provided 5,643,808 900,301 - 6,544,109 Cash paid to suppliers for goods and services (5,204,143) (560,548) (24,901) (5,789,592) Cash paid to employees for services (233,122) (298,305) - (531,427) Net cash provided (used) by operating activities 206,543 41,448 (24,901) 223,090 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Cash transfers in - 54,659 71,201 125,860
Cash transfers out (1,328) (17,497) - (18,825)
Net cash provided (used) by
noncapital financing activities (1,328) 37,162 71,201 107,035 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Interest paid on capital debt - - (67) (67)
Net cash provided (used) by
capital and related financing activities 2,466 (79,316) (67) (76,917) CASH FLOWS FROM INVESTING ACTIVITIES:

Interest earnings 118,288 2,823 - 121,111
Net cash provided (used) by investing activities 118,288 2,823 - 121,111 Net increase (decrease) in cash and cash equivalents 325,969 2,117 46,233 374,319 CASH AND INVESTMENTS - Beginning of year 3,410,199 116,146 13,492 3,539,837 CASH AND INVESTMENTS - End of year $ 3,736,168 $ 118,263 $ 59,725 $ 3,914,156

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES:

Operating income (loss) $ 668,919 $ 7,555 $ (27,169) $ 649,305 Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation - 2,493 10,673 13,166
Changes in pension related items 32,414 19,707 - 52,121 Changes in OPEB liability (20,364) (24,109) - (44,473)
Changes in Lease liability - - (9,470) (9,470)
(Increase) decrease in accounts receivable (478,505) (5,171) - (483,676) (Increase) decrease in prepaid expense (14,329) (221) - (14,550) Increase (decrease) in accounts payable & accrued liabilities 61,315 (2,153) 1,065 60,227 Increase (decrease) in compensated absences (42,907) 43,347 - 440 Net cash provided (used) by operating activities $ 206,543 $ 41,448 $ (24,901) $ 223,090 Technology
Replacement Fund
Property and
Equipment Internal
Insurance Fund Service Fund
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*Picnic Pavilion at VIscaya Park
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Financial Trends
Revenue Capacity
Debt Capacity
Demographic and Economic Information
Operating Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place and to help make comparisons over time and with other governments.

These schedules contain information about the City's operations and resources to help the reader understanding how the City's financial information relates to the services the City provides and the activities it performs.

These schedules contain information to help the reader assess the factors affecting the City's ability to generate its property and sales taxes.

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.

City of Dinuba
Statistical Section
This part of the City's annual comprehensive financial report presents detailed information in a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's financial health.

These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.
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154

CITY OF DINUBA

NET POSITION BY COMPONENT

LAST TEN FISCAL YEARS
(Accrual Basis of Accounting)
2016 2017 2018 2019 2020
Governmental Activities
Investment In Capital Assets $162,419,353 $162,951,223 $175,427,868 $157,295,209 $156,300,701 Restricted 33,955,040 33,547,768 40,668,235 41,721,018 35,733,689 Unrestricted (9,391,284) (6,391,796) (27,286,468) (26,278,675) (25,273,886) Total Governmental Activities Net Position 186,983,109 190,107,195 188,809,635 172,737,552 166,760,504 Business-Type Activities
Investment In Capital Assets 46,474,326 46,126,105 52,249,502 53,298,542 50,287,699 Restricted
Unrestricted 4,986,126 4,641,804 1,298,646 5,352,135 4,253,818 Total Business-Type Activities Net Position 51,460,452 50,767,909 53,548,148 58,650,677 54,541,517 Primary Government
Investment In Capital Assets 208,893,679 209,077,328 227,677,370 210,593,751 206,588,400 Restricted 33,955,040 33,547,768 40,668,235 41,721,018 35,733,689 Unrestricted (4,405,158) (1,749,992) (25,987,822) (20,926,540) (21,020,068) Total Primary Government Net Position $238,443,561 $240,875,104 $242,357,783 $231,388,229 $221,302,021 2021 2022 2023 2024 2025
Governmental Activities
Investment In Capital Assets $169,862,756 $185,146,570 $193,484,553 $199,010,616 $208,985,977 Restricted 36,825,231 36,725,539 39,105,983 45,596,145 45,742,503 Unrestricted (21,122,261) (12,239,893) (17,585,270) (23,524,722) (981,558) Total Governmental Activities Net Position 185,565,726 209,632,216 215,005,266 221,082,039 253,746,922 Business-Type Activities
Investment In Capital Assets 50,501,822 50,904,157 55,425,723 55,033,492 56,559,885 Restricted
Unrestricted 8,674,254 10,147,430 8,202,322 10,460,670 11,106,815 Total Business-Type Activities Net Position 59,176,076 61,051,587 63,628,045 65,494,162 67,666,700 Primary Government
Investment In Capital Assets 220,364,578 236,050,727 248,910,276 254,044,108 265,545,862 Restricted 36,825,231 36,725,539 39,105,983 45,596,145 45,742,503 Unrestricted (12,448,007) (2,092,463) (9,382,948) (13,064,052) 10,125,257 Total Primary Government Net Position $244,741,802 $270,683,803 $278,633,311 $286,576,201 $321,413,622 Source: City of Dinuba Financial Services Division
(50,000,000)
0 50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
350,000,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Investment In Capital Assets Restricted Unrestricted
155

CITY OF DINUBA

CHANGES IN NET POSITION

LAST TEN FISCAL YEARS
(Accrual Basis of Accounting)
2016 2017 2018 2019
Expenses
Governmental Activities
General Government $4,802,762 $7,661,240 $3,989,322 $3,647,223 Public Safety 13,746,235 13,897,596 12,920,443 12,503,075 Public Works 3,943,500 3,752,225 6,577,677 2,429,367
Community Development 1,178,906 637,522 2,350,919 2,277,992 Parks and Recreation 1,824,431 2,007,951 2,127,602 2,527,531 Interest on Long-Term Debt 1,278,342 1,604,463 978,293 1,008,877 Unallocated Depreciation 3,029,796 3,011,661
Non-departmental - sales tax settlement
Total Governmental Activities Expenses 29,803,972 32,572,658 28,944,256 24,394,065 Business-Type Activities
Water 3,204,634 2,977,849 2,965,352 2,985,641
Sewer 3,247,602 3,156,499 4,553,169 3,048,253
Disposal 3,239,137 3,206,889 3,430,622 3,102,875
Ambulance 1,368,670 1,523,498 2,760,551 2,798,210
Transit 1,243,710 1,137,529 1,147,311 1,123,030
Golf Course 3,560,260 3,491,319 3,131,513 2,298,467
Compressed Natural Gas 159,572 140,572 181,928 306,316
Engineering 738,550
Total Business-Type Activities Expenses 16,762,135 15,634,155 18,170,446 15,662,792 Total Primary Government Net Expenses $46,566,107 $48,206,813 $47,114,702 $40,056,857 Program Revenues
Governmental Activities
Charges for Services
General Government $5,470,676 $8,259,877 $1,500,372 $1,602,391 Public Safety 274,181 30,863 549,566 500,114
Public Works 1,808,508 1,530,664 1,977,090 2,132,137
Community Development 22,282 0 115,498 60,995
Parks and Recreation 174,473 38,475 352,536 336,771
Operating Contributions and Grants 3,375,630 5,263,630 2,168,438 2,292,863 Capital Contributions and Grants 12,075,630 3,011,810 19,289,803 5,687,693 Total Governmental Activities Program Revenues 23,201,380 18,135,319 25,953,303 12,612,964 Business-Type Activities
Charges for Services
Water 2,510,596 2,648,278 2,962,303 3,005,484
Sewer 2,838,956 2,947,782 3,368,250 3,566,985
Disposal 3,175,398 3,088,068 3,105,381 3,167,180
Ambulance 1,332,373 1,396,312 1,487,640 1,200,884
Transit 85,333 120,565 103,623 89,775
Golf Course 2,441,531 2,223,355 2,072,902 2,104,304
Compressed Natural Gas 284,800 199,896 210,677 209,972
Engineering 710,226 0 0 0
Operating Contributions and Grants 3,178,252 2,496,256 3,889,532 3,295,905 Capital Contributions and Grants 1,165,634
Total Business-Type Activities Program Revenues 17,723,099 15,120,512 17,200,308 16,640,489 Total Primary Government Program Revenues $40,924,479 $33,255,831 $43,153,611 $29,253,453 Source: City of Dinuba Financial Services Division
156

2020 2021 2022 2023 2024 2025
$4,464,243 $7,635,027 $5,980,513 $7,563,541 $5,909,635 $6,169,301 12,801,801 12,899,424 11,547,688 10,757,166 14,132,045 13,216,727 5,116,719 3,009,339 2,725,438 1,080,475 5,320,668 1,723,831 2,427,047 2,576,069 2,788,622 2,048,106 2,217,210 2,281,180 2,705,703 2,858,033 3,048,341 2,411,417 2,873,292 3,280,172 1,001,611 935,126 1,111,140 812,001 846,418 843,921
9,305,652
28,517,124 29,913,018 27,201,742 33,978,358 31,299,268 27,515,132 3,563,885 3,460,883 3,538,809 2,886,622 3,352,700 4,341,213 3,255,224 1,803,845 2,953,695 3,720,942 3,838,914 4,110,396 3,129,253 3,013,999 3,027,382 3,002,715 3,429,066 3,470,507 2,647,280 1,562,676 1,452,769 2,104,122 3,859,114 4,859,455 1,088,585 1,280,248 401,914 410,084 321,470 182,330
4,097,713 2,839,155 3,514,710 4,511,217 4,734,835 4,721,274 318,069 304,582 286,187 281,025 217,898 191,446
18,100,009 14,265,388 15,175,466 16,916,727 19,753,997 21,876,621 $46,617,133 $44,178,406 $42,377,208 $50,895,085 $51,053,265 $49,391,753 $1,234,142 $1,263,713 $1,152,165 $1,376,599 $1,339,061 $1,219,792 837,538 516,452 516,460 836,227 547,108 692,300
2,675,164 1,728,740 884,816 1,802,386 1,829,721 1,956,490 65,077 0 0 0 0 0
560,971 238,428 304,344 283,421 267,864 268,209
1,076,942 7,124,303 4,438,339 2,249,647 3,405,225 3,295,477 3,613,910 2,237,038 7,602,539 2,317,909 5,495,676 8,523,816 10,063,744 13,108,674 14,898,663 8,866,189 12,884,655 15,956,084 3,195,777 3,240,648 3,186,976 3,231,249 3,625,330 4,048,882 3,591,874 3,816,657 3,770,310 3,788,811 4,586,870 4,940,510 3,173,221 3,202,112 3,368,605 3,452,572 3,527,973 3,544,188 1,573,951 2,302,744 1,621,264 1,817,777 4,202,794 3,945,507 67,142 19,241 17,060 16,989 16,829 18,675
1,812,421 2,397,750 3,158,714 3,326,085 3,390,069 3,884,636 215,107 174,801 130,884 119,669 77,021 119,190
000000
4,947,792 5,088,783 2,174,054 4,428,566 2,460,752 3,324,060 1,491,124
18,577,285 20,242,736 17,427,867 20,181,718 21,887,638 25,316,772 $28,641,029 $33,351,410 $32,326,530 $29,047,907 $34,772,293 $41,272,856 157