Annual Comprehensive Financial
Report (ACFR)
For the fiscal year ended June 30, 2021
1 Audit Opinion - Financial Statements
• Unmodified “Clean Audit”
• Conformed with accounting principles generally accepted in the
US (GAAP)
• Conformed with reporting requirements in accordance with Governmental Accounting Standards Board (GASB)
• Financial Statements are presented fairly, in all material respects
• Supplementary Information is fairly stated, in all material respects
Internal Controls
- No material weakness or deficiency
AUDIT RESULTS – FY 20/21
Revenues FY 20/21 $26.1 million
Revenues FY 19/20 $25.6 million
Expenditures FY 20/21 $20.6 million
Expenditures FY 19/20 $18.2 million
GOVERNMENT-WIDE
Charges for
Services, $10.4M
40%
Grants, $5.85M,
21%
Property Taxes,
$1.4M, 5%
Sales & Use Tax,
$4.2M, 16%
Transient
Occupancy Tax,
$3.3M, 13%
Other taxes,
$810,652 , 3%
Other Revenues,
$369,625 , 2%
REVENUES
General
Government,
$3,673,573 , 18%
Public Safety,
$4,588,899 , 22%
Public Works,
$2,235,827 , 11%
Community
Development,
$4,104,663 , 20%
Interest& Fiscal
Charges,
$37,964 , 0%
Water Enterprise,
$1,687,603 , 8%
Wastewater
Enterprise,
$3,043,007 , 15%
C.V. Starr,
$1,228,892 , 6%
EXPENDITURES
FY 2020/21: $99.2 million
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
FY 11/12 FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20/21 City-wide Net Position - 10 Years;
(In thousands)
Net Investment in Capital Assets Restricted Unrestricted Total Net Position
GENERAL FUND
TOT, $3,321,928 , 34%
SALES TAX, $2,028,010 , 20%
PROPERTY TAXES, $1,085,533 ,
11%
OTHER TAXES, $810,652 , 8%
REIMBURSEMENTS, $2,246,723 ,
23%
INTERGOVERMENTAL, $169,567 ,
2%
LICENSES & PERMITS, $91,566 ,
1%
OTHER REVENUES, $118,440 ,
1%
GENERAL FUND REVENUES
FY 2020/21 $9.8 million $288k above
FY 20/21 Budget
$8.21
$9.19
$9.65
$8.87
$9.87
FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20/21
General Fund Revenues
Actuals
PUBLIC SAFETY, $3,907,671 ,
47%
PUBLIC WORKS, $1,324,576 , 16%
COMMUNITY DEVELOPMENT,
$301,984 , 4%
MARKETING & PROMOTIONS,
$93,060 , 1%
COST ALLOCATIONS, $478,497 ,
6%
DEBT, $37,964 , 0%
GENERAL GOVERNMENT,
$2,223,656.00 , 26%
GENERAL FUND EXPENDITURES
FY 2020/21: $8.4 million $830k below
FY 20/21 Budget
$8.60
$9.50
$9.20
$9.30
$8.36
FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20/21
General Fund Expenditures Last Five Years
(in millions)
GF Actuals
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20/21
GENERAL FUND
REVENUES OVER/UNDER EXPENDITURES Last Five Years
(in millions)
Revenues Expenditures
Deficit
$437k
Surplus
$196k
Deficit
$257k
Deficit
$387k
Surplus
$1.5M
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
FY 11/12 FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20/21 General Fund Balance- 10 Years;
(In thousands)
Committed Unassigned Assigned Non-spendable Total Fund Balance Operating
Reserve $1.9M
Recession
Reserve $489k
Litigation
Reserve $200k
Unassigned
Reserve $1.5M
Total Fund
Balance
$4.1M (55%)
City-Wide Achievements FY 2020/21
Procured a Desalination-Reverse Osmosis Treatment System Implemented new Water Conservation Program to reduce water usage by a record 30 percent. Initiated a Blue Economy Regional Coalition effort
Completed a feasibility study on the viability of a municipal broadband utility Developed a strategic Pension Obligation Plan – Issued Lease Revenue Bonds Adopted a Formula Business Ordinance
RFP – Joint City/County Solid Waste Franchise Agreement Incubated a Community Land Trust
Launched an Economic Development Incentives and Outreach program for Central Business District. Established a Citizen committee to tackle the complex issues surrounding the Name Change.
City-Wide Achievements FY 2020/21
COVID-19 Related efforts
o Launched COVID Utility Assistance program
o Established a business loan and micro-loan program
o Pivoted Marketing campaigns to focus on local restaurants and retail business o Successful tenant-based rental assistance program (assisting more than 60 families) o Continued temp waiver for businesses
ENTERPRISE FUNDS
2,682,631
2,908,557
3,076,775
3,180,566
3,660,268
2,027,031
1,915,451
1,836,882
1,601,425 1,662,654
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20/21
Water Fund Operations
Revenues Expenditures Operating Income
3,305,285
3,495,429
3,598,546
3,484,109
4,017,234
2,834,450
2,563,425
2,660,671
2,217,531
2,945,247
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20/21
Wastewater Fund Operations
Series1 Series3 Series2
(1,500,000)
(1,000,000)
(500,000)
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20/21
CV Starr Fund Operations
Revenues Expenditures Net Income
0 1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20/21
Enterprise Funds Reserves
WATER ENTERPRISE WASTEWATE ENTPRISE CV STARR
CAPITAL IMPROVEMENT PROGRAM (CIP) WATER
ENTERPRISE
ON THE HORIZON
• March 10th: FY 21/22 Mid-Term Budget Workshop
• March – April: FY 2022/23 Budget Development
• May 12th: FY 2022/23 Budget Workshop
• June: FY 2022/23 Budget Adoption