Agenda — Fountain Valley City Council, March 18, 2025 (part 3 of 3)

City of Fountain Valley
Assessed Value of Estimated Actual Value of Taxable Property Last Ten Fiscal Years
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Fiscal Year Taxable Total
Ended Assessed Direct Tax
June 30, Secured Unsecured Value Rate(1)
2015 $ 7,694,438,312 $ 334,834,388 $ 8,029,272,700 0.13177 2016 8,142,567,704 240,473,501 8,383,041,205 0.17172
2017 8,444,874,157 238,403,442 8,683,277,599 0.13173
2018 8,843,461,588 269,238,862 9,112,700,450 0.13173
2019 9,282,526,512 293,682,416 9,576,208,928 0.13550
2020 9,796,913,673 316,787,979 10,113,701,652 0.13505
2021 10,182,790,098 332,988,158 10,515,778,256 0.13491
2022 10,395,996,372 332,366,455 10,728,362,827 0.13488
2023 11,142,057,244 376,665,339 11,518,722,583 0.13468
2024 11,894,609,167 414,100,716 12,308,709,883 0.13461
Notes:

Exempt values are not included in Total.

In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximu 1%, based upon the assessed value of the property being taxed. Each year, the assessed value of property ma by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only reassessed time that it is sold to a new owner. At that point, the new assessed value is reassessed at the purchase price o sold. The assessed valuation data shown above represents the only data currently available with respect to the value of taxable property and is subject to the limitations described above. (1) Total Direct Tax Rate is the weighted average City general fund share of the 1% Prop 13 rate for all TRA's.

Source: HdL, Coren & Cone, prepared on 7/18/2024
City

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City of Fountain Valley
Direct and Overlapping Property Tax Rates (Rate per $100 of assessed value) Last Ten Fiscal Years -102-
Agency 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Fountain Valley Elementary General Fund 0.29490 0.29490 0.29490 0.29490 0.29490 0.29490 0.29490 0.29490 0.29490 0.29490Huntington Beach Union High General Fund 0.19230 0.19230 0.19230 0.19230 0.19230 0.19230 0.19230 0.19230 0.19230 0.19230Educational Revenue Augmentation Fund 0.15300 0.15300 0.15300 0.15300 0.15300 0.15300 0.15300 0.15300 0.15300 0.15300Fountain Valley General Fund 0.12870 0.12870 0.12870 0.12870 0.12870 0.12870 0.12870 0.12870 0.12870 0.12870Coast Community College General Fund 0.08120 0.08120 0.08120 0.08120 0.08120 0.08120 0.08120 0.08120 0.08120 0.08120 Orange County General Fund 0.05200 0.05200 0.05200 0.05200 0.05200 0.05200 0.05200 0.05200 0.05200 0.05200O.C. Sanitation #3 Operating 0.03160 0.03160 0.03160 0.03160 0.03160 0.03160 0.03160 0.03160 0.03160 0.03160Orange County Flood Control District 0.01667 0.01667 0.01667 0.01667 0.01667 0.01667 0.01667 0.01667 0.01667 0.01667Orange County Public Library 0.01405 0.01405 0.01405 0.01405 0.01405 0.01405 0.01405 0.01405 0.01405 0.01405 O.C. Harbors Beaches & Park Csa 26 0.01288 0.01288 0.01288 0.01288 0.01288 0.01288 0.01288 0.01288 0.01288 0.01288O.C. Dept. of Education - General Fund 0.01199 0.01199 0.01199 0.01199 0.01199 0.01199 0.01199 0.01199 0.01199 0.01199Orange County Water District 0.00739 0.00739 0.00739 0.00739 0.00739 0.00739 0.00739 0.00739 0.00739 0.00739Orange County Transit Authority 0.00237 0.00237 0.00237 0.00237 0.00237 0.00237 0.00237 0.00237 0.00237 0.00237Orange County Vector Control District 0.00084 0.00084 0.00084 0.00084 0.00084 0.00084 0.00084 0.00084 0.00094 0.00094Orange County Water District Water Reserve 0.00011 0.00011 0.00011 0.00011 0.00011 0.00011 0.00011 0.00011 0.00011 0.00011Basic Levy(1) 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000Overlapping Rates:Coast Community College 0.03015 0.03092 0.03116 0.03145 0.03052 0.03100 0.03181 0.03119 0.03102 0.02850 Fountain Valley School District 0.00000 0.00000 0.00000 0.02916 0.02609 0.02611 0.02723 0.02356 0.02396 0.02182 Garden Grove Unified School District 0.04148 0.04656 0.04487 0.07454 0.06848 0.06922 0.06956 0.00000 0.00000 0.00000Garden Grove USD 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.06929 0.06329 0.06719Garden Grove USD 2016 Series 2021 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00479 0.00000 0.00000Huntington Beach High School District 0.02647 0.02560 0.02543 0.02403 0.02388 0.02326 0.02351 0.02260 0.02234 0.02042Metro Water District of Orange County 0.00350 0.00350 0.00350 0.00350 0.00350 0.00350 0.00350 0.00350 0.00350 0.00350Ocean View School District 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.02796 0.02722 0.02511Ocean View SD 2016, Series 2017A 0.00000 0.00000 0.00000 0.02703 0.02404 0.02800 0.01201 0.00000 0.00000 0.00000 Ocean View SD 2016, Series 2020B 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.01344 0.00000 0.00000 0.00000Rancho Santiago Community College 0.05078 0.05039 0.04945 0.05088 0.04537 0.05178 0.04520 0.04289 0.04691 0.04555 Total Overlapping Rates 0.15238 0.15697 0.15441 0.24059 0.22188 0.23287 0.22626 0.22578 0.21824 0.21209Total Direct & Overlapping(2) Tax Rates 1.15238 1.15697 1.15441 1.24059 1.22188 1.23287 1.22626 1.22578 1.21824 1.21209 City's Share of 1% Levy Per Prop 15(3) 0.12872 0.12872 0.12872 0.12872 0.12872 0.12872 0.12872 0.12872 0.12872 0.12872 Total Direct Rate(4) 0.13177 0.13172 0.13173 0.13173 0.13533 0.13505 0.13491 0.13488 0.13468 0.13461Notes:
(1) In 1978, California voters passed Proposition 13 which set the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In additi to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of any voter approved bonds. (2) Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapping rates apply to all property owners.(3) City's Share of 1% Levy is based on the City's share of the general fund tax rate area with the largest net taxable value within the City. The ERAF portion of the City's Levy has been subtracted where known.
(4) Total Direct Rate is the weighted average of all individual direct rates applied by the City/Agency preparing the statistical section information and excludes revenues derived from aircraft. Beginning in 2013/14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rate areas. Challenges to recognized enforceable obligations are assumed to have been resolvedduring 2012/13. For the purposes of this report, residual revenue is assumed to be distributed to the City/Agency in the same proportions as general fund revenue.Data Source: Orange County Assessor 2014/15 - 2023/24 Tax Rate TableData Source: Orange County Assessor 2023/24 Annual Tax Increment TablesSource: HdL, Coren & Cone, prepared on 7/18/2024 Fiscal Year Ended June 30,

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City of Fountain Valley
Principal Property Taxpayers
Current Year and Nine Years Ago
-103-
Taxable Percent of Total City Taxable Percent of Total City Taxpayer (Parcels) Assessed Value Taxable Assessed Value Assessed Value Taxable Assessed Value 1) Orange Coast Memorial Medical Center (9) $ 291,705,381 2.37% $ 185,019,399 2.30% 2) Hyundai Motor America (1) 206,396,346 1.68% 161,279,123 2.01% 3) Bexaew the Havens LP (2) 124,681,222 1.01% 0.00%
4) Regents The (7) 107,854,577 0.88% 0.00%
5) JKS-CMFV LLC (17) 92,336,343 0.75% 72,984,149 0.91%
6) Corte Bella Fee Ower (2) 90,245,908 0.73% 0.00%
7) Yakult USA Inc (1) 26,041,834 0.21% 16,972,485 0.21% 8) Vermeulen Properties 6 LLC (13) 73,272,002 0.60% 39,840,824 0.50% 9) Fountain Valley Regional Hospital (5) 67,933,678 0.55% 156,448,031 1.95% 10) Euclid and Heil FV Owner LLC (1) 66,300,000 0.54% 0.00% $ 1,146,767,291 9.32% $ 632,544,011 7.88%
The amounts shown above include assessed value data for the City .

Source: HdL, Coren & Cone, prepared on 7/18/2024
2024 2015

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City of Fountain Valley
Property Tax Levies and Collections
Last Ten Fiscal Years
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Fiscal Taxes Levied Collections in
Year Ended for the Percent Subsequent Percent
June 30, Fiscal Year Amount(1) of Levy Years(2) Amount of Levy 2015 9,757,887 $ $ 9,652,108 98.92% 3,039 $ $ 9,655,147 98.95% 2016 10,286,311 10,155,604 98.73% 41,013 10,196,617 99.13% 2017 10,652,346 10,543,581 98.98% 33,732 10,577,313 99.30% 2018 11,193,927 11,101,526 99.17% 35,678 11,137,204 99.49% 2019 11,678,495 11,586,299 99.21% 41,659 11,627,958 99.57% 2020 12,264,593 12,121,446 98.83% 54,334 12,175,780 99.28% 2021 12,756,006 12,612,713 98.88% 51,500 12,664,213 99.28% 2022 13,110,041 12,930,762 98.63% 52,005 12,982,767 99.03% 2023 14,256,951 14,043,987 98.51% 64,638 14,108,625 98.96% 2024 14,470,305 14,322,579 98.98% 68,754 14,391,333 99.45% Notes:
(1) The amounts presented include City property taxes only.

Source: Orange County Assessor's Office
(2) These amounts consist of "prior year" taxes (excluding penalties and interest) remitted in the subsequent fiscal year; the Orange County Auditor Controller's Office aggregates these payments and does not provide detail on allocations to particular years.

Fiscal Year of Levy Total Collections to Date
Collected within the

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City of Fountain Valley
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
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Fiscal Year Leases & Certificates Taxable Pension Lease Total Total Total Percentage Debt Ended Subscriptions of Obligation Revenue Governmental Loans Revenue Business-type Primary of Personal per June 30, Payable Participation(1) Bonds(3) Bonds(4) (5) Activities Payable Bonds(2) Activities Government Income Capita(6) 2015 109,275 $ $ 8,225,000 $ - $ 8,334,275 - $ - $ 15,188,452 $ 15,188,452 $ 23,522,727 $ 1.21% 415 $ 2016 - - 15,661,765 13,807,919 29,469,684 - 14,611,443 14,611,443 44,081,127 2.26% 777 2017 - - 15,679,151 16,176,187 31,855,338 - 14,041,771 14,041,771 45,897,109 2.27% 806 2018 - - 15,696,538 15,660,893 31,357,431 - 13,457,099 13,457,099 44,814,530 2.15% 791 2019 - - 15,203,923 15,079,889 30,283,812 - 12,847,425 12,847,425 43,131,237 2.01% 772 2020 - - 14,651,309 14,466,011 29,117,320 - 12,217,751 12,217,751 41,335,071 1.82% 752 2021 - - 14,038,695 13,836,909 27,875,604 - 11,563,077 11,563,077 39,438,681 1.79% 697 2022 811,867 13,366,081 - 13,187,409 27,365,357 - 10,888,405 10,888,405 38,253,762 1.62% 671 2023 835,764 12,618,467 - 12,507,318 25,961,549 - 10,183,732 10,183,732 36,145,281 1.53% 634 2024 403,952 11,795,853 - 11,801,452 24,001,257 - 9,514,059 9,514,059 33,515,316 1.27% 595 (1) On July 9, 2003, the City issued 2003 Certificates of Participation in the amount of $13,270,000. (2) On December 17, 2014, the City issued 2014A Revenue Bonds in the amount of $13,695,000. (3) On September 2, 2015, the City issued 2015A Taxable Pension Obligation Bonds in the amount of $15,995,000. (4) On February 10, 2016, the City issued 2016A Lease Revenue Bonds in the amount of $12,895,000. (5) On January 7, 2017, the City issued 2017 Clean Renewable Energy Bonds in the amount of $2,843,166. (6) These ratios are calculated using personal income and population for the prior calendar year.

Details regarding the City's outstanding debt can be found in the notes to basic financial statements.

Governmental Activities Business-type Activities

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City of Fountain Valley
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
-106-
Certificates Taxable Pension Lease Percent of
Ended of Obligation Revenue Assessed Per
June 30, Participation Bonds Bonds Total Value(1) Capita 2015 8,225,000 $ -$ -$ 8,225,000 $ 0.10% $ 145
2016 15,661,766 - 13,807,919 29,469,685 0.35% 520
2017 15,679,151 - 16,176,187 31,855,338 0.37% 560
2018 15,696,538 - 15,660,893 31,357,431 0.34% 554
2019 15,203,923 - 15,079,889 30,283,812 0.32% 542
2020 14,651,309 - 14,466,011 29,117,320 0.29% 530
2021 14,038,695 - 13,836,909 27,875,604 0.27% 493
2022 13,366,081 - 13,187,409 26,553,490 0.25% 466
2023 12,618,467 - 12,507,318 25,125,785 0.22% 441
2024 11,795,853 - 11,801,452 23,597,305 0.19% 419
General bonded debt is debt payable with governmental fund resources and general obligation bonds recorded in enterprise funds.
(1) Assessed value has been used because the actual value of taxable property is not readily available in the State o California.

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City of Fountain Valley
Direct and Overlapping Debt
As of June 30, 2024
-107-
2023-2024 City Assessed Valuation
Total Assessed Valuation: $ 12,301,591,039
Total Debt Percentage City's Share of Debt
June 30, 2024 Applicable(1) June 30, 2024
OVERLAPPING TAX AND ASSESSMENT DEBT:

Metropolitan Water District $ 18,210,000 0.318% $ 57,908 Coast Community College District 886,956,084 6.519% 57,820,667 Rancho Santiago Community College District 154,276,441 0.334% 515,283 Rancho Santiago Community College District SFID No. 1 144,765,000 0.626% 906,229 Garden Grove Unified School District 517,805,000 10.900% 56,440,745 Huntington Beach Union High School District 137,329,998 12.148% 16,682,848 Fountain Valley School District 56,860,000 73.313% 41,685,772 Ocean View School District Certificates of Participation 150,895,000 0.925% 1,395,779 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $ 175,505,231 OVERLAPPING GENERAL FUND DEBT:

Orange County General Fund Obligations $ 440,385,000 1.598% 7,037,352 $ Orange County Board of Education Certificates of Partic 10,030,000 1.598% 160,279 Coast Community College District Certificates of Particip 1,075,000 6.519% 70,079 Coast Community College District Pension Obligation Bo 925,000 6.519% 60,301 Huntington Beach Union High School District Certificates 51,436,090 12.148% 6,248,456 Ocean View School District Certificates of Participation 12,725,000 0.925% 117,706 TOTAL OVERLAPPING GENERAL FUND DEBT $ 13,694,174

DIRECT GENERAL FUND DEBT
City of Fountain Valley General Fund Obligations 11,651,662 100.000% 11,651,662 City of Fountain Valley Pension Obligation Bonds 11,990,000 100.000% 11,990,000 TOTAL DIRECT DEBT $ 23,641,662
TOTAL OVERLAPPING DEBT $ 189,199,405
COMBINED TOTAL DIRECT AND OVERLAPPING DEBT(2) $ 212,841,067 (2) Ratios to 2023-24 Assessed Valuation:

Total Overlapping Tax and Assessment Debt……….……1.43%
Total Direct Debt ($23,237,710)…….…..…......……….. 0.19% Combined Total Debt…….…..………………………………1.73%
Source: California Municipal Statistics, Inc., dated August 15, 2024 (1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value.

Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.

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City of Fountain Valley
Legal Debt Margin Information Last Ten Fiscal Years
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2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Assessed valuation $ 7,994,583,167 $ 8,391,505,862 $ 8,682,569,021 $ 9,112,408,153 $ 9,591,156,528 $ 10,150,637,700 $ 10,514,690,981 $ 10,727,588,631 $ 11,516,761,029 $ 12,301,591,039 Conversion percentage 25% 25% 25% 25% 25% 25% 25% 0 25% 25% Adjusted assessed valuation 1,998,645,792 2,097,876,466 2,170,642,255 2,278,102,038 2,397,789,132 2,537,659,425 2,628,672,745 2,681,897,158 2,879,190,257 3,075,397,760 Debt limit percentage 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% Debt limit 299,796,869 314,681,470 325,596,338 341715306.0% 359,668,370 380,648,914 394,300,912 402,284,574 431,878,539 461,309,664 Total net debt applicable to limitation: General obligation bonds - - - - - - - - - - Legal debt margin $ 299,796,869 $ 314,681,470 $ 325,596,338 $ 3,417,153 $ 359,668,370 $ 380,648,914 $ 394,300,912 402,284,574 $ 431,878,539 $ 461,309,664 Total debt applicable to the limit as a percentage of debt limit 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Sources: Orange County Assessor's Office City Finance Department Source: http://acweb1.ocgov.com/ac/txfdr_Civica/av/AssessedValuations1_egov.asp?title=0280The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year that was in effect at the time that the legal debt margin was enacted by the State of California for local governments located within the state.

Fiscal Year Ended June 30,

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City of Fountain Valley
Pledged Revenue Coverage
Last Ten Fiscal Years
-109-
Fiscal Net Revenue
Year Ended Operating Operating Available for
June 30, Revenues(1) Expenses(2) Debt Service Principal Interest Total Coverage 2015 13,424,147 $ 11,314,798 $ 2,109,349 $ $ 465,000 $ 299,531 $ 764,531 275.9% 2017 13,051,544 $ 10,851,750 $ 2,199,794 $ $ 495,000 $ 546,531 $ 1,041,531 211.2% 2017 14,174,832 $ 11,269,638 $ 2,905,194 $ $ 510,000 $ 536,631 $ 1,046,631 277.6% 2018 15,828,056 $ 12,524,879 $ 3,303,177 $ $ 535,000 $ 516,231 $ 1,051,231 314.2% 2019 16,786,253 $ 12,247,390 $ 4,538,863 $ $ 555,000 $ 494,831 $ 1,049,831 432.3% 2020 18,058,993 $ 13,268,179 $ 4,790,814 $ $ 555,000 $ 494,831 $ 1,049,831 456.3% 2021 19,432,555 13,335,179 6,097,376 $ 580,000 $ 472,631 1,052,631 579.3% 2022 19,507,971 14,537,706 4,970,265 600,000 449,431 1,049,431 473.6% 2023 19,165,142 8,948,063 10,217,079 630,000 425,431 1,055,431 968.0% 2024 20,462,653 16,356,187 4,106,466 595,000 393,931 988,931 415.2% Notes:
(1) Total operating revenues (including investment income). (2) Total operating expenses exclusive of depreciation and amortization.

Details regarding the City's outstanding debt can be found in the notes to the basic financial statements.

Debt Service Requirements
Series 2014A Revenue Bonds
On December 17, 2014, the City issued 2014A Revenue Bonds in the amount of $13,695,000.

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City of Fountain Valley
Demographic and Economic Statistics
Last Ten Fiscal Years
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Calendar Personal Income Per Capita Unemployment
Year Population (in thousands) Personal Income Rate
2014 56,690 $ 1,903,877 $ 33,584 5.4%
2015 56,714 1,940,507 34,215 4.4%
2016 56,709 1,947,214 34,336 3.9%
2017 56,920 2,023,830 35,555 3.4%
2018 56,652 2,087,077 36,840 3.0%
2019 55,878 2,150,520 38,485 2.8%
2020 54,953 2,276,596 41,428 9.3%
2021 56,564 2,206,548 39,009 6.1%
2022 56,987 2,363,225 41,469 3.3%
2023 56,333 2,645,274 46,957 3.6%
Source: HdL, Coren & Cone, prepared on 7/18/2024

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City of Fountain Valley
Principal Employers
Current and Nine Years Ago
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Number of Percent of Number of Percent of
Employer Employees Total Employment Employees Total Employment Antech Diagnostic Inc. 1,698 6.50% 325 1.41%
Fountain Valley Regional Hospital 1,518 5.81% 1734 7.50% Orange Coast Memorial Medical 1,344 5.14% 997 4.31%
Memorial Health Services 999 3.82% 1122 4.85%
Hyundai Motor America, Inc. 749 2.87% 1304 5.64%
Kingston Technology Company 588 2.25% 685 2.96%
Memorial Care Medical Foundation 533 2.04% - -
Costco Wholesale #411 400 1.53% 318 1.38%
Surefire, LLC 323 1.24% 393 1.70%
Hyundai Autoever America 271 1.04% 160 0.69%
Mobis Parts America, LLC 258 0.99% - -
Spec Services, Inc. 238 0.91% 228 0.99%
Interconnect Solutions Company 185 0.71% - -
Yakult U.S.A Inc. 151 0.58% - -
Fountain Valley Post Acute 150 0.57% - -
VCA West Coast Specialty & Emergency Anim 143 0.55% - - Metalcrafters Transaparencies and Composite 143 0.55% - - 9,691 37.08% 7,266 31.43%
Total Employment 26,137
Source: HdL, Coren & Cone, prepared on 6/25/2024
2024 2015

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City of Fountain Valley
Full-Time Equivalent City Government Employees by Function Last Ten Fiscal Years
-112-
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Administration 3.00 2.00 1.00 3.00 3.00 3.50 3.00 3.00 4.00 4.00 City clerk 2.00 2.00 2.00 1.00 1.00 1.00 * * * *
Finance 10.75 10.75 9.80 9.75 9.75 9.75 9.75 7.75 10.75 10.75 Information services 4.00 4.00 4.00 4.00 4.00 4.00 3.00 3.00 3.00 5.00 Human resources 4.00 4.00 3.00 4.00 4.00 4.75 3.75 3.00 6.00 6.00 Community developme 7.00 7.00 6.00 6.00 7.00 8.00 8.00 13.00 14.50 14.00 Public works 9.00 9.00 8.00 9.00 8.00 13.00 9.00 8.00 8.00 10.00 Field services 28.00 23.00 22.00 24.75 26.75 24.00 20.75 21.75 22.75 24.75 Fire 42.00 42.00 39.00 45.00 45.00 46.00 43.00 43.00 42.00 45.00 Police 83.00 82.00 72.50 79.00 79.00 87.00 78.00 80.00 78.00 73.50 Community services 6.00 6.00 6.00 6.00 6.00 6.00 4.00 6.00 7.00 7.00 Utilities (W&S) 22.00 20.00 19.00 18.00 19.00 22.00 19.00 18.00 18.00 18.00 Total 220.75 211.75 192.30 209.50 212.50 229.00 201.25 206.50 214.00 218.00 *Note: City Clerk position reclassified into Administration count, as of June 2021.

Source: City of Fountain Valley, Human Resources: Authorized List for Full-Time Employees, June 2024 Department
Fiscal Year Ended June 30,

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City of Fountain Valley
Operating Indicators by Function
Last Ten Fiscal Years
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Function 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Police:

Arrests $ 1,423 $ 1,616 $ 1,475 1,460 1,800 1,783 1,524 1,241 1,321 1,611 Parking citations issued 6,789 6,604 8,246 6,649 7,569 5,627 9,880 8,209 5,194 6,083 Fire:

Number of emergency cal 4,638 5,359 5,488 5,660 5,401 5,401 5,360 5,912 6,137 6,319 Inspections 5,973 7,627 10,260 8,156 4,147 2,115 813 504 747 940 Public works:

Street resurfacing (miles) 9 8 7 4 6 7 5 5 5 2
Parks and recreation:

Number of recreation clas 334 447 502 767 1,003 715 371 357 287 415 Number of class participan 3,162 3968 3,988 4,432 5,036 3,502 985 2,078 2,090 2,527 Number of facility rentals 3,768 1,565 2,673 2,235 2,343 1,825 448* 770 1,597 1,830 Water:

New connections 1,253 1,310 1,298 402 430 411 423 410 430 427 Average daily consumption
(thousands of gallons) 7,395 6,630 6,937 7,367 8,387 7,228 7,794 8,705 7,627 7,688 Notes:

New connections are all new customers connected
*Number of rentals & recreation classes low due to the Corona Virus Pandemic of 20-21 Source: City of Fountain Valley
Fiscal Year Ended June 30,

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City of Fountain Valley
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
-114-
Function 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Police:

Stations 1 1 1 1 1 1 1 1 1 1
Fire:

Fire stations 2 2 2 2 2 2 2 2 2 2
Public works:

Street (miles) 165 165 165 165 165 165 165 165 165 165
Streetlights** N/A N/A N/A N/A 3,200 3,200 3,614 3,614 3,614 3,634 Traffic signals 54 54 54 54 54 55 55 55 55 58
Parks and recreation:

Parks 19 19 19 19 19 19 19 19 20 20
Community centers 2 2 2 2 2 2 2 2 2 2
Water:

Water mains (miles 202 202 209 209 209 209 209 209 217 217 Maximum daily capacity
(thousands of gallo 16,700,000 11,500,000 12,000,000 12,060,000 11,404,785 10,427,232 13,131,795 11,958,732 12,102,106 13,580,000 **Streetlights were acquired from So. Cal Edison on 11/30/18 Source: City of Fountain Valley
Fiscal Year Ended June 30,

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735 E. Carnegie Dr. Suite I 00
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
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PARTNERS
Scott W Manno. CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A. Welebir. CPA. MBA. CGMA
Jenny W. Liu. CPA, MST
Ga,·denya Duran, CPA, CGMA
Brianna Schultz, CPA. CGMA
Brenda L. Odle. CPA. MST (Partne, Emeritus)
Te, ry P Shea, CPA (Panner Emenws)

MANAGERS/ STAFF
Seong-Hyea Lee. CPA. MBA
Evelyn Morenlin-Barcena. CPA
Vernnica Hernandez, CPA
Laura A1v1zu. CPA
John Maldonado, CPA, MSA
Julia Rodriguez Fuentes. CPA, MSA
Dem, Hite. CPA
Jeffrey McKennan. CPA
Mornca Wysock,, CPA
Jacob Weatherb,e. CPA, MSA
Bolim Han. CPA. MAcc
Anny Gonzalez, CPA

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ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-1-
February 25, 2025
To the Honorable City Council
City of Fountain Valley, California
We have audited the financial statements of the City of Fountain Valley (the entity) as of and for the year ended June 30, 2024, and have issued our report thereon dated February 25, 2025. Professional standards require that we advise you of the following matters relating to our audit.

Our Responsibility in Relation to the Financial Statement Audit As communicated in our engagement letter dated April 3, 2024, our responsibility, as described by professional standards, is to form and express opinions about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.

Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of the system of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered the system of internal control of the entity solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.

We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.

We have provided our findings regarding significant control deficiencies over financial reporting noted during our audit in a separate letter to you dated February 25, 2025.

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

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

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

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

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

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

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

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

Qualitative Aspects of the Entity’s Significant Accounting Practices Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of the significant accounting policies adopted by the entity is included in Note 1 to the financial statements. The City adopted GASB Statement No. 100, Accounting Changes and Error Corrections during 2024. No matters have come to our attention that would require us, under professional standards, to inform you about (1) the methods used to account for significant unusual transactions and (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.

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Significant Accounting Estimates and Related Disclosures Accounting estimates and related disclosures are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments are normally based on knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ markedly from management’s current judgments.

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

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

Management’s estimate of the modified approach for infrastructure assets are based on the pavement management program by independent consultant. We evaluated the key factors and assumptions used to develop the estimate in determining that it is reasonable in relation to the basic financial statements taken as a whole and in relation to the applicable opinion units.

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

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

The disclosure of fair value of investments in the basic financial statements represents amounts susceptible to market fluctuations.

The disclosure of capital assets (and related accumulated depreciation) in the basic financial statements is based on historical information which could differ from actual useful lives of each capitalized item.

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

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

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

The disclosure of claims payable in the basic financial statements is based on claims loss reports from third party claims management companies. Actual future liabilities may vary from disclosed estimates.

The disclosure of leases and subscription liabilities, right-to-use assets, and asset amortization in the basic financial statements is based on certain terms and assumptions in the agreements which could differ from actual amounts.

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

Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that we believe are trivial, and communicate them to the appropriate level of management. Further, professional standards require us to also communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account balances or disclosures, and the financial statements as a whole and each applicable opinion unit. There were no uncorrected misstatements noted.

In addition, professional standards require us to communicate to you all material, corrected misstatements that were brought to the attention of management as a result of our audit procedures. Attachment A reflects all material misstatements that we identified as a result of our audit procedures that were brought to the attention of, and corrected by, management.

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

Representations Requested from Management
We have requested certain written representations from management, which are included in the attached letter dated February 25, 2025.

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

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

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Other Information Included in Annual Reports
Pursuant to professional standards, our responsibility as auditors for other information, whether financial or nonfinancial, included in the entity’s annual reports, does not extend beyond the information identified in the audit report, and we are not required to perform any procedures to corroborate such other information.

However, in accordance with such standards, we have:

Read the transmittal letter and statistical section (or “other information”) and considered whether a material inconsistency existed between the other the information and the basic financial statements, or the other information otherwise appears to be materially misstated. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon
Our responsibility also includes communicating to you any information which we believe is a material misstatement of fact. Nothing came to our attention that caused us to believe that such information, or its manner of presentation, is materially inconsistent with the information, or manner of its presentation, appearing in the financial statements.

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

Very truly yours,

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735 E. Carnegie Dr. Suite I 00
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
ramscpa. net

ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-1-

REPORT ON INTERNAL CONTROL OVER FINANCIAL

REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS

PERFORMED IN ACCORDANCE WITH

GOVERNMENT AUDITING STANDARDS
Independent Auditor’s Report
To the Honorable City Council
City of Fountain Valley, California
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards), the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Fountain Valley (the entity) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the entity’s basic financial statements, and have issued our report thereon dated February 25, 2025.

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

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

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Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. We identified certain deficiencies in internal control, described in the accompanying Schedule of Findings and Responses as items 2024-001 and 2024-002 that we consider to be significant deficiencies.

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the entity’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

We noted certain matters that we have reported to management of the entity in a separate letter dated February 25, 2025.

Entity’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the entity’s response to the findings identified in our audit and described in the accompanying Schedule of Findings and Responses. The entity’s response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

San Bernardino, California
February 25, 2025

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City of Fountain Valley
Schedule of Findings and Responses
Year Ended June 30, 2024
-3-
2024-001 – Year End Accounting and Reconciliations
Significant Deficiency
Criteria:

The audit should rely on accurate and timely reconciliations of bank accounts and proper journal entries being recorded before and during the fieldwork phase. These processes are essential to ensure the financial statements are correct, reducing the need for adjustments or corrections after fieldwork has concluded.

Condition:

During the audit process, significant delays and challenges have been observed due to bank reconciliations for a majority of the year not being prepared or reviewed in a timely manner and an excessive number of journal entries made during and after fieldwork. This led to frequent rework, adjustments, and delays in completing the audit within the expected timeframe.

Cause:

The entity was experiencing significant delays in its accounting and reporting processes due to an understaffed finance department and staff turnover. It appears that the lack of proper pre-audit preparation, coupled with the failure to complete bank reconciliations in a timely manner, led to an accumulation of discrepancies that had to be addressed after fieldwork. Additionally, an excessive number of journal entries during and after fieldwork caused a disruption in the overall workflow and delayed the timely conclusion of the audit.

Effect:

This condition resulted in extended audit timelines, increased rework, and additional resources required to address issues that should have been resolved before fieldwork. The delays in bank reconciliations could lead to unauthorized transactions going through the bank accounts without detection for an extended period of time.

Recommendation:

We recommend that the City ensure that all bank reconciliations are prepared, reviewed and approved in a timely manner and documentation of when the preparation and review are completed should be maintained. All journal entries should be recorded and finalized before or during fieldwork to avoid post-fieldwork adjustments. A more proactive approach to entries throughout the year as well as a yearend closing checklist is recommended.

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City of Fountain Valley
Schedule of Findings and Responses
Year Ended June 30, 2024
-4-
2024-001 – Year End Accounting and Reconciliations
Significant Deficiency (Continued)
Management’s Response:

The City acknowledges the finding and has taken corrective actions to address the issue. The finance department has filled the Accounting Manager position, which had been vacant for over eight months. Additionally, staff has received further training to improve efficiency in reconciliations and journal entry processes.
1-Bank Reconciliation:

Bank reconciliations are now completed within 30 days of month-end, and the finance department has fully caught up on outstanding reconciliations. These improvements will ensure timely and accurate financial reporting moving forward.
2-Journal Entry Management:

Staff has been trained to process journal entries throughout the year, rather than accumulating a large volume at year-end, to minimize post-fieldwork adjustments. A formalized pre-audit closing checklist is being prepared to improve year-end efficiency and will be ready for use before the next audit.
2024-002 – Segregation of Duties
Significant Deficiency
Criteria:

Appropriate segregation of duties is imperative in the payroll process. The access, recordkeeping and custodial functions for payroll should be segregated to separate individuals; none should have access to all three functions.

Condition:

During our audit of the City, we noted a lack of segregation of duties within the payroll process.

The payroll staff has the ability to add/remove employees along with performing additional functions in the payroll process.

Cause:

Due to the City implementing a new payroll software, the City had not yet established policies and procedures to ensure that the appropriate segregation of duties are maintained within these processes.

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City of Fountain Valley
Schedule of Findings and Responses
Year Ended June 30, 2024
-5-
2024-002 – Segregation of Duties
Significant Deficiency (Continued)
Effect:

Unauthorized changes in employees or employee rates could be made without detection of the Finance Department and have the potential of the creation of fictitious employees or paying lower or higher salaries to employees.

Recommendation:

As stated above, an adequate segregation of duties requires that one individual does not handle a transaction from its inception to its completion. We believe it is important for management and the City Council to be aware that whenever there is a lack of segregation of duties, the system is far more susceptible to errors or other irregularities, either intentional or unintentional, not being discovered. It is recommended that the City restrict the ability to add/edit employees to another more appropriate individual or implement the period review of an employee change report.

Management’s Response:

The City acknowledges the finding and has taken corrective actions to strengthen internal controls within the payroll process. The implementation of the new payroll software required adjustments to roles and responsibilities to ensure proper segregation of duties.

To address this issue, the City has taken the following steps:

Payroll System Access Controls:
 The ability to add, remove, or edit employees has been reassigned to ensure proper segregation of duties.
 System permissions have been reviewed and updated to restrict payroll processing functions appropriately.

These corrective actions will help mitigate the risk of errors or irregularities and strengthen the integrity of the payroll process moving forward.

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735 E. Carnegie Dr. Suite I 00
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
ramscpa. net

ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-1-
Independent Accountant’s Report
To the Honorable City Council
City of Fountain Valley
Fountain Valley, California
We have performed the procedures enumerated below to the accompanying Appropriations Limit Worksheet of the City of Fountain Valley, California (the City) for the year ended June 30, 2024. The management of the City is responsible for the accompanying Appropriations Limit Worksheet.

The City has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of meeting the requirements of Section 1.5 of Article XIII-B of the California Constitution. These procedures, which were suggested by the League of California Cities and presented in the publication entitled Agreedupon Procedures Applied to the Appropriations Limitation Prescribed by Article XIII-B of the California Constitution, were performed solely to assist you in meeting the requirements. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.

The procedures and the associated findings are as follows:

1. We obtained the completed worksheets and compared the limit and annual adjustment factors included in those worksheets to the limit and annual adjustment factors that were adopted by resolution of the City Council. We also compared the
population and inflation options included in the aforementioned documents to those that were selected by a recorded vote of the City Council.

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

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

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

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

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

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

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

We were engaged by the City to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on accompanying Appropriations Limit Worksheet for the year ended June 30, 2024.

Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

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

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

San Bernardino, California
February 25, 2025

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City of Fountain Valley

APPROPRIATIONS LIMIT WORKSHEET
2023 – 2024
2023 - 2024
Change in California Per Capita Personal Income 4.44%
Change in Population for the County -0.46%
Change in California Per Capita Personal Income
Converted to a Ratio 1.0444
Change in Population for the County
Converted to a Ratio 0.9954
Calculation of Factor for Ratio of Change
(1.0444 x 0.9954) 1.0396
2022 - 2023 limit $ 167,138,759
2023 - 2024 limit
($167,138,759 x 1.0396) $ 173,756,745 *
*allow for rounding

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Fountain Valley City CouncilMarch 18, 2025

Fountain Valley City Council
March 18, 2025