Glendora City Council
September 9, 2025

displeasure with their work, performance, or behavior) should be directed to the City Manager or the City Attorney, as appropriate.
• Refrain from directing staff outside of Council-authorized processes.

Specifically, Council Members shall not direct City staff to initiate any action, change a course of action, or prepare any report that is significant in nature or initiate any project or study without the approval of a majority of the City Council. • Avoid exerting individual pressure on City staff to achieve personal or political outcomes.
• Refrain from abusive conduct, personal charges, or verbal attacks upon the character or motives of City staff; City staff shall be treated professionally and Council Members shall refrain from publicly criticizing individual employees.

D. Conduct Toward the Public
• Encourage diverse participation and viewpoints.
• Listen respectfully to community input.
• Provide accurate information and avoid spreading misinformation. • Any citizen complaints should be directed to the City Manager so the complaint and request for information can be disseminated to City staff for appropriate action.
• Make no promises to the public on behalf of the City Council. • Council Members will frequently be asked to explain a Council action or to give their opinion about an issue as they meet and talk with constituents in the community. It is appropriate to give a brief overview of City policy and to refer to City staff for further information. It is inappropriate to overtly or implicitly promise Council action, or to promise City staff will do something specific (e.g., fix a pothole, remove a library book, plant new flowers in the median, etc.).

E. Conduct with the Media
• Council Members shall refrain from going “off the record” in their discussions with the media.
• The Mayor is the official spokesperson for City’s position, and is the designated representative of the Council to present and speak on the official City position. If an individual Council Member is contacted by the media, the Council Member should be clear about whether their comments represent the official City position or a personal viewpoint.

F. Conduct with Other Agencies
• Council Members shall project a positive image of the City when dealing with other agencies.
• Council Members shall represent official policies or positions of the City Council first when designated as delegates of a legislative body, or other outside commission, or committee.
• Council Members shall explicitly state when their opinions and positions do not represent the City Council when representing their individual opinions and positions.

City Council Code of Ethics – effective date TBD

G. Respect for the Office
• Council Members shall act with integrity and independence from improper influence as they exercise the duties of their offices, and shall faithfully perform the duties of their offices.
• Characteristics and behaviors consistent with this standard include the following: (i) exhibiting trustworthiness; (ii) using best independent judgment to pursue the common good; (iii) showing respect for their official public role within the community and not acting in ways that reflect negatively on their position by recognizing that they are part of a larger group and acting accordingly; and (iv) keeping an open mind and being able to consider the opinions and ideas of others, and treating each other and the public with respect and honoring the opinions of others, even when Council Members disagree with those opinions. • Council Members should avoid impropriety in the exercise of their official duties.
• Council Members shall familiarize themselves with laws and regulations governing political campaigns and campaign finance, and shall not engage in or cause others to engage in any political activity on City premises, at City functions, or with City employees.

IV. Decision-Making Responsibilities:

A. Make decisions based on the merits of the issue, not personal or political gain.

B. Consider long-term community interests over short-term advantage.

C. Disclose conflicts of interest and recuse when appropriate.

D. Obey all state laws regarding official actions of the Council, including open meetings, ethics, and disclosures (e.g. Brown Act, Political Reform Act, FPPC regulations).

E. Council Members should be guided by the spirit as well as the letter of the law in all their actions.

V. Use of City Resources:

A. Use City equipment, facilities, and funds only for official purposes.

B. Avoid use of City resources for political campaigning, private gain, or personal benefit.

VI. Confidentiality
A. No Council Member may, without prior formal authorization of the Council or the City Attorney, disclose any Confidential Information concerning any other Council Member, official or employee, or any other person, or any property or governmental affairs of the City, except as required by law.
• The term “Confidential Information” shall mean information that is not generally known in the public and/or is not subject to disclosure under California Public Records Act or other applicable law. Some examples of Confidential Information include attorney-client privileged communications, attorney client City Council Code of Ethics – effective date TBD

work product, and personnel, medical or similar information, the disclosure of which would constitute an unwarranted invasion of privacy.

B. Council Members shall ensure and respect the confidentiality of closed session discussions, materials, and privileged information.

VII. One-Voice Provision
To ensure clarity, unity, and public trust:

A. Unified Communication – Once the City Council has taken an official action or position, all Council Members are expected to publicly support and communicate the decision as the official position of the City of Glendora.

B. Minority Opinions – Council Members retain the right to express dissenting views during Council deliberations and in appropriate contexts, but must clearly distinguish personal opinions from official City positions.

C. Representation of the City – No individual Council Member shall represent or imply that they are speaking on behalf of the entire City Council or the City unless specifically authorized by Council action.

VIII. Enforcement, Complaints, and Remedies
A. Complaint Submission

1. Complaints regarding alleged violations of this Code of Conduct may be submitted in writing by a Council Member, City staff, or a member of the public.

2. Complaints shall be directed to the City Manager and the City Attorney, who will forward them to the Mayor (or, if the complaint concerns the Mayor, to the Mayor Pro Tem or other Council Member, in order of seniority, as appropriate under the circumstances).

3. Anonymous complaints will not be considered.

B. Preliminary Review

1. Upon receipt, the City Attorney shall review the complaint to determine whether it alleges conduct that, if true, would constitute a violation of this Code of Conduct.

2. If the complaint is deemed insufficient, the complainant shall be notified, and no further action will be taken.

3. If the complaint is deemed sufficient, then the violation of this Code of Conduct shall be resolved as follows: (i) if the complaint of a minor nature and can be resolved informally, the City Manager and City Attorney may collaborate to determine a course of action and resolution of the matter with the implicated Council Member, or (ii) if the complaint is of a serious nature, the City Manager and the City Attorney shall consult with the Mayor (unless the Mayor is the subject of the complaint, in which event they will consult with the Mayor Pro Tem or other Council Member, in order of seniority, as appropriate under the circumstances) in order to provide a recommendation to the Council regarding one or more proposed courses of action for resolution.

City Council Code of Ethics – effective date TBD

C. Investigation Process

1. The City Council may, by majority vote, authorize an investigation of the complaint.

2. Investigations may be conducted by:
i. The City Attorney or his / her designee,
ii. An independent investigator, or
iii. An outside agency or mediator, as determined by Council.

3. The investigation shall provide the subject Council Member with notice of the allegations and an opportunity to respond.

4. A written report of findings shall be provided to the full City Council.

D. Remedies
If a violation of this Code of Conduct has occurred, the City Council may impose one or more of the following remedies, proportionate to the severity of the violation:

1. Informal Resolution – A verbal warning, clarification of expectations, or facilitated discussion between the parties.

2. Written Warning or Reprimand – A formal notice placed on record but without further consequence.

3. Censure – A formal statement of disapproval adopted by majority vote of the City Council.

4. Removal from Committee or Board Assignments – Removal from internal or external committees, commissions, or liaison roles.

5. Restriction of Council Privileges – Limitation of discretionary travel, conference attendance, or similar benefits funded by the City.

6. Referral to Law Enforcement or Other Authorities – If the conduct may constitute a violation of law, referral to the appropriate agency.

7. Other Penalties – Other penalties approved by a majority of the Council as may be applicable under the circumstances.

E. Due Process

1. Remedies shall only be imposed by majority vote of the City Council in an open session, consistent with the Brown Act.

2. The subject Council Member shall have the right to address the Council before a decision is made.

IX. Periodic Review
This Code of Conduct shall be reviewed at least once every five years, or as otherwise directed by the City Council, to ensure continued relevance and effectiveness.

X. History:

City Council directed staff to develop a City Council Code of Conduct Policy at the (Month Day, Year) City Council meeting.

STAFF REPORT
TO: Mayor and Council Members DATE: September 9, 2025
FROM: Finance DISTRICT(S): Citywide
SUBJECT: Continuation of the Annual Comprehensive Financial Report for Fiscal Year ending June 30, 2024

RECOMMENDATION
That the City Council:

1. Receive and file the Annual Comprehensive Financial Report for Fiscal Year Ending June 30, 2024.

STRATEGIC FOCUS AREAS
Goal 2: Maintain Financial Stability and Sustainability (MFSS)

EXECUTIVE SUMMARY
The Annual Comprehensive Financial Report (ACFR) is an extensive report summarizing the financial activities of the City for the fiscal year from July 1, 2023 to June 30, 2024. Badawi & Associates has completed an independent audit and issued an unmodified (“clean”) opinion on the financial statements. This is the best opinion the City can receive from its auditors. Specifically, an unmodified opinion means as a result of their examination, testing and audit procedures, Badawi & Associates concluded the financial statements fairly present the financial position of the City.

LEGISLATIVE HISTORY / PREVIOUS ACTIONS
Glendora Municipal Code 2.20.030, stipulates that Finance shall prepare and present to the City Council an annual statement or report in sufficient detail to show the financial condition of the City.

DISCUSSION
The ACFR is prepared in compliance with the Governmental Accounting Standards Board (GASB) standards.

Pursuant to GASB guidelines, the City’s ACFR is divided into three sections: Introductory, Financial and Statistical.

The Introductory Section provides a brief overview of the City, economic outlook, operational controls and major initiatives. It also includes the GFOA Certificate of Achievement for Excellence in Financial Reporting for fiscal year ended June 30, 2024. The City has consistently received this certificate. The ACFR for the fiscal year ended June 30, 2024, will be submitted to GFOA this month, March 2025 with approved extensions due to extenuating circumstances, such as implementing a new financial system and staff vacancies. However, there is an expectation of receiving the award again.

The Financial Section which will be the primary point of discussion in this report, includes the independent auditors’ opinion letter, Management’s Discussion and Analysis (MD&A), and the Basic Financial Statements. The Management’s Discussion and Analysis (MD&A) provides a narrative of how the financial report is presented and key highlights of some of the changes in our financial position. The MD&A provides tables showing comparative information from fiscal year ended June 30, 2023 to the fiscal year ended June 30, 2024.

The Financial Section includes multiple financial statement formats, starting with the Government-Wide Financial Statements, Fund Financial Statements and Combining & Individual Fund Statements. The Government-Wide Financial Statements are intended to communicate the financial condition of the City in a manner similar to private sector reporting. The Fund Financial Statements and the Combining & Individual Fund Statements relate more closely to the budget document and the day-to-day management of the City’s resources. Below are highlights from the financial reports.

Government-Wide Financial Statement Highlights
In 2023, the Net Position was $214 million and at the end of FY 2024 the Net Position is $223 million. This is an increase in Net Position of $9 million. The City’s total net position increased from the prior fiscal year’s net position primarily due the increase in capital improvement program activity increasing capitalized assets in the amount of $21.1 million. The net investment in capital assets in governmental activities increased by $9.8 million, primarily due to several street and park projects were completed over the course of fiscal year 2023-2024, including the Washington Elementary Crosswalk improvements, and Louie Pompei Park Shade Structure Installation and Playground Resurfacing. The net investment in capital assets in Business-Type Activities increased by $13.6 million from the completion of several infrastructure projects including Bender Carter Santa Fe Newburgh Water Main Replacement and Louie Pompei Park Turf Replacement, and other various infrastructure and water main improvements throughout the City.

Governmental Fund Highlights
Governmental Funds include the General Fund, Special Revenue Funds, Capital Project Funds, and Debt Service Funds. The Net Change in Fund Balances for the General Fund for the fiscal year was an increase of $3.4 million after applying the reserve policy transfers, which maintained a contingency reserve balance of $16.8 million.

General fund revenues came in better than budgeted in all revenue sources except Taxes. Sales Tax and Measure E saw a decrease of approximately $0.5 million from FY2023 to FY2024. As the City heads through 2024 and 2025, Sales tax and Measure E will see some stabilization, caused by the ongoing battle against inflation and continued consumer spending. The voters approved Measure Z an additional 0.25% transaction and use in November of 2024. The City Council approved using funding for programs and items to address Public Safety, Library program intergovernmental funding changes, affordable housing, citywide communication efforts and City events provided through Recreation and Human Services. Property tax revenues increased slightly relating to the steady rising home values within the City. Use of Money and Property exceeded budgets by $4.5 million due to recognition of unrealized gains/losses required by Governmental Accounting Standards Board Statement 31.

License and Permits exceeded budget by $0.2 million due to an increase in building and plan checks issued.

Charges for Services exceeded budgets by $0.2 million due to increased revenue in contract classes and activities. Other revenues were generally in-line with the budgeted amounts.

The transfers out from the General Fund were done in accordance with the reserve policy that was adopted in June 2020. The committed fund balance: emergency contingency reserve was established at a maximum of 45% of prior year operating General Fund expenditures and the amounts in excess of 45% at year-end were transferred per the policy to the Capital Projects Fund ($2.4 million), Pension Stabilization Fund ($1.4 million), any deficit internal service fund and towards the City’s Other Post-Employment Benefit Section 115 Trust (OPEB Trust). In this case, $0.5 million was transferred to the General Liability Fund and to the OPEB Trust. The Pension Stabilization Fund is combined with the General Fund for financial statement presentation purposes. At the June 30, 2024, the General Fund Committed Contingencies Reserve is $15.6 million. This reserve is critical for emergencies and is relied upon for cash flow needs during the year, in particular during the first six months of the fiscal year before property tax revenues are received.

Business Type Activities/Proprietary Funds Highlights
Proprietary Funds include the Water funds, and the Internal Service Funds. The major fund is the Water Funds, both operations and capital.

The change in net position represents revenues that exceed expenditures. Per the rate study, these funds are designated for capital projects in the new budget year and to maintain reserves per the Water reserve policy. The net investment in capital assets is the value of the assets net of the outstanding debt. Net investment in capital assets increased by $5.6 million during this fiscal year primarily due to the City starting the Louie Pompei Turf replacement project as well as multiple water main replacement projects. These funds are not spendable. Of the Internal Service Funds, the Worker’s Compensation ended the year with a deficit net position. For the Worker’s Compensation Fund the deficit is comprised of the actuarially estimated liability of open claims and judgments both reported and those incurred but not reported (IBNR). By its nature the IBNR calculation fluctuates from year to year. It is important to note the current cash balance of $2.4 million is sufficient for the annual operating cash flow needs, which is in addition to the monthly charges for services to the respective departments. Per the General Fund reserve policy, this year, the General Liability Fund received a transfer of $0.5 million. Although the General Liability Fund did not end the year with a deficit net position, the transfer was to mitigate ending the year in a deficit and to cover the FY25 operating budget.

Fiduciary Funds Highlights
Fiduciary Funds include Successor Agency Funds. The Successor Agency Funds are used primarily for debt service.

The Statistical Section is the last section of the ACFR. The Statistical Section includes data useful in analyzing the City’s financial and operational history for comparative purposes. Some of the financial statistics tracked include financial trends, revenue capacity, and debt capacity, which are useful for evaluating the City’s financial stability.

There are also demographic/economic information and operating indicators which allow the reader to understand the environment and how the financial report relates to the services provided by the City.

FISCAL IMPACT
There is no fiscal impact associated with the recommendations in this report.

ENVIRONMENTAL DETERMINATION
Not applicable.

Prepared By: Shirley Feng, Senior Accountant
Concurs With: Not Applicable
Reviewed By: Kyle Johnson, Finance Director/City Treasurer Certified to Availability of
Funds:

Kyle Johnson, Finance Director/City Treasurer
Approved By: Adam Raymond, City Manager
Legal Review: Danny Aleshire, City Attorney
CEQA Review: Not Applicable
Attachments
A_2024_Glendora_Annual_Comprehensive_Financial_Report.pdf B_Presentation.pdf

ANNUALCOMPREHENSIVEFINANCIALREPORT
FISCALYEARJULY1,2023THROUGHJUNE30,2024

City of
Glendora
Glendora, California
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Prepared by:

Financial Department

City of Glendora
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents
Page

INTRODUCTORY SECTION
Letter of Transmittal ....................................................................................................................................................... i Elected and Appointed Officials ............................................................................................................................... vii City-Wide Organizational Chart ............................................................................................................................. viii GFOA Certificate of Achievement for Excellence in Financial Reporting ............................................................ ix

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

Government-Wide Financial Statements:

Statement of Net Position ..................................................................................................................................... 24 Statement of Activities .......................................................................................................................................... 26 Fund Financial Statements:

Governmental Fund Financial Statements:

Balance Sheet ...................................................................................................................................................... 32 Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position ................................................................................. 34 Statement of Revenues, Expenditures and
Changes in Fund Balances ............................................................................................................................. 35 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 ................................................................................................................................... 41 Fiduciary Fund Financial Statements:

Statement of Fiduciary Net Position................................................................................................................ 43 Statement of Changes in Fiduciary Net Position ........................................................................................... 44 Notes to the Basic Financial Statements ................................................................................................................ 49 City of Glendora
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents
Page
FINANCIAL SECTION (Continued)
Required Supplementary Information:

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

General Fund .................................................................................................................................................... 103 Defined Benefit Pension Plans:

Miscellaneous Plan
Schedule of the Changes in the Net Pension Liability and Related Ratios – Last 10 Years ................... 106 Schedule of Pension Plan Contributions – Last 10 Years ........................................................................... 108 Safety Plan
Schedule of the City’s Proportionate Share of the Net Pension Liability and Related Ratios – Last 10 Years ............................................................................................. 110 Schedule of Pension Plan Contributions – Last 10 Years ........................................................................... 112 Other Post Employment Benefit Plan:

Schedule of Changes in OPEB Liability and Related Ratios – Last 10 Years ........................................... 114

Supplementary Information:

Statements of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual:

City Capital Projects Fund .............................................................................................................................. 119 Nonmajor Governmental Funds:

Combining Balance Sheet ............................................................................................................................... 127 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ............................... 134 Statements of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual:

Special Assessments Special Revenue Fund ............................................................................................. 143 Gas Tax and TDA Special Revenue Fund ................................................................................................. 144 Parks Development Special Revenue Fund .............................................................................................. 145 Grants Special Revenue Fund ..................................................................................................................... 146 Asset Forfeiture Special Revenue Fund ..................................................................................................... 147 Transit Tax Local Prop A Special Revenue Fund ..................................................................................... 148 Supplemental Law Enforcement Services Special Revenue Fund ......................................................... 149 Transit Tax Local Prop C Special Revenue Fund ..................................................................................... 150 Housing and Community Development Act Special Revenue Fund ................................................... 151 Used Oil Block Grant Special Revenue Fund ........................................................................................... 152 Air Quality Special Revenue Fund ............................................................................................................. 153 Prop A Operations Special Revenue Fund ................................................................................................ 154 City of Glendora
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents
Page
FINANCIAL SECTION (Continued)
Supplementary Information (Continued):

Nonmajor Governmental Funds (Continued):

Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual (Continued) Affordable Housing Special Revenue Fund ................................................................................................. 155 CAL Home Prop 1C Special Revenue Fund ................................................................................................. 156 Surface Transportation Program Special Revenue Fund ........................................................................... 157 PEG Cable TV Special Revenue Fund ........................................................................................................... 158 Measure R Special Revenue Fund ................................................................................................................. 159 Beverage Recycling Grant Special Revenue Fund ....................................................................................... 160 Library Grant Special Revenue Fund ............................................................................................................ 161 Glendora Village Business Improvements District (BID) Special Revenue Fund .................................. 162 American Rescue Plan Act .............................................................................................................................. 163 Step OTS Grant Special Revenue Fund ......................................................................................................... 164 Plan Maintenance Fees Special Revenue Fund ............................................................................................ 165 Home-State Grant Special Revenue Fund .................................................................................................... 166 Housing Authority Special Revenue Fund .................................................................................................. 167 Highway Bridge Repair Special Revenue Fund .......................................................................................... 168 Measure M Special Revenue Fund ................................................................................................................ 169 Road Maintenance Rehabilitation Special Revenue Fund ......................................................................... 170 Highway Safety Improvement Program Special Revenue Fund (HSIP) ................................................. 171 Measure W Special Revenue Fund ................................................................................................................ 172 Measure H Special Revenue Fund ................................................................................................................. 173 General Plan Maintenance Fees Special Revenue Fund ............................................................................. 174 Prop 68 Parks/Water Bond Special Revenue Fund .................................................................................... 175 Stormwater Investment Special Revenue Fund ........................................................................................... 176 Energy Efficient Project Debt Service Fund .................................................................................................. 177 Pension Obligation Bonds Debt Service Fund ............................................................................................. 178 Internal Service Funds:

Combining Statement of Net Position .............................................................................................................. 180 Combining Statement of Revenues, Expenses and Changes in Net Position ............................................. 181 Combining Statement of Cash Flows ............................................................................................................... 182 City of Glendora
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents
Page
STATISTICAL SECTION (Unaudited)
Description of Statistical Section Contents ......................................................................................................... 185 Financial Trends:

Net Positions by Component.......................................................................................................................... 186 Changes in Net Position .................................................................................................................................. 188 Fund Balances of Governmental Funds ........................................................................................................ 192 Changes in Fund Balances of Governmental Funds ................................................................................... 194 Revenue Capacity:

Taxable Sales by Category .............................................................................................................................. 196 Tax Revenue by Source Governmental Funds ............................................................................................. 198 Principal Sales Tax Remitters ......................................................................................................................... 199 Assessed Value and Estimated Actual Value of Taxable Property ........................................................... 200 Direct and Overlapping Property Tax Rates ................................................................................................ 202 Principal Property Taxpayers ......................................................................................................................... 204 Property Tax Levies and Collections ............................................................................................................. 205 Debt Capacity:

Ratios of Outstanding Debt by Type ............................................................................................................. 206 Ratios of Bonded Debt Outstanding .............................................................................................................. 207 Direct and Overlapping Governmental Activities Debt ............................................................................. 208 Legal Debt Margin Information ..................................................................................................................... 210 Pledged Revenue Coverage ............................................................................................................................ 212 Demographic and Economic Information:

Demographic and Economic Statistics .......................................................................................................... 213 Principal Employers ........................................................................................................................................ 214 Full-Time Equivalent City Employees by Function/Program .................................................................. 216 Operating Information:

Capital Asset Statistics by Function/Program ............................................................................................. 218 Performance Indicators ................................................................................................................................... 220 August 26, 2025
Honorable Mayor, City Council and Citizens of the City of Glendora:

It is a pleasure to submit the Annual Comprehensive Financial Report (ACFR) of the City of Glendora for the fiscal year ended June 30, 2024. The report and accompanying independent audit are published pursuant to State law and the requirements of Sections 2.08.070 and 2.20.030(2) of the Glendora Municipal Code. The financial statements are presented in conformity with generally accepted accounting principles (GAAP) and audited in accordance with Generally Accepted Auditing Standards (GAAS) by an independent auditing firm of licensed certified public accountants.

While traditionally addressed to the governing legislative body of the City, this report is also intended to provide relevant financial information to the citizens of the City of Glendora, City staff, creditors, investors and other concerned readers. We encourage all readers to contact the Finance Department with any questions or comments concerning this report.

Purpose and Management Responsibility
The report consists of management’s representations concerning the finances of the City of Glendora. Management assumes full responsibility for the completeness and reliability of all the information presented. To provide a reasonable basis for making these representations, management of the City of Glendora has established a comprehensive internal control framework designed to both protect the government’s assets from loss, theft or misuse and to compile sufficient reliable information for the preparation of the financial statements in conformity with GAAP. The cost of internal controls should not outweigh their benefits. As such, the City of Glendora’s framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement.

As management, we assert to the best of our knowledge and belief, this financial report is complete and reliable in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds and component units of the City of Glendora.

Audited Financial Statements
The City’s financial statements have been audited by Badawi & Associates, a firm of licensed certified public accountants. The independent auditors concluded, based on the audit, there was a reasonable basis for rendering an unmodified (“clean”) opinion of the City’s financial statements i
for the fiscal year ended June 30, 2024. The independent auditor’s report is presented as the first component of the financial section of this ACFR.

Organization of Report
The Management’s Discussion and Analysis (MD&A) provides a narrative introduction, overview, and analysis of the basic financial statements. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City of Glendora’s MD&A can be found in the Financial Section, immediately following the independent auditor’s report.

City of Glendora Profile
The City of Glendora was incorporated in 1911 and encompasses 19.86 square miles. The City is located in the foothills of the San Gabriel Mountains in Northeastern Los Angeles County. It is 28 miles east of downtown Los Angeles and 30 miles west of San Bernardino. Neighboring communities include San Dimas, Azusa, and Covina.

The City of Glendora is a California General Law city that operates under the Council-Manager form of government. The City Council consists of five members, and each serves a term of four years. Annually, the Council meets and elects from its membership, a Mayor and a Mayor Pro Tem to serve a single-year term. The Mayor serves as the presiding officer of the City Council.

In October 2017, the City Council adopted the move to district elections.

The City Council serves as the legislative and policy-making body of the City, the Housing Authority, and as the Successor Agency to the former Glendora Redevelopment Agency, enacting all ordinances and operating resolutions, adopting of the annual budget, appointing commissions and committees, and hiring the City Manager and City Attorney. The City Manager serves as chief executive officer and is responsible for implementing the policies, ordinances and directives of the City Council, for overseeing the day-to-day operations of the City, and for appointing, with City Council concurrence, department directors. The City Attorney is responsible for the legal affairs of the City and works in conjunction with the City Manager to implement the policies set forth by the City Council.

City Services
The City provides a wide range of services, including public safety (police), public works, water, storm drainage, planning and development, park and landscape maintenance, code enforcement, building inspection, library facilities, and senior citizen/handicap transportation. Fire protection and flood control services are provided by Los Angeles County. Many recreation programs for all age groups and services for the mature adult population are provided year-round. The City provides trash collection services through a contracted third party.

Glendora is a family friendly community with a population of approximately 50,000. The community enjoys over a thousand acres in park and open space area. The City has been recognized in the San Gabriel Valley as the Best Friendly City or Downtown for 13 consecutive years (2012 - 2024).

The City is comprised of a majority of single-family homes, condominiums and apartments as well as a mixture of retail, office, light industrial, and service entities, providing a solid tax base for the City. Most businesses are oriented toward serving local residents and visitors. This local business ii
environment and the availability of amenities in the community make Glendora a desirable community in which to live, work and play.

Budgetary Policy and Control
The annual budget serves as the foundation for the City of Glendora’s financial planning and control. The City Council adopts a budget recommended by the City Manager. The budget is prepared by fund, department, and program. After adoption, the City Council may modify appropriations at any time with majority approval. Changes in appropriations at the fund level during the year must be submitted by the City Manager to the City Council for review and approval and must be accompanied by appropriate fiscal impact analysis. The level of expenditures is controlled at the fund level. The City Manager is authorized to transfer budgeted appropriations within the control accounts, including capital projects, provided no change is made to the total amount provided for any one fund.

Economic Condition and Outlook
The ACFR provides valuable insight to the City’s financial position and economic condition at June 30, 2024. The information presented in the City’s financial statements is best understood within the context of our broader economic conditions within which the City operated during the year.

Local Economy
The City’s major revenue sources continue to be property taxes, sales taxes, and licenses/fees.

According to data provided by HdL Companies, Glendora’s median home prices increased by

2.7% in the 2024 tax year. Median home prices reached $838,000, with average sales price at $944,674. While the value and sales price of homes continue to increase, the number of sales within the City are trending less than what sold in the previous fiscal year. Interest rates continue to remain high which continues to make borrowing expensive impacting housing demand. With

83.6% of the City’s property values made up of residential homes the City continues to expect stable revenue from the real estate market even with the uncertainty of future rate cuts by the Federal Reserve Bank.

Sales tax continues to be a significant revenue source for the City. Sales Tax and Measure E saw a decrease of approximately $0.5 million from FY2023 to FY2024. As the City heads through 2024 and 2025, Sales tax and Measure E will see some stabilization, caused by the ongoing battle against inflation and continued consumer spending. The voters approved Measure Z an additional

0.25% transaction and use in November of 2024. The City Council approved using funding for programs and items to address Public Safety, Library program intergovernmental funding changes, affordable housing, citywide communication efforts and City events provided through Recreation and Human Services. As of June 2025, California’s unemployment rate is 5.5% supporting the reduction in sales taxes and stabilization in demand for goods and services.

Continued price increases with shifting federal policies have impacted the City causing the cost of supplies, materials, and services to increase. Transfers totaling $5.1 million were made to the City Capital Projects Fund, Pension Stabilization Fund, Other Post-Employment Benefit Reserve, and General Liability Fund in compliance with the City Council approved General Fund Reserve Policy, which continues to improve the General Fund position of the City, which is already rated AAA by S&P.
iii
Government-wide expenditures totaled $79.4 and $88.1 million for the years ended June 30, 2024, and 2023 respectively. While programs and services have been maintained at prior year levels and service levels have kept constant, the City saw a decrease in overall expenditures. This was largely due to the unfavorable performance of CalPERS investments during the FY2023 actuarial measurement period resulting in $23.6 million in pension expense compared to the favorable performance of CalPERS investments during the FY2024 actuarial measurement period resulting in $10.5 million pension expense.

On June 11th, 2024, the Glendora City Council members approved the FY 2024-2025 Two-Year Budget-Year Two: Mid-Cycle Update Budget. The approved budget was balanced with the City continuing to provide the same level of services to the community.

Relevant Financial Policies
Financial Planning
Each year the City engages in two comprehensive processes of financial planning and review. The first occurs as part of the City Council/Successor Agency Board’s review of the City Manager’s proposed budget in June prior to the commencement of the fiscal year beginning July 1st. The second is the mid-year review that analyzes the operating results for the first half of the fiscal year.

The mid-year review offers analyses of the City’s financial position, with particular emphasis on the General Fund. The focal point of both reviews is the City’s multi-year General Fund revenue and expenditure projection. In this light, financial planning assumes a longer-range perspective.

In addition to the budget process review, the City prepares monthly reports for department and City Council review. The City Council and Executive staff meet semi-annually for strategic planning, the resulting plan is available on the City website. Local, regional and statewide issues are shared and discussed publicly addressing the current and future financial planning of the City.

Financial Policies
The City Council adopts a comprehensive list of Financial Policies annually with the adoption of the budget. The Fiscal and Budgetary Policies address a wide range of fiscal management issues, budgetary control, treasury management, reserve ratios, infrastructure, financing methods and employee compensation. The entire Fiscal and Budgetary policy is included in the adopted budget for FY 2023-2024 & FY 2024-2025 Two-Year Budget.

Cash Management
The City manages a pooled investment program for all funds in which temporarily idle cash is invested in a variety of instruments. The investment program is managed in accordance with the Investment Policy approved by the City Council. Safety, liquidity, and yield, in that order, are the objectives of the investment program. Investments are diversified among investment tools including certificates of deposit, Federal agency securities and the State of California’s Local Agency Investment Fund (LAIF). Monthly reports on investment status and activity are presented to the City Council.

Risk Management
In 1986, the City became a member of the Independent Cities Risk Management Authority (ICRMA), a joint powers authority of 15 California cities, for the purpose of pooling the City of Glendora’s risk for general liability and workers’ compensation losses with those of other member iv
cities. The City maintains self-insurance programs for worker’s compensation and general liability insurance up to a maximum of $500,000 and $300,000 per occurrence, respectively. General liability claims, which exceed the self-insured retention (SIR) are covered by ICRMA up to a maximum of $3,000,000 per incident. Worker’s compensation claims that exceed the SIR are insured by ICRMA up to the California statutory limits for worker’s compensation. The City contracts with third party administrators who handle all claims against the City.

Major Initiatives
The City of Glendora City Council and the City’s executive management team have dedicated significant attention and resources to accomplishing the objectives set forth under the umbrella of the 2023-2025 Three-Year Strategic Plan. Guiding the City’s efforts during fiscal year 2023-2024 were seven individual goals: Implement strategic economic development, maintain financial stability and sustainability, enhance employee development and retention, enhance and modernize the organization, improve and maintain the City’s infrastructure and facilities, implement strategic homelessness solutions, and enhance community engagement and presence.

Several capital improvement projects were completed over the course of fiscal year 2023-24, including Washington Elementary Crosswalk Improvements, Louie Pompei Park Shade Structure Installation, Bender Carter Santa Fe Newburgh Water Main Replacement and Louie Pompei Park Turf Replacement and Resurfacing. The City’s Five-Year Capital Improvement Program amended for FY2025 totals $136,706,958 with years 1 and 2 of the plan budgeted and programmed and for years 3 through 5 funding sources still need to be identified. This illustrates the level of deferred maintenance and demonstrates the City’s commitment to infrastructure improvements. The projects are categorized as follows:

Facilities $ 14,826,013
Information Technology $ 180,430
Stormwater $ 28,617,018
Parks $ 17,839,831
Streets $ 39,959,991
Water $ 35,283,675
The FY 2025-27 Adopted Two-Year Budget Capital Improvement Plan continues the City’s aggressive capital project schedule dedicating resources to maintain our streets, water systems, stormwater systems, and parks. Total capital investment citywide is $15 million in FY 2025-26 and $30 million in FY 2026-27. A few key capital projects included in this budget include Finkbiner Park Stormwater Capture Project, South Hills Bike Park, People Movement Project, and Colorado and Cypress Water and Streets Projects. These investments are about resilience and readiness for the future.

Homelessness remains one of the most urgent and complex challenges facing Glendora and the broader Southern California region. While the City recognizes that no city can solve this crisis alone, Glendora is committed to doing its part—and leading where possible—through datainformed programs, regional collaboration, and compassionate policy. Over the last two-year budget cycle, 24 individuals have been placed in permanent housing, 50 individuals have been placed in interim housing, and 29 households have been provided prevention assistance, while several others have been connected to available supportive services. v
Award and Acknowledgments
The Government Finance Officers Association (GFOA) awarded a certificate of Achievement for Excellence in Financial Reporting to the City of Glendora for its Annual Comprehensive Financial Report for the fiscal year ended June 30, 2023. This was the 27th year within the last 28 years the government has received this prestigious award (in 2006 the City did not submit application due to the challenges and complications of its accounting system computer conversion). In order to be awarded a Certificate of Achievement, the government must publish an easily readable and efficiently organized ACFR. The report satisfied generally accepted accounting principles (GAAP), government accounting standard board (GASB) pronouncements and other legal requirements. A Certificate of Achievement is valid for a period of one year only. Our current ACFR continues to be prepared to meet the requirements for of the Certificate of Achievement, however like 2006 the City has not submitted to the GFOA due to new enterprise resource planning system implementations. The GFOA also awarded a certificate of Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Glendora for its Popular Annual Financial Report (PAFR) for the fiscal year ended June 30, 2023. This was the fifth year the City was awarded for this achievement within the last five years (the City has received this award every year since its first submission for the fiscal year ended June 30, 2019).

The preparation and publication of this report was made possible by the dedicated service of the entire Finance Department under the leadership of Deputy City Manager, Marie Ricci, Finance Director/City Treasurer, Kyle Johnson and Assistant Director-Finance, Natasha Woolford.

Appreciation is also extended to City departments for their support in planning and conducting the fiscal functions of the City, the commitment of all City employees, as well as the Mayor and City Council for their support and encouragement toward achieving and maintaining the highest standards for the management of the City of Glendora’s finances. Through continued partnership with the community we serve, the City of Glendora will continue to be a leader in effective municipal governance and maintain its high quality of life.

Adam Raymond Kyle Johnson
City Manager Finance Director/City Treasurer
vi

ADVISORY BODIES
• Community Services Commission •
• Planning Commission • Board of Library Trustees •
• Water Commission • Business Improvement District Advisory Board •

APPOINTED OFFICIALS & DEPARTMENT HEADS
Adam M. Raymond..................................................................................................City Manager Moises Lopez…........................................................................................Assistant City Manager Marie Ricci…...............................................................................................Deputy City Manager Kathleen R. Sessman...........................................................City Clerk/Communications Director Kyle Johnson…...........................................................................Finance Director/City Treasurer Sam Robbin................................................................................Information Technology Director Mike Randazzo...........................................................................................................Police Chief Jeff Kugel.................................................................................Community Development Director William Wittkopf….......................................................................................Public Works Director Vacant……............................................................................................................Library Director John Aguirre....................................................................................Community Services Director Mendell Thompson

COUNCIL MEMBER
Shaunna Elias

COUNCIL MEMBER
Michael Allawos

MAYOR PRO TEM
Karen Davis

COUNCIL MEMBER
David Fredendall
MAYOR
vii
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viii
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Glendora
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
ix
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x
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of the City Council
of the City of Glendora
Glendora, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Glendora, California (City) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2024, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (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 of Glendora 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.

Responsibility of Management’s for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes 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 Glendora
Glendora, California

Auditor’s Responsibility 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, budgetary comparison information, and the required pension and OPEB schedules on pages 5-16 and 103-115, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
2 To the Honorable Mayor and Members of the City Council of the City of Glendora
Glendora, California

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

The combining nonmajor fund statements and the budgetary comparison schedules for the capital projects fund and nonmajor governmental funds are the responsibility of management and were 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 nonmajor fund statements and the budgetary comparison schedules for the capital projects fund and nonmajor governmental funds 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. The other information comprises the introductory 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.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated August 26, 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 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 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
August 26, 2025
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4 City of Glendora
Management’s Discussion and Analysis (MD&A) (Unaudited) (Continued) For the Year Ended June 30, 2024
he management of the City of Glendora, California (City) presents this narrative overview and analysis of the financial activities of the City as of, and for the fiscal year ended, June 30, 2024.

Since Management’s Discussion and Analysis (MD&A) is designed to focus on the current year’s activities, resulting changes, and currently known facts, we encourage readers to consider the information presented here in conjunction with additional information furnished in the Letter of Transmittal and the accompanying Basic Financial Statements.

Financial Highlights
 As of June 30, 2024, the City’s net position was $222.9 million. The City’s total net position increased from the prior fiscal year’s net position primarily due the increase in capital improvement program activity increasing capitalized assets in the amount of $21.1 million. The net investment in capital assets in governmental activities increased by $9.8 million, primarily due to several street and park projects were completed over the course of fiscal year 2023-2024, including the Washington Elementary Crosswalk improvements, and Louie Pompei Park Shade Structure Installation and Playground Resurfacing. The net investment in capital assets in Business-Type Activities increased by $13.6 million from the completion of several infrastructure projects including Bender Carter Santa Fe Newburgh Water Main Replacement and Louie Pompei Park Turf Replacement, and other various infrastructure and water main improvements throughout the City.  The City’s total governmental funds reported combined fiscal year 2023-24 fund balances of $90.3 million, an increase of $1.8 million in comparison with the prior fiscal year of $88.5 million. Of this total, $4.7 million, or approximately 5.2% of this total is nonspendable (not available for new spending). There is $34.2 million, or 37.8% in the restricted fund balance category, which is spendable with external restrictions. The committed fund balance category of $18.8 million represents the City’s contingency reserve and General Plan and File Maintenance fees. The assigned fund balance of $25.4 million represents amounts intended to be used for specific purposes but are not formally restricted or committed.
 General Fund operational revenues exceeded operational expenditures by $10 million. After transfers out related to the General Fund reserve policy of $5.1 million to the Capital Projects Fund, Pension Stabilization Fund, and General Liability Fund, as well as other non-reserve policy transfers, the net change in fund balance was a positive $3.4 million. Since the Pension Stabilization Fund is combined and reported in General Fund activity, the net change is assigned to PERS and OPEB. The General Fund maintains a reserve of the fund balance committed for emergency contingencies such as economic uncertainties, local disasters, recession or other financial hardships and to subsidize unforeseen operating or capital needs and finally, for cash flow requirements.  Total Committed General Fund balance of $16.9 million is for future contingencies. Total Assigned General Fund balance of $4.3 million is comprised of $2.0 million for CalPERS retirement costs and T
Management's Discussion
and Analysis
5 other post-employment benefits, $0.8 million for compensated absences, $0.5 million for capital projects, and the remainder for general government. This combined Committed and Assigned amount represents an 57% reserve ratio to General Fund expenditures. The Restricted Funds balance is comprised of $5.3 million for the City’s Pension Section 115 Trust and capital projects related to the Route 66 Specific Plan.
 Operating income for the City’s business-type water enterprise activity (Water Fund Operation and related Capital Projects) for fiscal year 2023-24 was $1.9 million. The water enterprise total net position is $98 million an increase from the prior year’s $95.2 million total net position.

Overview of the Financial Statements
he City is required to present its financial statements in accordance with Generally Accepted Accounting Principles (GAAP) as promulgated by the Government Accounting Standard Board (GASB) pronouncements.

The City of Glendora’s Basic Financial Statements are comprised of three components:
 Government-Wide Financial Statements
 Fund Financial Statements
 Notes to the Financial Statements
This report also contains other supplementary information in addition to the Basic Financial Statements.

Government-Wide Financial Statements
The Government-Wide Financial Statements are designed to provide readers with a broad overview of the City’s finances, reported in a manner similar to a private-sector business.

The Statement of Net Position presents information on all of the City’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City of Glendora is improving or declining.

The Statement of Activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event causing the change occurs, regardless of the timing of related cash flows. Thus, with the use of the accrual basis of accounting, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).

Both the Government-Wide Financial Statements distinguish City functions that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include general government, public safety, community services, library, and public works. The business-type activities of the City are the Water Enterprise Fund, consisting of Water Capital and Water Operations.

Pursuant to ABX1 26 (“AB 26”) approved by Governor Brown on June 28, 2011, and upheld by the California State Supreme Court on December 29, 2011, the Community Redevelopment Agency of the City of Glendora (“Agency”) was dissolved on January 31, 2012. The Net Position and changes in Net Position of the Agency, as of June 30, 2024, can be found in the Fiduciary Fund Section of the Government-Wide Financial Statements.

T
6 Fund Financial Statements
A fund is a grouping of related accounts used to maintain control over resources segregated for specific activities or objectives. The City of Glendora, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.

Governmental Funds – Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the governmentwide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year.

Such information may be useful in evaluating a government’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental funds Balance Sheet and governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances provide a reconciliation to facilitate comparison between governmental funds and governmental activities.

The City of Glendora maintains 43 individual governmental funds. Information is presented separately in the governmental funds Balance Sheet and governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund, City Capital Projects Fund, and the American Rescue Plan Act Fund which are considered to be major funds for the purposes of this report. Data from the remaining 40 governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is aggregated into combining statements elsewhere in this report.

The City of Glendora adopts a biennial budget for each of its governmental funds. The second year is updated, adopted and appropriated. A budgetary comparison statement has been provided for each governmental fund to demonstrate compliance with this budget.

Proprietary Funds – The City of Glendora maintains two types of proprietary funds: enterprise funds and internal service funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its Water Operations. Internal service funds utilize an accounting mechanism used to accumulate and allocate costs internally among the City’s various functions. Internal service funds are presented as proprietary funds because both enterprise and internal service funds follow the accrual basis of accounting. The City uses internal service funds to account for its Worker’s Compensation Self-Insurance, General Liability SelfInsurance, Vehicles and Technology operations. Because these services predominantly benefit the governmental rather than business-type activities, they have been included within governmental activities in the government-wide financial statements.

Fiduciary Funds – Fiduciary funds are used to account for resources legally held for the benefit of parties outside of the City. Fiduciary funds are not reflected in the government-wide financial statements because the assets of those funds are not available to support the City’s own programs. As a result of the dissolution of the Community Redevelopment Agency per AB 1484, the activities of the Successor Agency to the Former Community Redevelopment Agency are reported as a Private-Purpose Trust Fund in the Fiduciary Fund section. The fiduciary fund statements follow the proprietary fund financial statements.

Notes to the Basic Financial Statements – The notes provide additional information that is essential to a full understanding of the data provided in the government-wide financial statements. 7 Other information – In addition to the basic financial statements and accompanying notes, this report also presents Required Supplementary Information consisting of budgetary comparison schedules, notes to the budgetary comparison schedules, the City’s net pension liability – Miscellaneous Plan, the City’s proportionate share of the net pension liability – Safety Plan, the related schedule of contributions, the City’s net other post-employment benefits liability, and the related schedule of contributions.

Government-Wide Financial Analysis
The government-wide financial statements provide information about the City’s overall financial picture from the perspective of all the City’s governmental and business-type funds combined together. This form of financial reporting is intended to provide a perspective similar to that found in the private sector with its full accrual accounting basis and elimination or reclassification of internal service activities. The governmentwide financial statements provide long-term and short-term information about the City’s overall financial condition. The following analysis addresses the financial statements of the City as a whole.

Statement of Net Position – Over time, net position may serve as a useful indicator of a government’s financial condition. In the case of the City of Glendora, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $222.9 million as of June 30, 2024. By far the largest portion of the City’s net position, $163.9 million, or 73.5%, reflects its net investment in capital assets (e.g. land, intangibles, infrastructure, buildings and improvements, and equipment) less any related debt still outstanding used to acquire those assets. Deferred outflows of resources and deferred inflows of resources attributable to the acquisition, construction, or improvement of those assets or related debt are included in this component of net position. The City uses these capital assets to provide services to citizens; consequently, these assets are not available to fund future spending.

One of the largest variances from prior year 2022-23 in the Summary of Net Position is related to Capital Assets which increased by 13.5%, $21.1 million. This significant increase was due primarily to a significant increase in active projects in fiscal year 2023 with construction in progress increasing by $16.4 million as well as the completion infrastructure projects for water mains, street improvements and park enhancements increased capital assets in the amount of $5.1 million. This increase in capital improvement program activity resulted in net investment in capital assets increasing by $23.4 million for fiscal year 2022-23. Additionally pension related items in deferred outflows and deferred inflows decreased by $10.7 million and $6.9 million, respectively due to the favorable performance of CalPERS investments during the fiscal year 2024 actuarial measurement period compared to the unfavorable performance of CalPERS investments during the fiscal year 2023 actuarial measurement period.

The following table reflects the Summary of Net Position for the fiscal year ended June 30, 2024 with the comparative data for the fiscal year ended June 30, 2023. 8 Changes in Net Position – In fiscal year 2023-2024, the City’s governmental activities total revenues and transfers of $66.3 million exceeded expenses of $60.1 million by $6.2 million. The City’s business-type activities total revenues of $22.3 million exceeded expenses and transfer of $19.6 million by $2.7 million.

The City’s Expenses cover a range of services for governmental activities, the expenditures were in Public Safety ($28.1), followed by Public Works ($14.8 million), Community Services ($6.5 million), General Government ($6.7 million), Library ($2.7 million), and Interest on Long-Term Debt ($1.4 million). Further analysis is provided within the governmental and business-type activities sections on the following pages.

A large portion of the governmental-type activities net position is restricted for specific purposes such as $12.9 million for Public Works and $14.2 million for Community Services. The governmental activities also reported a $13.5 million balance in unrestricted net position due to compliance with GASB 68 and 75, which requires the City to record the assets and liabilities for Pension and OPEB related items in the governmentwide statements. The business-type activities unrestricted balance totals at $16.6 million at the end of FY2024, which will be used for the operations and maintenance of City’s Water utility. 2024 2023 2024 2023 2024 2023
Assets:

Current and other assets $ 122,441,965 $ 120,255,005 $ 31,268,035 $ 41,423,194 $ 153,710,000 $ 161,678,199 Capital assets 86,517,476 76,594,753 91,580,382 80,362,139 178,097,858 156,956,892 Total assets 208,959,441 196,849,758 122,848,417 121,785,333 331,807,858 318,635,091 Deferred Outflows of Resources:

Pension related items 17,714,166 28,104,458 2,262,820 2,585,380 19,976,986 30,689,838 OPEB related items 738,856 1,954,690 225,486 695,479 964,342 2,650,169 Deferred charges on refunding - - 853,588 927,125 853,588 927,125 Total outflows of resources 18,453,022 30,059,148 3,341,894 4,207,984 21,794,916 34,267,132 Liabilities:

Current liabilities 14,140,832 13,694,572 6,861,895 6,865,707 21,002,727 20,560,279 Long-term liabilities 65,387,125 66,163,521 21,630,911 24,493,639 87,018,036 90,657,160 Total liabilities 79,527,957 79,858,093 28,492,806 31,359,346 108,020,763 111,217,439 Deferred Inflows of Resources:

Pension related items 6,886,134 13,726,382 36,903 150,938 6,923,037 13,877,320 OPEB related items 5,382,014 3,371,990 1,642,493 1,199,755 7,024,507 4,571,745 Related to leases 8,702,838 9,259,554 - - 8,702,838 9,259,554 Total inflows of resources 20,970,986 26,357,926 1,679,396 1,350,693 22,650,382 27,708,619 Net position:

Net investment in
capital assets 84,521,465 74,752,327 79,387,180 65,788,023 163,908,645 140,540,350 Restricted 28,854,649 34,688,678 - - 28,854,649 34,688,678 Unrestricted 13,537,406 11,251,882 16,630,929 27,495,255 30,168,335 38,747,137 Total Net Position $ 126,913,520 $ 120,692,887 $ 96,018,109 $ 93,283,278 $ 222,931,629 $ 213,976,165 City of Glendora
Governmental Activities Business-Type Activities Total
Summary of Net Position
As of June 30, 2024 and 2023
9 Governmental Activities
Governmental Activities - Governmental activities reflect an increase of $6.2 million in net position for 2023-24. A comparison of the cost of services by function for the City’s governmental activities is shown below, along with the revenues used to cover the net expenditures of the governmental activities, and with the comparative data from fiscal year 2022-2023.

2024 2023 2024 2023 2024 2023
Program Revenues:

Charges for services $ 7,013,952 $ 7,376,667 $ 20,486,997 $ 20,193,134 $ 27,500,949 $ 27,569,801 Operating grants and contributions 7,549,062 12,086,342 30,856 - 7,579,918 12,086,342 Capital grants and contributions 2,683,050 2,349,950 - - 2,683,050 2,349,950 Total program revenues 17,246,064 21,812,959 20,517,853 20,193,134 37,763,917 42,006,093 General Revenues:

Property taxes 17,935,620 16,361,584 - - 17,935,620 16,361,584 Transient occupancy taxes 205,637 201,934 - - 205,637 201,934 Sales taxes 19,039,035 19,504,203 - - 19,039,035 19,504,203 Franchise taxes 2,958,062 2,698,413 - - 2,958,062 2,698,413 Business license taxes - 410,556 - - - 410,556
Other taxes - 334,323 - - - 334,323
Motor vehicle in lieu - unrestricted 64,856 53,820 - - 64,856 53,820 Use of money and property 6,704,170 1,540,746 1,808,685 320,331 8,512,855 1,861,077 Other 1,908,141 1,321,069 - - 1,908,141 1,321,069
Total general revenues 48,815,521 42,426,648 1,808,685 320,331 50,624,206 42,746,979 Program Expenses:

General government 6,655,591 4,880,861 - - 6,655,591 4,880,861 Public safety 28,103,868 43,403,401 - - 28,103,868 43,403,401 Community services 6,462,850 5,578,914 - - 6,462,850 5,578,914 Library 2,705,217 1,955,567 - - 2,705,217 1,955,567
Public works 14,790,895 13,991,595 - - 14,790,895 13,991,595 Interest and fiscal charges 1,355,610 1,365,601 - - 1,355,610 1,365,601 Water - 19,358,628 16,910,646 19,358,628 16,910,646
Total expenses 60,074,031 71,175,939 19,358,628 16,910,646 79,432,659 88,086,585 Excess(Deficiency) Before Transfers 5,987,554 (6,936,332) 2,967,910 3,602,819 8,955,464 (3,333,513) Transfers 233,079 103,850 (233,079) (103,850) - -
Change in Net Position 6,220,633 (6,832,482) 2,734,831 3,498,969 8,955,464 (3,333,513) Net Position - Beginning of Year 120,692,887 127,525,369 93,283,278 89,784,309 213,976,165 217,309,678 Net Position - End of Year $ 126,913,520 $ 120,692,887 $ 96,018,109 $ 93,283,278 $ 222,931,629 $ 213,976,165 City of Glendora
Statement of Changes in Net Position
With comparative data for fiscal year ended June 30, 2023 Fiscal Year Ended June 30, 2024
Governmental Activities Business-Type Activities Total
10 Total Program Revenues from governmental activities were $17.2 million in fiscal year 2023-2024. Per GASB 34, program revenues are derived directly from the program itself or from parties outside the reporting government’s taxpayers or citizens. Program Revenues reduce the net cost of the functions financed from the government’s general revenues. As reflected in the table above, 40.7% of the Governmental Program Revenues came from Charges for Services (which includes licenses and permits, plan check fees, recreation fees, police special service fees, and other revenues), 43.8% from the Operating Grants and Contributions category (including restricted revenues such as Gas Tax, Asset Forfeitures and Federal/State Grants), and 15.6% are from Capital Grants and Contributions.

Program revenues decreased by $4.6 million due to a combination of factors. Operating grants and contribution decreased by $4.5 million. The largest decrease is due to the $5.6 million from the recognized revenue of the American Rescue Plan Act (ARPA) funding in fiscal year 2022-23.

As illustrated, 81.3% of government services were funded by General Revenues and transfers. General Revenues consist of all other revenues not categorized as program revenues such as various taxes, and the use of money and property. Items such as public safety services are supported through General Revenues.

General Revenues from governmental activities accounted for 73.9% of total City revenues, and Program revenues were 26.1%. Total General Revenues from governmental activities were $48.8 million in fiscal year 2023-24. Sales taxes comprised the largest percentage of General Revenues, 39.0% or $19.0 million received during the fiscal year.

Business-Type activities net position was $96 million, an increase of $2.7 million from the prior fiscal year’s net position. Total program revenues from Business-Type Activities were $20.5 million. Total expenses for the Business-Type activities were $19.4 million for fiscal year 2023-24. The increase in net position was income from sales over operating expenditures.

Revenue Highlights
As demonstrated in the chart below, revenues received by the entire City’s governmental funds were $65.7 million in fiscal year 2023-24, an increase of $1.1 million from fiscal year 2022-23. This increase consists primarily of the increase in use of money & property, totaling $5 million due to increased interest income and the recording of GASB 31 fair market value calculation on the City’s cash and investments. Charge for service increases of $0.52 million, and taxes increased of $0.02 million due to the increase on property values. The increases are offset with $2.67 million decrease in Intergovernmental, $1.12 decrease in miscellaneous, $0.58 million and $0.17 million decrease in licenses & permits and contributions. 2024 % 2023 % % Change
Taxes $ 62.2% 40,831,699 40,854,485 $ 63.2% 0.1%
Licenses & permits 1,431,935 2.2% 2,010,338 3.1% -28.8% Intergovernmental 12,933,148 19.7% 15,606,041 24.2% -17.1% Charges for service 3,099,015 4.7% 2,580,617 4.0% 20.1% Use of money & property 6,704,171 10.2% 1,661,404 2.6% 303.5% Fines and forfeitures 352,115 0.5% 266,404 0.4% 32.2%
Contributions - 0.0% 166,580 0.3% -100.0%
Miscellaneous 342,160 0.5% 1,465,698 2.3% -76.7%
Total $ 100.0% 64,588,781 65,717,029 $ 100.00% 1.7%
Statement of Revenues by Category
All Governmental Funds
11 General Fund revenues for fiscal year 2023-24 increased by $3.2 million from fiscal year 2022-23. The increase in revenue in fiscal year 2023-24 is primarily attributable to the use of money & property in the amount of $4.5 million, charges for service and fines and forfeitures in amount of $0.6 million and $0.09 million, respectively. The increases are offset by a reduction in miscellaneous revenue of $1.2 million related to a legal settlement recognized in fiscal year 2022-23.

Expense Highlights
Expenses for the City totaled $79.4 and $88.1 million for the years ended June 30, 2024, and 2023, respectively. Of these total expenses, governmental activities incurred $60.1 and $71.2 million and businesstype activities incurred $19.4 and $16.9 million during the years ended June 30, 2024, and 2023, respectively. Functional expenses for the years ended June 30, 2024, and 2023 for Governmental Activities were as follows:
2024 2023 2024 2023
General Government $ $ 4,880,861 6,655,591 $ (4,707,523) $ 1,374,586 Public Safety 28,103,868 43,403,401 (26,855,289) (41,696,682) Community Services 6,462,850 5,578,914 (3,837,827) (2,047,563) Library 2,705,217 1,955,567 (2,408,530) (1,744,214)
Public Works 14,790,895 13,991,595 (3,663,188) (3,883,506) Interest on LT Debt 1,355,610 1,365,601 (1,355,610) (1,365,601) Total $ 60,074,031 $ 71,175,939 $ (42,827,967) $ (49,362,980) Cost of Governmental Activities
of Services
Total Cost Net Cost
of Services

2024 % 2023 % % Change
Taxes $ 78.6% 40,148,816 40,138,354 $ 83.9% 0.0%
Licenses & permits 1,431,935 2.8% 2,010,338 4.2% -28.8% Intergovernmental 194,328 0.4% 461,129 1.0% -57.9%
Charges for service 2,841,921 5.6% 2,279,058 4.8% 24.7% Use of money & property 5,884,122 11.5% 1,348,800 2.8% 336.2% Fines and forfeitures 352,115 0.7% 266,404 0.6% 32.2%
Contributions - 0.0% - 0.0% 0.0%
Miscellaneous 200,000 0.4% 1,350,247 2.8% -85.2%
Total $ 100.0% 47,864,792 51,042,775 $ 100.0% 6.6%
General Fund
Statement of Revenues by Category
12 General Fund expenses, as shown in the table below, increased by $3.4 million from fiscal year 2022-23.

This increase is primarily due to the rise in rates of inflation over the course of the fiscal year.

2024 % 2023 %
General Government $ 3,812,380 9.29% $ 5,074,065 13.48% Public Safety 21,881,258 53.31% 20,235,269 53.75%
Community Services 3,251,918 7.92% 2,698,177 7.17%
Library 2,201,251 5.36% 1,877,291 4.99%
Public Works 8,679,050 21.14% 7,124,454 18.92%
Capital Outlay 1,221,198 2.98% 638,114 1.69%
Debt Service - 0.00% - 0.00%
Total $ 41,047,055 100.00% $ 37,647,370 100.00%
Expenditures Summary
General Fund
Financial Analysis of the Government Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

Governmental Funds - The City’s governmental funds focus information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year.

As of the end of the current fiscal year, the City’s governmental funds reported combined ending fund balance of $90.3 million, an increase of $1.8 million from the prior year. Of this total, approximately $4.7 million is “Nonspendable” as it represents an advance receivable from the Successor Agency. $34.2 million is “Restricted” to complete special activities and capital improvement projects or debt service commitments, $18.8 million is “Committed” for future contingencies and capital projects, and $25.4 million is “Assigned” for various purposes. The remainder of the combined fund balance is $7.2 million and currently classified as unassigned due to special revenue funds for grants processed on a reimbursement basis.

The General Fund is the primary operating fund of the City of Glendora. As a measure of the General Fund’s accumulated resources, it is useful to compare spendable fund balance to total expenditures. The General Fund’s Spendable fund balance of $21.2 million, represents 57.3% of fiscal year 2022-23 General Fund expenditures.

A component of spendable fund balance, $16.9 million, has been committed by the City Council (and incorporated into the City’s Financial Policies) for future emergency contingencies and the Route 66 Specific Plan capital projects. The emergency contingencies reserve is established at a maximum of 45% of prior year operating General Fund expenditures (excluding nonrecurring expenditures), and that amounts in excess of 45% at year-end should be transferred per the policy to the Capital Projects Fund, Pension Stabilization Fund, and any deficit internal service fund. As of June 30, 2024, the contingencies reserve equals 45% of fiscal year 2023 operating expenditures net transfers in. As of June 30, 2024, the City transferred a total of $5.1 million to the following funds, $2.6 million into the Capital Projects Fund, $1.6 million into Pension 13 Stabilization Fund (combined with the General Fund for presentation purposes), and $0.5 million each into the General Liability Fund and towards Other Post Employment Benefits Section 115 Trust related to the General Fund reserve policy.

Per the General Fund reserve policy adopted by the City Council fifty percent of any excess General funds, are transferred to the City Capital Projects Fund. Within the City Capital Projects Fund transfers in increased by $0.27 million from prior fiscal year, which are solely based on excess general funds per the reserve policy. Expenditures increased but were in line with prior year with no notable variance. The amount of projects initiated and completed continue to be impacted by the number of vacancies within the Public Works department and external challenges the City faces with the employment market.

Proprietary Funds - The City’s presentation of proprietary funds (Water and other enterprises) provides the same type of information found in the government-wide financial statements but offers additional detail in the form of a Statement of Cash Flows. Net Position of the Water Fund, inclusive of capital assets, is $98 million as of June 30, 2024. Unrestricted assets are $18.6 million. Assets invested in capital infrastructure, and thus unavailable for disbursement, equal $79.4 million, net of accumulated depreciation.

General Fund Budgetary Highlights
The City’s adopted General Fund budget was amended throughout the fiscal year. The amendments included adjustments for various transfers between line items and adjustments approved by Council.

The variance between the final amended revenue budget and actual results in positive $4.3 million represents an 9.3% increase. Use of money and property exceeded budget by $4.3 million; charges for services and fines and forfeitures exceeded budget by $0.2 million; licenses and permits exceeded budget by $0.17 million; intergovernmental by $0.09 million; miscellaneous met the budget; taxes did not meet its budget by $0.64 million. Revenues were closely monitored during the year and adjusted when updated information became available.

The positive variance of $1.3 million between the final adopted expenditure budget and actual results is a result of prudent budget management and monitoring by the departments of Public Safety, Community Development, Community Services and Public Works where actual expenditures were less than the budgeted amount. In addition, the City experienced periods of staff vacancies and turnover, which also contributed to budget savings.

Capital Asset and Debt Administration
Capital Assets – The City’s investment in capital assets for its Governmental and Business-Type activities as of June 30, 2024, and 2023 amounts to $178.1 million and $157.0 million respectively, net of depreciation. This investment in capital assets includes land, intangibles, buildings, park improvements, roadways, sewers, storm drains, vehicles, computer equipment, furniture, machinery, other equipment, and construction in progress. The total increase in the City’s investment in capital assets net of depreciation for the current fiscal year was $21.1 million. There are many construction in progress (CIP) projects this year, which is unaffected by depreciation as well as new subscription based I.T. agreement assets with the implementation of GASB 96. Governmental Activities saw an increase of $9.9 million, while Business-Type Activities saw an increase of $11.2 million.

More detailed information is available regarding the City’s capital assets in Note 5 of the basic financial statement.
14 2024 2023 2024 2023 2024 2023
Land $ 11,694,092 $ 11,694,092 $ 2,486,821 $ 2,486,821 $ 14,180,913 $ 14,180,913 Construction in progress 17,036,404 5,944,643 12,122,796 6,807,184 29,159,200 12,751,827 Water pumping rights - 4,715,599 - 4,715,599 4,715,599 4,715,599 Intangibles 647,803 653,593 223,845 223,845 871,648 877,438 Buildings and improvements 12,713,918 12,751,330 9,012,267 9,223,191 21,726,185 21,974,521 Machinery and equipment 5,524,471 4,902,573 30,529,277 31,811,541 36,053,748 36,714,114 Infrastructure 37,079,090 39,236,845 32,364,038 25,093,958 69,443,128 64,330,803 Subscription based I.T. agreements 1,821,698 1,411,677 125,739 1,947,437 1,411,677 - Total $ 86,517,476 $ 76,594,753 $ 91,580,382 $ 80,362,139 $ 178,097,858 $ 156,956,892 City of Glendora
Capital Assets
(Net of Accumulated Depreciation)
June 30, 2024
Governmental Activities Business-Type Activities Total
Long-Term Debt – As of June 30, 2024, the City’s Governmental long-term debt outstanding included $46.3 million for the 2019 Pension Obligation Bond, Series A issuance, $0.4 million for a lease with Pinnacle Public Finance, and $5.1 million for Claims and judgements. For the same period, the City’s Business-Type long-term debt included $2.3 million for the new 2019 Pension Obligation Bond, Series A issuance and $6.2 million and $5.2 million respectively for 2012 and 2016 Series A CSCDA water and wastewater revenue bonds. The total long-term debt, including the City’s other post-employment liabilities and aggregate net pension liabilities, for both Governmental and Business-Type activities was $93.2 million, compared to $97.7 million in fiscal year 2022-23. This increase is primarily due to the unfavorable outcome of CalPERS investments during the measurement period. This in turned a pension asset in a pension liability for the City.

The City’s net other post-employment liability, $4.3 million Governmental and $1.3 million Business-Type have been presented as separate and distinct line items on the City’s Statement of Net Position and therefore have been excluded from the Long-Term Debt chart below. 15 2024 2023 2024 2023 2024 2023
2009 Taxable Pension Obligation Bonds,
Series A $ - $ - $ - $ - $ - $ -
2019 Taxable Pension Obligation Bonds,
Series A 46,301,879 48,569,884 7,288,121 7,645,115 53,590,000 56,214,999 Pinnacle Public Finance - Lease 382,372 469,410 - - 382,372 469,410 2012 Series A CSCDA Water & Wastewater
Pooled Revenue Bonds - - 6,215,000 7,225,000 6,215,000 7,225,000 Bond premium - - 683,978 736,825 683,978 736,825
2016 Water Revenue Refunding Bonds
Wastewater Revenue Bonds - - 5,180,000 5,630,000 5,180,000 5,630,000 Bond discount - - 873,148 982,291 873,148 982,291
Total Bonds Payable 46,684,251 49,039,294 20,240,247 22,219,231 66,924,498 71,258,525 Compensated absences - Governmental Funds 829,959 - - - 829,959 Compensated absences - Internal Service Funds 63,229 - - - 63,229 Compensated absences - 26,822 220,966 26,822 220,966
Claims and judgments 5,071,836 4,655,308 - - 5,071,836 4,655,308 Total Long-Term Debt $ 51,756,087 $ 54,587,790 $ 20,267,069 $ 22,440,197 $ 72,023,156 $ 77,027,987 Governmental Activities Business-Type Activities Total
City of Glendora
Long-Term Debt
June 30, 2024

Further details on long-term debt for governmental and business-type activities can be found in Note 6 of the financial statements.

Economic Factors and Next Year’s Budget
Although the focus of this Annual report is the economic condition of the City in the fiscal year ended June 30, 2024, in preparing the budget for Fiscal Year 2024-25, management considered the possible impact the State of California and the national economies will have on the City’s budget. The most prominent factors include the budget impacts of the employee negotiations with every of the City’s bargaining units and the continued effects of inflation.

Home prices continue to increase in value, property taxes, one of our largest single revenue sources. While the value and sales price of homes continue to increase, the number of sales within the City are trending less than what sold in the previous fiscal year. Interest rates continue to remain high which continues to make borrowing expensive impacting housing demand. As of June 2025, California’s unemployment rate is 5.5% supporting the slow down number of homes sold and the reduction in sales taxes and stabilization in demand for goods and services. In addition, the shifting federal policies and Federal Reserve Bank’s future decision regarding interest rates will have an impact on the borrowing rates impacting the cost of future substantial City facility improvements (i.e. water infrastructure, library building and city hall).

City Council approved the budget for Fiscal Years 2024-2025 and 2025-2026 with a surplus of $0.4 million and $0.7 million, respectively, in the General Fund. The City continues to make historic capital commitments to improve the community and to provide resources to accomplish the goals set forth in the City’s current Strategic Plan (including but not limited to, addressing economic development, homelessness & housing, economic development, and preventative maintenance of City infrastructure). Departments 16 continue their efforts to provide programs and services to the community efficiently, and within the current resources available.

As a primary goal of the City Council and Management, the City continues to follow the City’s Mission Statement and Strategic Plan, which is “to provide the citizens and business community effective municipal services while maintaining our historical sense of community values.” Request for Information
This financial report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general overview of the financial position of the City of Glendora and to show the City’s accountability for the money it receives. Questions concerning any of the information provided in this report, or requests for additional financial information should be directed to the Administrative Services Department Finance Division at the City of Glendora, 116 East Foothill Boulevard, Glendora, CA 91741. 17 This page intentionally left blank
18 BASIC

FINANCIAL STATEMENTS
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20 GOVERNMENT-WIDE

FINANCIAL STATEMENTS
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23 City of Glendora
Statement of Net Position
June 30, 2024
Governmental Business-type
Activities Activities Total
ASSETS
Current assets:

Cash and investments 87,011,028 $ 28,602,577 $ 115,613,605 $ Receivables:

Accounts 1,525,602 4,574,551 6,100,153
Taxes 3,288,317 - 3,288,317
Notes and loans - - -
Accrued interest 473,171 92,622 565,793
Leases 458,422 - 458,422
Due from other governments 754,519 - 754,519
Internal balances 2,001,818 (2,001,818) -
Due from other governments - - -
Total current assets 95,512,877 31,267,932 126,780,809
Noncurrent assets:

Restricted cash and investment with PARS 5,184,282 103 5,184,385 Notes and loans 8,387,327 - 8,387,327
Leases receivable 8,617,596 - 8,617,596
Advances to Successor Agency 4,739,883 - 4,739,883
Net pension asset - - -
Capital assets:

Nondepreciable 29,378,299 19,549,061 48,927,360
Depreciable, net 57,139,177 72,031,321 129,170,498
Total capital assets 86,517,476 91,580,382 178,097,858
Total noncurrent assets 113,446,564 91,580,485 205,027,049 Total assets 122,848,417 208,959,441 331,807,858

DEFERRED OUTFLOWS OF RESOURCES
Deferred OPEB related items 738,856 225,486 964,342
Deferred pension related items 17,714,166 2,262,820 19,976,986 Deferred charges on refunding - 853,588 853,588
Total deferred outflows of resources 18,453,022 3,341,894 21,794,916 Primary Government
See accompanying Notes to Basic Financial Statements.
24 City of Glendora
Statement of Net Position (Continued)
June 30, 2024
Governmental Business-type
Activities Activities Total

LIABILITIES
Current liabilities:

Accounts payable 2,156,044 3,894,239 6,050,283
Accrued liabilities 1,033,624 120,925 1,154,549
Retention payable - 60,588 60,588
Accrued interest payable 140,159 165,765 305,924
Unearned revenue 164,989 - 164,989
Deposits payable 3,627,272 455,862 4,083,134
Compensated absences - current 1,018,936 264,822 1,283,758 Claims and judgements - current 2,997,463 2,997,463 -
Long-term debt - current portion 2,976,739 1,925,300 4,902,039 Total current liabilities 14,140,832 6,861,895 21,002,727 Noncurrent liabilities:

Compensated absences - - -
Claims and judgements 2,074,373 2,074,373 -
Net OPEB liability 1,301,405 4,264,360 5,565,765
Net pension liability 1,919,895 13,727,241 15,647,136
Long-term debt 45,321,151 18,409,611 63,730,762
Total noncurrent liabilities 65,387,125 21,630,911 87,018,036 Total liabilities 79,527,957 28,492,806 108,020,763

DEFERRED INFLOWS OF RESOURCES
Deferred OPEB related items 5,382,014 1,642,493 7,024,507 Deferred pension related items 6,886,134 36,903 6,923,037 Related to leases 8,702,838 8,702,838 -
Total deferred inflows of resources 20,970,986 1,679,396 22,650,382

NET POSITION
Net investment in capital assets 84,521,465 79,387,180 163,908,645 Restricted for:

Community development projects 745,301 - 745,301
Public safety - 246,858 246,858
Public works and capital projects 12,885,873 12,885,873 - Community services 14,173,291 14,173,291 -
PEG Cable TV 350,406 - 350,406
Glendora Village Business District 190,898 - 190,898
Affordable housing - 168,038 168,038
Library - 40,022 40,022
Debt service 53,962 - 53,962
Total restricted 28,854,649 28,854,649 -
Unrestricted 13,537,406 16,630,929 30,168,335
Total net position $ 126,913,520 $ 96,018,109 $ 222,931,629 Primary Government
See accompanying Notes to Basic Financial Statements.
25 City of Glendora
Statement of Activities
For the year ended June 30, 2024
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Total Governmental activities:

General government 6,655,591 $ 590,500 $ 1,357,568 $ - $ 1,948,068 $ Public safety 28,103,868 767,582 480,997 - 1,248,579
Community sevices 6,462,850 2,344,483 207,072 73,468 2,625,023 Library 2,705,217 4,664 292,023 - 296,687
Public works 14,790,895 3,306,723 5,211,402 2,609,582 11,127,707 Interest on long-term debt 1,355,610 - - - -
Total governmental activities 60,074,031 7,013,952 7,549,062 2,683,050 17,246,064 Business-type Activities:

Water 19,358,628 20,486,997 30,856 - 20,517,853
Total business-type activities 19,358,628 20,486,997 30,856 - 20,517,853 Total primary government $ 27,500,949 79,432,659 $ 7,579,918 $ 2,683,050 $ 37,763,917 $ Program Revenues
See accompanying Notes to Basic Financial Statements.
26 City of Glendora
Statement of Activities
For the year ended June 30, 2024
Governmental Business-Type
Functions/Programs Activities Activities Total
Governmental activities:

General government $ (4,707,523) $ (4,707,523) - $
Public safety (26,855,289) (26,855,289) -
Community sevices (3,837,827) (3,837,827) -
Library (2,408,530) (2,408,530) -
Public works (3,663,188) (3,663,188) -
Interest on long-term debt (1,355,610) (1,355,610) -
Total governmental activities (42,827,967) (42,827,967) - Business-type Activities:

Water 1,159,225 - 1,159,225
Total business-type activities 1,159,225 - 1,159,225
Total primary government (42,827,967) 1,159,225 (41,668,742) General Revenues:

Taxes:

Property taxes, levied for general purpose 17,935,620 - 17,935,620 Transient occupancy taxes 205,637 205,637 -
Sales taxes 19,039,035 19,039,035 -
Franchise taxes 2,958,062 2,958,062 -
Business license taxes - - -
Other taxes - - -
Total taxes 40,138,354 40,138,354 -
Motor vehicle in lieu, unrestricted 64,856 64,856 -
Use of money and property 6,704,170 1,808,685 8,512,855 Miscellaneous revenue 1,908,141 1,908,141 -
Total general revenues 48,815,521 1,808,685 50,624,206
Transfers 233,079 (233,079) -
Total general revenues and transfers 49,048,600 1,575,606 50,624,206 Change in net position 6,220,633 2,734,831 8,955,464
Net position - beginning of year 120,692,887 93,283,278 213,976,165 Net position - end of year $ 126,913,520 $ 96,018,109 $ 222,931,629 and Changes in Net Position
Net (Expense) Revenue
See accompanying Notes to Basic Financial Statements.
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28 FUND

FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
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31 City of Glendora
Balance Sheet
Governmental Funds
June 30, 2024
General Fund
City Capital
Projects
Nonmajor
Governmental
Funds
Total
Governmental
Funds
ASSETS
Pooled cash and investments $ 21,557,083 28,692,247 $ 22,605,440 $ 72,854,770 $ Receivables:

Accounts receivable - 1,101,007 418,892 1,519,899
Taxes receivable - 3,288,317 - 3,288,317
Notes and loans receivable - - 8,387,327 8,387,327
Accrued interest - 383,994 89,177 473,171
Leases receivable - 9,076,018 - 9,076,018
Due from other governments - - 754,519 754,519
Due from other funds - 765,536 - 765,536
Due from other governments - - - -
Advances to Successor Agency - 4,739,883 - 4,739,883
Advances to other funds - - - -
Restricted cash and investment with PARS - 5,184,282 - 5,184,282 Total assets $ 21,557,083 53,231,284 $ 32,255,355 $ 107,043,722 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable 479,500 912,147 625,448 2,017,095
Accrued liabilities - 980,455 20,606 1,001,061
Accrued interest payable - - - -
Unearned revenue 44,806 120,183 - 164,989
Deposits payable 3,627,272 - 3,627,272 -
Due to other funds - 765,536 - 765,536
Total liabilities 5,564,680 479,500 1,531,773 7,575,953 Deferred Inflows of Resources
Unavailable revenue - 479,555 - 479,555
Related to leases receivable 8,702,838 - 8,702,838 -
Total deferred inflows of resources 8,702,838 479,555 - 9,182,393 See accompanying Notes to Basic Financial Statements.
32 City of Glendora
Balance Sheet (Continued)
Governmental Funds
June 30, 2024
General Fund
City Capital
Projects
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Fund Balances:

Nonspendable:

Advances to Successor Agency - 4,739,883 - 4,739,883
Restricted for:

Community development projects - - 745,301 745,301
Public safety - - 246,858 246,858
Public works and capital projects - - 12,885,873 12,885,873 Community services - - 14,173,291 14,173,291
PEG Cable TV - - 350,406 350,406
Glendora Village Business District - - 190,898 190,898
Affordable housing - - 168,038 168,038
Library - - 40,022 40,022
Debt service - - 53,962 53,962
Route 66 Specific Plan Capital Projects - 116,392 - 116,392 Pension contribution - 5,184,282 - 5,184,282
Committed to:

Contingency reserve - 16,868,751 - 16,868,751
General plan - - 722,933 722,933
Plan maintenance fees - - 1,167,822 1,167,822
Assigned to:

Capital projects 450,000 21,077,583 21,527,583 -
General government 1,009,159 - 1,009,159 -
Compensated absences 842,428 - 842,428 -
PERS and OPEB 2,019,956 - 2,019,956 -
Unassigned 7,732,915 (501,377) - 7,231,538
Total fund balances 38,963,766 21,077,583 30,244,027 90,285,376 Total liabilities, deferred inflows of resources
and fund balances $ 53,231,284 $ 21,557,083 $ 32,255,355 $ 107,043,722 See accompanying Notes to Basic Financial Statements.
33 Total Fund Balances - Total Governmental Funds $ 90,285,376 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 $ 29,378,299 $ (463,360) 28,914,939
Depreciable, net 57,139,177 (4,024,521) 53,114,656
Total capital assets $ 86,517,476 $ (4,487,881) 82,029,595 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 Government-Wide Statement of Net Position. 10,431,094 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. 479,555 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 OPEB 738,856 (88,237) 650,619 Deferred outflows of resources related to pension 17,714,166 (733,952) 16,980,214 Deferred inflows of resources related to OPEB (5,382,014) 642,743 (4,739,271) Deferred inflows of resources related to pension (6,886,134) 11,970 (6,874,164) 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 $ (1,018,936) $ 78,569 $ (940,367) Interest payable (165,765) 62,410 (103,355)
Long-term debt - due within one year (2,976,739) 682,793 (2,293,946) Long-term debt - due in more than one year (45,321,151) 3,188,929 (42,132,222) Net pension liability (13,727,241) 622,725 (13,104,516) Net OPEB liability (4,264,360) 509,268 (3,755,092)
Total long-term liabilities $ 5,144,694 (67,474,192) $ (62,329,498) Net Position of Governmental Activities $ 126,913,520
City of Glendora
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2024
Amounts reported for governmental activities in the statement of net position are different because:

See accompanying Notes to Basic Financial Statements.
34 City of Glendora
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the year ended June 30, 2024
General Fund
City Capital
Projects
American
Rescue Plan
Act
Nonmajor
Governmental
Funds
Total
Governmental
Funds
REVENUES:

Taxes 40,138,354 $ - $ - $ 716,131 $ 40,854,485 $
Licenses and permits - 1,431,935 - - 1,431,935
Intergovernmental 1,501,500 194,328 - 11,237,320 12,933,148 Charges for services - 2,841,921 - 257,094 3,099,015
Use of money and property - 5,884,122 - 820,049 6,704,171 Fines and forfeitures - 352,115 - - 352,115
Miscellaneous - 200,000 - 142,160 342,160
Total revenues 1,501,500 51,042,775 - 13,172,754 65,717,029 EXPENDITURES:

Current:

General government - 3,812,380 - 136,862 3,949,242
Public safety - 21,881,258 - 155,757 22,037,015
Community services - 3,251,918 - 2,072,542 5,324,460
Library - 2,201,251 - 265,565 2,466,816
Public works 485,604 8,679,050 - 2,911,277 12,075,931
Capital outlay 1,996,652 1,221,198 - 10,616,384 13,834,234 Debt service:

Principal retirement - - 2,244,436 - 2,244,436
Interest and fiscal charges - - 1,232,052 - 1,232,052
Total expenditures 41,047,055 2,482,256 19,634,875 - 63,164,186

REVENUES OVER (UNDER)
EXPENDITURES 9,995,720 (980,756) (6,462,121) - 2,552,843 OTHER FINANCING SOURCES (USES):

Transfers in 2,629,941 - 4,467,294 - 7,097,235
Transfers out (6,603,823) (233,784) (977,135) - (7,814,742) Total other financing sources (uses) (6,603,823) 2,396,157 3,490,159 - (717,507) Net change in fund balances 3,391,897 1,415,401 (2,971,962) - 1,835,336 FUND BALANCES:

Beginning of year, as previously presented 35,571,869 19,662,182 33,216,249 (260) 88,450,040 Restatements - - 260 (260) -
Beginning of year, as restated 35,571,869 19,662,182 33,215,989 - 88,450,040 End of year $ 38,963,766 $ 21,077,583 $ 30,244,027 - $ $ 90,285,376 See accompanying Notes to Basic Financial Statements.
35 City of Glendora
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, 2024
Net Change in Fund Balances - Total Governmental Funds $ 1,835,336 Governmental funds reported capital outlay as expenditures. However, in the GovernmentWide 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. 13,913,589 Loss on disposal of capital assets was reported in the Government-Wide Statement of Activities, but did not require the use of current financial resources. Therefore, loss on disposal of capital assets was not reported as expenditures in the governmental funds, net of the amount related to internal service funds. (150,509)
Depreciation and amortization 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 and amortization expense was not reported as expenditures in the governmental funds, net of the amount related to internal service funds. (4,221,615) 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. (110,408)
Debt proceeds provide current financial resources to governmental funds, but issuing debt increased long-term 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 2,244,436
Accrued interest payable on long-term debt 4,239
Current year employer pension and 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. (7,957,251) Pension and OPEB expenses are reported in the Government-Wide Statement of Activities do not require the use of current financial resources, and therefore are not reported as expenditures in governmental funds.

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 GovernmentWide Financial Statements. 344,556 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. 318,260 Change in Net Position of Governmental Activities $ 6,220,633 Amounts reported for governmental activities in the Government-Wide Statement of Activities were different because:

See accompanying Notes to Basic Financial Statements.
36 This page intentionally left blank
37 City of Glendora
Statement of Net Position
Proprietary Funds
June 30, 2024
Governmental
Water Activities -
Enterprise Internal Service
Fund Funds
ASSETS
Current Assets:

Cash and investments 28,602,577 $ 14,156,258 $
Receivables:

Accounts 4,574,551 5,703
Accrued interest 92,622 -
Restricted cash and investment 103 -
Total current assets 33,269,853 14,161,961
Noncurrent:

Capital assets:

Nondepreciable capital assets 19,549,061 463,360
Depreciable capital assets 117,507,219 17,739,179
Accumulated depreciation (45,475,898) (13,714,658)
Net capital assets 91,580,382 4,487,881
Total noncurrent assets 91,580,382 4,487,881
Total assets 18,649,842 124,850,235

DEFERRED OUTFLOWS OF RESOURCES
Other post employment benefit related items 225,486 88,237 Pension related items 2,262,820 733,952
Deferred loss on refunding 853,588 -
Total deferred outflows of resources 822,189 3,341,894
See accompanying Notes to Basic Financial Statements.
38 City of Glendora
Statement of Net Position
Proprietary Funds
June 30, 2024
Governmental
Water Activities -
Enterprise Internal Service
Fund Funds

LIABILITIES
Current liabilities:

Accounts payable 3,894,239 138,949
Accrued liabilities 120,925 32,563
Retention payable 60,588 -
Accrued interest payable 140,159 62,410
Deposits payable 455,862 -
Compensated absences - current 264,822 78,569
Claims and judgements - current - 2,997,463
Long-term debt - current portion 1,925,300 682,793
Total current liabilities 6,861,895 3,992,747
Noncurrent liabilities:

Claims payable 2,074,373 -
Net pension liability 1,919,895 622,725
Net OPEB liability 1,301,405 509,268
Long-term debt 18,409,611 3,188,929
Total noncurrent liabilities 21,630,911 6,395,295
Total liabilities 10,388,042 28,492,806

DEFERRED INFLOWS OF RESOURCES
Other post employment benefit related items 1,642,493 642,743 Pension related items 36,903 11,970
Total deferred inflows of resources 654,713 1,679,396

NET POSITION
Net investment in capital assets 79,387,180 3,364,291
Unrestricted 18,632,747 5,064,985
Total net position $ 8,429,276 98,019,927 $
Adjustments to reflect the consolidation of internal
service fund activities related to the proprietary funds $ (2,001,818) Net position of business-type activities $ 96,018,109
See accompanying Notes to Basic Financial Statements.
39 City of Glendora
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
For the year ended June 30, 2024
Governmental
Water Activities -
Enterprise Internal Service
Fund Funds
OPERATING REVENUES:

Sales and service charges $ - 20,480,467 $
Interdepartamental charges 10,105,714 -
Miscellaneous - 6,530
Total operating revenues 10,105,714 20,486,997
OPERATING EXPENSES:

Administration and general 1,715,294 9,156,574
Transmission/collection - 7,100,408
Contracted services and supplies 6,620,672 -
Claims expense 1,468,335 -
Depreciation 937,198 2,344,273
Total operating expenses 10,741,499 18,601,255
Operating income (loss) (635,785) 1,885,742
NONOPERATING REVENUES (EXPENSES):

Interest revenue - 1,808,685
Intergovernmental revenue - 30,856
Interest expense (626,117) (127,797)
Total nonoperating revenues (expenses) 1,213,424 (127,797) Income before contributions and transfers 3,099,166 (763,582) CONTRIBUTIONS AND TRANSFERS:

Transfers in - 950,586
Transfers out (233,079) -
Total contributions and transfers (233,079) 950,586
Change in net position 2,866,087 187,004
NET POSITION:

Beginning of year 95,153,840 8,242,272
End of year $ 98,019,927 $ 8,429,276
Adjustments to recognize the conslidation of the
internal service funds activities related
to the proprietary funds $ (131,256)
Changes in net position of business-type activities $ 2,734,831 See accompanying Notes to Basic Financial Statements.
40 City of Glendora
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2024
Governmental
Water Activities -
Enterprise Internal Service
Fund Funds
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from customers and users $ 20,149,941 $ 10,105,561 Cash paid to suppliers for goods and services (12,486,765) (8,407,227) Cash paid to employees for services (3,634,071) 263,943 Cash paid for insurance or claims - (1,051,807)
Net cash provided by (used in) operating activities 910,470 4,029,105 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Cash received from other agencies 30,856
Principal paid on long-term debt (2,028,884) (492,234)
Interest paid on long-term debt (562,875) (103,009)
Transfers to other funds (233,079) -
Net cash provided by (used in) noncapital financing activities (2,793,982) 355,343 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Acquisition of capital assets (13,417,952) (696,206)
Net cash provided by (used in)
capital and related financing activities (13,417,952) (696,206) CASH FLOWS FROM INVESTING ACTIVITIES:

Interest received 1,914,697 -
Net cash provided by (used in) investing activities - 1,914,697 Net cash flows (10,268,132) 569,607
CASH AND INVESTMENTS - Beginning of year 38,870,812 13,586,651 CASH AND INVESTMENTS - End of year $ 28,602,680 $ 14,156,258

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

Operating income (loss) $ 1,885,742 $ (635,785)
Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation 2,344,273 937,198
(Increase) decrease in accounts receivable (350,241) (153) (Increase) decrease in deferred OPEB related items 393,555 912,731 (Increase) decrease in deferred pension related items 208,525 (7,421) Increase (decrease) in accounts payable (173,539) (82,686) Increase (decrease) in accrued liabilities 14,675 11,425 Increase (decrease) in compensated absences 43,856 15,340 Increase (decrease) in deposits payable 13,185 -
Increase (decrease) in claims payable - 416,528
Increase (decrease) in OPEB liability (1,373,244) (344,408) Increase (decrease) in net pension liability 206,877 503,142 Net cash provided by (used in) operating activities $ 910,470 4,029,105 $ NONCASH TRANSACTIONS:

Subscription Based I.T. Agreements $ 144,564 $ 622,250
See accompanying Notes to Basic Financial Statements.
41 This page intentionally left blank
42 City of Glendora
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2024
Private Purpose
Trust Fund
Successor
Agency of the
Former RDA
ASSETS
Pooled cash and investments $ 2,512,797
Accrued interest 13,434
Advances to Successor Agency 45
Total assets 2,526,276

LIABILITIES
Accrued interest payable 58,913
Long-term liabilities:

Advances from the City of Glendora 4,739,883
Long-term debt - due within one year 1,500,000
Long-term debt - due in more than one year 2,691,329
Total liabilities 8,990,125

NET POSITION
Restricted for:

Held in trust for private purposes (6,463,849)
Total Net Position $ (6,463,849)
See accompanying Notes to Basic Financial Statements.
43 City of Glendora
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the year ended June 30, 2024
Private Purpose
Trust Fund
Successor
Agency of the
Former RDA
ADDITIONS:

Redevelopment property tax trust fund $ 3,152,326
Investment income 26,655
Miscellaneous 1,461
Total additions 3,180,442
DEDUCTIONS:

Contractual services 6,475
Interest expense 358,938
Administrative expenses 342,160
Total deductions 707,573
Change in net position 2,472,869
NET POSITION:

Beginning of year (8,936,718)
End of year (6,463,849) $
See accompanying Notes to Basic Financial Statements.
44 NOTES TO BASIC

FINANCIAL STATEMENTS
45 This page intentionally left blank.
46 City of Glendora
Index to Notes to Basic Financial Statements
For the Year Ended June 30, 2024
Page

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES ....................................................................... 49 A. Financial Reporting Entity ........................................................................................................................... 49 B. Measurement Focus, Basis of Accounting and Basis of Presentation .................................................... 50 C. Cash, Cash Equivalents and Investments .................................................................................................. 53 D. Cash and Investments with Fiscal Agents ................................................................................................. 53 E. Fair Value Measurement .............................................................................................................................. 53 F. Prepaid Items ................................................................................................................................................. 54 G. Property Taxes ............................................................................................................................................... 54 H. Interfund Transactions ................................................................................................................................. 54 I. Capital Assets ................................................................................................................................................ 55 J. Deferred Outflows/Inflows of Resources ................................................................................................. 56 K. Long-Term Debt ............................................................................................................................................ 56 L. Compensated Absences ................................................................................................................................ 56 M. Net Pension Liability .................................................................................................................................... 57 N. Net Other Postemployment Benefit (“OPEB”) Liability .......................................................................... 57 O. Net Position .................................................................................................................................................... 59 P. Net Position Flow Assumption ................................................................................................................... 58 Q. Fund Balance .................................................................................................................................................. 58 R. Use of Estimates ............................................................................................................................................ 59 S. Implementation of New GASB Pronouncement ...................................................................................... 59

2. CASH AND INVESTMENTS ............................................................................................................................ 60 A. Demand Deposits .......................................................................................................................................... 60 B. Investment Policy .......................................................................................................................................... 61 C. Investments Authorized by Debt Agreements ......................................................................................... 61 D. Fair Value Measurement .............................................................................................................................. 62 E. Interest Rate Risk ........................................................................................................................................... 62 F. Credit Risk ...................................................................................................................................................... 63 G. Concentration of Credit Risk ....................................................................................................................... 63 H. Custodial Credit Risk .................................................................................................................................... 64 I. Local Agency Investment Fund .................................................................................................................. 64 47 City of Glendora
Index to Notes to Basic Financial Statements
For the Year Ended June 30, 2024
Page

3. RECEIVABLES ..................................................................................................................................................... 65 A. Accounts Receivable ..................................................................................................................................... 65 B. Taxes Receivable ............................................................................................................................................ 66 C. Accrued Interest Receivable ........................................................................................................................ 66 D. Leases Receivable .......................................................................................................................................... 66 E. Notes, Loans, and Advances Receivable ................................................................................................... 69

4. INTERFUND TRANSACTIONS ...................................................................................................................... 70 A. Government-Wide Financial Statements ................................................................................................... 70 B. Fund Financial Statements ........................................................................................................................... 71

5. CAPITAL ASSETS ............................................................................................................................................... 72 A. Governmental Activities .............................................................................................................................. 73 B. Business-Type Activities .............................................................................................................................. 74

6. LONG-TERM LIABILITIES .............................................................................................................................. 75 A. Governmental Activities .............................................................................................................................. 75 B. Business-Type Activities .............................................................................................................................. 77 C. Fiduciary Fund .............................................................................................................................................. 79

7. COMPENSATED ABSENCES .......................................................................................................................... 82

8. RISK MANAGEMENT ....................................................................................................................................... 82

9. EMPLOYEE RETIREMENT PLANS ................................................................................................................ 83 A. Defined Benefit Pension Plans ..................................................................................................................... 83 B. Defined Contribution Pension Plan ............................................................................................................ 94 C. Other Postretirement Health Care Benefits ............................................................................................... 94

10. CONTINGENCIES .............................................................................................................................................. 99

11. OTHER REQUIRED DISCLOSURES .............................................................................................................. 99 A. Expenditures over Appropriations ............................................................................................................. 99 B. Deficit Fund Balances/Net Position ......................................................................................................... 100

12. CHANGES IN REPORTING ENTITY ........................................................................................................... 100 48 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES
The basic financial statements of the City of Glendora, California, (the “City”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as applied to governmental agencies. The Governmental Accounting Standards Board (“GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The City’s significant accounting policies are described below.

A. Financial Reporting Entity
The City was incorporated in 1911, as a “General Law” city governed by an elected five-member City Council in the State of California. As required by generally accepted accounting principles, these financial statements present the City (the primary government) and its component units.

In evaluating how to define the City for financial reporting purposes, management has considered all potential component units. The primary criteria for including a potential component unit within the reporting entity are the governing body’s financial accountability and a financial benefit or burden relationship and whether it is misleading to exclude it. A primary government is financially accountable and shares a financial benefit or burden relationship, if it appoints a voting majority of an organization to provide specific financial benefits to, or impose specific financial burdens on the primary government. A primary government may also be financially accountable if an organization is fiscally dependent on the primary government regardless of whether the organization has a separately elected governing board, a governing board appointed by a higher level of government, or a jointly appointed board, and there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on the primary government.

Blended Component Unit
Management determined that the following component unit should be blended based on the criteria above.

Although the following unit is legally separate from the City, it has been “blended” as though it is part of the City because the component unit’s governing body is substantially the same as the City’s and there is a financial benefit or burden relationship between the City and the component unit; management of the City has operational responsibilities for the component unit; and/or the component unit provides services entirely, or almost entirely, to the City or otherwise exclusively, or almost exclusively, benefits the City, even though it does not provide services directly to it.

The Glendora Public Financial Authority (the “Authority”) is a joint powers authority organized pursuant to Government Code Section 6500 of the State of California. The Authority exists pursuant to a Joint Exercise of Powers Agreement dated January 9, 1990, between the City and the former Glendora Community Redevelopment Agency (the “Agency). Its purpose is to provide, through the issuance of debt, loans and other financing to the City or Agency for the construction of public improvements. Separate financial statements are not prepared. There was no activity in the current year.

The City had no discretely presented component units.
49 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES, Continued B. Measurement Focus, Basis of Accounting and Basis of Presentation The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, expenditures or expenses as appropriate.

Government resources are allocated to and accounted for in individual funds based upon the purpose for which they are to be spent, and the means by which spending activities are controlled.

The Statement of Net Position and Balance Sheet of the Governmental Funds report separate sections for Deferred Outflows of Resources and Deferred Inflows of Resources, when applicable.

Government-Wide Statements
The City’s Government-Wide Financial Statements include a Statement of Net Position and a Statement of Activities. These statements present summaries of governmental and business-type activities for the City, the primary government, accompanied by a total column. Fiduciary activities of the City are not included in these statements.

These basic financial statements are presented on an “economic resources” measurement focus, utilizing the accrual basis of accounting. Accordingly, all of the City’s assets and liabilities, including capital assets and related infrastructure assets and long-term liabilities, are included in the accompanying Statement of Net Position. The Statement of Activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred.

Certain types of transactions are reported as program revenues for the City in three categories:

Charges for services
Operating grants and contributions
Capital grants and contributions
Certain eliminations have been made as prescribed by GASB Statement No. 34 in regards to interfund activities, payables and receivables. All internal balances in the Statement of Net Position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the primary government total column. In the Statement of Activities, internal service fund transactions have been eliminated; however, those transactions between governmental and business-type activities have not been eliminated. The following interfund activities have been eliminated:

Due to/from other funds
Transfers in/out
50 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES, Continued B. Measurement Focus, Basis of Accounting and Basis of Presentation, Continued Governmental Fund Financial Statements
A Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balances are presented for all major governmental funds and aggregated nonmajor funds. Accompanying schedules are presented to reconcile and explain the differences in fund balances as presented in these statements, to the net position presented in the government-wide financial statements. The City has presented all major funds that met the applicable criteria.

All governmental funds are accounted for on a spending or “current financial resources” measurement focus and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on the Balance Sheet. The Statement of Revenues, Expenditures and Change in Fund Balances presents increases (revenue and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period.

Revenues are recorded when received in cash, except that revenues subject to accrual (generally 60 days after year-end) are recognized when due. The primary revenue sources, which have been treated as susceptible to accrual by the City, are property tax, sales tax, franchise taxes, special assessments, licenses, interest revenue, intergovernmental revenues and other taxes. Expenditures are recorded in the accounting period in which the related fund liability is incurred.

Unavailable revenues arise when potential revenues do not meet both the “measurable” and “available” criteria for recognition in the current period. Unearned revenues arise when the government receives resources before it has a legal claim to them, as when grant monies are received prior to incurring qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the government has legal claim to the resources, the unavailable revenue is removed from the balance sheet and revenue is recognized.

The City reports the following major governmental funds:

General Fund – 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 another fund.

City Capital Projects Fund – The fund is to account for the funds that are assigned for the development or maintenance of the City’s capital projects.

Proprietary Fund Financial Statements
Proprietary funds are accounted for using the “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all assets and liabilities (whether current or noncurrent) are included on the Statement of Net Position. The Statement of Revenues, Expenses and Changes in Net Position presents increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of 51 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES, Continued B. Measurement Focus, Basis of Accounting and Basis of Presentation, Continued Proprietary Fund Financial Statements, continued
accounting, revenues are recognized in the period which they are earned while expenses are recognized in the period in which the liability is incurred.

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 proprietary fund are charges to customers for sales and services. Operating expenses for the proprietary funds include the costs of sales and services, administrative expenses and depreciation on capital assets. All revenue and expenses not meeting this definition are reported as nonoperating revenues and expenses.

A separate column representing internal service funds is also presented in these statements. However, internal service balances and activities have been combined with the governmental activities in the Government-Wide Financial Statements. The City’s internal service funds include four individual funds which provide services directly to other City funds. These areas of service include workers’ compensation self-insurance, general liability self-insurance, vehicles, and technology.

The City reports the following major proprietary fund:

Water Enterprise Fund - The Water Enterprise Fund accounts for the activities associated with a residential and commercial water utility within the City.

The City also reports Internal Service Funds which account for risk management (workers’ compensation and unemployment, and general liability), vehicles acquired and maintained for the City departments use, and equipment, hardware, and software acquired for the City departments use on a costreimbursement basis as proprietary funds.

Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a Statement of Net Position and a Statement of Changes in Net Position. The City’s fiduciary fund consists of a private purpose trust fund. Private purpose trust funds are accounted for using the “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all assets and liabilities (whether current or noncurrent) are included on the Statement of Fiduciary Net Position. The Statement of Changes in Fiduciary Net Position presents additions (revenues) and deductions (expenses) in total Fiduciary Net Position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. 52 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES, Continued B. Measurement Focus, Basis of Accounting and Basis of Presentation, Continued Fiduciary Fund Financial Statements, continued
The City reports the following fiduciary funds:

Successor Agency of the Former Redevelopment Agency Private-Purpose Trust Fund – The Successor Agency of the Former Redevelopment Agency Private-Purpose Trust Fund is used to account for the assets and liabilities of the former Glendora Community Redevelopment Agency, and the allocated revenues to pay estimated installment payments of enforceable obligations until the obligations of the former Glendora Community Redevelopment Agency are paid in full and all assets have been liquidated.

C. Cash, Cash Equivalents and Investments
The City pools its available cash for investment purposes. The City considers pooled cash and investment amounts with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are combined with investments and displayed as Cash and Investments.

Highly liquid market investments with maturities of one year or less at time of purchase are stated at amortized cost. All other investments are stated at fair value.

D. Cash and Investments with Fiscal Agents
Cash and investments with fiscal agents are restricted for the redemption of bonded debt.

E. Fair Value Measurement
U.S. GAAP defines fair value, establishes a framework for measuring fair value and establishes disclosures about fair value measurement. Investments, unless otherwise specified, recorded at fair value in the financial statements, are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Levels of inputs are as follows:

The three levels of the fair value measurement hierarchy are described below:

Level 1 - Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.

Level 2 – Inputs, other than quoted prices included in Level 1, that are observable for the assets or liabilities through corroboration with market data at the measurement date. 53 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES, Continued E. Fair Value Measurement, Continued
Corporate bonds and United States government sponsored agency securities are valued by surveying the dealers community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information into the evaluation processes. Price spread basis is determined by the observed market data.

Spread basis is by creating a bullet (non-call) spread scale for relevant maturities of each issuer. These spreads represent credit risk and are based on the new issue market, secondary trading and dealer quotes.

Each issuer-spread line has the capability to link parent/subsidiary and related companies to capture relevant movements. An Option Adjusted Spread (“OAS”) model is incorporated to adjust spreads of issues that have early redemption features. Spreads calculated continuously throughout the day, as well as “end of day.” Results instruments are evaluated incorporating trades of all lot sizes. Prices basis is by matching each issue to its best-known market maker, monitoring new issues and determining their relevance to other securities. Crossover issues are evaluated based on how they treated by the marketplace - either on a spread or a price basis.

Negotiable certificates of deposits are valued by a certificate deposit scale created daily for long term certificate deposits with maturities going out to forty years. These rates are obtained from various market makers and dealers, as well as data from the new issue market and continually follow the primary market and focus on changing market conditions as shown through new issue prices. An OAS model is incorporated to adjust the yields of issues that have early redemption features.

Level 3 – Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the assets or liabilities at the measurement date.

F. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements under the purchase method.

G. Property Taxes
Property taxes are attached as an enforceable lien on property at January 1. Taxes are levied on July 1 and are payable in two installments on December 10 and April 10. Any unpaid amounts at the end of the fiscal year are recorded as accounts receivable. The County of Los Angeles bills and collects the property taxes and substantially remits the amount due to the City in installments during the year. Historically, the City has received substantially all of the taxes levied within two years from the date they are levied. The County is permitted by state law (Article XIIIA of the California Constitution) to levy taxes at one percent (1%) of full market value (at time of purchase) and can increase the property’s value no more than two (2%) per year.

H. Interfund Transactions
Activity between funds that is representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “due to/from other funds” (i.e., the current portion of interfund loans) or .e., the noncurrent portion of interfund loans). Any residual balances outstanding between the governmental activities and business-type activities are reported in the governmental-wide financial statements as internal balances.
54 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES, Continued I. Capital Assets
Capital assets, which include land, buildings, improvements, equipment, furniture, infrastructure assets (e.g., roads, sidewalks and similar items) and intangible assets, are reported in the applicable governmental or business-type activities in the Government-Wide Financial Statements. Capital assets are valued at historical cost or estimated historical cost if actual historical cost was not available. Donated capital assets are valued at their estimated acquisition cost on the date donated. City policy has set the capitalization threshold for reporting individual capital assets at $5,000.

Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows:

The City defines infrastructure as the basic physical assets that allow the City to function. The assets include streets, bridges, reservoirs and parklands. Each major infrastructure system can be divided into subsystems. For example, the street system can be subdivided into pavement, curb and gutters, sidewalks, medians, streetlights, traffic signal poles, landscaping and land. These subsystems were not delineated in the basic financial statements. The appropriate operating department maintains information regarding subsystems.

Intangible assets included in the City’s capital assets consist of right of way purchases which are amortized over the life of the right of way, or life of the infrastructure it is related to if not defined in the right of way agreement, and water rights, which are not amortized. In addition, the City records intangible assets for leased assets under GASB 87.

The accumulated depreciation, defined as the total depreciation from the date of construction/acquisition to the current date on a straight line, unrecovered cost method was computed using industry accepted life expectancies for each infrastructure subsystem. The book value was then computed by deducting the accumulated depreciation from the original cost.

Assets Years
Buildings and improvements 25-40
Machinery and equipment 5-20
Vehicles 3-15
Transmission and distribution 30-50
Source of supply 15-70
Pumping equipment 15
Infrastructure 6-50
55 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES, Continued J. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The government only has two items that qualify for reporting in this category. The first is the deferred charge on debt refunding reported in the statement of net position. A deferred charge on debt refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The second is deferred outflows relating to the net pension liabilities and net other postemployment benefits (“OPEB”) liabilities reported in the statement of net position. These outflows are the result of contributions made after the measurement period and other pension and OPEB related items.

In addition to liabilities, the statement of financial position and governmental fund 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 or fund balance 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 three items reported in this category. The first item relates to pension and OPEB. The second item arises only under a modified accrual basis of accounting for unavailable revenue. The fourth being related to leases. The governmental funds report unavailable revenues from two sources: taxes and grant revenues. These amounts are deferred and recognized as an inflow of resources in when period that the amounts become available. The third item relates to leases receivable recognized under GASB 87.

K. Long-Term Debt
Government-Wide and Proprietary Fund Financial Statements: Long-term debt and other financed obligations are reported as liabilities in the appropriate funds. Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable premium or discount.

Governmental Fund Financial Statements: The governmental fund financial statements do not present longterm debt, but it is shown in the Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position. Bond premiums and discounts, as well as issuance costs, are recognized during the current period. Bond proceeds are reported as other financing sources net of the applicable premium or discount. Issuance costs, whether or not withheld from the actual net proceeds received, are reported as debt service expenditures.

L. Compensated Absences
Governmental fund financial statements recognize the vested vacation and compensatory time as expenditures in the current year to the extent that they are paid during the year. Accrued vacation and compensatory time relating to long-term liability is reported in the government-wide financial statements. All vested vacation and compensatory leave time is recognized as an expense and as a liability in the proprietary type funds at the time the liability vests.

Since the City consistently liquidates its business-type activities compensated absences balances each fiscal year, the City reports that balance as long-term liabilities due within one year. 56 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES, Continued M. Net Pension Liability
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the plans and additions to/deductions from the plan’s fiduciary net position have been determined on the same basis as they are reported by the plans. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with benefit terms.

Investments are reported at fair value.

The following timeframes are used for pension reporting:

Gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time. The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and will be recognized in future pension expense. The amortization period differs depending on the source of the gain or loss. The difference between projected and actual earnings is amortized straight-line over 5 years. All other amounts are amortized straight-line over the average expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) at the beginning of the measurement period.

N. Net Other Postemployment Benefit (“OPEB”) Liability
For the purpose of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, the OPEB Plan recognizes benefit payments when due and payable in accordance with the benefit terms.

The following timeframes are reported OPEB reporting:

Gains and losses related to changes in total OPEB liability are recognized in OPEB expense systematically over time. The first amortized amounts are recognized in OPEB expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to OPEB and are to be recognized in future OPEB expense. Gain and loss are amortized on a straight-line basis over the average expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) at the beginning of the measurement period.

Valuation Date June 30, 2022
Measurement Date Jue 30, 2023
Measurement Period July 1, 2022 to June 30 2023
Valuation Date June 30, 2023
Measurement Date June 30, 2023
Measurement Period July 1, 2022 to June 30, 2023
57 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES, Continued O. Net Position
In the government-wide financial statements, Net Position is reported in one of three categories:

Net Investment in Capital Assets - This amount consists of capital assets (including reported intangible assets) net of accumulated depreciation/amortization and reduced by retention payable, outstanding debt that is attributed to the acquisition, construction or improvement of the assets (net of unspent debt proceed) and related deferred outflows and inflows of resources.

Restricted Net Position - This amount is restricted by external creditors, grantors, contributors or laws or regulations of other governments. It consists of the restricted assets plus deferred outflows of resources, and reduced by liabilities and deferred inflows of resources related to those assets.

Unrestricted Net Position – The component of net position is the amount of assets, deferred outflows of resources, liabilities, and deferred inflows of resources that does not meet the definition of “Net Investment in Capital Assets” or “Restricted Net Position.”
P. Net Position Flow Assumption
Sometimes the government will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amount to report as restricted – net position and unrestricted – net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the government’s policy to consider restricted – net position to have been depleted before unrestricted – net position is applied.

Q. Fund Balance
In the fund financial statements, governmental funds report the following fund balance classifications:

Nonspendable includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact.

Restricted includes amounts that are constrained on the use of resources by either (a) external creditors, grantors, contributors, or laws of regulations of other governments or (b) by law through constitutional provisions or enabling legislation.

Committed includes amounts that can only be used for the specific purposes determined by a formal action (Resolution) of the City’s highest level of decision-making authority, the City Council. Commitments may be changed or lifted only by the City taking the same formal action that imposed the constraint originally.

Assigned includes amounts that are constrained by the government intent to be used for specific purposes, but are neither restricted nor committed. The Administrative Policy provides the Administrative Services Director authorization to assign amounts to a specific purpose.

Unassigned includes the residual amounts that have not been restricted, committed, or assigned to specific purposes. Positive unassigned balances are only presented in the General Fund.

An individual governmental fund could include nonspendable resources and amounts that are restricted or unrestricted (committed, assigned, or unassigned) or any combination of these classifications. 58 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES, Continued Q. Fund Balance, Continued
When expenditures are incurred for purposes for which all restricted, committed, assigned and unassigned fund balances are available, the City’s policy is to apply in the following order, except for instances wherein an ordinance specifies the fund balance:

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

S. Implementation of New GASB Pronouncement
During the fiscal year ended June 30, 2024, the city implemented the following new GASB pronouncements:

GASB Statement No. 100 – Accounting Changes and Error Corrections – The primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. This Statement defines accounting changes as changes in accounting principles, changes in accounting estimates, and changes to or within the financial reporting entity and describes the transactions or other events that constitute those changes. As part of those descriptions, for (1) certain changes in accounting principles and (2) certain changes in accounting estimates that result from a change in measurement methodology, a new principle or methodology should be justified on the basis that it is preferable to the principle or methodology used before the change. That preferability should be based on the qualitative characteristics of financial reporting—understandability, reliability, relevance, timeliness, consistency, and comparability. This Statement also addresses corrections of errors in previously issued financial statements. This Statement prescribes the accounting and financial reporting for (1) each type of accounting change and (2) error corrections. This Statement requires that (a) changes in accounting principles and error corrections be reported retroactively by restating prior periods, (b) changes to or within the financial reporting entity be reported by adjusting beginning balances of the current period, and (c) changes in accounting estimates be reported prospectively by recognizing the change in the current period. The requirements of this Statement for changes in accounting principles apply to the implementation of a new pronouncement in absence of specific transition provisions in the new pronouncement. This Statement also requires that the aggregate amount of adjustments to and restatements of beginning net position, fund balance, or fund net position, as applicable, be displayed by reporting unit in the financial statements. The City restated its beginning fund balance as part of implementing this standard.

59 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

2. CASH AND INVESTMENTS
At June 30, 2024, cash and investments were reported in the accompanying financial statements as follows:

The City of Glendora maintains a cash and investment pool that is available for use for all funds. Each fund type's position in the pool is reported on the combined balance sheet as cash and investments. The City has adopted an investment policy, which authorizes it to invest in various investments.

The City had following cash and investments at June 30, 2024:

A. Demand Deposits
At June 30, 2024, the carrying amount of the City’s deposits was $1,905,269 and the bank balance was $3,754,863. The difference represents outstanding checks, deposits in transit and other reconciling items.

The California Government Code requires California banks and savings and loan associations to secure a City’s deposits by pledging government securities with a value of 110% of a City’s deposits. California law also allows financial institutions to secure a City’s deposit by pledging first trust deed mortgage notes having a value of 150% of a City’s total deposits. The City Treasurer may waive the collateral requirement for deposits that are fully insured up to $250,000 by the FDIC. The collateral for deposits is held in safekeeping by an authorized Agent of Depository recognized by the State of California Department of Banking.

Governmental
Activities
Business-type
Activities
Unrestricted assets:

Cash and investments 87,011,028 $ 28,602,577 $ 2,512,797 $ 118,126,402 $ Restricted assets:

Restricted cash and investments 5,184,282 103 - 5,184,385 Total cash investments $ 28,602,680 92,195,310 $ 2,512,797 $ 123,310,787 $ Government-Wide Statement
of Net Position Fiduciary
Fund Statement
of Net Position Total
Deposits with financial institutions $ 1,905,269
Petty cash 2,555
Total cash $ 1,907,824
Investments $ 116,218,578
Restricted cash and investments:

Investments with fiscal agents 103
Restricted cash and investment with PARS 5,184,282
Total investments 121,402,963
Total cash and investments $ 123,310,787
60 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

2. CASH AND INVESTMENTS, Continued
A. Demand Deposits, Continued
The collateral for deposits with savings and loan associations is generally held in safekeeping by the Federal Home Loan Bank in San Francisco, California as an Agent of Depository. These securities are physically held in an undivided pool for all California public agency depositors. Under Government Code Section 53655, the placement of securities by a bank or savings and loan association with an “Agent of Depository” has the effect of perfecting the security interest in the name of the local governmental agency.

Accordingly, all collateral held by California Agents of Depository are considered to be held for, and in the name of, the local governmental agency.

B. Investment Policy
Under provision of the City’s improvement policy, and in accordance with the California Government Code, the following investments are authorized:

C. Investments Authorized by Debt Agreements
The above investments do not address investment of debt proceeds held by a bond trustee or fiscal agent.

Investments of debt proceeds held by a bond trustee are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy.

Authorized Investment Type
Maximum
Maturity
Maximum
Percentage
Allowed
Maximum
Investments in
One Issuer
United States Treasury Bills, Bond and Notes 5 Years None None United States Government Sponsored Agency Securities 5 Years None None Municipal Obligations 5 Years None None
Time Certificates of Deposit 1 Year None $250,000
Negotiable Certificates of Deposit 5 Years 30% None
Banker's Acceptance Notes 180 Days 40% 30%
Corporate Notes 5 Years 30% None
Commercial Paper 270 Days 25% 10%
Local Agency Investment Fund (LAIF) N/A None $65 million per account Repurchase Agreement 1 Year None None
Mutual Funds N/A 20% None
Investment Pools N/A None None
Supernationals 5 years 30% N/A
N/A - Not Applicable
61 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

2. CASH AND INVESTMENTS, Continued
D. Fair Value Measurement
At June 30, 2024, investments are reported at fair value. The following table presents the fair value measurements of investments on a recurring basis and the levels with GASB 72 fair value hierarchy in which the fair value measurements fall at June 30, 2024:

E. 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 of maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. The City’s investment policy that the City manages it exposure to interest rate risks by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities as 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. At June 30, 2024, the City had the following investment maturities:

Investment Type
Significant
Other Observable
Inputs (Level 2)
Cash Equivalent
Uncategorized Total
Local Agency Investment Fund $ - $ 3,985,810 $ 3,985,810 United States Government Sponsored
Agency Securities 55,022,878 55,022,878 -
Negotiable Certificates of Deposit 17,355,664 17,355,664 - Corporate Notes 27,108,679 27,108,679 -
Money Market Funds 12,745,547 - 12,745,547
Restricted cash and investment with PARS 5,184,282 5,184,282 - Held by Bond Trustee:

Money Market Funds - 103 103
$ 104,671,503 $ 16,731,460 $ 121,402,963
Investment Type
12 Months
or Less
13-24
Months
25-60
Months Total
Local Agency Investment Fund $ 3,985,810 $ - $ 3,985,810 - $ United States Government Sponsored
Agency Securities 18,195,892 19,198,231 17,882,808 55,276,931 Negotiable Certificates of Deposit 7,168,925 5,518,040 4,414,646 17,101,611 Corporate Notes 15,504,490 9,769,594 1,834,595 27,108,679 Money Market Funds 12,745,547 - 12,745,547 -
Restricted cash and investment with PARS 5,184,282 - 5,184,282 - Held by Bond Trustee:

Money Market Funds 103 - - 103
$ 62,785,049 $ 34,485,865 $ 24,132,049 $ 121,402,963
62 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

2. CASH AND INVESTMENTS, Continued
F. 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, by Standard and Poor’s at June 30, 2024 for each investment type:

The actual rating for the “Other” category above as follows:

G. Concentration of Credit Risk
The City’s investment policy states that the City operates its investment pool with many state and selfimposed constraints. It does not buy stocks and it does not speculate. Assets shall be diversified to eliminate the risk of loss resulting from over concentration of assets in a specific maturity, a specific issuer, or a specific class of securities.

The City will diversify its investments by security type, institution and maturity/call dates. The City’s investment policy states that no more than 50% of the City’s total investment portfolio shall be invested in a single security type or with a single financial institution. The only exception to these maturity limits shall be the investment in U.S. Treasury securities and authorized pools. Unless matched to a specific cash flow, the City shall not directly invest in securities maturing more than five years from the date of purchase.

Investment Type
Fair Value at
June 30, 2024
Minimum
Legal
Rating AAA Other Not Rated
Local Agency Investment Fund $ 3,985,810 Not Rated $ - $ 3,985,810 - $ United States Government Sponsored
Agency Securities 55,276,931 AAA 51,596,064 3,680,867 - Negotiable Certificates of Deposit 17,101,611 N/A - 17,101,611 - Corporate Notes 27,108,679 A 8,446,867 18,661,812 -
Money Market Funds 12,745,547 AAA - 12,745,547 -
Restricted cash and investment with PARS 5,184,282 Not Rated - 5,184,282 - Held by Bond Trustee:

Money Market Funds 103 A - - 103
$ 121,402,963 $ 60,042,931 $ 22,342,679 $ 39,017,353
Investment Type AA A AA- Total
Corporate Notes $ 8,772,597 $ 9,889,215 $ 18,661,812 - $ Sponsored Agency Securities - 3,680,867 - 3,680,867
Total $ 8,772,597 $ 9,889,215 $ 3,680,867 $ 22,342,679
63 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

2. CASH AND INVESTMENTS, Continued
G. Concentration of Credit Risk, Continued
At June 30, 2024, investment in any one issuer that represents 5% or more of total City investments is as follows:

H. Custodial Credit Risk
The 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 deposits or will not be able to recover collateral securities that are in the possession of a third party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value of investment or collateral securities that are in the possession of the third party. At June 30, 2024, none of the City’s deposits or investments were exposed to custodial credit risk.

I. Local Agency Investment Fund
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California.

LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five members, in accordance with State statute. The State Treasurer’s Office audits the fund annually. The fair value of the 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. The City’s investment in LAIF at June 30, 2024 included a portion of pool funds invested in Structured Notes and Asset-Backed Securities.

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

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

At June 30, 2024, the City had $3,985,810 invested in LAIF, which had invested 3.00% of the total pool investment funds in Structured Notes and Asset-Backed Securities as compared to 2.78% in the previous year. The LAIF fair value factor of 0.996316042 was used to calculate the fair value of the investments in LAIF.

Issuers Amount Percentage
Federal Home Loan Bank $ 16% 19,804,441
Federal Farm Credit Bank United States Government Sponsored Sponsored Enterprise Securities 15,238,145 13% Federal Home Loan Mortgage Corporation United States Government Sponsored Sponsored Enterprise Securities 5,088,892 4% Federal National Mortgage Association United States Government Sponsored Sponsored Enterprise Securities 5,714,781 5% United States Government Sponsored Sponsored Enterprise Securities Investment Type
64 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. RECEIVABLES
Government-Wide Financial Statements: At June 30, 2024, the Government-Wide Financial Statements show the following receivables, net of allowances for uncollectible amounts:

Fund Financial Statements: At June 30, 2024, the Fund Financial Statements show the following receivables:

A. Accounts Receivable
Accounts receivable consisted of amounts accrued in separate funds in the ordinary course of operations.

The total amount of accounts receivable for each major fund and nonmajor fund in the aggregate at June 30, 2024, were as follows:

Governmental
Activities
Business-Type
Activities Total
Accounts 1,525,602 $ $ 4,574,551 $ 6,100,153
Taxes 3,288,317 3,288,317 -
Accrued Interest 473,173 92,622 565,795
Leases 9,076,018 9,076,018 -
Due from other government 754,519 - 754,519
Notes and loans 8,387,327 8,387,327 -
Advance to Successor Agency 4,739,883 4,739,883 -
$ 28,244,839 $ 4,667,173 $ 32,912,012
Government Funds:

General Fund 1,101,007 $
Nonmajor funds 418,892
Total Governmental Funds 1,519,899
Proprietary Funds:

Water Fund 4,574,551
Total Proprietary Funds: 4,574,551
Internal Service Funds 5,703
Total Accounts Receivable 6,100,153 $
65 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. RECEIVABLES, Continued
B. Taxes Receivable
At June 30, 2024, the City had taxes receivable from the County of Los Angeles and State of California in the following major funds and nonmajor funds in the aggregate:

C. Accrued Interest Receivable
Accrued Interest receivable consisted of interest from investments pooled by the City and was distributed among the funds according to their ending cash balances. The accrued interest receivable at June 30, 2024 was as follows:

D. Leases Receivable
Lease receivable activity for the year ended June 30, 2024 was as follows:

Government Funds:

General Fund 3,288,317 $
Nonmajor funds -
Total Governmental Funds 3,288,317 $
Government Funds:

General Fund 383,994 $
Nonmajor Funds 89,179
Total Governmental Funds 473,173 $
Proprietary Funds:

Water Fund 92,622 $
Total Proprietary Funds: 92,622
Total Interest Receivable $ 565,795
Deferred Inflows
of Resources
Balance at
June 30, 2023 Additions Deletions
Balance at
June 30, 2024
Balance at
June 30, 2024
AT&T - 600 E. Gladstone $ 783,406 $ - $ 33,768 $ 749,638 $ 705,434 AT&T - 701 S. Elwood 1,508,419 - 31,642 1,476,777 1,409,607 AT&T - 1025 E. Sierra Madre 240,171 - 36,039 204,132 198,362 Verizon - 1028 S. Glendora 67,129 - 34,673 32,456 31,475 Verizon - 839 E. Leadora 84,262 - 36,938 47,324 45,894
T-Mobile - 16734 Arrow hwy 542,520 - 22,494 520,026 575,832 T-Mobile - 1636 E. Compromise Line 1,419,939 - 52,031 1,367,908 1,288,628 Pacbell - 159 N. Cullen 1,760,257 - 55,813 1,704,444 1,607,222 Pacbell - 1051 E. Sierra Madre 1,361,687 - 51,062 1,310,625 1,234,459 Verizon - 1028 S. Glendora 57,708 - 34,372 23,336 22,630 PW Golf Management - 200 W. Dawson 1,708,942 - 69,590 1,639,352 1,583,295 $ 9,534,440 $ 458,422 - $ $ 9,076,018 $ 8,702,838
Lease Receivable
66 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. RECEIVABLES, Continued
D. Leases Receivable, Continued
Cell Antenna Leases:

The City has entered into eleven (11) different lease agreements with various telecommunication companies, such as AT&T, Verizon, T-Mobile, and Sprint. Under these leases the lessees pay the City an initial annual lease payments ranging between $12,000 to $33,000 (with annual increases thereafter ranging from 3% to 10% per year). All the leases had an initial lease term of 5 years, with auto-renewal options ranging from two to seven 5-year terms. One lease had an addendum where the initial term was changed to 14 years with a 15-year extension and with two optional 5-year terms. All eleven lease receivables are measured as the present value of the future minimum rent payments expected to be received during the lease term at a discount rate of 2.19%. For the year ended June 30, 2024, the City recognized a total of $477,551 of lease revenue under these leases.

Ground Lease:

PW Golf Management Ground Lease – Glen Oaks Golf Course & Driving Range In July 2009, the City entered into a lease agreement with PW Golf Management to lease the Glen Oaks Golf Course and Driving Range. Under the lease, the lessee pays the City $66,000 per year (with a 5% increase every 5-year period) for every 5 years, with auto-renewal option for six additional five-year terms (Lessee is currently on year two (2) of the second additional five (5) year term). The lease receivable is measured as the present value of the future minimum rent payments expected to be received during the lease term at a discount rate of 2.19%. For the year ended June 30, 2024, the City recognized $79,165 of lease revenue under the lease.
67 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. RECEIVABLES, Continued
D. Leases Receivable, Continued
The future payment on the leases as of June 30, 2024 were as follows:

Year Ending
June 30, Principal Interest Principal Interest Principal Interest Principal Interest 2025 34,885 $ 1,316 $ 32,730 $ 2,629 $ 36,105 $ 333 $ 32,456 $ 356 $ 2026 36,036 1,251 33,852 2,569 36,170 268 - -
2027 37,221 1,184 35,007 2,506 36,237 202 - -
2028 38,442 380 36,198 2,441 36,303 53 - -
2029 39,700 1,044 37,424 2,374 36,369 69
2030 - 3034 222,987 4,069 211,084 10,782 22,948 9 - -
2035 - 2039 260,635 1,908 247,795 8,734 - - - -
2045 - 2049 - - 339,798 3,498 - - - -
2050 - 2052 - - 212,502 546 - - - -
$ 11,250 749,638 $ 1,476,777 $ 42,404 $ 204,132 $ 934 $ 32,456 $ 356 $ Year Ending
June 30, Principal Interest Principal Interest Principal Interest Principal Interest 2025 37,755 $ 659 $ 22,992 $ 13,046 $ 53,764 $ 2,411 $ -$ -$ 2026 9,569 35 23,500 12,537 55,549 2,311 - -
2027 - 24,020 - 12,018 57,387 2,208 - -
2028 - 24,552 - 3,888 59,282 713 - -
2029 - 25,095 - 10,943 61,233 1,992
2030 - 3034 - 134,050 - 46,139 345,082 8,183 - -
2035 - 2039 - 149,548 - 30,642 403,485 4,847 - -
2040 - 2044 - 116,269 - 11,277 332,126 1,106 - -
2045 - 2049 - - - - - - - -
2050 - 2052 - - - - - - - -
$ 47,324 $ 694 $ 520,026 $ 140,490 $ 1,367,908 $ 23,771 $ - $ - Year Ending
June 30, Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest 2025 $ 57,684 $ 3,013 $ 52,761 $ 2,308 $ 23,336 $ 192 $ 73,954 $ 2,881 $ 458,422 $ 29,144 2026 59,612 2,906 54,511 2,211 - 72,878 - 2,747 381,677 26,835 2027 61,598 2,796 56,313 2,110 - 73,617 - 2,613 381,400 25,637 2028 63,644 2,682 58,170 2,005 - 73,752 - 2,478 390,343 14,640 2029 65,752 2,564 60,083 1,897 73,887 2,343 399,543 23,226 2030 - 3034 369,463 10,910 338,444 7,743 - 399,681 - 9,602 2,043,739 97,437 2035 - 2039 432,550 7,325 395,700 4,471 - 423,362 - 5,932 2,313,075 63,859 2040 - 2044 505,733 3,120 294,643 888 - 448,221 - 2,040 2,067,111 24,854 2045 - 2049 88,408 62 - - - - - 428,206 - 3,560
2050 - 2052 - - - - - - - 212,502 - 546
$ 1,704,444 $ 35,378 $ 1,310,625 $ 23,633 $ 23,336 $ 1,639,352 192 $ $ 30,636 $ 9,076,018 $ 309,738 AT&T - 600 E. Gladstone AT&T - 701 S. Elwood AT&T - 1025 E. Sierra Madre Verizon - 1028 S Glendora Total
Verizon - 839 E. Leadora T-Mobile - 16734 Arrow hwy T-Mobile-1636 E.Compromise PacBell - SPT1636 CMPRMSE Pacbell - 159 N. Cullen Pacbell-1051 E. Sierra Madre Verizon - 1028 S. Glendora PW Golf Management 68 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. RECEIVABLES, Continued
E. Notes, Loans, and Advances Receivable
At June 30, 2024, the balances of notes and loans receivable and advances were as follows:

Home Rehabilitation Loans
The City provides financial assistance to qualifying low-income households in connection with the housing rehabilitation program through home rehabilitation loans. At June 30, 2024, the total outstanding balance was $1,291,280.

Business Rehabilitation Deferred Loans
The City’s Community Development Block Grant program provides low-income housing and economic assistance to qualifying households and businesses. These amounts have been recorded as loans receivable and classified as restricted fund balance in the Housing and Community Development Act Special Revenue Fund. The loans do not require monthly repayment. At June 30, 2024, the outstanding loan balance was $384,729.

Glendora Housing Investors, L.P.

On June 27, 2006, the former Glendora Community Redevelopment Agency (“Agency”) participation agreement with Glendora Housing Investors, L.P. for the construction of 87 affordable workforce housing units. As a result, the Agency loaned $2,750,000 to Glendora Housing Investors, L.P. Payments are due beginning on July 1, 2017 and continuing for 40 years. Interest shall begin accruing upon completion of the improvements at a rate of 3% per annum. On January 27, 2009, the City loaned an additional $1,900,000 to Glendora Housing Investors, L.P. The principal balance with all accrued unpaid interest is due and payable in full on the fifty-sixth anniversary of the January 27, 2009, date of the promissory note. Interest shall accrue at the long-term applicable federal rate. Upon dissolution of redevelopment agencies pursuant to Assembly Bill 1X26, the Affordable Housing Fund of the City of Glendora assumed the administration of the Affordable Housing Agreement with Glendora Housing Investors, L.P. This property is not part of the Long Term Property Management Plan. At June 30, 2024, the outstanding loan balance was in the amount of $6,711,318.

General
Fund
Nonmajor
Governmental
Funds Total
Notes and Loans:

Home rehabilitation loans - $ 1,291,280 $ 1,291,280 $
Business rehabilitation loans - 384,729 384,729
Glendora Housing Investors, Inc. - 6,711,318 6,711,318
Total Notes and Loans - $ 8,387,327 $ 8,387,327 $
Advances to Successor Agency 4,739,883 $ - $ 4,739,883 $ Major Governmental Funds
69 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

3. RECEIVABLES, Continued
E. Notes, Loans, and Advances Receivable, Continued
Advance to Successor Agency
The City had previously loaned funds to the Agency in order to carry out Agency activities as provided for in Health and Safety Code Section 33000. ABX1 26 dissolved redevelopment agencies and contained language that stipulated that agreements, contracts or arrangements between the City that created the redevelopment agency are generally not binding on the Agency unless the Agency desires to enter or reenter into these agreements with the approval of its oversight board. On June 26, 2012, the Agency Oversight Board adopted Resolution 2012-09, approving an advance of $5,595,000 relating to these previous loans between the City of Glendora acting as a municipal Corporation and the City of Glendora, California acting as Successor Agency to the Glendora Community Redevelopment Agency.

Repayment of the loan will be made by the Successor Agency from the Redevelopment Property Tax Trust Fund based on the State of California Department of Finance approved Recognized Obligation Payments Schedule, with an interest rate not to exceed the Local Agency Investment Fund (LAIF) interest rate. The balance outstanding at June 30, 2024 was $4,739,883 including accrued interest.

4. INTERFUND TRANSACTIONS
A. Government-Wide Financial Statements
Internal Balances - At June 30, 2024, the City had the following internal receivables and payables, which represents internal borrowing and lending between the governmental activities and business-type activities:

Transfers: For the year ended June 30, 2024, the City had the following transfers:

Internal Payable
Internal Receivable
Business-Type
Activities
Governmental Activities 2,001,818 $
Transfer Out
Transfers In
Business-Type
Activities
Governmental Activities 233,079 $
70 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

4. INTERFUND TRANSACTIONS, Continued
B. Fund Financial Statements
Due to/from Other Funds: At June 30, 2024, the City had the following due to/from other funds:

The interfund balances were made to cover negative cash balances and other short-term loans at June 30, 2024.

Transfers In/Out: For the year ended June 30, 2024, the City had the following transfers in and out:

The General Funds transferred $2,629,941 to the City Capital Projects fund to transfer excess cash per reserve policy.

The General Funds transferred $3,447,894 to the Nonmajor Governmental Funds:
o $3,330,355 for Pension Obligation Bonds debt service payment. o $4,464 to provide funding for the landscape district expenditures. o $57,105 to the Energy Efficiency Project Debt Service Fund for lease payments. o $55,970 to subsidize a streetlight district zone.

The City Capital Projects Fund transferred $233,784 to Internal Service Funds for information technology subscription cost.

Due to Other Funds
Governmental Funds
Due From Funds
Nonmajor
Governmental
Funds
Governmental Funds:

General Fund 765,536 $
Transfers Out
City Capital
Projects Fund
Nonmajor
Funds
Internal
Service Funds Total
Governmental Funds:

General Fund 2,629,941 $ 3,447,894 $ 525,988 $ 6,603,823 $ City Capital Projects Fund - 233,784 233,784
Nonmajor Governmental Funds 977,135 - - 977,135
Enterprise Funds:

Water Fund 42,265 - 190,814 233,079
$ 2,629,941 $ 4,467,294 $ 950,586 $ 8,047,821
Transfers in
71 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

4. INTERFUND TRANSACTIONS, Continued
B. Fund Financial Statements, Continued
The General Fund transferred $525,988 to the Internal Service Funds to transfer excess cash per the reserve policy.

The nonmajor governmental funds transferred $977,135 to the nonmajor governmental funds and:
o $52,180 for Pension Obligation Bonds debt service payment. o The Local Transit Prop C Fund transferred $323,992 to the Local Transit Prop A Fund to provide funding for Prop C eligible expenditures and $600,963 to Gas Tax fund for additional Prop C eligible expenditures.

The Water Enterprise Fund transferred $42,265 to the nonmajor governmental funds, and $190,814 to the internal service funds:
o $913 to provide funding for the landscape district expenditures. o $41,352 to the Energy Efficiency Project Debt Service Fund for lease payments. o $190,814 to cover information technology subscription cost.

5. CAPITAL ASSETS
A. Governmental Activities
Summary of changes to the governmental activities capital assets for the year ended June 30, 2024:

Balance
July 1, 2023 Additions Deletions Transfers
Balance
June 30, 2024
Capital assets, not being depreciated
Land 11,694,092 $ - 11,694,092 $
Construction in progress 5,944,643 12,743,470 (150,510) (1,501,199) 17,036,404 Intangible assets - right of way 653,593 139,315 (5,790) (139,315) 647,803 Total capital assets, not being depreciated 18,292,328 12,882,785 (156,300) (1,640,514) 29,378,299 Capital assets, being depreciated
Buildings and improvements 32,342,961 - 1,072,966 - 33,415,927 Machinery and equipment 28,754,969 1,577,490 - 30,332,459 - Infrastructure 112,409,807 - 428,233 - 112,838,040
Subscription based I.T. agreements 1,685,929 777,562 139,315 - 2,602,806 Total capital assets, being depreciated 2,355,052 175,193,666 - 1,640,514 179,189,232 Less accumulated depreciation/amortization for:

Buildings and improvements (19,591,632) (1,110,377) - (20,702,009) - Machinery and equipment (23,852,396) (955,592) - (24,807,988) - Infrastructure (73,172,962) (2,585,988) - (75,758,950) - Subscription based I.T. agreements (274,252) (506,856) - (781,108) - Total accumulated depreciation/amortization (116,891,242) (5,158,813) - (122,050,055) - Total depreciable assets, net 58,631,511 (2,803,761) 1,640,514 - 57,139,177 Governmental activities capital assets, net $ 72,982,885 $ 10,079,024 $ (156,300) $ 86,517,476 - $ 72 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

5. CAPITAL ASSETS, Continued
A. Governmental Activities, Continued
Depreciation/amortization expense is charged to functions and programs based on their usage of the related assets. The amounts allocated to each function or program are as follows:

B. Business-Type Activities
Summary of changes to the business-type activities capital assets for the year ended June 30, 2024:

Depreciation/amortization expenses charged to the business-type activities are as follows:

General government $ 219,913
Public safety 273,479
Community services 1,076,528
Public works 2,524,320
Library 127,375
Internal service 937,198
Total depreciation/amortization expense - governmental activities $ 5,158,813 Balance
July 1, 2023 Additions Transfers
Balance
June 30, 2024
Capital assets, not being depreciated
Land 2,486,821 $ $ - $ 2,486,821 - $
Water and pumping rights 4,715,599 - 4,715,599 -
Intangibles 223,845 - 223,845 -
Construction in progress 6,807,184 13,406,426 (8,090,814) 12,122,796 Total capital assets, not being depreciated 14,233,449 13,406,426 (8,090,814) 19,549,061 Capital assets, being depreciated
Buildings and improvements 10,562,600 - 10,562,600 -
Machinery and equipment 63,743,618 - 63,743,618 -
Infrastructure 34,954,097 8,090,814 - 43,044,911
Subscription based I.T. agreements 156,090 - 156,090 -
Total capital assets, being depreciated 109,260,315 156,090 8,090,814 117,507,219 Less accumulated depreciation/amortization for:

Buildings and improvements (1,339,409) (210,924) (1,550,333) - Machinery and equipment (31,932,077) (1,282,264) (33,214,341) - Infrastructure (9,860,139) (820,734) (10,680,873) -
Subscription based I.T. agreements (30,351) - (30,351) - Total accumulated depreciation/amortization (43,131,625) (2,344,273) (45,475,898) - Total depreciable assets, net 66,128,690 (2,188,183) 8,090,814 72,031,321 Business-type activities capital assets, net $ 80,362,139 $ 11,218,243 $ 91,580,382 - $ Business-type activities:

Water Fund 2,344,273 $
Total depreciation/amortization expense - business type activities $ 2,344,273 73 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

6. LONG-TERM LIABILITIES
A. Governmental Activities
Summary of changes to the governmental activities long-term liabilities for the year ended June 30, 2024:
2019 Taxable Pension Obligation Bonds, Series A
In September 2019, the City of Glendora issued $64,420,000 taxable pension obligation bonds to pay down the City’s actuarial accrued liability. S&P Global Ratings assigned a “AAA” long-term rating to the City of Glendora Pension Obligation Bonds, with a “stable” outlook. The bonds bear a True Interest Cost (TIC) at 2.82% and the principal matures in amounts ranging from $1,485,000 to $3,480,000 through June 2044.

The liability was allocated between the governmental activities and business-type activities.

The annual principal requirements for the governmental activities and the business-type activities to amortize the outstanding 2019 Pension Obligation Bond are as follows:

Pinnacle Public Finance
In June 2013, the City entered into a financing agreement for the Energy Efficiency Performance project with Pinnacle Finance Inc. with for principal balance of $1,015,000 and semi-annual payments which vary annually with an interest rate of 2.55%. At June 30, 2024, the accumulated depreciation of the financed equipment was $634,504.

At June 30, 2024, the outstanding balance for the Pinnacle Public Finance agreement was $382,372.

Balance
July 1, 2023 Additions Deletions
Balance
June 30, 2024
Due within
One Year
Due in More
Than One
Year
Governmental Activities:
2019 Taxable pension obligation
bonds, Series A 48,569,884 $ - $ (2,268,005) $ 46,301,879 $ 2,311,206 $ 43,990,673 $ Pinnacle public finance 469,410 - (87,038) 382,372 94,296 288,076 Subscription Based I.T. Agreements 1,373,016 622,250 (381,627) 1,613,639 571,237 1,042,402 Compensated absences 893,188 1,788,386 (1,662,638) 1,018,936 1,018,936 - Claims and judgments 4,655,308 1,311,871 (895,343) 5,071,836 2,997,463 2,074,373 Total governmental activities $ 55,960,806 $ 3,722,507 $ (5,294,651) $ 54,388,662 $ 6,993,138 $ 47,395,524 Principal Interest Total Principal Interest Total Principal Interest 2025 2,311,206 $ $ 1,240,166 $ 3,551,372 $ 363,800 195,208$ $ 559,008 $ 2,675,000 $ 1,435,374 2026 2,358,726 1,194,219 3,552,945 371,274 187,975 559,249 2,730,000 1,382,194 2027 2,406,246 1,144,497 3,550,743 378,754 180,149 558,903 2,785,000 1,324,646 2028 2,458,086 1,091,199 3,549,285 386,914 171,760 558,674 2,845,000 1,262,959 2029 2,514,246 1,035,523 3,549,769 395,754 162,996 558,750 15,275,000 1,198,519 2030-2034 13,525,956 4,230,071 17,756,027 2,129,039 665,832 2,794,871 15,595,000 4,895,903 2035-2039 12,549,632 2,313,810 14,863,442 1,975,368 364,204 2,339,572 10,200,000 2,678,014 2040-2044 8,177,781 712,968 8,890,749 1,287,218 112,224 1,399,442 1,484,999 825,192 Total 46,301,879 $ $ 12,962,453 $ 59,264,332 $ 7,288,121 $ 2,040,348 $ 9,328,469 $ 53,589,999 $ 15,002,801 Governmental Activities Business-Type Activities Total Year Ending
June 30,
74 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

6. LONG-TERM LIABILITIES, Continued
A. Governmental Activities, Continued
Future payments under the agreement at June 30, 2024 are as follows:

Subscription Based Information Technology Arrangements
The City implemented Governmental Accounting Standards Board Statement No. 96, Subscription-Based Information Technology Arrangements, in fiscal year 2023. The City has five software arrangements that require recognition under GASBS No. 96. The software amortization expense is included on the Statement of Revenues, Expenses and Changes in Fund Net Position related to the City’s intangible asset of five software systems, which is included in Note 5 as subscription based I.T. agreements. The City now recognizes a subscription-based information technology arrangements (SBITA) liability and an intangible right-to-use asset for the five software arrangements described below.

On 01/01/2023, City of Glendora entered into a 36 month subscription for the use of Tyler Technologies – Munis. As of June 30, 2024, Munis did not go live, hence total expenditures incurred amounting to $139,315 are reported as subscription in progress in the governmental activities..

On 07/01/2022, City of Glendora entered into a 72-month subscription for the use of SoftwareONE, Inc. - Microsoft 365 Subscription. An initial subscription liability was recorded in the amount of $1,137,335.

As of 06/30/2024, the value of the subscription liability was $757,890. City of Glendora is required to make annual fixed payments of $200,598. The subscription has an interest rate of 2.3220%. As of June 30, 2024, the City reported the value of the right to use asset with related accumulated amortization of $1,137,335 and $379,112, respectively. City of Glendora has 1 extension option(s), each for 36 months.

On 07/01/2022, City of Glendora entered into a 36-month subscription for the use of OpenGov, Inc. - Website. An initial subscription liability was recorded in the amount of $111,776. As of June 30, 2024, the value of the subscription liability was $37,253. City of Glendora is required to make annual fixed payments of $38,013. The subscription has an interest rate of 2.0380%. As of June 30, 2024, the City reported the value of the right to use asset with related accumulated amortization of $142,376 and $94,918, respectively.

Year Ending June 30, Principal Interest
2025 $ 94,296 $ 9,153
2026 102,024 6,700
2027 110,253 4,046
2028 75,799 1,179
Total $ 382,372 $ 21,078
75 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

6. LONG-TERM LIABILITIES, Continued
A. Governmental Activities, Continued
On 08/01/2022, City of Glendora entered into a 120-month subscription for the use of Axon Enterprises, Inc. - Professional Evidence.com License. An initial subscription liability was recorded in the amount of $259,754. As of June 30, 2024, the value of the subscription liability was $210,023. City of Glendora is required to make annual fixed payments of $27,945. The subscription has an interest rate of 2.6570%. As of June 30, 2024, the City reported the value of the right to use asset with related accumulated amortization of $259,754 and $49,786, respectively. City of Glendora has 1 extension option(s), each for 60 months.

Subscription Based Information Technology Arrangements, Continued On 08/01/2022, City of Glendora entered into a 120-month subscription for the use of Axon Enterprises, Inc. - Unlimited BWC + Capture. An initial subscription liability was recorded in the amount of $146,463.

As of June 30, 2024, the value of the subscription liability was $118,423. City of Glendora is required to make annual fixed payments of $15,757. The subscription has an interest rate of 2.6570%. As of June 30, 2024, the City reported the value of the right to use asset with accumulated amortization of $146,463 and $28,072, respectively. City of Glendora has 1 extension option(s), each for 60 months.

The annual debt service requirements for the Subscription Based I.T Arrangements are as follows:

Compensated Absences
The balance at June 30, 2024, was $1,018,936. See Note 8 for more detailed information.

Claims and Judgments
The balance at June 30, 2024, was $5,071,836. See Note 9 for more detailed information.

Principal Interest Total
2025 571,237 $ $ 36,814 $ 608,051
2026 397,195 22,826 420,021
2027 228,455 15,845 244,300
2028 235,194 10,416 245,610
2029 41,539 4,824 46,363
2030 - 2033 140,019 7,582 147,601
Total 1,613,639 $ $ 98,307 $ 1,711,946
Year
Ending
June 30,
Governmental Activities
76 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

6. LONG-TERM LIABILITIES, Continued
B. Business-Type Activities
Summary of long-term liabilities for the year ended June 30, 2024:
2012 Series A CSCDA Water and Wastewater Pooled Revenue Bonds - Original Issue $14,785,000 The California Statewide Communities Development Authority (CSCDA) issued Water Revenue Bonds dated May 30, 2012, of which $14,785,000 was owed by the City of Glendora. The CSCDA is a joint exercise of powers authority duly organized on June 1, 1988. It operates pursuant to the California Government Code and an agreement by and among various cities, counties and special districts, and is qualified to issue the bonds under the law. The purpose of the bonds was to advance refund portions of the 2003 Series A and 2004 Series C CSCDA Water and Wastewater Pooled Revenue Bonds which were for public capital improvements, in effect reducing the aggregate debt service payments by almost $0.44 million over the 14 years from issuance and obtaining an economic gain (difference between the present values of the old and new debt service payments) of $0.16 million.

The interest payments on the bonds are payable at the rate of 1.00% to 5.00%. Interest is payable on October 1 and April 1, commencing October 1, 2012. Principal is due annually beginning on October 1, 2014, in amounts ranging from $535,000 to $1,220,000. The bonds are payable from the net revenues of the Water Enterprise Fund.

Balance
July 1, 2023 Additions Deletions
Balance
June 30, 2024
Due within
One Year
Due in More
Than One Year
Business-type activities:
2012 Series A CSCDA water and
wastewater pooled revenue bond 7,225,000 $ - $ (1,010,000) $ 6,215,000 $ 1,040,000 $ 5,175,000 $ Bond premium 736,825 - (52,847) 683,978 - 683,978
2016 Series A CSCDA water and
wastewater pooled revenue bond 5,630,000 - (450,000) $ 5,180,000 475,000 4,705,000 Bond premium 982,291 - (109,143) 873,148 - 873,148
2019 Taxable pension obligations
bond, Series A 7,645,115 - (356,994) $ 7,288,121 363,800 6,924,321 Subscription Based I.T. Agreements - 144,564 (49,900) $ 94,664 46,500 48,164 Compensated absences 220,966 383,620 (339,764) 264,822 264,822 - Total business-type activities $ 528,184 22,440,197 $ (2,368,648) $ 20,599,733 $ 2,190,122 $ 18,409,611 $ 77 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

6. LONG-TERM LIABILITIES, Continued
B. Business-Type Activities, Continued
The annual debt service requirements for the 2012 Series A Water Revenue Bonds at June 30, 2024 were as follows:
2016 Series A Water Revenue Refunding Bonds - Original Issue $8,395,000 On January 26, 2016, the City refunded the 2006 Series A CSCDA bonds with the 2016 Series A Water Revenue Refunding bonds. The purpose of the bonds was to advance refund the remaining 2006 Series A CSCDA Water and Wastewater Pooled Revenue Bonds which were issued for public capital improvements, in effect reducing the aggregate debt service payments by almost $1.8 million over the 17 years from issuance, and obtaining an economic gain (difference between the present values of the old and new debt service payments) of $1.5 million. On March 2, 2017, the outstanding 2006 Series A bonds were redeemed.

The interest on the bonds is payable at rates of 2.00% to 5.00%. Interest is payable on October 1 and April 1, commencing October 1, 2016. Principal is due annually beginning on October 1, 2016, in amounts ranging from $350,000 to $690,000. The bonds are payable from the net revenues of the Water Enterprise Fund.

The annual debt service requirements for the 2016 Series A Water Revenue Refunding Bonds at June 30, 2024 were as follows:

Year Ending
June 30, Principal Interest Total
2025 $ 1,040,000 $ 219,512 $ 1,259,512
2026 1,090,000 177,162 1,267,162
2027 1,120,000 143,312 1,263,312
2028 1,160,000 96,812 1,256,812
2029 1,220,000 43,412 1,263,412
2030 585,000 9,506 594,506
Total $ 6,215,000 $ 689,716 $ 6,904,716
Year Ending
June 30, Principal Interest Total
2025 $ 475,000 $ 241,625 $ 716,625
2026 495,000 217,375 712,375
2027 520,000 192,000 712,000
2028 550,000 168,000 718,000
2029 570,000 142,750 712,750
2030-2033 264,500 2,570,000 2,834,500
Total 5,180,000 $ 1,226,250 $ 6,406,250 $
78 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

6. LONG-TERM LIABILITIES, Continued
B. Business-Type Activities, Continued
2019 Taxable Pension Obligation Bonds, Series A
See Note 7 A for disclosure.

Compensated Absences
The balance at June 30, 2024, was $264,822 See Note 8 for more detailed information.

C. Fiduciary Fund
The Successor Agency pledged, as security for bonds issued, either directly or through the Financing Authority, a portion of tax increment revenue (including Low and Moderate Income Housing set-aside and pass through allocations) that it receives. The bonds issued were to provide financing for various capital projects, accomplish Low and Moderate Income Housing projects and to defease previously issued bonds. Assembly Bill 1X 26 provided that upon dissolution of the Glendora Community Redevelopment Agency, property taxes allocated to redevelopment agencies no longer were deemed tax increment but rather property tax revenues and will be allocated to successor agencies to make payments on the indebtedness incurred by the dissolved redevelopment agencies. Total principal and interest remaining on the bonds is $4,375,538 with annual debt service requirements indicated below. For the current year, the debt service obligation on the bonds was $1,540,750 and taxes received to pay enforceable obligations were in the amount totaled to $3,152,326.

The following long-term debt was transferred from the Glendora Community Redevelopment Agency to the Successor Agency on February 1, 2012, as a result of the dissolution. A description of long-term debt outstanding (excluding defeased debt) of the Successor Agency at June 30, 2024, follows:

Balance
July 1, 2023 Additions Deletions
Balance
June 30, 2024
Due within
One Year
Due in More
Than One
Year
Fiduciary Activities:

Loan from the City of Glendora 5,158,251 $ 150,271 $ (568,639) $ 4,739,883 $ - $ 4,739,883 $ 2003 Tax Allocation Bond,
Nontaxable Series A 2,930,000 - (1,430,000) 1,500,000 1,500,000 - Bond Discount (1,620) - 1,085 (535) (535) -
2006 Revenue Bonds, Series A 2,700,000 - 2,700,000 - 2,700,000 - Bond Discount (12,675) - 4,539 (8,136) (8,136) -
Total fiduciary activities $ 10,773,956 $ 150,271 $ (1,993,015) $ 8,931,212 $ 1,500,000 $ 7,431,212 79 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

6. LONG-TERM LIABILITIES, Continued
C. Fiduciary Fund, Continued
Loan from the City of Glendora
The City of Glendora had previously loaned funds to the former Glendora Community Redevelopment Agency in order to carry out Agency activities as provided for in Health and Safety Code Section 33000.

ABX1 26 dissolved redevelopment agencies and contained language that stipulated that agreements, contracts or arrangements are generally not binding on the successor agency unless the successor agency desires to enter or re-enter with the approval of its oversight board. On June 26, 2012, the Oversight Board of the Successor Agency adopted Resolution 2012-09, approving an advance of $5,595,000 relating to these previous loans between the City of Glendora, acting as a Municipal Corporation and the City of Glendora acting as Successor Agency to the Glendora Community Redevelopment Agency. The City has accrued interest due on the loans since inception. The loan balance at June 30, 2024 was $4,739,883. 2003 Tax Allocation Bonds, Nontaxable Series A and B - Original Issue $ 16,070,000 On September 1, 2003, the Public Financing Authority issued on behalf of the Agency, $11,255,000 in Series A Nontaxable Tax Allocation Bonds and $4,815,000 in Series B Taxable Tax Allocation Bonds. The proceeds of the Series A Bonds were used to redeem the 1993 Revenue Tax Allocation Bonds related to Project Area No. 1 in the amount of $3,215,000, to finance redevelopment activities within Project Area No. 1, to satisfy costs of issuance and to set aside reserve requirements pursuant to escrow agreements.

Principal payments on the Series A Bonds are due annually beginning on September 1, 2004, and continuing through 2025. Installments range from $100,000 to $1,500,000 and interest is payable semiannually with rates ranging from 2.0% to 5.0%.

The annual requirements to amortize the outstanding bond indebtedness at June 30, 2024, including interest, are as follows:

Year Ending
June 30, Principal Interest Total
2025 1,500,000 $ 37,500 $ 1,537,500 $
Total 1,500,000 $ $ 37,500 $ 1,537,500
80 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

6. LONG-TERM LIABILITIES, Continued
C. Fiduciary Fund, Continued
2006 Revenue Bonds. Series B- Original Issue $6,945.000 On March 29, 2006, the Agency issued $6,945,000 in Series B Revenue Tax Allocation Bonds. The proceeds of the bonds were used to fund the completion of the infrastructure improvements related to the Diamond Ridge and Pompei Park projects within Project Area No. 1 boundaries.

Principal payments on the bonds are due annually beginning on September 1, 2009, and continuing through 2025, in installments ranging from $235,000 to $1,910,000. Interest is payable semi-annually with rates ranging from 3.25% to 4.50%.

The annual debt service requirements to amortize the 2006 Revenue Tax Allocation Bonds outstanding at June 30, 2024 are as follows:

7. COMPENSATED ABSENCES
The following is a summary of compensated absences payable transactions for the year ended June 30, 2024:

All vested vacation and compensatory leave time is recognized as an expense and as a liability in the businesstype funds at the time the liability vests. The long-term portion of compensated absences payable has been accrued for the Governmental Activities on the Government-Wide Financial Statement. In prior years, the General Fund and Water Fund have typically been used to liquidate these liabilities. There is no fixed payment schedule to pay these liabilities.

Year Ending
June 30, Principal Interest Total
2025 $ 95,063 - $ $ 95,063
2026 2,700,000 42,975 2,742,975
Total 2,700,000 $ $ 138,038 $ 2,838,038
Balance
July 1, 2023 Additions Deletions
Balance
June 30, 2024
Due within
One Year
Governmental activities:

Compensated absences 893,188 $ 1,788,386 $ (1,662,637) $ 1,018,937 $ 1,018,937 $ Business-type activities:

Compensated absences 220,966 $ 383,620 $ (339,764) $ 264,822 $ 264,822$ 81 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

8. RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City maintains self-insurance programs for workers’ compensation and general public liability up to a maximum of $500,000 and $300,000 per occurrence, respectively. General liability claims, which exceed the limit, are insured through Independent Cities Risk Management Authority (“ICRMA”) up to a maximum per incident of $3,000,000.

Workers’ compensation claims that exceed the limit are insured by ICRMA up to the California statutory limits for workers' compensation.

The City is a member of the ICRMA, a public entity risk pool currently operating as a common risk management and insurance program for 15 California cities. The City pays an annual premium to the pool for its excess general liability insurance coverage. The agreement for information of the ICRMA provides that the pool will be self-sustaining through member premiums. The City continues to carry commercial companies for all other risks of loss, which include property insurance, earthquake and flood, public official bond, boiler and machinery, group accident, crime shield, and special events insurance.

Estimates for all liabilities, up to the self-insured levels, have been accrued in the Workers’ Compensation and the General Liability Self-Insurance Internal Service Funds including an estimate for incurred but not reported claims. Estimates are based on recommended reserves established by the City’s third-party administrators who administer the City’s claims and insurance programs. There have been no significant changes in insurance coverage as compared to last year and settlements have not exceeded coverage in each of the past three fiscal years.

The ICRMA has published its own financial report for the year ended June 30, 2024, which can be obtained from Independent Cities Risk Management Authority, 18201 Von Karman, Suite 200, Irvine, California.

Changes in the balances of claims liabilities for the current and the last two fiscal years follow:

Fiscal Year
Annual
Claims Payable
July 1
Current Year
Claims and
Changes
in Estimates
Current Year
Claim
Payments
Balance
June 30
Due Within
One Year
2022 $ 7,477,640 $ 840,056 $ (2,157,291) $ 6,160,405 $ 3,395,934 2023 6,160,405 962,916 (2,468,013) 4,655,308 2,861,276
2024 4,655,308 1,311,871 (895,343) 5,071,836 2,997,463
82 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS
A. Defined Benefit Pension Plans
The following summarizes the net pension liabilities and related deferred outflows of resources and deferred inflows of resources at June 30, 2024 with the corresponding pension expenses for the year then ended:

Governmental Activities:

Governmental
Activities
Business-type
Activities Total
Deferred outflows of resources:

Pension contributions after measurement date:

Miscellaneous $ 395,348 1,006,100 $ 1,401,448 $
Safety - 1,551,142 1,551,142
Subtotal 395,348 2,557,242 2,952,590
Differences between expected and actual experience:

Miscellaneous 78,660 200,176 278,836
Safety - 649,123 649,123
Difference in projected and actual earnings on pension investments:

Miscellaneous 1,550,954 3,946,935 5,497,889
Safety - 1,209,945 1,209,945
Subtotal 1,550,954 5,156,880 6,707,834
Changes in assumptions:

Miscellaneous 237,858 605,312 843,170
Safety - 515,997 515,997
Subtotal 237,858 1,121,309 1,359,167
Adjustment due to difference proportion:

Safety - 8,029,436 8,029,436
Difference between City's contribution and proportionate share of contribution:

Safety - - -
Total deferred outflows of resources $ 2,262,820 17,714,166 $ 19,976,986 $ Net pension liabilities (assets)
Miscellaneous $ 1,919,895 4,885,830 $ 6,805,725 $
Safety - 8,841,411 8,841,411
Total net pension liabilities $ 1,919,895 13,727,241 $ 15,647,136 $ Deferred inflows of Resources:

Differences between expected and actual experience:

Miscellaneous $ 93,913 $ 36,903 $ 130,816
Safety 55,572 55,572 -
Subtotal 149,485 36,903 186,388
Differences between City's contributions and proportionate share of contribution:

Safety 6,736,649 6,736,649 -
Adjustment due to difference proportion:

Safety - - -
Total deferred inflows of resources $ 6,886,134 $ 36,903 $ 6,923,037 Pension Expenses
Miscellaneous $ 1,766,152 $ 711,666 $ 2,477,818
Safety 8,017,909 8,017,909 -
Total pension expense $ 9,784,061 $ 711,666 $ 10,495,727 83 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
A. Defined Benefit Pension Plans, Continued
General Information About the Pension Plan
Plan Description
The City contributes to the California Public Employees Retirement System (“CalPERS”), an agent multiple-employer defined benefit pension plan for miscellaneous employees and a cost-sharing multiple-employer defined benefit plan for safety employees. CalPERS acts as a common investment and administrative agent for participating public entities within the State of California. Benefit provisions and all other requirements are established by state statue and City ordinance. A full description of the pension plan regarding number of employees covered, benefit provisions, assumptions (for funding, but not accounting purposes), and membership information is listed in the June 30, 2020 Annual Actuarial Valuation Report. This report and CalPERS’ audited financial statements, are publicly available reports that can be obtained at CalPERS’ website under Forms and Publications.

Benefit Provided
CalPERS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. Benefit provisions under both plans are established by State Statute and City Resolution as follows:

Classic Tier 2 PEPRA
Hire Date May 1, 2012
Between May 1
through
December 31, 2012
After
December 31, 2012
Benefit formula 2.5% @ 55 2.0% @ 60 2.0% @ 62
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 yrs. Minimum 50 yrs. Minimum 50 yrs.

Monthly benefits, as a % of eligible compensation

2.0%-2.5%,
50yrs-55+ yrs.,
respectively

1.1%-2.0%,
50yrs-60 yrs.,
respectively

1.0%-2.0%,
52yrs-62yrs
respectively
Required employee contribution rates 8.00% 7.00% 7.50%
Required employer contributions rates (FY23-24) 10.38% 10.38% 10.38% Miscellaneous Agent Plans
84 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
A. Defined Benefit Pension Plans, Continued
General Information About the Pension Plan, Continued
Participants are eligible for non-industrial disability retirement if they become disabled and have at least 5 years credited service. There is no special age requirement. The standard non-industrial disability retirement benefit is a monthly allowance equal to 1.8 percent of final compensation, multiplied by service years.

Industrial disability benefits are not offered to miscellaneous employees. The City provides industrial disability retirement benefits to safety employees only. The industrial disability retirement benefit is a monthly allowance equal to 50 percent of final compensation.

An employee's beneficiary may receive the basic death benefit if the employee becomes deceased while actively employed. The employee must be actively employed with the City to be eligible for this benefit.

An employee's survivor who is eligible for any other pre-retirement death benefit may choose to receive that death benefit instead of this basic death benefit. The basic death benefit is a lump sum in the amount of the employee's accumulated contributions, where interest is currently credited at 7.5 percent per year, plus a lump sum in the amount of one month’s salary for each completed year of current service, up to a maximum of six month’s salary. For purposes of this benefit, one month's salary is defined as the member's average monthly full-time rate of compensation during the 12 months preceding death. Upon the death of a retiree, a one-time lump sum payment of $500 will be made to the retiree’s designated survivor(s), or to the retiree’s estate.

Benefit terms provide for annual cost-of-living adjustments to each employee’s allowance. Beginning the second calendar year after the year of retirement, retirement and survivor allowances will be annually adjusted on a compound basis by 2 percent.

Classic Tier 2 PEPRA
Hire Date
Prior to
October 16,
2012
Between
October 16,
2012 through
December 31,
2012
After
December 31,
2012
Benefit formula 3.0% @50 2.0% @ 50 2.7 @ 57
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 Minimum 50 Minimum 50
Monthly benefits, as a % of eligible compensation 3.0%, 50 yrs. 2.0%, 50 years

2.0% -2.7%
50 yrs-57 yrs.,
respectively
Required employee contributions rates 9.00% 9.00% 14.50% Required employer contributions rates (FY23-24) 29.090% 21.780% 14.500% Safety Agent Plans
85 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
A. Defined Benefit Pension Plans, Continued
General Information About the Pension Plan, Continued
Employees Covered by Benefit Terms
At June 30, 2022, the valuation date, the following number of employees were covered by the benefit terms:

Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (“PERL”) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. The required contribution rates are shown in the Benefit Provided Section.

Miscellaneous Classic Tier 2 PEPRA
Active employees 143 2 22 28
Transferred and terminated employees 233 2 23 12
Retired employees and Beneficiaries 105 287 1 -
Total 150 663 40 5
Plans
Safety
86 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
A. Defined Benefit Pension Plans, Continued
Net Pension Liability
Actuarial Methods and Assumption Used to Determine Total Pension Liability The June 30, 2022 valuation was rolled forward to determine the June 30, 2023 total pension liability, based on the following actuarial methods and assumptions:

Change of Assumptions
For the measurement date June 30, 2023, the following changes in assumptions occurred:
 Discount rate changed from 7.15% as of June 30, 2021, to 6.90% as of June 30, 2022.  Updated demographic assumptions from 2017 CalPERS experience study to 2022 Experience Study.

Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined using a buildingblock method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

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

Actuarial Cost Method Entry Age Normal
Actuarial Assumptions:

Discount Rate 6.90%
Inflation 2.50%
Salary Increases Varies by Entry Age and Service
Mortality Rate Table (1) Derived using CalPERS' Membership Data for all Funds.

Post Retirement Benefit Increase The lesser of contract COLA or 2.50% until Purchasing Power Protection Allowance floor on purchasing power applies, 2.50% thereafter (1)The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries.
87 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
A. Defined Benefit Pension Plans, Continued
Net Pension Liability, Continued
Long-Term Expected Rate of Return, Continued
The expected real rates of return by asset class are as followed:

Discount Rate
The discount rate used to measure the total pension liability 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.

Asset Class
Assumed Asset
Allocation
Real Return
Years 1 -10 1,2
Global equity - cap-weighted 30.00% 4.54%
Global equity non cap-weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed Securities 5.00% 0.50%
Investment Grade Securities 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
100.00%
(1) An expected inflation of 2.30% used for this period. (2) Figures are based on the 2021-22 Asset Liability management study. 88 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
A. Defined Benefit Pension Plans, Continued
Net Pension Liability, Continued
Liquidating Net Pension Liability
Pension liabilities are liquidated principally by all the funds.

Changes in the Net Pension Liability
The following table shows the changes in net pension liability for the City’s miscellaneous plan recognized over the measurement period.

Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability(Asset)
(c) = (a) - (b)
Balance at June 30, 2022 (Valuation Date) $ 122,944,967 $ 117,985,342 $ 4,959,625 Changes Recognized for the Measure Period:

Service Cost 1,982,508 1,982,508 -
Interest on the total pension liability 8,378,588 8,378,588 - Changes of assumptions 180,602 - 180,602
Difference between expected and actual experience 464,727 - 464,727 Contribution from the employer 1,248,036 - (1,248,036)
Contribution from the employee - 874,443 (874,443)
Net investment income 7,124,607 - (7,124,607)
Benefit payments, including refunds of employee
contributions (6,305,497) (6,305,497) -
Administrative Expense - (86,761) 86,761
Net Changes during July 1, 2022 to June 30, 2023 4,700,928 2,854,828 1,846,100 Balance at June 30, 2023 (Measurement Date) $ 127,645,895 $ 120,840,170 $ 6,805,725 Increase (Decrease)
89 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
A. Defined Benefit Pension Plans, Continued
Changes in the Net Pension Liability, Continued
Proportionate Share of Net Pension Liability and Pension Expense The following table shows the City’s safety plan’s proportionate share of the risk pool collective net pension liability over the measured period.

The following is the approach established by the plan actuary to allocate the net pension liability and pension expense to the individual employers within the risk pool. (1) In determining a cost-sharing plan’s proportionate share, total amounts of liabilities and assets are first calculated for the risk pool as a whole on the valuation date (June 30, 2022). The risk pool's fiduciary net position ("FNP") subtracted from its total pension liability ("TPL") determines the net pension liability (“NPL”) at the valuation date.
(2) Using standard actuarial roll forward methods, the risk pool TPL is then computed at the measurement date (June 30, 2023). Risk pool FNP at the measurement date is then subtracted from this number to compute the NPL for the risk pool at the measurement date. For purposes of FNP in this step and any later reference thereto, the risk pool’s FNP at the measurement date denotes the aggregate risk pool’s FNP at June 30, 2023 less the sum of all additional side fund (or unfunded liability) contributions made by all employers during the measurement period (2022-23). (3) The individual plan's TPL, FNP and NPL are also calculated at the valuation date. TPL is allocated based on the rate plan's share of the actuarial accrued liability. FNP is allocated based on the rate plan's share of market value assets.
(4) Two ratios are created by dividing the plan's individual TPL and FNP at the valuation date from (3) by the amounts in step (1), the risk pool's total TPL and FNP, respectively. (5) The plan's TPL at the Measurement Date is equal to the risk pool TPL generated in (2) multiplied by the TPL ratio generated in (4). The plan’s FPN at the Measurement Date is equal to the FNP generated in (2) multiplied by the FNP ratio generated in (4) plus any additional side fund (or unfunded liability) contributions made by the employer on behalf of the plan during the measurement period. (6) The plan's NPL at the Measurement Date is the difference between the TPL and FNP calculated in (5).

Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Liability/(Asset
)
(c) = (a) - (b)
Balance as of June 30, 2022 (Valuation Date) $ 128,453,667 $ 122,952,166 $ (5,501,501) Balance as of June 30, 2023 (Measurement Date) 135,231,514 126,390,103 8,841,411 Net changes during 2022-2023 6,777,847 3,437,937 3,339,910 Safety Plan
Increase (Decrease)
90 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
A. Defined Benefit Pension Plans, Continued
Changes in the Net Pension Liability, Continued
Proportionate Share of Net Pension Liability and Pension Expense Deferred outflows of resources, deferred inflows of resources, and pension expense are allocated based on the City’s share of contributions made during the measurement period.

The city’s proportionate share of the new pension liability was as follows:

Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the plans at the measurement date, calculated using the discount rate of 6.90%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.90%) or 1 percentage-point higher (7.90%) than the current rate:

Pension Plan Fiduciary Net Position
Detailed information about the plan’s fiduciary net position is available in the separately issued CalPERS financial report.

Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions For the year ending June 30, 2024, the City recognized pension expense in the amounts of $2,477,818 and $8,017,909 for the miscellaneous plan and safety plan, respectively.

Safety Plan
June 30, 2022 0.0476%
June 30, 2023 0.0586%
Change - Increase (Decrease) 0.0109%
Discount Rate
-1% (5.90%)
Current Discount
Rate (6.90%)
Discount Rate
+1% (7.90%)
Miscellaneous Plan 23,417,572 $ 6,805,725 $ $ (6,881,688) Safety Plan $ 27,392,769 $ 8,841,411 $ (6,325,644)
Plan's Net Pension Liability/(Asset)
91 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
A. Defined Benefit Pension Plans, Continued
Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions, Continued
At measurement date of June 30, 2023, the City has deferred outflows and deferred inflows of resources related to pensions as follows:

The amounts above are net of outflows and inflows recognized in the 2022-2023 measurement period expense.

The expected average remaining service lifetime (“EARSL”) is calculated by dividing the total future service years by the total number of plan participants (active, inactive, and retired). The EARSL for the miscellaneous plan and the safety risk pool for the 2022-23 measurement period is 2.5 and 3.8 years, which was obtained by dividing the total service years of 1,711 and 600,538 (the sum of remaining service lifetimes of the active employees) by 663 and 160,073 (the total number of participants: active, inactive, and retired), respectively.

Deferred outflows
of Resources
Deferred inflows
of Resources
Contribution made after measurement period $ 1,401,448 $ - Changes of Assumptions 843,170 -
Difference between expected and actual experience 278,836 (130,816) Net difference between projected and actual earning
on pension plan investments 5,497,889 -
Total $ 8,021,343 $ (130,816)
Miscellaneous Plan
Deferred outflows
of Resources
Deferred inflows
of Resources
Contribution made after measurement period 1,551,142 $ - $ Changes of assumptions 515,997 -
Difference between expected and actual experience 649,123 (55,572) Net difference between projected and actual earning
on pension plan investments 1,209,945 -
Adjustment due to differences in proportions 8,029,436 - Differences between City's contribution and
proportionate share of contribution - (6,736,649)
Total $ 11,955,643 $ (6,792,221)
Safety Plan
92 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
A. Defined Benefit Pension Plans, Continued
Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions, Continued
$1,006,100 and $1,551,142 reported as deferred outflows of resources related to pensions for miscellaneous plan and safely plan, respectively, resulting from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability for the miscellaneous plan and as reduction to the collective net pension liability for the safety plan in the year ending June 30, 2025. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in the future pension expense as follows:

B. Defined Contribution Pension Plan
The City provides pension benefits for all of its part-time employees through a defined contribution plan.

In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. The plan is administered by MidAmerica Administrative and Retirement Solutions. All parttime employees are eligible to participate from the date of employment. Federal legislation requires contributions of at least 7.5% to a retirement plan, and City Council resolved to match the employees’ contributions of 3.75%. The City’s contributions for each employee (and interest earned by the accounts) are fully vested immediately.

For the year ended June 30, 2024, the City’s payroll covered by the plan was $1,468,554. The City made employer contributions of $55,072 (3.75% of current covered payroll), and employees contributed $55,072 (3.75% of current covered payroll). Number of participants of the Plan at June 30, 2024 were 195.

Miscellaneous
Plan
Safety
Plan
2025 1,746,462 $ 1,935,964 $
2026 644,532 1,174,150
2027 3,925,344 468,392
2028 172,741 33,774
$ 3,612,280 6,489,079 $
Deferred Outflow/
Inflows of Resources
Measurement Period
Ending June 30,
93 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
C. Other Postretirement Health Care Benefits
At June 30, 2024, net OPEB liability and related deferred outflows of resources and deferred inflows of resources are as follows:

General Information About the OPEB Plan
Plan Description
The City provides a single-employer other postemployment health care benefit to Glendora’s Executive Managers, General Employees, Management, Police, and Police Management who retire after a minimum of 10 to 20 years with a regular service retirement and who, at the time of retirement, have a minimum balance of either 500 hours (for Management) or 1,000 hours (for General Employees) of accumulated sick leave. The City will provide a supplemental medical payment to age 65. Payments are made as follows:
$100 per month for mid-managers and general employees to a maximum of $1,200; $300 per month for department heads to a maximum of $3,600; $200 per month for police officers to a maximum of $2,400; and $300 per month for police management to a maximum of $3,600. In addition to the temporary additional benefits described above, all employees who retire from the City and continue their medical coverage through CalPERS receive a monthly lifetime contribution from the City. This contribution is $151 and $157 per month during calendar years of 2023 and 2024, respectively, except for general employees who receive $200 per month. Benefit liabilities now also include the indirect (implicit) subsidy created when pre-Medicare retirees pay the same premiums as active employees.

Governmental
Activities
Business-Type
Activities Total
Deferred outflows of resources:

OPEB contributions after measurement date: $ 174,871 $ 53,367 $ 228,238 Change in Assumptions 563,986 172,118 736,104
Total deferred outflows of resources $ 738,857 $ 225,485 $ 964,342 Net OPEB liabilities $ 4,264,358 $ 1,301,405 $ 5,565,763 Deferred inflows of resources:

Changes in assumptions $ 2,575,990 $ 786,145 $ 3,362,135 Difference between expected and actual experience 2,789,549 851,320 3,640,869 Net difference between projected and actual earning
on pension plan investments 16,475 5,028 21,503
Total deferred inflows of resources $ 5,382,014 $ 1,642,493 $ 7,024,507 OPEB Expenses (Credit) $ 198,697 $ 60,639 $ 259,336
94 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
C. Other Postretirement Health Care Benefits, Continued General Information About the OPEB Plan, Continued
Eligibility and Membership Covered by Benefit Terms
Medical coverage is currently provided through CalPERS as permitted under the Public Employees’ Medical and Hospital Care Act (PEMHCA). This coverage requires the employee to satisfy the requirements for retirement under CalPERS, which requires attainment of age 50 (age 52, if a miscellaneous member new to PERS on or after January 1, 2013) with 5 years of State or public agency service or approved disability retirement. In addition, the employee must begin his or her retirement warrant within 120 days of terminating employment with the City to be eligible to continue medical coverage through the City and be entitled to the PEMHCA subsidy described below.

If an eligible employee is not already enrolled in the medical plan, he or she may enroll within 60 days of retirement or during any future open enrollment period. Coverage may be continued at the retiree’s option for his or her lifetime. Survivors may also continue coverage. Membership in the plan consisted of the follow at June 30, 2022 valuation date:

Contributions
The obligation of the City to contribute to the plan is established and may be amended by the City Council.

For the year ended June 30, 2024 the City made contribution on pay-as-you-go basis.

Net OPEB Liability
The City's net OPEB liability was measured as of June 30, 2023, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of June 30, 2022. there are no assets accumulated in a GASB-compliant trust.

Active plan members 215
Inactive plan members currently receiving benefits 65
Inactive plan members entitled to but not receiving benefits 120 Total 400
95 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
C. Other Postretirement Health Care Benefits, Continued Actuarial Methods and Assumptions Used to Determined Total OPEB Liability The total OPEB liability in the June 30, 2023 actuarial valuation was determined using the following actuarial methods and assumptions, applied to all periods included in the measurement period, unless otherwise specified:

Changes in Assumptions:

During measurement date June 30, 2023, there were the following changes in assumptions:
 Discount Rate: discount rate changed from 3.69% as of June 30, 2022, to 4.2% as of June 30, 2023, based on municipal bond index.
 Medical Trend: updated from Getezen 2022_b to Getezen 2023_b healthcare trend model.

Actuarial Cost Method Entry Age Normal
Actuarial Assumptions:

Asset Valuation Method Market value of assets
Discount Rate 4.20% for all plan liabilities as of June 30, 2023 and 3.69% for all plan liabilities as of June 30, 2022
Inflation 2.50%
Salary Increases 3.00% per year, since benefits do not depend on salary, this is used only to allocate the cost of benefits between service years
Mortality Improvement CalPERS 2021 Experience Study; Projected with MW Scale 2022 Healthcare Trend 6.0% in 2026 decreasing to 3.9% by 2075 Medicare Eligibility All individuals are assumed to be eligible for Medicare Parts A and B at age 65 Participation Rate Active employees: 100% of those expected to qualify for the additional "MOU'' benefits are assumed to receive them. In addition, (a) 80% of all future retirees eligible for an additional MOU benefit, and (b) 50% of those not eligible or no longer eligible for the additional MOU benefits are assumed to elect coverage in a CalPERS medical plan at retirement, thus qualifying for the PEMHCA resolution benefit. Currently waiving active employees: Employees currently waiving City medical coverage but expected to qualify for retiree medical benefits are assumed to elect coverage and/or receive benefits at 25% of the participation rates described above. Retired participants: Existing medical plan elections are assumed to be continued until the retiree’s death.
96 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
C. Other Postretirement Health Care Benefits, Continued Change in Net OPEB Liability
Sensitivity of the Net OPEB Liability to Change in the Discount Rate The following presents the total OPEB liability of the City, as week as what the City’s total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (23.20 percent) or 1- percentage-point higher (5.20 percent) than the current discount rate:

Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trend Rates The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1- percentage-point higher than the current healthcare cost trend rates:

Total OPEB
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net OPEB
Liability
(c) = (a) - (b)
Balance at June 30, 2022 (Measurement Date) 10,191,925 $ - $ 10,191,925 $ Changes Recognized for the Measurement Period:

Service Cost 475,348 - 475,348
Interest 388,533 - 388,533
Changes of assumptions (954,383) - (954,383)
Change due to investment experience - 26,877 (26,877)
Expected Investment Income - 27,675 (27,675)
City of Glendora Contributions - 1,775,846 (1,775,846)
Difference between expected and actual experience (2,705,260) - (2,705,260) Benefit payments, including refunds of employee
contributions (275,848) (275,848) -
Net Changes during July 1, 2022 to June 30, 2023 (3,071,610) 1,554,550 (4,626,160) Balance at June 30, 2023 (Measurement Date) 7,120,315 $ 1,554,550 $ 5,565,765 $ Discount Rate
-1% (3.20%)
Current Discount
Rate (4.20%)
Discount Rate
+1% (5.20%)
$ 5,565,765 6,571,953 $ 4,741,449 $
Net OPEB Liability
Healthcare Cost
Trend Rate -1%
Healthcare Cost
Trend Rate
Healthcare Cost
Trend Rate +1%
$ 5,565,765 4,673,028 $ 6,719,234 $
Net OPEB Liability
97 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

9. EMPLOYEE RETIREMENT PLANS, Continued
C. Other Postretirement Health Care Benefits, Continued OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the measurement period ended June 30, 2023, the City recognized OPEB expense of $259,336. At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

The gains and losses are amortized over the expected average remaining service life. The expected average remaining service life is 8.5 years for employees covered by the OPEB plan benefit terms as of the valuation date (the beginning of the measurement period).

The $228,238 reported as deferred outflows of resources related to OPEB resulting from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability in the year ending June 30, 2025. Other amount reported as deferred inflows of resources related to OPEB will be recognized in the future OPEB expense as follow:

10. CONTINGENCIES
Liabilities
The City is a defendant in various lawsuits which have arisen in the normal course of business. There are certain personal injury lawsuits, which have been denied by the City Council. The outcome and eventual liability to the City, if any, in these cases are not known at this time. After reviewing these lawsuits with legal counsel, management estimates that the potential claims against the City, not covered by insurance, resulting from such litigation would not materially affect the financial statements of the City.

Deferred outflows
of Resources
Deferred inflows
of Resources
Contribution made after measurement period 228,238 $ - $ Changes in assumptions 736,104 (3,362,135)
Difference between expected and actual experience - (3,640,869) Net difference between projected and actual earnings
on investments - (21,503)
Total $ 964,342 $ (7,024,507)
Deferred
Outflows/(Inflows)
of Resources
Measurement Period
Ending June 30, OPEB Plan
2025 (1,021,550) $
2026 (924,465)
2027 (916,329)
2028 (916,331)
2029 (731,102)
Thereafter (1,778,626)
$ (6,288,403)
98 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

10. CONTINGENCIES, Continued
Grants
Under the terms of federal and state grants, periodic audits are required and certain costs may be questioned as not being appropriate expenditures under the terms of the grants. Such audits could lead to reimbursement to the grantor agencies. City management believes disallowances, if any, would not materially affect the financial statements of the City.

Commitments
The City had contractual outstanding commitments, including encumbrances in various funds totaling $14,011,908 at June 30, 2024 as follows:

11. OTHER REQUIRED DISCLOSURES
A. Expenditures over Appropriations
For the year ended June 30, 2024, the following funds had expenditures over appropriations:

Outstanding
Commitment
General Fund 969,194 $
City Capital Projects Fund 2,690,259
Non-major Governmental Funds 3,541,418
Water Enterprise Fund 5,563,052
Internal Service Funds 1,247,985
Total 14,011,908 $
Appropriation Expenditures
Expenditures
over
Appropriation
Governmental Funds:

Special Assessments Special Revenue Fund
Public Works 403,378 $ 469,835 $ (66,457) $
Asset Forfeiture Fund
Capital outlay - 49,932 (49,932)
Used Oil Block Grant Fund
Public Works 10,580 15,659 (5,079)
Prop A Operations Special Revenue Fund
Community Services 25,000 50,767 (25,767)
Affordable Housing Special Revenue Fund
Capital outlay 3,409,730 3,504,027 (94,297)
Housing Authority
General government - 62,713 (62,713)
99 City of Glendora
Notes to Basic Financial Statements
For the Year Ended June 30, 2024

11. OTHER REQUIRED DISCLOSURES, Continued
B. Deficit Fund Balances/Net Position
At June 30, 2024, the following funds had deficit fund balances or net positions:

The government funds’ deficits will be eliminated upon receipt of Grant Funds in the future years. The internal Service Fund deficit will be eliminated through future charges to user departments.

12. CHANGES IN REPORTING ENTITY
City reported the following changes in reporting entity as a result of change in major funds this year.

Nonmajor Special Revenue Funds:

American Rescue Plan Act $ (260)
Grants (159,989)
Highway Bridge Repair (46)
HSIP (49,340)
Measure H (924)
Internal Service Funds:

Workers' Compensation Self-Insurance (1,543,766)
June 30, 2023, as
previously Changes in major June 30, 2023,
reported fund as restated
Governmental Funds:

Major Governmental Funds
ARPA fund (620) $ 620 $ - $
Nonmajor Governmental Funds 33,216,249 (620) 33,215,629 100

REQUIRED

SUPPLEMENTARY INFORMATION
101
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102
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes 40,776,300 $ 40,776,300 $ 40,138,354 $ (637,946) $ Licenses and permits 1,259,475 1,284,475 1,431,935 172,460 Intergovernmental 90,000 105,000 194,328 89,328
Charges for services 2,673,680 2,640,010 2,841,921 201,911 Use of money and property 1,596,475 1,593,825 5,884,122 4,290,297 Fines and forfeitures 145,000 145,000 352,115 207,115
Miscellaneous 200,000 200,000 200,000 -
Total revenues 46,765,930 46,719,610 51,042,775 4,323,165 EXPENDITURES:

Current:

General government 3,805,497 3,805,497 3,812,380 (6,883) Public safety 22,126,260 22,311,516 21,881,258 430,258
Community services 3,179,335 3,292,783 3,251,918 40,865 Library 2,350,841 2,362,660 2,201,251 161,409
Public works 9,064,059 9,356,428 8,679,050 677,378
Capital outlay 250,000 1,231,228 1,221,198 10,030
Total expenditures 40,775,992 42,360,112 41,047,055 1,313,057

REVENUES OVER (UNDER)
EXPENDITURES 5,989,938 4,359,498 9,995,720 5,636,222
OTHER FINANCING SOURCES (USES):

Transfers in 4,312,481 4,312,481 (4,312,481) -
Transfers out (8,724,268) (8,724,268) (6,603,823) 2,120,445 Total other financing sources (uses) (4,411,787) (4,411,787) (6,603,823) (2,192,036) Net change in fund balances $ 1,578,151 $ (52,289) 3,391,897 $ 3,444,186 FUND BALANCES:

Beginning of year 35,571,869
End of year $ 38,963,766
Budgeted Amounts
103
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104
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105
City of Glendora
Required Supplementary Information
For the year ended June 30, 2024
Miscellaneous Plan
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Years Measurement Period 2014 2015 2016

TOTAL PENSION LIABILITY
Service cost 1,655,381 $ 1,510,574 $ 1,588,319 $
Interest 6,337,872 6,607,743 6,851,396
Differences between expected and actual experience - (296,892) (447,338) Changes of Benefit Terms - - -
Changes in assumptions - (1,573,360) -
Benefit payments, including refunds of employee contributions (3,982,032) (4,377,624) (4,672,043) Net change in the total pension liability 1,870,441 4,011,221 3,320,334 Total pension liability - beginning 89,679,499 85,668,278 91,549,940 Total pension liability - ending (a) $ 91,549,940 89,679,499 $ 94,870,274 $

PLAN FIDUCIARY NET POSITION
Contributions - employer 1,372,865 $ 1,519,204 $ 1,758,283 $ Contributions - employee 699,989 797,313 780,076
Net investment income 10,755,906 1,612,178 371,390
Benefit payments, including refunds of employee contributions (3,982,032) (4,377,624) (4,672,043) Plan to plan resource movement - - -
Administrative expense - (102,993) (43,013)
Other miscellaneous income (expense) - - -
Net change in plan fiduciary net position (551,922) 8,846,728 (1,805,307) Plan fiduciary net position - beginning 71,128,995 62,282,267 70,577,073 Plan fiduciary net position - ending (b) $ 70,577,073 71,128,995 $ 68,771,766 $ Net pension liability - ending (a) - (b) 18,550,504 $ 20,972,867 $ 26,098,508 $ Plan fiduciary net position as a percentage of the total pension liability 79.31% 77.09% 72.49%
Covered payroll 9,403,438 $ 9,032,913 $ 9,731,754 $
Net pension liability as a percentage of covered payroll 197.27% 232.18% 268.18% Notes to the Schedule:

Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which occurred after the June 30, 2017 valuation date. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes). 106
2017 2018 2019 2020 2021 2022 2023
$ 1,704,274 $ 1,712,186 $ 1,678,027 $ 1,507,514 $ 1,587,545 $ 1,953,133 $ 1,982,508 6,946,828 7,181,159 7,442,113 7,765,992 7,900,746 8,078,285 8,378,588 (1,644,990) 405,202 64,380 (1,077,278) - (566,872) 464,727 - - - - - 180,602 -
5,610,332 (691,188) 1,580,147 - 3,653,736 - -
(5,058,663) (5,124,768) (5,457,056) (6,713,517) (5,989,619) (6,372,955) (6,305,497) 7,557,781 3,482,591 3,727,464 4,140,136 2,421,394 6,745,327 4,700,928 94,870,274 102,428,055 105,910,646 109,638,110 113,778,246 116,199,640 122,944,967 $ 102,428,055 $ 105,910,646 $ 109,638,110 $ 113,778,246 $ 116,199,640 $ 122,944,967 $ 127,645,895 $ 2,086,064 $ 2,161,517 $ 2,502,796 $ 32,093,707 $ 1,067,740 $ 1,236,022 $ 1,248,036 793,140 708,809 742,098 752,040 764,782 832,828 874,443 7,572,564 6,214,046 5,107,821 5,197,040 24,697,477 (9,801,293) 7,124,607 (5,058,663) (5,124,768) (5,457,056) (6,713,517) (5,989,619) (6,372,955) (6,305,497) - (181) - - - - -
(101,537) (115,411) (55,440) (113,526) (111,626) (82,336) (86,761) (219,168) - 181 - - - -
5,291,568 3,624,844 2,840,400 31,215,744 20,428,754 (14,187,734) 2,854,828 68,771,766 74,063,334 77,688,178 80,528,578 111,744,322 132,173,076 117,985,342 $ 74,063,334 $ 77,688,178 $ 80,528,578 $ 111,744,322 $ 132,173,076 $ 117,985,342 $ 120,840,170 $ 28,364,721 $ 28,222,468 $ 29,109,532 $ 2,033,924 $ (15,973,436) $ 4,959,625 $ 6,805,725

72.31% 73.35% 73.45% 98.21% 113.75% 95.97% 94.67%
$ 9,634,110 $ 9,809,142 $ 9,706,872 $ 9,192,158 $ 9,854,409 $ 11,226,794 $ 11,813,903 294.42% 287.72% 299.89% 22.13% -162.09% 44.18% 57.61%
Changes in Assumptions: In 2021, the discount rate was reduced from 7.15% to 6.90%. In 2019 and 2020, there were no changes of assumptions. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense.) In 2014, amounts reported were based on the 7.5 percent discount rate.
107
City of Glendora
Required Supplementary Information
For the year ended June 30, 2024
Schedule of Pension Plan Contributions - Last 10 Years
2015 2016 2017
Miscellaneous Plan
Actuarially determined contribution $ 1,519,204 $ 1,758,283 $ 2,086,064 Contributions in relation to actuarially deemed contributions (1,519,204) (1,758,283) (2,086,064) Contribution deficiency (excess) $ - $ - $ -
Covered payroll2 $ 9,731,754 9,032,913 $ 9,634,110 $
Contributions as a percentage of covered payroll 16.82% 18.07% 21.65% Notes to Schedule:

Methods and assumptions used to determine contribution rates:

Actuarial cost method
Amortization method
Asset valuation method
Inflation
Salary increases
Payroll Growth
Investment rate of return
Retirement age
Mortality

2.50%
varies by entry age and service

2.75%
The probabilities of Retirement are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015.

7.00% net of pension plan investment and administrative expenses; includes inflation.

The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and Post-retirement mortality rates include 20 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries.

Entry Age Actuarial Cost Method
For details, see June 30, 2020 Funding Valuation Report. 2 Includes one year's payroll growth using 2.80 percent payroll growth assumption for fiscal years ended June 30, 2022 and 2023; 2.75% payroll growth assumption for fiscal year ended June 30, 2018-21; 3.00% payroll growth assumption for fiscal years ended June 30, 2014-17.

The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2023-24 were derived from the June 30, 2020 funding valuation report.

Fair Value of Assets. For details, see June 30, 2020 Funding Valuation Report. 108
2018 2019 2020 2021 2022 2023 2024
$ 2,161,517 $ 2,502,796 $ 2,946,726 $ 1,067,740 $ 1,235,180 $ 1,248,036 $ 1,401,448 (2,161,517) (2,502,796) (32,093,707) (1,067,740) (1,235,180) (1,248,036) (1,401,448) $ - $ (29,146,981) - $ $ - $ - $ - $ -
$ 9,809,142 $ 9,706,872 $ 9,192,158 $ 9,854,409 $ 11,226,794 $ 11,813,903 $ 13,476,956

22.04% 25.78% 349.14% 10.84% 11.00% 10.56% 10.40%
109
City of Glendora
Required Supplementary Information
For the year ended June 30, 2024
Schedule of the City's Proportionate Share of the Net Pension Liability - Last Ten Fiscal Years Safety Plan
Fiscal Year End: 6/30/2015 6/30/2016 6/30/2017
Measurement Date 6/30/2014 6/30/2015 6/30/2016
City's proportion of the net pension liability 25.75000% 0.27531% 0.28291% City's proportionate share of the net pension liability $ 18,897,034 16,023,117 $ 24,480,116 $ City's covered payroll (plan year) $ 5,630,131 5,478,044 $ 5,671,207 $ City's proportionate share of the net pension liability as a percentage of its covered payroll 292.50% 335.64% 431.66% Fiduciary net position as a percentage of the
total pension liability 81.42% 78.48% 73.20%
110
6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023

0.28314% 0.29562% 0.30046% 0.01566% -0.31229% 0.04763% 0.05856% $ 28,486,271 28,079,757 $ 30,788,104 $ 1,703,774 $ $ (16,889,623) $ 8,841,411 5,501,500 $ $ 5,329,935 5,857,254 $ 6,108,346 $ 6,263,292 $ 6,435,533 $ 6,469,928 $ 6,882,965 $ 479.40% 534.46% 504.03% 27.20% -262.44% 85.03% 128.45%

72.00% 72.66% 71.44% 71.44% 88.29% 88.29% 88.29%
111
City of Glendora
Required Supplementary Information
For the year ended June 30, 2024
Schedule of Pension Plan Contributions - Last 10 Years
2015 2016 2017 2018
Safety Plan
Actuarially determined contribution $ 1,584,696 $ 1,895,287 $ 2,124,679 $ 2,306,438 (1,584,696) (1,895,287) (2,124,679) (2,306,438)
Contribution deficiency (excess) $ - $ - $ - $ -
Covered employee payroll $ 5,630,131 $ 5,671,207 $ 5,857,254 $ 5,329,935

28.15% 33.42% 36.27% 43.27%
Notes to the Schedule:

Contributions in relation to actuarially deemed
contributions
Contributions as a percentage of covered employee
payroll
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which occurred after the June 30, 2017 valuation date. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden
Changes of Assumptions: In 2024, there were no changes in assumption. In 2023, the discount rate was reduced from 7.15% to 6.90%. In 2019 - 2022, there were no changes of assumptions. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense.) In 2014, amounts reported were based on the 7.5 percent discount rate. 112
2019 2020 2021 2022 2023 2024
$ 2,730,084 $ 1,494,129 $ 1,439,951 $ 1,447,354 $ 1,592,595 $ 1,551,142 (2,730,084) (34,227,695) (1,439,951) (1,447,354) (1,592,595) (1,551,142) $ (32,733,566) - $ $ - $ - $ - $ -
$ 6,108,346 $ 6,263,292 $ 6,435,533 $ 6,469,928 $ 6,882,965 $ 7,006,504

44.69% 546.48% 22.38% 22.37% 23.14% 22.14%
113
City of Glendora
Required Supplementary Information
For the year ended June 30, 2024
Schedule of Changes in Net OPEB Liability and Related Ratios - Last 10 Years* Measurement Date 2017 2018 2019
Total OPEB Liability
Service cost $ 555,743 632,017 $ 565,369 $
Interest on the total OPEB liability 432,902 375,210 457,605 Actual and expected experience difference - - (2,055,061) - - -
Changes in assumptions (1,241,368) (111,687) (334,457)
City of Glendora Contributions - - -
Change due to investment experience - - -
Benefit payments (366,298) (391,803) (419,678)
Net change in the total OPEB liability (600,439) 485,155 (1,786,222) Total OPEB liability - beginning 12,400,780 11,800,341 12,285,496 Total OPEB liability - ending (a) $ 11,800,341 $ 12,285,496 $ 10,499,274 Plan Fiduciary Net Position
Expected Investment Income - - -
Employer contributions - - -
Benefit payments, including refunds of employee contributions - - - Change due to investment experience - - -
Net change in plan fiduciary net position
Plan fiduciary net position - beginning - - -
Plan fiduciary net position - ending (b) - - -
Net OPEB liability - ending (a) - (b) $ 11,800,341 $ 12,285,496 $ 10,499,274 Covered-employee payroll $ 15,142,000 $ 15,634,115 $ 15,337,318 Net OPEB liability as a percentage of covered-employee payroll 77.93% 78.58% 68.46% * Fiscal year 2018 was the 1st year of implementation.

Notes to Schedule
Changes in assumptions:

In 2022, the following assumptions changed:

Discount Rate: discount rate changed from 2.45% as of June 30, 2020, to 1.92% as of June 30, 2021, and to 3.69% as of June 30, 2022 based on the municipal bond index.

There are no assets accumulated in a trust that meet the criteria in paragraph 101, GASB Codification, Section P52.134.D.

Demographic Assumptions: updated from 2017 CalPERS experience study to CalPERS 2021 experience study.

Medical Trend: updated from Getzen 2019_b to Getzen 2022_b healthcare trend model.

In measurement year 2023, the discount rate decreased to 4.2% from 3.69% for 2022. Medical Trend: updated from Getezen 2022_b to Getezen 2023_b healthcare trend model.

In measurement year 2019, the discount rate decreased to 3.13% from 3.62% for 2018.

In measurement year 2018, the discount rate increased to 3.62% from 3.57% for 2017. 114
2020 2021 2022 2023
$ 538,951 $ 655,340 $ 713,772 $ 475,348
340,530 310,185 250,596 388,533
(430,429) - (2,705,260) -
- - -
1,120,088 151,107 (2,933,355) (954,383)
- - -
- - -
(317,332) (352,465) (354,337) (275,848)
1,682,237 333,738 (2,323,324) (3,071,610)
10,499,274 12,181,511 12,515,249 10,191,925
$ 12,181,511 $ 12,515,249 $ 10,191,925 $ 7,120,315
- - 27,675 -
- - 1,775,846 -
- - (275,848) -
- - 26,877 -
- - - -
- - - 1,554,550
$ 12,181,511 $ 12,515,249 $ 10,191,925 $ 5,565,765
$ 15,994,232 $ 16,727,908 $ 17,696,722 $ 18,696,868

76.16% 74.82% 57.59% 29.77%
115
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116

SUPPLEMENTARY INFORMATION
117
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118
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual City Capital Projects
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental - $ - $ 1,501,500 $ 1,501,500 $
Total revenues - 1,501,500 - 1,501,500
EXPENDITURES:

Current:

Public works 800,000 800,000 485,604 314,396
Capital outlay 4,998,899 16,710,763 1,996,652 14,714,111 Total expenditures 5,798,899 17,510,763 2,482,256 15,028,507

REVENUES OVER (UNDER)
EXPENDITURES (5,798,899) (17,510,763) (980,756) 16,530,007 OTHER FINANCING SOURCES (USES):

Transfers in 1,020,802 1,020,802 2,629,941 1,609,139
Transfers out - (233,784) - (233,784)
Total other financing sources (uses) 1,020,802 1,020,802 2,396,157 1,375,355 Net change in fund balances $ (4,778,097) $ (16,489,961) 1,415,401 $ 17,905,362 FUND BALANCES:

Beginning of year 19,662,182
End of year $ 21,077,583
Budgeted Amounts
119
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120

NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Special Revenue Funds:

Special Revenue Funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects.

Special Assessments Fund - Accounts for monies received from property assessments restricted to fund assessment district activities. The City maintains special assessment districts for Street Lighting and Landscaping.

Gas Tax and TDA Fund - Accounts for the receipt and disbursement of monies apportioned to the City under the Streets and Highways Code of the State of California for street and street related maintenance, and street construction.

Transportation Development Act (TDA) revenues are allocated and administered on a per capita basis by the Los Angeles County Metropolitan Transportation Authority (MTA). These funds may be used for bicycle and pedestrian accessibility projects.

Parks Development Fund - Accounts for revenues from residential and commercial developer park in-lieu fees for park acquisition and improvement purposes.

Grants Fund - Accounts for various State and Federal grants not requiring separate fund presentations.

Asset Forfeiture Fund - Accounts for receipts and expenditures of equitably shared, forfeited Federal and State funds recovered by the Glendora Police Department, used to support community policing activities, training and/or law enforcement operations.

Transit Tax Local Prop A Fund - Accounts for funds received from a Los Angeles County voter approved additional special ½ cent transportation sales tax which became effective in 1982. Funds may be used for developing and/or improving local public transit, paratransit, and related transportation infrastructure.

Supplemental Law Enforcement Services Fund - Accounts for the receipt and disbursement of monies awarded to the City under the Citizens Option for Public Safety program (otherwise known as COPS). The grant was established by State Assembly Bill (AB) 3229 and is appropriated through its Supplemental Law Enforcement Fund. AB 2339 revenues must be spent on frontline law enforcement costs.

Transit Tax Local Prop C Fund - Accounts for funds received from Los Angeles County for a voter approved additional special ½ cent transportation sales tax which became effective in 1992. Funds may only be used for certain public transportation purposes.

Housing and Community Development Act Fund - Accounts for funds received from the U.S. Department of Housing and Urban Development for use in community development eligible projects.

Used Oil Block Grant Fund Accounts for funding received from California Integrated Waste Management for permanent and sustainable used oil recycling programs.

Air Quality Fund - Accounts for revenues apportioned to the City from Southern California AQMD fees on motor vehicle registrations, used to fund programs to reduce air pollution from mobile sources.

Prop A Operations Fund - Accounts for a approved a 1/2 percent per square foot of development tax to fund parks and open space programs in the Los Angels County in November 2016. The City is eligible to receive a local return based on population and percentage of development in the County. This is a permanent tax. 121
NONMAJOR GOVERNMENTAL FUNDS (Continued)
Nonmajor Special Revenue Funds (Continued):

Affordable Housing Fund - Accounts for the collection of in-lieu affordable housing fees as obligated by the developer through a Development Agreement when the projects are approved.

CAL Home Prop 1C Fund - Accounts for funding received from the State of California, via the Housing Emergency Shelter Trust Fund Act of 2006, for lower income City housing and infrastructure programs. The City uses these funds for two programs: First Time Home Buyer (FTHB) Down Payment Assistance and Owner Occupied Rehabilitation.

Proposition 1B Local Streets Fund - Accounts for funding received from the State of California Transportation Commission to support local transportation and street projects. The City uses the available funds for street improvement projects.

Surface Transportation Program Fund - Accounts for funds administered by the Federal Highway Administration and used for City transit purposes.

PEG Cable TV Fund - Accounts for Public, Education, and Government (PEG) fees collected by service providers through the franchise agreements with the City. These fees pay for capital equipment and projects that provide for the continuation of PEG programming.

Measure R Fund - Accounts for funds received from Los Angeles County voter approved special ½ cent transportation sales tax which became effective July 2009. These funds may only be used for certain transportation purposes.

Beverage Recycling Grant Fund - Accounts for funds received from the California Department of Conservation, Division of Recycling that administers the California Beverage Container Recycling and Litter Reduction Act. The funds are used for programs that promote recycling.

Library Grant Fund - Accounts for fund primarily provided by the Glendora Public Friends Foundation to cover staffing costs dedicated to the Foundation. The fund also includes grant funding from the California State Library.

Glendora Village Business Improvement District (BID) Fund - Accounts for annual assessments received from businesses in the Glendora Village Business Improvement District for marketing programs, special events, and streetscape improvements.

American Rescue Plan Act- Accounts for funds received for efforts to rescue the American economy and support communities struggling in the wake of the COVID-19 pandemic.

Step OTS Grant Fund - Accounts for funds received for the countywide Traffic Safety and Enforcement Program.

Funds are used for DUI saturation patrols, checkpoints, and related programs.

Plan Maintenance Fees Fund - Accounts for funds received when permits are issued. The funds are used to maintain the permitting system and related documents.

Home-State Grant Fund - Accounts for grants received for housing projects.

Housing Authority Fund - Accounts for the assets transferred from the former Glendora Community Redevelopment Agency's Low and Moderate Housing Fund. Revenues are expended for new housing developments. 122
NONMAJOR GOVERNMENTAL FUNDS (Continued)
Nonmajor Special Revenue Funds (Continued):

Highway Bridge Repair Fund - Accounts for a Federal-aid program to assist the States in the replacements and rehabilitation of bridges declared unsafe because of structural deficiencies, physical deterioration, or functional obsolescence.

Measure M Fund - Accounts for an additional 0.5% sales tax for transportation improvements from Los Angeles County voters approved Measure M in November 2016.

Road Rehabilitation Maintenance Fund - Accounts for the State Legislature passed SB1 which increases the funding for street projects. Revenue is restricted for street-related construction and/or maintenance projects starting from 2017.

Highway Safety Improvement Program ("HSIP") Fund - Accounts for is a Federal-aid program with the purpose to achieve a significant reduction in traffic fatalities and serious injuries on all public roads. These funds are eligible for work on any public road or publicly owned bicycle or pedestrian pathway or trail, that improves the safety for its users.

Measure W Fund - Accounts for a Los Angeles voters approved Safe Clean Water Parcel Tax of 2.5 cents per square foot of "impermeable space." Revenue generated from Measure W will be used to pay for regional municipal projects that improve water quality, prepare for future drought, and provide community benefits such as parks or wetlands. It is anticipated that the funds will be used for storm water projects in compliance with MS4 permit.

Measure H Fund - Accounts for a Los Angeles County voters approved the .25% county sales tax for 10 years in order to fund homeless services and prevention. Measure H would fund specific services and programs that would comply with the "Approved Strategies to Combat Homelessness", which was drafted by the Los Angeles County Homeless Initiative and approved by the County Board of Supervisors.

General Plan Maintenance Fees Fund - Accounts for funds received when permits are issued. The funds are used to maintain the general plan.

Proposition 68 Parks/Water Bond Fund - Accounts for a general obligation bond passed by California voters on June 5, 2018 California voters pursuant to Division 45 of the Public Resources Code, relating to drought, water, parks, climate, coastal protection, and outdoor access for all programs.

Stormwater Investment Fund - Accounts for a Los Angeles Safe, Clean Water Regional Grant, awarded to the City in 2022, which will fund the City's technical resources, scientific studies, and the completion of stormwater infrastructure projects. The Watershed Area Steering Committee selected the City's Finkbiner Park Stormwater Project.

Nonmajor Debt Service Funds:

Energy Efficiency Project Fund - Accounts for the principal and interest payments on a financing lease agreement funded by the General Fund and the Water Enterprise Fund for the various energy saving projects at City facilities.

Pension Obligation Fund - Accounts for funds received through the issuance of the 2019 Taxable Pension Obligation Funds to pay down the City's actuarial accrued liability. 123
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124
City of Glendora
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
Special
Assessments
Gas Tax and
TDA
Parks
Development Grants
ASSETS
Pooled cash and investments 612,826 $ 1,282,053 $ 389,687 $ 119,647 $ Receivables:

Accounts 5,293 - - 107,885
Notes and loans - - - -
Accrued interest 2,492 2,571 1,617 324
Due from other governments - 122,577 - 144,821
Total assets $ 1,407,201 620,611 $ 391,304 $ 372,677 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable 34,461 110,260 - 951
Accrued liabilities 144 8,103 - -
Unearned revenue - - - 120,183
Due to other funds - 152,816 - 160,285
Total liabilities 271,179 34,605 - 281,419
Deferred Inflows of Resources
Unavailable revenue 94,299 - 252,706 -
Total deferred inflows of resources 94,299 - 252,706 -
Fund Balances:

Restricted for:

Community development projects - 391,304 - -
Public safety - - - -
Public works and capital projects 586,006 1,041,723 - - Community services - - - -
PEG Cable TV - - - -
Glendora Village Business District - - - -
Affordable housing - - - -
Library - - - -
Debt service - - - -
Committed to:

General plan - - - -
Plan maintenance fees - - - -
Unassigned - - - (161,448)
Total fund balances 586,006 1,041,723 391,304 (161,448) Total liabilities, deferred inflows of
resources and fund balances $ 1,407,201 620,611 $ 391,304 $ 372,677 $ Special Revenue Funds
125
City of Glendora
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Pooled cash and investments
Receivables:

Accounts
Notes and loans
Accrued interest
Due from other governments
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Accrued liabilities
Unearned revenue
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue
Total deferred inflows of resources
Fund Balances:

Restricted for:

Community development projects
Public safety
Public works and capital projects
Community services
PEG Cable TV
Glendora Village Business District
Affordable housing
Library
Debt service
Committed to:

General plan
Plan maintenance fees
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Asset
Forfeiture
Transit Tax
Local Prop A
Supplemental
Law
Enforcement
Services
Transit Tax
Local Prop C
$ 33,133 $ 2,065,701 $ 212,648 $ 3,038,825
131,616 - - -
- - - -
137 7,912 940 17,499
- - 89,527 -
$ 33,270 $ 2,205,229 $ 213,588 $ 3,145,851
172,823 - - -
5,905 - - -
- - - -
- - - -
178,728 - - -
129,916 - - -
129,916 - - -
- - - -
33,270 213,588 - -
- - - -
1,896,585 - 3,145,851 -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
33,270 1,896,585 213,588 3,145,851
$ 33,270 $ 2,205,229 $ 213,588 $ 3,145,851
Special Revenue Funds
126
City of Glendora
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Pooled cash and investments
Receivables:

Accounts
Notes and loans
Accrued interest
Due from other governments
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Accrued liabilities
Unearned revenue
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue
Total deferred inflows of resources
Fund Balances:

Restricted for:

Community development projects
Public safety
Public works and capital projects
Community services
PEG Cable TV
Glendora Village Business District
Affordable housing
Library
Debt service
Committed to:

General plan
Plan maintenance fees
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Housing and
Community
Development
Act
Used Oil
Block Grant Air Quality
Prop A
Operations
$ 26,386 143,688 $ 123,183 $ - $
58,623 - - -
384,729 - - -
597 117 757 -
- - - -
$ 587,637 $ 26,503 $ 123,940 $ -
215,917 - 38 2,279
- - 406 -
- - - -
17,737 - 40,764 -
233,654 - 444 43,043
- - - -
- - - -
353,983 - - -
- - - -
26,503 - 1,564 -
- 123,496 - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - (44,607)
353,983 26,503 123,496 (43,043)
$ 587,637 $ 26,503 $ 123,940 $ -
Special Revenue Funds
127
City of Glendora
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Pooled cash and investments
Receivables:

Accounts
Notes and loans
Accrued interest
Due from other governments
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Accrued liabilities
Unearned revenue
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue
Total deferred inflows of resources
Fund Balances:

Restricted for:

Community development projects
Public safety
Public works and capital projects
Community services
PEG Cable TV
Glendora Village Business District
Affordable housing
Library
Debt service
Committed to:

General plan
Plan maintenance fees
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Affordable
Housing
CAL Home
Prop 1C
Surface
Transportation
Program
PEG Cable
TV
$ 71,663 167,408 $ 210,584 $ 351,237 $
- - - 2,691
166,670 - - -
317 736 930 1,479
- - - -
$ 238,650 168,144 $ 211,514 $ 355,407 $
- 106 - 5,001
- - - -
- - - -
- - - -
- 106 - 5,001
- - - -
- - - -
- - - -
- - - -
- - 211,514 -
238,650 - - -
- - - 350,406
- - - -
- 168,038 - -
- - - -
- - - -
- - - -
- - - -
- - - -
168,038 238,650 211,514 350,406
$ 168,144 $ 238,650 $ 211,514 $ 355,407
Special Revenue Funds
128
City of Glendora
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Pooled cash and investments
Receivables:

Accounts
Notes and loans
Accrued interest
Due from other governments
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Accrued liabilities
Unearned revenue
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue
Total deferred inflows of resources
Fund Balances:

Restricted for:

Community development projects
Public safety
Public works and capital projects
Community services
PEG Cable TV
Glendora Village Business District
Affordable housing
Library
Debt service
Committed to:

General plan
Plan maintenance fees
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Measure R
Beverage
Recycling
Grant Library Grant
Glendora
Village BID
$ 58,826 1,198,760 $ 15,718 $ 192,169 $
- - 110,309 -
- - - -
259 5,761 - 829
67,343 - - -
$ 1,271,864 $ 59,085 $ 126,027 $ 192,998
338 3,266 - 2,100
4,933 - 391 -
- - - -
- 82,348 - -
5,271 86,005 - 2,100
- - - -
- - - -
- - - -
- - - -
1,266,593 59,085 - -
- - - -
- - - -
- - 190,898 -
- - - -
- - 40,022 -
- - - -
- - - -
- - - -
- - - -
1,266,593 59,085 40,022 190,898
$ 1,271,864 $ 59,085 $ 126,027 $ 192,998
Special Revenue Funds
129
City of Glendora
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Pooled cash and investments
Receivables:

Accounts
Notes and loans
Accrued interest
Due from other governments
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Accrued liabilities
Unearned revenue
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue
Total deferred inflows of resources
Fund Balances:

Restricted for:

Community development projects
Public safety
Public works and capital projects
Community services
PEG Cable TV
Glendora Village Business District
Affordable housing
Library
Debt service
Committed to:

General plan
Plan maintenance fees
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
American
Rescue Plan
Act
Step OTS
Grant
Plan
Maintenance
Fees
Home-State
Grant
$ 1,004 - $ 1,165,354 $ 187,611 $
- - 2,475 -
- - - 2,961,136
66 - - 829
15,125 - - -
$ 16,195 - $ 1,167,829 $ 3,149,576 $
- - 7 -
- - - -
- - - -
16,109 260 - -
16,109 260 7 -
- - - -
- - - -
14 - - -
- - - -
- - - -
- - - 3,149,576
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - 1,167,822 -
(260) 72 - -
(260) 1,167,822 86 3,149,576
$ 16,195 - $ $ 1,167,829 $ 3,149,576
Special Revenue Funds
130
City of Glendora
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Pooled cash and investments
Receivables:

Accounts
Notes and loans
Accrued interest
Due from other governments
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Accrued liabilities
Unearned revenue
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue
Total deferred inflows of resources
Fund Balances:

Restricted for:

Community development projects
Public safety
Public works and capital projects
Community services
PEG Cable TV
Glendora Village Business District
Affordable housing
Library
Debt service
Committed to:

General plan
Plan maintenance fees
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Housing
Authority
Highway
Bridge Repair Measure M
Road
Rehabilitation
Maintenance
$ - 765,572 $ 2,033,444 $ 3,145,300 $
- - - -
- 4,874,792 - -
- 2,754 7,707 13,876
- - 76,349 236,143
$ - 5,643,118 $ 2,117,500 $ 3,395,319 $
- 23,985 9,477 13,486
- - 724 -
- - - -
46 - - -
46 23,985 10,201 13,486
- - - -
- - - -
- - - -
- - - -
- - 2,107,299 3,381,833
- 5,619,133 - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- (46) - -
5,619,133 2,107,299 (46) 3,381,833
$ 5,643,118 $ 2,117,500 - $ $ 3,395,319
Special Revenue Funds
131
City of Glendora
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Pooled cash and investments
Receivables:

Accounts
Notes and loans
Accrued interest
Due from other governments
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Accrued liabilities
Unearned revenue
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue
Total deferred inflows of resources
Fund Balances:

Restricted for:

Community development projects
Public safety
Public works and capital projects
Community services
PEG Cable TV
Glendora Village Business District
Affordable housing
Library
Debt service
Committed to:

General plan
Plan maintenance fees
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
HSIP Measure W Measure H
General Plan
Maintenance
Fees
$ 2,579,201 - $ - $ 733,408 $
- - - -
- - - -
11,397 - 83 -
- 2,634 - -
$ 2,590,598 2,634 $ 83 $ 733,408 $
10,531 - - 10,475
- - - -
- - - -
284,331 10,840 - -
284,331 10,531 10,840 10,475
2,634 - - -
2,634 - - -
- - - -
- - - -
2,580,067 - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - 722,933
- - - -
(284,331) - (10,757) -
(284,331) 2,580,067 (10,757) 722,933
$ 2,590,598 2,634 $ $ 733,408 83 $
Special Revenue Funds
132
City of Glendora
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
ASSETS
Pooled cash and investments
Receivables:

Accounts
Notes and loans
Accrued interest
Due from other governments
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Accrued liabilities
Unearned revenue
Due to other funds
Total liabilities
Deferred Inflows of Resources
Unavailable revenue
Total deferred inflows of resources
Fund Balances:

Restricted for:

Community development projects
Public safety
Public works and capital projects
Community services
PEG Cable TV
Glendora Village Business District
Affordable housing
Library
Debt service
Committed to:

General plan
Plan maintenance fees
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
Special
Revenue Fund
Stormwater
Investment
Energy
Efficiency
Project
Pension
Obligation
Bonds
$ 1,626,442 $ 15,382 $ 38,580 $ 22,605,440
- - 418,892 -
- - 8,387,327 -
7,191 - 89,177 -
- - 754,519 -
$ 1,633,633 $ 15,382 $ 38,580 $ 32,255,355
9,947 - 625,448 -
- - 20,606 -
- - 120,183 -
- - 765,536 -
9,947 - 1,531,773 -
- - 479,555 -
- - 479,555 -
- - 745,301 -
- - 246,858 -
1,623,686 - 12,885,873 -
- - 14,173,291 -
- - 350,406 -
- - - 190,898
- - - 168,038
- - 40,022 -
15,382 - 38,580 53,962
- - 722,933 -
- - 1,167,822 -
- - - (501,377)
1,623,686 15,382 38,580 30,244,027
$ 1,633,633 $ 15,382 $ 38,580 $ 32,255,355
Total
Nonmajor
Governmental
Funds
Debt Service Funds
133
City of Glendora
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
Special
Assessments
Gas Tax and
TDA
Parks
Development Grants
REVENUES:

Taxes 547,242 $ - $ $ 48,269 $ -
Intergovernmental - 1,326,351 - 164,942
Charges for services - - - -
Use of money and property 2,457 64,673 27,300 508
Miscellaneous - - - -
Total revenues 549,699 1,391,024 75,569 165,450
EXPENDITURES:

Current:

General government - - - -
Public safety - - - 17,682
Community services - - - -
Library - - - -
Public works 469,835 1,769,873 - 9,227
Capital outlay - 76,488 - 140,000
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total expenditures 469,835 1,846,361 - 166,909

REVENUES OVER (UNDER)
EXPENDITURES 79,864 (455,337) 75,569 (1,459)
OTHER FINANCING SOURCES (USES):

Transfers in 61,348 600,962 - -
Transfers out (710) - - -
Total other financing sources (uses) 60,638 600,962 - - Net change in fund balances 140,502 145,625 75,569 (1,459) FUND BALANCES:

Beginning of year, as previously presented 445,504 896,098 315,735 (159,989) Restatements - - - -
Beginning of year, as restated 896,098 445,504 315,735 (159,989) End of year $ 1,041,723 586,006 $ 391,304 $ (161,448) $ Special Revenue Funds
134
City of Glendora
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
REVENUES:

Taxes
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

General government
Public safety
Community services
Library
Public works
Capital outlay
Debt service:

Principal retirement
Interest and fiscal charges
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year, as previously presented
Restatements
Beginning of year, as restated
End of year
Asset Forfeiture
Transit Tax
Local Prop A
Supplemental
Law
Enforcement
Services
Transit Tax
Local Prop C
$ - $ - $ - $ -
(7,821) 1,374,105 186,159 1,139,789
- 16,154 - -
4,403 73,255 (4,872) 70,509
- - - -
(3,418) 1,463,514 181,287 1,210,298
- 2,894 - -
15,794 - 38,912 -
- 1,582,866 - -
- - - -
- - - -
49,932 500,016 - 394,494
- - - -
- - - -
65,726 2,085,776 38,912 394,494
(69,144) (622,262) 142,375 815,804
- 323,992 - -
- (27,821) - (924,954)
- 296,171 - (924,954)
(69,144) (326,091) 142,375 (109,150)
102,414 2,222,676 71,213 3,255,001
- - - -
2,222,676 102,414 71,213 3,255,001
$ 33,270 $ 1,896,585 $ 213,588 $ 3,145,851
Special Revenue Funds
135
City of Glendora
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
REVENUES:

Taxes
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

General government
Public safety
Community services
Library
Public works
Capital outlay
Debt service:

Principal retirement
Interest and fiscal charges
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year, as previously presented
Restatements
Beginning of year, as restated
End of year
Housing and
Community
Development
Act
Used Oil Block
Grant Air Quality
Prop A
Operations
$ - $ - $ - $ -
58,623 7,477 119,646 858,118
- - - -
2,735 1,015 19,379 -
- - - -
61,358 8,492 139,025 858,118
7 - 1,116 -
- - - -
32,707 - 29,812 50,767
- - - -
- 15,659 - -
205,705 - 307,691 851,958
- - - -
- - - -
238,419 15,659 338,619 902,725
(177,061) (7,167) (199,594) (44,607)
- - - -
- - (675) -
- - (675) -
(177,061) (7,167) (200,269) (44,607)
531,044 33,670 323,765 1,564
- - - -
33,670 531,044 323,765 1,564
$ 353,983 $ 26,503 $ 123,496 $ (43,043)
Special Revenue Funds
136
City of Glendora
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
REVENUES:

Taxes
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

General government
Public safety
Community services
Library
Public works
Capital outlay
Debt service:

Principal retirement
Interest and fiscal charges
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year, as previously presented
Restatements
Beginning of year, as restated
End of year
Affordable
Housing
CAL Home
Prop 1C
Surface
Transportation
Program PEG Cable TV
$ - $ - $ - $ 73,468
- - - -
- - - -
39,100 1,647 5,994 17,148
- - - -
39,100 1,647 5,994 90,616
- - - 42,714
- - - -
229,196 - - -
- - - -
- - - -
3,504,027 - - 193,969
- - - -
- - - -
3,733,223 - - 236,683
(3,694,123) 1,647 5,994 (146,067)
- - - -
- - - -
- - - -
(3,694,123) 1,647 5,994 (146,067)
3,862,161 237,003 205,520 496,473
- - - -
237,003 3,862,161 205,520 496,473
$ 168,038 $ 238,650 $ 211,514 $ 350,406
Special Revenue Funds
137
City of Glendora
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
REVENUES:

Taxes
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

General government
Public safety
Community services
Library
Public works
Capital outlay
Debt service:

Principal retirement
Interest and fiscal charges
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year, as previously presented
Restatements
Beginning of year, as restated
End of year
Measure R
Beverage
Recycling Grant Library Grant
Glendora
Village BID
$ - $ - $ - $ 47,152
854,574 12,030 292,023 -
- - - 66,888
42,247 1,454 - 15,817
- - - -
896,821 13,484 292,023 129,857
67 - - 24,189
- - - -
- - - 77,629
- - 265,565 -
251,720 - - 11,393
793,993 11,949 - -
- - - -
- - - -
1,045,780 11,949 265,565 113,211
(148,959) 1,535 26,458 16,646
- - - -
(19,210) - - -
(19,210) - - -
(168,169) 1,535 26,458 16,646
1,434,762 57,550 13,564 174,252
- - - -
57,550 1,434,762 13,564 174,252
$ 1,266,593 $ 59,085 $ 40,022 $ 190,898
Special Revenue Funds
138
City of Glendora
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
REVENUES:

Taxes
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

General government
Public safety
Community services
Library
Public works
Capital outlay
Debt service:

Principal retirement
Interest and fiscal charges
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year, as previously presented
Restatements
Beginning of year, as restated
End of year
American
Rescue Plan
Act Step OTS Grant
Plan
Maintenance
Fees
Home-State
Grant
$ - $ - $ - $ -
- 83,370 - -
- - 94,022 -
- 71 1 123,247
- - - -
- 83,441 94,023 123,247
- - - -
- 83,369 - -
- - - -
- - - -
- - 9,870 -
- - - -
- - - -
- - - -
- 83,369 9,870 -
- 72 84,153 123,247
- - - -
- - - -
- - - -
- 72 84,153 123,247
- 14 1,083,669 3,026,329
(260) - - -
(260) 14 1,083,669 3,026,329
$ (260) $ 86 $ 1,167,822 $ 3,149,576
Special Revenue Funds
139
City of Glendora
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
REVENUES:

Taxes
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

General government
Public safety
Community services
Library
Public works
Capital outlay
Debt service:

Principal retirement
Interest and fiscal charges
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year, as previously presented
Restatements
Beginning of year, as restated
End of year
Housing
Authority
Highway
Bridge Repair Measure M
Road
Rehabilitation
Maintenance
$ - $ - $ - $ -
- - 964,996 1,354,973
- - - -
208,022 - 49,124 79,332
142,160 - - -
350,182 - 1,014,120 1,434,305
62,713 - - 12
- - - -
(2,678) - 42,405 -
- - - -
7,674 - 61,081 -
1,344,684 - 171,970 1,363,963
- - - -
- - - -
1,412,393 - 275,456 1,363,975
(1,062,211) - 738,664 70,330
- - - -
- - (3,765) -
- - (3,765) -
(1,062,211) - 734,899 70,330
6,681,344 (46) 1,372,400 3,311,503
- - - -
(46) 6,681,344 1,372,400 3,311,503
$ 5,619,133 $ (46) $ 2,107,299 $ 3,381,833
Special Revenue Funds
140
City of Glendora
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
REVENUES:

Taxes
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

General government
Public safety
Community services
Library
Public works
Capital outlay
Debt service:

Principal retirement
Interest and fiscal charges
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year, as previously presented
Restatements
Beginning of year, as restated
End of year
HSIP Measure W Measure H
General Plan
Maintenance
Fees
$ - $ - $ - $ -
243,612 893,841 19,870 -
- - - 80,028
- (33,233) 135 -
- - - -
243,612 860,608 20,005 80,028
- - - -
- - - -
- - 29,838 -
- - - -
- 184,545 - 120,400
478,603 - - -
- - - -
- - - -
478,603 184,545 29,838 120,400
(234,991) 676,063 (9,833) (40,372)
- - - -
- - - -
- - - -
(234,991) 676,063 (9,833) (40,372)
(49,340) 1,904,004 (924) 763,305
- - - -
(49,340) 1,904,004 (924) 763,305
$ (284,331) $ 2,580,067 $ (10,757) $ 722,933
Special Revenue Funds
141
City of Glendora
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
REVENUES:

Taxes
Intergovernmental
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

General government
Public safety
Community services
Library
Public works
Capital outlay
Debt service:

Principal retirement
Interest and fiscal charges
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year, as previously presented
Restatements
Beginning of year, as restated
End of year
Special
Stormwater
Investment
Energy
Efficiency
Project
Pension
Obligation
Bonds
$ - $ - $ - $ 716,131
1,290,642 - - 11,237,320
- - 2 257,094
8,581 - - 820,049
- - - 142,160
1,299,223 - 2 13,172,754
- - 3,150 136,862
- - - 155,757
- - - 2,072,542
- - - 265,565
- - - 2,911,277
226,942 - - 10,616,384
- 87,038 2,157,398 2,244,436
- 11,419 1,220,633 1,232,052
226,942 98,457 3,381,181 19,634,875
1,072,281 (98,457) (3,381,179) (6,462,121)
- 98,457 3,382,535 4,467,294
- - - (977,135)
- 98,457 3,382,535 3,490,159
1,072,281 - 1,356 (2,971,962)
551,405 15,382 37,224 33,216,249
- - - (260)
15,382 551,405 37,224 33,215,989
$ 1,623,686 $ 15,382 $ 38,580 $ 30,244,027
Revenue Fund Debt Service Funds
Total Nonmajor
Governmental
Funds
142
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Special Assessments
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes 542,471 $ 542,471 $ 547,242 $ 4,771 $
Use of money and property 3,000 3,000 2,457 (543)
Total revenues 545,471 545,471 549,699 4,228
EXPENDITURES:

Current:

Public works 402,746 403,378 469,835 (66,457)
Total expenditures 402,746 403,378 469,835 (66,457)

REVENUES OVER (UNDER)
EXPENDITURES 142,725 142,093 79,864 (62,229)
OTHER FINANCING SOURCES (USES):

Transfers in 11,350 11,350 61,348 49,998
Transfers out (710) (710) (710) -
Total other financing sources (uses) 10,640 10,640 60,638 49,998 Net change in fund balances $ 153,365 $ 152,733 140,502 $ (12,231) FUND BALANCES:

Beginning of year 445,504
End of year $ 586,006
Budgeted Amounts
143
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Gas Tax and TDA
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 1,547,900 $ 1,587,697 $ 1,326,351 $ (261,346) $ Use of money and property 15,700 15,700 64,673 48,973
Total revenues 1,563,600 1,603,397 1,391,024 (212,373)
EXPENDITURES:

Current:

Public works 2,153,568 2,271,228 1,769,873 501,355
Capital outlay - 97,022 76,488 20,534
Total expenditures 2,153,568 2,368,250 1,846,361 521,889

REVENUES OVER (UNDER)
EXPENDITURES (589,968) (764,853) (455,337) 309,516
OTHER FINANCING SOURCES (USES):

Transfers in 660,570 660,570 600,962 (59,608)
Total other financing sources (uses) 660,570 660,570 600,962 (59,608) Net change in fund balances $ 70,602 $ (104,283) 145,625 $ 249,908 FUND BALANCES:

Beginning of year 896,098
End of year $ 1,041,723
Budgeted Amounts
144
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Parks Development
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes - $ - $ 48,269 $ 48,269 $
Use of money and property 3,900 3,900 27,300 23,400
Total revenues 3,900 3,900 75,569 71,669
Net change in fund balances $ 3,900 3,900 $ 75,569 71,669 $ FUND BALANCES:

Beginning of year 315,735
End of year $ 391,304
Budgeted Amounts
145
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Grants
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental - $ 606,996 $ 164,942 $ (442,054) $
Total revenues 606,996 - 165,450 (441,546)
EXPENDITURES:

Current:

Public safety 55,984 - 17,682 38,302
Public works 325,222 - 9,227 315,995
Capital outlay 596,292 - 140,000 456,292
Total expenditures 977,498 - 166,909 810,589
Net change in fund balances $ (370,502) - $ (1,459) $ 369,043 FUND BALANCES:

Beginning of year (159,989)
End of year $ (161,448)
Budgeted Amounts
146
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Asset Forfeiture
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 10,000 $ 10,000 $ (7,821) $ (17,821) $ Use of money and property 4,200 4,200 4,403 203
Total revenues 14,200 14,200 (3,418) (17,618)
EXPENDITURES:

Current:

Public safety 15,794 - 15,794 -
Capital outlay - - 49,932 (49,932)
Total expenditures - 15,794 65,726 (49,932)
Net change in fund balances $ 14,200 $ (1,594) (69,144) $ (67,550) FUND BALANCES:

Beginning of year 102,414
End of year $ 33,270
Budgeted Amounts
147
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Transit Tax Local Prop A
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 1,498,000 $ 1,498,000 $ 1,374,105 $ (123,895) $ Charges for services 10,000 10,000 16,154 6,154
Use of money and property 17,600 17,600 73,255 55,655
Total revenues 1,525,600 1,525,600 1,463,514 (62,086)
EXPENDITURES:

Current:

General government 4,696 4,696 2,894 1,802
Community services 1,718,007 1,707,619 1,582,866 124,753 Capital outlay 191,650 1,083,401 500,016 583,385
Total expenditures 1,914,353 2,795,716 2,085,776 709,940

REVENUES OVER (UNDER)
EXPENDITURES (388,753) (1,270,116) (622,262) 647,854
OTHER FINANCING SOURCES (USES):

Transfers in 300,000 300,000 323,992 23,992
Transfers out (29,325) (29,325) (27,821) 1,504
Total other financing sources (uses) 270,675 270,675 296,171 25,496 Net change in fund balances $ (118,078) $ (999,441) (326,091) $ 673,350 FUND BALANCES:

Beginning of year 2,222,676
End of year $ 1,896,585
Budgeted Amounts
148
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Supplemental Law Enforcement Services
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 170,000 $ 170,000 $ 186,159 $ 16,159 $ Use of money and property 4,800 4,800 (4,872) (9,672)
Total revenues 174,800 174,800 181,287 6,487
EXPENDITURES:

Current:

Public safety 42,526 38,647 38,912 3,614
Total expenditures 42,526 38,647 38,912 3,614
Net change in fund balances $ 132,274 136,153 $ 142,375 10,101 $ FUND BALANCES:

Beginning of year 71,213
End of year $ 213,588
Budgeted Amounts
149
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Transit Tax Local Prop C
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 1,242,300 $ 1,242,300 $ 1,139,789 $ (102,511) $ Use of money and property 35,800 35,800 70,509 34,709
Total revenues 1,278,100 1,278,100 1,210,298 (67,802)
EXPENDITURES:

Current:

Capital outlay 187,000 1,359,572 394,494 965,078
Total expenditures 187,000 1,359,572 394,494 965,078

REVENUES OVER (UNDER)
EXPENDITURES 1,091,100 (81,472) 815,804 897,276
OTHER FINANCING SOURCES (USES):

Transfers out (960,570) (960,570) (924,954) 35,616
Total other financing sources (uses) (960,570) (960,570) (924,954) 35,616 Net change in fund balances $ 130,530 $ (1,042,042) (109,150) $ 932,892 FUND BALANCES:

Beginning of year 3,255,001
End of year $ 3,145,851
Budgeted Amounts
150
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Housing and Community Development Act
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 60,000 $ 57,987 $ 58,623 $ 636 $
Use of money and property - - 2,735 2,735
Total revenues 57,987 60,000 61,358 3,371
EXPENDITURES:

Current:

Community services 49,933 60,000 32,707 17,226
Capital outlay 240,000 270,116 205,705 64,411
Total expenditures 300,000 320,049 238,419 81,630
Net change in fund balances $ (240,000) $ (262,062) (177,061) $ 85,001 FUND BALANCES:

Beginning of year 531,044
End of year $ 353,983
Budgeted Amounts
151
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Used Oil Block Grant
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 7,880 $ 15,283 $ 7,477 $ (7,806) $
Use of money and property 400 400 1,015 615
Total revenues 8,280 15,683 8,492 (7,191)
EXPENDITURES:

Current:

Public works 7,880 10,580 15,659 (5,079)
Total expenditures 7,880 10,580 15,659 (5,079)
Net change in fund balances $ 400 $ 5,103 (7,167) $ (12,270) FUND BALANCES:

Beginning of year 33,670
End of year $ 26,503
Budgeted Amounts
152
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Air Quality
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 66,660 $ 117,420 $ 119,646 $ 2,226 $
Use of money and property 4,000 4,000 19,379 15,379
Total revenues 121,420 70,660 139,025 17,605
EXPENDITURES:

Current:

General government 2,494 2,494 1,116 1,378
Community services 26,447 17,447 29,812 (3,365)
Capital outlay 402,107 145,176 307,691 94,416
Total expenditures 431,048 165,117 338,619 92,429

REVENUES OVER (UNDER)
EXPENDITURES (94,457) (309,628) (199,594) 110,034
OTHER FINANCING SOURCES (USES):

Transfers out (675) (675) (675) -
Total other financing sources (uses) (675) (675) (675) - Net change in fund balances $ (95,132) $ (310,303) (200,269) $ 110,034 FUND BALANCES:

Beginning of year 323,765
End of year $ 123,496
Budgeted Amounts
153
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Prop A Operations
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 920,130 $ 920,130 $ 858,118 $ (62,012) $ Total revenues 920,130 920,130 858,118 (62,012)
EXPENDITURES:

Current:

Community services 25,000 25,000 50,767 (25,767)
Capital outlay 920,130 920,130 851,958 68,172
Total expenditures 945,130 945,130 902,725 42,405
Net change in fund balances $ (25,000) $ (25,000) (44,607) $ (19,607) FUND BALANCES:

Beginning of year 1,564
End of year $ (43,043)
Budgeted Amounts
154
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Affordable Housing
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property - $ - $ 39,100 $ 39,100 $
Total revenues - - 39,100 39,100
EXPENDITURES:

Current:

Community services 421,519 - 229,196 192,323
Capital outlay 3,409,730 - 3,504,027 (94,297)
Total expenditures 3,831,249 - 3,733,223 98,026
Net change in fund balances $ (3,831,249) - $ (3,694,123) 137,126 $ FUND BALANCES:

Beginning of year 3,862,161
End of year $ 168,038
Budgeted Amounts
155
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual CAL Home Prop 1C
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 700 $ 700 $ 1,647 $ 947 $
Total revenues 700 700 1,647 947
Net change in fund balances $ 700 $ 700 1,647 $ 947
FUND BALANCES:

Beginning of year 237,003
End of year $ 238,650
Budgeted Amounts
156
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Surface Transportation Program
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 3,100 $ 3,100 $ 5,994 $ 2,894 $ Total revenues 3,100 3,100 5,994 2,894
Net change in fund balances $ 3,100 $ 3,100 5,994 $ 2,894 FUND BALANCES:

Beginning of year 205,520
End of year $ 211,514
Budgeted Amounts
157
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual PEG Cable TV
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes 100,000 $ 100,000 $ 73,468 $ (26,532) $
Use of money and property 7,100 7,100 17,148 10,048
Total revenues 107,100 107,100 90,616 (16,484)
EXPENDITURES:

Current:

General government 77,840 77,840 42,714 35,126
Capital outlay 295,887 - 193,969 101,918
Total expenditures 77,840 373,727 236,683 137,044
Net change in fund balances $ 29,260 $ (266,627) (146,067) $ 120,560 FUND BALANCES:

Beginning of year 496,473
End of year $ 350,406
Budgeted Amounts
158
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure R
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 932,000 $ 932,000 $ 854,574 $ (77,426) $ Use of money and property 8,700 8,700 42,247 33,547
Total revenues 940,700 940,700 896,821 (43,879)
EXPENDITURES:

Current:

Public works 264,622 264,622 251,720 12,902
Capital outlay 775,000 1,772,929 793,993 978,936
Total expenditures 1,039,622 2,037,551 1,045,780 991,771

REVENUES OVER (UNDER)
EXPENDITURES (98,922) (1,096,851) (148,959) 947,892
OTHER FINANCING SOURCES (USES):

Transfers out (23,060) (23,060) (19,210) 3,850
Total other financing sources (uses) (23,060) (23,060) (19,210) 3,850 Net change in fund balances $ (121,982) $ (1,119,911) (168,169) $ 951,742 FUND BALANCES:

Beginning of year 1,434,762
End of year $ 1,266,593
Budgeted Amounts
159
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Beverage Recycling Grant
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 13,000 $ 13,000 $ 12,030 $ (970) $
Use of money and property 800 800 1,454 654
Total revenues 13,800 13,800 13,484 (316)
EXPENDITURES:

Capital outlay - 13,000 11,949 1,051
Total expenditures - 13,000 11,949 1,051
Net change in fund balances $ 13,800 $ 800 1,535 $ 735
FUND BALANCES:

Beginning of year 57,550
End of year $ 59,085
Budgeted Amounts
160
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Library Grant
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 212,493 $ 190,956 $ 292,023 $ 101,067 $ Total revenues 190,956 212,493 292,023 101,067
EXPENDITURES:

Current:

Library 190,706 410,576 265,565 145,011
Total expenditures 190,706 410,576 265,565 145,011
Net change in fund balances $ 21,787 $ (219,620) 26,458 $ 246,078 FUND BALANCES:

Beginning of year 13,564
End of year $ 40,022
Budgeted Amounts
161
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Glendora Village BID
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes 52,000 $ 52,000 $ 47,152 $ (4,848) $
Charges for services 62,000 62,000 66,888 4,888
Use of money and property 800 800 15,817 15,017
Total revenues 114,800 114,800 129,857 15,057
EXPENDITURES:

Current:

General government 32,500 35,516 24,189 11,327
Community services 109,500 109,500 77,629 31,871
Public works 10,250 10,250 11,393 (1,143)
Total expenditures 152,250 155,266 113,211 42,055
Net change in fund balances $ (37,450) $ (40,466) 16,646 $ 57,112 FUND BALANCES:

Beginning of year 174,252
End of year $ 190,898
Budgeted Amounts
162
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual American Rescue Plan Act
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Total revenues - - - -
EXPENDITURES:

Total expenditures - - - -
Net change in fund balances $ - $ - - $ -
FUND BALANCES:

Beginning of year, as previously presented -
Restatement (260)
Beginning of year, as restated (260)
End of year $ (260)
Budgeted Amounts
163
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Step OTS Grant
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental - $ 150,931 $ 83,370 $ (67,561) $
Use of money and property - - 71 71
Total revenues 150,931 - 83,441 (67,490)
EXPENDITURES:

Current:

Public safety 139,545 - 83,369 56,176
Total expenditures 139,545 - 83,369 56,176
Net change in fund balances $ 11,386 - $ 72 (11,314) $
FUND BALANCES:

Beginning of year 14
End of year $ 86
Budgeted Amounts
164
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Plan Maintenance Fees
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Charges for services 116,500 $ 101,500 $ 94,022 $ (7,478) $ Use of money and property - - 1 1
Total revenues 101,500 116,500 94,023 (7,477)
EXPENDITURES:

Current:

Public works 64,014 64,014 9,870 54,144
Total expenditures 64,014 64,014 9,870 54,144
Net change in fund balances $ 52,486 $ 37,486 84,153 $ 46,667 FUND BALANCES:

Beginning of year 1,083,669
End of year $ 1,167,822
Budgeted Amounts
165
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Home-State Grant
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 2,800 $ 2,800 $ 123,247 $ 120,447 $ Total revenues 2,800 2,800 123,247 120,447
Net change in fund balances $ 2,800 $ 2,800 123,247 $ 120,447 FUND BALANCES:

Beginning of year 3,026,329
End of year $ 3,149,576
Budgeted Amounts
166
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Housing Authority
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property - $ - $ 208,022 $ 208,022 $
Miscellaneous - - 142,160 142,160
Total revenues - - 350,182 350,182
EXPENDITURES:

Current:

General government - - 62,713 (62,713)
Community services - - (2,678) 2,678
Public works 10,000 23,046 7,674 15,372
Capital outlay 1,600,000 - 1,344,684 255,316
Total expenditures 10,000 1,623,046 1,412,393 210,653
Net change in fund balances $ (10,000) $ (1,623,046) (1,062,211) $ 560,835 FUND BALANCES:

Beginning of year 6,681,344
End of year $ 5,619,133
Budgeted Amounts
167
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Highway Bridge Repair
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:

Capital outlay $ 220,236 - $ - $ 220,236 $
Total expenditures 220,236 - - 220,236
Net change in fund balances $ (220,236) - $ - 220,236 $ FUND BALANCES:

Beginning of year (46)
End of year $ (46)
Budgeted Amounts
168
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure M
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 1,056,000 $ 1,056,000 $ 964,996 $ (91,004) $ Use of money and property 15,000 15,000 49,124 34,124
Total revenues 1,071,000 1,071,000 1,014,120 (56,880)
EXPENDITURES:

Current:

Community services 43,217 43,217 42,405 812
Public works 99,905 100,600 61,081 39,519
Capital outlay 491,475 1,454,140 171,970 1,282,170
Total expenditures 634,597 1,597,957 275,456 1,322,501

REVENUES OVER (UNDER)
EXPENDITURES 436,403 (526,957) 738,664 1,265,621
OTHER FINANCING SOURCES (USES):

Transfers out (5,235) (5,235) (3,765) 1,470
Total other financing sources (uses) (5,235) (5,235) (3,765) 1,470 Net change in fund balances $ 431,168 $ (532,192) 734,899 $ 1,267,091 FUND BALANCES:

Beginning of year 1,372,400
End of year $ 2,107,299
Budgeted Amounts
169
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Road Rehabilitation Maintenance
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 1,298,000 $ 1,298,000 $ 1,354,973 $ 56,973 $ Use of money and property 32,400 32,400 79,332 46,932
Total revenues 1,330,400 1,330,400 1,434,305 103,905
EXPENDITURES:

Capital outlay 150,000 4,476,097 1,363,963 3,112,134
Total expenditures 150,000 4,476,097 1,363,975 3,112,122 Net change in fund balances $ 1,180,400 $ (3,145,697) 70,330 $ 3,216,027 FUND BALANCES:

Beginning of year 3,311,503
End of year $ 3,381,833
Budgeted Amounts
170
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual HSIP
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 1,733,580 $ 1,986,158 $ 243,612 $ (1,742,546) $ Total revenues 1,986,158 1,733,580 243,612 (1,742,546)
EXPENDITURES:

Capital outlay 1,150,000 1,663,164 478,603 1,184,561
Total expenditures 1,150,000 1,663,164 478,603 1,184,561 Net change in fund balances $ 583,580 $ 322,994 (234,991) $ (557,985) FUND BALANCES:

Beginning of year (49,340)
End of year $ (284,331)
Budgeted Amounts
171
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure W
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 900,000 $ 900,000 $ 893,841 $ (6,159) $ Use of money and property 5,800 5,800 (33,233) (39,033) Total revenues 905,800 905,800 860,608 (45,192)
EXPENDITURES:

Current:

Public works 513,237 427,370 184,545 328,692
Capital outlay 300,000 1,264,272 1,264,272 -
Total expenditures 727,370 1,777,509 184,545 1,592,964
Net change in fund balances $ 178,430 $ (871,709) 676,063 $ 1,547,772 FUND BALANCES:

Beginning of year 1,904,004
End of year $ 2,580,067
Budgeted Amounts
172
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure H
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental - $ 50,000 $ 19,870 $ (30,130) $
Use of money and property - - 135 135
Total revenues 50,000 - 20,005 (29,995)
EXPENDITURES:

Current:

Community services 50,000 - 29,838 20,162
Total expenditures 50,000 - 29,838 20,162
Net change in fund balances $ - - $ (9,833) (9,833) $
FUND BALANCES:

Beginning of year (924)
End of year $ (10,757)
Budgeted Amounts
173
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Plan Maintenance Fees
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Charges for services 95,000 $ 95,000 $ 80,028 $ (14,972) $ Total revenues 95,000 95,000 80,028 (14,972)
EXPENDITURES:

Current:

Public works 200,000 442,179 120,400 321,779
Total expenditures 200,000 442,179 120,400 321,779
Net change in fund balances $ (105,000) $ (347,179) (40,372) $ 306,807 FUND BALANCES:

Beginning of year 763,305
End of year $ 722,933
Budgeted Amounts
174
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Prop 68 Parks/Water Bond
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:

Capital outlay 209,206 - - 209,206
Total expenditures 209,206 - - 209,206
Net change in fund balances $ (209,206) - $ - 209,206 $ FUND BALANCES:

Beginning of year -
End of year $ -
Budgeted Amounts
175
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Stormwater Investment
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental - $ 1,290,642 $ 1,290,642 $ - $
Use of money and property 8,400 8,400 8,581 181
Total revenues 1,299,042 8,400 1,299,223 181
EXPENDITURES:

Capital outlay 1,901,344 - 226,942 1,674,402
Total expenditures 1,901,344 - 226,942 1,674,402
Net change in fund balances $ (602,302) 8,400 $ 1,072,281 1,674,583 $ FUND BALANCES:

Beginning of year 551,405
End of year $ 1,623,686
Budgeted Amounts
176
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Energy Efficiency Project
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:

Debt service:

Principal retirement 87,038 87,038 87,038 -
Interest and fiscal charges 11,419 11,419 11,419 -
Total expenditures 98,457 98,457 98,457 -
OTHER FINANCING SOURCES (USES):

Transfers in 98,457 98,457 98,457 -
Total other financing sources (uses) 98,457 98,457 98,457 - Net change in fund balances $ - $ - - $ -
FUND BALANCES:

Beginning of year 15,382
End of year $ 15,382
Budgeted Amounts
177
City of Glendora
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Pension Obligation Bonds
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:

Current:

General government $ 4,500 4,500 $ 3,150 $ 1,350 $
Debt service:

Principal retirement 2,157,400 2,157,400 2,157,398 2
Interest and fiscal charges 1,220,635 1,220,635 1,220,633 2 Total expenditures 3,382,535 3,382,535 3,381,181 1,354
OTHER FINANCING SOURCES (USES):

Transfers in 3,382,535 3,382,535 3,382,535 -
Total other financing sources (uses) 3,382,535 3,382,535 3,382,535 - Net change in fund balances $ - $ - 1,356 $ 1,356
FUND BALANCES:

Beginning of year 37,224
End of year $ 38,580
Budgeted Amounts
178

INTERNAL SERVICE FUNDS
Workers' Compensation Self-Insurance Fund - Establishes an insurance reserve for workers' compensation benefit claims against the City and receives its funding through workers' compensation insurance premiums charged to City departments.

General Liability Self-Insurance Fund - Establishes an insurance reserve for liability claims against the City and receives its funding through liability insurance premiums charged to City departments.

Vehicles Fund - Acquires and maintains vehicles and rolling stock used by City departments. Costs are recovered by "leasing" the vehicles to the requesting department for a monthly payment equal to the straight-line depreciation charged over the life of the vehicle.

Technology Fund - Acquires equipment, hardware and software for City departments. Costs are recovered by "leasing" the equipment to the requesting department for a monthly payment equal to the straight line depreciation charge over the life of the equipment.
179
City of Glendora
Combining Statement of Net Position
Internal Service Funds
June 30, 2024
Workers'
Compensation
Self-Insurance
General
Liability SelfInsurance Vehicles Technology Totals
ASSETS
Current Assets:

Cash and investments $ 2,372,770 $ 2,531,832 $ 3,245,322 $ 6,006,334 $ 14,156,258 Receivables:

Accounts - 153 5,550 5,703 -
Total current assets 2,372,770 2,531,985 3,250,872 6,006,334 14,161,961 Noncurrent:

Capital assets:

Nondepreciable capital assets - - - 463,360 463,360
Depreciable capital assets - 10,585,869 - 7,153,310 17,739,179 Accumulated depreciation/amortization - - (8,711,577) (5,003,081) (13,714,658) Net capital assets - 1,874,292 - 2,613,589 4,487,881
Total noncurrent assets - 1,874,292 - 2,613,589 4,487,881 Total assets 2,372,770 2,531,985 5,125,164 8,619,923 18,649,842

DEFERRED OUTFLOWS OF RESOURCES
Other post employment benefit related items 10,029 11,379 11,669 55,160 88,237 Pension related items 83,422 94,652 97,058 458,820 733,952 Total deferred outflows of resources 93,451 106,031 108,727 513,980 822,189

LIABILITIES
Current liabilities:

Accounts payable - 23,435 - 115,514 138,949
Accrued liabilities 4,861 3,584 5,198 18,920 32,563
Accrued interest payable - 821 61,589 - 62,410
Compensated absences - current 10,349 11,367 11,975 44,878 78,569 Claims and judgements - current 791,181 2,206,282 - 2,997,463 - Long-term debt - current portion 13,851 17,614 19,266 632,062 682,793 Total current liabilities 2,239,106 819,983 60,695 872,963 3,992,747 Noncurrent liabilities:

Claims and judgements 1,661,886 412,487 - 2,074,373 -
Net OPEB liability 65,676 57,884 67,346 318,362 509,268 Net pension liability 80,308 70,780 82,349 389,288 622,725 Long-term debt 335,256 263,635 366,708 2,223,330 3,188,929 Total noncurrent liabilities 2,125,806 822,106 516,403 2,930,980 6,395,295 Total liabilities 4,364,912 1,642,089 577,098 3,803,943 10,388,042

DEFERRED INFLOWS OF RESOURCES
Other post employment benefit related items 73,055 82,889 84,997 401,802 642,743 Pension related items 1,360 1,544 1,583 7,483 11,970
Total deferred inflows of resources 74,415 84,433 86,580 409,285 654,713

NET POSITION
Net investment in capital assets - 1,874,292 - 1,489,999 3,364,291 Unrestricted (1,973,106) 911,494 2,695,921 3,430,676 5,064,985 Total net position $ (1,973,106) $ 911,494 $ 4,570,213 $ 4,920,675 $ 8,429,276 180
City of Glendora
Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the year ended June 30, 2024
Workers'
Compensation
Self-Insurance
General
Liability SelfInsurance Vehicles Technology Totals
OPERATING REVENUES:

Interdepartamental charges $ 2,446,145 1,102,129 $ 2,730,814 $ 3,826,626 $ 10,105,714 $ Total operating revenues 2,446,145 1,102,129 2,730,814 3,826,626 10,105,714 OPERATING EXPENSES:

Administration and general 241,770 223,739 298,012 951,773 1,715,294 Contracted services and supplies 343,410 3,085,287 1,100,770 2,091,205 6,620,672 Claims expense 936,623 531,712 - 1,468,335 -
Depreciation and amortization - 353,054 - 584,144 937,198 Total operating expenses 1,521,803 3,840,738 1,751,836 3,627,122 10,741,499 Operating income (loss) (419,674) (1,394,593) 978,978 199,504 (635,785) NONOPERATING REVENUES (EXPENSES):

Interest expense (9,666) (7,597) (10,570) (99,964) (127,797) Total nonoperating revenues (expenses) (9,666) (7,597) (10,570) (99,964) (127,797) Income before contributions and
transfers (429,340) (1,402,190) 968,408 99,540 (763,582) CONTRIBUTIONS AND TRANSFERS:

Transfers in 525,988 - - 424,598 950,586
Total contributions and transfers 525,988 - - 424,598 950,586 Change in net position (429,340) (876,202) 968,408 524,138 187,004 NET POSITION:

Beginning of year (1,543,766) 1,787,696 3,601,805 4,396,537 8,242,272 End of year $ (1,973,106) $ 911,494 $ 4,570,213 $ 4,920,675 $ 8,429,276 181
City of Glendora
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2024
Workers'
Compensation
Self-Insurance
General
Liability SelfInsurance Vehicles Technology Totals
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from customers and users $ 2,445,992 1,102,129 $ 2,730,814 $ 3,826,626 $ 10,105,561 $ Cash paid to suppliers for goods and services (3,308,096) (582,781) (1,472,762) (3,043,588) (8,407,227) Cash paid to employees for services 56,011 52,129 (5,456) 161,259 263,943 Cash paid for insurance or claims (466,533) (585,274) - - (1,051,807) Net cash provided by (used in)
operating activities (13,797) (1,272,626) 1,252,596 910,470 944,297 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Principal paid on long-term debt (17,285) (13,593) (18,906) (442,450) (492,234) Interest paid on long-term debt (10,531) (8,278) (10,696) (73,504) (103,009) Transfers from other funds 525,988 - 424,598 - 950,586
Net cash provided by (used in) noncapital financing
activities (27,816) 504,117 (29,602) (91,356) 355,343
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Acquisition of capital assets - (332,344) - (363,862) (696,206) Net cash provided by (used in)
capital and related financing activities - (332,344) - (363,862) (696,206) Net cash flows (41,613) (768,509) 890,650 489,079 569,607 CASH AND INVESTMENTS - Beginning of year 2,414,383 3,300,341 2,354,672 5,517,255 13,586,651 CASH AND INVESTMENTS - End of year $ 2,372,770 $ 2,531,832 $ 3,245,322 $ 6,006,334 $ 14,156,258

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

Operating income (loss) $ (419,674) $ (1,394,593) $ 978,978 $ 199,504 $ (635,785) Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation and amortization - 353,054 - 584,144 937,198 (Increase) decrease in accounts receivable - (153) - - (153) (Increase) decrease in deferred OPEB related items 48,883 54,984 43,352 246,336 393,555 (Increase) decrease in deferred pension related items (19,316) (19,771) 37,771 (6,105) (7,421) Increase (decrease) in accounts payable - (849) (74,578) (7,259) (82,686) Increase (decrease) in accrued liabilities 2,399 1,779 598 6,649 11,425 Increase (decrease) in compensated absences 5,427 5,144 264 4,505 15,340 Increase (decrease) in claims payable 351,349 65,179 - 416,528 - Increase (decrease) in OPEB liability (17,129) (21,975) (91,648) (213,656) (344,408) Increase (decrease) in net pension liability 34,264 37,629 4,805 130,179 206,877 Net cash provided by (used in)
operating activities $ (13,797) $ (1,272,626) $ 1,252,596 $ 944,297 $ 910,470 NONCASH TRANSACTIONS:

Subscription Based I.T. Agreements $ - $ - $ - $ 622,250 $ 622,250 182

STATISTICAL SECTION
183
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184
Contents: Pages
186 - 195
196 - 205
206 - 212
213 - 217
218 - 221
Financial Trends - These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.

Revenue Capacity - These schedules contain information to help the reader assess the City's most significant local revenue source, the property tax.

Debt Capacity - These schedules present information to help the reader assess the affordability of the City's current level of outstanding debt and the City's ability to issue additional debt in the future.

Demographic and Economic Information - These schedules offer demographics and economic indicators to help the reader understand the environment within which the City's financial activities take place.

Operating Information - These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report related to the services the City provides and activities it performs.

This part of the City of Glendora's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information say about the government's overall financial health.

City of Glendora
Description of Statistical Section Contents
185
2024 2023 2022 2021 2020
Governmental activities:

Net Investment in Capital Assets $ 84,521,465 $ 74,752,327 $ 72,433,252 $ 75,244,307 $ 78,173,973 Restricted 28,854,649 34,688,678 27,586,588 23,113,284 21,659,671 Unrestricted 13,537,406 11,251,882 27,505,529 (10,198,627) (19,693,431) Total Governmental Activities Net Position 126,913,520 120,692,887 127,525,369 88,158,964 80,140,213 Business-type activities:

Net Investment in Capital Assets 79,387,180 65,788,023 60,152,718 58,431,708 57,724,416 Restricted - - - - -
Unrestricted 16,630,929 27,495,255 29,631,591 26,281,751 19,608,775 Total Business-type Activities Net Position 96,018,109 93,283,278 89,784,309 84,713,459 77,333,191 Primary government:

Net Investment in Capital Assets 163,908,645 140,540,350 132,585,970 133,676,015 135,898,389 Restricted 28,854,649 34,688,678 27,586,588 23,113,284 21,659,671 Unrestricted 30,168,335 38,747,137 57,137,120 16,083,124 (84,656) Total Primary Government Net Position $ 222,931,629 $ 213,976,165 $ 217,309,678 $ 172,872,423 $ 157,473,404 *2017 and 2020 balances were restated due to implementation of GASB 75 and GASB 84, respectively.

Source: City of Glendora Finance Department
City of Glendora
Schedule 1
Net Positions by Component
Last Ten Fiscal Years
(accrual basis of accounting)
For the Fiscal Year Ended June 30
186
2019 2018 2017 2016 2015
Governmental activities:

Net Investment in Capital Assets $ 81,116,968 $ 81,015,708 $ 80,916,032 $ 80,759,598 $ 82,607,111 Restricted 20,354,676 19,234,970 17,975,891 9,064,643 9,040,134 Unrestricted (20,132,818) (18,774,514) (13,796,308) 42,995 (2,140,148) Total Governmental Activities Net Position 81,338,826 81,476,164 85,095,615 89,867,236 89,507,097 Business-type activities:

Net Investment in Capital Assets 54,883,183 52,520,608 48,714,652 43,435,123 37,849,278 Restricted - - - - -
Unrestricted 15,789,051 13,766,315 10,071,948 13,893,434 14,837,948 Total Business-type Activities Net Position 70,672,234 66,286,923 58,786,600 57,328,557 52,687,226 Primary government:

Net Investment in Capital Assets 136,000,151 133,536,316 129,630,684 124,194,721 120,456,389 Restricted 20,354,676 19,234,970 17,975,891 9,064,643 9,040,134 Unrestricted (4,343,767) (5,008,199) (3,724,360) 13,936,429 12,697,800 Total Primary Government Net Position $ 152,011,060 $ 147,763,087 $ 143,882,215 $ 147,195,793 $ 142,194,323 Source: City of Glendora Finance Division
For the Fiscal Year Ended June 30
City of Glendora
Schedule 1
Net Positions by Component (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
187
2024 2023 2022 2021 2020
Expenses:

Government activities:

General government $ 6,655,591 $ 4,809,539 $ 2,950,065 $ 3,593,105 $ 3,188,875 Public safety 28,103,868 20,297,701 (7,282,480) 22,907,854 22,278,483 Community services 6,462,850 5,528,569 4,847,304 5,512,703 4,561,914 Library 2,705,217 1,913,613 1,713,257 2,307,377 2,512,957 Public Works 14,790,895 13,844,755 12,059,715 11,221,659 12,775,567 Interest on long-term debt 1,355,610 1,365,601 1,368,625 1,416,548 1,793,074 Total governmental activities expenses $ 60,074,031 $ 47,759,778 $ 15,656,486 $ 46,959,246 $ 47,110,870 Business-type activities:

Water $ 19,358,628 $ 16,769,928 $ 16,319,581 $ 17,488,497 $ 16,410,112 Golf Course Fund - - - - -
Transit - - - - -
La Fetra Rental - - - - -
Total business-type activities expenses $ 19,358,628 $ 16,769,928 $ 16,319,581 $ 17,488,497 $ 16,410,112 Total primary government expenses $ 79,432,659 $ 64,529,706 $ 31,976,067 $ 64,447,743 $ 63,520,982 Program revenues:

Governmental activities:

Charges for services:

General government $ 590,500 $ 567,688 $ 548,297 $ 388,634 $ 416,908 Public safety 767,582 499,144 485,610 404,378 416,018
Community services 2,344,483 2,261,313 2,243,420 1,560,560 1,609,400 Library 4,664 20,218 17,509 1,357 21,727
Public works 3,306,723 3,719,862 - 3,440,111 3,183,529
Operating grants and contributions
General government 1,357,568 5,687,759 3,598,715 526,716 79,204 Public safety 480,997 1,207,575 1,437,648 1,185,504 965,760 Community services 207,072 1,164,280 980,255 1,293,305 277,549 Library 292,023 191,135 151,432 126,460 123,107
Public works 5,211,402 3,835,593 3,746,971 3,369,880 3,065,878 Capital grants and contributions
General government - - - - -
Public safety - - 615,984 - 83,911
Community services 73,468 105,758 123,100 107,931 155,975 Library - - 10,875 - -
Public works 2,609,582 2,244,192 2,043,942 1,940,005 1,078,001 Total governmental activities program revenues 17,246,064 $ $ 17,784,655 $ 19,723,620 $ 14,344,841 $ 11,476,967 Business-type activities:

Charges for services:

Water $ 20,486,997 $ 20,193,134 $ 23,076,941 $ 24,422,013 $ 21,896,939 Transit - - - - -
La Fetra Rental - - - - -
Operating grants and contributions 30,856 364,241 - -
Total Business-type activities program revenues 20,517,853 $ $ 20,193,134 $ 23,441,182 $ 24,422,013 $ 21,896,939 Total primary governmental program revenues $ 37,763,917 $ 37,977,789 $ 43,164,802 $ 38,766,854 $ 33,373,906 Net (expense)/revenue:

Governmental activities $ (42,827,967) $ (29,975,123) $ 4,067,134 $ (32,614,405) $ (35,633,903) Business-type activities 1,159,225 3,423,206 7,121,601 6,933,516 5,486,827 Total primary government net expense $ (41,668,742) $ (26,551,917) $ 11,188,735 $ (25,680,889) $ (30,147,076) City of Glendora
Schedule 2
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
For the Fiscal Year Ended June 30
188
2024 2023 2022 2021 2020
General revenues and
other changes in net position:

Governmental activities
Taxes:

Property taxes $ 17,935,620 $ 16,361,584 $ 15,254,314 $ 15,108,885 $ 14,021,824 Franchise taxes 2,958,062 2,698,414 2,439,080 2,611,371 2,213,174 Sales taxes 19,039,035 19,504,203 16,596,110 10,258,606 8,895,761 Other taxes 205,637 946,813 3,809,791 8,477,913 6,754,417 Motor vehicle-in-lieu 64,856 53,820 59,542 38,188 41,252 Use of money and property 6,391,593 1,540,746 (2,956,848) 835,709 2,426,585 Miscellaneous 1,908,142 1,321,069 59,018 247,575 47,289 Gain (loss) on sale of capital asset - - - - -
Extraordinary Gain/(Loss) on dissolution of
redevelopment agency - - - - -
Transfers 233,079 103,850 38,264 36,646 34,988
Total governmental activities 48,736,024 42,530,499 35,299,271 37,614,893 34,435,290 Business-type activities:

Investment earnings (loss) 1,677,958 320,331 (2,012,487) 64,348 1,209,118 Interest expense - - - - -
Gain/(Loss) on sale of capital assets - - - - -
Miscellaneous - - - - -
Transfers (233,079) (103,850) (38,264) (36,646) (34,988) Total Business-type activities 1,444,879 216,481 (2,050,751) 27,702 1,174,130 Total Primary government 50,180,903 42,746,980 33,248,520 37,642,595 35,609,420 Change in net position:

Governmental activities 5,908,057 12,555,376 39,366,405 5,000,488 (1,198,613) Business-type activities 2,604,104 3,639,687 5,070,850 6,961,218 6,660,957 Total primary government $ 8,512,161 $ 16,195,063 $ 44,437,255 $ 11,961,706 $ 5,462,344 Source: City of Glendora Finance Division
City of Glendora
Schedule 2
Changes in Net Position (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
For the Fiscal Year Ended June 30
189
2019 2018 2017 2016 2015
Expenses:

Government activities:

General government $ 3,846,437 $ 3,561,244 $ 3,206,125 $ 2,777,923 $ 3,292,123 Public safety 19,982,668 18,914,850 17,981,945 15,104,625 15,875,629 Community services 7,149,670 7,494,693 5,938,690 5,340,456 5,258,738 Library 2,404,506 2,283,735 2,117,089 2,039,680 2,006,111 Public Works 8,015,177 8,052,948 7,394,070 7,612,105 7,087,686 Interest on long-term debt 134,211 173,515 214,084 257,487 267,476 Total governmental activities expenses $ 41,532,669 $ 40,480,985 $ 36,852,003 $ 33,132,276 $ 33,787,763 Business-type activities:

Water $ 15,806,731 $ 13,349,460 $ 12,581,983 $ 11,691,269 $ 13,354,950 Golf Course Fund - - - - -
Transit - - 1,878,580 1,234,849 969,822
La Fetra Rental - 54,161 39,066 25,969 30,876
Total business-type activities expenses $ 15,806,731 $ 13,403,621 $ 14,499,629 $ 12,952,087 14,355,648 Total primary government expenses $ 57,339,400 $ 53,884,606 $ 51,351,632 $ 46,084,363 $ 48,143,411 Program revenues:

Governmental activities:

Charges for services:

General government $ 569,552 $ 572,351 $ 466,178 $ 446,437 $ 430,823 Public safety 572,711 599,103 633,184 931,274 952,540
Community services 2,070,452 1,953,506 2,742,840 2,586,038 2,701,952 Library 35,300 39,741 41,280 43,188 43,690
Public works 3,034,657 2,910,694 3,235,083 3,509,766 3,330,194 Operating grants and contributions
General government 83,786 89,060 34,935 35,194 288,296
Public safety 1,815,627 884,662 1,935,370 1,657,596 2,298,400 Community services 586,356 665,185 172,558 199,207 36,780 Library 169,773 91,610 103,835 120,053 132,276
Public works 2,990,741 2,783,609 1,867,573 1,582,596 2,430,982 Capital grants and contributions
General government - - - - -
Public safety - - 110,288 - -
Community services 125,001 366,306 117,251 54,808 729,277 Library - - - - -
Public works 1,240,235 489,025 305,334 163,400 316,714
Total governmental activities program revenues $ 13,294,191 $ 11,444,852 $ 11,765,709 $ 11,329,557 $ 13,691,924 Business-type activities:

Charges for services:

Water $ 19,250,862 $ 20,783,257 $ 17,733,728 $ 15,409,998 $ 16,401,964 Transit - - 93,694 26,209 22,269
La Fetra Rental - 49,671 46,712 - -
Operating grants and contributions - - - - -
Total Business-type activities program revenues $ 19,250,862 $ 20,832,928 $ 17,874,134 $ 15,436,207 $ 16,424,233 Total primary governmental program revenues $ 32,545,053 $ 32,277,780 $ 29,639,843 $ 26,765,764 $ 30,116,157 Net (expense)/revenue:

Governmental activities $ (28,238,478) $ (29,036,133) $ (25,086,294) $ (21,802,719) $ (20,095,839) Business-type activities 3,444,131 7,429,307 3,374,505 2,484,120 2,068,585 Total primary government net expense $ (24,794,347) $ (21,606,826) $ (21,711,789) $ (19,318,599) $ (18,027,254) City of Glendora
Schedule 2
Changes in Net Position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
For the Fiscal Year Ended June 30
190
2019 2018 2017 2016 2015
General revenues and
other changes in net position:

Governmental activities
Taxes:

Property taxes $ 13,347,134 $ 12,574,759 $ 14,399,988 $ 10,848,494 $ 10,679,183 Franchise taxes 2,281,885 2,119,473 2,090,881 2,015,410 2,118,665 Sales taxes 9,030,480 8,955,740 8,368,272 7,742,916 8,538,095 Other taxes 857,629 850,995 1,131,227 634,507 1,084,233 Motor vehicle-in-lieu 25,298 27,692 23,457 20,764 21,650 Use of property and money 2,221,670 721,025 663,555 1,408,517 971,643 Miscellaneous 205,690 266,278 71,600 765,141 186,333
Gain on sale of capital asset 11,593 (9,013) 29,728 46,800 566,106 Extraordinary Gain/(Loss) on dissolution of
redevelopment agency - - - - -
Transfers 119,761 (90,267) (1,101,610) (1,224,614) (769,552) Total governmental activities 28,101,140 25,416,682 25,677,098 22,257,935 23,396,356 Business-type activities:

Investment earnings (loss) 1,060,941 (19,251) 22,253 441,323 172,449 Interest expense - - - - -
Gain/(Loss) on sale of capital assets - - 11,774 28,856 2,000 Miscellaneous - - - 462,418 247,084
Transfers (119,761) 90,267 1,419,169 1,224,614 769,552
Total Business-type activities 941,180 71,016 1,453,196 2,157,211 1,191,085 Total primary government 29,042,320 25,487,698 27,130,294 24,415,146 24,587,441 Change in net position:

Governmental activities (137,338) (3,619,451) 590,804 455,216 3,300,517 Business-type activities 4,385,311 7,500,323 4,827,701 4,641,331 3,259,670 Total primary government $ 4,247,973 $ 3,880,872 $ 5,418,505 $ 5,096,547 $ 6,560,187 Source: City of Glendora Finance Department
Changes in Net Position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
For the Fiscal Year Ended June 30
City of Glendora
Schedule 2
191
For the Fiscal Year Ended June 30
2024 2023 2022 2021 2020
General Fund:

Nonspendable $ 4,739,883 $ 5,158,251 $ 5,427,722 $ 5,960,266 $ 6,608,863 Restricted 5,300,674 3,225,496 116,392 116,393 -
Committed 16,868,751 15,624,371 14,309,802 14,153,601 12,994,957 Assigned 4,321,543 9,973,698 12,861,403 9,771,079 5,057,504 Unassigned 7,732,915 1,590,053 - - 562,917
Total General Fund $ 38,963,766 $ 35,571,869 $ 32,715,319 $ 30,001,339 $ 25,224,241 All Other governmental funds:

Special Revenue Funds
Nonspendable - $ - $ - $ - $ - $
Restricted 28,800,687 31,526,968 27,534,259 23,060,666 21,565,385 Committed 1,890,755 1,846,974 1,605,440 1,465,123 -
Assigned - - - - -
Unassigned (501,377) (210,559) (545,367) (310,412) (209,549) Total Special Revenue Funds $ 30,190,065 $ 33,163,383 $ 28,594,332 $ 24,215,377 $ 21,355,836 Capital Project Funds:

Nonspendable - $ - $ - $ - $ - $
Restricted - - - - 301,904
Committed - - - 14,603,802 9,044,151
Assigned 21,077,583 19,662,182 16,483,009 - -
Unassigned - - - - -
Total Capital Project Funds $ 21,077,583 $ 19,662,182 $ 16,483,009 $ 14,603,802 $ 9,346,055 Debt Service Funds:

Nonspendable $ - $ - $ - $ 52,618 $ 53,269
Restricted 53,962 52,606 52,329 - -
Committed - - - - -
Assigned - - - - -
Unassigned - - - - -
Total Debt Service Funds $ 53,962 $ 52,606 $ 52,329 $ 52,618 $ 53,269 Total All Other Governmental Funds 51,321,610 $ $ 52,878,171 $ 45,129,670 $ 38,871,797 $ 30,755,160 GRAND TOTAL - ALL FUND TYPES 90,285,376 $ $ 88,450,040 $ 77,844,989 $ 68,873,136 $ 55,979,401 Notes:

Committed fund balance fluctuates due to the City's policy of transferring excess unallocated fund balance from the prior year to the Capital Projects Fund. The City maintains a contingency reserve in the General Fund equal to 45% of the prior year's expenditures less any extraordinary items.

Source: City of Glendora Finance Division
City of Glendora
Schedule 3
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accouting)
192
2019 2018 2017 2016 2015
General Fund:

Nonspendable $ 6,500,553 $ 6,416,152 $ 6,339,892 $ 6,707,097 $ 6,684,716 Restricted - - - - -
Committed 12,813,800 11,981,471 11,980,707 11,058,005 10,701,873 Assigned 2,758,567 2,022,442 2,221,706 2,364,249 1,856,857 Unassigned - - - 1,543 -
Total General Fund $ 22,072,920 $ 20,420,065 $ 20,542,305 $ 20,130,894 $ 19,243,446 All Other Governmental Funds:

Special Revenue Funds
Nonspendable $ - $ - $ - $ - $ -
Restricted 19,905,476 18,758,726 17,949,040 9,064,643 9,040,134 Committed - - - - -
Assigned - - - 293,992 -
Unassigned (93,561) (78,261) (151,766) (70,473) (66,223) Total Special Revenue Funds $ 19,811,915 $ 18,680,465 $ 17,797,274 $ 9,288,162 $ 8,973,911 Capital Project Funds:

Nonspendable - $ - $ - $ - $ - $
Restricted 433,377 440,532 - - -
Committed - - - - -
Assigned 6,876,092 7,446,327 7,405,853 6,860,828 5,234,355 Unassigned - 1,874,662 - - -
Total Capital Project Funds $ 7,309,469 $ 7,886,859 $ 9,280,515 $ 6,860,828 $ 5,234,355 Debt Service Funds:

Nonspendable $ - $ - $ - $ - $ -
Restricted - - - - -
Committed - - - - -
Assigned - - - - -
Unassigned - - - - -
Total Debt Service Funds $ - $ - $ - $ - $ -
Total All Other Governmental Funds 27,121,384 $ $ 26,567,324 $ 27,077,789 $ 16,148,990 $ 14,208,266 GRAND TOTAL - ALL FUND TYPES 49,194,304 $ $ 46,987,389 $ 47,620,094 $ 36,279,884 $ 33,451,712 Notes:

Committed fund balance fluctuates due to the City's policy of transferring excess unallocated fund balance from the prior year to the Capital Projects Fund. The City maintains a contingency reserve in the General Fund equal to 45% of the prior year's expenditures less any extraordinary items.

Source: City of Glendora Finance Division
For the Fiscal Year ended June 30
City of Glendora
Schedule 3
Fund Balances of Governmental Funds (Continued)
Last Ten Fiscal Years
(modified accrual basis of accouting)
193
2024 2023 2022 2021 2020
Revenues:

Taxes $ 40,854,485 $ 40,831,699 $ 39,316,172 $ 37,611,710 $ 32,959,699 Licenses, Fees and Permits 1,431,935 2,010,338 1,846,770 1,824,644 1,583,745 Intergovernmental 12,933,145 15,606,041 12,735,756 8,811,239 6,379,365 Charges for Services 3,099,015 2,580,617 2,334,356 1,769,622 1,809,397 Use of Money and Property 6,391,595 1,661,404 (2,760,159) 970,299 2,599,041 Fines and Forfeitures 352,115 266,404 311,747 269,946 281,788 Contributions - 166,580 126,224 100,822 111,450
Miscellaneous 342,160 1,465,698 180,764 406,527 178,011 Total Revenues 65,404,450 64,588,781 54,091,630 51,764,809 45,902,496 Expenditures:

Current:

General Government 3,949,242 5,374,002 3,461,039 3,070,814 6,243,444 Public Safety 20,479,504 22,037,015 18,172,411 16,817,629 53,110,813 Community Services 5,324,460 4,739,685 4,291,438 4,242,274 6,504,148 Library 2,068,704 2,466,816 2,145,727 1,992,476 4,367,952 Public Works 12,075,931 10,478,748 10,401,912 8,037,972 14,855,000 Capital Outlay 6,938,071 13,834,234 2,238,745 1,897,519 2,105,262 Debt Service
Principal 2,244,436 2,200,638 2,079,171 2,091,032 2,211,619 Interest 1,232,052 1,273,325 1,311,575 1,368,783 1,663,484 Pass-through Agreement Pmts. - - - - -
Total Expenditures 63,164,186 53,552,677 44,102,018 39,518,499 91,061,722 Excess of Revenues
Over (Under) Expenditures 2,240,264 11,036,104 9,989,612 12,246,310 (45,159,226) Other Financing
Sources (Uses):

Refunding Bonds Issued - - - - -
Bond Discount - - - - -
Legal Settlement - - - - -
Long Term Debt Issued - - - 52,944,607 -
Contributions to Successor Agency - - - - -
Transfers In 7,097,235 20,011,108 6,468,487 12,576,665 57,798,707 Transfers Out (7,814,742) (20,442,160) (7,486,246) (14,947,503) (58,798,991) Proceeds from sale of land held for resale - - - - -
Total Other Financing
Sources (Uses) (717,507) (431,052) (1,017,759) (2,370,838) 51,944,323 Extraordinary gain/loss on dissolution
of redevelopment agency - - - - -
Net Change in Fund Balances $ 1,522,757 $ 10,605,052 $ 8,971,853 $ 9,875,472 $ 6,785,097 Debt Service as a Percentage of
Non-Capital Expenditures 7.1% 7.3% 8.1% 9.2% 4.4%
Source: City of Glendora Finance Department
City of Glendora
Schedule 4
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
For the Fiscal Year Ended June 30
194
2019 2018 2017 2016 2015
Revenues:

Taxes $ 26,123,016 $ 25,329,122 $ 26,436,812 $ 23,042,659 $ 21,943,965 Licenses, Fees and Permits 1,499,759 1,445,308 1,654,897 1,859,085 1,542,685 Intergovernmental 7,981,769 6,113,910 6,100,974 6,672,276 10,413,254 Fines and Forfeitures 2,246,014 2,269,061 2,110,926 2,394,498 2,494,750 Charges for Services 2,430,809 902,218 1,851,491 1,327,568 941,140 Use of Property and Money 390,042 346,940 466,809 588,138 607,617 Contributions 168,857 48,824 52,135 94,742 252,983
Other Revenues 518,050 389,258 247,597 242,824 266,405
Total Revenues 41,315,214 36,887,743 38,921,641 36,221,790 38,462,799 Expenditures:

Current:

General Government 3,407,120 3,119,432 3,007,924 2,691,357 2,958,579 Public Safety 16,608,693 17,014,925 15,845,722 14,961,779 14,297,422 Community Services 5,889,751 6,255,179 4,942,725 4,337,556 4,545,402 Library 2,036,082 2,114,061 2,037,883 1,898,419 1,866,177 Public Works 4,926,996 5,056,377 5,029,508 4,950,297 4,714,197 Capital Outlay 3,595,792 4,551,363 3,879,233 1,793,205 3,040,674 Debt Service
Principal 726,896 661,934 597,280 532,916 247,223
Interest 137,891 176,902 217,200 260,324 507,508
Pass-through Agreement Pmts. - - - - -
Total Expenditures 38,769,003 37,510,391 35,557,475 31,425,853 32,177,182 Excess of Revenues
Over (Under) Expenditures 2,546,211 (622,648) 3,364,166 4,795,937 6,285,617 Other Financing
Sources (Uses):

Refunding Bonds Issued - - - - -
Bond Discount - - - - -
Legal Settlement - - - - -
Long Term Debt Issued - - - - -
Contributions to Successor Agency - - - - -
Transfers In 1,729,021 2,134,667 2,886,824 2,098,208 3,444,674 Transfers Out (2,089,287) (2,144,724) (4,073,299) (4,065,973) (4,883,306) Proceeds from sale of land held for resale - - - - 575,739 Total Other Financing
Sources (Uses) (360,266) (10,057) (1,186,475) (1,967,765) (862,893) Extraordinary gain/loss on dissolution
of redevelopment agency - - - - -
Net Change in Fund Balances 2,185,945 $ (632,705) $ 2,177,691 $ 2,828,172 $ 5,422,724 $ Debt Service as a Percentage of
Non-Capital Expenditures 2.5% 2.5% 2.6% 2.7% 2.6%
Notes:

In 2006-07, the City used bond monies and built a Sports Park and infrastructure for a major retail center.

Source: City of Glendora Finance Division
For the Fiscal Year Ended June 30
City of Glendora
Schedule 4
Changes in Fund Balances of Governmental Funds (Continued) Last Ten Fiscal Years
(modified accrual basis of accounting)
195
2023 2022 2021 2020 2019
Apparel Stores $ 24,130 $ 22,544 $ 23,169 $ 16,219 $ 22,318 General Merchandise 151,678 158,659 139,814 127,280 142,189 Food Stores 24,843 24,675 24,252 26,032 21,920
Eating and Drinking Places 136,998 132,269 122,382 92,390 104,902 Auto Dealers and Supplies 203,369 215,103 217,513 183,428 192,631 Service Stations 62,746 73,621 59,138 38,404 56,024
Other Retail Stores 212,860 221,497 226,288 193,170 198,351 All Other Outlets 252,782 241,574 252,964 240,605 184,087 Total $ 1,069,406 $ 1,089,942 $ 1,065,520 $ 917,528 $ 922,422 Notes:

Due to confidentiality issues, the names of the ten largest revenue payers are not available. The categories presented are intended to provide alternative information regarding the sources of the City's revenue.

Building materials data was not provided beginning 2014.

Sources: State of California Board of Equalization and The HdL Companies City of Glendora
Schedule 5
Taxable Sales by Category
Last Ten Calendar Years
(in Thousand of Dollars)
For the Calendar Year Ended June 30
196
2018 2017 2016 2015 2014
Apparel Stores $ 21,859 $ 18,119 $ 12,444 $ 12,412 $ 12,175 General Merchandise 137,580 129,584 124,555 123,189 126,419 Food Stores 21,343 19,701 19,968 23,270 22,606
Eating and Drinking Places 105,136 96,379 91,854 90,090 85,345 Auto Dealers and Supplies 204,830 201,792 193,008 184,031 181,170 Service Stations 50,407 41,595 39,800 44,253 53,024
Other Retail Stores 196,737 194,076 192,020 190,322 179,912 All Other Outlets 170,428 171,499 162,775 146,742 145,089 Total 908,320 $ 872,745 $ 836,424 $ 814,309 $ 805,740 $ Notes:

Due to confidentiality issues, the names of the ten largest revenue payers are not available. The categories presented are intended to provide alternative information regarding the sources of the City's revenue.

Building materials data was not provided beginning 2014.

Sources: State of California Board of Equalization and The HdL Companies For the Calendar Year Ended June 30
City of Glendora
Schedule 5
Taxable Sales by Category (Continued)
Last Ten Calendar Years
(in Thousand of Dollars)
197
2015 10,679,183 8,538,095 137,245 2,118,665 444,110 502,878 22,420,177 2016 11,231,907 8,582,558 149,422 2,015,409 428,855 634,507 23,042,659 2017 14,399,988 8,368,272 137,647 2,090,881 391,801 601,779 25,990,368 2018 12,574,759 8,955,740 142,169 2,119,473 409,943 298,883 24,500,967 2019 13,347,134 9,030,480 165,960 2,281,885 426,302 265,367 25,517,128 2020 14,021,824 8,895,761 161,499 2,213,174 378,614 6,214,304 31,885,176 2021 15,108,885 10,258,606 134,426 2,611,371 381,838 7,961,649 36,456,775 2022 15,254,314 16,596,110 175,236 2,439,080 427,868 3,206,687 38,099,295 2023 16,361,584 19,504,203 201,934 2,698,414 410,556 334,323 39,511,014 2024 17,935,620 19,039,035 205,637 2,958,062 - - 40,138,354 Change:
2015-2024 67.9% 123.0% 49.8% 39.6% -100.0% -100.0% 79.0% Notes:

Property tax increased due to a change in the property tax allocation related to the backfill of the Motor Vehicle In-Lieu (MVLF) tax. Voters agreed to replace the 1.35% reduction in the MVLF with property tax which, after the first year allocation, grows with increases in assessed valuation.

Source: City of Glendora Finance Division
Fiscal Year Transient
Occupancy Business Licenses
City of Glendora
Schedule 6
Tax Revenue by Source Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Property Sales & Use Franchise Other Total
198
Tax Remitters for Fiscal Year 2024 Tax Remitter for Fiscal Year 2013 76 76
Albertsons Alosta Shell
Arco AM PM Arco
Barnes and Noble Arco AM PM
Best Buy Barnes & Noble
Cardinaleway Hyundai of Glendora Bed Bath & Beyond
Chevrolet of Glendora Best Buy
Chick Fil A BevMo
Colley Ford Circle K 76
Fuel Zone Colley Ford
Glendora Arco Glendora Arco
Glendora Chrysler Jeep Dodge Glendora Chevrolet
Glendora Route 66 Arco Glendora Chrysler Dodge Jeep
Home Depot Glendora Hyundai
Home Goods Home Depot
In N Out Burger Home Goods
Kohls In N Out Burger
Marshalls Kohls
PetSmart PetSmart
Raising Cane's Sam's Club w/fuel
Sam's Club w/Fuel Sport Chalet
Toyota of Glendora Toyota of Glendora
Ulta Beauty Verizon Wireless
Vons Vons
Walmart Walmart
Percent of Fiscal Year Total Paid by Percent of Fiscal Year Total Paid by Top 25 Accounts: 61.76% Top 25 Accounts: 64.64%
Notes:

Firms Listed Alphabetically
Sources: State Board of Equalization, California Department of Taxes and Fee Administration, State Controller's Office, The HdL Companies City of Glendora
Schedule 7
Principal Sales Tax Remitters
Current Year and Nine Years Ago
199
2015 5,976,834 (13,390) 5,963,444 0.100380
2016 6,339,177 (15,385) 6,323,792 0.101720
2017 6,648,515 (12,146) 6,636,369 0.101040
2018 7,094,599 (12,292) 7,082,307 0.098740
2019 7,547,382 (12,292) 7,535,090 0.092260
2020 8,012,087 (13,247) 7,998,840 0.101370
2021 8,298,904 (12,359) 8,286,545 0.101340
2022 8,588,631 (11,855) 8,576,776 0.101300
2023 9,127,280 (11,214) 9,116,066 0.101210
2024 9,625,830 (15,769) 9,610,061 0.101200
Notes:

Exempt values are not included in Total.

Source: LA County Assessor
In 1978, the voters of the State of California passed proposition 13 which limited taxes to a total maximum rate of 1%, based upon the assessed value of the property being taxed. Each year, the assessed value of the property may be increased by an "inflation factor" (limited to a maximum of 2%).

With few exceptions, property is only reassessed as a result of new construction activity or at the time it is sold to a new owner. At that point, the property is reassessed based upon the added value of the construction or at the purchase price (market value) or economic value of the property sold.

City of Glendora
Schedule 8
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
(in thousands of dollars)
Fiscal Year
Ended June 30
Property
Value
Less: TaxExempt
Property
Total Taxable
Assessed Value
Total Direct
Tax Rate
200
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201
2015 0.09817 1.00000 0.10038 0.00000 0.02327 0.00000 0.07464 2016 0.09817 1.00000 0.10172 0.00000 0.01641 0.00000 0.06567 2017 0.09817 1.00000 0.10104 0.00000 0.02406 0.00000 0.06816 2018 0.09817 1.00000 0.09874 0.00000 0.02229 0.00000 0.06543 2019 0.09817 1.00000 0.09226 0.00000 0.02238 0.00000 0.06870 2020 0.09817 1.00000 0.10137 0.00000 0.02172 0.00000 0.06231 2021 0.09817 1.00000 0.10134 0.00000 0.02157 0.00000 0.06769 2022 0.09817 1.00000 0.10130 0.00000 0.04832 0.00000 0.06984 2023 0.09817 1.00000 0.10121 0.00000 0.04515 0.00000 0.06816 2024 0.09817 1.00000 0.10120 0.00000 0.04400 0.00000 0.06835 Notes:

Source: LA County Assessor
City of Glendora
Schedule 9
4 Total Direct Rate is the weighted average of all individual direct rates applied by the City/Agency preparing the statistical section information.
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. ERAF general fund tax shifts may not be included in tax ratios figures.

Fiscal Year
Ended June
30 Basic County,
City, School
Levy1
Los Angeles
County Flood
Control
Citrus
Community
College
City3 Total Direct
Rate
Detention
Facilities 1987
Debt
Glendora
Unified School
District
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 addition, to the 1.00% fixed amount, property owners ware 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 to all city property owners.

Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
202
2015 0.00350 0.04468 0.09260 0.11803 0.11426 0.02129 1.49227 2016 0.00350 0.11479 0.08489 0.10039 0.11062 0.02154 1.51781 2017 0.00350 0.10430 0.08513 0.08605 0.12581 0.02400 1.52101 2018 0.00350 0.10591 0.08147 0.09511 0.14205 0.02371 1.53947 2019 0.00350 0.09806 0.07915 0.08891 0.13976 0.02435 1.52481 2020 0.00350 0.11416 0.07871 0.08745 0.13521 0.04781 1.55087 2021 0.00350 0.10817 0.06554 0.08082 0.12658 0.04459 1.51846 2022 0.00350 0.09328 0.06917 0.08061 0.12995 0.04608 1.54075 2023 0.00350 0.10221 0.06954 0.07578 0.12612 0.04267 1.53313 2024 0.00350 0.09438 0.06966 0.07093 0.12325 0.03806 1.51213 Notes:

Source: LA County Assessor
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. ERAF general fund tax shifts may not be included in tax ratios figures. 4 Total Direct Rate is the weighted average of all individual direct rates applied by the City/Agency preparing the statistical section information.

Three Valley
MWD District
Total Direct &
Overlapping
Tax Rate4
Fiscal Year
Ended June
30 Azusa
Unified
School
District
Bonita Unified
School District
Charter Oak
Unified School
District
Covina Valley
Unified School
District
Mt. Sac
Antonio
College
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 addition, to the 1.00% fixed amount, property owners ware 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 to all city property owners.

City of Glendora
Schedule 9
Direct and Overlapping Property Tax Rates (Continued)
Last Ten Fiscal Years
203
1301 East Gladstone Street Investment 132,064 $ 1 1.37423% 75,187 $ 1 1.26080% Avalon Glendora LP 97,870 2 1.01841% 16,284 6 0.27306%
Sams Real Estate Business
Trust/Walmart 3 0.55913% 36,244 53,733 2 0.60777%
655 South Grand Avenue Owner LLC 37,419 4 0.38937% - 0.00000% Minifam, LLC 29,851 5 0.31062% - 0.00000%
Delware Glendora California
Apartments 6 0.29610% - 28,455 0.00000%
Grand LLC 22,364 7 0.23271% 16,399 5 0.27499%
CHLB LLC 21,090 8 0.21946% - 0.00000%
Glendora Lone Hill Self Storage 21,051 9 0.21905% - 0.00000% RJS Financial 20,854 10 0.21700% - 0.00000%
Glendora Housing Investors LP - 0.00000% 24,067 3 0.40358% Foothill Hospital - 0.00000% 23,495 4 0.39398%
ORMCO Corporation - 0.00000% 15,873 7 0.26617%
Home Depot Dev of Maryland INC - 0.00000% 15,549 8 0.26074% Heng AN LLC - 0.00000% 15,150 9 0.25405%
ROIC California LLC - 0.00000% 14,943 10 0.25058%
Total 464,751 $ 4.83609% 253,191 $ 4.24572%
Sources: HdL Coren & Cone, L. A. County Assessor 2022/23 and 2013/14 Combined Tax Rolls Taxable
Assessed
Value
Rank
Percentage of
Total City
Taxable
Assessed Value
Taxable
Assessed
Value
City of Glendora
Schedule 10
Principal Property Tax Payers
Current Year and Nine Years Ago
(in thousands of dollars)
Rank
Percentage of
Total City
Taxable
Assessed Value
Taxpayer
2024 2015
204
2014 4,855,645 4,704,273 96.88% 4,704,273 - 96.88%
2015 5,365,093 4,992,689 93.06% 4,992,689 - 93.06%
2016 6,184,415 5,874,387 94.99% 5,874,387 - 94.99%
2017 6,777,944 6,409,890 94.57% 6,409,890 - 94.57%
2018 7,560,696 7,524,813 99.53% 7,524,813 - 99.53%
2019 7,843,174 7,671,419 97.81% 7,671,419 - 97.81%
2020 8,591,760 7,899,030 91.94% 7,899,030 - 91.94%
2021 8,799,391 8,198,191 93.17% 8,198,191 - 93.17%
2022 9,488,454 8,829,069 93.05% 8,829,069 - 93.05%
2023 9,833,072 9,455,751 96.16% 9,455,751 - 96.16%
2024 10,379,615 9,401,919 90.58% 9,401,919 - 90.58%
Notes:
*Property tax remittances have not yet been received from the County of Los Angeles which indicate prior year collection.

Source: City of Glendora Finance Division
Amount Percentage of
Levy
Collections of
Subsequent
Years*
Amount
City of Glendora
Schedule 11
Property Tax Levies and Collections
Last Ten Fiscal Years
Percentage of
Levy
Collected within the Fiscal Year
of the Levy Total Collections to Date
Fiscal
Year
Taxes Levied for
the Fiscal Year
205
Fiscal
Year
Redevelopment
Agency Debt
General
Obligation
Debt
Capital
Lease
General
Obligation
Debt
Water
Bonds
Total Primary
Government
Percentage of
Personal
Income
Per
Capita
2015 - 3,875 952 - 29,648 34,475 2.1704% 671.86
2016 - 3,385 909 - 24,558 28,852 1.7680% 551.01
2017 - 2,835 862 - 23,151 26,848 1.6067% 510.33
2018 - 2,225 810 - 21,834 24,869 1.4276% 471.87
2019 - 1,555 753 - 20,486 22,794 1.1863% 437.32
2020 - 54,992 691 8,528 27,617 91,828 4.5002% 1,763.61
2021 52,907 - 623 8,328 17,634 79,492 3.6895% 1,542.30
2022 50,799 - 550 7,996 16,139 75,484 3.4771% 1,456.60
2023 48,569 - 469 7,645 14,574 71,257 3.1398% 1,392.83
2024 46,301 - 288 7,288 12,952 66,829 2.8012% 1,305.01
Notes:
1 The former Redevelopment Community Agency debt was transferred to the Successor Agency during the year ended June 30, 2012.

The City has not issued Sales Tax Increment, Lease Revenue, or Special Assessment Bonds.

Source: City of Glendora Finance Division
Government Activities
City of Glendora
Schedule 12
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(in thousands of dollars)
Business-type Activities
206
Fiscal Year
General
Obligation
Bonds
Redevelopment
Agency Bonds Total
Percentage of Actual
Taxable Valuea
of
Property
Per Capitab
2008
2015 3,875 - 3,875 0.06% 76
2016 3,385 - 3,385 0.05% 65
2017 2,835 - 2,835 0.04% 54
2018 2,225 - 2,225 0.03% 42
2019 1,555 - 1,555 0.02% 30
2020 63,520 1 63,520 - 0.79% 1,220
2021 61,235 - 61,235 0.74% 1,188
2022 58,795 - 58,795 0.69% 1,135
2023 56,214 - 56,214 0.62% 1,099
2024 53,589 - 53,589 0.56% 1,046
Notes:
1 The City of Glendora issued Pension Obligation Bonds to pay down the City's actuarial accrued liability. a See Schedule 8 for property value data.
b See Schedule 17 for population data
Source: City of Glendora Finance Division
City of Glendora
Schedule 13
Ratios of Bonded Debt Outstanding
Last Ten Fiscal Years
(in thousands of dollars, except per capita)
207
Debt repaid with Property Taxes
Metropolitan Water District $18,210 0.248% 45
Citrus Community College District 115,880 20.15% 23,353 Mount San Antonio Community College District 867,726 1.65% 14,317 Azusa Unified School District 128,281 2.77% 3,547
Bonita Unified School District 107,349 3.21% 3,449
Charter Oak Unified School District 56,980 29.85% 17,007 Covina Valley Unified School District 176,918 0.76% 1,348 Glendora Unified School District 31,665 96.43% 30,536
Sub Total Overlapping Debt 93,602
City Direct Debt 53,877
Total Direct and Overlapping Debt $ 147,479
Sources: L.A. County Assessor and Auditor
City Direct Debt includes only general obligation bonded debt; pension and OPEB related liabilities are excluded for this calculation.

Notes: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This schedule estimates the City of Glendora
Schedule 14
Direct and Overlapping Governmental Activities Debt
(in thousands of dollars)
Governmental Unit Debt Outstanding Estimated Share of
Overlapping Debt
Estimated
Percentage
Applicable
208
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209
2024 2023 2022 2021 2020
Assessed valuation 9,610,061 9,116,066 8,576,776 8,286,545 7,998,840 Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed value 2,402,515 2,279,017 2,144,194 2,071,636 1,999,710 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 360,377 341,852 321,629 310,745 299,957
Total net debt applicable to limit:

Pension Obligation Bonds 53,590 56,214 58,795 61,235 63,520 Legal debt margin 306,787 285,638 262,834 249,510 236,437 Total debt applicable to the limit as a 14.87% 16.44% 18.28% 19.71% 21.18% percentage of debt limit
Notes:

The government code of the State of California provides for a legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of the market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level 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.

City of Glendora
Schedule 15
Legal Debt Margin Information
Last Ten Fiscal Years
(in thousands of dollars)
Fiscal Year
Source: City of Glendora Finance Division
210
2019 2018 2017 2016 2015
Assessed valuation 7,535,090 7,082,307 6,636,369 6,323,792 5,963,444 Conversion percentage 25% 25% 25% 25% 25%
Adjusted assessed value 1,883,773 1,770,577 1,659,092 1,580,948 1,490,861 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 282,566 265,587 248,864 237,142 223,629
Total net debt applicable to limit:

Pension Obligation Bonds 1,555 2,225 2,835 3,385 3,875
Legal debt margin 281,011 263,362 246,029 233,757 219,754 Total debt applicable to the limit as a 0.55% 0.84% 1.14% 1.43% 1.73% percentage of debt limit
Notes:

Source: City of Glendora Finance Division
The government code of the State of California provides for a legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of the market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level 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
City of Glendora
Schedule 15
Legal Debt Margin Information (Continued)
Last Ten Fiscal Years
(in thousands of dollars)
211
Principal Interest
2015 16,649 12,272 4,377 1,090 1,017 2.08
2016 14,746 10,436 4,310 1,105 940 2.11
2017 17,734 11,476 6,258 1,245 796 3.07
2018 20,783 12,536 8,247 1,155 743 4.35
2019 19,250 14,936 4,314 1,185 696 2.29
2020 21,896 14,580 7,316 1,468 911 3.08
2021 24,422 16,571 7,851 1,495 911 3.26
2022 23,077 15,658 7,419 1,340 636 3.75
2023 20,184 16,395 3,789 1,395 795 1.73
2024 20,480 18,601 1,879 1,460 626 0.90
Principal Interest
2015 - - - -
2016 - - - -
2017 - - - -
2018 -
2019 - - - -
2020 - - - -
2021 - - - -
2022 - - - -
2023 - - - -
2024 - - - -
Source: City of Glendora Finance Division
Coverage
City of Glendora
Schedule 16
Pledged Revenue Coverage
Last Ten Fiscal Years
(in thousands of dollars)
Water Revenue Bonds
Fiscal Year Debt Service
Debt Service
Redevelopment Agency
Tax Coverage
Fiscal Year Utility Service
Charges
Less: Operating
Expenses
Net Available
Revenue
212
Year Population
Personal Income
(thousands of
dollars)
Per Capita
Personal
Income
Unemployment
Rate
2014 51,313 1,588,445 30,956 7.0%
2015 52,362 1,631,915 31,166 5.7%
2016 52,608 1,671,012 31,763 4.5%
2017 52,703 1,742,000 33,053 5.3%
2018 52,122 1,921,444 36,864 4.3%
2019 52,067 2,040,552 39,190 3.9%
2020 51,540 2,154,527 41,802 10.5%
2021 51,821 2,170,876 41,891 7.5%
2022 51,159 2,269,446 44,360 4.3%
2023 51,209 2,385,755 46,588 4.2%
Sources:

Population: California State Department of Finance
Unemployment data: California Employment Development Department City of Glendora
Schedule 17
Demographic and Economic Statistics
Last Ten Fiscal Years
(in thousands of dollars)
213
Citrus Community College District 1 734 3.07% 744 1 3.01% Glendora Unified School District 2 734 3.07% 689 2 2.79% Emanate Health Foothill Presbyterian
Hospital 3 2.47% 582 590 3 2.36%
County of Los Angeles - DCFS 4 558 2.33% 565 4 2.29%
Walmart 5 379 1.59% 281 8 1.14%
Glendora Grand 6 314 1.31% N/A N/A
Glendora Community Hospital 7 306 1.28% N/A N/A
City of Glendora 8 308 1.29% 191 10 0.77%
Home Depot 9 185 0.77% N/A N/A
Sam's Club 10 183 0.77% 200 9 0.81%
Huntington East Valley N/A 7 295 1.19%
Ormco Corporation N/A 6 352 1.42%
Integrated Nursing & Rehab CA N/A 5 363 1.47%
Total 4,291 17.95% 4,262 17.25%
Notes:

Source: City of Glendora Finance Division and Employment Development Department City of Glendora
Schedule 18
Principal Employers
Current Year and Nine Years Ago
Percentage of
Total City
Employment
2023 2014
Employer Employees Rank Employees Rank
Percentage of
Total City
Employment
214
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215
2024 2023 2022 2021 2020
Function/Program
General Government
Administrative Services* 28 18 16 19 18
City Manager 4 3 3 32
City Clerk 10 11 10 12 11
Public Safety
Officers 63 62 48 52 52
Civilians 40 34 42 41 34
Community Services
Administration 5 8 5 44
Human Services 11 11 13 10 10
Recreation 40 12 14 25 19
Public Works
Administration 4 4 4 42
Parks 2 7 7 9 9
Engineering 6 7 7 66
Maintenance 17 10 10 11 11
Water 35 28 28 28 21
Community Development**
Building and Safety 4 5 5 54
Economic Development 2 1 1 1 1
Planning 6 6 6 75
Transportation 2 2 2 2 2
Library 29 20 24 26 23
Total 308 249 245 265 234
Notes:
*Human Resources, Finance and IT were consolidated into Administrative Services in FY2024 **Community Development was created based on a reorganization of city divisions between Community Services and Public Works Source: City of Glendora Personnel Department
For the Fiscal Year ended June 30
City of Glendora
Schedule 19
Full-Time Equivalent City Employees by Function/Program Last Ten Fiscal Years
216
2019 2018 2017 2016 2015
Function/Program
General Government
Administrative Services* 19 18 19 19 19
City Manager 22 2 22
City Clerk 4 4 4 4 5
Public Safety
Officers 54 47 52 53 52
Civilians 42 40 48 40 41
Community Services
Administration 54 4 33
Human Services 6 6 6 6 6
Recreation 13 12 12 12 12
Public Works
Administration 33 3 35
Parks 13 12 12 12 11
Engineering 88 8 87
Maintenance 12 15 15 15 14
Water 26 26 25 25 25
Community Development**
Building and Safety 55 5 56
Economic Development 1 1 1 1 1
Planning 7 7 7 7 7
Transportation 2 7 7 7 7
Library 21 22 22 22 22
243 239 251 244 244
Notes:
*Human Resources and Finance were consolidated into Administrative Services in FY2020 **Community Development was created based on a reorganization of city divisions between Community Services and Public Works Source: City of Glendora Personnel Department
For the Fiscal Year Ended June 30
City of Glendora
Schedule 19
Full-Time Equivalent City Employees by Function/Program (Continued) Last Ten Fiscal Years
217
2024 2023 2022 2021 2020
Function/Program
Police
Stations 11 1 1 1
Patrol Units 17 17 16 16 16
Fire Stations* 44 444
Public Works
Streets (miles) 163.4 163.4 163 163 155
Streetlights 107 107 107 107 107
Traffic Signals 53 53 53 52 52
Parks and Recreation
Acreage 1025.25 1025.25 1,025.25 1,025.25 1,025.25
Playgrounds 88 888
Baseball/Softball Diamonds 88 888
Soccer/Football Fields 22 222
Community Centers 66 666
Water
Water Mains (miles) 227 227 227 227 227
Fire Hydrants 1,777 1,777 1,777 1,777 1,777
Storage Capacity (thousands of gallons) 34,615 34,615 34,615 34,615 34,615 Wastewater
Sanitary Sewers (miles) 143 143 143 143 143
Storm (miles) 14.0 14.0 14.0 14.0 14.0
Treatment Capacity (thousands of gallons)** 11,000 11,000 11,000 11,000 11,000 Transit - Minibuses and Minivans 99 10 10 9
Notes:
*Fire Stations are located within City Limits; services are provided by the County of Los Angeles. **Sewer services are provided by the County of Los Angeles.

Sources: Various City Departments
For the Fiscal Year Ended June 30
City of Glendora
Schedule 20
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
218
2019 2018 2017 2016 2015
Function/Program
Police
Stations 1 1 1 1 1
Patrol Units 16 16 16 15 15
Fire Stations* 44444
Public Works
Streets (miles) 153 153 153 153 147
Streetlights 107 107 107 108 107
Traffic Signals 52 52 52 52 52
Parks and Recreation
Acreage 1,025.25 1,025.25 1,025.25 1,023.25 1,023.25
Playgrounds 88899
Baseball/Softball Diamonds 88888
Soccer/Football Fields 22222
Community Centers 66655
Water
Water Mains (miles) 227 227 224 224 224
Fire Hydrants 1,777 1,775 1,775 1,775 1,775
Storage Capacity (thousands of gallons) 34,615 34,440 35,440 35,440 35,440 Wastewater
Sanitary Sewers (miles) 143 143 143 143 143
Storm (miles) 14.0 14.0 14.0 4.0 3.3
Treatment Capacity (thousands of gallons)** 11,000 11,000 11,000 11,000 11,000 Transit - Minibuses and Minivans 10 10 10 10 10
Notes:
*Fire Stations are located within City Limits; services are provided by the County of Los Angeles. **Sewer services are provided by the County of Los Angeles.

Sources: Various City Departments
For the Fiscal Year Ended June 30
City of Glendora
Schedule 20
Capital Asset Statistics by Function/Program (Continued) Last Ten Fiscal Years
219
2024 2023 2022 2021 2020
Police
Respond to Code Violations within 48 hours 100% 100% 100% 100% 100% Number of calls for service received 20,588 20,399 21,985 21,386 22,664 Response time to emergency calls 4:48 4:32 4:33 4:28 4:42 Community Development
Average days to review building plan check submittal 15.37 11.74 12.94 15.24 10.68 Public Works
Average turnaround time of plan review 20.15 20.95 16.37 13.91 12.3 Percentage of grants applied and received 100% 100% 100% 100% 0% Complete an average of 130 back flow tests annually 131 131 132 148 150 Library
Total annual circulation (items checked out)2 173,627 188,339 187,108 106,644 197,451 Total attendance at all Library programs2 36,022 31,127 17,374 12,217 30,358 Customer success finding material when browsing3 N/A N/A N/A N/A N/A Attendance at Library meeting room events2 17,070 18,474 10,675 10,980 25,712 Total WI-Fi Users1 1,614,620 1,330,250 1,807,058 439,474 423,826 Community Services
Participants registering for recreational classes2 13,982.00 14,844.00 12,816 8,391 6,743 Participants in the 20 Citywide special events2 35,400.00 32,250.00 33,550 13,655 16,300 Notes:
1 Library implemented tracking of total Wi-Fi users in fiscal year 2016-2017. 2 Operating indicator impacted by COVID-19 pandemic during 2020. 3 Operating indicator is no longer used as a performance measurement.

Source: City of Glendora Finance Department
Fiscal Year
City of Glendora
Schedule 21
Performance Indicators
Last Ten Fiscal Years
220
2019 2018 2017 2016 2015
Police
Respond to Code Violations within 48 hours 100% 100% 100% 99% 100% Number of calls for service received 23,162 23,109 22,187 19,296 17,904 Response time to emergency calls 3:48 3:49 3:41 3:53 3:49 Planning
Average days to review building plan check submittal 9.74 11.36 8.78 8.4 12.23 Public Works
Average turnaround time of plan review 9 10.84 10.78 8.49 11.55 Percentage of grants applied and received 0% 0% 0% 0% 0% Complete an average of 130 back flow tests annually 150 146 146 142 151 Library
Total annual circulation (items checked out) 269,404 289,704 302,895 325,802 333,633 Total attendance at all Library programs 47,763 48,869 42,803 35,852 32,897 Customer success finding material when browsing N/A 92% 95% 92% 93% Attendance at Library meeting room events 36,460 34,330 34,142 35,390 31,870 Total WI-Fi Users1 366,207 50,965 67,770 N/A N/A
Community Services
Participants registering for recreational classes 10,000 15,678 15,989 14,880 12,900 Participants in the 20 Citywide special events 24,800 25,300 25,750 25,500 25,100 Notes:
1 Library implemented tracking of total Wi-Fi users in fiscal year 2016-2017. 2 Operating Indicator impacted by COVID-19 pandemic during 2020.

Source: City of Glendora Finance Department
Fiscal Year
City of Glendora
Schedule 21
Performance Indicators (Continued)
Last Ten Fiscal Years
221
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222

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2024

FINANCE DEPARTMENT

CITY COUNCIL
SEPTEMBER 9, 2025

KYLE JOHNSON, FINANCE DIRECTOR

ACFR STRUCTURE AND AUDITOR

COMMUNICATIONS

ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR)
• LETTER OF TRANSMITTAL
• INDEPENDENT AUDITOR’S REPORT
• MANAGEMENT’S DISCUSSION AND ANALYSIS
• BASIC FINANCIAL STATEMENTS
• SUPPLEMENTAL INFORMATION
• STATISTICAL SECTION
AUDIT – KEY TAKEAWAYS
• SNAPSHOT AS OF SPECIFIC DATE JUNE 30, 2024
• REVIEW OF THE CITY’S PROCEDURES, POLICIES,

INTERNAL CONTROLS AND RECORDS
• REQUIRED BY BOND ISSUERS, STATE STATUTE AND

CITY POLICY
• AUDIT PERFORMED AND PRESENTED IN

ACCORDANCE WITH
• Generally Accepted Accounting Principles (GAAP)
• Governmental Accounting Standards Board
(GASB)
• Government Auditing Standards (GAS)

GOVERNMENT-WIDE FINANCIAL STATEMENTS
Statement of Activities
Governmental
Activities
Business-Type
Activities Total
Beginning Net Position
(7/1/23) $120,692,887 $93,283,278 $213,976,165
Increase/(Decrease)
(2024 activity) 6,220,633 2,734,831 8,955,464
Ending Net Position
(6/30/24) $126,913,520 $96,018,109 $222,931,629

GOVERNMENT-WIDE FINANCIAL STATEMENTS
Statement of Net Position
2024 2023 Changes
Capital Assets $163,908,645 $140,540,350 $23,368,295
Restricted 28,854,649 34,688,678 (5,834,029)
Unrestricted 30,168,335 38,747,137 (8,578,802)
Total $222,931,629 $213,976,165 $8,955,464

FUND FINANCIAL STATEMENTS -

GOVERNMENTAL
General Fund
Fund Balance, Beginning of Year (7/1/23) $35,571,569
Net Change in Fund Balance 3,391,897
Fund Balances, End of Year (6/30/24) $38,963,766

FUND FINANCIAL STATEMENTS -

GOVERNMENTAL
General Fund
Nonspendable: (Advance to Successor Agency) $4,739,883
Restricted: (Route 66 Specific Plan & Pension/OPEB Trust ) 5,300,674 Committed to: (Contingency Reserve) 16,868,751
Assigned to:

Capital Projects 450,000
General Government (Encumbrances) 1,009,159
Compensated Absences 842,428
PERS & OPEB 2,019,956
Unassigned: 7,732,915
Total $38,963,766

FUND FINANCIAL STATEMENTS - PROPRIETARY
Water Fund
Restated Fund Balance, Beginning of Year (7/1/23) $95,153,840 Net Change in Fund Balance 2,866,087
Fund Balances, End of Year (6/30/24) $98,019,927
Water Fund – Net Position
Net investment in capital assets 79,387,180
Unrestricted 18,632,747
Fund Balances, End of Year (6/30/24) $98,019,927

OTHER FUND GROUPS
• INTERNAL SERVICE FUNDS
• GENERAL LIABILITY
• WORKERS COMPENSATION
• TECHNOLOGY FUND
• FLEET FUND
• FIDUCIARY FUNDS
• SUCCESSOR AGENCY

OPINIONS & ACCOLADES
• AUDITORS ISSUED AN UNMODIFIED
(“CLEAN”) OPINION FOR THE JUNE 30, 2024
ACFR
• RECEIVED GFOA AWARD FOR EXCELLENCE IN
FINANCIAL REPORTING FOR THE JUNE 30,
2023 ACFR
• RECEIVED GFOA AWARD FOR OUTSTANDING

ACHIEVEMENT IN POPULAR ANNUAL
FINANCIAL REPORTING FOR THE JUNE 30,
2023 PAFR

TRANSPARENCY AND WEBSITE
Website – Finance reports section
https://www.cityofglendora.gov/City-Hall/Finance-Department/Budget-Reports

RECOMMENDATION
That the City Council:
• Receive and file the Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2024.

STAFF REPORT
TO: Mayor and Council Members DATE: September 9, 2025
FROM: City Manager DISTRICT(S): Citywide
SUBJECT: Civic Center Update

RECOMMENDATION
That the City Council:

1. Receive a report on civic center renderings and cost estimates; and,

2. Provide direction to staff.

STRATEGIC FOCUS AREAS
New + Revitalized Facilities
Action 3.1 City Council directs funding methodology on new or revitalized civic center Action 3.3 Complete space planning assessment in coordination with citywide facility assessment Action 3.4 Determine if the Civic Center should be a remodel or new build

EXECUTIVE SUMMARY
Over the past five years, Glendora has invested more than $50 million in parks, streets, and water infrastructure.

Despite these efforts, many core facilities—including the Library, Police Station, Teen Center, Senior Center, City Hall, Transportation Center, and Public Works Yard—require modernization. Deferred maintenance is estimated at $50 million, with more than $250 million needed to create modern, accessible workspaces for staff and community spaces for the public in all City facilities.

Community surveys show general support for a citywide facility bond, though current backing (53%) falls short of the two-thirds threshold required for a City-led effort; a citizen-led measure, however, may require only a simple majority.

In March 2025, the City Council directed staff to obtain cost estimates for a dedicated Civic Center project. The DLR Group has since provided renderings and rough order of magnitude (ROM) construction estimates of approximately $125 million. Staff now seeks City Council input and direction on the proposed Civic Center project.

LEGISLATIVE HISTORY / PREVIOUS ACTIONS
Over the past three years, many public meetings and discussions have been held on facility needs by the City Council, Board of Library Trustees, Community Services Commission, and Planning Commission. The items noted in this section are highlights of the ongoing community dialogue on city facility needs.

On January 10, 2023, the City Council awarded a contract to Myers Houghton and Partners, Inc. (MHP) to perform in-depth structural analysis and evaluation of the Library’s suitability for major renovations and initial visioning activities.

On September 12, 2023, the City Council received an update on the results of the comprehensive water system assessment, including information on future water rates. The water assessment identified more than $350 million in projects needed over the next 30 years, with $30 million being programmed for completion over the first five years.

On January 9, 2024, the City Council held a discussion on a the MHP Library assessment/visioning analysis and discussed funding options. Following discussion, the City Council directed staff to complete an overall condition analysis of major City facilities and undertake a community survey soliciting public input on a possible revenue measure.

On January 30, 2024, the City Council approved a Master Joint Use Agreement with the Glendora Unified School District (GUSD). While the agreement largely stipulates use of existing facilities and services provided by the City, the agreement does provide for better maintenance of GUSD Facilities and outlines a partnership methodology for joint capital upgrades (i.e., Glendora High School Aquatics Center).

On August 27, 2024, the City Council was provided the results of a community survey on a potential citywide and/or Library specific revenue measure. The survey, completed by True North Research, documented initial support for a citywide facility measure (53%) as opposed to Library specific bond measure (45%). Additionally, the survey highlighted the two highest quality of life improvements in the City as improving infrastructure/roads (17.8%) and addressing homelessness (17.2%).

On November 5, 2024, the Statewide ballot measure – ACA 5 – ballot failed (55% no). The State measure would have lowered the threshold for issuing facility bonds for cities and related local agencies, from 66.6% (2/3) to 55% (same as schools).

On November 12, 2024, the City Council approved an agreement with IDS Group, Inc. for Architectural, Engineering and Consultant Services for the City Corporate Yard Improvement Project in an amount not to exceed $725,581. The City will need to identify an estimated $13-15 million for the construction portion of the project, which will rehabilitate existing space and add a new building to increase the usable space by 10,000 square feet.

On February 25, 2025, the City Council received the FY 2024-25 Mid-Year Budget Update that documented approximately $50 million in current facility needs (e.g. new roofs, HVAC, etc.) that would largely keep City facilities as is. To significantly improve the City’s facilities to a modern standard and better meet current and future operational needs, the estimated costs would total more than $250 million.

On March 11, 2025, the City Council was provided with a comprehensive report on City facility capital needs, deferred maintenance, cost increases in capital projects, and funding options. As part of the discussion, the City Council directed staff to return with more specific needs and cost estimates for the civic center, which includes, the Library, Police Department, City Hall, and parking.

DISCUSSION
The City of Glendora is committed to improving its quality of life, with recent Strategic Plans prioritizing investment in parks, trails, streets, sidewalks, water systems, and civic facilities. Community surveys consistently identify infrastructure and homelessness as the City’s most pressing challenges. Over the past five years, more than $50 million has been invested in capital projects, including major park renovations, facility upgrades, and miles of street and water improvements.

Despite these efforts, decades of underinvestment have left the City with $50 million in deferred maintenance and over $250 million in needed modernization to create accessible, modern facilities for residents and staff. Funding these improvements remains difficult, as State and Federal support has declined and restrictions from Proposition 13 and related measures limit local resources.

While initial community surveys show 53% support for a citywide facility measure and 45% for a Library-specific measure, these levels fall short of the two-thirds voter approval required for a City-sponsored bond. A citizen-led initiative, however, may pass with a simple majority, offering the most viable path forward to address long-standing facility needs, including critical upgrades at the Library and other community spaces.

Past City Council actions noted in the Legislative History portion of this report offer detailed analyses of many aspects of the information noted above. To provide the community with as much detailed information as possible, the City Council directed staff to return with a comprehensive look at costs associated with a Civic Center project at its March 11, 2025 meeting. To this end, staff contracted with the DLR Group to provide renderings (Attachment A) and ROM cost estimates (Attachment B) for a Civic Center project that addresses the Library, Police Department, City Hall, Council Chambers, and parking.

Over the course of two months, City staff met with the DLR Group to discuss what a Civic Center project would entail. As part of its work, the DLR Group carried out a thorough evaluation of all existing civic center facilities.

This included reviewing as-built plans, site visits, incorporating findings from the Library structural analysis and visioning exercise, analyzing space planning needs, and studying site constraints such as the grade change between Glendora Avenue and Vista Bonita. These technical evaluations were paired with broader community and urban design considerations, including the planned First/Last Mile improvements along Glendora Avenue and the City’s overarching goal of ensuring the Civic Center campus more directly relates to the street. This effort was intended to strengthen the physical and visual connection between the Glendora Village and the Metro A Line station, bridging a key corridor.

The conceptual design takes inspiration from Glendora’s historic 1921 City Hall, using it as an architectural reference point. At the same time, the vision balances this reference point with the community’s desire for a futureready flexible facilities that will serve residents for the next century. The resulting architectural style blends classic civic character with contemporary amenities and design standards.

A central focus of the conceptual plan is the maximization of public space. The design incorporates a new and improved plaza area at the heart of the campus, envisioned as a flexible and vibrant gathering place. This plaza could host a wide range of community events and programs throughout the year, strengthening the Civic Center’s role as both a functional seat of government and a lively public destination.

While the renderings present an exciting vision, it is important to note that this is only a conceptual plan based on identified needs and opportunities for the Civic Center campus only - it is not a part of any other visioning plan, nor are any outlying buildings a part of this effort. For the project to move forward, it will require additional vetting, further refinement, and most importantly, robust public feedback and support. This concept serves as a starting point for community conversation, giving residents and stakeholders a shared framework to react to, discuss, and shape.

Recently, City staff met with a small group of residents who are interested in the City’s efforts to improve its civic facilities. At that meeting, the conceptual renderings and a rough cost estimate were shared to get some early feedback before bringing the information to the full City Council in a public setting. It was explained that these materials were still in conceptual/draft form and not yet ready for wide release. Unfortunately, they were shared publicly ahead of schedule, and some of the information included was incomplete or inaccurate and lacked the proper context.

FISCAL IMPACT
After decades of underinvestment, the City has made over $50 million in improvements in the past five years, including water projects, new streets and sidewalks, major park renovations, and facility upgrades. While these investments have greatly improved quality of life, rising capital costs and the continued deterioration of aging facilities—such as the civic complex, public works yard, Library, City Hall, and Police Department—require the City to consider new funding strategies.

Since Proposition 13, the City has had limited financial flexibility to fund major facility projects. Over the past three years, staff have undertaken structural assessments, space planning, and community visioning to better understand facility needs. Moving forward, meaningful community engagement will be essential as leaders explore the possibility of a facility bond to replace and modernize critical infrastructure, much like City leaders did more than 50 years ago to support future generations.

As part of its work, the DLR Group prepared a rough order of magnitude (ROM) cost estimate for the conceptual project (Attachment B). The estimate places total construction cost at approximately $125 million. This figure accounts for premiums related to phasing and occupancy, as well as escalation costs to the anticipated midpoint of construction in 2028. It is important to note that this is a preliminary (“high-level”) estimate intended to provide a sense of scale for the project. Actual project costs will continue to be refined based on the feedback received and market conditions.

ENVIRONMENTAL DETERMINATION
CEQA is not applicable to the recommendations included in this agenda item.

Prepared By Moises Lopez, Assistant City Manager
Concurs With Not Applicable
Reviewed By Adam Raymond, City Manager
Certified to Availability of Funds Kyle Johnson, Finance Director/City Treasurer Approved By Adam Raymond, City Manager
Legal Review Not Applicable
CEQA Review Not Applicable
Attachments
A_Conceptual_Renderings.pdf
B_Rough_Order_of_Magnitude_Cost_Estimates.pdf
C_PowerPoint_Civic_Facility_Capital_Needs_Update.pdf

CITY OF GLENDORA - CIVIC REVITALIZATION PROJECT

ILLUSTRATIVE PLAN
EXISITING VETERAN’S PLAZA

FOOTHILL BLVD

GLENDORA AVE

VISTA BONITA A ST
EXISITING CITY HALL (8,000 SF)
NEW LIBRARY (50,000 SF)

MAIN ENTRY WAY

STREET IMPROVEMENT

EXISTING POLICE STATION PARKING

EXISTING POLICE STATION (NEW ROOF)

NEW PARKING STRUCTURE
LEVEL B1 - 76 STALLS
LEVEL 1 & 2 - 126 STALLS

NEW PARKING ENTRANCE

CITY HALL REPLACEMENT/
ADDITION (9,000 SF)
(3 LEVELS)

PARKING ENTRANCE
(STAFF ONLY)

PLAZA W/ AMPHITHEATER
SEATING (125’X195’)

POLICE STATION
ADDITION (8,000 SF)

STAFF SUPPORT SPACES
& OUTDOOR BBQ AREA

NARROWED STREET
(FROM 40’ TO 30’)

INCREASED PARKING AREA
N (+/- 6 STALLS)

NORTHWEST AERIAL VIEW
(GLENDORA AVE AND FOOTHILL BLVD)

SOUTHWEST VIEW
(GLENDORA AVE)

PLAZA AND AMPHITHEATER VIEW

PLAZA AND AMPHITHEATER AERIAL VIEW
(VISTA BONITA ST)
Prepared for DLR Group
ROM Cost Estimate
August 15, 2025
City of Glendora
Civic Revitalization
Glendora, CA
Building Partnerships
Arizona | California | Florida | Hawaii | Idaho | Nevada | Oregon | Texas | Washington City of Glendora
Civic Revitalization
Glendora, CA
ROM Cost Estimate August 15, 2025

BASIS OF ESTIMATE

ESTIMATE MARK UPS
The following markups are included in this estimate:
1) General Conditions Included in unit costs
2) Overhead and Profit (OH&P) Included in unit costs
3) Bonds & Insurance Included in unit costs
4) Design Contingency Included in unit costs
5) Phasing / Occupancy Premium 10.00%
6) Escalation to MOC, 07/08/28 15.26% Construction start January 2027 with 36 months duration Escalation projections per annum:
2025 5.00%
2026 5.00%
2027 5.00%
2028 5.00%

EXCLUSIONS
The following items are excluded in this estimate.
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
13)

ITEMS AFFECTING COST ESTIMATE
Items that may change the estimated construction cost may include but are not limited to the following:
1) Unforeseen sub-surface condition.
2)
3) Sole source procurement.
4) Any changes or delay from the projected construction schedule.

CLARIFICATIONS
1)
2)
3)
Off-site work.

Night time and weekends work.

Accelerated construction schedule.

Hazardous material removal.

This estimate assumes design-bid-build delivery method.

INTRODUCTION
This Cost Estimate is based on ROM diagrams dated August 1, 2025, along with verbal and written guidance from the design team.

This estimate assumes the use of prevailing wages. The estimate does not include a PLA or CSWPA.

This estimate is based on the assumption of a competitive bid environment by a minimum of four at the General Contractor and the Subcontractor level.

Any changes to the scope of work not included in this report. We recommend updating the estimate to capture the value of any changes.

Professional fees, inspections and testing.

Escalation beyond the midpoint of construction, July 2028.

FF and E, unless specifically referenced in this estimate.

Plan check fees and building permit fees.

Construction/Owner's contingency costs.

Construction management fees.

Soft costs.

Hazardous material removal.

Asbestos abatement / hazardous material removal.