Annual Comprehensive Financial Report for the Year Ended June 30, 2021

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Agenda Item B.5

CONSENT CALENDAR
Meeting Date: April 19, 2022

TO: Mayor and Councilmembers

FROM: Luke Rioux, Finance Director
Tony Gonzalez, Accounting Manager

SUBJECT: Annual Comprehensive Financial Report for the Year Ended June 30, 2021

RECOMMENDATION:

Accept the Annual Comprehensive Financial Report for the Year Ended June 30, 2021.

BACKGROUND:

The Annual Comprehensive Financial Report (ACFR) of the City of Goleta for the fiscal year ending June 30, 2021 has been prepared by the City’s Finance Department and complies with principles and standards for financial reporting set forth by the Governmental Accounting Standards Board (GASB), the authoritative body establishing U.S. generally accepted accounting principles for local governments. The FY2021 ACFR was audited in accordance with generally accepted auditing standards by an independent public accounting firm of licensed certified public accountants, Moss, Levy, and Hartzhiem, LLP (MLH).

While only certain financial statements and schedules are required by state law, other information and elements are needed for consideration of an award for excellence in financial reporting from the Government Finance Officers Association (GFOA), which recognizes the highest standards of financial reporting. As such, the expanded financial statements and other information included in the report are collectively referred to as an ACFR. In addition to allowing the ACFR to be considered for the GFOA award for financial reporting, the financial statements are expanded to enable the community and other interested parties to obtain a better and more complete understanding of the City’s finances and operations.

These reports consist of management representations concerning the finances of the City.

All disclosures necessary to enable an understanding of the City’s financial activities have been included. The City received the highest audit opinion, an unmodified opinion, which is located in the ACFR Financial Section in the Independent Auditor’s Report, provided in Attachment 1. An unmodified opinion indicates that the financial statements fairly present 1 Meeting Date: April 19, 2022

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the financial position of the City of Goleta as of June 30, 2021, and the results of operations, in accordance with generally accepted accounting principles.

In addition to fund -by-fund information presented in the ACFR, also included are government-wide financial statements. The government-wide financial statements include a Statement of Net Position that provides information about the City as a whole, including infrastructure and long-term liability and a Statement of Activities, which illustrates the cost of providing government services.

In summary, the ACFR is organized in three sections: introductory, financial, and statistical.

The Introductory section includes this transmittal memorandum and general information on the City’s government structure and services provided. It includes a list of principal officials, an organizational chart, and the GFOA Cert ificate of Achievement for Excellence in Financial Reporting for the prior fiscal year.

The Financial section contains the independent auditor’s report on the financial statement audit, the Management Discussion & Analysis (MD&A), basic financial statements, required supplementary information, and combining and individual fund presentations and supplementary information.

The Statistical section includes selected financial and demographic information generally presented on a multi -year basis. This infor mation includes financial trends, revenue capacity, debt capacity, demographics and economic and operating information.

As part of the audit, MLH also reviewed and performed tests of the City’s internal accounting control procedures to determine if there are any material weaknesses or instances of non- compliance. Based on the audit, no instances of non-compliance or material weaknesses were noted.

The Single Audit is required this fiscal year due to the City meeting the threshold amount of federal grant fund expenditures of $750,000 or more in current fiscal year. The City expended approximately $3 million and is in the process of completing its Single Audit, which is anticipated to be completed by May.

DISCUSSION:

ACFR Financial Overview

This year’s audit resulted in no audit adjustments to the City’s financial statements. As of June 30, 2021, the City’s net position totaled $257.73 million, an increase of approximately $13.64 million or 5.6% from the prior fiscal year of $244.09 million. The largest portion of the City’s net position consisted of the City’s net investment of $196.12 million (76.1%) in capital assets (i.e., land, buildings, machinery, equipment, and infrastructure). This component represents the total amount of funds requir ed to acquire those assets, less outstanding debt and accumulated depreciation. Additional information 2 Meeting Date: April 19, 2022

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can be found in the Management’s Discussion and Analysis (MD&A) section of the ACFR, provided in Attachment 1.

Citywide Highlights

The City’s overall total revenues from all sources equaled approximately $48.80 million, which was an increase of approximately $9.89 million or 25.2% from the $38.91 million in revenues the previous fiscal year. The increase is primarily related to capital contributions and grants due to the City receiving its loan proceeds of $10 million in October 2020 for purchase of its City Hall building. The purchase was made in November 2019, with Council executing a reimbursement resolution for financing $10 million. The financing lease of $10 million was completed in August 2020 and the General Fund was reimbursed in October 2020.

The City’s overall total expenditures were $35.16 million for the fiscal year, which was an increase of $341,000 or 1.0% when compared to last fiscal year. Expenses include a wide range of services such as general government, administration, community development, community services, public safety (police protection services), public works, and capital improvement projects.

The unrestricted net position increased by $15.1 million or 234.7% for a total of $21.5 million (8.4% of total net position) and may be used at the City’s discretion to meet ongoing operating needs. The increase is primarily related to the timing of receiving the $10 million loan proceeds for the City Hall building.

General Fund Highlights

During the City’s 19th full fiscal year, the General Fund reported total revenues of $30.97 million and total expenditures of $25.49 million, resulting excess revenues over expenditures of approximately $5.48 million. The excess revenue is due to a combination of higher than anticipated revenues and decreased spending due to further department savings and deferred special projects and Capital Improvement Program (CIP) projects supported by the General Fund which will continue into FY 21/22.

Revenues: Actual revenues of $30.97 million received came higher than the Final Budget of $ 29.01 million by $ 1.96 million, primarily as a result of higher tax receipts than anticipated. In comparison to FY 19/20, overall revenues increased by $2.2 million. When compared to pre-pandemic levels in FY 18/19 overall revenues increased by $838,335.

The increase in revenues is primarily driven by new cannabis business tax revenues that was mostly experienced in FY 20/21 and gradual increases related to property tax. The City’s largest revenue source, TOT, remained impacted at $9.2 million, about $2.3 million or 20.1% down from FY 18/19 pre pandemic levels of $11.5 million.

Expenditures: Actual expenditures of $ 25.49 million were under the Final Budget of $29.89 million by $4.40 million in all areas. L ower than anticipated expenditures were recognized by all departments. Various savings were recognized due to staff vacancies, lower expenditure s associated with professional and contract services and deferred 3 Meeting Date: April 19, 2022

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special and capital projects that are now carried over in FY 21/22. Carryovers from FY 20/21 was approximately $1.9 million.

Fund Balance: The City continues to maintain sound fiscal integrity and healthy reserves, based upon conservative, prudent, and diligent efforts by the City C ouncil and City Manager. The General Fund’s total ending fund balance was $32.79 million as of June 30, 2021. The ending fund balance amount was more than the final budget projection by $6.70 million, because of l ower than anticipated expenditure activity recognized by all departments, and special projects and capital projects that will continue in the next fiscal year. The fund balance categories and amounts at y ear-end are displayed in Table 1 below:

Table 1: Fund Balance Category Amounts
Fund Balance: Amounts:

Non-spendable
Prepaid Items $ 25,674
Committed 12,617,011
Assigned 2,517,302
Unassigned

17,632,671

Total Fund Balance $ 32,792,658

When comparing the total audited ending fund balance of $32.79 million to the estimated ending fund balance amount of $32.82 million provided to City Council in September 2021 during the 4 th Quarter Financial Review (Unaudited), the amount is slightly lower by $31,381 due to year-end adjustments.

Included in the General Fund’s fund balance categories are City Council’s established fiscal reserve policies for funding Compensated Absen ces, Risk Management, Equipment Acquisition and Replacement, Public Facilities, City Hall solar removal, Litigation Defense Reserves and a Contingency Reserve set at a minimum of 33% of total budgeted ongoing operating expenditures. These reserve policy amounts are reflected in the “Committed” category. In addition, the City maintained reserves of $170,000 assigned for the CalPERS Unfunded Accrued Liability (UAL) and $333,500 assigned for other - postemployment benefits (OPEB) UAL, which was transferred into the City’s Section 115 Trusts this current FY 2021/22. There are also approved other assigned fund balance category amounts , which include carryovers of unexpended funds of $1.17 million for special projects and purchase order obligations and $762,774 rela ted to capital improvement projects. The carryover amounts for special projects and capital projects were finalized in October 2021 and have since been included in the FY 2021/22 budget.

All remaining fund balance is placed in the Unassigned Fund Balance, which stood at $17.63 million at fiscal year-end June 30, 2021.

4 Meeting Date: April 19, 2022

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Gann Spending Limit

Each fiscal year the City Council adopts the Gann Appropriations Limit by resolution during the budget adoption process, which establishes a maximum amount for tax-funded government services. The Gann Appropriations Limit calculation is then reviewed by th e City’s external audit firm as part of the annual audit process. As of June 30, 2021, the City had not reached its Article XIIIB spending limitation. For FY 2020/21 this limit was approximately $63.2 million, with total annual appropriations subject to th is limit being $19.53 million. The Independent Auditor’s Report on the Gann Spending Limit calculation can be viewed in Attachment 4.

Other Information

The GFOA awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its comprehensive annual financial report for the fiscal year that ended June 30, 2020. This was the 18th consecutive year the City has received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

A Certificate of Achievement is valid for a period of one year only. Staff believes that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program’s requirements and staff will be submitting it to the GFOA to determine its eligibility for another certificate.

The entire ACFR is available for viewing at City Hall, on the City’s website, and has been distributed to the City Council.

FINANCE COMMITTEE REVIEW:

The Finance and Audit Standing Committee met to review the ACFR and audited financial statements on April 11, 2022.

FISCAL IMPACTS:

There is no fiscal impact associated with this item.

Reviewed By: Approved By:

___________________ _________________
Kristine Schmidt Michelle Greene
Assistant City Manager City Manager

ATTACHMENTS:

1. Annual Comprehensive Financial Report for June 30, 2021

2. Government Auditing Standards Letter
5 Meeting Date: April 19, 2022

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3. Statement of Auditing Standards Letter

4. Independent Accountant’s Report on Gann Spending Limit 6 ATTACHMENT 1

Annual Comprehensive Financial Report for June 30, 2021

7 ANNUAL

COMPREHENSIVE

FINANCIAL REPORT
City of Goleta
Fiscal Year Ended June 30, 2021
130 Cremona Drive, Suite B, Goleta, Califronia 93117
805-961-7500 ~ www.CityofGoleta.org
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IndependentAuditors' Repflrt .................................................................. . . ... . ............................................................................... 1 1Vianagelnent's Discussion and Analysis ....... . ................... . ........................................................................................................... 3 Basic Financial Statements:
government-wide Financial Statements:

Statementof Iet Position ...................................................... . .................................. . ............................................................ 14 ...................... ....................... Statement flf Activities ................... . .. ... .................. , ... , ............................................................. 15 Fund. Financial Statements:
flvernmental Funds:

BalanceSheet ........................................................................................ . ........................................................................... 16 Reconciliation fl~ governmental Funds-Balance Sheet to the Statement ofletPosition ........................................................................................................... ...... 19 Statement cif ~.evenues, Expenditures, and changes in Fund Balances ................................ . ....... . .................................... 2~ Reconciliation fl~ the Governmental Funds Statement o~ Revenues, Expenditures, and Changes In Fund Balances to the Statement fl~ ActlVltleS...................................................................................................................................... ............................... ~~ F1dUClary Fund:

Statement flf Flduc lary met Pos ltl on ................................................................................................................................... 23 Statement of Changes in Fiduciary ~1et Position ..... , ...... ................................................. . ........................ .......................... 24 ~fltes to Basic Financial Statements ........................................................................................................................................ 25 , ►~.TI~I) S~JP`~LEiET.L, IFtA:TI(~i~ SETIC)
Schedule flf .Revenues, Expenditures, and Changes in Fund Balance —Budget and ~.ctual:

GeneralFund .......................................................................................... . ................................................................................ 52 C~TIP Special P..evenue Fund ................................................................................................................................................... 53 ParrDIF Special Revenue F~.~nd ............................................................................................................................................. ~~+ Active Transportation Program Special Revenue Fund ........................................................................................................... 55 Federal Transportation Program Special Revenue Fund ...... . .......................... . . . ....... . ....... . ..................................................... 5 6 Schedule fl~ Propflrtlonate Share of Tet Penslfln Llab111ty ........................................................................... ............................... SÍ ............................ Schedule fl~ Pens lon Contrlbut lons ................... . .............................................................. ............................... J $ Schedule fl~ Changes In GPEB Llabillty and Related I~.at lfls ...................................................................................................... ~~ Schedule flÍ {~~~~ Cflntríbutlons .................... . .. . ....... ..................................... , ................................................... ~0 ~~~L~~~r~T~L ~~~~.~~T~~ ~+~T~~~
...................................... ïonmaj or Gflvernmental Funds - Def initic~ns .............. . ........ , ........................... , ................................... ~ 1 Combining Balance Sheet — I~onma~or Gflvernrnental Funds .......................... . ...... . ........ . .......................................................... 64 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances — onmajor Governmental Funds ........ .............................................................................................. 72 Schedules of ~Íorlma~flr Governmental Funds Revenues, E XpendltureS, and Changes In Fund Balances —Budget and Actual .................... . ...................... . ......................................................................... 80 T~T~T~~~L ~Tl~~
Flnanclal Trends.
et P 4sltlon by Cflmpflnent ...... . .................................................................. . .................................................... ........ 13 0 Changes In met Pflsltlfln ............................................................................................... 1 ~~ Fund Balances of Governmental Funds ...................................................................................................... 134 ........................................................................................... Changes in Fund Balances of ~ flvernmental Funds ............. ...... 13b 11 i~~1 1 ~1~ Vril~~1~
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I~,.evenue ~apaC~ty:

Assessed ~ialue and Actual ~Talue of Taxable Property ........................................................................................................ 138 Direct and +overlapping governments Property Tax Fates ........... . ................................... . ................................................... 140 PrincipalProperty Taxpayers ................................................................................................................................................ 142 Property Tax Levies and ollections ..................................................................................................................... . .............. 143 Fevenue and Fates of Transit Occupancy Tax ...................................................................................................................... 144 Principal Transient Occupancy Taxpayers ........ . ...................... . ............... . ............................... ...... 14 ~? apaclty:

Fatios of Outstanding Debt by Type ........................................... ........................................................................................... 14~ 3irect and Overlapping Oovernrnental Activities I~ebt ........................................................................................................ 14i on~putation of Legal Debt 1Vlargin ................................................................ . ................................................. . .................... 14 8 Demographic and Economic Information:

Demographic and Economic Statistics .................................................................................................................................. 150 PrincipalEmployers ....................................... . .................................... . ............................... . .... . ............................................ 151 Operating Information:

Full-time and Part-time pity Employees by Function ........................................................................................................... 152 OperatingIndicators by Function .......................................................................................................................................... 153 +Capital Asset Statistics by Function ....................... . .................. . .................... . .. . ................................................................... 154 12 CITY COUNCIL

Paula Perotte
Mayor

Stuart Kasdin
Mayor Pro Tempore

Roger S. Aceves
Councilmember

James Kyriaco
Councilmember

Kyle Richards
Councilmember

CITY MANAGER
Michelle Greene

February 25, 2022

To the Honorable Mayor, Councilmembers and Citizens of the City of Goleta:

We are pleased to submit the Annual Comprehensive Financial Report (ACFR) of the City of Goleta (City) for the fiscal year ended June 30, 2021. The report was prepared by the City’s Finance Department in conformance with the principles and standards for financial reporting set forth by the Governmental Accounting Standards Board (GASB), the authoritative body establishing U.S. generally accepted accounting principles for local governments and was audited in accordance with generally accepted auditing standards by an independent public accounting firm of licensed certified public accountants.

This report contains management representations concerning the finances of the City, and management assumes full responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures.

To provide a reasonable basis for making these representations, City management has established a comprehensive internal control framework that is designed to protect the City’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City’s financial statements in conformity with Generally Accepted Accounting Principles (GAAP). Because the cost of internal controls should not exceed anticipated benefits, the City’s comprehensive framework of internal controls has been designed to provide reasonable, rather than absolute assurance that the financial statements are free from material misstatement. To the best of our knowledge and belief, the enclosed information is accurate in all material respects and is reported in a manner designed to present fairly the financial position of the City. All disclosures necessary have been included to enable an understanding of the City’s financial activities.

AUDITED FINANCIAL STATEMENTS

The City’s financial statements have been audited by Moss, Levy, & Hartzheim, LLP, a firm of licensed certified public accountants. The goal of the independent audit is to provide reasonable assurance that the financial statements of the City for the fiscal year ended June 30, 20 21 are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements , assessing the overall accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.

The independent auditor concluded, based upon the audit, that there was reasonable basis for rendering an unmodified opinion on the City’s financial statements for the fiscal year ended June 30, 2021, and that these statements are iii
13 fairly presented in conformity with GAAP. The independent auditor’s report is located at the front of the financial section of this report.

This ACFR has been prepared using the financial reporting requirements as prescribed by GASB Statement No. 34. GASB 34 requires that management provide a narrative introduction, overview and analysis to accompany the financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The MD&A can be found beginning on page 3.

Report O
rganization:

The report is organized in three sections: introductory, financial, and statistical.

1. The Introductory section includes this transmittal memorandum and general information on the City’s government structure and services provided. It includes a list of principal officials, an organizational chart, and the Government Finance Officers Associations (GFOA) Certificate of Achievement for Excellence in Financial Reporting.

2. The Financial section contains the independent auditor’s report on the financial statement audit, the Management Discussion & Analysis (M D&A), basic financial statements, required supplementary information, and combined and individual fund presentations and supplementary information.

3. The Statistical section includes selected financial and demographic information generally presented on a multi-year basis. This information includes financial trends, revenue capacity, debt capacity, demographics and economic and operating information.

PROFILE O F THE CITY OF GOLETA

The City of Goleta incorporated on February 1, 2002 as a General Law City under the laws of the State of California. The City of Goleta encompasses approximately 8 square miles in southern Santa Barbara County and has a population of approximately 32,339. The City is 10 miles west of the City of Santa Barbara and is approximately 90 miles northwest from Los Angeles.

Form of Government

The City operates under the council-manager form of government. The City Council is comprised of four members elected at large for staggered four-year terms of office, and one Mayor elected at large to serve a four-year term. A Mayor Pro Tempore is selected by the Council from among its members to serve a one-year term. The City Council serves as the legislative and policy-making body of the City, enacting all laws and directing such actions as are required to provide for the general welfare of the community. The City Manager, appointed by the City Council, serves as the Chief Executive Officer and is responsible to the City Council for administration of all City affairs and the implementation of all policies and ordinances established by the City Council. The City Attorney serves under contract and is appointed by the City Council. All other staff are appointed by the City Manager.

City Services

The City provides municipal services through contracts for such services as street, park, and landscape maintenance. The City of Goleta also contracts with the Santa Barbara County Sheriff’s iv
14 Department for law enforcement services. Fire protection services are provided by Santa Barbara County Fire Department. There are approximately 550 acres of parks and open space within City limits. The City owns the Goleta Public Library and assumed direct management and operation of the Goleta Library since FY 2018/19 and created a new Library Zone 4 on behalf of the County of Santa Barbara. Starting July 1, 2019, the City also assumed direct management and operations of the libraries located in the City of Buellton and City of Solvang.

Budget Process and Budgetary Control

The City Council adopts a two- year budget plan at the beginning of each two- year cycle in conjunction with a two-year strategic plan and adopts an annual operating and capital budget prior to July 1st of each year in conjunction with annual work programs of each of the departments. As such, the adopted two-year budget plan includes the operating and capital budget for the first year of the two-year plan. The operating and capital budget for the second year is adopted the following year as part of the mid-cycle budget review and is referred to as the Mid-Cycle Budget. The adopted budget serves as the foundation for the City of Goleta’s financial planning and control system. All departments of the City submit requests for appropriations to the City Manager. The City Manager uses these requests as a starting point for developing a proposed budget. The Council holds public hearings on the proposed budget and then ultimately adopts a formal budget. The budget is adopted by fund, department, program, and line-item.

The Council periodically reviews the City’s actual financial activity in relationship to the original budget, and as necessary, adjustments are made to ensure that expenditures are not outpacing anticipated revenues. The level of budgetary control (the level at which expenditures cannot legally exceed the appropriated amount) is at the fund and department level with more stringent control over capital assets and fund balance categories, which are maintained at the line item level. The City Council must approve amendments or transfers of appropriations between funds or departments as well as items related to capital assets or fund balances. The City Council has delegated authority to the City Manager to approve transfers of appropriations between programs and divisions within a City department and between appropriation units (e.g., salaries and benefits, services and supplies, and capital outlay) within programs, excluding special designation or project appropriations.

Any unexpended appropriation balances for capital projects, one-time special projects, and grant programs that lapse at the end of the fiscal year, unless adopted on a “project-length” basis, are then recommended for carried forward to the next fiscal year, subject City Manager review and City Council approval.

Internal Controls:

The management of the City is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the government are protected from loss, theft, or other misuse and to ensure that adequate accounting data is compiled to allow for the prepara tion of financial statements in conformity with GAAP and GASB. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that the costs of a control should not exceed the benefits likely to be achieved, and the valuation of costs and benefits requires estimates and judgments by management.

As a recipient of State, County, and Federal financial resources, the City is also responsible for ensuring that an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs. The internal control structure is subject to periodic evaluation by management of the City.
v
15 ECONOMIC CONDITION A ND OUTLOOK

Local Economy

The City of Goleta is comprised of single -family homes, condominiums and apartments with a mixture of retail, light industrial, manufacturing, and service entities providing a diverse tax base for the City. The City of Goleta and its immediate vicinity provide a significant share of the Santa Barbara County South Coast and County’s basic economic activity in the form of educational services, intellectual services, tourism, retail and manufacturing. The City has historically enjoyed a strong economic base resulting in stable p roperty tax revenue, growing transient occupancy taxes (TOT), and diverse sales tax revenues.

The City has been in a continued state of emergency due to the COVID-19 pandemic since March 2020. The local, regional and state economies have all been negatively impacted. Before the pandemic, Goleta had experienced a long period of economic expansion from 2010 to 2019, with general fund revenue growth increasing from $14.6 million to $30 million by the end of FY 18/19.

That run of economic growth came to a sudden end in the first quarter of 2020 as the region, like much of the United States and the world, was forced to abide by restrictive public health orders in order to combat the spread of COVID-19. The orders resulted in temporary business closures, job losses, and record low hotel occupancy lev els resulting in significant impacts to Goleta’s revenue sources. While the City experienced significant losses to its TOT, the impacts were partially offset by new cannabis business tax revenues.

After more than a year following the pandemic, the economy is still experiencing many uncertainties and unknowns of how long conditions will last and how they will impact future consumer behavior and the travel industry which will continue to give rise to uncertainty on the City’s finances. The City’s TOT ended at $9.2 million for FY 20/21, which was a continued $2.3 million decrease compared to pre- pandemic levels of FY 18/19 of $11.5 million. In efforts to address the revenue impacts, departments continued to put forth great effort in the fiscal year to help reduce expenses and worked through temporary cost containment strategies, which included a temporary hiring freeze on eleven full -time vacant positions and delaying capital projects and maintenance projects that could be deferred.

COVID-19 is expected to have a lasting impact over the course of several years, possibly beyond the scale of the Great Recession with certain industry groups . Significant revenue impacts are expected to continue with sales tax and TOT will likely continue through FY 21/22 with gradual recovery. Revenues are currently anticipated to fully recover back to FY 18/19 pre-pandemic revenue levels until FY 24/25. Property tax revenue has not been affected yet as the assessed values do not show impact of economic volatility in a short period. Moreover, low interest rates and a short supply of homes available for sale has kept real estate market strong and robust.

Vulnerable to economic downturn are sales tax, TOT, and development-related revenues. Over time, these revenue sources will continue to cause significant year -to-year variances and create challenges for long-term revenue forecasting. Despite declining revenues, the City continues to maintain General Fund reserves at policy levels with a 33% contingency reserve, now at $10.1 million, other reserve categories combined totaling $5 million, and an unassigned fund balance at $17.6 million.

In May of 2021, the City received updated information from the U.S. Treasury Department of its $5.9 million allocation of the American Rescue Plan Act (ARPA). In July of 2021, the City received its first tranche $2.9 million of the ARPA federal relief funds with the second tranche scheduled to be received in July 2022. The City Council has since held public workshops discussing use of the vi
16 funds and have elected to claim the full $5.9 million amount as lost revenue replacement against the $8.1 million calculated in the initial reporting period. After claiming the revenue loss, the $5.9 million will be programmed towards governmental services, including unfunded capital projects, and programmed in the FY 22/23 budget.

In summary, the City’s economic climate and fiscal condition are complex with many moving parts.

The City’s fiscal situation faces ongoing pressures that forces us to have a prudent strategy to address current and future operational needs and investments. While the underlying financial foundation of the City remains solid, the impacts of the local economic slowdown along with significant expenditure pressures, including unfunded priorities with capital projects and deferred maintenance continue to require the City to exercise careful budgeting.

Challenges

Like all government agencies throughout California, the City is faced with increased ongoing annual operating costs and rising retirement related liabilities. For Goleta, some of these challenges include increased ongoing funding needs for deferred maintenance items, such as with pavement maintenance, facility and park maintenance, new programs and departments, additional personnel, retiree health care costs, and rising pension costs due to new funding policies adopted by the California Public Employees Retirement System (CalPERS). While the City has been successful over the years in balancing these issues with its strategic use of contract staffing and services, the City will continue to experience rising costs. Additionally, with the anticipation of significant impacts to revenues in the coming year, coupled with ongoing growth in expenditures over the next five years, the City will be challenged. The continued COVID -19 pandemic uncertainty in the near future also adds another layer of complexity to the General Fund’s finances.

Revenue Neutrality Agreement

As part of the City’s incorporation process in 2002, the City of Goleta and the County of Santa Barbara (County) entered into a Revenue Neutrality Agreement (RNA). This agreement included shared tax revenues over the first ten full fiscal years, known as the mitigation period, and tax revenue sharing in perpetuity. Over the mitigation period, the City shared an additional 20% (totaling 50%) of the 1% retail sales tax revenues normally allocable to cities, 40% of the transient occupancy tax (“TOT”) on properties that in existence at the time and shared equally (50%) of property tax generated in the City. The mitigation period concluded June 30, 2012 and in perpetuity, the City continues to allocate 50% of the City’s portion of property tax and 30% of the City’s portion of the 1% retail s ales tax to the County. Taken as a whole, the City generated approximately $6.9 million in revenues that were received by the County of Santa Barbara in FY 20/21 in accordance with the RNA. The receipts and payments of the RNA are not included in the ACFR document. The RNA revenues to the County is projected at $ 7.1 million in FY 21/22. The total contribution since City incorporation is estimated at approximately $136.5 million by June 30,
2022. While the City has successfully adopted a balanced budget over the years and maintain prudent reserves with the RNA in place, the City’s net operating revenues will continue to be restricted and will face an ongoing challenge as the City is required to rely heavily on volatile revenue sources impacted by the pandemic, inflationary factors, and new services or programs are considered.

vii
17 Long-Term Financial Planning

The City incorporates long-term financial planning into its budget process in several ways. Each year, during the budget process the City Council receives an updated General Fund Five-Year Forecast and CIP Five-Year Forecast that includes all special revenue funds associated with each project. The long-term financial model used for the General Fund and CIP looks forward five years, rather than ten years, because of the volatile nature of tax revenues in a tourist-based economy, and various one-time special revenue funds associated with development activity making it difficult to predict revenues with any certainty beyond five years. The forecast is used as a tool and maintained by Finance staff. These projections allow management to see what the future could look like given a set of assumptions and is evaluated in the context of whether decisions are sustainable over the long term. Most recently Finance staff has prepared a long- range financial forecast for the General Fund in December 2020 going out twenty years. The long- range financial forecast is a tool for strategic decision making and presents further context for balancing short-term and long-term goals and provides an “order of magnitude” feel for the General Fund’s ability to continue services and preserve fiscal sustainability.

Relevant Financial Policies

The City of Goleta has adopted a comprehensive set of financial policies to provide guidance for all fiscal activities and resource allocation decisions. Some of the major financial policies the City has adopted include the Debt Management Policy, City’s Investment Policy, Purchasing Policy, Capitalization Policy and Fund Balance Reserve Policies.

Debt Management Policy: The City’s Debt Management Policy contains general guidelines and parameters for issuing and refunding debt, including guiding decisions related to future debt to ensure adequate financial resources are available to support the City’s long-term capital needs.

Investment Policy: The City’s Investment Policy establishes guidelines, strategies, practices, and procedures to be used in investment of public funds in accordance with California Government Code sections 53600-53610, which establish legally permitted investments for local governments statewide. The policy is reviewed, updated if needed, and adopted annually.

Capitalization Policy: The City’s Capitalization Policy sets thresholds at $5,000 for assets with a minimal useful life of three years while identifying fixed asset categories as either land, buildings and improvements, infrastructure, furniture and equipment, motorized vehicles, and construction in progress. Additional information can be found in Note 1 – Summary of Significant Accounting Policies in the Notes to the Basic Financial Statements document.

Fund Balance Reserve Policies: The City recognizes the importance of long-range planning in managing the City’s fiscal affairs in order to provide for stable operations and assure the City’s long-term financial health. The reserves contained in the General Fund play a pivotal role in this strategy. The reserve policies require a contingency reserve balance of a minimum of 33% of the General Fund’s operating budget. Additionally, other reserve categories have been established for capital equipment, compensated leave, risk management, litigation defense, sustainability, CalPERS and Other Post Employee Benefits (OPEB) unfunded accrued liability.

viii
18 OTHER INFORMATION

Spending Limitation

Article XIIIB of the California Constitution, also known as the Gann spending limit, restricts the amount of “proceeds of taxes” California governments may spend. As of June 30, 2021, the City had not reached its Article XIIIB spending limitation of $63,208,132.

AWARDS AND

ACKNOWLEDGEMENTS

We are very proud of this ACFR and all of the City’s award-winning financial reporting publications.

Each publication has been prepared with great care and expertise with a goal of meeting the highest level of financial reporting preparation standards.

GFOA Financial Reporting Certificate of Achievement

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Goleta, California for its comprehensive annual financial report for the fiscal year ended June 30, 2020. This was the 18 th
consecutive year the City has received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

GFOA Budget Presentation Award

The GFOA also awarded a Certificate of Achievement for Distinguished Budget Presentation to the City of Goleta for its Operating and Capital Budgets for fiscal years 2019/20 and 2020/21. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as a financial plan, as an operations guide, and as a communication device.

This award is valid for a period of two years only.

Acknowledgements

The preparation of this ACFR and its timely issuance could not have been accomplished without the hard work and team effort of the Finance Department. We also wish to express appreciation to all other City departments that provided assistance in its preparation.

Respectfully submitted,

_________________ _________________
Michelle Greene Luke Rioux
City Manager Finance Director

ix
19 x
Assistant Cïty
Manager
General _ _ Library
Government
• IT and Support
Services
• City Clerk
• Community
Relations
• Human Resources
• Risk Management
• Goleta Library
• Buellton Library
• Solvang Library
Neighborhood Services PO~tCe SerV1Ce5
& Public Safety
• Neighborhood
Services
• CDBG
• Economic
Development
• Parks &
Recreation
• Criminal
Investigations
• Community
Resource Deputy
• School Resource
Deputy
• Traffic
Enforcement
~,~,,F~~ Organizational Chart
Go~ETA By Function
Cïtïzens of
Galeta
City Councïl
City Attorney
Cïty Manager
Fïnance
Planning &
F
PUbIïC WOrkS Environmental "`
Review
• Finance • Current Planning Engineering
Administration ~ Building &Safety Facility
• General Accounting • Advance Planning Maintenance
• Treasury • Planning Parks &Open
• Budget Management Commission & Space
• Accounts Pay~~ble Design Review Capital
• Business Licenses Board Improvement
• Purchasing • Sustainability Projects
• Payroll Housing Street Maintenance
® Administration Solid Waste
20 • • i
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Xl
21 ~J+~vernn~ent ~inance Q~ff~cers Ass~►eia.tic~n
Presented ~~
~ ~ ~ .
_ :.. ~ .~ ~
Fc~r its ~nnua.~ ~c~~.pre~ensive
~in~.nei~.l ~e~c~rt
~~r the ~isea.l ~ear ~ndeel
June ~, ~~
~ ,~ : ~ ~ ~ ~,;
~~.ecutive I~irector/+~EC)
r~
22 ~~l~~~l .. ~~~ ~L~~~~l~
23 ~~~~ ~,e artz:h~in~ LL,P ~~
Certified Public Accountants
~ ~ ~ , ~ ~ ! ! ~ ~ M
City Council of the Cíty of Goleta
Goleta, California
Tiepc~rt on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Goleta, as of and for the fiscal year ended June 30, 2021, and the related notes to the financial statements, which collectively comprise the City's basic financial statements as listed in the table of contents.

Management's ~esp©nsibility for the Financial Statements Management ís responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted 1n the ~Tnited States of America; this Includes the design, llnplementatlon, 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.

Auditors' Respansibility
~C}ur responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in government auditing ~tan~dards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence -about the amounts and disclosures to the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements 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 entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. (~pini©ns
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund infortnatïon of the City of Goleta, as of June 30, 2021, and the respective changes ín financial position, for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter
As discussed in emote 14 to the basic financial statements in March 2020, the World ~Iealth Organization has declared C(~~ID-1 ~ to constitute a "Public ~Iealth Emergency of International Concern." Given the uncertainty of the situation, the duration of any financial impact cannot be reasonably estimated at this time. Our opinion ís not modified with respect to this matter. 24ot3 Pr©fessi4nal Parkway, Suite 205 Santa I~íaria, CA 83455 Te18ú5.925.2579 Fax 805.425.2147 m[hcpas.com BE~IERLY HILLS • ~t~ILVER ~1TY • SA1~dTA MARIA
24 other IYiatters
Requi~ed ►Supplementa~y ~nfo~mati©n
Accounting principles generally accepted in the United Mates of America require that the management's discussion and analysis on pages 3 through 13, the budgetary information on pages ~2 through 5, the schedule of proportionate share of net pension liability on page 57, the schedule of pension contributions on page 5 $, the schedule of changes in oPEB liability and related ratios on page 59, and the schedule of oPEB contributions on page ~0 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.

Vie 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 ~nformat~on for consistency with management' s responses to our inquiries for the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. e 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.
~tlae~ ~nformr~ti©n
our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of oleta's basic financial statements . The introductory section , statistical section, combining and individual nonmajor fund financial statements and schedules, and the fiduciary fund statement of changes in assets and liabilities. are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The combining nonmajor fund financial statements, nonmajor funds budgetary schedules and the fiduciary fund statement of changes in assets and liabilities are the responsibility of management and. were derived from and relate 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 the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual non ajor fund f"~nancial state ants, nonmajor funds budgetary comparison schedules, and the fiduciary funds statement of changes in assets and liabilities are fairly stated , in all material respects, in relation to the basic financial statements as a whole.

The introductory section and statistical section have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. other Rept~rting Required by ©vernent Auditing ►5tant~ar~s In accordance with ~vve~n~nent Auditing ~tanda~ds, we have also issued our report dated February 24, 2022, on our consideration of the City of ooleta'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. , , ~ . ~ ,~ ~
Santa Maria, California
February 24, 2022
25 ~~l~t~~~~~l~l 1 9~ ~itJ~ V ~7~ 711.,11 \ ~l`~~ ~~L~~l Fiscal wear Ended June 3I1, ZÚ21
The information in this section is not covered by the Independent Auditor's Report but is presented as required supplementary information for the benefit of the readers of the Annual Comprehensive Financial Report (ACFR).

This discussion and analysis of the City of Goleta's financial performance provides an overview of the City's financial activities far the year ended June 34, 2421. The City encourages readers to consider the information presented here in conjunction with the letter of transmittal (in the Introductory Section} and the accompanying basic financial statements, which follows this section.

FII~TAI~~IAL HIGHI_,I~HTS
• At the end of fiscal year 2421, the City's net position totaled $257.73 million, an increase of approximately $13.64 million or 5.6% from the prior fiscal year. Of the total net position, approximately $21.52 million is unrestricted and thus Inay be used to meet the City's ongoing obligations and operating expenses for the next fiscal year.
• The City's total revenue from all governmental activities equaled X48.84 million, an increase of X9.89 million or approximately 25.4% compared to 3 8.91 million from last year. The increase is primarily related to capital contributions and grants due to the City receiving its loan proceeds of ~ 14 million in October 2424 for purchase of its City Hall building. The purchase was made in November 2419, with Council executing a reimbursement resolution for financing $10 million. The financing lease of $14 million was completed in August 2424 and the General Fund was reimbursed in October 2424. • The City's total expenses of all programs equaled approximately ~3 5.1 ~ million, an increase of 1.0% or approximately $341 thousand when compared to previous year at X34.81 million. • The General Fund reported an ending fund balance of approximately X32.79 million, which was a increase of $ 15.5 million from the 17.3 million ending fund balance of fiscal year 2020. The increase is primarily related to the timing of receiving the 14 million loan proceeds for the City Flan building. ~[TSIN+~ THIS AI~TI~UAL Fli~i~A~1~CIAL REPORT
This annual report contains the City's Basic Financial Statements, which includes three components:
1) government-wide financial statements, 2} fund financial statements, and 3} notes to the basic financial statements. This reporí also contains other supplementary information in addition to the basic financial statements themselves.

The government-wide financial statements consist of the Statement of Net Position and the Statement of Activities that provide information about the activities of the City as a whole and allow alonger-term view of the City's finances. The Fund Financial Statements illustrate how City services are financed in the short-term as well as what remains for future spending. They also report the City's operations in more detail than the Government-wide Financial Statements by providing information about the City's most significant funds. The Notes to the Basic Financial Statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. This report contains various references to the section of notes, that provides additional information on the information described. ~ -3-
26 Reporting the City as a whole: The Statement of I~et Position and the Statement of Activities one of the most important questions asked about the City's fïnances is, "Is the City as a whole better or worse off aS a result Of thls year' s a ctivltles?" Tile Statement of met Posltlon and file Statement Of ACtivltleS report information about the City as a whole and about its activities in a way that helps to answer this question. These statements include all assets, deferred outflows of resources, liabilities, and deferred inflows of resources using the accrual basis of accounting, which is similar to the accounting used by most private sector companies. All of the current year's revenues and expenses are taken into account regardless of when cash is received or paid.

These two statements report the C1ty's net position and changes in them.. The City's net position, the difference between assets/deferred outflows of resources and liabilities/deferred inflows of resources, is one way to measure the City's financlal health or financial posltlon. over tinge, increases or decreases in the City's net position are one indicator of whether its financial health is improving or deteriorating. Consideration should also be given to other non-financial factors, such as changes in the City's property tax bases and the condition of the City's roads, to assess the overall health of the City.

All of the City's basic services are considered to be governmental activities. The Statement of I~Tet Position and the Statement of Activities present information about these Governmental activities, including General Government, Community Development, Community Services {Planning and Environmental Review and neighborhood Services}, Public Safety, and Public works. Property Tax, Sales Tax, Transient occupancy Tax, Franchise Fees, and Cannabis Business Tax finance approximately ~5% of these activities.

Reporting the City's 1Vlost Significant Funds: Fund Financial Statements The Fund Financial Statements provide detailed information about the most significant funds, not the City as a whole. Included are the General Fund, Goleta Transportation Improvement Program {GTIP), Park Development Impact Fees {Parr DIF}, Active Transportation Program, Federal Transportation Program as well as lesser funds reported collectively as other Governmental Funds. Some funds are required to be established by State law, however, the City establishes many other funds to help it control and manage money for specified purposes or to demonstrate that the City is meeting legal responsibilities for using certain taxes, grants, and othel• money. The City currently has dust one type of fund, govern ental, which uses tl~e following accounting approach. ~~~~~~~~~~~~~ ~~~~ focus o~~l how 11zo11ey flows into and out of those funds and the balances left at veal•-end that age available for future appropriation. host of the City's basic services are reported in governmental funds. These funds are reported using an accounting method known as modified accrual accounting. Under this method of accounting, revenues are recognized in the accounting period in which they become measurable and available to finance expenditures of the current fiscal period while expenditures are recognized in the accounting period in which the liability is incurred.

The Governmental Fund statements provide a detailed short-term view of the City's general government operations and the basic services it provides. Governmental fund information helps the reader determine whether there are more or less financial resources that can be spent in the near future to finance the City's programs. The relationship (or difference) between govermnental activities (reported in the Statement of Net Position and Statement of Activities) and Governmental Funds are described in the reconciliation schedules accompanying the Fund Financial Statements.

The City as Trustee: Reporting the City's Fiduciary Responsibilities The City is the trustee, or fiduciary, for certain alrlounts held on behalf of the Successor Agency to the Goleta Redevelopment Agency. The City's fiduciary activities are reported in separate Fiduciary .Fund Statements. we exclude these activities from the City's other financial statements because the City cannot use these assets to finance its operations. The City is responsible for ensuring that the assets reported in these funds are used for their intended purpose.
-4-
27 Notes to the Basic Financial statements
The notes provide additianal detailed information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found starting on page 2~ of this report.

Required Supplementary Information
In additianal to the basic financial statements, this report also presents certain Required Supplementary Information {RSI}, including the pity's budgetary comparison schedules, schedule of changes in net pension liability and related ratios, schedule of pension constitutions, schedule of changes in other Postemployment Benefits ~t~PEB) liability and related ratios, and schedule of tJPEB contributions. RSI can be found stat~iing on page 52 of this repari.

Supplementary Information
This report also presents certain other supplementary information including combining fund statements far the pity's non-major governmental funds, including budget and actual statements, and statement of changes in assets and llabllltles far developer deposits fiduciary fund. The supplemental information sect~an can be found starling on page b 1 of this report
StatIStlCal ~ieCtlon
Statistical tables regarding financial trends, revenue capacity, debt capacity, demographics and economic information, and operating information can be found starting an page 13 a of this repari. . ~ ~ ,~ ~ ~ ~ . ~ .
~~um~ R~ ~ o_~ ~~~et Position
The analysis focuses on the net position See Table 1) and changes in net position (Table 2) of the pity's gave ~~ental activities. The ~i~.y does not have any business type activities. Table ~ on the following page surr~~nari~es the State~~ne~~t of Nei I~asitio~~ fo~~ ~a~~er~~n~en~:al ~ciivities as of June 3 a, ~aL l , with comparative totals as of June 30, 202a. As previously stated, the net position at year end serves as a useful indicator over time whether the pity's financial position is improving or deteriorating. -5-
28 Table 1
Summary of let Position
As of June 30, 2021 and 2020
C~overnmental A.ct1v1t1eS
2021 2020
ASSETS:

Current and other assets
Capital Assets
Total Assets
Deferred Outflow of Resources:

Deferred pension
Deferred ~PEB
Total Deferred Outflow of ~csources:

Liabilities:

Current and other liabilities
Long Term Liabilities:

Due in one year
Due in more than one year
Total Liabilities
Deferred Inflows of Resources:

Deferred pension
Deferred i~P ~~
Total Deferred Inflo w o f Deso u rces
~~ ~et I` ~ sitio n :

Net lllvestment lit capltal assets
~.eSl~'lcted
Unrestricted
Total I~Iet Po sitio n
~ 74,963,995
206,120, 73 7
2~1,0~4,732
~ 54,216,063
202,170, 314
25ó,38b,377
1,733,485
317,174
2,0S0,ó59
j .: .::
1,160,326
19,054,002
24,9Ú2,{l16
2 5, 221
476,139
501,360
~ ~. ~
~1 i*. i
1,689,492
260,369
1, 949, 861
3,806,538
902, 318
9,111,748
13,820,604
121,850
303, 346
_ __ ~~~, ~ ~~
2®2,17®, 314
35,488,609
21,525,728 6,431,515
~ 257,732,015 ~ 244,090,438
At June 30, 2021 the City's net position totaled $257.7 million, an increase of $13.6 million or approximately

5.6°l° in comparison to prior year. The largest portion of net position consisted of the City's net investment of 196.1 million {76.1 °/a) in capital assets {i.e., land, buildings, machinery, equipment, and infrastructure) less deprecation and any related debt used to acquire those assets that are still outstanding. The City uses these capital assets to provide services to its community. The change in the net position can be caused by all elements of the financial statement, which include the assets, deferred outflows of resources, liabilities, and deferred inflows of resources. Assets can primarily be affected by its current assets such as cash and investments and investments in capital assets. In this fiscal year, total assets experienced an increase of $24.7 million or 9.6% for total of $281 million and was primarily due to higher cash and investments related to a $10 million financing lease related to the purchase of the City Hall building in November 2019. Due to the timing of executing the financing lease, the ~ 10 million was received in CJctober 2020.
~
29 The City's total liabilities increased by 11.1 million or 80.2% for a total of X24.9 million. The increase is primarily due to the lease financing agreement executed in August 2020 with the California Infrastructure and Economic Development ~3an (IBan) for 14 million at a fixed interest rate of 2.64°/© over 30 years for purchase of its City I-Call building.

The restricted net position increased by 4.6 million or 13 .0% for a total of X40.1 mllllon (15.6% of total net position), which are funds subject to external restrictions on how the funds may be used, such as development impact fees programmed for capital projects. The unrestricted net position increased by $15.1 million or 234.7% for a total of X21.5 million (8.4% of total net position} and may be used at the City's discretion t© meet ongoing operating needs.
han~es in e~ Posit~on
. ~ a.
. • ~~~ ~ i~. ~~ ' ~~~~. . .~ . a. ~~ ~ • ... ~~ a. f:
~ ;
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, . , . • ~ . i • ~ ~ , ~ - • - , -, . ~_~ _ i ~
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30 Table 2
changes in l~Iet P©sition
Year Ended June 30, 2021 and 2020
Governmental Activities
2021 2020
Revenues
Program Revenues:

Charges for services $ 2,056,659 $ 2,245,5$4
Operating contributions and grants 2, 808, 072 2, 73 ~, 43 ~ Capital contributions and grants 11, 43 5,184 3, 204, 026 General Revenues
Taxes:

Property taxes levied for general purposes 7,578,502 7,323,010 dales taxes 9, 3 91,156 8, 3 59, 879
Transient occupancy tax 9,239,079 9,197,440
Franchise taxes 1,478,848 1,431,693
tither taxes 3,935,165 1,$92,658
Fines and forfeitures 119, 026 170, 3 92
Use of money and property 310, 821 1, 5 31, 668
Other 445,183 816,402
Total Revenues 48,797,695 38,911,188
Expenses
General government 6, 5 52, 687 6, 574,206
Community development 463,691 486,631
Community services 8,394,651 7,854,597
Public safety 7,262,255 7,646,327
Pt,~bl lc woll~.S 12,255,501 12,253,012
interest on long-term debt 22`7, 3 3 3 -
Total Expenses 3 5,156,118 34, 814, 773
Change in i~et POsitl©n 13,641,577 4,096,415
Beg~nning i~et Position 244,090,438 239,994,023
Ending 1~1et Posit ion ~ 257,732,015 ~ 244,090,438
revenues: The City's total revenues were $48.8 million far the fiscal year ended June 30, 2021, a increase of approximately X9.9 million or 25.4% when compared to last fiscal year. Approximately 65% of the City's revenue comes from some type of tax revenue including property, sales, transient occupancy taxes (TOT), and other taxes, totaling $31.6 million this fiscal year. This is a increase of approximately $3.4 million when compared to last fiscal year. This increase is primarily due to the city experiencing a full year of cannabis business taxes and increased sales tax. The other 3 5°/© of revenues comes from fees charged for services, development impact fees, state, local and federal grants, contributions, and investment earnings.

Expenses: The total cost of all programs were $3 5.2 million for the fiscal year ended June 3 0, 2021, an increase of $341 thousand or l.0% when compared to last fiscal year. Expenses include a wide range of services such as general government administration, community development, community services, public safety (police ~ .
31 - 9 -
protection services), public works and interest on long-term det related to the IBank financing for City Hall building.

The sources of the City’s major types of revenue and the areas where such resources are used are shown in the charts below.

City’s Major Revenue Sources and Expenses by Type
(See Table 2)

General
Government,

18.6%
Community
Development,

1.3%
Community
Services, 23.9%
Public Safety,

20.7%
Public Works,

34.9%
Interest on long-
term debt, 0.6%
Expenses by Type
32 Governmental Activities
Table 3 presents the cost of each of the City's major programs, General Government, Communïty Development, Community Servïces, Publïc Safety, Publïc Works, as well as each program's net cost {total cost less revenues generated by the actïvïtïes}. The net cost shows the fïnancïal burden that was placed on the City's taxpayers by each of these functïons.

Table 3
T~Tet +Cost of Governmental Activities
Year Ended June 3~f1, X021
Total Cost of
Services
I~et Cost of
Servïces
6,552,687 ~ (6,432,839)
463,691 ~~1,946
8,394,651 {6,490,986)
7,262,255 {6,766,690)
12,255,501 69,699
227,333 {227,333)
$ 35,156,11 ~ ~ {18,856,203)
General G over°n~nent
Communïty Development
Community Services
Publïc Safety
Public Works
Interest on long-term debt
Totals
• General Government expenses comprïse approximately 18.6% of the governmental expenses and ïnclude Cïty Council, Cïty Manager, City Clerk, City Attorney, Community Relatïons, Support Servïces, Fïnance and Rïsk Management. Charges for servïces and other fees partïally offset the cost of thïs program.
• Community Development and Coml~nunïty Servïces expe~~ses col~nprïse approximately 1.3% and

23.9%, respectïvely, of the governmental expenses. Related fees and charges for servïces partïally offset the cost of thïs program. Co~~ni~l~nïty De~~elopment reflects econo~~ïc development costs and. co~r~rr~~r~ïty de~elopl~nent block grant program. Community Servïces reflects actïvïtïes related to Plannïng, Buildïng and Safety, Lïbrary, and the Í~eïghborhood Servïces department. • Publïc Safety expenses comprïse approximately 20.7% of the governmental expenses and reflect the polïce servïces contract wïth the County of Santa Barbara's Sherïff s Office. IZ~evenue from fïnes and capïtal grants partïally offset the cost of thïs program. • Publïc Works expenses comprise approximately 34.9% of the governmental expenses. Revenues from charges for servïces, operating and capïtal contributïons and grants offset the cost of thïs program.

Publïc Works ïncludes admïnistratïon, engïneering, facïlïtïes maïntenance, parks maintenance, street maintenance, solïd waste, street lïghtïng, and capïtal improvement actïvïtïes. • Interest on long-term debt reflects the ïnterest expense related the IBank fïnancïng of $10 mïllion related to the purchase of the Cïty Hall property of $11.5 mïllion. The lease wïll be repaid ïn semï- annual payments for a term of 3o years through August 1, 2050 at an ïnterest rate of 2.64%. _10_
33 FINANCIAL ANALYSIS ()F THE CITY'S FU~~DS
At fiscal year-end the City's governmental funds repotted a combined fund balance of $70.3 million, an increase of $20.2 million or 40.4% over prior fiscal year. The General Fund increased ~ 15.5 million or X9.8%. The C7TIP Fund experienced a decrease of X59 thousand or 0.4% as a result of developer impact fees collected for the year, and projects carried over from the prior fiscal year. The Park L~IF Fund Balance increased by $1.6 million or

21.7%, due to developer impact fees collected and spent for the year, which are programmed towards park related capital projects. The Active Transportation Program Fund decreased $453.5 thousand or 32.9% change from prior fiscal year due to the receipt of grants expected that were originally expected in the prior f"~scal year. The Federal Transportation Program (FTP) Fund accounts for federal grant funds for transportation projects and primarily reflects the Federal Highway Bridge Program (HBP) activity for the Hollister Avenue Bridge Replacement project. The fund balance of the FTP Fund increased by $194.7 thousand or X5.1 %change from prior f ïscal year mainly due to timing of grant revenue receipts received.

General Fund Budgetary Highlights
Over the course of the fiscal year, the City Council revised the City budget several times. These budget amendments fall into three categories: 1) changes made during the year for unanticipated revenues and costs, 2) increases in appropriations to prevent budget overruns and 3) carry over budgets for one-time use for capital projects and special projects.

Revenues: Actual revenues of X30.97 million received came higher than the Final Budget by $1.9b million, primarily as a result of higher tax receipts than anticipated when revenue budget was revised during third quarter to reflect cannabis business tax revenues. Overall actual revenues increased 2.3 million or S. l %when compared to prior fiscal year.

Expenditures: Actual expenditures of X25.49 million were under the Final Budget amounts by $4.74 million, primarily due to less spending activity experienced across the departments due to staff vacancies and deferred projects and program spending that will be carried forward into the next year.

ApY c~riatit~ns: variances between the Original and the Final budgets are p~•i~~narily due to the inclusion of continuing appropriations for special projects from the prior year, as well as new appropriations made by the City Council during the year. Additio~lally, ~•even~es we~•e o~$iginally projected to be lower due to impacts of the pandemic with sales tax a~~d traY~sierit occupancy tax and uncertainty around the new cannabis business tax. finding Fund Balance: The CTeneral Fund Ending Balance was $32.79 million as of June 30, 2021. This amount was higher than the final budget projection by $6.7 million as a result of the revenue and expenditure activity noted above and the City receiving its loan proceeds of ~ 10 million for purchase of its City Hall Building. The table below summarizes the fund balance by classification:

Fund Balance:
'~ +~ ~~ •. • -
Prepaid Items ~ 25,674
C©mmitted 12, 6 ~ ~, 011
Assigned 2, 517, 302
lJnassigned 17,032,671
Total Fund Balanee $ 32,79,658
The Council leas established fiscal policies and funding amounts for Compensated Absences, Risk Management, Equipment Acquisition and Replacement, Public Facilities, Sustainability, and Litigation Defense reserves. These fiscal policies also specify that a minimum of 33% of total ongoing operating budget would be maintained as a 34 Contingency Reserve. Based upon final budgeted General Fund expenditures and transfers , the Contingency Reserve is ~ 10.1 million. Addltlonally, the City Manager and City Council has approved the continuing designation of unexpended funds of $1.17 million assigned for special projects into the next fiscal year. Per Council direction, all remaining fund balance is to be placed in the unassigned fund balance.

CAPIT~ .L ASSETS AI ) DEBT ADMIl '~IISTR.ATIOI`~T
~a~ital Assets
Capital assets include public domain (infrastructure ) general fixed assets consisting of certain improvements including roads, streets , sidewalks , medians, and storm drains . These are assets that are used in the operations of the City's functions. The City has valued these assets at X344.9 million at the end of fiscal year 2021. After accumulated depreciation , the net book value of these infrastructure improvements totals 20b.1 million.

Additional information on the City of Goleta's capital assets can be found in Note 1 F and Note 4.

Table 4
Capital Assets at Year-End
(Net of Depreciation)
Lc~n~-Terrr~ Liabilit~~~~ „~
Governmental Activities
Land
Buildings and improvements
Furniture and equipment
Vehicles
Infrastructure and right of way
Construction in progress
Depreciation
Total Fred Assets
~ 47,299,457
7,728,5~4
1,25 ~,766
791,649
25 s,a42,93 ~
29,764,7~6
{ 13 ~,765,443)
~ 206,12a,737
At fiscal year-end the long-term liabilities reported by the City included compensated absences , successor agency settlement agreement , IBank lease , other post-employment benefits (GPEB ) liability (retiree health care), and net pension liability. The following table summarizes the long-term debt for the fiscal year ended June 30, 2021.

Additional information on the City of Goleta's long-term liabilities can be found in Dotes 1 I, 1 I~, 1 L, 5, 6, 7, 8 and 9.

Table ~
Long;-Term Liabilities
Governmental Activities
Compensated absences
Successor Agency settlement agreement
IBank lease payable
C)PEB liability
Net pension liability
Total
~ 8a8,223
3,1a3,764
lo,oaa,000
2,766,199
3,536,142
$ 2x,214,328
-12-
35 ECt)~OMIC FACT©RS A~T~ i~EXT YEA.R'S ~IJI)~ET
On June 16, 2021, the City Council adopted an operationally balanced budget of ~ 1.1 million for F~ 2021/22.

Of that amount, $32.2 million is related to the General Fund. The adopted budget restored existing levels of services that were temporarily reduced due to the financial impacts and economic uncertainty caused by the COVID-19 pandemic, including programs and projects that were deferred. Additionally, the budget addressed policy direction provided in the City's Strategic Plan and each department's annual worl~ program. The operating budgets included ending the temporary hiring freeze of 11 full-time equivalent (FTE} employees and intern positions being programmed bacl~ in the budget, along with expenditures for maintenance items restored. Updates to personnel to address critical staffing deficiencies in departments that had continued ongoing worl~load impacts prior to the pandemic were also programmed. This included adding an additional 6.75 FTEs positions for a total of 96.275 FTEs.

The City's primary revenue sources (sales tax, property tax, TOT, cannabis business tax, and franchise fees} are all potentially affected by fluctuations in the economy, with TOT, sales tax and cannabis business tax affected the most. The cannabis business tax was a new revenue source for the City and is considered to be extremely volatile.

In a normal year, those revenue sources provide funding for approximately ~0~/0 of City operations. Management continues to closely and regularly monitor these revenues for any trends that could negatively impact or improve the City's financial condition. The fiscal year 2020/21 economic indicators point to a continued impact to the city's largest tax revenue, TOT and third largest revenue source sales tax. The ongoing impacts are primarily due to the Governor's stay-at-home order and non-essential businesses either having to temporarily close, provide only online services or limit capacity. Hotel occupancy levels are projected to recover gradually during the upcoming fiscal year, and not expected to fully recover until F~ 2024/25. Specific industry groups within sales tax are projected to be impacted more than most such as restaurants and hotels, fuel and service stations and business and industry, though gradually recover through the fiscal year.

As we look. towards the future, Goleta anticipates continued impacts to TOT and sales tax, though anticipates continued short-term growth with future cannabis tax revenues as more businesses become operational in the City.

Goleta's property tax revenues are expected to remain stable, as recent trends in the local housing market have remained healthy. Modest annual increases are anticipated in the coming years. Alonger-term outlool~ highlights significant challenges in the coming years as recovery following the pandemic is projec~~ed to be slow in Dany economic sectors affecting the City's revenues, possibly beyond the scale of the 2008 Great Recession.

Additionally, the City revenue streams will remain challenged with prope~ .ty. tax and sales tax continuing to be shared ii"i pe~•petuit~~ with the Cou~~~ty of Santa. Darbara. The City shares SO~io of its property tax and 30~i© of its sales tax allocation per the revenue neutrality agreement. The City also faces a bacl~log of deferred maintenance related to critical infrastructure such as pavement and unfunded priorities in its capital improvement program. The City will be evaluating revenue enhancement options and debt financing options as the City Council continues to place strong emphasis on prudent financial management and multi-year financial planning, to ensure the long- term fiscal sustainability of the City of Goleta and its community.

COTACTII'~G THE CITY'S FINAI'~TCIAL ~AI`+TA+GEMEI~]~T STAFF This financial report is designed to provide Goleta residents, taxpayers, customers, investors, and creditors with a general overview of the City's finances and to demonstrate the City's accountability for the money it receives. If you have any questions about this report or need additional financial information, contact the Finance Department, City of Goleta, 130 Cremona Dr. Suite B, Goleta, California 93117, {805) 961-7500 or email financegroup~~cityofgoleta.org . Additional information can also be found on the city's website at wvwv. c ityofgo leta. org .
_13_
36 ~~~~ ~~ ~~~~~~
~TATEI'~IE~TT t)F I~ET P+C~SITIC)~1
June 3Q, 2Q21
governmental
Actïvities
A~ET~:

Cash and investments $ 64,381,224
Receivables:

Accounts 8,Q25,062
Interest 25,879
Deposit 2,5Q6,15ó
Prepaid items 25,674
Capital assets:

Ion Depreciable:
band 47,299,457
Rights of way 11,395,313
Construction in progress 29,764,78b
Depreciable:

Infrastructure 246,647,ó2S
~Jehicles 79l,ó49
Furniture and equipment 1,258,7bó
buildings and improvements 7,728,584
Accumulated depreciation {138,765,443)
Total assets 281,084,732
~i..Ii 3..i ~~.~~lJ~~i~ ~~~~ ~..f ` T ~i ~~.11i~ ~.J V it~iJ~ i Deferred pensr©n 1,733,485
Deferred flPEB 317,174
Total deferred outflows of resources 2,0Sú,ó59
LIAI~IILITII:

Accounts payable 2,584,310
Accrued salaries and benefits 321,244
Retentions payable 31,888
Interest payable 11ú,ú00
Deposits p~~j~ble 1,60 1,a 4Q
Unearned revenue 3 2, 7Qó
Í~Ioncurrent liab~l~tles:

Due wit hin one year 1,IóÚ,32ó
Due in more than one year 19,ú54,ú02
Total liabilities 24,9ú2,Q l6
I~EFEI~;~Eii II~II~IIJC~~V CAF REC3UI~~S:

Deferred pension 25,221
Deferred OPEB 476,139
Total deferred inflows of resources 5Ú 1,3óQ
1~I~T PC~SIITIt~N:

Net investment in capital assets 19b, I2ú,737
Restricted for:

Public worl~s 2ó,7l7,667
Community development 11,691,874
C©mmunit y services 1,676,ÚQ9
Unrestricted 21,525,728
Total net position $ 2S7,732,Ú 15
The notes to basic financial statements are an integral part of this statement. 14 37

CITY OF GOLETA
STATEII~NT OF ACTIVITIES
For the Fiscal Year Ended June 30, 2021
Goverr~.tnental activities:

Program Revenues
Operating Capital
Charges for Contributions Contributions
Expenses Services anti Grants and Grants
Net (Expenses)
Revenue and
Changes in
Net Position
Governmental
Activities
General government
Corr~rnunity development
Cotr~unity services
Public safety
Public works
Interest on long-term debt
Total governmental activities
~ 6,552,687 ~ 75,473 ~ 44,375 $ - $ {6,432,839)
463,691 1,020,686 273,575 161,376 991,946
8,394,651 1,250 1,555,802 346,613 {6,490,986)
7,262,255 - 6,348 489,217 {6,766,690)
12,255,501 959,250 927,972 10,4.7,978 69,699
227,333 - - - {227,333}
~ 35,156,118 ~ 2,056,659 ~ 2,808,072 ~ 11,435,184 { 18,856,203} General Revenues
Taxes:

Property taxes 7,578,502
Sales and use taxes 9,391,156
Transient lodging tax 9,239,079
Franchise taxes 1,478,848
t)ther taxes 3,935,165
Fines and forfeitures 119,026
Use of money and property 310,821
Other general revenues 445,183
Total general revenues 32,497,780
Change in net position 13,641,577
T~Iet position, beginning of fiscal year 244,090,438
let position, end of fiscal gear ~ 257,732,015
The notes to basic financial statements are an integral part of this statement. 15 38

CITY CAF GCJLETA

GOVERNMENTAL FUNDS

BALANCE SHEET
June 30, 2021
Special Revenue Funds
Active
General Transportation
Fund GTIP Park DIF Program
ASSETS:

Cash and investments ~ 25,859,805 $ 11,818,? 13 9,104,546 ~ - Receivables:

Accounts 4,448,881 1,496 - 40,000
Interest 11,390 4,699 3,488 -
I)eposit - 2,506,156 - -
Prepaid items 25,674 - - -
II:)ue from other funds 5,39?,105 - - -
TOTAL ASSETS ~ 35,?42,$55 $ 14,331,064 9,108,034 ~ 40,000 LIABILITIES , I3EFERREI} II~iFL+~iWS C}F
RES4►URCES, ANI} FUl~I) I3ALAP~ÍCES:

LIABILITIES
Accounts payable $ 1,185,834 $ 1?9,129 $ 1,010 $ -
Accrued salaries and benefits 269,982 - - -
Retentions payable 4,635 2,112 - -
Ueposíts payable 1,45?,040 - - -
Unearned revenue 32,706 - - -
I~ue to other funds - - - 1,830,134
TOTAL LIABILITIES 2,950,19? 181,241 1,010 1,830,134
L~EFERRETJ INFLOWS OF RESOURCES
Unavailable revenue - - - 40,000
TOTAL 1~EFERREI~ INFLOWS
OF RESOURCES - - - 40,000
FL1~ B~~.,ANCES
Nonspendable 25,6?4 - - -
RestriCted - 14,149,823 9,10?,024 -
C©mmltted 12,61 ?,011 - - -
Assigned 2, 51 ?,302 - - -
Unassigned 1?,632,6?1 - - {1,830,134}
TOTAL FUND► BALANCES 32,?92,658 14,149,823 9,10?,024 X1,830,134}

TOTAL LIABILITIES, DEFERRED INFLOWS OF
AND FUND BALANCES $ 35,?42,855 $ 14,331,064 $ 9,108,034 $ 40,000 The notes to basic financial statements are an integral part of this statement. lb
39 S,~~eial Revenge Funds
Federal Other
Transportation Governmental
Program Funds Totals
~ - ~ 17,598,160 $ 64,381,224
2,281,658 1,253,027 8,025,Oó2
- ó,3O2 25,879
- - 2,50ó,15ó
- - 25,674
- - 5,397,105
$ 2,281,658 $ 18,857,489 ~ 80,3ó1,10O
~ 8,865 ~ 1,209,472 $ 2,584,310
- S I,262 321,244
- 25,141 31,888
- 150,500 1,607,540
- - 32,706
2,377,412 1,189,559 5,397,105
2,386,277 2,625,934 9,974,793
- - 40,000
- - 40,000
- - 25,b74
- 16,828,703 40,085,550
- - 12,617,011
- - 2,517,3OZ
{ 104,b 19) ~597,148) 15,100,770
{104,619) 1b,231,555 70,346,307
$ 2,28 i,ó58 $ 18,857,489 $ 80,361,100
40 41

CITY OF GOLETA

RECONCILIATION OF THE GOVERNMENTAL FUNDS -BALANCE SHEET

TO THE STATEMENT OF NET POSITION
June 30, 2021
Total fund balances -governmental funds $ 70,346,307
In governmental funds, only current assets are reported. In the statement of net position, alI assets are reported, including capital assets and accumulated depreciation.

Capital assets at historical cost $ 344,886,180
Accumulated depreciation (138,765,443)
Net 206,120,737
Certain revenues in the governmental receivables are unavailable because they cannot be used to meet current financial obligations. In the Statement of Net Position, revenues are recognized when earned. 40,000
In governmental funds, interest on long-term debt is not recognized until the period in which it matures and is paid. In the government-wide statement of activities, it is recognized in the period that it is incurred. (110,000) Long-term liabilities: In governmental funds, only current liabilities are reported. In the statement of net position, all liabilities, including long-term liabilities, are reported.

Long-term liabilities relating to governmental activities consist of:

Compensated absences payable $ 808,223
Successor Agency settlement agreement 3,103,764
Capital lease payable 10,000,000
OPEB liability 2,766,199
Net pension liability 3,536,142
Total (20,214,328)
In governmental funds, deferred outflows and inflows of resources relating to pensions and OPEB are not reported because they are applicable to future periods.

In the statement of net position, deferred outflows and inflows of resources relating to pensions and OPEB are reported.

Deferred outflows of resources relating:
to pensions $ 1,733,485
to OPEB 317,174
Deferred inflows of resources relating:
to pensions (25,221)
to OPEB (476,139)
1,549,299
Total net position -governmental activities $ 257,732,015 The notes to basic financial statements are an integral part of this statement. 19 42
CITY ~ ►F GOLETA
G~~ERNMENTAL FUNDS
STATEMENT flF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES For the Fiscal Year Ended June 30, 2021
REVENUES:

Taxes
Interg©ven~rnental
Charges for services
Licenses and permits
Fines and forfeitures
Use flf money and property
Developer fees
D©nations
C)ther
Total revenues
EXPENDITURES:

Current:

General g©ven~unent
PUbl1C Safety
Public works
Corrununity development
C©mmunity het V1CeS
Capital outlay
Debt servlCe:

Interest
Total expenditures
Excess of revenues aver
{under} expenditures
t~►THER FINANCING SGUR~CES {USES.

Lease pr©seeds
Transfers In
Transfers out
Total ether financing sources (uses)
Net change in fund balances
Fund balances -July 1
Fund balances -June 30
Special Revenue Funds
Active
Genera ! Transports#ion
Fund GTIP Park CIF Program
$ 28,539,3ól $ - $ - $ -
39,992 - - -
1,270,943 - - -
374,89ó - - -
118,873 - - -
209,018 24,870 23,423 -
- 3,255,958 1,657,152 -
30,974,130 3,280,828 1,680,575 -
ó,871,119 - - -
6,959,079 - - -
4,435,672 3,886 - -
98,525 - - -
5,731,229 - 2,964 -
1,279,781 3,336,379 52,379 453,53©
.GJ,4`lL, l ~ti ~,.54U,LbJ 55,343 453,530
5,481,392 {59,437} 1,625,232 (453,530)
1 V,17V11,VVV '
3 _~ _:~ ] f~ -
10,033,316 - - -
15,514,"I ~}?~ ~5y,4.~"i) I,bLS,L~I (453,53U)
17,277,950 14,209,260 7,481,792 (1,37b,604)
$ 32,792,ó58 $ 14,149,823 $ 9,107,024 $ (1,830,134}
The notes to basic financial statements are an integral part of this statement. 20 43
Speclal ~ eVenue FundS
Federal ~ther
Transportation ~overnmental
Program Funds Totals
~ - ~ 2,708,493 $ 31,247,854
2,530,651 5,014,993 7,585,636
- 785,756 2,056,659
- - 374,896
- 153 119,026
- 53,510 310,821
- 1,939,869 6,852,979
- 21,60© 69,883
- 72,379 445,183
2,530,651 10,596,753 49,062,937
- 2,105 6,873,224
- 276,245 7,235,324
- 1,917,865 6,357,423
- 357,412 455,937
- 2,258,933 7,993,126
2,335,868 2,330,609 9,788,546
- - 117,333
2,335,868 7,143,169 38,820,913
194,783 3,453,584 10,242,024
- - 10,000,000
- - 33,316
- {33,316) {33,316}
- {33,31 b} 10,000,000
194,783 3,420,268 20,242,024
{299,402) 12,811,287 50,104,283
$ {104,619}
~rl~w~ll~~l YIY
~ 16,231,555 $
. .
70,346,307
-
44 CITY OF GOLETA

RECONCILIATION OF THE STATEMENT OF

REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF

GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For the Fiscal Year Ended June 30, 2021
Total net change in fund balances -governmental funds
Capital assets are reported in governmental funds as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which additions to capital assets of $9,788,546 exceed depreciation expense ($5,838,123).

In the statement of activities, compensated absences are measured by the amounts earned during the fiscal year. In governmental funds, however, expenditures for these items are measured by the amount of financial resources used (essentially the amounts paid). This fiscal year, vacation earned exceeded the amounts used by $176, 3 3 8 .

In governmental funds, proceeds from debt are recognized as other financing sources.

In the government-wide statements, proceeds from debt are reported as increases to liabilities. Amounts recognized in governmental funds as proceeds from debt, net of issue premium or discount, was:

In governmental funds, repayments of long-term liabilities are reported as expenditures. In the government-wide statements, repayments of long-term liabilities are reported as reductions of liabilities.

In governmental funds, interest on long-term debt is recognized in the period that it becomes due. In the government-wide statement of activities, it is recognized in the period that it is incur-l-ed. Unmatured interest owing at the end of the period, less matured interest paid during the period but owing from the prior period was:

In governmental funds, OPEB costs are recognized when employer contributions are made.

In the statement of activities, OPEB costs at•e recognized orl the accrual basis. This fiscal year, the difference between accrual-basis OPEB costs and actual employer contribution was:

Certain revenues in the governmental funds are unavailable because they cannot be used to meet current financial obligations. In the Statement of Activities, revenues are recognized when earned.

In governmental funds, pension costs are recognized when employer contributions are made. In the statement of activities, pension costs are recognized on the accrual basis.

This year, the difference between accrual-basis pension costs and actual employer contributions was:

Changes in net position -governmental activities
The notes to basic financial statements are an integral part of this statement. 22 $ 20,242,024
3,950,423
(176,33 8)
(10,000,000)
775,941
(110,000)
(443,713)
(265,242)
(331,518)
$ 13,641,577
45 1
r
..~~~ ~i~ i.T1JL~ 1 +~
~J+~-^~ 1 ^~+ 1V1~~~ ~~ 1' ~~~~~~i~~ ~~~ ~~~J1~t~1V
P II~~.TCIAR I ~~~~
June ~0, 2021
ASSETS:
dash and investments
Receivables:

Interest
Settlement receïvable - +pity of Goleta
BOnd insurance premium
Restricted assets:
+dash and investments with fiscal agent

TOTAL ASSETS
! ' ~ 1 ! +1 ~ " ! '
• • ~~ • - ~ • ~
TC~TAL DEFER:J~EL~ t)L~TFL~~S tJF RES~t~R~ES
L~A~ILITIES;
Accounts payable
Accrued interest band payable
Bands payable, current pardon
BOnds payable, net df current p©rii©n
~Jnearned revenue
Tt~TAL LIABILITIES
I~ET P(JSITIt~I~1:

I-~eld in trust for Successor Agency to the 01eta RLA
Successor
Agency to the
Goleta
Redevelopment
Agency
Private-Purpose
Trust Fund
$ 1,294,502
447
3,103,764
59,878
1,121
4,459,712
624,354
624,354
2,450
101,708
346,811
12,348,777
672,667
13,472,413
~ (8,388,347}
The notes to basic financial statements are an integral part Qf this statement. 23 46
~ITY ~~ ~~~~ +~~
+ -+ r + ~~~ 1 ~~ lYl~~~ ~1' ~~1~~~~~ ~ly ~~~LJ1~..~~~~ ~~ t ~~~J~ 1 ~~~ ~~~ tJ 1.~. ~~~~ ~~~~
For the Fiscal Year Ended June 30, 2021
AI~I)►IT~oIS:

Property taxes
Investment earnings
Total additions
1 1 1
.Administrative allowance
community development
l~strïbution to Santa Barbara bounty
Debt service:

Interest
T'otal deductions
change in net position
I~1et position -July 1
ive~ positio~i - June 30
successor
Agency to the
Goleta
Redevel©pment
Agency
Private-P`urpase
Trust Fund
$ 1,923,680
3,531
1,927,2 ~ 1
145,42
329,818
775,941
527,312
1,778,497
148,714
(8,537,061j
~ {8,388,347j
The notes to basic financial statements are an integral part of this statement. 24 47
~ITY of ~oLETA
l~+ïo 1 ~~J i o 1 Il~ ~~~~1. ~~l`~I~~l...~~~ ~3 1 ~~~~~~~~ F~JIZ THE FISCAL YEAR EI~I~EI~ JC;~E 30, 2021
1~TC}TE 1 -- SI~I~A.RY o~ SIgi~IFl~~I~IT A+~o~I`~ 1 III POLII~~3 The accounting policies of the City of g oleta conform to generally accepted accounting principles as applicable to governments.

The governmental Accounting Standards Board {gASB~ is the accepted standard-setting body for establishing governmental accounting and financial reporting principles,
A. I~eportin Entice
The City ofgoleta {the Cite was incorporated February 1, 2002, under the general laws ofthe State of California. The City operates under the City Council Manager foram of government.

The City provides the following services as authorized by its general laws: public safety, public works, community development, and general administrative services.

B. Basis of Presentation
~©veYnrnent-wi~e ~tatements
government-wide financial statements display information about the reporting government as a whole, except for its fiduciary activities. These statements include a single column for the govemTrmental activities of the primary government. The City has nobusiness-type activities and no discretely presented component units. Eliminations have been made in the statement of activities so that certain allocated expenses are recorded only once {by the function to which they were allocated}. However, general government expenses have not been allocated as indirect expenses to the various functions of the City. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include { 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, ar privileges provided by a given function or segment and {2} grants and contributions that are restricted to meeting the operational or capital requirements of a particular function ar segment.

Taxes and other items not properly included in program revenues are reported instead as general revenues. government-wide financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. [Jnder the economic resources measurement focus, all {both current and long term} economic resources and obligations of the reporting government are reported in the goverrunent-wide financial statements. Basis of accounting refers to when revenues and expenses are recognized in the accounts and reported in the financial statemnerits. iJnder the accrual basis of accounting, revenues, expenses, gains, lasses, assets, and liabilities resulting from exchange and exchange-life transactions are recognized. when the exchange takes place.

Program revenues include charges for services, special assessments, and payments made by parties outside of the reporting goverm~nent's citizenry if that money is restricted. to a particular program. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.

Amounts paid to acquire capital assets are capitalized as assets in the government-wide financial statements, rather than reported as expenditures. Proceeds oflong-term. debt are recorded as a liability in the government-wide financial statements, rather than as another f-financing source. Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than an expenditure. ~und ~inaneial ~tatert~en~`s
The underlying accounting system ofthe City is organized and operated on the basis of separate funds, each of which is considered to be 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, deferred inflows of resources, fund balance, revenues, and expenditures. governmental resources are allocated to, and accounted for in, individual funds based upon the purposes for which they are to be spent and the means by which activities are controlled. 25 48

CITY OF GOLETA

NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2021
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Basis of Presentation (Continued)
Fund financial statements for the primary government's governmental funds and fiduciary funds are presented after the government-wide financial statements. These statements display information about major funds individually and other governmental funds in the aggregate for governmental funds. Fiduciary information includes financial information for the private-purpose trust fund.

Governmental Funds
Sales taxes, property taxes, franchise taxes, gas taxes, motor vehicle in lieu, transient occupancy taxes, grants, and interest associated with the current fiscal period are all considered to be susceptible to accrual and have been recognized as revenues of the current fiscal period to the extent normally collected within the availability period. Other revenue items are considered to be measurable and available when cash is received by the government.

Revenue recognition is subject to the measurable and availability criteria for the governmental funds in the fund financial statements. Exchange transactions are recognized as revenues in the period in which they are earned (i.e., the related goods or services are provided). Locally imposed derived tax revenues are recognized as revenues in the period in which the underlying exchange transaction upon which they are based takes place. Imposed nonexchange transactions are recognized as revenues in the period for which they were imposed. If the period of use is not specified, they are recognized as revenues when an enforceable legal claim to the revenues arises or when they are received, whichever occurs first. Government-mandated and voluntary nonexchange transactions are recognized as revenues when all applicable eligibility requirements have been met. Revenues, expenditures, assets, and liabilities resulting from nonexchange transactions are recognized in accordance with the requirements of GASB Statement No. 33, which requires that local governments defer grant revenue that is not received within their availability period of 120 days after the fiscal year ends to meet the "available" criteria of revenue recognition..

In the fund financial statements, governmental funds are presented using the current financial resources measurement focus. This means that only current assets, current liabilities and deferred inflows are generally included on the balance sheets. The reported fund balance (net current assets) is considered to be a measure of"available spendable resources".

Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources aild uses of "available spendable resources" during a period.

Noncurrent portions of long-term receivables due to governmental funds are reported on their balance sheets in spite of their spending measurement focus.

Recognition of governmental fund type revenue represented by noncurrent receivables are deferred and are shown as unavailable revenues until they become current receivables.

Because of their spending measurement focus, expenditure recognition for governmental fund types excludes amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities.

Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended rather than as fund assets. The proceeds of long-term debt are recorded as another financing source rather than as a fund liability. Amounts paid to reduce long-term indebtedness are reported as fund expenditures.

The fiduciary fund is 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 increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recognized in the period in which the revenues are earned while expenses are recognized in the period in which the liability is incurred. 26 49

CITY OF GOLETA

NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2021
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Fund Classifications
GASB Statement No. 34 defines major funds and requires that the City's major funds are identified and presented separately in the fund financial statements. All other funds, called nonmajor funds, are combined and reported in a single column in the Fund Statements as Other Governmental Funds, regardless of their fund-type.

Major funds are defined as funds that have either assets, liabilities, revenues, or expenditures/expenses equal to ten percent of their fund-type total. The General Fund is always a major fund. The City may also voluntarily select other funds it believes should be presented as major funds.

The City reported the following major governmental funds in the accompanying financial statements:

General Fund —The General Fund is the general operating fund of the City. The General Fund accounts for activities and services traditionally associated with governments such as police, which are financed pl -imal•ily through tax- generated revenues and are not accounted for and reported in another fund. The General Fund also accounts for deposits advanced to the City to fund development-related services provided by the City's Planning and Environmental Review Department and Public Works Department.

GTIP Special Revenue Fund — Accounts for traffic development impact fees.

Park Development Impact Fees (DIF) Special Revenue Fund — Accounts for park development impact fees.

Active Transportation Program Special Revenue Fund — Accounts for State grant funds for transportation projects.

Federal Transportation Program Fund — Accounts for federal grant funds for transportation projects.

Additionally, the City reports the following fund types:

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

Fiduciary Fund Type:

Pj-ivate-Purpose Trust Fund —This fur7d accounts für the activities of the Successor Agency io the Goleta Redevelopment Agency. The fund's primary purpose is to expedite the dissolution of the former Agency's net position in accordance with ABx 1 26, AB 1484, and SB 107. The Private-Purpose Trust Fund is omitted from the government- wide financial statements.

D. Property Taxes
California Constitution Article XIII A Limits the combined property tax rate to one percent of a property's assessed valuation. Additional taxes may be imposed with voters' approval. Assessed value is calculated at one hundred percent of a property's fair value, as defined by Article XIII A, and may be increased no more than two percent per year, unless a change in ownership or new construction occurs. The State legislature has determined the method of distributing the one percent tax levy among the various taxing jurisdictions. 27 50
~iT I ~
r
~~ \.3~t
-
~.~
+
,11~~ 1 ~,~r
q ~+ T ~iC~TES T{~ i~r~~ ~~~J~~ ~~~~,~~T 1 ~~~
-
*~~~1J~
~ ,,
►
.T
3 ~~~
~
}~~ {~~~*y~~ 1 ~
~~~ ~~~ FISCAL ~~~.~ E1~1DED ~~~~iVE ~iJ, 2~21
I~T~TE 1— SIJMMAR~ {~~ SI+~i~~FI+~A~Í~T A~~~.3~1~TIl~+~ P{~~,I~I~,S {~4r►tinued) ~ Pr~~erty Taxes {Continued~
Properly tax revenues are recognized in the fiscal year far which taxes have been levied and collected within sixty days of fiscal year end. Property taxes are billed and collected as follows:

Valuation/Lien Dates
Levy Dates
Due Dates
Delinquency Dates
Secured
January 1
July 1
avember 1 ~5~%}
February ~ {So%}
December 10 {ov.}
April 1 Q {Feb.)
Unsecured
January 1
July 1
August 1
August 31
~ Cash and Investme~lts

Investments are reported in the accompanying financial statements at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Changes in fair value that occur during a fiscal year are recognized as inve~t~tent incQtne reported far that fiscal year. investment ine©me includes interest earnings and changes in fair value. The City pools cash and investments of all funds. Each fund's share In this pool ~s displayed In the accompanying f~nanc~al statements as cash and investments. Investment income earned by the pooled investments is allocated to the various funds based on each fund's average cash and investment balance, except for investment income associated with funds not legally required to receive pealed investment income which has been assigned to and recorded as revenue of the general Fund.

Capital Assets
Capital assets including infrastructures are retarded at cast where historical records are available and at an estimated original cost where no historical records exist. Contributed capital assets are valued at acquisition value at the date of Contribution. generally, Capital asset purchases in excess of $~,~~~ are capitalized if they have an expected useful life afthree years or more. Capital assets include public domain {infrastructure) general Capital assets Consisting of Certain improvements including roads, streets, sidewalks, medians, and storm drains.

The City uses the straight-line depreciatio~~ ~nethc~d ill the gover~neni -wide financial statements for depreciating storm drains, park equipment, buildings, vehicles, equipn`~e~~t and fu~~iitu~~e, acid leasehold ifr~pfo~eYnents. í°~epreciaiion is Charged as an expense against operations, and accumulated depreciation is reported an the respective statement of net position. Depreciation begins on the first íu11 year after the asset is placed in service. The range of lives used for depreciation purposes far each Capital asset class is as follows:

Item Useful Life
Buildings and improvements 3~ to ~(} years
Vehicles 5 years
Equipment and furniture 5 to 15 years
Infrastructure:

Pavement 40 years
Sidewalks 5~ years
Curbs and gutters 5~ years
Bridges 65 years
I4ardscape Sú years
Medians 5th years
Parking lots 44 years
Traffic cantr©1 devices 10 years
28 51
~ ~ 1 ~ V ~~+ ~~~+ L ~ ~~
~+ ~T ~, T ~r + ~+~ p ~+ ~OTES 1 ~ i~+~~h ~~~~+~~ i' ~l~~i T~l ~t~~-^~~~~7F~ ~J~~ 1 ~IYI~ ^
L:~l~V~►.7
FOR ~~~ FISCAL ~YEAR EI~DED ~ +1.~~ ~o, ~oL ~
Nt~►TE 1-- SU1Vii1~~.RY ~?F SI~I~IFI~ANT A~~`~ ►UI~TII~~ P~LI+~I~S ~~ ©ntinued) Deferred Outflows and Inflows of Resources
Pursuant to GASB Statement Igo. ~3, "financial .eportin,g o~~efe~~ed t~utflows of ~esou~ces, I.~efe~~ed Inflows of Resout~ces, and 1Vet Position," and GASB Statement Into. ~5, "Items P~e~iausly Reported as Assets and Liabilities, „the ~ïty recognizes deferred outflows and inflows ofresources.

In addïtïon to assets, the Statement ofl~Tet Position will sometimes report a separate section for deferred outflows of resources. A deferred outflow ofresources Is defined. as a consumption of net posrtlon by the government that Is applicable to a future reporting period. The City has two items that qualify for reporting in this category, refer to Dotes 7 and 8 for detailed listing of the deferred outflows ofresources the City has reported.

In addition to liabilitïes, the Statement ofl~et Posïtïon and the Governmental Funds — ~3alance Sheet will sometimes report a separate sectïon for deferred inflows of resources. A deferred inflow ofresources is defined as an acquisition of net position by the pity that is applicable to a future reporting period. The City has two items that qualify far reporting in this category, refer to Dotes 7 and. 8 for detailed listing of the deferred inflows ofresources the City has reported..
' •~►. •
+pertain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. The City accounts for such items using the consumption method.

I. om~pensated Absences
An employee benefits payable liability is recorded for unused vacation and similar compensatory leave balances. The employees' entitlement to these balances is attributable to services already rendered, and it is probable that virtually all of Chese balances will be liquidated by either paid time off or payments upon termination or retirement.

J. Unearned Revenue
Unearned revenue arises when assets are received before revenue recognition criteria have been satisfied. Grants and entitlements received before eligibility requirements are met are recorded as unearned revenue.

For purposes of measuring the net pension liability and deferred outflows/inflows ofresources related to pensions, and pensïon. expense, information about the fiduciary net position of the City of Goleta's California Public Employee's Retirement System {~a1PERS) plans {Plans and additions to/deductïons from the Flans' fiduciary net position have been determined on the same basis as they are reported by aIPERS. For this purpose, benefit payments {including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms.

Investments are reported at fair value.

L. Other Postemloyment benefits {OPEB}
For purposes of measuring the net OPEB liability and deferred outflows/inflows ofresources related to OPEB, and OPEf3 expense, information about the fiduciary net position of the pity's plan {OPEB Plan) and additions to/deductïons from the Plan's fiduciary net positïon have been determined on the same basis. For this purpose, benefit _ payments are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
~
52 ~iT~ ~~ ~.]r~~~T~
l~~ 1 ~~.3 1 ~ 1 ~i1 ~~ ►J!~~ I' ~1`~1~i4..~~~ ~7 1 C'i~L' ~.G1"~1~~7 FC~R THE FISCAL ~EAR EI~I~EI~► J~;~IE 30, 2021
l~(~TE 1— SUI1~ilVIARY {~F SI~I~IF~CAI`~T AC~(~UI~TII~~ PC~LICIES ~+~antinued) 1VI. Fund Balances
Fund balances of the governmental funds are classified as follows:

Nonspendable Fund Balance —represents amounts that cannot be spent because they are either not in spendable form {such as inventory or prepaid insurance} or are legally required to remain intact {such as notes receivable or principal of a permanent fund}.

Restricted Fund Balance —represents amounts that are constrained by external parties, constitutional provisions or enabling legislation.

Committed Fund Balance —represents amounts that can only be used for a specific purpose because of a formal action by the City's governing board. Committed amounts cannot be used for any other purpose unless the governing board removes those constraints by taking the same type of formal action ,such as by an ordinance ar resolution. Committed fund balance amounts maybe used for other purposes with appropriate due process by the governing board. Commitments are typically done through adoption and amendment of the budget. Committed fund balance amounts differ from restricted balances in that the constraints on their use da not come from outside parties, constitutional provisions, or enabling legislation.

Assigned Fund Balance —represents amounts that the City intends to use for a specific purpose, but that do not meet the criteria to be classified as restricted or committed. Intent may be stipulated by the governing board or by an official or body to which the governing board delegates the authoriíy. Specific amounts that are not restricted or committed in a special revenue, capital projects, debt service, or permanent fund are assigned for purposes in accordance with the nature of their fund type or the fund's primary purpose.

Assignments within the general fund convey that the intended use of those amounts is for a specific purpose that is narrower than the general purpose of the City.

Unassigned Fund Balance —represents amounts which are unconstrained irl that they may be spent for any purpose. Only the general fund reports a positive unassigned fund balance. CJther gover~~mental funds might report a negative balance in this classification because of overspending far specific purposes for which amounts had been restricted, committed or assigned.

It is the City's policy to consider committed amounts as being reduced first, followed by assigned amounts, and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of those unrestricted fund balance classifications co~.ld be used.
%1. 'Net Position
ASB Statement Igo. f 3 requires that the difference between assets added to the deferred outflows of resources, and llabllltles added to the deferred lnflaws of resources, be reported as net position. Iet position is classified as either net investment in capital assets, restricted, or unrestricted.

I`~et position that is net investment in capital assets, consists of capital assets, net of accumulated depreciation, and reduced by the outstanding principal of related debt. Restricted net position is the portion of net position that has external constraints placed on it by creditors, grantors, contributors, laws, or regulations of other governments, ar through constitutional provisions or enabling legislations. Unrestricted net position consists of net position that does not meet the definition of net investment in capital assets ar restricted net position.

O. Interfund Balances/Internal Balances
Advances to and advances from other funds represent Interfund loans in the fund financial statements. Advances between funds are offset by a fund liability ar by deferred revenue in the applicable governmental funds to indicate that they are not expendable available financial resources. Any unpaid Interest due to lack of funds in the borrowing fund Increases the principal owed and is reported in the lending fund as deferred revenue. All other outstanding balances between funds are reported as due to and due from other funds. These are generally repaid within the following fiscal year. Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide Financial Statements as "internal balances." 34 53
i..~T Z V~ iJV~~r 11"i
i~flTES TG T~ IE BA~I~ FIN~N~IAL ~TATEI~EI~TS
Ft~R TI-JE FISCAL YEAR EI~DED .TC;~TE 30, 2021
NC~TE 1— S~LTMMA~Y C.~F SI~NIFI+CAI'~IT A+~~{JIJI~ITII~~ Pt~LICIES ~~©n tinued) P. Budgetary Accounting
The City Council establishes budgets for the General Fund and all Special Revenue Funds, except for certain Special Revenue Funds for which expenditures are controlled by grant funding or by assessments received. Budgetary control ís legally maintained at the fund level for these funds. Department heads submit budget requests to the City Manager.

The Cïty Manager prepares an estimate of revenues and prepares recommendations for the next year's budget. The preliminary budget may or may not be amended by the City Council and is adopted by resolution by the City Council on or before June 30 in accordance with the municipal code. The City Council may amend the budget by motion during the fiscal year. +only the Council can authorize transfers between funds and approve inter-fund loans. The City Manager is authorized to transfer budgeted amounts within a fund without formal council action or approval. The City Manager ís authorized to increase expenditures in relation to revenues in funds receiving assigned revenues without approval by the City Council.

Expenditures may not legally exceed appropriations at the fund level, which is the legal level of control. Supplemental appropriations, which increase appropriations , may be made during the fiscal year . There were no material supplemental appropriations made for the fiscal year ended June 30, 2021. Budget information is presented for the General and budgeted Special Revenue Funds in the fund financial statements. The budget information is presented on a basis consistent with generally accepted accounting principles. Appropriations, except open project appropriations, and unexpended grant appropriations, lapse at the end of each fiscal year.

Appropriations lapse at the end of the fiscal year and then are re-budgeted for the coming year. Under Article IIIB of the California Constitution the Gann Spending Limitation Initiative}, the City is restricted as to the amount of annual appropriations from the proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, the excess must either be refunded to the State Controller, returned to the taxpayers through revised tax rates or revised fees schedules, or an excess in one year may be offset against a deficit in the following year. For the fiscal year ended June 30, 2021, based on the calculations by Cíty Management, proceeds of taxes did not exceed the appropriations limit. Budgeted appropriations for the various governmental funds become effective each July 1. ~] Ilse of Estimates
The preparation of financial statements requires management to make certain estírrlates and assumptions that affect the reported amounts ofassets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenue and expulses during the reporting period. Actual results could differ from those estimates.
~~ Future Accounting `Pronouncements
GA SB Statements liste d k~w will be implemented in future financis 1 statements The provisions of this statement are effective
far fiscal years beginning after June 15, 2421.

The provisions of this statement are effective
for fiscal years beginning after December 15, 2420.

The provisions of this statement are effective
for fiscal years beginning after December 15, 2421.

The provisions of this statement are effective
for fiscal years beginning after June 15, 2021.

The provisions of this statement except for paragraphs
l lb, 13, and 14 are effective for fiscal years beginning after June 15, 2420. Paragraph l lb is effective far fiscal years beginning after December 31, 2421 . Paragraphs
13 and 14 are effective f©r fiscal years beginning after Statement Igo. 87 "Leases"
Statement hio. 9 "Accounting for Interest Cost Incurred before the End of a Construction
Period"
Statement Igo. ~1 "Conduit Debt obligations"
Statement I~ o. 92 "fl mnibus 2424"
Statement I~1o. ~3 "Replacement of Interbank Offered
Rates"
June 15, 2421.
31 54
~~ 1~ ~T~{ 1~.7~~+ L~~~~
+ fi~w,,~ A~T q ~+ ~+
~~~~~ 1 ~.J 1 ~~ ~~~,3~~ ~11~IC~.I~í~~ti1~ ~7~~~~~~~~~3 F~R T~E F~SCAL ~~AR ENDED .T[:~E 30, ~~~ 1
I~TC~TE 1 — ~UIYIIVI.AI~Y C)F ~I{~I"~IFI~AI~T ,~+C+~(~T.~~TIN+~ Pt~LI+~IES ~Continued~ ~. Future A.ccc~ur~ting Prc~nc~uncernents ~~~ntinued)
Statement Igo. ~4 "Public-Private and Public-Public
Partnerships and Availability
Payment .Arrangements'"
Statement I~1o. ~~ "Subscription-Based Information
Technology Arrangements"
Statement I~1o. 97 "Certain Component Unit Criteria, and Accounting and Financial Reporting for
Internal Revenue Code Section 457
Deferred Compensat~n Plans - an
amendment of CrASB Statements Igo. 14
and Igo. 84, and a supersession of ~ASB
Statement Igo. 32"
The provisú~ns of this statement are effective
for fiscal years beginning after June 1 ~, 2022.

The provisions of this statement are effective
for fiscal years beginning after June 15, 2022.

The provisions of this statement except for paragraphs
~-9 are effective for fiscal years beginning after
December 15, 2019. Paragraphs ~-~ are effective for fiscal years beginning after June 15, 2021.
1~1t~►T~ ~ — CA~~ A:1~I~ II~VEST11~Ei~TTS
The composition of cash and Investments as of June 30, 2021, is as follows:

Cash on hand
Deposits with financial institutions
investments
Total cash and investments
$ 1,544
4,942,3 6 ~
60,732,935
~ 65,676,847
Cash and Investments are classified in the financial statements as shown below, based on whether• ~~- not them- use is restricted under the tens of the City's debt instruments or Agency's agreements:

St~tP~e~it af ~Tet P£~ç~t1~n.

Cash and investments $ 64,381,224
Fiduciary Funds :

Cash and investments 1,294,502
Cash and investments with fiscal agent 1,121
Total cash and investments $ 65,676,847
governmental Accounting Standards Board {C~ASB} Statement ITo, 72, "Fair Value Measurements and Application," provides the framework for measuring fair value. The framework categorizes a fair value hierarch that is based on the valuation inputs used to measure the fair value ofthe asset. Level 1 inputs are quoted prices in active markets for identical assets; Leve12 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs.

The City has recurring fair value measurements as of June 30, 2021 as shown on the following page:
~
55 CITY ~}F ~~LETA
NOTES TO TI-iE BASF FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENÍ~ED T[:~NE 30, 2021
I~~TE ~ — ~ASI-~ A~II~ II~vESTI~IEI~ITS {~ontinued)
Fair ~Talue Measurement Using
QUoted Prices 1n Significant
Active Markets Other Significant
for Identical Observable Unobservable
Assets Inputs Inputs
Investments by fair value Total {Level 1 {Level 2} (Level 3 } Negotiable certificates of desit $ 4g4Í,111 $ 4,647,111 $ - $ - LAIF 32,441,182 - 32,441,182 -
Total investments measured at fair value 37,088,293 ~ 4,647,111 $ 32,441,182 $ - Investments measured at amortized cost
Money mar ket funds 23,643,521
Held by fiscal agent:

Money market funds 1,121
Total tnvestmentS $ 60,732,935
A. Investments Authorized b the California Government Code and the Ci 's Investme~lt Folic Allowable investment instruments are defined in the California Oavernment Cade Section 536Úo, et seq., as amended.

If the Code is further revised to allow additional investments or is changed regarding the limits on certain categories of investments, the City is authorized to conform to these changes, excluding those changes that may be prohibited by this policy. Where the C~over~zment Code specifies a percentage limitation for a particular category of investments, that percentage is applicable only at the date of purchase.

The table on the below identifies the investment types that are authorized far the City, including the fiduciary private- purposetrust fund, by the California government Cade {or the City's investment policy, where more restrictive). The table also identifies certain provisions of the California C~avernment Code for the City's investment p©licy, where more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does eat address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California avernment Cade or the City's investment policy.

Authorized Maximum Maximum
Investment 'I~ypes by Investme~lt Maxirnurn Percentage Investment Authorized by State .Law Policy Maturity ~ of Portfolio* in One Issuer Local Agency Bonds N© 5 years Nane 10%
~U. S. Treasury Obligations Yes 5 years None None
IJ.S. Government-Sponsored
Agency Securities
Banker's Acceptances
Commercial Paper
Certificate of Deposits
Negotiable Certificates of I~epasit
Repurchase Agreements
Reverse Repurchase Agreements
Medium-Terre %totes
Mutual Funds
Money Market Mutual Funds
Mortgage Pass-Through Securities
County Pooled Investment Funds
Local Agency Investment Fund
JPA Pools (other investment pools}
Passbook Accounts
Yes 5 years None bone
No 180 days 40% 10%
Yes 1 SO days 15% 10%
Yes 5 years 30% 10%
N© 5 years 30% 10°l°
Na 1 year Nane 10%
Na 92 days 20% of base value 14°/©
No 5 years 30% 10%
Na N/A 20% 10%
Yes NIA 20% 10%
No 5 years 20% 10°/©
No NIA Nane None
Yes NIA Nane ~65,oao,000
Yes Nane Nane Nane
Yes N/A Nane None
33 56
Minimum Exempt
Legal From
Rating Disclosure
N/A $
/A
/A
Rating as of Fiscal Year End
AAA Nnt RatPrl
$ $ 4,647,111
- 32,441,182
- 23,643,521
I~/A - - 1,121
~ - $ - ~ 64,732,~35
~IT~ o~ ~oLETA
1~gTE~ Tfl THE BA~IC FI~%TAI~CIAL STATENiEI`~T~
Ft~R THE FISCAL YEAI~ ENDED TC;i~E 30, 2021
I~C~TE -- SASH .~1~TI~ INVESTMENTS {~ontinued~
~. Investments Authorized b the California government Code and the Ci 's Investment Polk Continued ~ Based on state law requirements or investment policy requirements, whichever is more restrictive.

Investments ofbond funds will be made in conformance with the trust indenture for each issue. Such investments shall be held separately when required.

It is the City's intent, at the time of purchase, to hold all investments until maturity to ensure the return of all invested principal dollars; however, sales prior to maturity are permitted. Investment maturities can also be based on a review of cash flow forecasts. Maturities will be scheduled to permit the City to meet all projected cash obligations. ~ . Disclosures Relating~to Interest Date Disk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. gne of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments, and by tuning cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flows and liquidity needed for operations.

Information about the sensitivity of the fair values of the City's investments to market interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity:

Investment Type
Certificates of deposit
LAIF
Money market funds
Held by fiscal agent:

Money market funds
Total
Remaining Maturity {in Months)
Carrying 12 Months I3-24 25-bo Fiore than
Amount (fir Less Months Months ~~ Months
$ 4,64~,111 ~ _ ~ ~59,342 ~ 3,887,769 $
32,441,182 32,44 1,182
23,643,521 23,643,521
1,121 1,121 - - _
~ 60,~32,~35 ~ 5~,~85,82~~ ~ ~59,342 ~ 3,88~,~6~ ~ -
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 rating by a nationally recognized statistical rating organization.

Presented below is the minimum rating required by the California government Code, and the actual rating as of fiscal year end for each investment type.

Carrying
Investment Type Amount
Certificates of deposit $ 4,647,111
LAIF 32,441,182
Money market funds 23,643,521
Ield by I~scal agent:

Money market funds 1,121
Total 60,732,35
Concentration of Credit I~.isk
The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California government Code. During the fiscal year ended June 30, 2021, the City did not hold any investments in any one issuer {other than ~.5. Treasury securities, mutual funds, and external investment pools} that represent lo% or more of total City investments.
34 57
CIT~ t~F ~(~LETA
i~TQTES T~ TI~E BASIC FINA~CIAL STATEiVIE~TS
FC)R T~-I~ FISCAL ~EA~. E~I~ED .T[;~~8 3~, 20~ 1
1'~1C~TE ~ — +CAS~ A~T~ II~~EST1~EI~TS {~©n tinued)
D. Custodial Credit Risk
Custodial credit risk for de~~sits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The California +~-overnment Code and the City's investment policy do not captain Legal - or policy requirements that would limit the exposure to custodial credit risk for deposits, other than the following provision for deposits: The California Government Cade requires that a financial institution secure deposits made by State or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under State law {unless so waived by the governmental unit). The fair value of the pledged securities in the collateral pool must equal at least 110% ofthe total amount deposited by the public agencies. California law also allows financial institutions to secure the City's deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. As of June 30, 0~ 1, the City had deposits of X32,4$8,70$ with financial institutions in excess of federal depository insurance Limits that were held in collateralized accounts.

The custodial credit risk for it~vestmenis is the risk that, in the event of the failure of the counterparíy {e.g., broker- dealer} to a transaction, a government will not be able to recover the value ofits investment or collateral securities that are in the possession of another party. The California Government Cade and the City's investment policy da not contain legal or policy requirements that would limit the exposure to custodial credit risk for investments. with respect to investments, custodial credit risk generally applies only to direct investments in marketable securities. Custodial credit risk does not apply to a Local government's indirect investment in securities through the use of mutual funds or governmental investment pools {such as LAIF).
~. Investment in State Investment Poal
The City is a voluntary participant in the Local Agency Investment Fund {LATE) that is regulated by the California Government Code under the oversight of the Treasurer of the State of California. The fair value of the City's investment ~n this pool is reported In the accompanying basic financial statements at the 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 atl an amortized cost basis.
~- - ~- ~ . .

Interfund transactions are reported as either loans, services provided, reimbursements, or transfers. Loans are reported as interfund receivables and payables, as appropriate, and are subject to elimination upon consolidation. Services provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements occur when one fund incurs a cost, charges the appropriate benefiting fund, and reduces its related cost as a reimbursement. All other interfund transactions are treated as transfers. Transfers among governmental funds are netted as part of the reconciliation to the government-wide financial statements.

A. Due From/To Other Funds
Due to and from balances result from the time lag between the dates that interfund goods and services are provided or reimbursable expenditures occur, transactions are recorded in the accounting system, and payments between funds are made.
3~
58 CITY OF GOLETA

NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED TUNE 30, 2021
NOTE 3 — INTERFUND TRANSACTIONS (Continued)
A. Due From /To Other Funds (Continued)
Individual fund Interfund receivable and payable balances at June 30, 2021, are as follows:

Fund Due From Due To
~.

Major Governmental Funds:

General Fund $ 5,397,105 $ -
Active Transportation Program Fund - 1,8 3 0,13 4
Federal Transportation Program Fund - 2,3 77,412
Nonmajor Governmental Funds:

Measure A Grants Fund - 84,3 64
County Fire DIF Fund - 17,0 81
TIRCP Grant Fund - 3 79,296
HMGP Grant Fund - 5,560
Planning Grants Program Fund - 107,005
OTS Public Safety Fund - 4,332
Monarch Butterfly Habitat Management Plan Fund - 114,650 RSTP State Grant Fund - 202,243
Local STIP Fund - 4,309
CDB G Fund - 51,4 3 2
HSIP Fund - 180,672
SSARP Grant Fund - 3 8,615
Total $ 5,397,105 $ 5,397,105
Interfund Transfers
Interfund transfers consist of operating transfers from funds receiving revenue to funds through which the resources are to be expended.

Interfund transfers for the 2020-2021 fiscal year are as follows:

T 1 T /'. ~ I"~1 n ~~
Major Governmental Fund:

General Fund $ 33,316
Nonmajor Governmental Fund:

CDBG Fund -
$ 33,316
33,316
$ 33,316
36 59

CITY OF GOLETA

NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED TUNE 30, 2021
NOTE 4 —CAPITAL ASSETS
Capital assets activity for the fiscal year ended June 30, 2021, was as follows:

Balance
July 1,
2020 Additions Deletions
Balance
June 3 0,
2021
Governmental Activities
Nondepreciable capital assets:

Land
Right of way
Construction in progress
$ 43,808,024 $ 3,491,433
11,3 95,313 -
24,276,986 9,739,860
$ - $ 47,299,45 7
- 11,395,313
4,252,060 29,764,786
Total nondepreciable capital assets
Depreciable capital assets:

Infrastructure
Vehicles
Furniture and equipment
Buildings and improvements
Total depreciable capital assets
Less accumulated depreciation:

Infrastructure
Vehicles
Furniture and equipment
Buildings and irrlpruvements
Total accumulated depreciation
Net depreciable capital assets
Net capital assets
$ 79,480,323 $ 13,231,293 $ 4,252,060 $ 88,459,556
$ 246,141,5 82 $ 506,043 $ - $ 246,647,625
742,963 48,686 - 791,649
1,104,749 15 4,017 - 1,2 5 8,766
7,628,017 100,567 - 7,728,584
255,617,311 809,313 - 256,426,624
130,202,561 5,564,753 - 135,767,314
616,274 42,305 - 658,579
883,806 46,492 - 930,298
1,224,679 184,573 - 1,409,252
132,927,320 5,838,123 - 138,765,443
$ 122,689,991 $ (5,028,810) $ - $ 117,661,181
$ 202,170,314 $ 8,202,483 $ 4,252,060 $ 206,120,737
Depreciation expense was charged to function and programs based on their usage of the t -elated assets. The amounts allocated to each function or program were as follows:

Governmental Activities:

General government $ 139,506
Public safety 26,931
Public works 5,654,507
Community services 17,179
Total depreciation expense-governmental activities $ 5,83 8,123 NOTE 5 —LONG-TERM LIABILITIES
A. Com_,pensated Absences
The City's policies relating to compensated absences are described in Note 1, I. Compensated Absences. The liability in the amount of $808,223 at June 30, 2021, is expected to be paid in future years from future resources. Compensated absences have typically been liquidated from the General Fund. f: Claims and Judgements Payable
Per review of the insurance policy agreements, it was determined that there was no City liability for claims and judgements of the insurance pool.
37 60
. ~. . :

Deletions June 30, 2021
268,400 ~ 808,223
Additions
~ 444,73 8 ~
CITY ~F + ~ ~
C-+~LETA
+
I`~{~TES 1 C~ 1 ~-IE ~ASI~ FII~IANCI~.L ~T~ 1 EME~TS
Ft~r THE FISCA.L, ~EAR E~TDED ~~~E 30, 202 ~
N(JTE ~ -- LClI~1+~-TER11~I LIABILITIES {Continued}
C. Successor Acv Settlement Agreement
C)n September 24, 2018, the City agreed to a settlement agreement to transfer $6,431,587 to the Successor Agency to the Goleta redevelopment Agency. The payments will then be distributed out to the taxing agencies as consistent with California Health and Safety Code sections 34179.5 and 34179.6. The City paid 1,000,000 within 90 days of the settlement date and then pays $775,941 annually by June 30th of each year for seven years. l~+~TE ~ -- CHA~~ES I~ L~1~~-TEIII~i LIABILITIES
The following is a summary of long-term liability activities for the fiscal year ended June 30, 2021:

Balance
July 1, 2020
Compensated absences 631,885
Successor Agency settlement agreement 3,879,705 - 775,941 3,103,764 IBank Tease payable 10,000,000 - 10,000,000
Due With~n
t)ne ~ear
161,645
775,941
222,740
~PEB liability 2,438,474 358,224 30,499 2,766,199 -
I~et pension liability 3,064,002 2,121,488 1,649,348 3,536,142 - Total $ 10,014,066 ~ 12,924,45 0 $ 2,724,18 8 $ 20,214,3 2$ ~ 1,160,3 26 I+C~►TE 7 -- PEI~I~ ►I~T PLAN
A. general Information about the Pension blans
~lan L~esc~iptions
All qualified permanent and probationary employees are eligible to participate in the City's 2.0% at 55 (Tier I} and 2.0°/© at 62 (Tier III PEPrA} Miscellaneous Employee Pension flans, cost-sharing multiple employer defn~ed benefit pension plans administered by the California public Employees' retirement System (CaIPEi~.S). Benefit provisions under the Plans are established by State statute and t~;ity resolution. CaIPE.S issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership inforrr~ation that can be found on the CaIPErS website.

Bene~ts ~rovided
The Plan provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Classic members and PEPrA Safety members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. PEPrA Miscellaneous members with five years of total service are eligible to retire at age 52 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after five years of service. The death benefit is the Basic Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees' retirement Law.
38 61
~~~~ ~~ ~~~~~~
%T{~TES T{~ T~E BASIC FIi~AI`~CIAL STATE~!iE~TS
F(~R T~E FISCAL ~EA~. E~TrEr ~~~E 3 ~}, 2421
NC)TL 7 -- PLNI+~J►N PLAN continued}
A. General Information about the Pension Plans {Cantinued~ The Plans' provisions and benefits ïn effect at June 34, 202 ~, are summarized as follows:
i~~iscellaneous
IJire Date
Benefit formula
Benefit vesting schedule
Benefit payments
Retirement age
iVlonthly benefits, as a °/© of eligible compensation
Required employee contribution rates
Required employer contribution rates
Cont~ibutians
Prior to January 1,
2413
2 % C~ ~ 5
5 years service
monthly for life
54-63

1.426%ta 2.418%

7.4°/©

11.{131% + $244,228
fln ar after
January 1, 2 ~ 13
2% @ 62
5 years service
monthly for life
52-~~
1 . ~ ~~0 to ~ . 5 ~~4

6.5%

7.732°/©+ $6,179
Section 20814{c} of the California Public Employees' Retirement L,aw 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. Funding contributions for the Plan ïs detern~.ined annually on an actuarial basis as of June 30 by CaIPERS. The actuarially determined rate is the estimated amount necessary to finance the casts of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Contributions to the pensian plan from the City were X975,345 for the fiscal year ended June 30, 2021 and were paid primarily from the City's general Fund. ~, Pension Liabilities pension Ex anses and referred Outflows/Inflows of Resources Related to Pensions t June 30, 2021, the City reported a liability of 3,536,12 far its proportionate share of the net pension liability. The net pensian liability was measured as ofJune 30, 2020, and the total pensian liability used to calculate the rlet pension liability was determined by an actuarial valuation as of June 30, 2419 rolled forward using standard update procedures. The City's proportion of the net pensïan liability was based an a projection afthe City's long-term share of contributions to the pensian plan relative to the projected contributions of all Pension Plan participants, actuarially detennïned. The Cííy's proportion share of net pension liability for miscellaneous plans as of ,Tune 34, 2020, and 2419 was as follows:

Proportion-June 34, 2419 4.47651
Proportion-June 34, 2424 4.48383%
Change-Increase {recrease) 4.44732%
For the fiscal year ended June 34, 2021, the City recognized pension expense of 1,306,823. pensïan expense represents the change in the net pension liability during the measurement period, adjusted far actual contributions and the deferred recognition of changes in investment gain/lass, actuarial gain/lass, actuarial assumptions or method, and plan benefits. ~
62 ~IT~I' +t~►F ~~LETA
N~3TE~ TC) Tf-IE ~ASI~ FII~TAI~~I~L ST.~TEiV1EI~TT~
~C~R THE FIS~AL ~EAR ENDED ,T~:~E ~~, 2~21
N{~TE 7 -- PE1~SI~Ï~ PL.~N (~©ntinued~
B. Pension Liabilities, Pension Expenses and Deferred outflows/Inflows of Resources Related to Pensions ~ontinued~
At June 30, 2021, the pity reported deferred outflows of resources and deferred inflows of resources related to pension from the following sources:

Referred C)utflows Deferred Inflows of
of Resources Resources
Differences between expected and actual experience 182,228 ~ - ~hanges in assumptions _ 25,221
Net difference between projected and actual earnings on retirement plan investments 105,04b -
~hanges in proportion and differences between pity
contributions and proportionate share of contributions 120,1 ~3 - ~.djustment due to differences in proportion 350,743 -
ity contributions subsequent to the measurement date 975,305 - 1,733,485 ~ 25,221
Deferred outflows of resources and deferred inflows of resources above represent the unamortized portion of changes to net pension liability, to be recognized in future periods in a systematic and rational manner. 9?5,305 reported as deferred outflows of resources related to pensions resulting from pity contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the subsequent year ending June 30, 2022.

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in the pension expenses as follows:

Fiscal year Ending June 30,
2022
2023
2024
2025
Amount
~ 283,220
247,223
152,133
50,383
$ 732,959
63 ~~~~ ~~ ~.]r~~~T~
1`w1C~ 1 ~~3 ~V ~1iL'+ ~~~11. ~~~~~~~~~ ►J i
`
~~.L.~,~L'.i~l~~
~~~ l~L FISCAL ~EAR E~DED J~~E 3~, 21i2 ~
B. Pension Liabilities Pension Ex enses and Deferred C.~utflows /Inflows of Resources Related to Pensions (Continued
14 ctua~ial 14ss~cmptiQns
The total pension liability in the June 30, 2019 actuarial valuation was determined using the following actuarial assumptions:

Miscellaneous
Valuation Date
Measurement Date
Actuarial Cost Method
Actuarial Assumptions
Discount Rate
Inflation
Payroll {srowth
Projected Salary Increase
Investment Rate of Return
Mortalïty
Post Retirement Benefit Increase
June 3 ~, 2019
June ~ 0, 2020
Entry-Age i~ormal Cost ivlethod

7.15%

2.50%

3.00%
Varies by Entry Age and Service

7.00%
Derived using Ca1PERS' Membership
Data for all Funds { 1)
Contract Ct~LA up to 2.50%until
Purchasing Power Protection Allowance
Floor on Purchasing Power applies;

2.75% thereafter
{ 1 } The mortality table used was developed based on CaIPER' specific data. The table includes 1 ~ years of mortality improvements using Society of Actuaries Scale 90% of scale -MP 2016.

For more details oil this table please refer to the December 201 ~ experience study report. 1~iscc~urrt bate
The discount rate used to measure the total pension liability was 7.15 percent. To determine whether the municipal bond rate should be used in the calculation of the discount rate for public agency plans {including PELF C}, Ca1PEDS stress tested plans that would roost Ilkely result in a discount rate that would be different from the actuarially assumed discount rate. Based on testing the plans, the tests revealed the assets would not run out. Therefore, the current 7.15 percent discount rate is appropriate and the use ofmunicipal bond rate calculation is not deemed necessary. The long-term expected discount rate of 7.15 percent is applied to all plans in the Public Employees Retirement Fund, including PELF C. The stress test results are presented in a detailed report called " C~ASB Crossover Testing Deport " that can be obtained at CaIPERS' website under the ~ASB 1`~0. 68 section.

CaIPEDS is scheduled to review all actuarial assumptions as part of its regular Asset Liability Management BALM}review cycle that is scheduled to be completed in February 2022. Any changes to the discount rate will require Board action and proper stakeholder outreach . For these reasons, CaIPERS expects to continue using a discount rate net of administrative expenses for (~ASB Igo. 67 and moo. 68 calculations through at least the 2021-22 fiscal year. CaIPEDS will continue to check the materiality of the difference in calculation until such time as we have changed our methodology.

T'he long-term expected rate of return on pension plan investments was determined using abuilding-block method in which best- estimate ranges of expected future real rates of return {expected returns, net pension plan investment expense and inflation} are developed for each major asset class.
41 64
1,.,. ~TY ~~ lT~~ +~ 1 ~
1~1~ 1 ~ ►.3 ~~ ~~i~ ~~ ►J~~ ~~l~t -i~~~~L ~.7~lVl~~~
^
~~~ 1 ►J
~~~ ~~~ ~~~~~~ ~~~~ ~~~~~ J~E ~~~ 2~~~
N()TE ~ — PENSIC~N PLAN {~antinued~
B. Pension Z,iabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions ~ontinued~
In determining the long-term expected rate of return, Ca1PER~ took into account bath short-term and long-term market return expectations as well as the expected pension fund cash flows. I.Jsing historical returns of all the funds' asset classes, expected compound returns were calculated over the short-term {first 1 ~ years} and the long-term { 11-~ years} using abuilding-block approach. Using the expected nominal returns for both short-term and long-term, the present value ofbenefits was calculated for each fund. The expected rate of return was set by calculating the single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both shorí-term and long-term returns. The expected rate of return was then set equivalent to the single equivalent rate calculated above and rounded down to the nearest one quarter of one percent.

The table below reflects the long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation. These rates of return are net of administrative expenses.

New
Strategic Real Return Real Return
Asset +Mass Àllacation Years 1~a} Years 11+(b)
~lobal Equity 50.0% 4.80% 5.98%
~lobal ~lxe d ~I1C©me 2~,0°/© ~ .~~a%4 ~.~~ °/fl
Inflatlon SetS ~.~~/fl ~.~~~/ü ~ .t~ ~ ~/ü
Prlvate Equ~ty ~.0% ~.3~% 7.23%
~.eal Assets 13.0% 3.75% 4.93°/©
L~qu~d~ty ~ .~~/~ c~.oc~~/~ -c~.~2~/~
T4tà.l ~ 00.0 %
{a) An expected inflation of 2,00% vr~ss used for this period. {b~ An e Lpected inflation oí2.92%eras used for this period. 5ensitivity c~, f the Pa"op©~tioraate S~ha~e ©~the Net Pe~asi©n Liabili~y t© C'~aanges in l~iscoa~nt Rate The following represents the City's proportionate share of the net pension liability calculated using the discount rate of 7.15 percent, as well as what the City's proportionate share of the net pennon l~abllity would be if It were calculated using a discount rate that is one percentage point lower {b.15 percent} or one percentage point higher {8.15 percent) than the current rate:
1%Decrease Current Discount Rate 1%Increase
x.15% 7.15°l~ 8.15%
City's proportionate share of
net pension plan liability ~ x,242,829 3,53,142 ~ 1,299,691 Pension Plan ~ií~ueia Net Position
Detailed information about the pension plan's fiduciary net position is available in the separately issued CaIPERS financial reports.

C. Payable to the Pension Plan r
At .tune 30, 2021, the City had no amount outstanding for contributions to the pension plan required for the fiscal year ended June 3 0, 2021.
42 65

1.,,.~ 1 ~+ ~~ VE~~~~~
+ l~+i-*~~i~,►J ~+~+ ~I7~ i3~~11.. ~~~~~~~~ ~ 1
+
~~~~~l~I~~
F{~~i. ~~-~L'r i 1~~1..~L ~~~i~. ~~~~~ ~~~~~L~ ~~~ ~~~ ~ l~~T~ ~ - ~~ ►7~~~~~V~~~11 1 ~~~~ i ~ i..~~~ ~~~~~~ 1 ~ ~iJ~~~~ A. Plan Description
The City provides postemplayment health care benefits through the CaIPE~S cast-sharing multiple employer health care program PEMI~CA} to eligible employees. The City pays the PEMI~C.A minimum of 142 far 2a24 and $143/month for 221.

To be eligible far postretirement health benefits, employees must complete at least 5 years of continuous service and be a minimum of 50 years of age.
~. Empla e~es Cavered
As of June 30, 2{121, actuarial valuation, the fallowing current and former employees were covered by the benefit terms under the City's Plan:

Active plan members 77
Inactive plan members or beneficiaries currently receiving benefits 1 ~ Total 96
C. Contributions
the City currently finances benefits on spay-as-you-ga basis primarily from the City's general Fund. ~To assets are accumulated in a trust that meets the criteria in paragraph 4 of ~ASB Statement moo. 75. ~ • * ~ ~ i «~
The City's C~PEB Liability was measured as of June 3~}, 221 and the total DPEf3 liability used to calculate the ~PE~3 Liability was determined by an actuarial valuation as of June 3~, 2}21. ~ctua~ic~l assu~raptions. The total C)PE~ liability was determined using the fallowing actuarial assumptions, applied to all periods included in the rneauremer~t, unless otherwise specified:

Salary increases 2.~5°l~
Discount rate 2.25°f~
I-Iealthcare cost trend rate 3.~4%
Pre-retirement mortality rates were based an the RP-2{~ 14 Employee Mortality Table for Males or Females, as appropriate, without projection. Post-retirement mortality rates were based on the IMP-2~} 14 ~Iealth Annuitant Mortality Table far Males or Females, as appropriate, without projection.

Actuarial assumptions used in the June 3a, 2}21 valuation were based on a review afplan experience during the period July 1, 2a2Ú to June 3 ~, 221.

Discount rate. ASI3 ~5 rewires a discount rate that reflects the following:
a} The long-term expected rate of return on DPE~ plan investments to the extent that the C)PEB plan's fiduciary net position {if any} is projected to be sufficient to made projected benefit payments and assets are expected to be invested using a strategy to achieve that return;
b} A yield or index rate for 20-year, tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher to the extent that the conditions in {a~ are not met. 43 66
~IT~ t~F GULET.r~.
~TC~TES TC► TI~E BASIC FI~TA~TCIAL STA.TEMENTS
Ft~R TI~E FISCI~L YEAR EI~DED TC;►~E 3 0, 2021
NOTE 1~ — POSTEIVIPLC~YENT I-IEALTH ~AR.E BENEFITS {~PEB } ( ~©n~inued) ! ~ , i' : . • • -~
To determine a resulting single {blended } rate, the amount of the plan 's projected fiduciary net position {if any} and the amount of projected benefit payments is compared in each period of projected benefit payments. The discount rate used to measure the City's total flPEB liability is based on these requirements and the following information:

Long-Term
Expected Return Municipal Bond
of Plan Investments 20 dear high flrade
Reporting Date Measurement mate {if any} Rate Index Discount Rate June 30,2021 June 30,2021 2.25% 2.25% 2.25%
June 30,2020 June 30,2020 2.25% 2.25% 2.25%
E. Chan es in the flPEB Liability
Total flPEB
Liability
Balance at June 30, 2020 2,438,44
{Valuation Date June 30, 2020}
Changes recognized for the measurement period:

Service cost 319,~8~
Interest 54,8
Difference between expected and actual experience { 16,31) Changes In assu l2lptlons -
Contributions -employer -
I`~et investment income -
Benefit payments {30,49}
..d~~ir~istra~:i~e expense -
et Changes 327,25
Balance at June 30 , 2021 2,766,199
{Measurement Date June 30, 2021 }
Sensitivity of the t~.~EB liability tc~ changes in the disc©unt rate. The following presents the flPEB liability, as we11 as what the flPEB liability would be if it were calculated using a discount rate that is 1-percentage paint lower { 1.25 percent} or 1- percentage -point higher {3.25 percent } than the current discount rate:
1% Decrease
~ ~ ~ o~n
~ .~,~ ~ .~, ~ {~~
Discount Rate
~ ~ ~ flr~
~►.ï ~,~Ibb, ~ ~~
1 % Increase
~ ~ ~ oi„
í~, L,Lr ~ ~,UVII
Sensitivity of the U~~B liability to changes in the Healthcare cast trení~ rates. The following presents the flPEB Liability, as well as what the flPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower {2.00 percent} or 1-percentage -point higher {4.00 percent } than the current healthcare cost trend rates:

C~PEB Llablllty
1% Decrease

2.00%
~ 2,387,200
44 Trend Rate
~ ~} ~ ~/.,
~ ~, 1~~, l ~~
1% Increase
d (lno%
~ ~,1 ~"I,7UU
67 1.1T~ ~.L~
*
lT~~~T~
~~~~~ I ~ f ~~ ~~~J
`
lt~.. ~I~~~~~~L ~ 1 ~~~~~~~~
FVR. TI~E FI~CA.L ~EAR EI`~DED ~C;~TE 30, 202 ~
l~Í(~T~ ~i - ~~~~~~~~~~~~+ ~T ~~~~T~ ~~~.~ ~i ►~Í'~í~~~~T~ ~~~~~~ ~~U11~iriu€d) C)PEB Ex erase and Deferred +Outflows/Inflows of Resources Related to {~PEB Far the fiscal year ended June 30, 2021, the City recognized aOPEB expense of~380,429. As ofthe fiscal year ended June 30, 2021, the City reported deferred outflows and deferred inflows of resources related to C)PEB from the following sources:

Deferred Outflows Deferred Inflows
of Resources of Resources
Difference between expected and actual experience 317,174 $ 255,432 Changes in assu~~nptions - 220,707
317,174 $ 476,13 9
Amounts reported as deferred outflows and deferred inflows of resources wí11 be recognized in C~PEB expense as follows:

Flscal ~ear End~June 3~, Amount
2022 ~ ~7,994)
2023 {7,994~
2024 {7,994~
2025 (7,994)
2026 {7,994)
Thereafter (118,995)
~ ~ i ~tJ,~UJ~
~ilT~ l `~ LJL'a~~1:~ 1 ~ 1 ~~~L'
+On August 1, 2020, the Ciíy entered into a lease financing agreement with the California Infrastructure and Economic Development Bank or the IBank for 10,000,000 at an interest rate of 2.64°/© to reimburse the City for $10,000,000 of the total acquisition of the Ciíy Mall property of X11,500,000. The City has a lease to Dank, and then. Dank leases beak the pl•operty upon which the City hall and related improvements are located. The lease will be repaid in semi-annual payments for a term of 30 years through August 1, 2050, `The future lease payments are as follows:

Fiscal dear
Ending
June 30 Principal Interest Total
2022 $ 222,740 261,060 483,800
2023 228,620 255,102 483,722
2024 234,655 248,987 483,642
2025 240,850 242,710 483,560
2o2ó 247,209 236,267 483,476
202.7-2031 1,337,453 1,078,590 2,416,043
2032-2036 1,523,569 890,017 2,413,586
203 7-2041 1,73 5,5 82 675,205 2,410,787
2042-2046 1,977,098 430,500 2,407,598
2047-2051 2,252,224 151,743 2,403,967
Total $ 10,000,000 4,470,181 $ 14,470,181
m
68 ~~i~
+
Lll~ 1T~~
+
~i~
+ + - ~-+ ~~ 1 l: ►.3 1 ~ ~~L'. ~~~~~ ~~~~~1..~~~ ~~~ 1 ~~Vl~ ^
~l~l 1 ►J
~~~ 1 ~~ ~~ ►J~~~ ~~~~ ~~~~~ ~~~~~~ ~~~ ~VL ~
1lT~`i ~ V ~ ~ G~~~~ i1 ~~L~ i'~ ~~ 1~~1..7~,7 ~~ ~~.7~ V ~~~ At June 30, 2021, deferred inflows of resources, reported in the governmental fund financial statements, consisted of the following:

Deferred Inflows of Resources
Unavailable revenue:
11~Ia~or -overnrnental Fund:

Active Transportation Program Fund $ 40,000
Total deferred inflows of resources ~ 40,00
At June 30, 2021, deferred outflows and inflows of resources, reported on the Statement of I~Tet Position, consisted of the following:

Govern~~nental
Activities
Deferred Outflows of Resources
Deferred pension ~ 1,733,45
Deferred OI'EB 317,174
Total deferred outflows of resources 2,050,~5~
Deferred Inflows of Resources
Deferred pension 25,221
Deferred OPEB 47~,13~
Total deferred inflo~~s of resources 5~} 1,30
T~ 1.1 — ~.TI~iI~ BA.LA~E
I`~onspendable, P.estricted, Co~-nr~.itted, Assigned, and ~,Tnassigned ~deficit~ fund balances consisted of the following at J~.ne 30, 2021:

Acti~~e Federal
Transportation Transportation
Park DIF Program Program Other Total
GTIP Special Special Special Special Governmental Governmental General Fund Revenue Fund Revenue Fund Revenue Fund Reserve Fund Funds Funds Nonspendabte
Prepaid items $ 25,674 ~ - ~ - ~ - ~ - - $ 25,674
Restricted
Public works - 14,149,823 - - - 12,567,844 26,717,667
Community development - - 9,107,024 - - 1,676,009 10,783,033 Community services - - - - - 2,584,850 2,584,850
Committed
Public facilities 830,108 - - - - - 830,108
Capital equipment 658,579 - - - - - 658,579
Compensated leave 404,111 - - - - - 404,111
Risk management 200,000 - - - - - 200,000
Litigation defense 300,000 - - - - - 300,000
Contingency 10,129,713 - - - - - 10,129,713
City Hall solar removal 94,500 - - - - - 94,500
Assigned
OPEB UAL 333,500 - - - - - 333,500
CaíPERS pension UAL 170,000 - - - - - 170,000
C1P Projects 762,774 - - - - - 762,774
Encumbrances 1,172,308 - - - - - 1,172,308
FMV adjustment 78,720 - - - - - 78,720
Unassigned{deficit} 17,632,671 - - 1,830,134) {104,619) {597,148) 15,100,770 Total $ 32,792,658 $ 14,149,823 $ 9,107,024 $ { 1,830,134} $ { 104,619} 16,231,555 $ 70,346,307 ~~
69 ~I l ~ t~ ►~ ~~
+
LETA
N~TE~ Tt~ II~E BA~I~ FIi~A~T~IAL ~TATENiE~TS
F{~R. T~~E FI~CAL ~EA~. EI~I~EI~ .fC~~E 3 V, 2021 _ ._ __ l~f llT~ ~~ ` ~~~11 ~~1~~~ .T~13`lP~~T
A. I~escrïption of SelfInsurance Pool Pursuant to Joint Powers Agreement The Ciíy is a member of the California Joint Powers Insurance Authority {Authority). The Insurance Authority is composed of 123 California public entities and is organized under a joint powers agreement pursuant to California Government Code Section X500 et. seq. The purpose of the Authority is to arrange and administer programs for the pooling of self insured losses, to purchase excess insurance or reinsurance , and to arrange for group purchased insurance for proper~:y and other lines of coverage. The California JPIA began covering claims of its members in 1 X78.

Each member government has an elected official as its representative on the Board of i~irectors. The Board operates through anine-member Executive Committee.

B. Self Insurance Programs of the Authority
Each member pays an annual contribution at the beginning of the coverage period. A retrospective adjustment is then conducted annually thereafter for coverage years 2012-13 and prior . Coverage years 2013-14 and forward are not subject to routine annual retrospective adjustment. The total funding requirement for self-insurance programs is based on an actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history relative to other members of the risk-sharing pool.

P~ima~y Liability P~©~~ar~t
Claims are pooled separately between police and general government exposures. { 1 } The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2}The first layer oflosses includes incurred costs up to 100,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the first layer. {3} The second layer of losses includes incurred costs from 100,000 to X500,000 for each occurrence and is evaluated as a percentage ofthe pool's total incurred costs within the second layer. {4) Incurred costs from $500,000 to 50 million are distributed based on the outcome of cost allocation withi~l the f"Irst acid seco~~d loss layers.

The overall coverage limit for each member, including all layers of coverage, ïs X50 million per occurrence. Subsidence losses also have a X50 million per occurrence limit. The coverage structure is composed of a combination of pooled self insurance, reinsurance, and excess insurance. Add~t~onal information concerning the coverage structure is available on the Authority's website: ~~t~~:;'~`c~ ~~~3.c~~.~:'c:c~ve~~~~~~ ~~ish-sf~~.t~i~i~_ ~~~c~~s~~. ~o~%e~s ' C©m~ensatio~a P'~ogYan~
Claims are pooled separately between public safety {police and fire) and general government exposures. (1) The payrall of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. {2) The first layer of losses includes incurred costs up to X75,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the first layer. (3}The second layer of losses includes incurred costs from $75,000 to $200,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the second layer. ~4} Incurred costs from 200,00o to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers.

For 2020-21 the Authority's pooled retention is 1 million per occurrence , with reinsurance to statutory limits under California Worl~ers' Compensation Law. Employer 's Liability losses are pooled among members to ~ 1 million.

Coverage from 1 million to 5 million is purchased through reinsurance policies, and Employer's Liability losses from 5 million to 10 million are pooled among members.

C. Purchased Insurance
P©llutian Legal Liability Insu~anee
The City of Goleta participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City of Goleta. Coverage is on a claims-made basis. There ïs a X250,000 deductible. The Authority has an aggregate limit of $20 million.
47 70
~IT~ OF ~OLETA
DOTES TO T~-IE BA.SIC FI~~A~CIAL STATE~v1EI~TTS
FOR TI~E FISCAL ~i'EAR EI~I~EI~ J[:~~TE 3O, 2021 _ _ __ l~+it~TE 1~ -- RISC 1~iNAEI~1T Continued)
~. Purchased Insurance iContinued~
Properly Insurance
The City ofoleta participates in the all-risk property protection program ofthe Authority. This insurance protection is underwritten by several insurance companies. City of Goleta property is currently insured according to a schedule of covered property submitted by the City of oleta to the Authority. City of Goleta property currently has all-risk property insurance protection in the amount of $22,553,495. There is a 10 ,00o deductible per occurrence except for non-emergency vehicle insurance which has a Z,Soo deductible. +rime Insurance
The City purchases crime insurance coverage in the amount of $ I,000,000 with a $2,5OÚ deductible. The fidelity coverage is provided through the Authority.
~;art~uake and Fla©d Insuranee
The City of Goleta purchases earthquake and flood insurance on a portion of its property. The earthquake insurance is part of the property protection insurance program of the Authority . City of Goleta property currently has earthquake protection in the amount ofon Participant . There is a deductible of 5%per unit ofvalue with a minimum deductible of loo,000.

I. Adequacy_ of Protection
During the past three fiscal years , none ofthe above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage . There were also no significant reductions in pooled or insured liability coverage in 220-21.
1~1t~T~ ~ ~ -- C+t~I~TIIC E1~CIS .~i~I) C~11V1ITiEiTS
A. f,e~al
carious clait~s and suits have been filed against the City in the normal course of business. Altl~o~gh the outcome of these matters is not presently date Finable in the :,pinion of legal counsel, the ~+esolutio~~s ofthese ~~Iditer~s will not have a material adverse effect on the financial condition of the City.

B. Grant Programs
The City participates in a number of federal and state assisted grant programs. These programs are subject to program compliance audits by the grantors . The amount , if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time although the City expects such amounts, if any, to be immaterial.

C. Construction and Other Si nificant Commitn~.ents
Pevenue Neuïrality ~ammztment to Cauní~y o~S'anta Barbara —~litigatidn C~bligati©n After the City's incorporation on February 1, 2002, the County of Santa Barbara continues to have ongoing obligations to provide public services to the City and its residents . In order to ensure that the effect of incorporation was neutral as to the County , the parties agreed to have the following allocations of tax revenues in perpetuity:
~► So% of property tax generated by property located within the City , which would otherwise accrue entirely to the City, is allocated to the County.
+~ 3O% of the 1 %retail sales tax revenues allocable to the City are allocated to the County. ~ncumbranees
All encumbrances include carryover budgets from the fiscal year ended June 30, 2021. Encumbrances as of June 30, 2021, are as shown on the following page:
r;
71 CITY OF GOLETA

NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2021
NOTE 13 —CONTINGENCIES AND COMMITMENTS (Continued)
C. Construction and Other Significant Commitments (Continued) Major Funds:

General Fund $ 1,935,082
GTIP Special Revenue Fund 14,051,692
Park Development Impact Fees Special Revenue Fund 5,053,752 Other Governmental Funds 46,914,103
Total Encumbrances $ 67,954,629
Construction
Listed below are the projects for uncompleted contracts outstanding as of June 30, 2021.

FY 2020-21 Projects $ 6,453,945
NOTE 14 —SUBSEQUENT EVENTS
On January 30, 2020, the World Health Organization ("WHO") announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the "COVID-19 outbreak") and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.

The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic will have on the City's financial condition, liquidity, and future results of operations. Management is actively monitoring the global situation on its financial condition, liquidity, operations, suppliers, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the City is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity as of the date of issuance of these financial statements.

NOTE 15 —OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES
Deficit Fund Balances
The following funds reported deficit fund balances at June 30, 2021:

Major Funds:

Active Transportation Grant Special Revenue Fund $ 1,830,134 Federal Transportation Program Special Revenue Fund 104,619 Nonmajor Governmental Funds:

Measure A Grants Special Revenue Fund 94,736
Planning Grants Program Special Revenue Fund 71,886
Monarch Butterfly Habitat Management Plan Special Revenue Fund 114,650 RSTP State Grant Special Revenue Fund 215,512
Comstock Plover Endowment Special Revenue Fund 799
Local STIP Special Revenue Fund 4,309
CDBG Special Revenue Fund 33
HSIP Special Revenue Fund 9,135
SSARP Grant Special Revenue Fund 46,723
Tiger Grant Special Revenue Fund 27,645
Housing &Community Development State Grant Special Revenue Fund 1,828 OTS Public Safety Special Revenue Fund 4,332
HMGP Grant Special Revenue Fund 5,560
49 72
~~~ I ~~ 1.T~~~~~
NOTES TO TI-~E BASIC FII~ANCIAL STA.TEi~E1~TS
FOR ~~~ F~SCAL Y~AR ~~~~~ J~~~ ~ V, ~V~ ~
1~~~~ ~~ -` ~.7V~4..~ ►J ►3~~ ~V~l~~ I ~~ 1~~ ~1i~l~l~~ ~~~~vl '.~L~~~i #~l~l~ ~13~~1..~ On December 29, ~~ 11, the California Supreme Court upheld Assembly Bill 1x 26 {the Bill} that provides for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City that previously had reported a redevelopment agency {RDA } within the reporting entity of the City as a blended component unit.

The Bill provides that upon dissolution of a redevelopment agency, either the City or another unit of local goverrï3ment will agree to serve as the "successor agency " to hold the assets until they are distributed to other units of State and local government. On January 14, 2012 , the Ciíy Council elected to become the Successor Agency for the former redevelopment agency in accordance with the Bill as part of the City Resolution Igo. 4420.

After the enactment of the law , which occurred on June 28 , 2411, redevelopment agencies in the State of California cannot enter into new projects , obligations or commitments . Subject to the control of a newly established oversight board , remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution {including the completion of any unfinished projects that were subject to legally enforceable contractual commitments.

In future years, successor agencies will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations ofthe former redevelopment agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated, The Bill directs the State Controller of the State of California to review the propriety of any transfers of assets between redevelopment agencies and other public bodies that occurred after January 1 , 2411. if the public body that received such transfers is not contractually committed to a third party for the expenditure or encumbrance of those assets , the State Controller is required to order the available assets to be transferred to the public body designated as the successor agency by the Bill.

As of February 1, 2412, the housing assets, obligations , and activities of the Dissolved RDA have been transferred and are reported in a fiduciary fund {private-purpose trust fund} in the financial statements of the City. .~. Settlement Receivable — Cif Goleta
The Agency has a settlement receivable from the City of Goleta with a balance of 3,143,764 as ofJune 30, 2021. See mote SAC} for further detail.

B. LonTerm Liabilities
1n accordance ~~jith the provisions of ,B~ 1 26 (Billy and the California Supreme Court's d eCisiíi~I ti3 uplïold the Bill, the obligations of the former redevelopment agency became vested with the funds established for the Successor Agency upon the date of dissolution, February 1, 2012. Former tax increment revenues pledged to fund the debts of the former redevelopment agency will be distributed to the Successor Agency subject to the reapportionment ofsuch revenues as provided by the Dill . The 2011 Tax Allocation Bonds were refunded in full in the fiscal year ended June 30 , 2424 with the issuance of the 2024 Tax Allocation Refunding Bonds by reducing the interest rate for a net present value of savings of X8,874,835.

The debt of the Successor Agency as ofJune 34, 2021 , is as follows:

Tax allocation finds
Less deferred amount:
premium on lends issued
Total
1,447,399 - 61,811 1,385,588 61,811
~ 13,207,399 ~ - ~ 511,811 ~ 12,695,588 $ 346,811
Balance
Jul~l, 2020
11,760,000
Additians
Balance Due Within
Deletions June 30, 2021 One Year
450,000 $ 11,310,000 $ 285,000
m
73 +~ITY ()~ ~C)LETA
1~t~TES T~ 1 ~IE BANC I~ I~`~AI~I~IAL ~TATE~~IENTS
FC~R TI~E FISCA~, YEAR E~TI~EI~ J~C~rI`~TE 3 0, 2021
I~1+~TE 1~ — SU+~~E~~(~R A~EI'~~Y T~ THE F4~R~E~ ~EI7 ►~VEL~PiViENT A~EI~T~Y ~~ontinueà} B. Lan~-Term Liabiliti~s {~ontinued~
/♦ ' ~ / t `' ♦ • .• ~ / / .

The annual requirements to amortize the Tax Allocation Bands outstanding as of June 34, 2421, are as follows:

Fiscal Year
Ending
June 34 Principal Interest Total
2422 285,440 $ 481,475 ~ 7~~,475
2423 340,000 4~~,450 7~~,454
2424 315,044 451,475 7d x,075
2425 325,444 435,075 74,475
242b 345,400 418,325 73,325
2027'2431 2,414,444 1,84,504 3,81 f,540
2{132-2036 2,520,444 1,341,804 3,821,840
2{137-2041 3,465,444 745,504 3,810,544
2042-2444 2,145,044 131,144 2,27b,144
Total $ 11,314,044 $ 6,236,44 $ 17,546,44 ~-- -
51 74
i ~ i ~ ! ~ ~ ~ ! y ~ ~
75 CITY ~F +~t
+
~LETA
1J ~ 1 ~V ~+ I
-*
~t~~ i' ~~~
+ + + + h ~-q,~,~ -~+ + +
SCI~EEL)ULE ~~ ~~ Y EI~~.TES, E~PEi`~I)ITLJR.ES, t`~i~i~ C~-1Ài~~ES 11V ~~Jl`~i~ ~~L~~~~ BUI~C~ET ~~~ ~~~ V ~~
For the Fiscal ~ear Ended June 34, 2421
Budgeted Amounts Variance with
Final Budget
tJ►riginai Final Actual Amounts Positive (Negative)
REVENUES;
Taxes $ 24,482,044 26,485,600 $ 28,539,361 2,053,761
Intergovernmental 34,040 34,000 39,992 9,992
Charges for Servlces 1, 163,600 1,326,644 1,274,903 (55,697} Licenses and permits 332,440 446,044 374,896 {3I,I04}
Fine and forfeitures 148,1 ~} 143,144 I 18,873 15,773
Use of money and property 282,404 217,640 249,418 {8,582) Donations 53,444 63,400 48,283 (14,717}
ether 3 82,800 3 $2,804 372,844 {9,996}
Total revenues 22,873,544 29,414,700 30,974,130 1,959,430 EPENI~ITURES;
Current:
general government 7,770,660 7,716,536 ó,871,I 19 845,417 PUbIíC safety 7,762,944 7,762,944 6,959,079 843,821
Public worl~s 4,804,800 5,667,274 4,435,672 1,23I,ó02
Community development 324,504 158,004 98,525 59,475
Community services 5,392,494 6,941,411 5,731,229 1,170,182 Capital outlay - 2,429,754 1,279,781 749,969
Debt service:

Interest - - 117, 3 3 3 { 117, 3 3 3}
Total expenditures 26,456,954 34,235,871 25,492,738 4,743,133 Excess of revenues over
(under} expenditures {3,183,454} (I,22I,I71} 59481,392 6,702,563 ~CJT%~ER FINA►.NCIN S)ITRCES {USES):

Lease proceeds 14,004,040 10,440,004 -
Transfers in 37,244 37,204 33,316 (3,884}
Total other financing sources {uses} 37,204 I4,437,244 10,033,316 {3,884} Tet change in fund balance {3,l4ó,250} 8,816,429 15,514,708 6,698,679 Fund balance - July I 17,277,954 17,277,954 17,277,954 - Fund balance -June 30 I4,I31,744 ~ 26,493,979 32,792,658 $ 6,698,679 52 76
L~ 1 v ~~ ~T~~1'.~ 1 ~
GTIP ~PECIAL F~.EVE~~[JE FLTI~TI~
~~~~U~~ ~../~ ~~ Y ~~.~i.J~~, ~~~~i`iS.../~~\..Ji~~, ~~~ L~~1í~~~~..1~~ ~ ~~~..li i~ ~~~~1~~3...~ ~~~~~ 1 I3~~ 1~1~~~~~
F©r the Fiscal ~ear ~nded June 34, 2421
REVFI~TUF~:

Use cif m©ney and prflperty
I~►evel©per fees
Total revenues
current:

Public W{'!r%S
Capital ©utla~
Total expenditures
met change in fund balance
Fund balance - July 1
Fund balance -June 34
Budgeted Amounts Variance with
Final Budget
original Final Actual Amounts Positive {l~Tegative)
313,444 ~ 313,444 24,874 $ {288,130}
1,937,944 1,937,944 3,255,958 1,318,458
2,254,9Q4 2,254,9{}{1 3,284,828 1,429,928
114,444 11(},404 3,886 146,114
9,426,648 17,388,471 3,336,379 14,451,692
9,136,648 17,498,471 3,344,265 14,157,846
{6,885,748) { 15,247,171 } {59,437) 15,187,734
14,249,264 14,249,264 14,249,264 -
7,323,512 (1,437,911 } $ 14,149,823 $ 15,187,734
53 77
~i 1 ~ ~F ~..~r
+

1.7L~ i ~
P
+
AI~~.I~ II~IF SPE~I.~L ~EVEI~
+
~LTE
r
FLTI~TI~
+ ~T y { ~~ ~ ++ + S~~I~LTLE CJF REVEI~~.TES, E~PEI~I~ITLTRE~, ~l~l~ ~.[~~VE~J 11`~ 1'~J1VLl ~~~~1`V~~ BUI~GET AI~I~ ACTUAL
For the Fiscal ~ear Ended June 30, 2021
Budgeted Amounts Variance with
Final Budget
(Jriginal Final actual Amounts Positive (Negative}
B.EVENLTE:

Use ©fmane y and property 183,000 183,000 $ 23,423 $ X159,577) L~evelcJper fees 619,600 ~ 19,óO0 1,657,152 1,037,552
Total revenues 8O2,ó00 802,600 1,680,575 877,975
EPENI3ITUES:
+current:
c~mrnunity services - - 2,964 {2,964)
capital outlay 2,463,257 5,109,315 52,379 5,056,936
Total expenditures 2,463,257 5,109,315 55,343 5,053,972 Iet change in fund balance {1,660,657) X4,306,715} I,ó25,232 5,931,947 Fund balance -July 1 7,481,792 7,481,792 7,481,792 -
Fund balance -June 30 $ 5,821,135 $ 3,175,íJ77 9,107,024 $ 5,931,947 54 78
CITY ~F +G~LETA
ACTIVE TA~~P~RTATI{~I~T P~QC~I~A FECIAL E~iE1~1LTE FLIP ~CI~EI.~ULE CAF REVE~~LTES, EPENI~ITIJRE, AI~TI~ CILIATES Tl`~ FLT%TI~ BALANCE BIJI~ET A1I~ ACTUAL
For the Fiscal Year Ended June 30, 2Ú2l
Budgeted Amounts variance with
Final Budget
#~►riginal Final Actual Amounts Positive Negative)
B.EVENUE:

Intergovernmental 2,óó9,000 4, 5 24, 3 79 - $ {4, 5 24, 3 70 Total revenues 2,669,000 4,524,379 - {4,524,379}
EPENI~~TUIE:

Capital outlay 2,ób9,000 3,147,775 453,530 2,694,245
Total expenditures 2,ó69,o00 3,147,775 453,530 2,694,245 Tet change in fund balance - 1,376,604 {453,530) { 1,830,134] Fund balance -July 1 I,37ó,ó04 {l,37ó,604} {l,376,ó04) - Fund balance -June 30 {1,37b,ó04} - {1,830,134} $ {1,830,134) ~
79 ~IT
^
v QF ~
+
~}LET
r
A
-± FEI~ERAL 1
++
~1V .9~~~~~~~~l~i ~~~i...i~
+
lYi ~~~~~~~ ~ V ~~
±
`~L
+
..J
+
~ ~~J1V~
~
-
~~~
+
V
+
~~i ~~ ~~ V ~~~1 tJ~~, ~~~~1V~~ 1 V~~~, 1~~~ ~~~1V~.,iL~J ~l~l ~tJ1V~ ~ti~~l~t~~ L~ lJ ~~~r 1 ~~ 1`~~~ V ~~
F©r the Fiscal ~ear Ended June 30, 2021
Budgeted Amounts variance with
Final Budget
tJriginal Final Actual Amounts Positive (Negative)
.EVEI"~~~JE:

Inters©vernmental 10,750,000 1 ó,3O4,774 2,530,651 $ { 13,774,123) T4tú. l revenues 10,750,000 16,304,774 2,530,651 (13,774,123)

1.'11 1:11 ~ V ~lI •
appal Outlay 10,750,000 1ó,0O5,371 2,335,868 13,bó9,503 ©tal expcnditures 10,750,000 16,005,371 2,335,868 13,bó9,503 Tet change in fund balance - 299,403 194,783 (104,620) Fund balance -July 1 {299,402} {299,402} {299,402) -
Fund balance -June 30 $ (299,402} 1 $ (104,619} $ (104,620) Só
80 CITY OF Gi}LETA
SCHEDULE flF PR(~PORTI©NATE SH~ ►RE 4F NET PENSION LIABILITY Last 10 Years ~`
As of June 30, 2021
The following table provides required supplementary information regarding the City's Pension Plan.

Proportion of the net pension liability
Proportionate share of the net pension liability
Covered payroll
Proportionate share of the net pension liability as
percentage of covered payroll
Plan's total pension liability
Plan's fiduciary net position
Plan fiduciary net position as a percentage of the
total pension liability
Proportion of the net pension liability
Proportionate share of the net pension liability
Covered payroll
Proportionate share of the net pension liability as
percentage of covered payroll
Plan's total pension liability
Plan's fiduciary net position
Plan fiduciary net position as a percentage of the
total pension liability
2®21 2420 2I119 2I11~ 2417

0.03250°/© 0.02990% 0.02760°/© 0.02772% 0.02565°/©
$ 3,536,142 ~ 3,064,002 $ 2,659,577 $ 2,749,352 $ 2,219,2$b ~ 7,514,719 $ 6,613,453 ~ 5,897,673 $ 5,464,417 $ 5,1$0,046

47.06% 46.33°/fl 45.10% 50.31% 42.$4%
~ 43,702,930,$$7 $ 41,426,453,4$9 ~ 3$,944,$55,364 $ 37,161,348,332 $ 33,35$,627,624 ~ 32,822,501,335 $ 31,179,414,067 ~ 29,30$,5$9,559 ~ 27,244,095,376 ~ 24,705,532,291

75.10% 75.26°/© 75.26°/© 73 . 31 % 74.06%
2~16 2015

0.0231$°/© 0.02586°/©
~ 1,590,$04 ~ 1,609,229
$ 4,778,639 ~ 4,819,034

33.29% 33.39°/©
~ 31,771,217,402 ~ 30,$29,966,631
~ 24,907,345,$71 $ 24,607,502,515
7$.40% 79.$2%
N©tes to Schedule:

Changes. in assumptions
In 201$, inflation was changed from 2.75 percent to 2.50 percent and individual salary increases and overall payroll growth was reduced from 3.00 percent to 2.75 percent.

In 2017, as part of the Asset Liability Management review cycle, the discount rate was changed from 7.65% to 7.15%.

In 2016, the discount rate was changed from 7.5% (net of administrative expense) to 7.65% to correct for an adjustment to exclude administrative expense.

In 2015, amounts reported as changes in assumptions resulted primarily from adjustments to expected retirement ages of general employees ~- Fiscal year 2015 was the 1st year of implementation, therefore only seven years are shown. 57 81
CITY OF G©EFTA

SCHEDULE OF PENSION CONTRIBUTIONS
Last 10 Years*
As of June 30, 2021
The following table provides required supplementary information regarding the City's Pension Plan. 2021 2020 2019 2018 2017
Contractually required contribution (actuarially determined) $ 975,305 $ 843,932 $ 696,7$2 $ 591,252 $ 535,490 Contribution in relation to the actuarially determined
contributions {975,305) {843,932) (696,782) (591,252) {535,490) Contribution deficiency (excess) ~ _ ~ _ ~ _ ~ _ ~ _
Covered payroll ~ 7,906,471 ~ 7,514,719 $ 6,613,453 $ 5,897,b73 ~ 5,464,417 Contributions as a percentage of covered payroll 12.34% 11.23% 10.54°/© 10.03% 9.80% 201b 2015
Contractually required contribution (actuarially determined) $ 491,157 ~ 52$,634 Contribution in relation to the actuarially determined
contributions {491,157) {528,634)
Contribution deficiency {excess) $ - ~ -
Covered payroll $ 5,180,046 $ 4,778,639
Contributions as a percentage of covered payroll 9.48°/fl 11.06°/© Notes to Schedule:

Valuation Date: b130/2014
Actuarial cost method Entry Age Normal
Asset valuation method 5-year smoothed market
Amortization method The unfunded actuarial accrued liability is amortized over an open 17 year period as a level percentage
of payroll.

Discount rate 7.50%
Payroll growth rate 3.00%
Price in~lation 2.75%©
Salary increases 2.75% plus merit component based on employee classification and years of service
Mortality Sex distinct RP-2000 Combined Mortality
projected to 2010 using Scale AA with a 2 year
setback for males and a 4 year setback for
females.

Valuation Date:

Discount Rate
Valuation Date:

Payroll growth rate
Price inflation
I.~1SCOUnt Rate:
b/30/2015

7.65%
b/30i201ó

7.375°/©
ó130I2017

7.15%
ó130I2018

2.75%

2.50%

7.00%
~- Fiscal year 2015 was the 1st year of implementation , therefore only seven years are shown. 58 82
1,.~ 1 ~ V~ G(~LETA
SC~--~EL3~JLE C~F ~HAI~I~ES Il`~ TI-~E C~PEB LIA~►ILITY A~I~ RELI~~EI~ R~TI+~S Last l0 ~ears~
As of June 30, 2021
Measurement period
Total C}P~~ Liabïlïty
service cost
Interest on the total ~PEB viability
Difference between expected and actual experience
changes in assumptions
changes in benefit terms
~3ene~t payments
1~1et change ïn total ~PE~ Liability
Total C~~`~3 lïabïlïty- begïnnïng
Total ïlPlE~ lïabïlïty - endïng
Covered payroll
Total +CI►PEB lïabïlïty as a percentage
of covered payroll
2Ú21 2112#i 2fl1~ 2ú18
~ 319,989 ~ 348,492 ~ 318,822 ~ 290,904
54,8bó 84,042 ó7,773 48,449
{1ó,ó31) 33,392 43,923 223,452
- ~237,ó84} - -
(30,499) {30,87ó) {16,745) {27,438}
327,725 197,36ó 413,773 535,3ó7
_ 2,438,474 2,241, l08 1,827,335 1,291,968
2,7 bó, l99 ~ 2,438,474 ~ 2,241, l08 ~ 1,827,335
8,897,999 ~ ó,733,32S $ ó,923,ó83 ~ ó,317,4o4

31.09% 36.22% 32.37°/© 28.93%
*- Fïscal year 2018 was the l st year of implementation , therefore only four years are shown. 59 83
~~+ /
~
~
~ ~
~~y
~
~
~
r
~ ~ ~
~*
~ ~~
~+ T ~ T ~, T ~r
rJC~L'.1.J V ~~ ~ i' ~~~~ ~~~ 1 ~i~ U ~~~lY ~7
Last 1 o Y`ears~
As of June ~o, 2021
As of June 3t}, 2021, the plan ís not admínístered thr©ugh a qualified trust. Therefore here is no Actuarially I~eterínined Contribution {AI~C}. Benefit payments of X34,49, 30,8, $1 b,74~ and X27,43 ~ were made on spay-as-you-go-basis for the fiscal years ended June 3~, Zo1, Zo2o, Zo 19, and Zo 1 ~ respectively. 84 ! i ~, ~ ~ ~ ~ _ !
85 ~ ~ ~ ~ ~ ~ ~ ~
! ~ i ~
Special Revenue Funds are used to account for the proceeds of specific revenue sources that are restricted or committed to expenditure for specific purposes other than debt service and capital projects.

C~as Tax -This fund is used to account for the City's share of the motor vehicle gas tax imposed under the provisions of the Street and Highway Code of the State of California under Sections 2105, ~ 10~, 21 O7 and 2107.5, which are legally restricted for the acquisition, construction, improvement, and maintenance of public streets.

Transportation -This fund is used to account for public transportation funding derived from a portion of the retail sales tax collected statewide.

Road Maintenance and Rehabilitation -This fund is used to account for the Road 1aintenance and Rehabilitation additional gas tax funding as authorized by State Bill 1 which can be used for road maintenance and construction.

Measure A -This fund is used to account for funds received from cone-half cent sales tax levied by the Santa Barbara County Association of Governments. The proceeds are restricted to transportation uses. Measure A was approved by the voters of Santa Barbara County by an election held on Rlovember 4, 200.

Measure AGrants -This fund is used to account for grant funds awarded to the City by the Santa Barbara County Association of Governments. These funds are derived from iVleasure A funding and are awarded for specific transportation related projects.

Solid Waste Program -This fund is used to account for receipts and expenditures relating to the City's solid waste program.

Public Safety~I~onations -This fund is used to account for revenue received for public safety at the Market Place Shopping Center.

Count~~re DIF -This fund is used to account for County fire development impact fees that help construct Fire Station 1 Q.

Librar~~acilities DIF -This fund is used to account for library facilities development impact fees.

Sheriff Facilities DIF -This fund is used to account for public safety facilities development impact fees.

Housing,. In-Lieu -This fund is used to account for receipts and expenditures of the City's affordable housing programs.

Stor~~~ Drain DIF -This fund is used to account for storm drain development impact fees.

Planning Grant Program -This fund is to account for California Planning Grants Program Award.

Environmental Pro r~ -This fund is used to account for receipts and expenditures relating to the City's environmental mitigation programs.

Fire Facilities DIF -This fund is used to account for 1~re facilities development impact fees.

Long_Rang_e Development Plan -This fund is used to account for traffic infrastructure funding from I.Jniversity of California, Santa Barbara.

Public Safety -This fund is used to account for state funds under the Citizen Options for Public Safely (COPS} grant program.

Monarch Butterfly Habitat Management Plan -This fund ïs to account for state grand funds for the enhancement of the monarch butterfly habitat.

Solid Waste Rec clingy -This fund is used to account for receipts and expenditures relating to the City's solid waste recycling program.

RSTP State Grant -This fund is used to account for state and federal grant funds to local governments for use in transit and highway projects, including street and road projects.

Comstocl~ Plover Endowment -This fund is used to account for development related funds for use in environmental mitigation programs.

Miscellaneous Grants -This fund is used to account for state grant funds to local governments for use in various City projects.

Local STIP -This fund is used to account for state grant funds to local governments for use in transit and highway projects, including street and road projects.

Developer Agreement -This fund is used to account for developer agreement funds for use in agreed upon projects with the City and developer.

Bicycle and Pedestrian DIF -This fund is used to account for bicycle and pedestrian development impact fees. ~
86 NONMAJOR GOVERNMENTAL FUNDS (Continued)
SPECIAL REVENUE FUNDS (Continued)
Isla Vista Library Grant -This fund is used to account for state grant to fund library services in the Isla vista area.

CDBG -This fund is used to account for revenues and expenditures related to the Community Development Block Grant program.

These funds are received from the Federal Department of Dousing and Urban .Development and must be expended exclusively on programs for low and moderate income individualslfamilies.

HSIP -This fund is used to account for improvements for Hollister and Goleta Valley Center Community Center Crosswalk.

SSARP Grant -This fund for the Systemic Safety Analysis Report Program Grant is used to assist cities in performing a collision analysis and identifying safety roadway issues.

Street Li~htin~ -This fund is used to account for proceeds from a special benefit assessment to fund street lighting.

TIGER Grant -This fund is used to account for support of capital projects which repair bridges or improve infrastructure to a state of good repair.

PEG -This fund is used to account for funds received as local franchising fees for capital costs for public, education or governmental access facilities.

LSTP State Grant -This fund is used to account for the Local Surface Transportation Program State grant funds for use in transit and highway projects including streets and roads.

Housin .and Comruniy Development State Grant -This fund is used to account for funding from the Housing Related Parks Program to assist with new residential housing to lower-income households.

Cal GES -This fund is used to account for funding through the California Office of Emergency Services for emergency preparedness, response, recovery, and homeland security activïties.

FHwA — FEMA Reimbursement -This fund is used to account for the Federal Dighway Administration Emergency Relief Funds used for repair or construction of federal-aid highways on federal lands which have suffered serious damage as a result of natural disasters.

CARF,S - 'l°his fund is to account for federal funding through the Coronavirus Aid, Relief, and Economic Security Act for assistance of public health emergency expenditures.

CATS Public Safety -This fund is used to account for public safety grants for special traffic and law enforcement services.

Certified Access Specialist -This fund is used to account for fees collected to increase disability access aild compliance with construction-related accessibility requirements. These fees are set by Senate Bill 11 ~.

TIRCP _Grant -This fund for the Transit and Intercity Rail Capital Program ~TIRCP} was created by Senate Bill {SB) ~~2 and modified by Senate Bill to provide grants from the Greenhouse Gas Reduction Fund to fund transformative capital improvements that will modernize California's intercity, commuter, and urban rail systems, and bus and ferry transit systems to reduce emissions of greenhouse gases by reducing congestion and vehicle miles traveled throughout California.

DMGP Grant -This fund for the Dazard Mitigation Grant Program is used for seismic retrofit to meet ADA standards.

Library .Services -This fund is used to account for proceeds of Measure L, which authorized a special tax to fund services at the Goleta Library.

County per.. Capita.. —Goleta Library -This fund is used for Funds received from the County of Santa Barbara on a per capita basis to support Goleta Library operations.

Buellton Library -This fund is used to account for funding received directly from the City of Buellton for Buellton Library operations.

County .per Capita - Buellton Library -This fund is used far Funds received from the County of Santa Barbara on a per capital basis to support Buellton Library operations.

Solvanbrary -This fund is used to account for funding received directly from the City of Solvang for Solvang Library operations.

County. per Capital - Solvang_Library -This fund is used for Funds received from the County of Santa Barbara on a per capital basis to support Solvang Library operations.

Miscellaneous Grants Library -This fund is used to account for various minor grants that support the Goleta, Buellton and Solvang Library branches.

Public Administration Facilities DIF -This fund accounts for the public administration facilities development impact fees. 6~
87 THIS PAGE WAS INTENTIQNALLY LEFT BLANK
88 GITY ©F GC?LETA
I°~íQNMAJ©R GflVERNMENTAL FUNDS

COMBINING BALANCE SHEET
3une 30, 2021
Special Revenue Funds
Road
Maintenance
and Measure A Solid Waste
+Gas Tax Transportation Rehabilitation Measure A Grants Program ASSETS:

Cash and investments $ 2,3{16,168 $ 179,731 $ 1,157,298 $ 3,362,233 $ - $ 710,898 Receivables:

Accounts - - 1x8,857 - - 115,501
Interest 960 ______. 76 476 1,397 - 294
TOTAL ASSETS $ 2,307,128 $ 179,807 $ 1,266,631 $ 3,363,630 $ - $ 826,693 LIABILITIES A1~II FU1~1I) BALANCES:

LIABILITIES
Accounts payable $ 33,413 $ - $ - $ 130,808 $ 7,732 ~ 313,372 Accrued salaries and benefits - - - - - 8,652
Retentions payable - - - 13,977 2,640 -
L~eposits payable - _ _ _ _ _
Due to ether funds - - - - 84,364 -
TC)TAL LIABILITIES 33,413 - - 144,785 94,736 322,024
FLTNI~ BALANCES
Restricted 2,273,715 179,807 1,266,631 3,218,845 - 504,669 tTnassigned - - - - (94,736} -
TC)TAL FUND BALANCES 2,273,115 179,807 1,266,631 3,218,845 {94,736) 504,669 TOTAL LIABILITIES ANL~ FUND BALANCES $ 2,307,128 $ 179,807 $ 1,266,631 $ 3,363,630 $ - $ 826,693 64 89
Special Revenue Fends
County
Public Safety Fire Library Sheriff Housing Storm Drain Planning Grants Donations DIF Facilities DIF Facilities DIF In-Lieu DIF Program ~ 29,783 $ - 252,561 109,542 ~ 1,281,918 $ 526,740 $ -
13 27.583 - - - - 35,119
~ ly, l~b ~ 11,~g.~ ~ LJ1,6~ I ~ IUJ,~i~~ ~ 1,1tSl,~btS ~ Jlb,g1J ~ .~J,l ly ~ - ~ 10,542 ~ 30,52b $ - $ - $ - $ -
- 17,081 - - - - 107,005
- 27,583 30,526 - - - 107,005
29,79b - 222,111 149,589 1,282,468 526,825 -
- - - - - - (71,886)
29,796 - 222,111 109,589 1,282,468 526,825 (71,886)
~ 29,796 $ 27,583 ~ 252,637 ~ 109,589 $ 1,282,468 ~ 526,825 $ 35,119 (Continued)
b5
90 CITY C)F G©EFTA
N©NMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET {C©ntinued)
June 30, 2021
Special Revenue Funds
Monarch
Lang Range Butterfly Habitat
Environmental Fire development Public Management Solid Waste Programs Facilities I)IF Plan Safe Plan Recycling
ASSETS:

Cash and investments $ 172,158 $ 3,364,259 $ 191,096 $ 12b $ - $ 30,989 Receivables:

Accounts - - _ _ - _
Interest 74 1,396 82 - - 11
TOTAL ASSETS $ 172,232 $ 3,365,655 $ 191,178 $ 126 $ - $ 31,000 LIABILITIES ANTI F~TND BALANCES:

LIABILITIES
Accounts payable $ - $ 2,471 $ - $ - $ - $ _
Accrued salaries and benellts - - - _ _ _
Retentions payable - - _ _ _ _
Deposits payable - - _ _ _ _
Due to other funds - - - - 114,650 -
TOTAL LIABILITIES - 2,471 - - 114,650 -

FUND BALANCES
Restricted 172,232 3,363,184 191,178 126 - 31,404
Unassigned - - _ { 114,650)
TOTAL FUND BALANCES 172,232 3,363,184 191,178 126 { 114,650) 31,000 TOTAL LIABILITIES AND FUND BALANCES $ 172,232 $ 3,365,b55 $ 191,178 $ 126 $ - $ 31,000 91 Special Revenue Funds
Comstock Bicycle Isla Vista
RSTP State Plover Miscellaneous Local Developer Pedestrian Library +Grant Endowment Grants STIP Agreement DIF Grant
$ - $ 152,037 $ 10,409 $ - $ 615,163 $ 419,762 $ 146,788 - - - - - - 1,011
$ - $ 152,102 $ 10,409 $ - $ 615,163 $ 419,826 $ 147,799 $ 13,269 $ 2,401 $ _ $ _ $ - $ - $ 3,564
- 150,500
242,243 - - 4,349
215,512 152,901 - 4,309 - 3,564
- - 10,409 - 615,163 419,826 144,235
(215,512) {799} - (4,309) - - -
(215,512) (799} 10,409 (4,309} 615,163 419,826 144,235
$ - $ 152,102 $ 10,409 $ - $ 615,163 $ 419,826 $ 147,799 (Continued)
67 92
CITY ~F G()LETA

NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET {continued}
June 30, 2021
Special Revenue Funds
SSARP Street TIGER
CDBG HSIP Grant Li htíng Grant PEG
ASSETS:

Cash and investments $ - ~ - ~ - ~ 158,487 $ - $ 306,782 Receivables:

Accounts 106,964 180,061 22,845 - - 16,896
Interest - - - 77 - 131
TOTAL ASSETS $ 106,964 ~ 180,061 ~ 22,845 ~ 158,564 $ - $ 323,809 LIABILITIES AND FUND BALANCES:

LIABILITIES
Accounts payable ~ 55,565 $ - ~ 30,953 ~ 32,114 $ 27,645 $ - Accrued salaries and benefits - - _ _ _ _
Retentions payable - 8,524 - - - _
Deposits payable - _ _ _ _ _
Due to other funds 51,432 180,672 38,615 - - _
TOTAL LIABILITIES 106,997 189,196 69,568 32,114 27,645 -

FUND BALANCES
Restricted - - - 1X,450 - 323, 809
Unassigned {33} X9,135} {46,723} - {27,645) -
TOTAL FUND BALANCES {33} (9,135} {46,723} 126,450 (27,645} 323,809 TOTAL LIABILITIES AND FUND BALANCES ~ 106,964 _180,061 ~ --- 22,845 ~ 158,564 $ - $ 323,809 68 93
Special Revenue Funds
Housing
Community
LSTP State Development FHWA - FEMA OTS
Grant State Grant Cal DES Reimbursement CARES Public Safety $ 444 $ 5,363 $ 108,176 $ 58,107 ~ 397,862 ~ -
$ 444 ~ 5,363 $ 108,176 ~ 58,107 $ 397,862 ~ -
~ - ~ 7,191 ~ - ~ - $ 397,862 ~ -
~ 7,1 ~ 1 - - 3~7,862 4,332
444 - 108,176 58,1©7 - -
- { 1,828} - - - {4,332}
444 { 1,828} 108,176 58,107 - {4,332}
~ 444 ~ 5,363 ~ ? 08,176 ~ 58,107 $ 397,862 ~ -
{Continued}
fig
94 CITY 4F GOLETA

NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET (Continued)
June 30, 2021
SQecial revenue Funds
Certified County Per
Access TIRCP HMGP Library Capita -Goleta Buellton
Specialist Grant Grant Services Library Library
ASSETS:

Cash and investments ~ 24,251 $ - $ - ~ ó34,l73 $ 294,73b $ 4$,160 Receivables:

Accounts - 430,63 5 - 207,136 149 -
Interest 10 - - 288 - 25
TOTAL ASSETS $ 24,261 $ 430,635 $ - ~ 841,597 $ 294,885 $ 48,185 LIABILITIES AND FUMI) BALANCES:

LIABILITIES
Accounts payable $ 23,547 $ 51,289 $ - $ 636 $ 3,687 ~ - Accrued salaries and benefits - - - 13,197 19,797 4,183 Retentions payable - - - - - -
Deposits payable - - - - - -
Due to other funds - 379,296 5,560 - - -
TOTAL LIABILITIES 23,547 430,585 5,560 13,833 23,484 4,183

FUND BALANCES
Restricted 714 50 - 827,764 271,401 44,002
Unassigned - - (5,560) - - -
TOTAL FUND BALANCES 714 50 (5,560) 827,764 271,401 44,002 TOTAL LIABILITIES AND FUND BALANCES $ 24,261 $ 43O,ó35 $ - $ 841,597 $ 294,885 ~ 48,185 70 95
Special Revenue Funds
Total
County Per County Per Il~iscellaneous Pudic Nonmajor
Capita - Buelitan Salvan~ Capita - Salvang Grants Administration Governmental Library Library Library Library Facilities I)IF Funds
$ 107,221 $ 41,546 $ 90,841 $ 46,884 $ 255,468 $ 17,598,160 - 257 - - - 1,253,027
51 24 43 - - 6,302
$ 107,272 $ 41,827 $ 90,884 $ 46,884 $ 255,468 $ 18,857,489 $ 15,912 $ - $ 13,385 $ 1,628 $ - $ 1,209,472
- 5,433 - - - 51,262
- - - - - 25,141
- - - - - 15©,500
- - - - - 1,189,559
15,912 5,433 13,3$5 1,628 - 2,625,934
91,360 36,394 77,499 45,256 255,468 16,828,703
- - - - - (597,148)
91,360 36,394 77,499 45,256 255,468 16,231,555
$ 107,272 $ 41,827 $ 90,884 $ 46,884 $ 255,~r68 $ 18,857,489 (Concluded)
71 96
CITY 4F GOLETA
NflNMAJC~R GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, f~ND CI-iANGES 1N FUND BALANCES For the Fiscal Year Ended June 30, 2021
Special Revenue Funds
Road _.

Maintenance
and Measure A Soiid Waste
Gas Tax Transportation Rehabilitation Measure A Grants Program ~ - ~ - ~ - ~ 1,805,507 ~ - $ -
694,729 28,181 597,367 - - -
- - - - - 784,506
8,120 521 5,007 15,537 - 2,123
- - - - - 72,379
702,849 28,702 602,374 1,821,044 - 859,008
61,992 - - 655,894 - 916,164
~ - 923,241 76,300 -
61,992 ~ - 1,579,135 76,300 916,164
640,857 28,702 602,374 241,909 {76,300) (57,156)
640,857 28,702 602,374 241,909 (76,300} (57,156)
1,632,858 151,105 664,257 2,976,936 { 1$,436} 561,825
$ 2,273,715 $ 179,807 $ 1,266,631 $ 3,21$,845 $ (94,736) $ 504,669 REVENUES:

Taxes
Intergovenunental
Charges for services
Fines and forfeitures
Use of money and property
Developer fees
Donations
Other
Total revenues
EXPENDITURES:

Current:

General goven~ment
Public safety
Public works
Community development
Conununity services
Capital outlay
Total expenditures
Excess of revenues over
{under) expenditures
OTHER FINANCING SOURCES (USES);
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances -July 1
Fund balances -June 30
72 97
Sc~ecial Revenue Funds
County
Public Safety Fire Library Sheriff Housing Storm Drain Planning Grants Donations DIF Facilities DIF Facilities DIP In-Lieu DIF Program - 46,914 - - - - 3 5,11 ~
(394) - 725 (372) 3,450 1,774 -
- - 153,692 34,70$ 94,355 521,352 -
115,213 - - - - - -
- - - - - - 107,005
.~r ~n~ n~ nnn
115,213 46,779 65,303 100,567 25,000 - 107,005
{ 115,607) 135 $9,114 {66,231 } 72,$05 523,126 {71,$$6} ~ a i..~,vv ~~ i..» c3~, a a~r ~vv,,~.a a 1 i.~,,tsv~ .~~,.~, l~,v ~ i~,c~av~ i4S,403 { 135) 132,99°~ 175,$20 1,209,663 3,699 -
~ 29,796 $ - ~ 222,111 ~ 109,589 $ 1,282,468 $ 526,825 $ (71,886} (Continued}
73 98
~~~~ ~~ ~ar~%L~Tf~
N~NIII~IAJOR GC3VERNl~Ei~TAL FUNDS
CC>MBI%tING STATEME~dT OF REVEl~UES, EXPENDITURES, AND CHANGES Ird FUI~1D BALANCES (Continued} For the Fiscal Year Ended June 30, 2021
Special Revenue Funds
Monarch
Lang Range Butterfly Habitat
Environmental Fire il!evelapment Public Management Saud Waste Programs Facilities CIF Plan Safety Plan Recycling
REVENUES:

Taxes
Intergovernmental
Charges for services
Fines and forfeitures
Use of money and property
Developer fees
Donations
Other
Total revenues
EXPENDITURES:

Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Total expenditures
Excess of revenues over
sunder} expenditures
®TREK FiNAN~Il~1 ~.~ SOURCES {~1SES):

Transfers out
Total other financing sources {uses}
I~det change in fund balances
Fund balances -July 1
Fund balances -June 30
~ - $ - $ - ~ - $ - ~ -
- - - 156,764 - 8,243
408 8,371 1,133 62 - (23}
- 250,831 - - - -
408 259,202 1,133 15b,826 - 8,220
- - - 156,700 - -
- - - - - 5,000
- - - - 2,358 -
- 17,1$0 - - - -
- 17,180 - 156,700 2,358 5,0©0
408 242,022 1,133 126 (2,358} 3,220
(2,358} 408 242,©22 1,133 126 3,220
171,824 3,121,162 190,045 - (112,292} 27,780
~ 172,232 ~ 3,363,184 $ 191,178 ~ 126 $ { 114,650} $ 31,000 74 99
Special Revenue Funds
Comstock Bicycle Isla Vista
RSTP State Plover Miscellaneous Local Developer Pedestrian Library Grant Endowment Grants STIP Agreement DIF Grant
- - 4,383 - - - 240,000
- 339 52 - {1,b25) 1,404 -
- - - - 415,199 -
- 339 4,435 - { 1,625} 416,603 240,000
- - 2,105 - - - -
- 2,401 - - - - -
- - - - - - 7,079
189,637 - - - - - 48,686
189,637 2,401 2,105 - - - 55,765
{ 189,637) {2,062} 2,330 - { 1,625) 416,643 144,235
- {189,637) {2,062) 2,330 { 1,625) 416,603 144,235
{25,875} 1,263 8,079 {4,309) 616,788 3,223 -
{215,512} $ {799) $ 10,409 $ {4,309) $ 615,163 ~ 419,826 $ 144,235 (Continued)
75 100
+CITY QF G©EFTA
N©NMAJC~R GOVERNMENTAL FUNDS
C©M13INING STATEMENT ©F REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (Continued) Far the Fiscal Year Ended June 30, 202 ~
REVENUES:

Taxes
Intergovernmental
Charges far services
Fines and forfeitures
Use of money and property
Developer fees
Donations
ether
Total revenues
EXPElrïi}ITURES:

Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Total expenditures
Excess of revenues over
(under} expenditures
GTHER FI1~►1AI~CING S(~i1RCES (USES).

Transfers out
Total other financing sources (uses}
Net change in fund balances
Fund balances -July 1
Fund balances - June 30
Speciai Rewenue Funds
SSARP Street TIGER
CT)BG HSIP Grant Lighting Grant PEG
$ - ~ - ~ - ~ 306,196 $ - $ 68,061
305,477 180,709 225,000 - 6,348 -
- - - 664 - 1,025
180,709 6,348 305,477 225,000 30b,860 69,086
- - 7b,573 199,158 - 3,084
238,456 - - - - -
22,609 195,2b9 - 27,792 27,b45 -
261,065 I95,269 76,573 226,950 27,645 3,084
44,412 {14,560) 148,427 79,910 (21,297) 66,002
{33,31 b} - _ _ _ _
(33,316) - - - - -
11,096 (14,560) 148,427 79,910 (21,297} 66,002
(11,129} 5,425 (195,150) 4b,540 {b,348) 257,807
~ (33} $ (9,135} ~ (46,723} $ 126,450 ~ {27,645) ~ 323,809 76 101
Special Revenue Funds
Housing
Community
LSTP State I)evelapment FHWA - FEIYIA (iTS
Grant State Grant Cal t)ES Reimbursement CARES Public Safety ~ - $ - ~ - ~ - ~ _ ~ _
- - - - 265,242 -
~ - - - 265,242 -
- - - - - 4,332
- 7,192 - - _ _
- - 7,044 - 397,862 -
~ 7,192 7,444 - 397,862 4,332
_ {7,192) {7,444} - { 132,624) {4,332)
- {7,192} {7,444} - { 132,624} (4,332)
444 5,364 115,176 58,147 132,b24 -
~ 444 ~ { 1,828} ~ 148,176 ~ 58,147 ~ - $ {4,332)
(Continued)
77 102
CITY tJF GULETA
Adfll`~MAJQR GOVERNMENTAL FUNDS
COMBINING STATEMENT flF REVENUES, E~PENDITUR.ES, AND CHANGES IN FUND BALANCES {Continued) For the Fiscal Year Ended June 30, 2021
REVEI~dUES:

Taxes
Intergovenlmental
Charges far services
Fines and forfeitures
Use of money and property
Developer fees
Donations
Other
Total revenues
EXPEl~II~ITURES:

Current:

General government
Public safety
Public works
Community development
Community services
Capital outlay
Total expenditures
Excess of revenues ever
{under} expenditures
t~1'HER FINANCENG SOt7RCE5 ~L~SFS~@
Transfers out
Total tither financing sources (uses)
Net change in fund balances
Fund balances -July 1
Fund balances -June 30
Special Revenue Funds
Certified County Per
Access MRCP HMGP Library Capita -Goleta Bueliton
Specialist Grant Grant Services Library Library
- $ - $ - 528,729 ~ - $ -
- 781,677 - - 752,638 193,729
- - - - - 98
- - - - - 5
80 - - 2,129 279 617
- - - - - 500
80 781,677 - 530,858 752,917 194,949
- - - 503,423 660,449 166,812
- 654,904 - - - -
- 654,904 - 503,423 660,449 166,812
80 126,773 - 27,435 92,468 28,137
126,773 27,435 28,137 80 - 92,468
634 {126,723) {5,560} 800,329 178,933 15,865
714 $ 50 ~ (5,560) $ 827,764 $ 271,401 ~ 44,002
78 103
Special Revenue Funds
Total
County Per County Per Miscellaneous Public Nonmajor
Capita - l~uellton Solvang Capita - Solvang Grants Administration Governmental Library Library Library Library Facilitïes DIF Funds
~ - ~ - $ - ~ - $ - $ 2,708,493
151,500 184,855 174,712 21,406 - 5,014,993
- 1,152 - - - 785,756
- I48 - - - 153
412 538 347 - 807 53,510
- - - - 469,732 1,939,869
- 21,100 - - - 21,E00
- - - - - 72,379
151,912 207,793 175,059 21,40E 470,539 10,596,753
- - - - - 2,105
- - - - - 276,245
- - - - - 1,917,865
- - - - - 357,412
101,110 182,540 127,810 14,545 - 2,258,933
- - - - - 2,330,609
101,110 182,540 127,810 14,545 - 7,143,169
50,802 25,253 47,249 E,861 470,539 3,453,5$4
- - - - - (33,316}
- - - - - (33,31 E}
50,802 25,253 47,249 6,861 470,539 3,420,268
40,558 11,141 30,250 38,395 {215,071 } 12,811,287
~ 91,360 $ 3E,394 ~ 77,499 ~ 45,256 ~ 255,468 $ 16,231,555 (Concluded)
79 104
~i~~ iJI' i 7r~L~~~
+ + l
~+
i~~+
+ ~~-
+ ~~~~~ ~-1~+.1 V ~~~~L:~~~~~
+
r~Jl~l~
Ví1.3 1 ~~ w3~~4..~~~ ~~ V ~~~i V~ 1~Jl~k~
~ '
~~~i~U~~ LJ~
r~~
Lr~~lï/~ lJ~/~~,7, (~~~1 ~~~11
''
4J~~, 11~
' ~~ ~i 1tZ~V ~~ ~ ~~~..J i ~ ~ ~t -i~ll~\ ✓~ ` ~ 1..1 ~~.J~~ ri~~ 1~1\ ✓~ V Il~ F©r the Fiscal Year Ended June 30, 2~21
Variance
Fïnal P©sïtïve
Budget Actual (Negative}
$ 760,500 ~ 694,729 $ (65,771}
19,000 8,120 (10,880}
779,500 702,849 (76,651 }
2,265,619 61,992 2,203,627
2,265,619 61,992 2,203,627
~ { 1,486,119} 640,857 $ 2,126,976
1,632,858
~ 2,273,715
REVEI~IUES:

Intergovernmental
Use of money and property
Total revenues
l.:t~PL~~~~ it ~iJ~ •
~Urrent:

Public works
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
80 105

1..~~~ ~~ ~~~~T.

I~Tfl1AJf~ flVE,N1ViENTAL FL1N~
TRANSPC~RTATIN SPECIAL EVENI..JE FL1NI
SCI-IEI~ULE ~i ~.iL Y ~~. \ ~.,J~, ~~Ll ~I~~~;J~Lr~, 1 -11 TI~ CHANCES IN FLTN~ BALANCE - B~JI~CET ANTS ACTUAL
For the Fiscal Year Ended June 3f}, 2021
Variance
Fina1 Positive
Budget Act ü al {Negat ly e}
~ 2b,~00 ~ 28, ~ 4J ~ ~ ~,~ V ~
2,Ooo ~~~ {1,479)
28,~00 28,702 102
28,097 - 28,097
28,097 - 28,097
$ 503 28,702 ~ 28,199
151,105
~ 179,807
REVENUES:

Intergovernmental
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
E'~ .
106
~ITY UF G(~LETA
I~T(~NI1~IAJC~R ~C~VERNI~EI~ITAL FL1i~I~
R.{~AÍ~ iV~ATT~TTEI`~AI`~CE AI~TI~ P~EHÀBILITATI~I~T SP'ECIAL ~.EVE~~LTE FLTI~D ~C~DULE C~F F:EVE~~.JES, E~F~I~TI~ITURES, A1~TI.~
C~íAI~]~C~ES ~ FL~I~ ~ALAI~CE - BUI}t~ET A~%~ ACTUAL
Far the Fiscal Year Ended June 30, 2021
REVENUES:

Intergovernmental
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Pf3Sltive
Budget Actual {Negative)
563,000 $ 597,367 $ 34,367
9,000 5,007 (3,993)
572,000 602,374 30,374
1,098,000 - 1,098,0(}0
1,098,000 - 1,098,000
(526,000) 602,374 $ 1,128,374
664,257
~ 1,266,b31
82 107
+CITY I~F ~fl►LETA
I~C)~~.~JOR. ~t~VE~;i~~EI`~T~.L FL1~~
1t~1EA~~.JT:E A ~PE~IÀL ~~EVEI~TCTE FL1~tI)
S~~TEI~I.JL,E ~F ~.EVE%~.JES, EXPE~TI~ITU~~S, AI'~TI~
~~IAI~~ES T~ FLTI~II~ ~ALA~T~E - I3~TI~~ET A~TD ~~TUAL
FQr the Fiscal Year Ended .Tune 3Ú, 2Ú21
REVENUES:

Taxes
tJse of money and properly
Total revenues
EENII ►ITURES:
current:

Public works
capital outlay
Total expenditures
Net change in fund balance
Fund balance -July l
Fund balance -June 30
Variance
Final Positive
Budget Actual (Negative}
~ l,522,3ÚÚ 1,8Ú5,5Ú7 ~ 283,207
3b,4{1Ú 15,537 (20,863]
1,5S8,7ÚÚ l,821,Ú44 262,344
1,783,563 b55,894 1,127,669
2,331,353 923,241 l,4Ú8,112
4,114,916 1,579,135 2,535,781
~ {2,556,216) 24l,9Ú9 $ 2,798,125
2,976,936
~ 3,218,845
$3
108
~~ 1 I ~~ ~~-L± ~~~ -
-^ N(~~11ViAJC~R (~C~~ER:NIVIENTAL FL~TD
ME~SU~~.E A~I~ÀNTS SPE~I~L T;EVEI~~1E FL1ND
V~J~~1J ~~ 1J~ J r.~i V ~~. i V ~~, ~~~~~1 ~I ~1 1 ~1~~~, 1~~~ +~H.AN~ES ~ ~~~~ ~t3~131 ~M ~~ - ~ V ~V ~~ 1~11 `i D ~\ ✓~~ri.~ For the Fiscal Year Ended June 3a, 2~}2 ~
RI~VENUE:

Intergovernmental
Total revenues
E~FE1°~1~~TIIRE:
capital outlay
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 34
Variance
Final PvS~tive
Budget Actual {l~legative}
~ 957,117 - $ {957,117)
957,117 - (957,117)
938,681 76,34 862,381
938,681 76,344 862,3$1
18,436 {76,344} ~ {94,736)
{ 18,436)
{94,736}
®i
109
CITY +~}F C(~LETA
NC}~TIVIAJflR. {~C)VEI~I~ENTAL F1v.INI~
SC~LIZ~ VV~STE P,.{)GRA SPECIAL REVENUE FLTNL)
CI-IEL~ULE CAF REVEI~dUES, E~PENI~ITU~;.ES, AND
CI íAN{~ES IN FUND BALANCE - ~UI)~ET ANI.~ ACTI.JAL
For the Fiscal Year Ended June 3i}, 2021
REVENUES:

Charges far service
Use of money and property
tither
Total revenues
EXPENDITURES:

Current:

Public worl~s
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actual (Negative}
678,000 $ 784,506 ~ 106,506
14,000 2,123 (11,877}
72,400 72,379 (21}
764,400 859,00$ 94,608
1,156,485 916,164 240,321
1,156,485 916,164 240,321
(392,085} (57,156} ~ 334,929
561,825
~ 504,669
~~
110
~~~~ ~~ ~C}L~TA
1 V ~~
~
~lYl l
--~~+
~~
rr
~~ 13~ V ~~1
.
1 V ~P~1 ~i ~~~
+
~~J 1 ~i ~
+ + PUi3~~t,., ~.3riF~ i ~ ~~l~l l~i~~~l~i
`
~ ~J~~t~._,~Ci~ ~~L'. V ~~V V ~ i' tJ 1V ~
~~~~U~~ ~..%~
'
~L Y t~l ~1 i..JL~, L
'
t~~~Ll*1~~~1J~~i~,.7, 1~1~1~
` ~~':11 -11i~L~ 11~1 ~~J1~i~ ~~~~~~ ✓L ~ ~iJ~~L1 ~1~1~ 13~1 V13~ F©r the F~scal Year Ended June 3~ ►, 2{}21
REVENUES;
Use of money and property
Total revenues
E~PENLiIT~TRE~:
current:

Public safety
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 3~
variance
Final Positive
Budget Actual {Negative)
~ 5,~(1~ ~ {394) ~ {5,394)
S,~Q~ {394) (5,394)
115,213 115,2 13 -
115,213 115,213 -
{ 11 x,213) { 115,67) {5,394)
145,43
~ 29,96
86 111
l.~ 1 ~ ~~ 1.~~~~ 1 ~
N~NMAJ~R. ~t~V~RNIt~~I~TTAL FLINI~
CQLTNTY FI~,.E i~IF ~P~~IAL REVE~~I.TE FUNI~
SCIiEI3ULE C3F REVE~~JES, E~PE%TL~ITU~ES, AN~
C~í~N~ES IN FLTNI~ BAL~N~E - BUI~~ET ANI~ A.CTIJAL
For the Fiscal Year Ended June 3{l, 2(}21
~iEVE1~IUES:

Interg©vernmental
Total revenues
capital outlay
T©tat expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 3fl
Variance
Flil~l pUSitIVC
Budget Actual {Negative}
~ 978,(}39 $ 46,914 $ {931,125}
978,t?39 46,914 {931,125}
977,9~4 46,779 931,125
977,9{}4 46,779 931,125
~ 135 135 $ -
{135}
$ -
m .
112
+~ITY ~F +~OLETA
1~TC~i~iMAJC}R ~C~VEI~I~TIVIEI~TTAL FL1NL~
LIB~AI~~ FACILITIES I~IF SPECIAL I~:EVENLIE FCTNI~
SCI~EL}LTLE C~F RE~EI~~..TES, E~PENI~ITLTT:ES, ANI~
CHAT~T{~ES IN F~.1NI~ BALAI'~CE - BUI)C~ET A~NT~ ACTUAL For the Fiscal Year Ended June 3{~, 2421
REVENJES:

Use of money and property
Developer fees
Total revenues
E~PENDITURE~:

Current:

Community services
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actual {Negative)
5,000 $ 725 ~ (4,275}
120,500 153,692 33,192
125,540 154,417 28,917
90,800 65,303 25,497
90,800 65,303 25,497
34,700 89,114 $ 54,414
132,997
$ 222,111
113
~~~~ ~~ ~~~+ ~~~
+ + + lY ~ +~~~~~~ V~~~I11V ~i.~~
+
1 tl~ t' ~~~
SHERIFF ~~~~~~~~~~ DIF SPE~IAL ~ Y ~~~1 V~ ~~~~
~~~rDU~E ~1
'
~.~.1 ✓~LrJ_ ~t tJ L~, L~~L1 ~I ~~~~~.~i~, ~~~
~~L~~E~ ilr ~~ï ✓l~l~ ~13~~11y~~ ~ ~~~1J1~1 lil~l~ L~ii ✓~V~~ For the Fiscal ~ear Ended June 3U, 2{~21
REVENUES:

Use of money and property
Developer fees
Total revenues
EXPENT.~►~TURES:
capital outlay
Total expenditures
I~et change in fund balance
Fund balance -July l
Fund balance -June 3Ú
Variance
Final Positive
Budget Actual {Negative}
20,ÚÚÚ $ {372) ~ (2{},372)
- 34,7ÚS 34,708
2Ú,dÚÚ 34,33b l4,33ó
l7Ú,849 lÚ0,5ó7 70,282
l7Ú,849 100,Só7 70,282
{ 150,849) {bó,231) 84,ó 18
l75,82Ú
~ lÚ9,589
114
~~~~ V~ 1TVL~ 1 ~
~~1~1
+
~
-
t1~V~ ~lJ V ~~ +~~~~.~~#~~~ ~~Jl~i~
~~tJ~3~1`V~ ~'~~~~ ~3~~L~~~ ~~ V ~~`iLJ~ ~~Jl~~
~CI~EDULE ~}~ ~EVE%~TE~, E~PEI~DITUT~ES, AI~1D
CFíAI~~ES ÏI~T FLTI~TD BALA~.I~CE - BUD~ET A~TD ACTU~~, For the Fiscal ~ear Ended June 30, 2021
REVEI~IUE~:
tJse of money and property
Developer fees
Total revenues
~~~L/1 \l.li 1 ~~~s
Current:

Community services
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 3O
Variance
Final Positive
budget Actual {Negative}
$ 14,000 $ 3,4Sú $ (l0,55ú)
- 94,355 94,355
l4,ú0(} 97,805 83,805
25,ú0O 25,0Oú -
25,ú0O 25,000 -
$ {1l,00ú} 72,805 ~ 83,8úS
1,209,~b3
$ 1,282,4b8
90 115
~ITY QF ~Gfl~I..~ETA
~+~~I°~í~AJC~R t~~J~E~:I`~i~1EI~TTAL FL~L}
STtJ~i.1Vi I~F..AIl~T L>IF ~PE~IAL F;EVE%~LTE FL11~I3
S~~íEI~~,TLE ~F R.EVE~~...TE~, E~PE~TL~►~~LTT~ES, ~~~
~~-íAi~~-E~ I~~ Fi,TI~Et B~LA~+~E - BUI~~ET ~i~L~► ~.+CTU.A~, F©r tl~e Fiscal ~ear Ended June 3~, 2fl21
REVEi~UES:

Ilse of m©ney and pr©períy
Developer fees
Total revenues
Ieí change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
final P©snide
Budget Actual {Negative)
$ - ~ 1,774 ~ 1,774
143,600 521,352 377,752
143,600 523,126 379,526
$ 143,600 523,126 ~ 379,526
3,699
526,825
91 116
~~~Y ~~ ~~~~~i~
~~1V ~~-J~-~±~ -~±~~ V ~~~~~^ ~~1 -~~ ~~
+
J l~l ~
+ ~~
'~
~~~
`
il~t V
`
~.J
`
~~ 1 ~ ~~V~~~ ►3~~~~~~ ~~~~~~ i' ~J l~! ~
~~1.~~.3J +4..1 ~L Li 1 ~~~ Y ~~_ ~t tJ ~ ~, ~~~~~iJ~~~~L~L,i ~, 1~ L ~4 ~ C~-1A~~ES ~ FI.II~II~ ~1 -1131 i~~ `~ 1J 1JV ~~ L~~1J 1 -1\✓~ 1J ~~ For the Fisca~ Year Ended June 34, 2421
REVENUES:

Intergovernmental
Total revenues
EXPENP►~TURE;
current:
community development
Total expenditures
Diet change in fund balance
Fund balance -July 1
Fund balance -June 34
Variance
Final Positive
~utl~;et Actual {Negative}
~ 164,444 $ 35,119 { 124,881 }
164,444 35,119 { 124,881 }
164,444 147,445 52,995
164,444 147,445 52,995
- {71,886) $ {71,886}
$ {71,886}
92 117
~~~ i ~...1~ l.Tll~~~~
+ l~i~lll~l ~~~~~~ +~~ V ~~~.l~l ~~1~7 ~~L
+
I' ~J l~! ~
+ ~l~
~
i ~~~~l~i ~L.1V 1 ~~ ~~~~~~V1~.J ~~~~~~L ~~ Y L~~~.J ~ ~~J l~i ~ SC~-IEI~LTLE LJF ~_iL~~l `1 ~1.1 ~~, ~~~~~~~~~~~~, t3~~ ~~~11 ~1 ~L~ ~~ i ~~~~ ~,C7~~~~Lr ~ ~~~~L 1 ~~~ t ~~~~~~ FOr the Fisca~ ~ear Ended June 30, 2021
I~EV~iYUE:

Use of money and property
Total revenues
E~PEI~tI~~TI.1RE5:

Current:

Public works
Total expenditures
i~et change in fund balance
Fund balance -July 1
Fund balance -June 30
variance
Final Positive
Budget Actual {l~egative}
$ 4,000 ~ 408 {3,592)
4,000 408 X3,592)
9,400 - 9,400
9,400 - 9,400
$ X5,400) 408 $ 5,808
171,824
~ 172,232
93 118
~~~~ ~~ ~~~~~~
~~l~i ~1i~
r
~~ V ~+ r~~~~.i+`V
r
~~
+
1'+i~
+
~~~ ~~
+
J 1~1 ~
+ FI~►.E FACILITI~S ~11' ~J~LI
+
.~t1L ~1L Y ~1V V L. ~~J 1 V~
►
J++
~~~~-
-~+~
~.1
++
~
++
~ ~i' ~~~~~~~~3, -~~+~~~1~#~~ 1
+
~
+ ~ +
~~J~ 1~.~~ +
t..,.~~~tJL.~J 11~V ~~~~ 1~~~~~t...~ - ~~~1..TL i ~~~ ti1.. 1 V~~ For the Fiscal Year Ended June 30, 2~21
REVENUES:
tTse of money and property
Developer fees
Total revenues
E~PE1~II~IT V 1:~~•
~ap~tal £}utlay
Total expenditures
1~1et change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
budget Actual {Negative)
57,000 ~ 8,371 $ {48,629}
2A,1{}Ú 250,831 49,731
258,100 259,202 1,102
3,340,401 17,180 3,323,221
3,340,401 17,180 3,323,221
{3,082,301) 242,022 3,324,323
3,121,162
3,363,184
119
~1i~ ~P ~~-~L+~1~
1V ~1V ~Vi~~~..1~
±
V lJ~~~ +~~~~~~~ ~
r
~~~
- -^ ~~+ 1~V~ F.AI~~E I~EVEL~PI~IEI~T ~PE~IAL ~~ Y ~l`N LJ~ ~~~~~1J ~CHEL}ULE ~i' ~~~~1V V ~~, ~~+ ~I.~1`i ~~ -~±
±
~~~~.7, ~1~1 ~
CI-JA~C~E~ ~~ ~~~~ BALA.I~~E - ~U~1JET ~~~ .t`%~ 1 ~~~
F©r t%e Fiscal Year Ended June 3+Q, 2~►21
~~~~~:

Intergovernmental
Use of money and property
Total revenues
E~PEI~I~ITURE;
capital outlay
Total expenditures
1~1et change in fund balance
Fund balance -July 1
Fund balance -June 3~1
Variance
Anal ~flSltive
~tldget Actual {P~Iegative}
$ 2,ú39,~4~ $ - ~ (2,039,~~~}
- 1,133 1,133
2,~39,~Q~ 1,133 (2,Q38,467}
1,529,3(}f - 1,529,3~~
1,529,3d~ - 1,529,346
5111,294 1,133 ~ {5(19,161}
19~, 04 5
$ 191,178
95 120

CITY IMF ()ZETA
I`~}~TIVIAJC>R C~(~~TE~I`~Tl'viEiTAL FLL~
PUBLIC SAFETY SPECIAL REE~+1I.~E F~1I~I~
SCI-IEI~ULE CAF REVEES, EPEII~ITLTRES, ANTS
CI~AIES III FLIP BALANCE - BUDGET A~TI3 ACTUAL
For tl~e Fiscal Year Ended June 3~, 2{21
Intergovernmental
Ilse of money and pr©party
Total revenues
l~P'I~I~ITUI~;
Current:

Public safety
Total expenditures
Iet change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
F'inat Positive
l~udget Actua~ ~1~legative}
$ 156,7Ú~ $ 156,~64 $ 64
- 62 62
~ 56,74Q ~ 56,8~26 ~ 26
156,7~~ 156,~~4 -
156,7fl(~ 156,70~ -
~ - 126 $ 126
~ 126
96 121
CITY C1F ~QLETA
N~NAJ+~R Gt~VEI~~NI~iENTAL FLTNI~
N1t~AF~C~-I BLTTTER.FI~Y ~A~ITAT lir1A1~AEMEI'~1T PLAN SPECIAL ~EVEI~UE F[TND SCI-IEI~I..~LE ~F ~EVEN~.IES, EPEI~I~ITI..TRES, AI)
CRANES IN FLTNI) BALANCE - BUDCJET ANI~ ACTUAL
For the Fiscal dear Ended June 30, 2ú2l
Variance
Final POSi tiVe
budget Actual (I~legative)
REVEI~II~ES:

Current:

Community development - 2,358 (2,358)
Capital outlay 3,786,158 - 3,786,158
Total expenditures 3,786,158 2,358 3,783,800
Net change in fund balance 112,292 (2,358) $ (114,650)
Fund balance -July 1 (112,292)
Fund balance -June 30 $ (114,650)
97 122
~~~~ ~~ ~~LE 1 ~
~+~N~1AJC.~R. lJ~~~~~~.1~l1V1~~~~~ ~~~~
~~1J~~ YV ~~~~ ~t...~~~~~~~ ~~~~L~~ ~~~~i~~~ ~~~~
SC~~~t~~~ ~~ ~~ Y ~1~1~~~, ~1~.~~~~~ 1 ~~1ï,~7, ~1V~
- ~~~~V ~~ ~~ ~~~~ ~ti~ri~~~ - L~ i,.J ~~~ 1 1~1~1 ~ t``~4.~ i V ~~ For the Fiscal Year Ended June 30, 2021
Variance
Final Positive
I3uc~get Actual {Negative)
~ 8,000 $ 8,243 ~ 243
- (23) (23)
8,000 8,220 220
8,000 5,000 3,000
8,000 5,000 3,000
- 3,220 ~ 3,220
27,180
$ 31,000
REVENUES:

Intergovernmental
Use of money and property
Total revenues
E~PENL~ITURES:

Current:

Public worl~s
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
~$
123
~IT~ QF ~QLETA
I~C~I~IV~AJt~~Z ~t~VERNMEi~TAL FCII~àI~
RSTP ~TAT'E ~RA~T SPECI~L ~ZEVEi~IJE FL1~I~
~CI-~EI~ULE C~F ~EVE~UES, E~PEI~TI~ITLT~;ES, A1~I~
CI-~.~i`~~ES IN FLJ~TI~ BALA.NCE - BLTI~C~ET A1~I~ ~CTUAL FQr the ~iscal Year Ended June 3ú, 2ú~ 1
REVENIIE~:

Intergovernmental
Use of money and property
dotal revenues
E~PEI~ITUR,E~:

Capital outlay
Total expenditures
1~1et change in fund balance
Fund balance -July 1
Fund balance - June 3ú
Variance
Final Positive
~udet Actual ~I~egative)
565,315 $ - $ (565,315}
2,4Oú - (2,4úO)
567,715 - (567,715}
Oú4,626 l 89,637 214,989
Oú4,626 189,637 214,989
l63,ú89 { 189,637) $ (352,726)
(25,875)
$ (215,512)
99 124
l...i1~ ~~ ~~~~~1~
-+ ~TC~N~iAJ~~ 1..TtJ~~~~~1V ~+ ~1~ i ~L ~~.J l~i ~
+ -^ 4...
~
~1Y1~J 1 ~~~
'~
~~~ V ~~ L' ~~~~~~~~ ►J
~ '
~~~~~~ :[~~~~l~l V ~ 1' ~~i.,++
SC~EI~ULE ~..JF ~E~IENUE~, ~~~1 ~~~~ 1 ~
`
J~~, I1~~
~✓~~~V ~~ ~~ ~~~~' 1 ~I L+ ~C3~~3.~L ✓L ~ ~~11 V ~ i ~~1J ~~~~L~~ For the Fiscal Year Ended June 3~, 2~321
REVEI`dUES:

Use of money and prgperty
Total revenues
EXPi~1T)IT'UES.

Current:

Community level©meat
Total expendltureS
I~et change in fund balance
Fund balance - 3uly 1
Fund balance -June 3ú
Variance
Final Positive
Budget Actual {1~legative)
4,Q0~ $ 339 $ (3,6b 1)
4,{}úi 339 (3,61)
4,úúú 2,oú1 1,599
4,úúú 2,4ú 1 1,599
$ - Q2,ú62) $ I2,ú62)
1,2+63
(799)
1úú
125
1,.1 1 ~ ~~ 13~L~ 1 ~
+ ~~1V
r
~~~~~ ~~ V +~~
±
~1Vl~l~i 1 ~L i~ ~ ✓~~
+
I~iISCELLANE~US V~NT~ SPECIAL F~EVENUE I' t~~
SCHEI~LJLE ~I'
*
~.EVENUES, EXPENI~~TU~.ES, ~N~
C~ANGES ~~ F~~~ BALANCE - ~L1I~GET ~N~ ~C 1 U~~
For t~e Fiscal ~ear Ended June 3C}, 2{?2 ~
IZEVEI~IUE:

Intergovernmental
Use of money and property
Total revenues
I~XP1~I ) ITUF~iE~:

Current:

General Government
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 34
Variance
final Positive
Budget Actual {l~iegative)
~ 4,383 ~ 4,383 $ -
- 52 52
4,383 4,43 52
11,44 2,145 x,839
11,944 2,145 9,839
$ {~,5b 1) Z,33ú $ 9,891
8,479
~ 14,449
141
126
CITY C}F ~3LETA
I`~T+C~IIVIAJC~ C~+C~VE~;.I~TIVIEI~TAL FLTI~I~
LOCAL TIP F'ECIAL REVETLTE FL11~
~CI~ELi~,JLE CAF F~EVEI~UE, EPETI~ITLJRE~, A1~~
CI~AES I FLTI~ BALAI~TCE - B~.TI~ET AIT~ ACTI.TAL
For the Fiscal Year Ended June 30, 2021
Variance
Final Positive
Budget Actual {Negative}
100 - { 100)
~ 1,3~~,794 - {11,3,794)
11,3í2,0Ü0 - 11,372,000
11,372,0{}0 - 11,372,000
14, 794 - $ (14, 794 )
{4,309}
(4,349)
REVENUES:

Intergovernmental
Use of money and property
Total revenues
EPEN~I ►ITURES:

Capital outlay
Total expenditures
~1et change in fund balance
Fund balance -July 1
Fund balance -June 30
102
127
~ITY (~~ ~CJLETA
N~NIVIAJ{~R ~~3VE~;.NNMENTAL FLTNI~
%~E~iELt~►PER~ A~REE~ENT SPECI.AL T~.E~IENUE FL1NI~
~~~~~1.1 ~~ V~ j~ Y ~1 i iJ ~~~ ~~~~~1,J~ i lJ ~~~ 9 1~],~~ ~.✓~1~i~V ~ ~ ~~ ~~..~~ ~~~1~1~L.~~ - ~ V ~~~~ t~l ~ ~ ~~ ✓~ V l~i~ FQr the Fiscal Year Ended June 30, 2021
REVENUES:

Use of money and property
Total revenues
EPEN~ITURES:

Capital outlay
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actual (Negative}
~ 10,000 $ {1,625) $ (11,625)
10,000 (1,625) (11,625)
270,000 - 270,000
270,000 - 270,000
~ {260,000) {1,625) $ 258,375
616,788
$ 615,163
103
128

CITY OF GOLETA

NONMAJOR GOVERNMENTAL FUND

BICYCLE PEDESTRIAN DIF SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCE -BUDGET AND ACTUAL
For the Fiscal Year Ended June 30, 2021
REVENUES:

Use of money and property
Developer fees
Total revenues
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actuat (Negative)
$ - $ 1,404 $ 1,404
123,400 415,199 291,799
123,400 416,603 293,203
$ 123,400 416,603 $ 293,203
3,223
$ 419,826
104
129
CITY +~~ CC~LETA
N~N~AJC)R ~C~~TEI~~ME%TTAL FLTND
ISLA VI~TA LI~RÀR.Y ~RANT SPECIAL RE~ENUE FLTND
SC~EI~[JLE ~~ ~~EVEI~I~.JES, E~PENL~ITLJRES, ANL~3
C~-IAN~ES ~N FL1NI.~ BAL~INCE - BLTDC~ET ~,NI~ ~CTLTAL
For the Fiscal Year Ended June 30, 2021
Variance
Final Positive
~ud~et Actual {Negative)
244,000 ~ 20Ú,0ÚQ $ -
200,000 2Ú0,40Ú -
135,59 7,479 12,517
X4,444 48,~~~ 15,71
204gÚ4 55,7b5 144,235
$ - 144,235 $ 144,235
~ 144,235
REVENUES:

Intergovernmental
~I'atal revenues
EXPENI~►ITURES:

Current:

Community services
Capital ©utlay
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 34
105
130
~~~~ ~~ ~~~~ i 1~
NC~Ni1~~Jt~R ~fl~E~~Ni1~ENTAL FLTNI~
CI~BC~ SPECIA~, ~~.EVENUE FLINI~
~ C~~Ei~~.JLE 4..11
~~~~~T
Y ~~.~IiJ~/~~~y,~~~~~~1~ï~1~ ~V~J
'
~~, t^7.1~i1J
' ~
C~NV E~ ~ FLTNL~ ~ALANCE - BLT~~E 1 í -11 V I'~l.i 1 L.J L~L F©r the Fiscal Year Ended June ~~, 2~21
REVENUES:

Intergovernmental
Total revenues
EXPENT~ITURES:

Current;
Community development
Capital outlay
Total expenditures
Excess of revenues over
{under} expenditures
t~THER FINANCING Stl ►IJRCE {USES):

Transfers out
Total other financing sources {uses}
Net change in fund balance
Fund balance -July 1
Fi,~~~d bala~~~ce - Ju~~~e 30
Variance
Final P©sitïve
Budget Actua! (Negative}
~ 782,890 ~ 305,477 $ {477,413}
782,890 305,477 {477,41 ~}
442,108 238,456 203,652
287,235 22,609 264,626
729,343 261,065 468,278
53,547 44,412 {9,135}
{39,018} {33,316} 5,702
{39,018} {33,316} 5,702
$ 14,529 11,096 $ {3,433)
{11,129}
(33}
106
131
~IT~ t~F ~~LETA
NflNI~i~JC~R ~~VE~~.NI~IEI~ITAL FUT~1I~
H~IP SPEC~AL ~:EVEI~TLTE FtTI~11~
~C~-~EDULE C~F T;.EVE%~.TES, E~P~I~LI3ITU~;.ES, AI`~TI~ CFIAI~~ES Ii~ FLTNI) BALAI`~CE -~UI~~ET ANL} ACTUAL
For the Fisca~ ~ear Ended June 3(}, 2021
Variance
Final Positive
Budget Actual {Negative}
~EVENU~S:

Intergovernmental $ 195,480 ~ 180,709 ~ {14,771}
Total revenues 195,480 180,709 { 14,771 }
L~~I.J~~~~V ~i:IU• ,
Capital outlay 195,269 195,269 -
Total expenditures 195,26} 195,269 -
Net change in fund balance 211 { 14,560) $ { 14,771 }
Fund balance -July 1 5,425
Fund balance -June 30 $ {9,135}
132
y
~~~~ c~F t~o~,~i~
+ -^ 1~+1 r~iï 1VI~--+
+
J ~~ ~~~~~
-~+
l~l lVl~l~l i
+
1'à.~ T ~~1.J
~
+
w3~~~ V~LV~ ~~~4.~~L I~Z:.~~~V V
+
~ ~~J1V~ +
~3'~~~~-±~~+~ tJ~
+
~i~~l~! 1.~~~, ~
+
~~~1V~~ 1 V~1~.#.:.~, L'1.1~1~
'~ 1.~~~1VV~~3 ~ F~.1~I~ ~~L~1Vl..~ - ~iJ~1.J~~ ~~~ t~l...l V~~ FOr the Fiscal ~`ear Ended June 3{~, 2021
T~tEVENUE:

Intergovernmental
~l ~~~~~~~~s
~uT'I'ent:

Public works
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actual (Negative}
278,000 ~ 225,Oú0 ~ ~53,aoo>
278,000 225,000 (53,000)
82,850 76,573 6,277
82,850 76,573 6,277
195,150 148,427 $ {46,723)
{195,150)
~ (46,723)
133

1.~ 1 I ~i' ~~
-~L±
~~~
~~ ~1~1 +~~~~~r

1.J~- -~+
~~~t~1V ~+ ~~. ~~~~ ~~J i V ~
STREET ~liJ~ 1 ~~ ~~Lrl...~~L ~~ V ~~~~ ~~Jl`V~
SCHE~3ULE ~F ~;E~ENUES, EXPENDIT~..T~;ES, ANI~
CI-~ANC~ES IN FLTNI) BALAI`~TCE - BU~GET ANI3 ~CTUAL
FOr the Fiscal Year Ended June 30, 2021
REVENUES:

Taxes
Use flf n~aney and properly
Total revenues
EXPENDITURES:

Current:

Public worl~s
Capital autlay
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actual {Negative)
~ 306,200 $ 306,196 ~ {4)
5,000 664 {4,336)
311,200 306,860 (4,340}
354,500 199,158 155,342
45,792 27,792 18,000
400,292 226,950 173,342
(89,092} 79,910 $ 169,002
46,540
~ 126,450
109
134
-~~~~ ~~ ~~~~TA
1V ~~~~~ V ~~~~l~i lYl~l~i 1 ~~ 1' ~J 1`~
TIC~E CJ~w.NT SPECIAL, IEVENLTE FI.TND
SCIIEDULIE CAF REVENUES, EPENDITU~ES, AND
CHANCES LN FUND L~AL,ANCE - BUDGET AND ACTUAL,
For the Fiscal Year Ended June 3(}, 2021
T~EVENUES:

Capital outlay
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
budget Actual {Negative}
$ b,34~ ~ b,348 -
b,34~ b,348 -
- 27,b45 {27,b45}
- 27,b45 {27,b45)
b,348 {21,297} ~ {27,b45}
{b,348)
$ {27,b45 }
110
135
~~~~ ~i' i~~~
~
~ 1 ~
l~i ~..Jl ~1 ~~~~~ ~.J~~~~~~~~~~~ ~~J 1 V ~
~~~ ~~~~~~~ ~~~~~ ~~~
SCI~EI~ULE ~F ~.EVENUES, E~PENI)ITU~E~, ANI~
C~íANC~E~ IN FLTNI~ BALANCE - BLTI~G-ET AN~ ACTLJI~L
F©r the Fiscal Year Ended June 30, 202 ~
REVEI~IUES:

Takes
Use ~f mflney and property
Total revenues
EXPENT~►ITIJ.ES:

Current:

Public w©rks
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 3 ú
Variance
Final PUSitive
F3udet Actual (Negative)
?ógú0 $ ó8,Qó 1 ~ (?,939)
3,Oú0 l,ú25 { 1,975}
?9,Oú0 ó9,ú8ó (9,914}
?ú,00ú 3,084 66,916
?ú,00ú 3,084 66,91 ó
~ 9,Oú0 óó,0ú2 $ 57,002
257,807
$ 323,809
~
136
CITY ~F CC~►LETA
1~TC)IiV~AJ~. ~C>~E~it~E%TTAL FLTI~I~
LSTP STATE tJRAI~TT SPECIAL REVEI~~LTE FLTI~TI~
SC~IEI~ULE CAF ~~EVET~dLJES, EPEI~I)ITURES, AID
CHAI~TES EST FLTI~D I3ALACE - BIJI3C~ET ADD ACTUAL
F©r the Fiscal Year Ended June 30, 2{}21
EVEIVUES:

Intergovernmental
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actual {Negative}
234,770 ~ - $ {234,770}
234,770 - {234,770}
234,770 - 234,770
234,770 - 234,770
~ - - $ -
444
444
112
137
I~TC.~%TIAJ~3R ~C.~VE~;I1~EI~ITAL FL~~
%~C}USIN{~ AID C~1~M~.11~~IT~ I~!EVEL{~PIE~IT STATE C~i~ÀNT SPECIAL ~:EVE~~TE FLT1I~ SCI~EL~ULE C)F ~;.EVEI~~LJES, EPENI~ITUF~ES, AI~I~
CI~AC~ES I1`~ FLTI~ ~3ALACE - BURET AlII.~ ACTUAL
For the Fiscal wear Ended June 30, 2021
Variance
Final Positive
budget Actual {Negative)
REVENUES:

Intergovernmental $ 345,38b - $ {345,386]
Total revenues 345,3$6 - {345,386]
E~PENT►TURES:

Current:

C©mmunity deveíc~pment 345,386 7,192 338,194
Capital outlay 5,364 - 5,364
Tataí expenditures 350,750 7,192 343,558
let change in fund balance $ {5,3ó4j {7,192] (1,828]
Fund balance -July 1 5,364
Fund balance -June 30 $ {1,828)
113
138
~~~~ aF ~c~~~T~
I~,I~C~NIVIAJ~R ~C~VEIZNMENTAL FLTND
CAL ~ES ~PECIAL ~~EVENUE FLTND
SCHEDULE C~F F~EVE~~..T~S, E~PENDITU~~ES, AT`~D
CFiANC~~S ~ FL1ND BALANCE -~3UDC~ET AI'~D ACTUAL
Far íhe Fisea~ Year Ended June 3~, 2ú21
REV~IUE~:

Intergovernmental
Total revenues
~P~NDITURES:

Current:

Community services
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Fïnal Pasitive
~ud~et Actual (Negative}
$ - ~ - $ -
1 ~0,945 ~,0~0 93,945
14~,945 7,flúfl 93,945
$ (1 ~0,945) (7,U~~} ~ 93,945
~ 15,17~
$ 1 Q~,17~
114
139
CITY ~ }F ~~ ►LETA
NC~Ni~IAJ(~R CJ~~ER.NlYIENTAL FUNS
FFIWA-FENIA :EIBURSEIVIENT SPECIAL REVENUE FUND
SCI~EI~ULE ~F REVENUES, E~PENDITU~:ES, ANIT
CHANCES IN FL1NI~ BALANCE - BUI~~ET ANIT ACTUAL
Far the Fiscal Year Ended June 30, 2021
REVENUES:

Capital outlay
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance - June 30
Variance
Final Positive
Bu~let Actual {Negative)
~ 87,74b $ - $ {87,746)
87,746 - {87,746)
87,746 - 87,746
87,746 - 87,746
~ - - $ -
58,107
$ 58,107
~
140
~~1~ ~f
^
1T~
-
~
r
~1~
l~f ~~~+
+
~~V~-~+ ~
r
..#~~~~~.1`~l lYi~l`V 1
+
~~ +~~J+ l~! ~
~ti~`LL'.,J ~~ t .3~~~~~L. ~~~i:.ly
+
VL:.
+
L' tJl~i~
-+ r ~Ji,..~~~~~~ C)F ~~~ V ~~~~~, i
-
:~~
++
1'~~L'.1V~11 1J~
+
~~?, ~l~l~-~ ~
i.~~l~ll..l~wi ~ FLTI~II~ ~~~~l~iL.~ - ~V~~~1 ~.1V~ ~X,,..~Vti~ F©r the Fiscal Year End~d June 3~, 2~21
RI~VENUES:

Intergovernmental
Total revenues
EXPEI~I)ITUR~S:
current:
community services
Total expenditures
%let change in fund balance
Fund balance -July 1
Fund balance -June 3 ~
Variance
Final Pt~sitive
~udget Actua~ ~Negative}
~ 265,242 $ 265,242 $ -
265,242 265,242 -
397,862 397,862 -
397,862 397,862 -
~ (132,62~} { 132,62a} $ -
132,62fl
~ -
116
141
~4,~~T~ ~i` '1T~
-~L±
L 1 ~
1 V ~-~+
r
~~ti~~,..J~
+
V ~ Y ~~~
r~-
-~~1 ~! ~t~L ~~J l ~i ~
~
r ! r
~J ~tJL~L~I~.. ~+~~~ 1 ~ ~li` ~
+
~1~~ -~~ Y ~~~1 lJ~ ~~+~~
S~HEI~ULE ~i' ~ ~ ✓ ~~V tJ~~7, ~~C~1V~~~V~~~J, tiiV~
[...~~1V ~L.3 ~ ~~~~ ~~Lt~ly ~~ - L~ V ~~~ 1 ~l~l~ ~~ 1 V 1 -i~ Fc~r the Fiscaí Year Ended June 34, 2t~21
REVENUES:
lntergavernmental
Total revenues
EXPENDITURES:
current:

Public safety
Total expenditul•es
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final P©sitive
I~udget Actual {l~legative)
~ 40,440 $ - $ {44,040)
40,440 - {40,400)
44,440 4,332 35,b68
44,400 4,332 35,ób8
~ - (4,332) $ {4,332)
{4,332}
117
142

CITY OF GOLETA

NONMAJOR GOVERNMENTAL FUND

CERTIFIED ACCESS SPECIALIST SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCE -BUDGET AND ACTUAL
For the Fiscal Year Ended June 30, 2021
REVENUES:

Use of money and property
Total revenues
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actual (Negative)
1,000 80 (920)
1,000 80 (920)
$ 1,000 80 $ (920)
634
$ 714
118
143
~1T~ ~~ ~~L~T~
N(~NMAJC)R. ~C.~~IERNi1~1ENT~L F~.)NI~
TIR.~P ~RA~TT SP'E~IAL l~;E~EI~~.TE F~.1NI)
SCI~E~LTLE ~F REVE~~CTES, E~PEN~ITLJ~ES, AND
~~N~E~ IN FI.JNI) BA~.~.N~~ - BLJI~~ET AN~ A+~T~TAL
FOr the Fiscal 'Year Ended June 30, 2021
REVEN~TES:

Intergovernmental
Total revenues.

E~I'ENI~ITUR:

Capital outlay
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance - June 30
Variance
Fina1 Positive
Budget Actual (I~legative}
$ 1,1 b8,349 $ ~~ 1,~77 ~ {38~,C~2)
1,168,349 78 i,f ~7 {38óg72)
1,041,f27 b~4,904 38~,~23
1,~41,~2~ 654,}04 38b,723
~ 12~,722 126,Í i3 $ 51
{12b,?23}
~ 50
119
144
~~ 1 I ~~ V~~L 1 í"i
+ ~~1 V
--~±±~
~~~~~ ~~~~~~
r
1 ~i ~L~~~~ ~ LJ 1 ~1 ~
~~~..T~ ~~1~# 1 ~~~4~.,~~~~ ~ V ~1~1~~ ~~~~
~~~1EI~►tTLE C.~F REVEI~~,JES, EXPEI~i~ITURES, A1~1D
~HAN~ES ÍN FLTNI) BALAN~E - BUD~ET ANI~ A~TLTAL
F©r the Fiscal Year Ended June 30, 2021
REVEI~~JE~:

Interg©vernmental
`~c~tal revenues
LI~~iJ~~~~ 4J ~i:.I •
Capital outlay
T©tai expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final P©sitive
Budget Actual (I~eatïve)
~ 6,708 - $ {6,74$)
6,708 - {6,708)
1,148 - 1,148
1,148 - 1,148
~ 5,560 - $ (5,560}
(5,560}
~ X5,560)
120
145
CITY C)F G~LETA
1`~C~~1~IAJ~►~ t~C~~E~;.I~T~EI~TTAL FLTNI~
L1BR.~~Y ~E~VICE~ SPECIAL REVEI~~UE FI.TI~TI)
SC~I.~CJLE ~F ~~EVEI~~ES, E~PEI~II~ITLT~~ES, AI~I~
C~~AI~GES IT~ FL1NI~ BALAI~TCE - BIJI~C~ET ~I~1I~ ACTi~AL FOr the Fiscal Year Ended June ~{~, 2021
REVENUES:

Taxes
~Jse of money and property
Total revenues
E~`E1~1~ITURES:

Current:

Community services
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance - June 30
Variance
Í' lilal i~4SlttVe
Budget Actual (Negative}
$ 531,700 ~ 528,729 $ (2,971)
4,000 2,129 (1,871)
535,700 530,858 (4,842)
550,632 503,423 47,209
550,632 503,423 47,209
~ {14,932} 27,435 $ 42,367
800,329
~ 827,764
121
146
~I~3~ ~F ~~LETA
I~C~►T~1VIAJC~F~ +~(~VE~~TiV1E~TAL FLTNI~
CC~LT~ITY PEI~ ~APITAL - ~~LETA LIBRARY SPE~IAL ~EVEI~~[,TE FUNL) ~~~~EL~►ULE ~F ~~.EVE~~LJES, E~PEI~L~►ITU~;.E~, A~l~
~~íAI`~~ES IN FLTI~T~ BALA%T~E - ~UL~~ET AI~1I~ ANUAL
F0r íl~e Fiscal Year Ended June 30, 2021
REVENUES:

Intergovernmental
Ilse of money and property
Total revenues
E~PEN~ITURES;
current:
~ammunity services
capital outlay
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actual {Negative)
$ 752,358 $ 752,638 ~ 284
- 279 279
752,358 152,917 559
752,458 660,449 92,x09
5,649 - 5,649
758,107 660,449 97,658
{5,749} 92,468 ~ 98,217
178,933
$ 271,401
122
147
~I 1 Y t~F GQLETA
l~~I~IViAJC~R ~C~VE~:T~M
~
EI~I
-~+
T~L FLTI~II~
+ ~ 1
+
J ~~~~~1~1 Li~~~ I ~,3P~1.1~.~ ~ V ~~ ~1 1J ~ 1' lJ 1~1 ~ ~I.H~I~
±
~.JL
+
E C~F REVEINLJES, EX
+
PEI~TI~I
-
T
r
U~ES, AND
C~~AI~T~ES il~l F~J1`~~ ~~~~l~~i~ - ~V~~..T~~ ti~~ 1-~1..~~LJt°i~ For the Fiscal Year Ended June 3fl, 2~21
REVENUES:

Intergovernmental
charges for services
Fines . Forfeitures
Use of money and property
Donations
Total revenues
EPENT~ITURES:
current:

Community services
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actual {Negative}
$ 193,729 ~ 193,729 $ -
2,551 98 {2,453)
1,500 5 {1,495)
- 617 617
193 500 307
197,973 194,949 {3,024}
197,972 166,812 31,160
197,972 166,812 31,160
~ 1 28,137 $ 28,136
15,865
~ 44,002
123
148
CITY ~F ~t~LETA
Nt)NIVIAJC~R GC~VEI~~.NENTAL FL1NI)
C~LTNTY PER CAPITA BI..TELLTt~N LIBRARY SPECIAL REVENUE FLTNI) SCI~Ei~LJLE ~F REVENUES, EXPENDITURES, ANTS
CI~ANt~ES IN FUND BALANCE - BUDGET AND ACTUAL
For the Fiscal Year Ended June 3~, X421
REVENUES:

Intergovernmental
Use of money and property
Total revenues
E~PEN~ ►ITURES:

Current:

Community services
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actua # Negative}
~ 151,500 $ 151,500 ~ -
- 412 412
151,50{1 151,912 412
151,498 101,110 50,388
151,498 101,110 50,388
2 50,802 $ 50,800
40,558
$ 91,3b0
124
149
~1T I ~.[' 131.}
'
L
±
~~~
1 +
~14J~~~~~~ V ~.J~~~~
+
1V1~1~
+
1 ~~~ ~~J 1~1 ~ + +
~J
+
ll~ Y t~l~+l ~
+
~~L3~~~
+
~J~~l..~~~ ~ Y ~~~1 V L:~ i' ~J l~t ~
4-7~+
~~~t.1
+
~L ~F ~1~~L:1~V tJ~~, ~~+~~~~~~-±~+ ~+~~, ~1V~
C~IAI~C~E~ il`V i'~.~1`~~ ~~~1~11*~~L'+ - ~~~VL i ~1V~ ~~~Vtl~ For the Fiscal ~ear Ended June 30, 2021
REVENUES:

Intergovernmental
Charges for services
Fines ~ Forfeitures
Use of money and property
~}onations
Total revenues
E~~ENI~~TURES.

Current:

Community services
Total expenditures
Net change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Fina~ Pasitive
Budget A►ctual {l~egative}
$ 184,855 $ 184,855 $ -
5,042 1,152 {3,890)
2,954 148 {2,802)
- 538 538
20,404 21,104 1,100
212,847 207,i93 {5,454)
212,144 182,540 29,564
212,144 182,540 29,560
~ ~4~ 25,253 $ 24,506
11,141
~ 36,394
125
150
CITY (~F ~(~L~TA
TOIVIAJ{~R. C~C~~TER~T11✓1EI'~TAL FL1I~I~
CC~LTI~TY PEI CAPITA SC3LVAI~1~ LI~.ARY SPECIAL I~EVEI~~.JE FLT~I~ SC~IEI~ULE ~F REVEI~~LJES, EPEI~ITUIES, A%TI~
CHAI~TES II~T FLTNI~ BALAI~TCE - BUI~C~ET A1~I~► ACTUAL F©r the Fiscal Year Ended June 30, 2021
Variance
Final Positive
Budget Actual {Negative}
~~~~1 1 ~#...I~ s
Intergovernmental ~ 174,712 $ 174,712 $ -
[.Jse of money and property - 347 347
Total revenues 174,712 175,059 347
~PENDITU.IES:

Current:

Community services 19,51 127,810 41,751
Total expenditures 169,51 l27,81ú 41,751
I~et change in fund balance $ 5,151 47,249 42,098
Fund balance -July 1 30 250
Fund balance -June 30 77,499
~
151

CITY (JF GQLETA
1C►l~1JC)R ~~VE~;N~IEI~TAL F~.1I~I~
ISCELLAI'~E(~U~ RAI`~TS LIBRARY SPECIAL REVENUE FUNI.~
SC~IEI~ULE t~F REVE~~IJE, EPEI~ITUI~:E, A1~1I~►
CFAI~C~E Tl~ FLTI~TI~ BALAI~TCE - BUI~C~ET A~I~ ACTUAL
For the Fiscal Year Ended June 30, 2021
I~tEVEUE~:

Intergovernmental
Total revenues
~P~~~~T tJ l:J~ •
Current:

Community SerV1Ce5
Total expenditures
Diet change in fund balance
Fund balance -July 1
Fund balance -June 30
Variance
Final Positive
Budget Actual (Negative)
21,406 ~ 21,406 ~ -
21,406 21,406 -
59,251 14,545 44,706
59,251 14,545 44,706
(37,845} 6,861 44,706
38,395
$ 45,256
127
152
L~T~ ~1~ ~T~L~ 1 ~
~C~1~MAJ+~R. C C~VER~I~IEI`~TTAL FLTI~I~
PUBLIC AI~iViI1~TI~TRAT~!~~ FACILITIES I~IF SPECIAL T~EVEI~~JE FLT~I~ SC~I)ULE {~F ~;~E~ET~~i.TE~, E~PENI~ITUT:ES, AI~~
C~íA~TC~E~ I~~ FL~T~1~ ~ALAI~CE - BUI)C~ET A1~TL} ACTUAL For the Fiscal ~ear Ended June 30, 2021
Variance
Final Positive
Budget Actual {1Vegative}
REVENUE:

Use of money and property - $ 807 $ 807
Developer fees 344,400 469,732 125,332
Total redenues 344,400 470,539 126,139
E~PEI"~1I~ IT~[TI~ES:

Capital outlay 11,146 - 11,146
Total expenditures 11,146 - 11,146
Net change in fund balance 333,254 470,539 $ 137,285
Fund balance -July 1 (215,071)
Fund balance -June 30 $ 255,468
128
153
~► r ~
154
THiS PAGE WAS INTENTiCJNALLY LEFT BLANK
155
~1TY CJF ~C~LETA
~~~ ~~~~~~~~ ~~ ~~~~~~~~~
Last Ten Fiscal Years
{accrual basis of accounting)
Fiscal Year Ended June 30,
2012 2013 2014 2015
governmental activities:
et Investment ~n Capital assets
Restr~Cted
Unrestricted
Total governmental activities net position
~ 172,075,288 $ 163,927,809 ~ 172,564,805 $ 183,863,622 13,409,549 13,017,605 18,154,31 ~ 17,955,771
16,715,914 14,419,566 10,963,974 11,095,734
$ 202,200,751 ~ 191,364,980 ~ 201,683,098 ~ 212,915,127 130 -
156
Fiscal Year Ended June 3©,
20ló 2417 2018 2019 2420 2421
$ 181,519,215 $ 184,871,756 $ 189,886,349 $ 191,61 Z,Z68 $ 202,170,314 $ l9ó,120,737 28,429,446 3b,891,3ó4 34,623,415 33,643,171 35,223,459 40,485,550 15,465,702 l9,440,12ó ó,7b5,954 14,778,584 6,697,065 21,525,728 $ Z25,414,3ó3 $ 237,243,246 $ 231,275,718 $ 239,994,423 $ 244,090,438 $ 257,732,015 ~131-
157
Primary Government -Governmental Activities
Expenses:

General government
Public safety
Public works
Community development
Community services
Interest and other charges
Total expenses
Program revenues:

Charges for services:

General government
Public safety
Public works
Community development
Community Servic es
operating grants and contributions:

General government
Public safety
Public works
Community development
Community services
Capital grants and contributions:

Public safety
Public works
Community development
Community services
Total program revenues
I~et revenues (expenses)
General revenues and other changes
1n net position:

Taxes:

Sales taxes
Property taxes, levied for general purpose
Redevelopment Agency tax increment, restricted
Transient occupancy tax
Franchise taxes
Other taxes
tJse of money and property
tither
Transfer in from City of Santa Barbara
Total general revenues
Extra©rdlnary Item:

Gain on dissolution of Redevelopment Agency
Changes in net position
CHAI~iGES III I~1ET P~SITIflI~
Last Ten Fiscal dears
(accrual basis of accounting)
Fiscal ,Year Ended June 3fl,
2úl2 2413 2414 2fl15
$ 4,442,304 $ 5,216,451 $ 5,471,322 $ 5,563,514
6,786,544 7,193,436 7,386,485 7,598,735
7,311,563 14,292,549 14,744,945 8,784,684
795,924 33,365 34,194 297,547
2,982,588 3,443,243 4,385,593 4,270,831
29,939 43,159 43,744 48,744
169,945 171,132 176,260 197,928
641,538 616,780 1,194,632 1,241,016
1,654,126 1,581,191 2,040,086 1,664,052
14,415 13,554 15,567 17,665
129,919 161,294 142,605 106,258
2,398,734 2,114,326 2,564,451 2,342,44fl
57,906 44,201 53,324 34,781
7,518,761 7,474,170 10,688,258 11,996,936
825,552 1,103,734 21,975 374,439
25,471 21,964 44,096 25,744
13,466,302 13,345,545 16,984,998 18,049,159
{9,363,273) {16,833,719) (10,597,501) (8,466,152)
3,845,273 5,776,818 6,812,304 6,329,8?0
5,417,444 5,026,723 5,163,756 5,266,141
2,152,447 - - -
2,685,546 5,644,278 6,976,954 7,807,834
1,187,154 1,152,381 1,223,935 1,272,418
456,783 557,042 247,795 274,256
207,471 132,736 112,054 94,723
765,646 872,273 378,825 341,687
16,317,684 19,122,251 24,915,619 21,382,885
9,726,548 - - -
$ 16,684,959 $ 2,288,532 $ 10,318,118 $ 12,916,733
- 132 -
158
Fiscal Year Ended June 30,
2016 2017 2018 2019 2020 2021
~ .~,a, v,~,.c,l ~p v, r ~~,Gva ~p iG,J(JG.,.~7í~ ~ ©,ó ~ ~,~~~ ~ a,~ l~,Lvb ~ b,JJl,b~S 1 7,611,834 7,741,361 8,582,868 8,046,890 7,646,327 7,262,255 9,350,254 10,965,391 18,234,912 12,815,954 12,253,012 12,255,501 44,509 49,$58 425,086 756,848 486,631 463,691
4,363,053 6,359,917 5,273,153 6,148,076 7,854,597 8,394,651 - - - - - 227,333
27,279,871 31,871,735 45,078,617 34,587,722 34,814,773 35,156,118 32,874 18,929 464 18,431 73,238 75,473
156,125 129,051 125,000 - - _
1,258,930 1,338,942 737,673 718,392 925,703 959,250
2,156,101 2,234,166 1,268,821 1,023,206 1,239,522 1,020,686 17,799 18,419 - 5,433 7,121 1,250
- - - 15,336 60,538 44,375
114,671 424,256 191,248 150,690 - 6,348
2,117,379 3,289,699 937,123 640,432 743,838 927,972
- - - - 50,543 273,575
- - - 1,037,379 1,883,517 1,555,802
243,648 71,579 688,348 524,007 264,511 489,217
10,947,335 13,029,843 6,045,265 4,184,252 2,4-12,918 10,437,978 373,338 21,517 634,694 1,057,706 486,569 161,376
156,033 59,491 130,502 995,705 40,028 346,613
17,574,233 20,635,892 10,759,138 10,370,969 8,188,046 16,299,915 (9,705,638j {11,235,843j (34,319,479j (24,216,753j (26,626,727j (18,856,203j 6,216,442 6,491,121 7,976,472 8,629,829 8,359,879 9,391,156 5,719,552 6,051,805 6,504,431 6,954,616 7,323,010 7,578,502 8,175,456 8,615,207 10,117,460 11,564,512 9,197,440 9,239,0?9 1,241,017 1,202,162 1,325,238 1,409,104 1,431,693 1,478,848 292,277 246,876 1,253,424 1,716,932 1,892,658 3,935,165 126,310 148,899 747,399 1,264,583 1,531,668 310,821
433,820 781,108 851,175 610,827 986,794 564,209
- - - 341,749 - -
22,204,874 23,537,178 28,775,599 32,492,152 30,723,142 32,497,780 ~~i iv,`r JJ,LJv ~ 1 L.,,JU t,JJJ ,p t.J,J~r.:),OOV) .p t),G 1 J,J77 a3 ~-t,117V,~F 1 J ~ 13,a~F l,J // - 133 -
159
CITY OF ®EFTA
FUI BALANCES OF C~I~.NI NTAL F S
Last Ten Fiscal Years
(modif ed accrual basis of accounting}
Fiscal Year Ended June 30,
2012 2013 2014 2015
General fund:

Nonspendable $ 128,085 $ 536,424 $ 460,192 $ 410,865
Committed - 12,690,889 12,862,911 12,?46,021
Assigned 14,914,858 516,358 - 41?,369
Unassigned 2,914,290 1,?66,805 553,862 415,531
Total general fund 17,95?,233 $ 15,510,47b $ 13,8?6,965 $ 13,989,?86 All other governmental funds:

Nonspendable $ 50,000 $ 185 $ 167 182
Restricted 13,089,510 12,354,26? 15,?88,665 1?,955,589
Assigned - - - -
Unassigned (52?,586) (645,505} (2,359,311) (330,121)
Total all other governmental funds $ 12,611,924 $ 11,?08,94? 13,429,521 $ 17,625,650 - 134 -
160
Fiscal wear Ended June 30,
2016 2017 2018 2419 2020 2021
$ 52,990 $ 135,766 $ 50,197 $ 126,660 $ 74,711 $ 25,674 15,417,575 14,047,924 10,717,463 14,468,732 11,457,037 12,617,411 977,943 6,356,024 4,448,644 5,351,819 3,269,986 2,517,342 1,835,612 935,971 4,286,175 8,144,887 2,846,216 17,632,671 $ 18,317,350 $ 21,435,685 $ 19,542,475 $ 24,092,098 ~ 17,277,950 $ 32,792,655 ~ 140,074 $ 112,744 $ 13,445 $ 30,455 $ 908 $ -
28,329,372 36,792,174 34,623,070 33,573,116 35,222,459 44,485,550 (729,923) (1,084,155} (3,582,604) (1,078,759) (2,397,434) (2,531,941) $ 27,699,523 $ 35,820,719 $ 31,053,511 $ 32,524,412 ~ 32,826,333 $ 37,553,649 - 135 -
161

CITY OF GOLETA
CHANGES IN FUND BALANCES GF GOVERNI~IENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal Year Ended June 30,
Revenues:

Taxes
Intergovernmental
Charges for services
Licenses and permits
Fines and forfeitures
Use of money and properly
Developer fees
Donations
tither
Total revenues
Expenditures
Current:

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

Principal
Interest
Total expenditures
Excess (deficiency} of revenues
over (under expenditures
tither financing sources (uses):

Lease proceeds
Transfer from City of Santa Barbara
Transfers in
Transfers out
Total other financing sources (uses}
Net change in fund balances,
before extraordinary item
Extraordinary loss on dissolution
of Redevelopment Agency
Net change in fund balances
Debt service as a percentage of
noncapitaí expenditures
~ 16,133,812 $ 19,542,847 $ 22,339,191
3,544,582 5,624,425 6,400,343
2,140,438 2,095,880 2,697,388
169,943 171,132 116,260
345,014 301,651 288,061
6,149,623 3,466,434 3,918,215
815,811 872,273 378,825
29,899,283 32,074,642 36,198,283
4,507,674 4,875,271 4,945,251
6,751,995 7,187,085 7,464,395
4,774,930 6,080,632 5,129,309
789,001 33,365 34,194
2,980,756 3,441,371 4,385,593
10,179,990 13,723,359 14,130,471
495,572 83,033 22,007
883,982 260 -
31,363,900 35,424,376 36,111,220
(1,464,617 (3,349,734) 87,063 4,308,950
247,695 37,052 14,153,059 2,429,567
(247,695) (37,052} (14,153,059) (2,429,567)
(1,464,617} (3,349,734) 87,063 4,3x8,950
(5,312,457} - - -
~ (6,777,074) $ {3,349,734) $ 87,063 $ 4,308,950

4.60 °10 0.24% 0.06% 0.00°/Q
$ 22,925,753
11,740,038
2,353,8 / 3
4,756
197,928
279,670
3,904,960
5,044,002
7,571,316
4, $17,19 8
279,741
4,388,910
15,339,546
- 136 -
162
Fiscal dear Ended June 30,
2016 2017 2018 2019 2020 2021
,p LJ,V 4t7,~tJJ .~ L~t,UJ 1,VG 1 ,,p L~,7VV,V7V ~ G7,7G7,bJV ~ G f,óf~J,7QG ,~ J l,G~F /,dJ`+ 1,923,771 2,358,692 3,175,254 6,221,425 4,433,794 7,585,636 2,864,921 2,963,297 2,131,958 1,765,462 2,245,554 2,056,659 2,436 16,713 276,935 345,157 340,718 374,896
156,125 129,051 157,573 211,003 170,392 119,026
346,146 414,124 747,399 1,264,583 1,531,668 310,821
10,426,271 11,577,652 6,269,163 2,230,638 1,149,944 6,852,979 - - - 272,945 93,482 69,853
433,922 781,110 693,602 399,524 816,402 445,153
39,803,047 43,172,260 40,351,974 42,640,873 35,645,946 49,062,937 6,434,016 6,703,041 6,172,071 7,841,267 6,995,184 6,573,224 7,564,633 7,713,313 8,545,945 5,031,031 7,605,120 7,235,324 4,433,051 5,778,597 12,361,235 7,186,968 6,445,010 6,357,423 26,703 32,271 405,516 747,001 473,415 455,937
4,558,751 6,452,995 4,546,289 5,865,527 7,425,212 7,993,126 2,596,848 4,706,757 14,639,100 7,250,004 16,208,232 9,788,546 - - _ - ® 117,333
25,914,032 31,417,307 46,970,159 36,922,098 45,155,173 35,820,913 13,889,015 11,754,953 (6,615,155} 5,718,775 {6,512,227} 10,242,024 ~ - - - - 10,000,000
- - - 341,749 - -
1,323,699 67,035 19,919 23,152 29,953 33,316
(1,323,699} {67,038} (19,919} (23,182} {29,953) (33,316} 13,559,015 11,754,953 {6,618,155} 6,060,524 (6,512,227} 20,242,024 aG) 1 J,UEIJ,V 1 J ~ 1 1, 1.l`t,7JJ .~ lv,v i v, 1 UJ% ~ v,vvv,..~<. - r ~ `V, ✓ 1 L.,L.L. l~ y.I Lv,G, - ML,V4.~"f V.OIJ©~© 0.00 °/fl 0.110fl/U 0. VV°/4 0. V0~!© 0.30fl~fl - 137 -
163

ASSESSED VALUE AND ACTUAL VALUE OF TAMABLE PROPERTY
Last Ten I1iscal Years
City
Fïscal Year Secured Taxable
Ended and Less: Assessed
June 30, Unsecured Exemptïons Value
2012 $ 5,333,232,339 203,847,882 5,1.29,384,457
2013 5,321,655,710 228,041,081 5,093,614,629
2014 5,476,016,337 250,788,107 5,225,228,230
2015 5,635,342,590 215,724,563 5,419,618,027
2016 6,089,379,285 218,841,848 5,870,537,437
2017 6,399,862,393 241,333,422 6,158,528,971
2018 6,840,489,088 310,162,712 6,530,326,376
2019 7,443,733,341 343,551,969 7,100,181,372
2020 7,765,046,350 326,660,076 7,438,386,274
2021 8,24$,711,546 357,716,937 7,890,994,609
Note:

In 1978, Califorr~ïa voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxïng agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values of the Debt Service payment of Goleta Unified School District, Santa Barbara High School District, and Santa Barbara Cïty College. (A} Effective February 1, 2012, the Redevelopement Agency was dissolved. See Note 16.

Source: Santa Barbara County Auditor-Controller
- 138 -
164
Redevelopment A envy
Secured Taxable Total
and Less: Assessed Direct Tax
Unsecured Exemptions Value {A) Rate {A)
.j7 ~,1Jb,G~°'~,l~b í~i ~ïlJ,Vf3~,Vl ~ ~i ~,U~~,lt)I,tIC7~ i.V3C3`"~3 °/© 1,187,b85,Obb 129,b71,772 1,058,013,294 1.038b8°/©
1,221,22b,250 153,b99,413 1,Ob7,52b,837 1.04228%
1,232,513,103 152,751,877 1,0?~,7b 1,22b 1.04159%
1,278,194,953 1b1,350,9ó8 1,11b,843,985 1.037b8%
1,331,787,1 75 1ó7,18b,201 1,1b4,ó00,974 1.03373°/©
l,43ó,831,839 220,447,902 1,2ló,383,937 1.04378%
1,53ó,947,7b3 231,427,714 1,305,520,049 1.04055%
l,b 11,933,172 2l l,37ó,249 l,394,55ó,923 1.04010°/©
l,7ó3,413,4ó l 228,144,193 l,535,2ó9,268 1.03921 %
- 139
165

CITY CAF GC)LETA
DIRECT ADD O~ERLAPPII~TG Gt~VER~IEI~ITS PRGPERTY TAB RATES Last Ten Fiscal Years
{rate per $100 of taxable value}
Fiscal Year Ended June 3 ©,
2012 2013 2014 2015

1.00000 1.00000 1.00000 1.00000

0.01 b27 0.01 b27 0.013 83 0.01314

0.00850 0.00850 0.00850 0.00850

0.01248 0.01391 0.01995 0.01995

1.03725 1.038b8 1.04228 1.04159

0.04903 0.04903 0.04903 0.04903

1.00000 - - -

0.1210E 0.12288 0.05104 0.05103
City Direct Rates:

City of Goleta Basic Levy { 1 }
Gverlappïng Rates {2}:

Goleta Ünïfied School District
Santa Barbara City College
Santa Barbara High School District
Rates
City's Share of 1 %Levy Per Prop 13 {3 )
Redevelopment Rate {4)
Total Direct Rate {5)
emotes:
{ 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 properly resides within. In addition to the 1.00°/4 fixed amount, properly owners are charged taxes as a percentage of assessed property values for the payment of any voter approved bonds.
{2) t~verlapping rates are those of local and county governments that apply to property owners within the City. loot all overlapping rates apply to all city property owners.
{3) City's Share of 1%Levy is based on the City's share of ills 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 ratio figures. {4) Redevelopment Rate is based on the largest RDA tax rate area and only includes rate{s) from indebtedness adopted prior to 1989 per California State statute. RDA direct and overlapping rates are applied only to the incremental property values. The approval of AB1 26 eliminated Redevelopment for the State of California for the fiscal year 2012-13 and years thereafter,
{5} Total Direct Rate is the weighted average of all individual direct rate applied to by the government preparing the statistical section information and excludes revenue derived from aircraft. Beginning in fiscal year 2013-14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rate areas. Challenges to recognized enforceable obligations are assumed to have been resolved during fiscal year 2012-13. For the purposes of this report, residual revenue is assumed to be distributed to the City ïn the same proportions as general fund revenue.

Sources: Santa Barbara Auditor-Controller
City of Goleta, Finance Department
- 140 -
166
Bm~a ~~a ~od~dJuo~~\
~Ol6 ~0l7 2Ol# ~Ul9 ~O2O 2O2l ------' -------
/~uouu /~ouuu /»uuuu ~»uuuu zuuuoo |~ouuu
KUl~48 KOlOól O~O9~~ O~O~O7 O~O0ú~ O~O77Ú
U~O0~O 0~O73l O~07~l O~O73l O~073l O~O7~l
O~}~7U O~l50l O~~6g~ O~~4l7 O~~4l7 0~24l4
lIB7~8 l~~~7~ l.O4370 l~~0~~ l.O~OlO I.O39~)
O~490~ O~4~O~ 0~~gO~
-
O~4~O3 U~~9O~ O.O49O3
- - - -
-I4l-
167
t/ 1 1 1 V ~ 4~J ~.J L ~ r ! A
PRINCIPAL PI~.{~PERTY TA~ PAYERS
Current Fiscal Year and Dine Fiscal Years Ago
2021
Percent o
Total Clt y
Taxable Taxable
Assessed Assessed
Taxpayer Primary Use Value Value
Raytheon Company Industrial ~ 123,415,332 1.31%
SB Luxury Resort LLC Commercial 118,000,000 1.25%
SP laravilla LLC I17stitutional 107,953,539 1.15%
Camino Real II LLC Commercial 84,723,481 0.90%
Los Cameros Business Parr LP Commercial 56,213,236 0.60% FLIR Commercial Vision Systems Inc Commercial 54,999,736 0.58% Sumida Family LP Residential 45,663,975 0.48%
Nassau Land Company LP Commercial 43,100,694 0.46%
Willow Springs LP Residential 39,346,046 0.42%
IRE-SB Inc Commercial 38,593,511 0.41%
Top Ten Total ~ 712,009,550 7.56%
2012
Percent of
Total City
Ta
{{~~
x
(~
able Taçç
xable
A fvu~e `vved A J~,7eJJed
Taxpayer Prlmal y Use Value Value
SB Luxury Resort Commercial ~ 118,000,000 1.91 %
SP Maravilla, LLC Industrial 107,953,539 1.75%
Camino Real II LLC Commercial 84,723,481 1.37%
Los Cameros Business Parr LP Commercial 50,000,000 0.81 Sumida Family LP Residential 45,663,975 0.74%
Nassau Land Company LP Commercial 43,649,300 0.71%
Willow Springs LP Residential 39,346,046 0.64%
IRE-SB, Inc. Commercial 38,593,511 0.62%
University Business Center Assoc. Commercial 3 7,964,23 8 0.61 °/© Raytheon Company Commercial 37,523,753 0.61%
Top Ten Total $ 603,417,843 9.76°/©
Nate: The amounts shown above include assessed value data for both the City and the Redevelopment Agency.

Source: Santa Barbara County Assessor
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168
CITY GF CrGLETA
P.C}PET~ TAB LEVIES A~~D C{~LLECTIDI~S
Last Ten Fiscal dears
Collected within the
Fiscal Taxes Levied Fiscal dear of Levy Collectïons ïn Total Collectïons to Date (1 } dear Ended for the Percent Subsequent Percent
June 34, Fïscal wear Amount ~ L~ dears Amount of Levy
201 ~ 2,162,721 ~, X62,72 ~ 144.04% - ~ 2,162,721 104.44% 24 ~ 3 2,264, ~ 37 2,264, ~ 37 ~ 44.44% - 2,264, ~ 37 ~ oQ.ao~/© 2414 2,311,154 2,311,154 100.44% - 2,311,154 100.0©°/©
2{115 2,538,704 2,538,704 140.00% - 2,538,740 144.40%
241 2,752,953 2,752,953 144.44% - 2,752,953 144.44%
2417 2,944,565 2,904,565 144.04% - 2,904,565 144.40%
201$ 3,093,044 3,093,044 100.04% - 3,493,444 140.40%
2019 3,375,135 3,375,135 100.04% - 3,375,135 144.44%
2020 3,545,$19 3,545,819 100.40°/a - 3,545,819 140.04%
2421 3,790,194 3,794,194 140.44% - 3,794,194 100,40%
{1)
The Cïty partïcipates ïn the Teeter Plan. The Teeter Plan ïs an alternative method of apportionïng property tax money. Cities particïpatïng in the Plan received 95% of the properly taxes ïn advance from the County and the remainïn, 5%after the County reconcïles the Cïtïes' balance on June 30. mote: The amounts above include the City of Goleta secured property taxes only.

Source: Cïty of Goleta, Finance Department
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169

CITY OF GOLETA

REVENUE AND RATES OF TRANSIENT OCCUPANCY TAB
Last Ten Fiscal Years
Transient
Fiscal Occupancy Taxes Transient
Year Ended for the Occupancy Tax
June 30, Fiscal Year Rate
2012 (1) $ 2,685,546 10%
2013 (2) 5,604,278 12%
2014 6,976,954 12%
2015 7,807,830 12%
2016 8,175,456 12%
2017 8,615,207 12%
2018 10,117,460 12%
2019 11,564,512 12%
2020 9,197,440 12%
2021 9,239,079 12%
Notes
(1) As of July 1, 2012, the City of Goleta was no longer required to share 40% of Transient Occupancy Tax with the County of Santa Barbara under the Revenue Neutrality Agreement.
(2) From July 2012 through December• 2012, the tax rate was 10% and then increased to 12% on January 1, 2013
Source: City of Goleta, Finance Department
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170
CITY C)F GC}LETA
PRINCIPAL TRAI~ISIEI~T C3CCUPA~TCY TAXPAYERS
Current Fiscal Year and Nine Fiscal Years Ago
2021
The Goodland
Hampton Inn
Hilton Garden Inn
Marriott Courtyard
Motel
Pacifica Suites
Residence Inn by Marriott
The Ritz-Carlton Bacara
South Coast Inn +(Best Western}
Super 8 Motel
2012
Bacara Resort Spa
Hampton Inn
Holiday Inn
Motel ~
Pacifica Suites
South Coast Inn
Super ~ Motel
Dote:

Top transient occupant' tax payers are listed in alphabetical order.

Source: City of Goleta, Finance I~}epartment
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171
CITY QF G®EFTA
TIOS OF DUTSTA II~1G DEBT TYPE
Last Ten Fiscal Years
Fiscal Year Certificates Total Percentage Debt
Ended of Capital .Loans Governmental of Personal per
June 30, Participation Leases Payable Activities Income Capita 2012 ~ - 105,040 - 105,040 0.O 1 % 4
2013 - 22,007 - 22,007 0.00% 1
2014 - - - - 0.00% -
2015 - - - - 0.00% -
201 ~ - - - - 0.00% -
2017 - - - - 0.00% -
2018 - - - - 0.00% -
2019 - - - - 0.00% -
2020 - - - - 0.00% -
2021 - 10,000,000 - 10,000,000 0.80°/® 309
emote: Details regarding the City°s outstandng debt can be found in the notes to the financial statements Source: City of Goleta, Finance Department
.,,
172
2020-2021 Assessed Valuations:

Total
Outstanding Debt
Direct and Overlapping Tax and Assessment Debt 6/30/2021 Santa Barbara Community College District 55,325,000
Santa Barbara Unified School District 120,770,000
Goleta Union School District 16,240,000
Santa Barbara Fligh School District 74,399,699
~lt~ ©~ Goleta -
Total Direct and Overlapping Tax and Assessment Debt
Overlappin~General Fund Debt
Santa Barbara County General Fund Obligations ~ 30,500,000 Total Gross Overlapping General Fund Debt
Less: Santa Barbara County supported obligations
Total Net Overlapping General Fund Debt
OverlappTax Increment Debt iSuccessor A enc~~ $ 11,310,000 Tatal Direct Debt
Total Gross Overlapping Debt
Total Net Overlappir}g Debt
Gl'Oss Combined Total Debt
Net Combined Total Debt
Ratios to 2020-2021 Assessed Valuations:
:~i~~c.ct Debt
'Dotal Direct and Overlapping Tax and Assessment Debt
Gross Combined Total Debt
Net Combined Total Debt
Ratios to Redevelopment Successor Agency Incremental Valuation (~ 1,53 5,269,268:

0.73%

0.74%

0.73%

0.74%
~ 7,890,994,609
City's Share of
Percentage Overlapping Debt
Applicable (1 ~ 6 /3 0/2021

12.845% $ 7,106,496

14.586% 17,615,512

52.937% 8,596,969

14.586% 10,851,940
104.04% -
44,170,917

8.640% $ 2,63 5,200
2,63 5,200
(188,784)
$ 2,446,416
100.000% $ 11,310,000
~ -
$ 5 8,116,117
~ 57,927,333
$ 58,116,117 (2)
~ 57,927,333

CITA OF GOLETA

DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
June 30, 2021
Notes:
{ 1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the c~tv divided by the district's total taxable assessed value. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-banded capital lease obligations.

Source: County of Santa Barbara
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173
CITA {~F ~~LETA
CC)NIPI.~TÀTI~I DF LEGAL DEBT 1AGII~
Last Ten Fiscal Years
Fiscal Year Ended. June 30,
2012 2013 2014 2015
Assessed valuation 5,333,232,339 5,321,655,710 5,476,016,337 $ 5,635,342,590 Conversion percentage 25% 25% 25% 25%
Adjusted assessed valuation 1,333,308,085 1,330,413,928 1,369,004,084 1,408,835,648 Debt limit percentage 15 % 15 % 15 % 15 %
Debt limit 199,996,213 1 }9,562,089 205,350,613 211,325,341 Total net debt applicable to limitation - - - -
Legal debt margin 199,996,213 199,562,089 205,350,613 $ 211,325,347 Total debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.0%
The C~overrunent Code of the State of California provides for a legal debt limit Of 15% Of gross assessed valuati©n.

However, this provision was enacted when assessed. valuation was based upon 25°/© of marl~et value. Effective with the 1981-82 f scat year, each parcel is now assessed at 100% of marl~et 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 with the State.

Source: City of Goleta, Finance Department
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174
Fiscal dear Ended June 34,
2416 2017 2018 2019 2020 2421
~ 6,fl89,379,285 ~ 6,399,862,393 $ 6,84fl,494,388 $ 7,443,765,341 $ 7,765,446,350 $ 8,248,711,546 25% 25% 25°/© 25% 25% 25%
1,522,344,821 1,599,965,598 1,714,123,597 1,86fl,941,335 1,941,261,588 2,462,177,887 15°/© 15% 15% 15% 15°/© 15%
228,351,723 239,994,840 256,518,540 279,141,200 291,189,238 349,326,683 $ 228,351,723 ~ 239,994,844 $ 256,518,540 ~ 279,141,24fl ~ 291,189,238 ~ 349,326,683

0.0%~ 4.0% 0.0% 0.4% 4.0°/© 0.4%
•
175
CITY ~3F GGLETA
DEIViGGRAPHIC ~~~1L1 ECGI~t~IIC ►3~Cà. 1 ~~~~L~
Last ien Fiscal Years
unta Barbara City of Goleta
Fiscal Year County ~~
~~
Personal
r Y
Per Capita
I
Unemployment
Ended Population ~ 1 ~ Population { 1 } Income {2} Income (2} Rate June 30, City of Goleta din thousands) {in thousands) {in thousands) {3) 2012 29,930 427 $ 942,$55 31.5 4.40°/©
2013 29,962 429 1,015,352 33.9 2.90%
2014 30,202 433 1,022,36$ 33.9 2.60°/©
2015 30,29$ 43$ 994,502 32.$ 3.60%
2016 31,235 447 1,015,220 32.5 3.10°/©
2017 31,760 451 1,0$5,697 34.2 3.00°/©
201$ 31,949 453 1,110,756 34.$ 3.60%
2019 32,759 447 1,16$,6$9 35.7 2.40°/©
2020 32,223 452 1,217,3$5 37.$ 2.30%
2021 32,339 441 1,250,31$ 3$.7 6.30%
SQUrceS:
(1) California Department of Finance, I~DL Demographics &Economic Statistics {2) U. . Department of Commerce, Bureau of Economic analysis (Santa Barbara-Santa IYlaria-Goleta) (3} California Employment Development Department
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176

CITY OF GOLETA
PRINCIPÀL EMPLOYERS
Current Fiscal Year and Nine Fiscal Years Ago
2021 2012
Employment % Employment
Number of to Total Number of to Total
Employer Employees Population Employer Employees Population University of California, Santa Barbara {1} 6,268 19.38% Raytheon 1,400 4.68°/© Raytheon 1,150 3.56% Sansum Clinic 1,100 3.68%
Sansum 1,280 3.96°/© Bacara Resort 620 2.07°/©
AppFolio 850 2.63% Goleta Unified School District 565 1.89% Goleta Cottage I-Iospital 813 2.51% Citrix Online 544 1.82% Goleta Union School District 700 2.16% Mardi Systems 445 1.49% Log Me In 600 1.86% FLIR 425 1.42%
FLIR Commercial Vision Systems 580 1.79% Allergen {Inamed) 352 1.18% Tecolote Research 570 1.76% Goleta Cottage Hospital 350 1.17% The Ritz-Carlton 500 1.55°/© Karl Storz Imaging 342 1.14% Mardi Systems 535 1.65°/© Medtronic 250 0.84%
Deckers Outdoors 476 1.47% Jordano's 240 0.80%
Karl Storz Imaging 350 1.08°/a l~ientor Corp 218 0.73%
Curvature 315 0.97% Network I-Iardware Resale 210 0.70% Marburg Industries 307 0.95% Costco 200 0.67%
Jordano's 250 0.77% The I4ome Depot 178 0.59%
Costco 233 0.72%
Target 209 0.65%
Inogen 208 0.64%
Devereux 200 0.62°/n
{1} University of California, Santa Barbara is outside of Goleta city limits, but is within close proximity so it has been included since FY 2016/17.

Employment data is intended for use as a general guide only. The City of Goleta does not warrant the accuracy of this data.

Inquiries should be directed to the respective employer.

Source: City of Goleta
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177

CITY C)F GQLETA
FULL-TIME Ai~1D PART-TIME CITY EMPLC)YEES
BY FLTI~CTIC.~N
Last Ten Fiscal Years
Function 2Úl2 2013 2014 2O1S 2016 201? 2018 2419 2O2ú 2ú2l General Government 5.44 8.4ú 8.40 14.55 16.30 1b.3ú l6.4ú 15.65 15.65 17.65 Library Department (1) - - - - - - 9.3 8 9.3 8 15.3 8 15.3 8 Administrative Services (2) 4.84 4.84 4.8ú - - - - - - - Finance Department 4.44 4.Oú 4.44 4.45 6.04 6.44 6.40 7.úO 7.00 7.fl4 Plalllllllg ànd
Environmental Services 11.50 11.Sú 11.54 13.80 14.84 l5.8ú 15.úú 15.Oú 15.Sú 17.50 Neighborhood Services
and Public Safety 4.Oú 4.Oú 4.44 5.04 4.40 5.44 5.04 S.ú4 6.40 6.40 Public Works 15.00 l6.ú4 16.44 l7.9ú 22.94 22.90 21.90 22.94 25.9fl 25.90 Total 47.70 48.74 48.70 5S.7ú 64.Oú ___-~___ 66.00 73.68 74.93 85.43 89.43 { 1) In fiscal year 2019-202x; the City Council approved the transition to assume management and operations of the Buellton and Solvang Libraries beginning on July 1 7 2019. {2) beginning in fiscal year 2014-2015; the Admnistrative Services has been combined with General Covernment.

Source: City of Goleta, Finance Department
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178
CITY (~F G©LETA
QPERATIIC~ INDICATIRS
BY FtTI~1CT~D
Last Ten Fiscal dears
Function
Police (1 }:

Calls for Service
Public works (3}:

Street resurfacing (miles)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
19,277 I9,531 20,077 23,150 25,025 23,894 22,690 21,802 21,933 20,281 982 1,121 1,586 1,444 1,033 871 834 1,073 550 858
3,052 2,857 3,079 3,293 3,238 3,329 3,218 3,204 3,170 2,881 2,536 1,942 3,065 3,751 3,856 3,962 4,140 5,184 4,113 5,109

10.4 18.5 5.8 12.9 - b.7 6.8 3.3 1.8 1.2
Sources:
(1) Santa Barbara County Sheriff Department
(2) Santa Barbara County Fire Department
(3} City of C~oleta's Public Works Department
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179

CITY OF GOLETA

CAPITAL ASSET STATISTICS

BY FUNCTION
Last Ten Fiscal Years
Fiscal Year Ended June 30,
Function 2012 2013 2014
Public Safety:

Police Stations (1) - - -
Fire Stations (2) 3 3 3
Community Development and Community Services:

Parks and Open Space -Acreage 477 477 477
Community Center 1 1 1
Library 1 1 1
Historic Stowe House 1 1 1
Amtrak Restrooms 1 1 1
Elementary Schools (K - 6) 5 5 5
Middle Schools (6 - 8) 1 1 1
High Schools (9 - 12) 1 1 1
Private Schools 4 4 4
Special Needs Schools - - -
Public Works:

Area of City (Square Miles) 8.0 8.0 8.0
Miles of Streets 174.0 174.0 174.0
Number of Streetlights (3) 89 98 103
Number of Vehicles (City-wide) 14 14 14
Corporation Yard 1 1 1
(1) City colitracts with County of Santa Barbara for Law Enforcement Services. (2) Fire Department related services are provided by the County Fire Department. (3) There are one thousand five hundred sixty seven (1,567} streetlights owned and maintained by Southern California Edison (SCE) in addition to those owned and maintained by the City.

Source: Various City of Goleta Departments
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180
2O~i _
-
3 -
3 _
~
-
9 _
~
'
3 -
3 477 477 477 477 477 550 ~~O
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l ) l l l l I
5 5 ~ 5 ~ 5 5
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4 -
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~
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0.O 0I) 0.0 0.O 8.0 Q.O 0/J
l74.O l7~.O ]74.O l74.0 i74.O ]74I) l74])
lO3 lO~ lO3 lK3 lO~ l~~3 l~3~
ZU l0 2) ~l 2I ~l 22
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181

ATTACHMENT 2

Government Auditing Standards Letter

182
183
184
185
186

ATTACHMENT 3

Statement of Auditing Standards Letter
187
188
189

ATTACHMENT 4

Independent Accountant’s Report on Gann Spending Limit

190
191
192
193

Goleta City CouncilApril 19, 2022

Goleta City Council
April 19, 2022