AGENDA
FINANCE AND AUDIT STANDING COMMITTEE MEETING
City Hall
130 Cremona Drive, Suite B
Goleta, California
Thursday, August 29, 2024
9:00 A.M. – 11:00 A.M.
Conference Room # 1
Kyle Richards, Councilmember
Stuart Kasdin, Councilmember
Robert Nisbet, City Manager
Jaime A. Valdez, Assistant City Manager
Luke Rioux, Finance Director
Tony Gonzalez, Accounting Manager
Cecilia Rubio, Finance Management Assistant
__________________________________________________________________________
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__________________________________________________________________________
PUBLIC COMMENT: PUBLIC COMMENT MAY BE PROVIDED IN PERSON, ELECTRONICALLY,
OR BY MAIL
To submit written comments for the Committee’s consideration and inclusion in the public record, email Luke Rioux, Finance Director, at [email protected] up to 9:00 A.M. prior to the Thursday Standing Committee meeting date. Please include the Agenda Item Number in the subject. This meeting will be conducted in accordance with the Brown Act, Government Code Section 54953. Any member of the public may attend this meeting in person or online. Questions regarding this matter may be addressed to Cecilia Rubio, Management Assistant at: [email protected]. __________________________________________________________________________ AGENDA
I. Public Comment
II. Capital Projects – Debt Financing Update
(Rioux) (60 minutes) (Pages 1 - 39)
III. FY 2023/24 – Fourth Quarter (Year-End) Financial Review – Unaudited (Draft) (Rioux) (20 minutes) (Pages 40 - 78)
IV. Monthly Investment Transaction Report (June) Quarterly Review (Draft) (Rioux) (10 minutes) (Pages 79 - 103)
V. Next Meeting – TBD
Americans with Disabilities Act: In compliance with the ADA, if special assistance is needed to participate in a Finance and Audit Standing Committee meeting (including assisted listening devices), please contact the City Clerk's office at (805) 961-7505 or email [email protected].
Notification at least 72 hours prior to the meeting helps to ensure that reasonable arrangements can be made to provide accessibility to the meeting.
ITEM II:
Capital Projects Debt Financing
Update
MEMORANDUM
DATE: August 29, 2024
TO: Finance and Audit Standing Committee
FROM: Luke Rioux, Finance Director
SUBJECT: Capital Projects Debt Financing Update
BACKGROUND:
The purpose of this item is to provide the Finance and Audit Standing Committee with an update on pursuing debt financing for critical capital projects. This memorandum provides a high-level summary, and the item will be presented and discussed in further detail at the finance committee meeting.
At the finance committee meeting, the recommended financing strategies will be discussed, which include two types of issuances, along with the related action items that need to happen, the next steps, the timing of issuance, and estimated fiscal impacts. Staff felt this was a good check-in point to discuss the next steps and answer any questions the Finance Committee may have with the Financing Team before moving forward to the City Council.
DISCUSSION:
Since the Capital Improvement Program (CIP) budget workshop held on April 2, 2024, staff has been working with its municipal financial advisor, has assembled its financing team, and has evaluated funding strategies in issuing tax-exempt obligations that provide the city with the most financial flexibility in the long-term.
On July 16, 2024, the City Council approved a reimbursement resolution of up to $37 million, declaring its intention to reimburse certain expenditures from the proceeds of tax-exempt obligations. This resolution allows the City to reimburse itself with debt proceeds for projects recently funded by the General Fund or other eligible funds. The projects included as part of the reimbursement resolution were the three main projects that have unfunded amounts, in addition to recently awarded projects that have significant General Fund dollars that could also potentially be reimbursed back to the City, and the City then, in turn, utilizes those dollars for the unfunded projects. The main priority unfunded projects include Cathedral Oak Crib Wall Repair (CIP Project No. 9053), San Jose Creek Bike Path – Northern and Southern Segment (CIP Project No. 9006), and the Goleta Train Depot and South La Patera Improvements (CIP Project No. 9079). A copy of this report and resolution is provided in Attachment 1.
The two types of issuances being recommended include:
1) Local Transportation Sales Tax Revenue Bonds, which will be supported by a portion of the City’s annual allocation of Measure A
2) Lease Revenue Bonds, which will require the City to establish a financing authority supported by the General Fund and secured by a city asset.
Further details on these two types of issuances will be discussed at the Finance Committee meeting, including the additional steps needed related to the Lease Revenue Bonds, such as the need to form a joint powers authority (JPA) and establish the Goleta Facilities Financing Authority (GFFA). Additional details about forming the JPA and GFFA can be found in the draft staff reports and related resolutions and agreements in Attachment 2.
ATTACHMENTS:
1. Copy of the July 16, 2024, Staff Report entitled “Declaration of Intention to Reimburse Certain Expenditures from the Proceeds of Tax-Exempt Obligations”
2. Formation of Goleta Facilities Financing Authority (Draft)
Attachment 1
Copy of the July 16, 2024, Staff Report, entitled “Declaration of Intention to Reimburse Certain Expenditures from the Proceeds of Tax-Exempt Obligations”
Agenda Item A.4
CONSENT CALENDAR
Meeting Date: July 16, 2024
TO: Mayor and Councilmembers
SUBMITTED BY: Luke Rioux, Finance Director
SUBJECT: Declaration of Intention to Reimburse Certain Expenditures from the Proceeds of Tax-Exempt Obligations
RECOMMENDATION:
Adopt Resolution No. 24-__ entitled, “A Resolution of the City Council of the City of Goleta, California, Declaring its Intention to Reimburse Certain Expenditures from the Proceeds of Tax-Exempt Obligations”
BACKGROUND:
On December 19, 2023, the City Council awarded the construction contract for Project Connect, approved budget appropriations from various funds, and directed staff to prepare a financing reimbursement resolution and pursue tax-exempt financing as a contingency.
On April 2, 2024, during a workshop on the Capital Improvement Program (CIP), staff presented updates on the CIP project sheets, funding estimates, and budget appropriations for FY 2024/25. Funding strategies for active priority capital improvement projects with identified unfunded amounts were also discussed, focusing on Annual Work Program projects, must-do projects with grant deadlines, and emergency projects. Two main priority projects for potential tax-exempt financing were identified: the Cathedral Oaks Crib Wall Repair Project (Project No. 9053) and the San Jose Creek Bike Path – Northern and Southern Segments (CIP Project No. 9006). In addition, it was discussed that staff will be bringing back a reimbursement resolution for financial flexibility as part of the overall strategy. Staff was directed to continue working with its municipal financial advisor to put together the financing team, evaluate funding, and consider issuing taxexempt obligations.
On June 18, 2024, the City Council held a public hearing on the adoption of the FY 2024/25 Budget. During this public hearing, staff presented a summary of major updates to the CIP since the CIP Budget Workshop. This update included revised project cost estimates based on recent bids and discussed that the reimbursement resolution will include the Goleta Train Depot and South La Patera Improvements (CIP Project No. 9079) as a contingency.
Meeting Date: July 16, 2024
DISCUSSION:
The resolution aims to provide financial flexibility for future tax-exempt obligations for its priority capital improvement transportation-related CIP projects. It also allows the city to reimburse itself with debt proceeds for projects recently funded by the General Fund or other eligible funds. The resolution only declares the City’s intent to issue tax-exempt obligations and does not bind the City into issuing these obligations, which would be decided in a future City council meeting.
The financing team, in collaboration with the municipal financial advisor, is finalizing a cost-effective funding strategy for three priority projects and is still in its preliminary stages. Those three projects are Cathedral Oak Crib Wall Repair (CIP Project No. 9053), San Jose Creek Bike Path – Northern and Southern Segment (CIP Project No. 9006), and Goleta Train Depot and South La Patera Improvements (CIP Project No. 9079). In addition, staff is including recently awarded projects that have significant General Fund component that could also potentially be utilized.
Pending future review and approval, the City Council expects to provide for the issuance of tax-exempt obligations, such as Lease Revenue Bonds and Sales Tax Revenue Certificates of Participation (together, the “Obligations”) in 2024 to finance the construction of various transportation projects. These projects include the Ekwill Street and Fowler Road Extensions, Hollister Avenue Old Town Interim Striping, Hollister Avenue Bridge Replacement, San Jose Creek Bike Path – Northern and Southern Segments, Cathedral Oaks Crib Wall Repair, and Goleta Train Depot and South La Patera Improvements (collectively, the “Project”). The City may elect to advance certain of its own funds toward the Project. The City will advance funds on the understanding that it can be reimbursed for amounts expended on the Project from the subsequent sale of the Obligations. The Internal Revenue Code has certain requirements that need to be satisfied in order for a public agency to reimburse itself for costs incurred for capital projects in advance of the sale of tax-exempt Obligations. In order to qualify the City for reimbursement of such costs from the proceeds of the execution and delivery of the Obligations, the City Council must adopt a resolution that satisfies all of the requirements of the Internal Revenue Code within 60 days of the date on which the expenditures have been made.
The City’s bond counsel has prepared the attached resolution which complies with applicable requirements of the Internal Revenue Code and allows the City to reimburse itself for any advanced Project costs from the proceeds of the sale of the Obligations.
The adoption of this resolution does not obligate the City to ever advance funds toward the Project. The adoption of this resolution preserves the option for the City Council to decide at a subsequent date whether or not it would be in the best interests of the City to allocate a portion of any proceeds of the sale of the Obligations towards the reimbursement of the monies the City might spend on the Project.
Meeting Date: July 16, 2024
There is a reference in this resolution to $37,000,000 as the reasonably expected maximum principal amount of the Obligations. The Internal Revenue Code obligates this resolution to include an estimated size of the borrowing from which reimbursement will occur. The City Council is not required to maintain this $37,000,000 amount. It is included to satisfy a legal requirement and constitutes only a rough estimate of the likely size of the Obligations that the City Council may consider. If the City were to sell a smaller borrowing, such a decision would not adversely affect its ability to use a portion of the proceeds of the Obligations to reimburse itself for these costs.
Next Steps
The financing team is finalizing the recommended options and strategies, including evaluating potential leased assets for lease revenue bonds and using Measure A for sales tax revenue certificates of participation. In August and September, staff will first meet with the Finance Committee to discuss the recommended options further in detail and then with the City Council for review and approval to move forward. At that time, detailed information on financing options, debt capacity, fiscal impacts, and issuance timing for the projects will be discussed.
GOLETA STRATEGIC PLAN:
City-Wide Strategy 3: Ensure Financial Stability
Strategic Goal 3.2: Enhance revenue by seeking grants and implementing financing strategies that strengthen the City’s Budget
o Objective 3.2.1: Evaluate debt financing options and secure financing for large infrastructure projects with long useful lives to achieve intergenerational equity.
FISCAL IMPACTS:
The Resolution only declares the City’s intent to issue tax-exempt obligations and does not authorize or otherwise bind the City into issuing obligations. The Resolution stipulates a reasonably expected maximum principal amount of up to $37 million to provide for any project adjustments and debt issuance costs. The $37 million is based on the estimated amounts (rounded up), primarily needed in total for the Cathedral Oaks Crib Wall Repair ($19.2 million), San Jose Creek Bike Path – Northern and Southern Segments ($15.5 million), and Goleta Train Depot ($1.5 million). Fully funded projects are listed for additional flexibility if needed for debt structuring.
Adopting the Resolution allows the City to maintain the option to obtain tax-exempt obligations for 18 months from the project costs expenditure date (three years if the City qualifies for a small issuer exception in the calendar year of debt issuance). Approval of this action has no current fiscal impact but enables the City to replenish the General Fund or other eligible local funds with future tax-exempt obligation proceeds. As a reminder, this is still in the early stages of the process, and detailed fiscal impacts will be discussed further with the Finance Committee and City Council.
Meeting Date: July 16, 2024
ALTERNATIVES:
The City Council may choose not to approve the resolution. Without a reimbursement resolution, the City would be limited to reimbursing only expenditures incurred within 60 days of any tax-exempt obligation issuance. The City Council could also defer the action and provide direction to staff.
LEGAL REVIEW BY: Megan Garibaldi, City Attorney
APPROVED BY: Robert Nisbet, City Manager
ATTACHMENTS:
1. Resolution No. 24-__ entitled “A Resolution of the City Council of the City of Goleta, California, Regarding Its Intention to Reimburse Certain Expenditures from the Proceeds of Tax-Exempt Obligations” inclusive of Exhibit A: Project Descriptions
ATTACHMENT 1
Resolution No. 24-__ entitled, "A Resolution of the City Council of the City of Goleta, California, Declaring its Intention to Reimburse Certain Expenditures from the Proceeds of Tax-Exempt Obligations"
RESOLUTION NO. 24-__
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GOLETA, CALIFORNIA, DECLARING ITS INTENTION TO
REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS
OF TAX-EXEMPT OBLIGATIONS
WHEREAS, the City Council of the City of Goleta (the “City”) desires to finance the costs of constructing certain public facilities and improvements, as provided in Exhibit A attached hereto and incorporated herein (the “Project”); WHEREAS, the City intends to finance the construction of the Project or portions of the Project with the proceeds of the sale of obligations the interest upon which is excluded from gross income for federal income tax purposes (the “Obligations”); and
WHEREAS, prior to the issuance of the Obligations the City desires to incur certain expenditures with respect to the Project from available monies of the City prior to the issuance of indebtedness by the City or by a joint powers financing authority organized pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the issuer of such indebtedness is referred to as the “Issuer”) for the purpose of financing costs associated with the Project on a long-term basis, which expenditures are desired to be reimbursed by the Issuer from a portion of the proceeds of the sale of the Obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GOLETA AS FOLLOWS:
SECTION 1.
The City hereby states its intention and reasonably expects to reimburse Project costs incurred prior to the issuance of the Obligations with proceeds of the Obligations. The Project is described in Exhibit A attached hereto.
SECTION 2.
The reasonably expected maximum principal amount of the Obligations is $37,000,000.
SECTION 3.
This resolution is being adopted on or prior to the date (the “Expenditures Date or Dates”) that the City will expend monies for the portion of the Project costs to be reimbursed from proceeds of the Obligations.
SECTION 4.
Except as described below, the expected date of issue of the Obligations will be within 18 months of the later of the Expenditure Date or Dates and
@BCL@04189593Obligations
the date the Project is placed in service; provided, the reimbursement may not be made more than three years after the original expenditure is paid.
For Obligations subject to the small issuer exception of Section 148(f)(4)(D) of the Internal Revenue Code, the “eighteen-month limit” of the previous sentence is changed to “three years” and the limitation of the previous sentence beginning with “; provided, …” is not applicable.
SECTION 5.
Proceeds of the Obligations to be used to reimburse for Project costs are not expected to be used, within one year of reimbursement, directly or indirectly to pay debt service with respect to any obligation (other than to pay current debt service coming due within the next succeeding one year period on any tax exempt obligation of the Issuer (other than the Obligations)) or to be held as a reasonably required reserve or replacement fund with respect to an obligation of the Issuer or any entity related in any manner to the Issuer, or to reimburse any expenditure that was originally paid with the proceeds of any obligation, or to replace funds that are or will be used in such manner.
SECTION 6.
This resolution is consistent with the budgetary and financial circumstances of the City, as of the date hereof. No monies from sources other than the Obligation issue are, or are reasonably expected to be reserved, allocated on a long-term basis, or otherwise set aside by the City (or any related party) pursuant to their budget or financial policies with respect to the Project costs. To the best of our knowledge, this City Council is not aware of the previous adoption of official intents by the City that have been made as a matter of course for the purpose of reimbursing expenditures and for which tax-exempt obligations have not been issued.
SECTION 7.
The limitations described in Section 3 and Section 4 do not apply to (a) costs of issuance of the Obligations, (b) an amount not in excess of the lesser of $100,000 or five percent (5%) of the proceeds of the Obligations, or (c) any preliminary expenditures, such as architectural, engineering, surveying, soil testing, and similar costs other than land acquisition, site preparation, and similar costs incident to commencement of construction, not in excess of twenty percent (20%) of the aggregate issue price of the Obligations that finances the Project for which the preliminary expenditures were incurred.
SECTION 8.
This resolution is adopted as official action of the City in order to comply with Treasury Regulation § 1.150-2 and any other regulations of the Internal Revenue Service relating to the qualification for reimbursement of City expenditures incurred prior to the date of issue of the Obligations, is part of
@BCL@04189593Obligations
the City’s official proceedings, and will be available for inspection by the general public at the main administrative office of the City.
SECTION 9.
All the recitals in this Resolution are true and correct and this City Council so finds, determines and represents.
SECTION 10.
The City Clerk shall certify to the passage and adoption of this Resolution and enter it into the book of original resolutions.
PASSED, APPROVED AND ADOPTED this 16
th day of July, 2024.
___________________________
PAULA PEROTTE, MAYOR
ATTEST: APPROVED AS TO FORM:
_______________________ __________________________
DEBORAH S. LOPEZ MEGAN GARIBALDI
CITY CLERK CITY ATTORNEY
@BCL@04189593Obligations
STATE OF CALIFORNIA )
COUNTY OF SANTA BARBARA ) ss.
CITY OF GOLETA )
I, DEBORAH S. LOPEZ, City Clerk of the City of Goleta, California, DO HEREBY CERTIFY that the foregoing Resolution No. 24-__ was duly adopted by the City Council of the City of Goleta at a regular meeting held on the 16 th day of
July, 2024, by the following vote of the Council:
AYES:
NOES:
ABSENT:
(SEAL)
_________________________
DEBORAH S. LOPEZ
CITY CLERK
EXHIBIT A
PROJECT DESCRIPTIONS
The following information describes the projects the City intends and reasonably expects to reimburse project costs before the issuance of the obligations with proceeds of the obligations:
1. Ekwill Street and Fowler Road Extensions (CIP Project No. 9002) This project will construct Ekwill Street across Goleta Old Town from Kellogg Avenue to Fairview Avenue and extend existing South Kellogg Avenue (to be renamed Fowler Road) from its terminus to the existing Technology Drive. The new streets will be twolane roads and include Class II Bike Lanes and sidewalks/parkways. The project also includes three roundabouts: two at the Hollister Avenue/State Route 217 Interchange and one at the intersection of Pine Avenue and Ekwill Street. The project will improve traffic flow on Hollister Avenue and provide new east/west corridors in Old Town. The work budgeted includes environmental, design, permitting, right-of-way acquisition, and construction of the project.
2. Hollister Avenue Old Town Interim Striping Project (CIP Project No. 9114 – Now a part of Ekwill Street and Fowler Road Extensions - CIP Project No. 9002) The Hollister Avenue Old Town Interim Striping Project will design and construct an interim striping project consisting of implementing the two-lane alternative for Hollister Avenue developed as part of the Hollister Avenue Complete Streets Corridor Project.
The project consists of implementing a road diet by changing roadway striping, legends, and signage and adding Class II bike lanes where none currently exist. Other improvements identified in the Complete Streets Corridor Plan, such as sidewalk widening, new medians, landscaping, and other hardscape improvements, would be deferred. The project would follow the standard Project Delivery Process with Conceptual Design, Environmental, Design and Construction. The project includes one vehicle and bike lane in each direction, A non-traversable painted median, backin angled 90-minute parking along the north side of the street, parallel 90-minute parking along the south side of the street, pavement restoration, traffic signal equipment and timing upgrades
3. Hollister Avenue Bridge Replacement (CIP Project No. 9033) This is the second phase of the San Jose Creek Capacity and Fish-Passage Improvement project. The project includes the replacement of the Hollister Avenue Bridge over San Jose Creek and extends upstream the San Jose Creek Channel capacity and fish-passage improvements both under and downstream of Hollister Avenue. The new bridge will have a 100-year storm flow capacity.
4. San Jose Creek Bike Path – Northern and Southern Segments (CIP Project No. 9006)
The San Jose Creek Bike Path Project as a whole extends approximately three miles alongside San Jose Creek from the California Coast Route path in the south to Cathedral Oaks Road and the Goleta Crosstown Bicycle Route in the north. The northern portion of the project begins north of Calle Real extending south along San Jose Creek to Armitos Avenue where it connects to the San Jose Creek Middle Extent Project at Armitos Ave. The southern portion of the project then continues south from the Ekwill Street intersection at Kellogg Avenue, crosses over the San Jose Creek channel and continues along SR 217 to cross underneath SR 217 in a culvert/tunnel just north of the SR 217 bridge over San Jose Creek. The Project lies within both the City and Santa Barbara County and within the California Coastal Zone. Project improvements include: either 8-foot-wide paved with 2 foot graded shoulders or 10- foot wide paved path, bicycle and pedestrian bridge over San Jose Creek channel, tunnel undercrossing at SR 217, retaining walls, concrete barriers, drainage features, crossing improvements, lighting, striping, and ADA accessibility.
5. Cathedral Oaks Crib Wall Repair (CIP Project No. 9053) The project includes repairing the crib walls and multi-purpose path along the north side of Cathedral Oaks Road, which was damaged during past storm events. A Geotechnical Engineering firm performed a comprehensive and systematic full-scale geotechnical investigation of the two crib walls along the northern side of Cathedral Oaks Road to determine the potential failure mechanisms related to the crib wall design and construction. The work included drilling approximately 23 geotechnical borings ranging between 25 feet to 80 feet below ground surface (equal to twice the height of the retaining wall), performing geophysical crosshole logging and ground penetrating radar (GPR) that was not performed during previous investigations, collecting and analyzing soil sample in the laboratory, and developing and providing recommended structural repair options and cost estimates. This project will be entering the design phase.
6. Goleta Train Depot and South La Patera Improvements (CIP Project No. 9079) The Neighborhood Services Department will construct a new multi-modal train station at the location of the existing Amtrak platform. The new Train Depot will include facilities for ticketing, passenger waiting, dining, meeting rooms, restrooms/showers, and bike storage. The Project site is adjacent to the existing AMTRAK platform at the northern end of South La Patera Lane. The project will also include expanded parking, bus facilities, and on-site bicycle and pedestrian improvements.
Attachment 2
Formation of the Goleta Facilities Financing Authority
Agenda Item X.X
CONSENT CALENDAR
Meeting Date: September 3, 2024
TO: Mayor and Councilmembers
SUBMITTED BY: Luke Rioux, Finance Director
SUBJECT: Formation of Goleta Facilities Financing Authority; Adoption of Resolution Approving Joint Exercise of Powers Agreement to Issue Future Tax-Exempt Obligations
RECOMMENDATION:
Adopt Resolution No.24-_ entitled "A Resolution of the City Council of the City of Goleta Authorizing the Execution and Delivery of a Joint Exercise of Powers Agreement By and Between the City and the California Statewide Communities Development Authority and Other Matters Related Thereto."
BACKGROUND:
The City of Goleta (the “City”) has benefited from the assistance of the Goleta Financing Authority with respect to various capital improvement projects initiated by the City. The Goleta Financing Authority (the “Prior JPA”) was formed under that Joint Exercise of Powers Agreement, dated as of May 1, 2007 by and between the City and the City of Goleta Redevelopment Agency (the “Agency”). As one consequence of the dissolution of the Agency, the ability of the Prior JPA to assist the City has been substantially diminished. As a result, the City has considered alternate agencies to assist with its financing needs and/or the formation of another joint powers authority by agreement with another public agency.
DISCUSSION:
The City has significant public works projects, including the Cathedral Oaks Crib Wall Repair Project and the San Jose Creek Bike Path – Northern and Southern Segments Project, for which indebtedness may be considered by this Council for approval, the issuance of which will require a financing counterparty. Staff has determined that a joint powers authority, similar to the Prior JPA, would be the most useful entity. In order to form the joint powers authority, the City must identify an eligible public entity to be the counterparty to a joint ex
DRAFT
ercise of powers agreement.
Meeting Date: September 3, 2024
The California Statewide Communities Development Authority (“CSCDA”) has been identified as a suitable counterparty to a new joint exercise of powers agreement for the formation of a new joint powers authority pursuant to the Joint Exercise of Powers Act, comprising Articles 1, 2, 3 and 4 of Chapter 5 of Division 7 of Title 1 (commencing with section 6500) of the California Government Code (the “JPA Act”) for the purposes of assisting the City with its capital improvement projects and other authorized financings as the Prior JPA has done in the past.
CSCDA was formed under the JPA Act, pursuant to a 1988 joint exercise of powers agreement between a number of California cities, counties, and special districts, with additional cities, counties, and special districts, including the City, joining as members over time.
The City, acting pursuant to JPA Act, may enter into a joint exercise of powers agreement with one or more other public agencies pursuant to which such contracting parties may jointly exercise any power common to them and, pursuant to Government Code Section 6588, certain additional powers, including the issuance of revenue bonds and to cause the execution and delivery of certificates of participation.
The City and CSCDA desire to create and establish the Goleta Facilities Financing Authority (the “GFFA”), and there has been presented to the City Council at this meeting a proposed form of Joint Exercise of Powers Agreement (the “Agreement”), by and between the City and CSCDA, which Agreement creates and establishes the powers of the GFFA.
Under California law and the Agreement, the GFFA will be a public entity separate and apart from the parties to the Agreement, and the debts, liabilities, and obligations of the GFFA will not be the debts, liabilities or obligations of the City or any representative of the City serving on the governing body of the GFFA or of the CSCDA or any of its members.
Like the Prior JPA, the governing board of the GFFA will consist of the members of the City Council. The administration and operation of the GFFA will be provided by City staff.
Initially, CSCDA will be the only other member of the GFFA.
CSCDA has previously entered into similar joint powers agreements to assist the San Bruno Park School District, Cameron Park Community Services District, San Dieguito Union High School District, Alameda County Flood Control and Water Conservation District, Zone 7, City of Orange, City of Martinez, West County Wastewater District, City of Dublin, Mountain House Community Services District, El Toro Water District, City of St.
Helena, City of Laguna Beach, City of Santa Barbara, Hidden Lakes CSD, and Laguna Beach County Water District for similar purposes.
DRAFT Page 18 of 103
Meeting Date: September 3, 2024
This Agreement provides for the formation of the GFFA with power, as described therein, to issue bonds and to purchase bonds issued by, or to make loans to, the City for the financing and refinancing of public capital improvements, working capital, liability, and other insurance needs, or projects whenever there are significant public benefits, as determined by the City. For the Agreement to be approved, the City must authorize such approval through a resolution. A proposed resolution approving the "Joint Exercise of Powers Agreement by and between the City of Goleta and the California Statewide Communities Development Authority" and the execution and delivery thereof by the Mayor Pro-Tempore, the City Manager, or the Finance Director of the City, and related actions, is included as Attachment 1. A copy of the Agreement is included as Attachment
2. GOLETA STRATEGIC PLAN:
City-Wide Strategy 3: Ensure Financial Stability
• Strategic Goal 3.2: Enhance revenue by seeking grants and implementing financing strategies that strengthen the City’s Budget
o Objective 3.2.1: Evaluate debt financing options and secure financing for large infrastructure projects with long useful lives to achieve intergenerational equity.
FINANCE COMMITTEE REVIEW:
The Finance Committee met to review the recommended debt financing strategies, which include forming the GFFA on August 29, 2024.
FISCAL IMPACTS:
There is a one-time fee of $10,000 payable to CSCDA for its participation in the formation of GFFA and otherwise no direct fiscal impact associated with this item.
ALTERNATIVES:
Council could choose not to approve the Agreement. This would require the City to consider other methods and counterparties to assist the City with the issuance of lease revenue bonds, enterprise revenue bonds and sales tax bonds.
LEGAL REVIEW BY: Megan Garibaldi, City Attorney
APPROVED BY:
DRAFT
Robert Nisbet, City Manager
Meeting Date: September 3, 2024
ATTACHMENTS:
1. Resolution No. 24-__ entitled, "A Resolution of the City Council of the City of Goleta, California, Authorizing the Execution and Delivery of a Joint Exercise of Powers Agreement By and Between the City and the California Statewide Communities Development Authority and Other Matters Related Thereto.”
2. Form of Joint Exercise of Powers Agreement By and Between the City and the California Statewide Communities Development Authority
DRAFT Page 20 of 103
ATTACHMENT 1
Resolution No. 24-__entitled, "A Resolution of the City Council of the City of Goleta, California, Authorizing the Execution and Delivery of a Joint Exercise of Powers Agreement By and Between the City and the California Statewide Communities Development Authority and Other Matters Related Thereto" DRAFT Page 21 of 103
4133-6910-0113.3
RESOLUTION NO. 24-__
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF GOLETA, CALIFORNIA, AUTHORIZING THE
EXECUTION AND DELIVERY OF A JOINT EXERCISE
OF POWERS AGREEMENT BY AND BETWEEN THE
CITY AND THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY AND
OTHER MATTERS RELATED THERETO
WHEREAS, the City of Goleta (the “City”) and the City of Goleta Redevelopment Agency (the “Agency”) have heretofore entered into a Joint Exercise of Powers Agreement, dated as of May 1, 2007 (the “Joint Powers Agreement”), which Joint Powers Agreement creates and establishes the Goleta Financing Authority (the “Authority”);
WHEREAS, as a consequence of the dissolution of the Agency and the eventual impact on the continuity of certain powers of the Authority, the City has considered alternate agencies to assist with its financing needs; WHEREAS, the City, acting pursuant to the Joint Exercise of Powers Act comprising Articles 1, 2, 3 and 4 of Chapter 5 of Division 7 of Title 1 (commencing with section 6500) of the California Government Code (the “JPA Act”), may enter into a joint exercise of powers agreement with one or more other public agencies pursuant to which such contracting parties may jointly exercise any power common to them and, pursuant to Government Code § 6588, certain additional powers; WHEREAS, under the JPA Act, a number of California cities, counties and special districts entered into a joint exercise of powers agreement pursuant to which the California Statewide Communities Development Authority (“CSCDA”) was organized;
WHEREAS, the City is a member of CSCDA in order to facilitate the promotion of economic, cultural and community development activities in the City, including the financing of projects therefor by CSCDA;
WHEREAS, the City and CSCDA desire to create and establish the Goleta Facilities Financing Authority (the “GFFA”) pursuant to the JPA Act to assist the City as the Authority has in the past;
WHEREAS, there has been presented to the City Council at its September 3, 2024 meeting a proposed form of Joint Exercise of Powers Agreement (the “Agreement”), by and between the City and CSCDA, which Agreement creates and establishes the GFFA; and
WHEREAS, under California law and the Agreement, the GFFA will be a public entity separate and apart from the parties to the Agreement, and the debts, liabilities, and obligations of the
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GFFA will not be the debts, liabilities or obligations of the City
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or any representative of the City serving on the governing body of the GFFA or of the CSCDA or any of its members.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Goleta that:
SECTION 1. The recitals above are true and correct.
SECTION 2. The form of Agreement, a copy of which is on file with the City Clerk, is approved. The Mayor, the Mayor Pro-Tempore, the City Manager, and the Finance Director of the City (each, an “Authorized Officer”) is each authorized and directed, on behalf of the City, to execute and deliver the Agreement substantially in the approved form, with such changes as the Authorized Officer executing the same may, with the concurrence of the City Attorney, require or approve, such approval to be conclusively evidenced by the execution and delivery thereof.
SECTION 3. The City Council hereby approves the execution and delivery of the Agreement and any and all agreements, documents, certificates and instruments necessary or appropriate to consummate the matters contemplated herein with electronic signatures as may be permitted under the California Uniform Electronic Transactions Act and digital signatures as may be permitted under Section 16.5 of the Government Code using DocuSign.
SECTION 4. The City Clerk shall certify to the adoption of this resolution and enter it into the book of original resolutions.
PASSED, APPROVED AND ADOPTED this 3rd day of September 2024. ______________________
PAULA PEROTTE, MAYOR
ATTEST: APPROVED AS TO FORM:
__________________________ ______________________
DEBORAH S. LOPEZ MEGAN GARIBALDI
CITY CLERK CITY ATTORNEY
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4133-6910-0113.3
STATE OF CALIFORNIA )
COUNTY OF SANTA BARBARA ) ss.
CITY OF GOLETA )
I, DEBORAH S. LOPEZ, City Clerk of the City of Goleta, California, DO HEREBY CERTIFY that the foregoing Resolution No. 24-__ was duly adopted by the City Council of the City of Goleta at a regular meeting held on the 3rd day of September 2024 by the following vote of the Council:
AYES:
NOES:
ABSENT:
ABSTENTIONS:
(SEAL)
__________________________
DEBORAH S. LOPEZ
CITY CLERK
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ATTACHMENT 2
Form of Joint Exercise of Powers Agreement By and Between the City and the California Statewide Communities Development Authority
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OH&S 8/19/24 Draft
4123-9575-9441.3
JOINT EXERCISE OF POWERS AGREEMENT
between
CITY OF GOLETA
and
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
Dated as of _______ 1, 2024
creating the
GOLETA FACILITIES FINANCING AUTHORITY
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OH&S 8/19/24 Draft
i
4123-9575-9441.3
TABLE OF CONTENTS
Page
Section 1. Definitions.............................................................................................................. 1 Section 2. Purpose ................................................................................................................... 2 Section 3. Term ....................................................................................................................... 3 Section 4. The Authority. ........................................................................................................ 3 Section 5. Powers. ................................................................................................................... 6 Section 6. Termination of Powers ........................................................................................... 7 Section 7. Fiscal Year ............................................................................................................. 7 Section 8. Disposition of Assets ............................................................................................. 7 Section 9. Contributions and Advances .................................................................................. 7 Section 10. Obligations. ............................................................................................................ 7 Section 11. Agreement not Exclusive ....................................................................................... 8 Section 12. Accounts and Reports. ........................................................................................... 8 Section 13. Funds ...................................................................................................................... 9 Section 14. Conflict of Interest Code ........................................................................................ 9 Section 15. Breach .................................................................................................................... 9 Section 16. Withdrawals and Additions of Members. .............................................................. 9 Section 17. Effectiveness ........................................................................................................ 10 Section 18. Severability .......................................................................................................... 10 Section 19. Successors; Assignment ....................................................................................... 10 Section 20. Amendment of Agreement ................................................................................... 10 Section 21. Form of Approvals ............................................................................................... 10 Section 22. Waiver of Personal Liability ................................................................................ 10 Section 23. Notices ................................................................................................................. 11 Section 24. Section Headings ................................................................................................. 11 Section 25.
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Miscellaneous. ..................................................................................................... 11
OH&S 8/19/24 Draft
4123-9575-9441.3
JOINT EXERCISE OF POWERS AGREEMENT
THIS JOINT EXERCISE OF POWERS AGREEMENT (this “Agreement”) is dated as of _______ 1, 2024, and is entered into by and between the CITY OF GOLETA, a municipal corporation duly organized and existing under the constitution and laws of the State of California (the “City”), and CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY, a joint powers authority that is organized and existing under and by virtue of the laws of the State of California (“CSCDA”).
DECLARATION OF PURPOSE
A. Chapter 5 of Division 7 of Title 1 of the California Government Code (the “Act”) authorizes the City and CSCDA to enter into an agreement to create a joint powers authority which has the power to exercise any powers common to the City and CSCDA and to exercise additional powers granted to such entity under the Act, including, without limitation, the power to provide financing for the authority’s members or other local public agencies in the State of California in connection with the acquisition, construction, and improvement of public capital improvements, and working capital, liability, and other insurance needs of such members or other local public agencies.
B. This Agreement creates such an agency, which shall be known as the “Goleta Facilities Financing Authority” (the “Authority”), for the purpose of assisting in providing financing for purposes which are authorized under the Act and to exercise the powers described herein.
C. The City is a municipal corporation duly organized and existing under the constitution and laws of the State of California, having those powers granted by the general law of the State of California.
D. CSCDA is authorized to buy, sell, and lease property and to issue bonds, expend bond proceeds, and borrow and loan money for any of its corporate purposes pursuant to the Act and the Amended and Restated Joint Exercise of Powers Agreement forming the California Statewide Communities Development Authority, dated as of June 1, 1988, as amended, by and among the cities, counties, districts, and other political subdivisions that are parties to that agreement.
E. Article 4 of the Act (known as the “Marks-Roos Local Bond Pooling Act of 1985”) authorizes and empowers the Authority to issue bonds and to purchase bonds issued by, or to make loans to, the City for the financing and refinancing of public capital improvements, working capital, liability, and other insurance needs, or projects whenever there are significant public benefits, as determined by the City. The Marks-Roos Local Bond Pooling Act of 1985 further authorizes and empowers the Authority to sell bonds so issued or purchased to public or private purchasers at public or negotiated sale.
TERMS OF AGREEMENT
Section 1. Definitions. Unless the context otherwise requires, the terms defined in this Section 1 shall for all purposes of this Agreement have the meanings herein specified. “Act” means Articles 1, 2 and 4 of Chapter 5 of Division 7 of Title 1 of the California Government Code
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“Agreement” means this Joint Exercise of Powers Agreement, as it may be amended from time to time, creating the Authority.
“Authority” means the Goleta Facilities Financing Authority created by this Agreement. “Board” means the Board of Directors referred to in Section 4(b) of this Agreement, which is the governing board of the Authority.
“Brown Act” means the Ralph M. Brown Act (Chapter 9 of Part 1 of Division 2 of Title 5 of the California Government Code), or any successor legislation hereafter enacted. “City” means the City of Goleta, a municipal corporation duly organized and existing under and by virtue of the constitution and laws of the State. “City Council” means the governing board of the City.
“Commission” means the governing board of CSCDA.
“CSCDA” means California Statewide Communities Development Authority, a joint powers authority established pursuant to a Joint Exercise of Powers Agreement, dated June 1, 1988 and the laws of the State, duly organized and existing under and by virtue of the laws of the State, and its successors.
“Director” means a member of the Board.
“Indenture” means each indenture, trust agreement, fiscal agent agreement, lease, sublease, loan agreement, or other instrument pursuant to which Obligations are issued or incurred. “Member” or “Members” means the members of the Authority as may be modified from time to time in accordance with this Agreement. As of the date of this Agreement, the Members are the City and CSCDA.
“Member of the Board” or “Board Member” means a Director. “Obligations” means bonds and any other evidence of indebtedness of the Authority authorized and issued pursuant to the Act.
“Party” or “Parties” means those entities who have executed this Agreement or any amendment to this Agreement and who have not withdrawn from the Authority. “State” means the State of California.
Section 2. Purpose. This Agreement is made pursuant to the Act by the City and CSCDA for the purpose of: (1) creating the Goleta Facilities Financing Authority; (2) providing for the administration of the Authority; and (3) assisting in the financing and refinancing of public capital improvements,
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working capital, liability, and other insurance needs, or projects (including as
3 4123-9575-9441.3
authorized by Article 4 of the Act (commencing with Section 6584)) whenever there are significant public benefits, as determined by the City, by exercising the powers granted in this Agreement.
Section 3. Term. This Agreement becomes effective as of the date that each party has executed a counterpart of this Agreement and shall continue in full force and effect until terminated by written agreement of the Members; provided, however, that in no event shall this Agreement terminate while any Obligations of the Authority remain outstanding under the terms of any Indenture or other instrument pursuant to which such Obligations are issued or incurred, and this Agreement and the Authority shall continue to exist for the duration of the term of such Obligations, Indentures, or instruments for the purpose of disposing of all claims, distribution of assets, and all other functions necessary to conclude the affairs of the Authority.
Section 4. The Authority.
(a) Creation of the Authority.
(1) There is hereby created pursuant to the Act an authority and public entity to be known as the “Goleta Facilities Financing Authority.” As provided in the Act, the Authority shall be a public entity separate and apart from the Members and shall administer this Agreement. The debts, liabilities, and obligations of the Authority shall not constitute debts, liabilities, or obligations of the Members.
(2) Within 30 days after the effective date of this Agreement or any amendment hereto, the Authority will cause a notice of this Agreement or amendment to be prepared and filed with the office of the California Secretary of State in the manner set forth in section 6503.5 of the Act. Such notice shall also be filed with the office of the State Controller. (3) In addition, as required by section 53051 of the California Government Code, within 70 days after the effective date of this Agreement, the Authority shall file with the Secretary of State on a form prescribed by the Secretary of State and also with the County Clerk of Santa Barbara County, a statement of the following facts: (1) the full, legal name of the Authority; (2) the official mailing address of the Board; (3) the name and residence or business address of each member of the Board; and (4) the name, title, and residence or business address of the Chair and Secretary of the Authority. Within 10 days after any change in the facts required to be stated pursuant to the foregoing, the Authority shall file an amended statement containing such information with the Secretary of State on a form prescribed by the Secretary of State and also with the County Clerk of Santa Barbara County.
(b) Governing Board.
(1) The Authority will be administered by the Board of Directors, which will consist of the members of the City Council. The term of office of each member of the Board will terminate when such member of the Board ceases to hold his or her respective seat on the City Council, and the successor to such seat on the City Council will automatically become a member of the Board upon assuming such office.
(2) Members of the Board will not receive any compensation for serving as such but
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will be entitled to reimbursement for necessary expenses actually incurred in connection
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with serving as a member if the Board determines that such expenses will be reimbursed and there are unencumbered funds available for such purpose.
(c) Meetings of Board.
(1) Time and Place. The time and place for holding Board meetings shall be established and may be changed at any time by resolution of the Board. Initially, the Board shall conduct regular meetings on the same date, at the same time, and at the same location as the regular meetings of the City Council; provided that the first regular meeting of the Board shall occur on September 17, 2024. Such regular meetings may occur either during or after the regular meetings of the City Council but may not commence earlier than the starting time for the regular meetings of the City Council. If the Secretary does not post an agenda for a regular meeting pursuant to the Brown Act, then such failure to post shall be deemed to be a determination by the Chair that no items require discussion and, therefore, that the regular meeting has been cancelled, except as otherwise provided in the Brown Act. The Board may hold special meetings at any time and from time to time in accordance with law. An agenda for a meeting of the Board may be combined with the agenda for a meeting of the City Council.
(2) Legal Notice. All regular, adjourned regular and special meetings of the Board shall be called, noticed, held, and conducted subject to the provisions of the Brown Act. (3) Minutes. The Secretary of the Authority shall cause minutes of all meetings of the Board to be kept and shall, as soon as practicable after each meeting, cause a copy of the minutes to be forwarded to each member of the Board and to the Members. (4) Quorum. A majority of the members of the Board shall constitute a quorum for the transaction of business, except that less than a quorum may adjourn meetings from time to time.
(d) Officers; Duties; Bonds.
(1) The officers of the Authority shall be the Chair, Vice Chair, Executive Director, Secretary, and Treasurer. The Chair shall be the person serving as the Mayor of the City, the Vice-Chair shall be the person serving as the Mayor Pro Tempore of the City, the Executive Director shall be the person serving as the City Manager of the City, the Treasurer shall be the Finance Director of the City, and the Secretary shall be the person serving as the City Manager or a person designated by the City Manager. The officers shall perform the duties normal to their respective offices and such other duties as may be imposed by the Board. The foregoing officers shall sign all contracts on behalf of the Authority and shall perform such other duties as may be imposed by the Board; provided that the Board may, by resolution, authorize other officers of the Authority to sign contracts on behalf of the Authority. The Vice Chair shall act, sign contracts, and perform all of the Chair’s duties in the absence of the Chair. The Secretary shall perform such duties as may be imposed by the Board and cause a copy of this Agreement, and any amendment to this Agreement, to be filed with the California Secretary of State pursuant to the Act. These officers shall have such additional powers and duties as may be determined by the Board from time to time by resolution. The City Attorney of the City, or a member of the City Attorney’s Office designed by the City Attorney, shall serve as the General Counsel of the Authority.
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(2) Pursuant to Section 6505.6 of the Act, the Finance Director of the City is hereby designated as the Treasurer of the Authority. The Treasurer of the Authority is designated as the public officer or person who has charge of, handles, or has access to any property of the Authority, and such officer shall file an official bond in the amount of $25,000 as required by section 6505.1 of the Act; provided, that such bond shall not be required if the Authority does not possess or own property or funds with an aggregate value of greater than $500 (excluding amounts held by a trustee or other fiduciary in connection with any Obligations). The cost of the bond, if necessary, shall be paid by the City. The Treasurer shall comply with the duties and responsibilities of the office as set forth in subdivisions (a) to (d), inclusive, of Section 6505.5. (3) So long as required by Section 6505 and Section 6505.5 of the Act, the Treasurer of the Authority shall prepare or cause to be prepared: (a) a special audit as required pursuant to Section 6505 of the Act every year during the term of this Agreement; and (b) a report in writing on the first day of July, October, January, and April of each year to the Board, and the Members which report shall describe the amount of money held by the Treasurer of the Authority, the amount of receipts since the last such report and the amount paid out since the last such report (which may exclude amounts held by a trustee or other fiduciary in connection with any Obligations to the extent that such trustee or other fiduciary provides regular reports covering such amounts). (4) The services of the officers shall be without compensation by the Authority. The City will provide such other administrative services as required by the Authority and shall not receive economic remuneration from the Authority for the provision of such services. (5) The Board shall have the power to appoint such other officers and employees as it may deem necessary and to retain independent counsel, consultants, and accountants. (6) All of the privileges and immunities from liability, exemptions from laws, ordinances, and rules, all pension, relief, disability, worker’s compensation, and other benefits which apply to the activities of officers, agents, or employees of the Members when performing their respective functions within the territorial limits of their respective Member, shall apply to them to the same degree and extent while engaged in the performance of any of their functions and duties extraterritorially under the provisions of this Agreement. (7) None of the officers, agents, or employees, if any, directly employed by the Authority shall be deemed, by reason of their employment by the Authority, to be employed by any Member or, by reason of their employment by the Authority, to be subject to any of the requirements of any Member.
(8) The Members hereby confirm their intent and agree that, as provided in Section 4(a) hereof and in the Act, the debts, liabilities, and obligations of the Authority shall not constitute debts, liabilities, or obligations of the Members including, without limitation the City or CSCDA, and they do not intend by the following sentence to impair this provision. Notwithstanding Section 4(a) hereof and the Act, the City, Members of the Authority other than CSCDA, and the Authority shall indemnify, defend, and hold harmless CSCDA and each of CSCDA’s officers, directors, employees, attorneys, Commission members, and agents from and against any and all costs, expenses, losses, claims, damages, and liabilities directly or indirectly arising out of or in connection with the activities of the Authority, including but not limited to any transaction or series of transactions undertaken by or for the benefit of Members of the Authority other than CSCDA. CSCDA may elect to defend itself in any such action with counsel of its choice DRAFT
, the reasonable fees of such counsel to be
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paid by the City. The Authority and the City shall be jointly and severally liable for any indemnity obligation owed to CSCDA or any other indemnified party under this paragraph. Notwithstanding the provisions of section 895.6 of the California Government Code, the City shall not have any right to contribution from CSCDA. This Section 4(d)(8) shall survive the termination of this Agreement. (9) The Authority or the City shall cause all records regarding the Authority’s formation, existence, and operations, any Obligations issued or incurred by the Authority, obligations incurred by it, and proceedings pertaining to its termination to be retained for at least six years following termination of the Authority or final payment of any Obligations issued or incurred by the Authority, whichever is later.
(10) Confirmation of officers shall be the first order of business at the first meeting of the Authority, regular or special, held in each calendar year. (11) No Board member, officer, agent, or employee of the Authority, without prior specific or general authority by a vote of the Board, shall have any power or authority to bind the Authority by any contract, to pledge its credit, or to render it liable for any purpose in any amount.
Section 5. Powers.
(a) The Authority shall have any and all powers which are common powers of the Members, the powers separately conferred by law upon the Authority, including but not limited to Article 4 of the Act (commencing with Section 6584). All such powers, whether common to the Parties or separately conferred by law upon the Authority, are specified as powers of the Authority except any such powers which are specifically prohibited to the Authority by applicable law. Except as otherwise set forth herein as permitted by the Act or any other applicable provision of law, the Authority’s exercise of its powers is subject to the restrictions as are applicable to the City in the manner of exercising such powers, as required by Government Code section 6509. (b) The Authority is hereby authorized, in its own name, to do all acts necessary or convenient for the exercise of its powers, including, but not limited to, any or all of the following:
to sue and be sued; to make and enter into contracts; to employ agents, consultants, attorneys, accountants, and employees; to acquire, hold or dispose of property, whether real or personal, tangible or intangible, wherever located; to issue bonds or otherwise incur debts, liabilities or obligations including, without limitation, Obligations, to the extent authorized by the Act or any other applicable provision of law and to pledge any property or revenues or the rights thereto as security for such Obligations.
(c) Notwithstanding the foregoing, the Authority shall have any additional powers conferred under the Act or under applicable law, insofar as such additional powers may be necessary or convenient to accomplish the purposes set forth in Section 2 hereof. (d) Notwithstanding anything to the contrary in this Agreement, the Authority shall not have the power or the authority to enter into any retirement contract with any public retirement system (as defined in section 6508.2 of the California Government Code) for any reason. The provision in this paragraph is intended to benefit the Members and to be a confirming irrevocable obligation of the Authority, which may be enforced by the Members, individually or DRAFT
collectively.
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Section 6. Termination of Powers. The Authority shall continue to exercise the powers herein conferred upon it until the termination of this Agreement in accordance with Section 3 hereof.
Section 7. Fiscal Year. Unless and until changed by resolution of the Board, the fiscal year of the Authority shall be the period from July 1 of each year to and including the following June 30, except for the first fiscal year, which shall be the period from the date of this Agreement to June 30, 2025.
Section 8. Disposition of Assets. Upon termination of this Agreement pursuant to Section 3 hereof, any surplus money in possession of the Authority or on deposit in any fund or account of the Authority shall be returned in proportion to any contributions made as required by section 6512 of the Act. The Board is vested with all powers of the Authority for the purpose of concluding and dissolving the business affairs of the Authority. After rescission or termination of this Agreement pursuant to Section 3 hereof, all property of the Authority, both real and personal, shall be distributed to the City and other Members, subject to Section 9 hereof.
Section 9. Contributions and Advances. Contributions or advances of public funds and of personnel, equipment, or property may be made to the Authority by the Members for any of the purposes of this Agreement. Payment of public funds may be made to defray the cost of any such contribution. Any such advance made in respect of a revenue-producing facility shall be made subject to repayment and shall be repaid in the manner agreed upon by the City, other Member or CSCDA, as the case may be, and the Authority at the time of making such advance, as provided by section 6512.1 of the Act. It is mutually understood and agreed that neither the City nor CSCDA has any obligation to make advances or contributions to the Authority to provide for the costs and expenses of administration of the Authority, even though either may do so. As and if any public agency is added as an additional Member, it is expected that the City and such public agency may by an amendment to this Agreement agree to bear their future share of the costs and expenses incurred by the Authority in the course of its activities. The Members may allow the use of personnel, equipment, or property in lieu of other contributions or advances to the Authority. Other costs may by written agreement of the Authority be borne by the Authority as a charge against any unencumbered funds of the Authority available for that purpose.
Section 10. Obligations.
(a) Authority to Issue or Incur Obligations. When authorized by the Act or other applicable provisions of law and by resolution of the Board, the Authority may issue or incur Obligations for the purpose of raising funds for the exercise of any of its powers or to otherwise carry out the purposes of this Agreement. Said Obligations shall have such terms and conditions as are authorized by the Board.
(b) Special, Limited Obligations.
(1) The Obligations, including the principal and any purchase price thereof, and the interest and premium, if any, thereon, shall be special obligations of the Authority payable solely from and secured solely by the revenues, funds, and other assets pledged therefor under the applicable Indenture(s) and shall not constitute a charge against the general credit of the Authority or any Member. The Obligations shall not be secured by a legal or equitable pledge of, or lien or charge upon, or security interest in, any property of the Authority or any of its income or receipts except, the property
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Obligations shall not constitute a debt, liability, or obligation of the State or any public agency thereof, including any Member, other than the special obligation of the Authority as described above. Neither the faith and credit nor the taxing power of the State or any public agency thereof, including the Members, shall be pledged to the payment of the principal or purchase price of, or the premium, if any, or interest on the Obligations, nor shall the State or any public agency or instrumentality thereof, including the Members, in any manner be obligated to make any appropriation for such payment. The Authority shall have no taxing power.
(2) No covenant or agreement contained in any Obligation or Indenture shall be deemed to be a covenant or agreement of any director, officer, official, agent, or employee of the Authority or any Member, in his or her individual capacity, and no director or officer of the Authority executing an Obligation shall be liable personally on such Obligation or be subject to any personal liability or accountability by reason of the issuance of such Obligation.
Section 11. Agreement not Exclusive. This Agreement shall not be exclusive and shall not be deemed to amend or alter the terms of other agreements between the City and CSCDA, except as the terms of this Agreement shall conflict therewith, in which case the terms of this Agreement shall prevail.
Section 12. Accounts and Reports.
(a) Books and Records. All funds of the Authority shall be strictly accounted for in books of account and financial records maintained by the Authority, including a report of all receipts and disbursements. The Authority shall establish and maintain such funds and accounts as may be required by generally accepted accounting principles and by each Indenture for outstanding Obligations (to the extent such duties are not assigned to a trustee for owners of Obligations). The books and records of the Authority shall be open to inspection at all reasonable times by the Members and their representatives.
(b) Indentures. The Authority shall require that each Indenture provide that the trustee appointed thereunder shall establish suitable funds, furnish financial reports, and provide suitable accounting procedures to carry out the provisions of such Indenture. Said trustee may be given such duties in said Indenture as may be desirable to carry out the requirements of this Section 12. (c) Audits. The Treasurer of the Authority shall cause an independent audit to be made of the books of accounts and financial records of the Authority in compliance with the requirements of the Act. Any costs of the audit, including contracts with, or employment of, certified public accountants or public accountants in making an audit pursuant to this Section 12, shall be borne by the Authority and shall be a charge against any unencumbered funds of the Authority available for that purpose.
(d) Audit Reports. The Treasurer of the Authority, as soon as practicable after the close of each Fiscal Year but in any event within the time necessary to comply with the requirements of the Act, shall file a report of the audit performed pursuant to this Section 12 as required by the Act and shall send a copy of such report to public entities and persons in accordance with the requirements of the Act.
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(e) Reports to the State of California. The Treasurer of the Authority shall file all reports required by law to be filed with the California Debt and Investment Advisory Commission, the California Secretary of State, and any other State of California entities.
Section 13. Funds. Subject to the provisions of each Indenture for outstanding Obligations providing for a trustee to receive, have custody of, and disburse funds that constitute Authority funds, the Treasurer of the Authority shall receive, have the custody of, and disburse Authority funds pursuant to accounting procedures approved by the Board and shall make the disbursements required by this Agreement or otherwise necessary to carry out the provisions and purposes of this Agreement.
Section 14. Conflict of Interest Code. The Authority shall, by resolution, adopt a Conflict of Interest Code to the extent required by law. Such Conflict of Interest Code may be the Conflict of Interest Code of the City of Goleta, as previously adopted by the City Council. As so adopted by the Authority, Board members and officers of the Authority will disclose financial interests according to the disclosure categories for their respective positions pursuant to the disclosure categories stated in the Conflict of Interest Code of the City of Goleta. The Goleta City Clerk is the filing officer for Board members and officers of the Authority.
Section 15. Breach. If default of this Agreement is made by the City, CSCDA or other Members in any covenant contained in this Agreement, such default shall not excuse the City, CSCDA or other Members from fulfilling their respective obligations under this Agreement, and the City, CSCDA and other Members shall continue to be liable for the performance of all conditions herein contained. The City, CSCDA and other Members hereby declare that this Agreement is entered into for the benefit of the Authority created hereby and the City, CSCDA and other Members hereby grant to the Authority the right to enforce by whatever lawful means the Authority deems appropriate all of the obligations of each of the parties hereunder. Each and all of the remedies given to the Authority hereunder or by any law now or hereafter enacted are cumulative and the exercise of one right or remedy shall not impair the right of the Authority to any or all other remedies.
Section 16. Withdrawals and Additions of Members.
(a) Withdrawals. Any Member may withdraw from the Authority by filing with the Board a certified copy of a resolution of the governing body of the Member expressing its desire to so withdraw, whereupon the withdrawing Member shall no longer be considered a Member for any reason or purpose under this Agreement, and its rights and obligations under this Agreement shall terminate. The withdrawal of a Member shall not affect the existence of the Authority or the effectiveness of any Obligations of the Authority. If such withdrawal would result in the termination of the Authority, such termination shall be subject to the limitations of Section 3 and the Member shall pay all of its outstanding obligations to the Authority prior to, and as a condition precedent of, such termination becoming effective. It is expected that no Member shall withdraw if doing so should cause this Agreement terminate while any Obligations of the Authority remain outstanding under the terms of any Indenture or other instrument pursuant to which such Obligations are issued or incurred, and any Member seeking to withdraw with the potential effect of such termination shall cooperate with such single remaining Member to delay its withdrawal, as reasonable and necessary, until another public agency is added as an additional Member.
(b) Additional Members. Any public agency may be added as a party to this Agreement and become a Member by filing with the Board a certified copy of a resolution of the governing body of such public agency whereby it agrees to the provisions of this Agreement DRAFT
and
10 4123-9575-9441.3
requests to become a Member. The Board may accept or reject any such proposal in its sole discretion and, if accepted, such public agency shall become a Member when: (i) its admission is approved by a vote of a majority of the Board voting on the matter; (ii) such public agency agrees to bear its future share of the costs and expenses incurred by the Authority in the course of its activities; and (iii) such public agency signs this Agreement. Upon satisfaction of the provisions of this clause (b), such public agency shall be a Member for all purposes of this Agreement. The effectiveness of such membership shall not constitute or require an amendment or modification of this Agreement.
Section 17. Effectiveness. This Agreement shall become effective and be in full force and effect and a legal, valid, and binding obligation of CSCDA and the City, as the initial Members, when each party has executed a counterpart of this Agreement.
Section 18. Severability. Should any part, term, phrase or provision of this Agreement or the application thereof to any Party or any other person or circumstance be decided by a court of competent jurisdiction, for any reason, to be illegal, invalid, or in conflict with any law of the State, or otherwise be rendered unenforceable or ineffectual, it shall be deemed severable, and the validity of the remaining parts, terms, or provisions hereof shall not be affected thereby.
Section 19. Successors; Assignment. This Agreement shall be binding upon and shall inure to the benefit of the successors of the parties. Except to the extent expressly provided herein, no party may assign any right or obligation hereunder without the consent of the other parties.
Section 20. Amendment of Agreement. This Agreement may be amended by supplemental agreement executed by the Members at any time; provided, however, that this Agreement may be terminated only in accordance with Section 3 hereof; and, provided further, that such supplemental agreement shall be subject to any restrictions contained in any Obligations or documents related to any Obligations to which the Authority is a party.
Section 21. Form of Approvals. Whenever an approval is required by this Agreement, unless the context specifies otherwise, it shall be given, in the case of CSCDA, by resolution duly adopted by the Commission, and, in the case of the City, by resolution duly adopted by the City Council, and, in the case of other Members, by resolution or ordinance duly adopted by the governing board of such Member. Whenever in this Agreement any consent or approval is required, the same shall not be unreasonably withheld.
Section 22. Waiver of Personal Liability. No member, officer, official, employee, attorney, agent, or, with respect to CSCDA, Commission member, of the Authority, the City, CSCDA or other Members shall be individually or personally liable for any claims, losses, damages, costs, injury, and liability of any kind, nature, or description arising from the actions of the Authority or the actions undertaken pursuant to this Agreement, and the City shall defend such members, officers, employees, attorneys, agents, or, with respect to CSCDA, Commission member, against any such claims, losses, damages, costs, injury, and liability. Without limiting the generality of the foregoing, no member, officer, official, employee, attorney, agent, or, with respect to CSCDA, Commission member, of the Authority or of any Member shall be personally liable on any Obligations or be subject to any personal liability or accountability by reason of the issuance of Obligations pursuant to the Act and this Agreement. To the full extent permitted by law, the Board shall provide for indemnification by the Authority of any person who is or was a member of the Board, or an officer, employee, or other agent of the Authority, and who was or is a party to or is threatened to be made a party to a proceeding by reason of the fact that such person is
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or was such a member of the Board, or an officer, employee,
11 4123-9575-9441.3
or other agent of the Authority, against expenses, judgments, fines, settlements, and other amounts actually and reasonably incurred in connection with such proceeding, if such person acted in good faith and in the course and scope of his or her office, employment, or agency. In the case of a criminal proceeding, the Board may provide for indemnification and defense of a member of the Board, or an officer, employee, or other agent of the Authority to the extent permitted by law.
Section 23. Notices. Notices to the City hereunder shall be sufficient if delivered to the Finance Director and the City Attorney, and notices to CSCDA hereunder shall be sufficient if delivered to CSCDA staff.
Section 24. Section Headings. All section headings contained herein are for convenience of reference only and are not intended to define or limit the scope of any provision of this Agreement.
Section 25. Miscellaneous.
(a) This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. (b) Each of the parties hereto agrees that the execution of this Agreement may be conducted by electronic means. Each party agrees and acknowledges that it is such party’s intent, that if such a party signs this Agreement using an electronic signature, it is signing, adopting, and accepting this Agreement, and that signing this Agreement using an electronic signature is the legal equivalent of having placed the undersigned officer’s handwritten signature on this Agreement on paper. Each party acknowledges that it is being provided with an electronic or paper copy of this Agreement in a usable format.
(c) Where reference is made to duties to be performed for the Authority by a public official or employee, such duties may be performed by that person’s duly authorized deputy, assistant, or designee. Where reference is made to actions to be taken by a Member, such action may be exercised through the officers, staff, or employees, of such Member, in the manner provided by law. (d) This Agreement is made in the State of California under the Constitution and laws of California and is to be construed as a contract made and to be performed in California.
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12 4123-9575-9441.3
(e) This Agreement is the complete and exclusive statement of the agreement among the parties with respect to the subject matter hereof, which supersedes and merges all prior proposals, understandings, and other agreements, whether oral, written, or implied in conduct, between the parties relating to the subject matter of this Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their proper officers or officials thereunto duly authorized.
CITY OF GOLETA
By
City Manager
Date of Execution: ___________
APPROVED AS TO FORM:
MEGAN GARIBALDI, CITY ATTORNEY
By:
City Attorney
CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT
AUTHORITY
By:
Authorized Signatory
Date of Execution: ___________
DRAFT Page 39 of 103
ITEM III:
Fourth Quarter Financial Review – FY
2023/24 (Draft)
Agenda Item X.x
CPMS CONSENT CALENDAR
Meeting Date: September 17, 2024
TO: Mayor and Councilmembers
SUBMITTED BY: Luke Rioux, Finance Director
PREPARED BY: Tony Gonzalez, Accounting Manager
Shawna Stokes, Budget Analyst
SUBJECT: Fiscal Year 2023/24 Fourth Quarter (Year-End) Financial Review (Unaudited)
RECOMMENDATION:
A. Adopt Resolution No. 24-__ entitled, “A Resolution of the City Council of the City of Goleta, California, Amending the City of Goleta Operating and CIP Budget for Fiscal Year 2023/24.”
B. Authorize the City Manager to apply the Hiring Incentive Policy to the following classifications for a period not to exceed one year: (Classification titles under review) C. Accept a $25,000 donation from the Sterling Price Living Trust for general library services at Solvang Library.
BACKGROUND:
This report provides a financial update on the City’s preliminary actual revenue and expenditure activity through the fourth quarter of the Fiscal Year (FY) 2023/24 Operating and Capital Improvement Program (CIP) Budget, which was adopted on June 20, 2023, as part of the two-year FY 2023/24 and FY 2024/25 budget plan. The information in this report is preliminary and provides a review of the revenue and expenditure activity from July 1, 2023 through June 30, 2024, and other relevant financial information. Additionally, this report recommends various adjustments to the adopted budget.
All numbers presented in this report are unaudited and may change upon competition of the independent year-end audit that is currently underway. Staff expects modifications, if any, to be minor and immaterial. The auditors and staff will present the final audited FY 2023/24 Annual Comprehensive Financial Report (ACFR) at the completion of the audit and financial statement preparation,
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targeted for December 2024.
Meeting Date: September 17, 2024
DISCUSSION:
General Fund Budget Summary:
Note: Staff is in the process of closing out year-end, and numbers may be adjusted in the final Q4 financial report. Additional details will be discussed at the finance committee meeting.
Table 1 summarizes the General Fund’s past three fiscal year activity, current FY 2023/24 budget, and year-to-date actuals.
Table 1 - General Fund Budget Summary (Budget to Actual Comparison) Table 2 summarizes the General Fund’s original adopted budget, current budget, and recommended amendments.
Table 2 - General Fund Budget Summary and Amendments
FY 2023/24 Adopted Budget Recap
The FY 2023/24 Adopted Budget was approved on June 20, 2023, with total expenditures at $46.5 million. The adopted budget included adjusting revenues to capture the new transaction and use tax that went into effect on January 1, 2024. The adopted budget also included increasing expenditures related to the sheriff’s contract, homelessness programs, community center, two new positions (a Facilities and Fleet Coordinator and Assistant Planner), pavement maintenance, concrete maintenance, and new one-time funds for capital projects.
FY 2023/24 Current Budget Recap and Year-End Recommended Amendments FY 2020/21 FY 2021/22 FY 2022/23 Prior Year
Year End
Actuals
Year End
Actuals
Year End
Actuals
Current
Budget
Year End
Actuals
%
Realized
Year End
% Chg
Revenues and Other Sources 41,007,446 $ $ 37,623,480 $ 38,357,365 $ 45,420,572 $ 45,466,554 100.1% 18.5% Operating Expenditures $ 24,225,764 $ 30,895,556 $ 36,998,432 $ 48,507,353 $ 37,846,002 78.0% 2.3% Capital Expenditures $ 1,266,975 $ 251,642 $ 1,258,615 $ 17,913,121 $ 1,993,183 11.1% 58.4% Total Expenditures $ 25,492,739 $ 31,147,198 $ 38,257,047 $ 66,420,474 $ 39,839,185 60.0% 4.1% Net Change to Fund Balance 15,514,707 $ $ 6,476,282 $ 100,318 $ (20,999,902) $ 5,627,369 Beginning Fund Balance $ 17,277,951 $ 32,792,658 $ 39,268,940 $ 39,369,258 $ 39,369,258 Ending Fund Balance $ 32,792,658 $ 39,268,940 $ 39,369,258 $ 18,369,356 $ 44,996,627 Category
FY 2023/24
Category
2023/24
Adopted Budget
2023/24
Current Budget
Recommended
Amendments
2023/24
Amended Budget
Revenues and Other Sources $ 42,113,909 $ 45,420,572 $ 128,210 $ 45,548,782 Operating Expenditures $ 44,635,898 $ 48,507,353 $ (55,000) $ 48,452,353 Capital Expenditures $ 1,825,472 $ 17,913,121 $ 60,000 $ 17,973,121 Total Expenditures $ 46,461,370 $ 66,420,474 $ 5,000 $ 66,425,474 Net Change to Fund Balance (4,347,461) $ $ (20,999,902) $ 123,210 $ (20,876,692) Beginning Fund Balance $ 39,369,258 $ 39,369,258 $ - $ 39,369,258 Ending Fund Balance $ 35,021,797 $ 18,369,355 $ 123,210 $ 18,492,566 DRAFT Page 42 of 103
Meeting Date: September 17, 2024
• Revenues: The FY 2023/24 Current Budget is at $45.4 million. Staff recommends a year-end cleanup adjustment of $128,210 for total revenues of $45.5 million.
Compared to the original adopted revenue budget of $42.1 million, the final revenue budget increased by $3.4 million.
• Expenditures: The FY 2023/24 Current Budget is $66.4 million. Staff recommends various year-end cleanup adjustments, resulting in a net increase of $5,000. When compared to the original adopted budget of $46.5 million, the final expenditure budget will have increased by $19.96 million. The $19.96 million increase in expenditures includes the following:
o The carryover budget of $12.5 million (supported by the fund balance of the General Fund), which was detailed in the Q1 Financial Report taken to City Council on December 19, 2023.
o New appropriations of $7.4 million authorized by the City Council since July 1, 2023. The City Council has approved various new expenditure budget appropriations totaling approximately $7.4 million. Of the $7.4 million, $6.6 million was programmed for Project Connect. Other new appropriations include additional funding needed for Library Facilities Improvement Program, HVAC Equipment and Services, Ellwood Beach Drive Draining Repair project, and the Goleta Train Depot.
FY 2023/24 Q4 – General Fund Recommended Amendments Summary:
Staff is recommending various year-end budget adjustments, which are all cleanup adjustments. This includes a net increase of $128,210 in revenues and $5,000 in expenditures. These adjustments are summarized below and further described in the “General Fund – Revenue Analysis” and “General Fund – Expenditure – Analysis” sections below. In addition, line-item details of recommended adjustments can be found in Attachment 5 – Exhibit A (Revenues) and Exhibit B (Expenditures). Revenues: Staff recommends a net increase of $128,210 in revenues, which includes the following adjustments listed below:
o $128,210 increase in Other Sources, related to a cleanup adjustment related to the LED Street Lighting Project (CIP Project No. 9056) and timing of SCE grant reimbursement expenditures in FY 21/22. o $(54,212.06) decrease to Penalties and Costs on Delinquent Taxes and transferring $54,212.06 to Administrative Citations. This cleanup adjustment will increase transparency on revenue activity. Expenditures: Staff recommends a net increase of $5,000 in expenditures, DRAFT
which includes the following adjustments listed below:
Meeting Date: September 17, 2024
o $(60,000) decrease to General Services Maintenance-Facilities and $60,000 increase to the City Hall Improvements Project (CIP Project No. 9101) to cover the City Hall carpet replacement. This type of cost is best reflected in the project budget, due to it being an asset. o $5,000 increase to Library related to the Las Aletas Donation for Operation Bookshelf, GVL Large Print materials & Books on CD audiobooks. Revenue Appropriation not needed.
o $41,728.81 increase to the Cathedral Oaks Crib Wall Interim Repair Project (CIP Project No. 9053). This increase is supported by budget transfers from completed and inactive CIP projects, which include $(30,295.55) from the LED Street Lighting Project (CIP Project No. 9056) and $(11,433.26) from Rectangular Rapid Flashing Beacons (RRFB) Improvements at School Crosswalks (CIP Project No. 9088).
Attachment 1 provides the General Fund Statement of Revenues & Expenditures, which summarizes the major revenue and expenditure categories by department with recommended amendments.
General Fund Revenue Analysis (Unaudited):
The tables presented in this section include budget-to-actual comparisons between the current fiscal year and the previous three fiscal year's year-end actuals. Property tax, sales tax, and transient occupancy tax have historically been the City’s major tax revenues, accounting for over 80% of total General Fund revenues. Since the new transaction and use tax went into effect on January 1, 2024, the City now has four major tax revenue sources. Table 3 summarizes the year-end budget-to-actual activity, which is followed by a brief discussion of the key revenue variances and where the City is trending.
Table 3 – General Fund FY 2023/24 Revenues through Q4 (June 30) FY 2020/21 FY 2021/22 FY 2022/23 Prior Year
Year End
Actuals
Year End
Actuals
Year End
Actuals
Current
Budget
Year End
Actuals
%
Realized
Year End
% Chg
Property Taxes 8,237,033 8,655,521 9,332,590 9,428,714 9,698,885 102.9% 3.9% Sales Taxes 7,585,649 8,572,807 8,726,058 8,702,900 8,652,089 99.4% -0.8% Transaction and Use Tax - - 5,300,000 - 5,069,832 95.7% 0.0% Transient Occupancy Tax 9,239,079 14,341,129 13,884,890 13,400,000 14,134,932 105.5% 1.8% Cannabis Tax 2,083,171 1,738,534 1,021,742 630,000 118.3% -27.1% 744,986 Franchise Fee 1,410,787 1,513,730 1,636,443 1,601,000 1,678,956 104.9% 2.6% License & Service Charges 1,645,798 1,929,169 2,120,862 2,270,800 2,421,557 106.6% 14.2% Fines & Penalties 118,873 168,275 170,039 182,000 119.0% 27.3% 216,531 Interest & Rent Income 209,018 (105,801) 996,093 1,510,000 2,070,973 137.2% 107.9% Reimbursements 359,354 386,437 314,505 333,000 141.6% 49.9% 471,502 Other Revenues 85,368 398,976 125,585 2,011,449 146,157 7.3% 16.4% Other Sources 10,033,316 24,704 28,558 50,709 315.8% 460.8% 160,156 Total Revenues $ 41,007,446 $ 37,623,480 $ 38,357,365 $ 45,420,572 $ 45,466,554 100.1% 18.5% Revenues
FY 2023/24
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Meeting Date: September 17, 2024
Property Tax
Property tax is the second largest revenue source for the City as it accounts for 21.3% of total General Fund revenues and it remains the most stable. This category is composed of three payment types – (1) the “Traditional” Property Tax, which is received in large part during the months of December and April; (2) the Property Tax in Lieu of Motor Vehicle License Fees (MVLF), which is received in two payments during January and May, and (3) the monthly Documentary Transfer Tax revenue, which is derived from changes in ownership of real property and assessed value. The City shares half (50%) of its property tax allocation with the County of Santa Barbara, per the Revenue Neutrality Agreement (RNA). The amount shared with the County is estimated to be approximately $4.0 million this fiscal year.
Overall property tax revenues were received at $9.7 million, which exceeded budget projections by $270,171 or 2.9%. On an actual basis, compared to the prior fiscal year, overall property tax revenues increased by $366,295 or 3.9%. This increase was due to RDA pass-through payments related to the bond refunding of the former RDA successor agency bonds and an increase in assessed valuations.
Sales Tax (1% Bradley-Burns)
Sales tax collections are projected to be the third largest revenue source for the City at $8.7 million and account for 19% of total General Fund revenues. Sales tax is considered one of the most volatile revenue sources, given the dependency on consumer behavior and business activity. The City does not receive its full 1% sales tax (also known as Bradley-Burns) allocation of the 7.75% sales tax rate that is normally allocated to cities.
The City shares 30% of the 1% sales tax revenues with the County of Santa Barbara, per the RNA. The amount projected to be shared this fiscal year is approximately $3.7 million.
The City’s sales tax base is generated from various main industry categories, including General Consumer Goods, with a dominant share at an average of 21%. The General Consumer Goods category is represented by many retail stores providing various consumer goods. The businesses in this category include large discount department stores, electronics stores, home furnishing stores, and other retail stores. The next largest industry categories are the State and County Pools (primarily online sales) now at 17% (historically 14%). When combined together, these two industry groups account for 38% of the City’s sales tax base. It is then supplemented by Business and Industry (manufacturers and industrial), Restaurants and Hotels (dining establishments, fast food, and bars), Building and Construction ranging between 12% to 15%, and Autos and Transportation at 11%. For comparison purposes, the percentage share by the eight major industry groups for the Cit
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y is seen in Figure 1 below:
Meeting Date: September 17, 2024
Figure 1 - Sales Tax by Major Industry Groups
Total sales tax revenues received through the end of the fiscal year reached $8.65 million, fell slightly short of budget projections of $8.7 million by $50,811 or -0.6%. Compared to the prior year of $8.73 million, sales tax revenues were down by $(73,969) or -0.8%.
At a recent key sales tax meeting staff had with our consultants HdL in August, sales tax revenues experienced limited growth for the January-March period. Sales were 1.2% above the first sales period in 2023, and when adjusted for economic data, actual sales were up 0.6%. While overall sales were slightly up, declines were experienced in two major industry groups, Business and Industry and Building and Construction. This can be attributed to the wet weather experienced during that quarter, along with lower demand for contractors and more focus on smaller repair projects. In addition, consumer prices were still rising at a rate higher than the Fed’s inflation target, and spiking insurance and utility costs have also led to slower consumer purchases. Staff will have its next key sales tax update in October for the actual activity for the April through June period.
Transaction and Use Tax (TUT)
The new 1% TUT measure became effective January 1, 2024, and was anticipated to bring in approximately $5.3 million in FY 2023/24. The current revenue data received through the end of June 2024 shows total TUT receipts were at $5.1 million or 95.7% of budget estimates. This is the first two quarters the City has started to receive this new tax, and it can be lighter than normal due to payment timing issues and misallocations. In recent review and discussions with our tax consultants and auditors, the Finance Director has authorized tax audits to verify the accuracy of the current reporting methodology and obtain necessary documentation from the California Department of Tax and Fee Administration (CDTFA) that may result in previous misallocated revenue back to the City of Goleta, in future months. Based on current preliminary data, TUT is trending on target of its original estimates. It will not be until March 2025 that we have the first full year of data on how TUT is performing. Staff will learn more about the actual economic activity Autos and
Transportation
11%
Building and
Construction
11%
Business and Industry
15%
Food and Drugs
5% Fuel and Service
Stations
7%
General Consumer
Goods
21%
Restaurants and Hotels
12%
State and County Pools
17%
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Meeting Date: September 17, 2024
for the April through June period at its next key sales tax update in October and will provide continued updates on the TUT. The next major update to the City Council will be in the FY 2024/25 – First Quarter Financial Review which will be presented in December 2024.
In addition, the CDTFA has completed its implementation of the TUT for the City, and staff received the one-time invoice, totaling $101,535.30, which falls below the maximum not-to-exceed amount of $175,000. The Finance Director reached out to CDTFA to confirm cost calculations, and due to being the only city with an operative date of January 1, 2024, the City is charged with higher than usual preparatory costs, as no other entity had the same implementation date to share costs with. The one-time preparatory costs are paid out directly, while ongoing administrative charges are deducted against the revenue received. The one-time invoice has been paid and absorbed out of the Finance department’s program budget.
Transient Occupancy Tax (TOT)
Note: Data is still under review and may be updated in the final Q4 financial review report.
The City’s TOT is projected to be the largest General Fund revenue source at 31.1% this fiscal year. TOT has historically been the largest revenue source since FY 2012/13. Since January 1, 2013, the TOT rate increased from 10% to 12%. TOT is the most volatile and was the most impacted revenue source by the pandemic due to a decrease in overnight stays, and it has since recovered.
Based on actual receipts, TOT revenues were at $14.1 million, which exceeded budget projections of $13.4 million by $734,932 or 5.5%. Compared to the prior year, which was $13.9 million, TOT revenues were up $238,334 or 1.8%. Staff are still finalizing and auditing numbers and will have the final numbers in the final Q4 report. The table below reflects recent adjustments to TOT at the time of preparing the report, which has TOT revenues at $14.2 million. Table 4 and Figure 2 summarize the actual TOT revenues received by the month since FY 18/19.
Table 4 – TOT Revenues for the Twelve Months of FY 2023/24 (Accrual Basis) Month
2018/19
Actuals
2019/20
Actuals
2020/21
Actuals
2021/22
Actuals
2022/23
Actuals
2023/24
Actuals
$ Chg from
Prior Year
% Chg from
Prior Year
July 1,325,613 $ 1,389,695 $ 669,922 $ 1,704,247 $ 1,621,763 $ 1,586,395 $ (35,368) $ -2.2% August 1,278,046 1,365,353 894,806 1,546,744 1,531,798 1,426,211 (105,587) -6.9% September 1,010,472 1,057,156 858,289 1,322,884 1,459,340 1,361,592 (97,748) -6.7% October 904,428 1,008,713 845,369 1,130,339 1,148,403 1,214,926 66,524 5.8% November 875,203 826,170 639,146 969,235 1,057,978 1,044,951 (13,027) -1.2% December 692,371 731,050 322,282 889,565 856,218 884,960 28,742 3.4% January 677,067 740,150 348,766 683,128 705,491 831,806 126,315 17.9% February 777,694 826,479 524,788 867,652 822,368 852,598 30,230 3.7% March 883,099 391,077 758,298 1,159,034 987,757 1,119,682 131,925 13.4% April 982,306 111,640 1,018,359 1,412,193 1,213,205 1,232,710 19,505 1.6% May 972,612 238,349 1,057,257 1,251,448 1,117,875 1,188,857 70,981 6.3% June 1,185,601 511,608 1,301,798 1,404,659 1,362,692 1,485,903 123,211 9.0% Total $ 11,564,512 $ 9,197,440 $ 9,239,079 $ 14,341,129 $ 13,884,890 $ 14,230,593 $ 345,703 2.5% Year over Year $ Change (2,367,072) $ $ 41,640 $ 5,102,050 $ (456,239) $ 345,703 Year over Year % Change -20.5% 0.5% 55.2% -3.2% 2.5%
18/19 Baseline $ Change (2,367,072) $ $ (2,325,432) $ 2,776,617 $ 2,320,378 $ 2,666,081 18/19 Baseline % Change
DRAFT
-20.5% -20.1% 24.0% 20.1% 23.1%
Meeting Date: September 17, 2024
Figure 2 – TOT Monthly Trend
Since February 2023, TOT revenues have started to decline compared to the historical highs experienced in FY 2021/22. Decreases continued to be experienced in the average daily rate (ADR) and occupancy levels. However, in the last 6 to 7 months, the declines have started to slow down and normalize, with TOT revenues performing better than prior year, but slightly below FY 2021/22 levels. It should be noted that June 2024 was the city's highest month in that particular month when compared to previous fiscal years.
Short-Term Vacation Rentals (STVR)
On July 18, 2023, the City Council adopted updates to its STVR ordinance, which took effect on August 18, 2023. Over the course of the last six months, staff has been working on ongoing implementation efforts with STVR hosting platforms, onboarding operators to the updated licensing process, and updating TOT/TBID remittance forms tailored to STVR operators for future reporting. Staff also worked with Airbnb to implement a City Portal for increased regulation on unpermitted STVRs and will continue to work with other hosting major platforms, with continued monitoring and compliance with the other hosting platforms. The City Portal allows authorized staff to partner with Airbnb in terms of identifying unlicensed or unpermitted vacation rentals and gives us the ability to delist properties, should there be a reason to. In the upcoming fiscal year, staff will continue to $0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
Goleta TOT Monthly Trend
2018/19
Actuals
2019/20
Actuals
2020/21
Actuals
2021/22
Actuals
2022/23
Actuals
2023/24
Actuals
DRAFT Page 48 of 103
Meeting Date: September 17, 2024
work with hosting platforms and operators to collect data. Finance staff will also be working with consultants to assist with ongoing education and monitoring other non-major platforms, including possible direct listings and TOT/TBID collection (including back tax collections). The table below summarizes the STVR license activity at a point in time.
Table 5 – STVR License Data
Note: Data is still under review and may be updated in the final Q4 financial review report.
STVR License Data
(Status)
Total
(5/16/2023)
Total
(10/13/2023)
Total
12/10/2023)
Total
(2/13/2024)
Total
(5/21/2024)
Active 28 44 55 41 50
Inactive/Expired 36 19 42 52 47
Pending 6 12 11 12 7
Revoked/Terminated/
Suspended 2 5 5 9 16
Total 72 80 113 114 120
Note: Active status represents active, valid STVR licenses. Inactive/expired licenses represent licenses that chose not to renew or were non-responsive, so the license expired. Revoked, Terminated, and Suspended status can be due to an unpermitted dwelling unit or violations, including any code compliance finding unpermitted changes.
Data has been scrubbed for duplicated addresses.
Approximately 24 operators have been remitting TOT, including Airbnb, which started directly collecting and remitting in March. The total STVR TOT collected through the July 2023 – June 2024 period is approximately $245,000, which is a 72% increase compared to the same year-end period in the prior fiscal year. STVR TOT accounts for approximately 1.7% of the overall TOT revenues. The large increase is due to the City Council's action on the ordinance updates and changes. Additional information will continue to be provided in future quarterly financial reviews.
Figure 3 -STVR Annual TOT
48,679 49,010 44,295
105,498
142,687
245,688
0% 0.7% -9.6%
138.2%
35.3%
72.2%
-
50,000
100,000
150,000
200,000
250,000
300,000
2018/19
Actuals
2019/20
Actuals
2020/21
Actuals
2021/22
Actuals
2022/23
Actuals
2023/24
Actuals
Short Term Vacation Rental - TOT
STVR YoY STVR % Change
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Meeting Date: September 17, 2024
Cannabis Business Tax
On November 6, 2018, the voters passed Measure Z2018, establishing a tax on cannabis business operations within the City of Goleta. The passing of this ballot measure subjects cannabis businesses to taxation on gross receipts of cannabis based on classifications up to a maximum of 10 percent. Initial rates were established when passing and codified as Chapter 3.08 into the Goleta Municipal Code. On December 5, 2023, the City Council approved Ordinance No. 23-12, which changed the medical cannabis retail rate from 0% to 5% and made it effective January 2024. The cannabis tax rates are seen in Table 6:
Table 6 – Current Cannabis Tax Rates
Cannabis Business Classification Activities Taxed Tax Rate Non-Medical Cannabis Retail Gross Receipts 5%
Medical Cannabis Retail*
*Effective January 2024, tax rate set at 5% Gross Receipts 5% Processing/Manufacturing Gross Receipts 2%
Cultivation Gross Receipts 4%
Distribution/Transport Gross Receipts 1%
Testing Gross Receipts 0%
Nurseries Gross Receipts 1%
Maximum Tax Limit Gross Receipts 10%
Maximum Cap for Multiple Operations Gross Receipts 10%
At the time of writing this report, the City of Goleta currently has 12 active licenses, with ten operators now reporting cannabis business tax revenues. Total cannabis business tax revenues received through June 30th on an accrual basis were approximately $744,986, which exceeded budget estimates of $630,000 by $150,757 or 18.3% . When compared to prior year revenues of $1 million, cannabis revenues were down $(276,756) or -27.1%.
As a reminder, during the Q1 Financial Review, staff recommended an adjustment of cannabis business tax revenues from $1.13 million to $630,000, a decrease of approximately $500,000 or -44%. That decrease reflected the closure of a major cannabis distributor and the ongoing volatility and uncertainty that surrounds the cannabis industry.
Table 7 below summarizes the approved Cannabis Business License Operators as of the date preparing this report.
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Table 7 – Cannabis Business License Application Summary Currently, there are no pending applicants that the staff is aware of. Staff has been working with cannabis operators on the updated ordinance changes the City Council adopted on December 5, 2023, that went into effect in January 2024. As a recap, this ordinance changed the medical cannabis retail rate from zero percent of gross receipts to five percent of gross receipts. The ordinance further clarifies definitions, license types, and application processes and includes updated sections for a change in ownership and a change in premises. The ordinance further streamlines the application process, removing the social security card requirement and updating the criminal background check requirements. The proposed ordinance also modified the general liability insurance requirement to require $1 million per occurrence and $2 million per aggregate and changed the business hours of operations for both storefront retailers and non-storefront retailers (delivery) to now occur from 6:00 a.m. to 10:00 p.m. These updates will give the current operators more flexibility with their operations and streamline some of the processes.
Franchise Fees
The City collects franchise fees from four main service provider sources (Cable, Electric, Gas, and Solid Waste). Each provider of these services has a different payment schedule.
Electric and Gas providers make annual payments in April. The Cable provider is on a quarterly payment plan, while Solid Waste fees are collected monthly. Total franchise fees collected by the end of the fourth quarter were $1.7 million, which exceeded budget # Status Business Application Name Location Primary License Type Other Uses or Notes Paying Tax? 1 Approved CalGreen
(Legal Non-Conforming)
164 Aero Camino Storefront Retail Yes
2 Approved Santa Barbara Care Center
(Legal Non-Conforming)
5814 Gaviota Street Microbusiness Storefront Retail
Cultivation
Distribution
Yes
3 Approved Organic Greens Collective
(Legal Non-Conforming)
5902 Daley Street Storefront Retail Yes
4 Approved Green Rush Alliances LLC 6332 Lindmar Ave Manufacturing Distribution Yes 5 Approved Greenbridge Patient Collective 5940 Matthews St Microbusiness Distribution Manufacturing
Non-Storefront Retail (Delivery)
Yes
6 Approved Twisted Roots, Inc
(previously Sublime Processing, LLC)
123 Aero Camino Unit A Microbusiness Manufactuer
Distribution
Non-Storefront Retail (Delivery)
Yes
7 Approved Thornwood Distribution LLC 5756 Thornwood Drive Cultivation (Processor) Nursery Yes 8 Approved One Plant 290 Storke Road Storefront Retail Yes 9 Approved Firefly Delivery, LLC 5775 Dawson Ave Non-Store Front Retail (Delivery)
Delivery only Yes
10 Approved AGQ Green Nature 859 Ward Drive. Suite 103 Testing Testing facility only No 11 Approved Hollister Distribution, Inc. 5631 Calle Real Storefront Retail License issued, not operating yet
No
12 Approved Megan's Organic Market 5999 Hollister Storefront Retail License issued Yes 13 No longer
operating
Ocean Grown Farms 176 Aero Camino Microbusiness Distribution Manufacuring
Non-Storefront Retail (Delivery)
No
14 No longer
operating
HERBL 759 Ward Drive Distribution Went under receivership. No longer operating
No
15 No longer
operating
HERBL 839 Ward Drive Distribution Went under receivership. No longer operating
No
16 No longer
operating
HERBL 749 Ward Drive Distribution Went under receivership. No longer operating
No
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estimates by $77,956 or 4.9%. In comparison to the prior year, franchise fees increased by $42,513 or 2.6%.
Licenses and Service Charges
This revenue category reflects the user fees and charges related to business license processing, planning, and building permit fees, staff time charges related to development activity, and library management service charges. All revenue accounts were revised and updated to reflect anticipated activity for FY 2023/24. Table 8 summarizes the primary revenue accounts within the Licenses and Service Charges category.
Table 8 – Licenses and Service Charges Summary
Through the end of the fourth quarter, revenues were at $2.4 million, which exceeded budget projections by $150,747 or 6.6%. In comparison to the same period in the prior year, overall revenues increased by $300,695 or 14.2%, primarily due to building permit activity and plan check fees.
Fines and Penalties
The City collects various fines and penalties related to traffic, parking, towing, lost item fees related to the library and administrative citations. Overall receipts of $216,531 exceeded budget projections by $34,531 or 19%. In comparison to the same period last year, overall revenues were up by 27.3%. Increases were experienced with parking fines, criminal code violations, lost items fees with the library, and administrative citations.
Interest and Rent Income
Interest and rent income accounts for rental income from property owned by the City and investment earnings generated from the City’s investment program. Through the end of the fourth quarter, interest and rent income of $2.07 million were at 137.2% of the total budget. Compared to the prior year for the same quarter, revenues were up 107.9%. This increase is largely due to a fair market value (FMV) adjustment of $412,596 applied to the City’s investment program as required by the Governmental Accounting Standards Board (GASB) and reflects an FMV amount of unrealized gains and losses. When Prior Year
Year End Actuals
Qtr YTD
Actuals
Current
Budget
QTR YTD
Actuals
%
Realized
Qtr YTD
% Chg
Legal Deposits Earned 7,300 7,300 1,000 0.0% -100.0% -
Planning Fees 117,807 117,807 120,000 108.6% 10.6% 130,277 Planning Deposits Earned 329,810 329,810 210,500 115.4% -26.3% 243,010 Building Permits 456,122 456,122 741,000 95.6% 55.3% 708,483 Public Works Deposits Earned 32,733 32,733 17,300 71.3% -62.3% 12,332 PW/Engineering Fees 98,905 98,905 68,400 134.4% -7.1% 91,896 Solid Waste Roll Off Fees 26,455 26,455 30,000 79.4% -10.0% 23,816 Business License 539,876 539,876 466,500 107.1% -7.4% 499,817 Plan Check Fees 397,352 397,352 488,000 119.1% 46.2% 580,969 Other Licenses & Charges 114,501 114,501 128,100 102.2% 14.4% 130,958 TOTAL $ 2,120,862 $ 2,120,862 $ 2,270,800 $ 2,421,557 106.6% 14.2% Licenses and Service
Charges
FY 2022/23 FY 2023/24
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considering only actual realized interest earnings, total revenues are at $1.7 million, which exceeded budget projects by $150,853 or 10.8% of budget projections. This increase is due to the current interest rate environment. The City’s interest earnings are forecasted to gradually increase, as short-term and liquid investments like local government investment pools and money market funds tend to follow the Federal Funds Rate very closely.
Reimbursements
This revenue category primarily accounts for all staff time reimbursements (cost recovery) related to the CIP and Redevelopment Successor Agency administrative and direct costs.
Additionally, it includes claim reimbursements or other one-time miscellaneous reimbursements. Staff that work directly on projects or programs supported by special revenue funds can charge staff time against the CIP project budgets supported by special revenue funds (if eligible) and reimburse the General Fund. The overall amounts vary year to year, depending on the use of contract engineering services. Contract engineering services are paid for directly from the CIP project budgets supported by the special revenue funds and, therefore, do not require payments from the General Fund. The revenues received through the end of the quarter totaled $471,502 and were 141.6% of the total budgeted amount of $333,000. In comparison to the prior year for the same quarter, revenues increased by 49.9% or $156,996 due to a transfer of $116,727.16 from Revenue Suspense to Federal Grant Proceeds and an increase in shared costs and admin fees recognized in the fourth quarter.
Other Revenues
Note: Staff is in the process of closing out year-end revenues, and data is still under review, including evaluating a clean-up adjustment to properly reflect the $1.6 settlement currently budgeted in the General Fund. Clean-up adjustments will be recommended in the final report, as this source is restricted to a specific project.
This category accounts for all other remaining General Fund revenue amounts, such as Motor Vehicle License Late Fees (MVLF), one-time donations, and other one-time miscellaneous revenues. Revenues were at $146,157 by the end of the quarter, or approximately 7.3% of the total budgeted amount of $2 million. Compared to the same quarter's prior year, revenues increased by 16.4%. There are two payments that have not been received for FY 2023/24, the $1.6 million from City of Santa Barbara restricted for Project Connect and the $250,000 donation for the Goleta Valley Library ADA, Safety and Building Improvement Project (CIP Project No. 9130).
Other Sources
This category accounts for other financing sources, such as funds transferred in from other funds or other fund resources received from transactions such as the sale of securities or cash received from loans or when bonds are issued. City staff primarily utilize this category to account for funds transferred in for staff time spent administering the Community Development Block Grants (CDBG) program. Other sources received throughout the quarter were at 315.8% or $160,
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156 of the total budget amount of $50,709.
Meeting Date: September 17, 2024
This increase is related to a “transfers in” from OBF-SCE Fund of $128,210.41 for the LED Street Lighting Project (CIP Project No. 9056) related to a FY 2021/22 grant transfer.
General Fund Expenditure Analysis:
Note: Staff is in the process of closing out year-end, and numbers may be adjusted in the final Q4 financial report.
The General Fund expenditures budget is currently at $66.4 million. Total expenditure through the fourth quarter should be about 100% of the budget, assuming the timing of expenditures is consistent throughout the year. By the end of the fourth quarter, total preliminary actual expenditures of $40 million were at 60% of the total budget. Compared to the prior year for the same quarter, expenditure was up 4.1%. If we were to remove the large one-time capital expenditures and consider only the operating expenditures, we would be at approximately 78% of the budget.
Staff is currently finalizing carryovers, though based on preliminary estimates, approximately $15.98 million of one-time funds will be carried over for active and ongoing CIP projects that were not completed in the current fiscal year. Updated carryover estimates will be provided in the final Q4 report, and final carryovers and details will be reported back in the FY 2024/25 Q1 Financial Review, which will reflect audited numbers.
Table 9 summarizes the General Fund expenditure budget activity by department, which is followed by a brief discussion of the key expenditure variances and recommended adjustments.
Table 9 - General Fund FY 2023/24 Expenditures through Q4 (June 30) Most departments were within range of their allocated budgets as of June 30, 2024, except for Public Safety. Staff is still reviewing the departmental data and may make minor internal budget transfers in the final report. When comparing total actual expenditures to the prior fiscal year, the City spent approximately $1.6 million or 4.1% more than FY 22/23. Provided in Attachment 2 of this report is a “Budget to Actuals” comparison of the Department’s divisions and programs. At this time, staff are recommending the following budget adjustments, which can be seen in line-item detail in Attachment 5.
FY 2020/21 FY 2021/22 FY 2022/23 Prior Year
Year End
Actuals
Year End
Actuals
Year End
Actuals
Current
Budget
Year End
Actuals
%
Realized
Year End
% Chg
General Government 5,195,252 6,401,327 6,090,972 6,577,740 5,808,241 88.3% -4.6% General Services 0 454,270 2,823,600 4,234,844 3,187,575 75.3% 12.9% Library 320,760 251,077 369,363 388,511 191,315 49.2% -48.2% Finance 955,919 1,196,075 1,391,911 1,849,300 1,715,939 92.8% 23.3% Planning & Env. Review 3,174,574 3,382,657 3,717,494 5,513,142 4,420,527 80.2% 18.9% Public Works 4,435,670 7,525,224 9,267,171 15,291,085 8,773,794 57.4% -5.3% Neighborhood Services 2,347,229 1,761,892 2,340,295 3,045,021 2,122,870 69.7% -9.3% Public Safety 6,959,079 8,470,638 9,157,530 10,715,211 10,733,668 100.2% 17.2% Non-Departmental 837,282 1,452,398 1,840,096 892,500 892,073 100.0% -51.5% Capital Improvement Projects 1,266,975 251,642 1,258,615 17,913,121 1,993,183 11.1% 58.4% Total Expenditures $ 25,492,739 $ 31,147,198 $ 38,257,047 $ 66,420,474 $ 39,839,185 60.0% 4.1% Expenditures
FY 2023/24
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General Services
Staff is recommending budget appropriations of $60,000. Staff recommendations and additional details are summarized below:
• A budget appropriation to transfer $60,000 from General Services MaintenanceFacilities to the CIP 9101 (City Hall Remodel Capital Project) to cover the City Hall carpet replacement.
Goleta Library
Staff is recommending budget appropriations of $5,000. Staff recommendations and additional details are summarized below:
• A budget appropriation transfer of $5,000 for the Library related to the Las Aletas Donation for Operation Bookshelf, GVL Large Print materials & Books on CD audiobooks. Revenue Appropriation not needed.
Capital Improvements Program (CIP)
Staff is recommending budget appropriations of $101,728.81. Staff recommendations and additional details are summarized below:
• A budget appropriation to transfer $60,000 from General Services MaintenanceFacilities to the CIP 9101 (City Hall Remodel Capital Project) to cover the City Hall carpet replacement.
• A budget appropriation to transfer $41,728.81 to the CIP 9053 (Cathedral Oaks Cribwall Interim Repair), $(30,295.55) from inactive CIP 9056 (LED Street Lighting Project) and $(11,433.26) from inactive CIP 9088 (RRFB Improvements at School Crosswalks).
General Fund - Fund Balance and Reserves:
Note: Staff is in the process of closing out year-end, and numbers may be adjusted in the final report and will be discussed further at the finance committee meeting. The figures shown in the table below are budgetary fund balances and are a snapshot in time.
Table 10 shows a recap of Fund Balance as of June 30, 2023, and June 30, 2024, which has been revised. The FY 2022/23 ending fund balance column reflects actual revenues and expenditures and factors in final carryover amounts related to FY 2022/23. The carryover amounts are reflected in “CIP Project Funding” and “Encumbrances” in the table below. In addition, reserve categories were updated to the policy level and adjusted to the adopted budgeted amounts. The amounts are subject to change after the audit is complete, and final numbers will be reported in the First Quarter Financial Review for FY 24/25.
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Table 10 – General Fund FY 2023/24 – Estimated Fund Balance and Reserves As shown above, the revised estimated FY 2023/24 total fund balance is projected at $18.5 million as of June 30, 2024. This figure includes all city fund balance categories.
After incorporating recommended Q4 budget adjustments, the unassigned budgetary fund balance is projected at approximately $2.2 million on June 30, 2024. It should be noted that during the adoption of the FY 2024/25 Mid-Cycle Budget on June 18, 2024, the projected one-time unassigned fund balance was considered and programmed to help fund capital projects. Staff is currently working on updates and finalizing year-end numbers and will have updated fund balance projections for FY 2024/25 in the Q1 financial review in December 2024. Currently, no additional unassigned fund balance is projected to be available for other one-time uses.
The unassigned fund balance consists of one-time funds that are essential for:
• Ensuring economic stability in case of revenue shortfalls • Managing liquidity and cash flow needs
• Addressing various unanticipated one-time expenditures, such as gap funding, or immediately addressing emergency response, without reducing operating budget • Meeting other priority needs as they arise
Maintaining an adequate unassigned fund balance is vital for the city’s fiscal health, as it also supports creditworthiness and offers a financial cushion against unforeseen onetime expenses or immediate revenue shortfalls. The City has utilized this balance when additional appropriations are needed for capital projects or major projects. For example, in FY 2023/24, $5 million was recommended for appropriation towards the Ekwill Street and Fowler Road Extensions Project.
Classification
FY 22/23
Ending Fund Balance Increase Decrease
FY 23/24
Est. Ending Fund
Balance
Q4 Pending
Adjustments
FY 23/24 Revised
Est. Ending Fund
Balance
Prepaids and Deposit 15,049 (15,049) - - -
City Hall Solar Removal 94,500 94,500 94,500
Public Facilities/Building
Maintenance 830,108 (73,115) 756,993 756,993
Capital Equipment 791,653 791,653 - 791,653
Compensated Leave 428,625 428,625 - 428,625
Risk Management 200,000 200,000 200,000
Litigation Defense Fund 600,000 600,000 600,000
Contingency 11,235,254 1,593,486 12,828,740 12,828,740
Street Maintenance - - -
Sustainability - - -
OPEB UAL - - -
CalPERS Pension UAL - - -
IT Reserve 160,000 - 160,000 160,000
CIP Project - Train Depot Match - - -
CIP Project Funding 8,586,626 (8,586,626) - -
Encumbrances 4,957,399 (4,957,399) - -
FMV Adjustment 519,117 519,117 (106,521) 412,596
Unassigned Fund Balance - Held
for liquidity and revenue stability 3,000,000 - (3,000,000) - - - Unassigned Fund Balance 8,110,926 - 20,506,073 28,616,999 (26,397,540) 2,219,459 Total Fund Balance 39,369,258 $ 1,753,486 $ 3,873,883 $ 44,996,627 $ (26,504,061) $ 18,492,566 DRAFT Page 56 of 103
Meeting Date: September 17, 2024
It’s important to note that the city maintains its separate contingency reserve for emergencies or further interruptions in cash inflows. On June 30, 2024, that balance was at $12,828,740 and met the policy level of 33% of ongoing operating expenditures.
Note: The Finance Annual Work Program for FY 2024/25 includes a comprehensive review of evaluating reserve categories and amounts under long-range projects contingent on staff capacity.
Revenue Neutrality Agreement (RNA):
The receipts and payments resulting from the RNA are not included in the budget. Under the RNA, the County is allocated 30% of the 1% Sales Tax revenues generated within the City of Goleta and shares equally in the city's Property Tax revenues. The estimated cost for FY 2023/24 of the total RNA payments is $7.7 million. The total estimated contribution since the City's incorporation in 2002 is approximately $151.9 million through the end of FY 2023/24.
Capital Improvement Program and Other Funds:
Note: Staff is in the process of closing out year-end, and numbers may be adjusted in the final Q4 financial review report. Fund balances of the special revenue funds are most likely to change in the final report.
Staff has provided Attachment 3 to summarize all other Special Revenue Fund revenues and expenditures with budget-to-actual comparison. On a budget basis, the various granttype funds are balanced with revenues matching expenditures. However, on an actual basis, funds are reimbursed after they are expended. The reimbursement requests for grant expenditures are submitted either on a monthly or quarterly basis by the department staff responsible for the project reimbursements. Any negative balances are due to the timing of revenues being received by the City. Revenue projections are reviewed on a quarterly basis and recommended adjustments are made when necessary. The Other Funds section below briefly describes the financial activity through the quarter for some of the City’s major operating funds. Attachment 4 provides a CIP Expenditure Summary on a budget-to-actual basis to ensure that projects do not exceed the appropriations allocated to the project.
Other Funds:
Gas Tax Fund (Fund 201)
The state imposes sales taxes and per-gallon excise taxes on gasoline and diesel fuel.
The local portion of these allocations flows through the Highway Users Tax Account (HUTA). State law requires that these funds be used exclusively for the maintenance of the street and highway system. Gas tax revenues through the end of the quarter are at $954,639 or 102.6% of the $930,463 revenue budget amount. Budgeted expenditures are programmed at $2 million for the fiscal year. Actual expenditures were at $1.3 million or 64.8% of the budget. The unspent budget will be carried over for the pavement rehabilitation project.
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SB1 Road Maintenance & Repair Act (RMRA) (Fund 203)
Senate Bill 1 (SB 1) – Road Repair and Accountability Act of 2017 has been in effect since November 1, 2017. Revenues are generated from fuel and vehicle registration taxes. State law requires these funds to be used exclusively for the transportation system.
SB 1 revenues through the end of the quarter are at $809,852 or 99.2% of the $816,772 revenue budget amount Budgeted expenditures are programmed at $1.18 million.
Through the end of the quarter, $1.1 million or 93.8% of the budget has been expended or encumbered. All budget is programmed towards the City’s pavement rehabilitation program and budget balances will continue to carry over for that purpose.
Measure A Fund (Fund 205)
Note: Staff is in the process of closing out year-end, and numbers may be adjusted in the final Q4 financial review report. In addition, staff will be further discussing debt financing updates for capital projects at the Finance Committee and future use of Measure A will need to be reprogrammed to support the projects costs.
The Santa Barbara County Association of Governments (SBCAG) receives a half-cent sales tax for transportation improvements in Santa Barbara County. The City of Goleta receives a portion of those funds to use exclusively for transportation-related purposes.
Measure A revenues through the end of the quarter are at $2.6 million or 104.7% of the $2.4 million revenue budget amount. Budgeted expenditures are programmed at $7.8 million. Through the end of the quarter, $3.7 million, or 48.1% of the budget, has been expended or encumbered. Budget balances will continue to be carried over into FY 2024/25 for its transportation and street maintenance-related projects.
Recommended Budget Amendments – Special Revenue Funds:
Staff is recommending various expenditure cleanup budget adjustments for other special revenue funds. Additional details and corresponding revenue adjustment (if applicable) are found in Attachment 5 – Exhibit A.
Donation Acceptance:
Library staff recently received information that $25,000 will be donated to Solvang Library from the Sterling Price Living Trust. To accept donated funds in excess of $10,000, the City Council must formally approve the donation through the City’s Donation Acceptance Form. A copy of the form is then provided to the trustee. The funds are for general library services restricted to Solvang Library. A copy of this form is provided as Attachment 7.
Hiring Incentive Policy Update:
Note: Staff is in the process of evaluating the hiring incentive policy, which will be further updated in the final report. The language below provides background information about the policy.
On May 17, 2022 the City Council adopted Resolution No. 22-21 “Establishing a Hiring Incentive Program,” and authorized the City Manager to apply the Hiring Incentive Policy to the following classifications for a period no
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t to exceed one year: Assistant Public Works
Meeting Date: September 17, 2024
Director, Principal Civil Engineer, Senior Engineer, and Associate Engineer. The policy applied to five positions in total within the listed classifications.
On June 20, 2023, the City Council authorized the City Manager to apply the Hiring Incentive Policy to the following classifications for a period not to exceed one year:
Principal Civil Engineer, Senior Engineer, and Associate Engineer.
The incentive was adopted at 10% of the top step of the base salary range of the position to which the new employees is hired, and to be paid as follows:
3% upon completion of 6 months of service;
3% upon completion of 1 year of service;
4% upon completion of 3 years of service = 10% total.
FINANCE COMMITTEE REVIEW:
The Finance Committee met to review the FY 2023/24 Fourth Quarter Financial Review on August 29, 2024.
FISCAL IMPACTS:
General Fund
Revenues are recommended for an increase of $128,210, and expenditures for an increase of $5,000. The recommended budget adjustment results in a net increase of $123,210 to the total fund balance of the General Fund. After adjustments, the total ending fund balance is projected at $18.5 million, which includes an unassigned fund balance of $2.2 million. Additional details of the accounts affected by the recommended General Fund budget adjustments can be found in Exhibit A of Attachment 5.
Other Funds
The recommended amendments to Other Special Revenue Funds described above are detailed in Attachment 5—Exhibit A.
The City Council is asked to adopt the attached resolutions (Attachment 5) approving the recommended budget adjustments and separately authorizing the City Manager to apply the hiring incentive policy and accept the donation for general library services at Solvang Library.
City’s Cash Flow and Position:
The City’s Finance Department monitors its cash flow and position daily. The cash funds are pooled and are considered very liquid, as most of its funds are invested in overnight pooled investment accounts such as LAIF or its money market account. The City’s special revenue accounts have a committed fund balanc
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e that is pooled all together with the
Meeting Date: September 17, 2024
General Fund. When pooled all together, the City’s cash position has been on June 30th was approximately $68 million.
ALTERNATIVES:
Council may elect not to adopt the attached resolution, thereby leaving the budget as previously approved; however, certain budget recommendations are necessary to meet obligations and financial reporting requirements.
LEGAL REVIEW BY: Megan Garibaldi, City Attorney
APPROVED BY: Robert Nisbet, City Manager
ATTACHMENTS:
1. General Fund Statement of Revenues & Expenditures
2. General Fund Interim Statements by Department
3. Interim Revenue and Expenditure Summary by Fund
4. CIP Expenditure Summary by Project
5. Resolution No. 24-__ entitled, “A Resolution of the City Council of the City of Goleta, California, Amending the City of Goleta Operating and CIP Budget for Fiscal Year 2023/24
6. Fiscal Year 2023/24 Fourth Quarter Financial Review Presentation (Will be available at the Finance Committee meeting)
7. Donation Acceptance Form
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Attachment 1
Property Taxes 9,015,100 413,614 9,428,714 9,698,885 103% - 9,428,714 Sales Taxes 8,702,900 8,702,900 - 8,652,089 99% - 8,702,900 Transaction and Use Tax 5,300,000 5,300,000 - 5,069,832 96% - 5,300,000Transient Occupancy Tax 13,400,000 13,400,000 - 14,134,932 105% - 13,400,000 Cannabis Tax 1,130,000 (500,000) 630,000 744,986 118% - 630,000Franchise Fee 1,558,900 42,100 1,601,000 1,678,956 105% - 1,601,000 License & Service Charges 2,014,100 256,700 2,270,800 2,421,557 107% - 2,270,800 Fines & Penalties 122,000 60,000 182,000 216,531 119% - 182,000Interest & Rent Income 462,200 1,047,800 1,510,000 2,070,973 137% - 1,510,000Reimbursements 323,000 10,000 333,000 471,502 142% - 333,000Other Revenues 35,000 1,976,449 2,011,449 146,157 7% - 2,011,449 Other Sources 50,709 - 50,709 160,156 316% 128,210 178,919 Total Revenues 42,113,909 3,306,663 45,420,572 45,466,554 100% 128,210 45,548,782 General Government 6,446,052 131,688 6,577,740 5,808,241 88% - 6,577,740 General Services 3,526,500 708,344 4,234,844 3,187,575 75% (60,000) 4,174,844Library 810,810 (422,299) 388,511 191,315 49% 5,000 393,511 Finance 1,849,300 1,849,300 - 1,715,939 93% - 1,849,300 Planning & Env. Review 4,895,200 617,942 5,513,142 4,420,527 80% - 5,513,142 Public Works 12,711,500 2,579,585 15,291,085 8,773,794 57% 15,291,085 - Neighborhood Services 2,981,100 63,921 3,045,021 2,122,870 70% - 3,045,021 Public Safety 10,542,436 172,775 10,715,211 10,733,668 100% 10,715,211 - Non-Departmental 873,000 19,500 892,500 892,073 100% - 892,500Capital Improvement Projects 1,825,472 16,087,649 17,913,121 1,993,183 11% 60,000 17,973,121 Total Expenditures 46,461,370 19,959,104 66,420,474 39,839,185 60% 5,000 66,425,474 Net Change in Fund Balance (4,347,461) (16,652,441) (20,999,902.5) 5,627,369 123,210 (20,876,692)Beginning Fund Balance 39,369,258 39,369,258 39,369,258 39,369,258 Ending Fund Balance 35,021,797 18,369,355 44,996,627 18,492,566 Expenditures Original Budget Prior Revisions Current Budget % of Budget Amended Budget 6/30/2024 Actuals Recommended Revisions General Fund Statement of Revenue and Expenditures
City of Goleta
Amended Budget Recommended Revisions Original Budget Prior Revisions Current Budget 6/30/2024 Actuals % of Budget Budget to Actual Comparison
For the Quarter Ended June 30, 2024
Revenues
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City of Goleta
General Fund Interim Statement of Revenues and Expenditures by Department and Program Budget to Actual Comparison
For the Quarter Ended June 30, 2024
Attachment 2
Annual
"Current"
Budget
QTR YTD
Actuals
Remaining
Balance
Percent
Received
Prior Year
QTR YTD
Actuals
Taxes
Property Taxes 9,428,714 9,698,885 (270,171) 102.9% 9,332,590 Sales Taxes 8,702,900 8,652,089 50,811 99.4% 8,726,058
Transaction and Use Tax 5,069,832 5,300,000 230,168 95.7% - Transient Occupancy Tax 14,134,932 13,400,000 (734,932) 105.5% 13,884,890 Cannabis Tax 630,000 744,986 (114,986) 118.3% 1,021,742 Franchise Fee 1,601,000 1,678,956 (77,956) 104.9% 1,636,443 Total 39,062,614 39,979,680 (917,066) 102.3% 34,601,722 Licenses & Service Charges
Legal Deposits Earned 1,000 - 1,000 0.0% 7,300
Planning Fees 120,000 130,277 (10,277) 108.6% 117,807
Planning Deposits Earned 210,500 243,010 (32,510) 115.4% 329,810 Building Permits 741,000 708,483 32,517 95.6% 456,122
Public Works Deposits Earned 17,300 12,332 4,968 71.3% 32,733 PW/Engineering Fees 68,400 91,896 (23,496) 134.4% 98,905 Solid Waste Roll Off Fees 30,000 23,816 6,184 79.4% 26,455 Business License 466,500 499,817 (33,317) 107.1% 539,876 Plan Check Fees 488,000 580,969 (92,969) 119.1% 397,352 Other Licenses & Charges 128,100 130,958 (2,858) 102.2% 114,501 Total 2,270,800 2,421,557 (150,757) 106.6% 2,120,862
Fines and Forfeitures
Fines & Penalties 182,000 216,531 (34,531) 119.0% 170,039 Total 182,000 216,531 (34,531) 119.0% 170,039
Investment Income
Interest & Rent Income 1,510,000 2,070,973 (560,973) 137.2% 996,093 Total 1,510,000 2,070,973 (560,973) 137.2% 996,093
Reimbursements
Reimbursements 333,000 471,502 (138,502) 141.6% 314,505 Total 333,000 471,502 (138,502) 141.6% 314,505
Other Revenues
Other Revenues 2,011,449 146,157 1,865,292 7.3% 125,585 Total 2,011,449 146,157 1,865,292 7.3% 125,585
Other Financing Sources
Transfers In 50,709 160,156 (109,447) 315.8% 28,558
Total 50,709 160,156 (109,447) 315.8% 28,558
TOTAL REVENUES 45,420,572 45,466,554 (45,982) 100.1% 38,357,365
DRAFT Page 62 of 103
City of Goleta
General Fund Interim Statement of Revenues and Expenditures by Department and Program Budget to Actual Comparison
For the Quarter Ended June 30, 2024
Attachment 2
Annual
"Current"
Budget
QTR YTD
Actuals Encumbrances Totals
Remaining
Balance
%YTD Expended
w/ Encumbr
General Government
City Council 454,290 400,814 - 400,814 53,476 88.2%
City Manager 2,160,050 1,598,618 245,387 1,844,004 316,045 85.4% City Clerk 736,200 717,788 - 717,788 18,412 97.5%
Support Services 197,700 150,157 - 150,157 47,543 76.0% City Attorney 1,070,900 1,095,586 - 1,095,586 (24,686) 102.3% Community Relations 597,300 590,024 150 590,174 7,126 98.8% Support Services 1,361,300 1,255,255 3,047 1,258,302 102,998 92.4% Total 6,577,740 5,808,241 248,584 6,056,825 520,915 92.1% General Services
General Services 972,600 722,044 16,302 738,346 234,254 75.9% Facilities 1,667,035 1,350,698 32,306 1,383,004 284,031 83.0% Information Technology 1,144,065 859,056 60,801 919,857 224,207 80.4% Fleet Management 451,144 255,777 1,918 257,695 193,450 57.1% Total 4,234,844 3,187,575 111,327 3,298,902 935,942 77.9% Library
Library Services 338,511 191,315 - 191,315 147,196 56.5% Book Van 50,000 - - - 50,000 0.0%
Total 388,511 191,315 - 191,315 197,196 49.2%
Finance
Administration 1,849,300 1,715,939 - 1,715,939 133,361 92.8% Total 1,849,300 1,715,939 - 1,715,939 133,361 92.8%
Planning & Environmental Review
Administration 446,800 436,392 - 436,392 10,408 97.7%
Current Planning 1,949,381 1,661,699 74,259 1,735,959 213,422 89.1% Building & Safety 861,900 902,668 - 902,668 (40,768) 104.7% Advanced Planning 1,182,982 759,069 174,934 934,003 248,979 79.0% Planning Commission 168,300 118,393 - 118,393 49,907 70.3% Sustainability Program 432,479 334,856 44,972 379,828 52,651 87.8% Housing Program 471,300 207,449 - 207,449 263,851 44.0% Total 5,513,142 4,420,527 294,166 4,714,693 798,449 85.5% Public Works
Administration 1,197,500 972,236 10,406 982,642 214,858 82.1% Engineering Services 5,493,497 2,218,499 2,270,751 4,489,249 1,004,247 81.7% Facility Maintenance - - - - - #DIV/0!
Parks & Open Spaces 2,732,900 1,961,472 339,873 2,301,345 431,555 84.2% Capital Improvement Program 1,446,742 1,145,393 63,845 1,209,239 237,503 83.6% Street Lighting 35,000 38,948 - 38,948 (3,948) 111.3%
Traffic Ops & Maintenance 922,000 676,733 42,517 719,249 202,751 78.0% Street Maintenance 3,463,446 1,758,696 1,083,236 2,841,932 621,514 82.1% Solid Waste and Environmen - 1,817 - 1,817 (1,817)
Total 15,291,085 8,773,794 3,810,629 12,582,605 2,708,480 82.3% Neighborhood Services
Neighborhood Services 935,173 781,363 - 781,363 153,810 83.6% Homelessness 866,048 610,347 47,405 657,752 208,296 75.9% Economic Development - - - - - #DIV/0!
Parks & Recreation 825,500 731,160 - 731,160 94,340 88.6% Parks & Recreation 418,300 - - - 418,300 0.0%
Total 3,045,021 2,122,870 47,405 2,170,275 874,746 71.3% Public Safety
Public Safety 10,715,211 10,733,668 - 10,733,668 (18,457) 100.2% Total 10,715,211 10,733,668 - 10,733,668 (18,457) 100.2% Non-Departmental
Debit Service 853,000 850,649 - 850,649 2,351 99.7%
Non-Departmental 39,500 41,425 - 41,425 (1,925) 104.9%
Total 892,500 892,073 - 892,073 427 100.0%
Capital Improvement Projects
Capital Improvement Projects 1,993,183 17,913,121 1,995,289 3,988,472 13,924,649 22.3% Total 1,993,183 17,913,121 1,995,289 3,988,472 13,924,649 22.3% TOTAL EXPENDITURES 66,420,474 39,839,185 6,507,399 46,346,584 69.8% 20,073,891
NET REVENUES OVER
EXPENDITURES (20,999,902) 5,627,369
BEGINNING FUND BALANCE 39,369,258 39,369,258
ENDING FUND BALANCE 18,369,355 44,996,627
DRAFT Page 63 of 103
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended June 30, 2024
Attachment 3
Printed Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals Percent of
Current Budget
101 General Fund
Revenue 42,113,909 45,420,572 128,210 45,548,782 45,466,554 - 45,466,554 100.1% Expenditures 46,461,370 66,420,474 5,000 66,425,474 39,839,185 6,507,399 46,346,584 69.8% Addition to/(use of) reserves (4,347,461) (20,999,902) 123,210 (20,876,692) 5,627,369 (6,507,399) (880,029) Beginning Fund Balance 39,369,258 39,369,258 39,369,258 39,369,258 Ending Fund Balance 35,021,797 18,369,355 18,492,566 44,996,627 201 Gas Tax
Revenue 933,080 930,463 - 930,463 954,639 - 954,639 102.6% Expenditures 1,416,000 2,035,780 - 2,035,780 78,313 1,241,417 1,319,730 64.8% Addition to/(use of) reserves (482,920) (1,105,317) - (1,105,317) 876,326 (1,241,417) (365,091) Beginning Fund Balance 1,148,317 1,148,317 1,148,317 1,148,317 Ending Fund Balance 665,397 43,000 43,000 2,024,642
202 Local Transportation
Revenue 37,300 46,000 - 46,000 39,495 - 39,495 85.9%
Expenditures - 290,159 - 290,159 28,000 9,785 37,785 13.0% Addition to/(use of) reserves 37,300 (244,159) - (244,159) 11,495 (9,785) 1,710 Beginning Fund Balance 252,859 252,859 252,859 252,859
Ending Fund Balance 290,159 8,700 8,700 264,354
203 RMRA
Revenue 818,228 816,772 - 816,772 809,852 - 809,852 99.2% Expenditures 808,000 1,184,926 - 1,184,926 281,598 830,116 1,111,715 93.8% Addition to/(use of) reserves 10,228 (368,154) - (368,154) 528,253 (830,116) (301,863) Beginning Fund Balance 711,720 711,720 711,720 711,720
Ending Fund Balance 721,948 343,567 343,567 1,239,974
205 Measure A
Revenue 2,230,000 2,440,000 - 2,440,000 2,554,301 - 2,554,301 104.7% Expenditures 3,247,000 7,787,374 - 7,787,374 2,039,743 1,708,134 3,747,877 48.1% Addition to/(use of) reserves (1,017,000) (5,347,374) - (5,347,374) 514,558 (1,708,134) (1,193,576) Beginning Fund Balance 5,557,373 5,557,373 5,557,373 5,557,373 Ending Fund Balance 4,540,373 210,000 210,000 6,071,931 206 Measure A-Other
Revenue 438,378 2,630,847 - 2,630,847 202,090 - 202,090 7.7% Expenditures 438,378 1,797,253 - 1,797,253 243,651 (11,544) 232,107 12.9% Addition to/(use of) reserves - 833,594 - 833,594 (41,561) 11,544 (30,017) Beginning Fund Balance (833,594) (833,594) (833,594) (833,594) Ending Fund Balance (833,594) - - (875,155)
208 County Per Capita - Goleta Library
Revenue 751,790 913,991 - 913,991 805,148 - 805,148 88.1% Expenditures 776,790 1,064,683 - 1,064,683 665,270 - 665,270 62.5% Addition to/(use of) reserves (25,000) (150,692) - (150,692) 139,878 - 139,878 Beginning Fund Balance 206,392 206,392 206,392 206,392
Ending Fund Balance 181,392 55,700 55,700 346,270
209 County Per Capita - Buellton Library
Revenue 159,920 161,891 - 161,891 171,388 - 171,388 105.9% Expenditures 155,900 211,138 - 211,138 99,215 34,078 133,293 63.1% Addition to/(use of) reserves 4,020 (49,247) - (49,247) 72,172 (34,078) 38,094 Beginning Fund Balance 210,483 210,483 210,483 210,483
Ending Fund Balance 214,503 161,236 161,236 282,656
210 County Per Capita - Solvang Library
Revenue 183,133 186,265 - 186,265 188,257 - 188,257 101.1% Expenditures 187,100 261,128 - 261,128 138,474 31,621 170,095 65.1% Addition to/(use of) reserves (3,967) (74,863) - (74,863) 49,783 (31,621) 18,162 Beginning Fund Balance 170,568 170,568 170,568 170,568
Ending Fund Balance 166,601 95,705 95,705 220,351
211 Solid Waste
Revenue 1,439,500 1,446,500 - 1,446,500 1,487,952 - 1,487,952 102.9% Expenditures 1,818,300 2,053,300 - 2,053,300 1,490,305 184,557 1,674,862 81.6% Addition to/(use of) reserves (378,800) (606,800) - (606,800) (2,353) (184,557) (186,909) Beginning Fund Balance 1,593,368 1,593,368 1,593,368 1,593,368 Ending Fund Balance 1,214,568 986,568 986,568 1,591,015 212 Public Safety Donations
Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance 11,748 11,748 11,748 11,748
Ending Fund Balance 11,748 11,748 11,748 11,748
Page "1
DRAFT Page 64 of 103
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended June 30, 2024
Attachment 3
Printed Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals Percent of
Current Budget
213 Buellton Library
Revenue 195,479 195,479 - 195,479 198,393 - 198,393 101.5% Expenditures 252,600 220,600 - 220,600 228,181 - 228,181 103.4% Addition to/(use of) reserves (57,121) (25,121) - (25,121) (29,788) - (29,788) Beginning Fund Balance 25,330 25,330 25,330 25,330
Ending Fund Balance (31,791) 209 209 (4,458)
214 Solvang Library
Revenue 197,555 197,555 - 197,555 206,178 - 206,178 104.4% Expenditures 243,900 185,900 - 185,900 248,978 - 248,978 133.9% Addition to/(use of) reserves (46,345) 11,655 - 11,655 (42,799) - (42,799) Beginning Fund Balance - - - -
Ending Fund Balance (46,345) 11,655 11,655 (42,799)
215 Goleta Library
Revenue 2,196,200 - - - (87) - (87) 0.0%
Expenditures 2,196,200 - - - 62,930 171,114 234,044 0.0% Addition to/(use of) reserves - - - - (63,017) (171,114) (234,131) Beginning Fund Balance - - - -
Ending Fund Balance - - - (63,017)
216 Book Van Library
Revenue 125,000 - - - 12,501 - 12,501 0.0%
Expenditures 125,000 - - - - - - 0.0%
Addition to/(use of) reserves - - - - 12,501 - 12,501
Beginning Fund Balance - - - -
Ending Fund Balance - - - 12,501
217 Community Center
Revenue 733,000 733,000 - 733,000 323,816 - 323,816 44.2% Expenditures 734,900 734,900 - 734,900 557,650 5,406 563,056 76.6% Addition to/(use of) reserves (1,900) (1,900) - (1,900) (233,834) (5,406) (239,240) Beginning Fund Balance - - - -
Ending Fund Balance (1,900) (1,900) (1,900) (233,834)
220 GTIP
Revenue 1,168,200 1,404,778 - 1,404,778 910,568 - 910,568 64.8% Expenditures 110,000 13,644,378 - 13,644,378 2,632,179 6,117,076 8,749,255 64.1% Addition to/(use of) reserves 1,058,200 (12,239,600) - (12,239,600) (1,721,611) (6,117,076) (7,838,687) Beginning Fund Balance 10,746,295 10,746,295 10,746,295 10,746,295 Ending Fund Balance 11,804,495 (1,493,304) (1,493,304) 9,024,685 221 Parks DIF
Revenue 85,700 248,165 - 248,165 669,126 - 669,126 269.6% Expenditures 655,000 7,459,703 - 7,459,703 3,355,375 950,935 4,306,310 57.7% Addition to/(use of) reserves (569,300) (7,211,538) - (7,211,538) (2,686,249) (950,935) (3,637,184) Beginning Fund Balance 8,227,095 8,227,095 8,227,095 8,227,095 Ending Fund Balance 7,657,795 1,015,557 1,015,557 5,540,846 222 Public Facilities DIF
Revenue 9,100 51,952 - 51,952 49,077 - 49,077 94.5%
Expenditures 42,279 59,309 - 59,309 - - - 0.0%
Addition to/(use of) reserves (33,179) (7,356) - (7,356) 49,077 - 49,077 Beginning Fund Balance (2,409) (2,409) (2,409) (2,409)
Ending Fund Balance (35,588) (9,765) (9,764.860) 46,669 223 Library DIF
Revenue 1,700 15,101 - 15,101 21,608 - 21,608 143.1%
Expenditures 1,700 127,846 - 127,846 1,530 - 1,530 1.2% Addition to/(use of) reserves - (112,745) - (112,745) 20,078 - 20,078 Beginning Fund Balance 167,880 167,880 167,880 167,880
Ending Fund Balance 167,880 55,134 55,134 187,957
224 Sheriff Facilities DIF
Revenue - - - - 6,720 - 6,720 #DIV/0!
Expenditures 97,721 168,002 - 168,002 - - - 0.0%
Addition to/(use of) reserves (97,721) (168,002) - (168,002) 6,720 - 6,720 Beginning Fund Balance 142,419 142,419 142,419 142,419
Ending Fund Balance 44,698 (25,583) (25,583.21) 149,139 225 Housing in Lieu
Revenue 209,700 209,700 - 209,700 59,020 - 59,020 28.1% Expenditures 25,000 25,000 - 25,000 25,000 - 25,000 100.0% Addition to/(use of) reserves 184,700 184,700 - 184,700 34,020 - 34,020 Beginning Fund Balance 1,251,357 1,251,357 1,251,357 1,251,357 Ending Fund Balance 1,436,057 1,436,057 1,436,057 1,285,378 Page "2
DRAFT Page 65 of 103
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended June 30, 2024
Attachment 3
Printed Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals Percent of
Current Budget
226 Environmental Programs
Revenue 1,300 1,300 - 1,300 8,247 - 8,247 634.4%
Expenditures 9,400 9,400 - 9,400 - - - 0.0%
Addition to/(use of) reserves (8,100) (8,100) - (8,100) 8,247 - 8,247 Beginning Fund Balance 174,782 174,782 174,782 174,782
Ending Fund Balance 166,682 166,682 166,682 183,029
229 Fire DIF
Revenue 48,000 187,454 - 187,454 335,480 - 335,480 179.0% Expenditures - 4,835,138 - 4,835,138 33,770 604,699 638,470 13.2% Addition to/(use of) reserves (4,647,684) 48,000 - (4,647,684) 301,709 (604,699) (302,990) Beginning Fund Balance 3,452,181 3,452,181 3,452,181 3,452,181 Ending Fund Balance (1,195,503) 3,500,181 (1,195,503) 3,753,890 230 Long Range Development Plan (LRDP)
Revenue 3,031,933 6,189,883 - 6,189,883 2,300,000 - 2,300,000 37.2% Expenditures 3,031,933 6,233,509 - 6,233,509 135,194 5,107,170 5,242,364 84.1% Addition to/(use of) reserves (43,626) - - (43,626) 2,164,806 (5,107,170) (2,942,364) Beginning Fund Balance 43,626 43,626 43,626 43,626
Ending Fund Balance 43,626 (0) (0) 2,208,432
231 Developer Agreements
Revenue - - - - - - - #DIV/0!
Expenditures - 270,000 - 270,000 - - - 0.0%
Addition to/(use of) reserves - (270,000) - (270,000) - - - Beginning Fund Balance 615,163 615,163 615,163 615,163
Ending Fund Balance 615,163 345,163 345,163 615,163
232 County Fire DIF
Revenue - 849,514 - 849,514 - - - 0.0%
Expenditures - 572,440 - 572,440 22,342 - 22,342 3.9%
Addition to/(use of) reserves - 277,075 - 277,075 (22,342) - (22,342) Beginning Fund Balance (277,075) (277,075) (277,075) (277,075) Ending Fund Balance (277,075) - - (299,417)
233 OBF-SCE
Revenue - 503,201 (503,201) - - - - 0.0%
Expenditures - - 128,210 128,210 128,210 - 128,210 -25.5% Addition to/(use of) reserves - 503,201 (631,411) (128,210) (128,210) - (128,210) Beginning Fund Balance 128,210 128,210 128,210 128,210
Ending Fund Balance 128,210 631,411 - -
234 Storm Drain Facilities
Revenue 40,900 214,476 - 214,476 222,846 - 222,846 103.9% Expenditures 300,000 873,587 - 873,587 129,667 16,333 146,000 16.7% Addition to/(use of) reserves (259,100) (659,111) - (659,111) 93,179 (16,333) 76,846 Beginning Fund Balance 516,264 516,264 516,264 516,264
Ending Fund Balance 257,164 (142,847) (142,847) 609,443 235 Bicycle & Pedestrian Facilities
Revenue 5,400 47,797 - 47,797 52,798 - 52,798 0.0%
Expenditures - 272,204 - 272,204 - - - 110.5%
Addition to/(use of) reserves 5,400 (224,407) - (224,407) 52,798 - 52,798 Beginning Fund Balance 224,407 224,407 224,407 224,407
Ending Fund Balance 229,807 (0) (0) 277,205
236 Misc Grants Library
Revenue 2,000 21,782 (2,000) 19,782 19,782 - 19,782 90.8% Expenditures 2,000 54,455 (2,000) 52,455 19,777 - 19,777 36.3% Addition to/(use of) reserves - (32,673) - (32,673) 5 - 5 Beginning Fund Balance 34,823 34,823 34,823 34,823
Ending Fund Balance 34,823 2,150 2,150 34,828
237 Local Grants
Revenue - 143,833 - 143,833 75,000 - 75,000 52.1%
Expenditures - 83,055 - 83,055 75,000 - 75,000 90.3%
Addition to/(use of) reserves - 60,778 - 60,778 - - -
Beginning Fund Balance (60,778) (60,778) (60,778) (60,778) Ending Fund Balance (60,778) - - (60,778)
238 Non-Residential Affordable Housing DIF
Revenue 40,700 45,611 - 45,611 300 - 300 0.7%
Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves 40,700 45,611 - 45,611 300 - 300 Beginning Fund Balance 6,359 6,359 6,359 6,359
Ending Fund Balance 47,059 51,969 51,969 6,659
Page "3
DRAFT Page 66 of 103
City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended June 30, 2024
Attachment 3
Printed Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals Percent of
Current Budget
239 QUIMBY
Revenue - - - - 3,131,795 - 3,131,795 0.0%
Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - 3,131,795 - 3,131,795 Beginning Fund Balance - - - -
Ending Fund Balance - - - 3,131,795
301 State Park Grant
Revenue - 177,952 - 177,952 - - - 0.0%
Expenditures - 177,952 - 177,952 - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
302 Public Safety Fund COPS
Revenue 100,000 186,159 - 186,159 186,159 - 186,159 100.0% Expenditures 100,000 186,159 - 186,159 186,159 - 186,159 100.0% Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
304 Solid Waste Fund Recycle
Revenue 9,000 100,573 - 100,573 8,456 - 8,456 8.4%
Expenditures 16,000 128,889 - 128,889 40,987 2,396 43,383 33.7% Addition to/(use of) reserves (7,000) (28,316) - (28,316) (32,531) (2,396) (34,927) Beginning Fund Balance 67,650 67,650 67,650 67,650
Ending Fund Balance 60,650 39,334 39,334 35,119
305 RSTP State Grant
Revenue - 565,315 - 565,315 - - - 0.0%
Expenditures - 10,150 - 10,150 - 1,455 1,455 14.3%
Addition to/(use of) reserves - 555,164 - 555,164 - (1,455) (1,455) Beginning Fund Balance (420,350) (420,350) (420,350) (420,350) Ending Fund Balance (420,350) 134,814 134,814 (420,350) 306 LSTP
Revenue - 603,109 - 603,109 - - - 0.0%
Expenditures - 382,525 - 382,525 21,029 337,625 358,654 93.8% Addition to/(use of) reserves - 220,584 - 220,584 (21,029) (337,625) (358,654) Beginning Fund Balance (220,140) (220,140) (220,140) (220,140) Ending Fund Balance (220,140) 444 444 (241,169)
308 STIP
Revenue - 11,386,694 - 11,386,694 - - - 0.0%
Expenditures - 11,372,000 - 11,372,000 - 11,372,000 11,372,000 100.0% Addition to/(use of) reserves - 14,694 - 14,694 - (11,372,000) (11,372,000) Beginning Fund Balance (4,309) (4,309) (4,309) (4,309)
Ending Fund Balance (4,309) 10,385 10,385 (4,309)
310 CAL FIRE GRANT
Revenue - 1,708,872 - 1,708,872 132,297 - 132,297 7.7%
Expenditures - 1,708,872 - 1,708,872 229,139 423,794 652,933 38.2% Addition to/(use of) reserves - - - - (96,842) (423,794) (520,636) Beginning Fund Balance - - - -
Ending Fund Balance - - - (96,842)
311 Misc. Grants
Revenue 30,000 302,235 - 302,235 16,727 - 16,727 5.5%
Expenditures 80,000 371,164 - 371,164 85,219 - 85,219 23.0% Addition to/(use of) reserves (50,000) (68,929) - (68,929) (68,491) - (68,491) Beginning Fund Balance 68,959 68,959 68,959 68,959
Ending Fund Balance 18,959 30 30 468
317 SSARP Grant
Revenue - 53,000 - 53,000 51,240 - 51,240 96.7%
Expenditures - (482) - (482) - - - 0.0%
Addition to/(use of) reserves - 53,482 - 53,482 51,240 - 51,240 Beginning Fund Balance (53,482) (53,482) (53,482) (53,482) Ending Fund Balance (53,482) - - (2,242)
318 Active Transportation Program - State
Revenue - 3,359,000 - 3,359,000 - - - 0.0%
Expenditures - 3,344,245 - 3,344,245 2,409,968 54,525 2,464,493 73.7% Addition to/(use of) reserves - 14,755 - 14,755 (2,409,968) (54,525) (2,464,493) Beginning Fund Balance (14,755) (14,755) (14,755) (14,755) Ending Fund Balance (14,755) 0 0 (2,424,723)
Page "4
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City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended June 30, 2024
Attachment 3
Printed Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals Percent of
Current Budget
319 Housing & Community Development State Fund
Revenue - 153,388 (12,926) 140,462 140,462 - 140,462 91.6% Expenditures - 70,159 (12,926) 57,233 57,233 - 57,233 81.6% Addition to/(use of) reserves - 83,230 - 83,230 83,230 - 83,230 Beginning Fund Balance (83,230) (83,230) (83,230) (83,230) Ending Fund Balance (83,230) - - -
320 Cal OES
Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance 14,231 14,231 14,231 14,231
Ending Fund Balance 14,231 14,231 14,231 14,231
321 TIRCP
Revenue 5,559,000 15,360,624 - 15,360,624 361,727 - 361,727 Expenditures 5,559,000 15,330,464 - 15,330,464 521,489 1,837,362 2,358,851 15.4% Addition to/(use of) reserves - 30,160 - 30,160 (159,763) (1,837,362) (1,997,125) -6621.7% Beginning Fund Balance 444 444 444 444
Ending Fund Balance 444 30,604 30,604 (159,319)
322 MBHMP
Revenue - 2,996,008 - 2,996,008 422,418 - 422,418
Expenditures - 2,397,255 - 2,397,255 308,589 1,483,830 1,792,420 74.8% Addition to/(use of) reserves - 598,753 - 598,753 113,829 (1,483,830) (1,370,001) -228.8% Beginning Fund Balance (501,205) (501,205) (501,205) (501,205) Ending Fund Balance (501,205) 97,548 97,548 (387,376)
323 Cal OES PSPS Grant
Revenue - - - - (3) - (3)
Expenditures - 5,521 - 5,521 5,518 - 5,518 100.0%
Addition to/(use of) reserves - (5,521) - (5,521) (5,521) - (5,521) 100.0% Beginning Fund Balance 5,521 5,521 5,521 5,521
Ending Fund Balance 5,521 - - -
324 California Planning Program Grant
Revenue - 7,091 (7,091) - - - -
Expenditures - 7,091 (7,091) - - - - 0.0%
Addition to/(use of) reserves - - - - - - - 0.0%
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
325 California State Library Grant
Revenue - 4,278,560 - 4,278,560 2,139,280 - 2,139,280
Expenditures - 4,278,560 - 4,278,560 14,100 480,433 494,533 11.6% Addition to/(use of) reserves - - - - 2,125,180 (480,433) 1,644,747 0.0% Beginning Fund Balance - - - -
Ending Fund Balance - - - 2,125,180
401 HBP
Revenue 4,306,653 19,554,611 - 19,554,611 247,697 - 247,697 1.3% Expenditures 4,306,653 19,045,265 - 19,045,265 3,353,035 13,237,622 16,590,656 87.1% Addition to/(use of) reserves - 509,346 - 509,346 (3,105,338) (13,237,622) (16,342,960) Beginning Fund Balance (509,346) (509,346) (509,346) (509,346) Ending Fund Balance (509,346) 0 0 (3,614,685)
402 CDBG
Revenue 276,047 725,749 - 725,749 421,579 - 421,579 58.1% Expenditures 389,823 725,749 - 725,749 456,696 39,789 496,485 68.4% Addition to/(use of) reserves (113,776) - - - (35,117) (39,789) (74,906) Beginning Fund Balance - - - -
Ending Fund Balance (113,776) - - (35,117)
409 OTS
Revenue - 107,559 - 107,559 1,458 - 1,458 1.4%
Expenditures - 103,587 - 103,587 13,140 81,409 94,550 91.3% Addition to/(use of) reserves - 3,972 - 3,972 (11,682) (81,409) (93,091) Beginning Fund Balance (3,972) (3,972) (3,972) (3,972)
Ending Fund Balance (3,972) (0) (0) (15,654)
417 HSIP Hwy Safety Imp.
Revenue - 3,120,100 - 3,120,100 - - - 0.0%
Expenditures - 3,120,100 - 3,120,100 360,615 - 360,615 11.6% Addition to/(use of) reserves - - - - (360,615) - (360,615) Beginning Fund Balance 5,636 5,636 5,636 5,636
Ending Fund Balance 5,636 5,636 5,636 (354,979)
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City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended June 30, 2024
Attachment 3
Printed Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals Percent of
Current Budget
419 TIGER
Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
420 FHWA - FEMA Reimb
Revenue - 87,746 - 87,746 - - - 0.0%
Expenditures - 87,746 - 87,746 - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance 58,107 58,107 58,107 58,107
Ending Fund Balance 58,107 58,107 58,107 58,107
421 Hazard Mitigation Grant Program
Revenue - 3,858,620 - 3,858,620 2,880,853 - 2,880,853 74.7% Expenditures - 2,582,764 - 2,582,764 2,032,748 102,748 2,135,496 82.7% Addition to/(use of) reserves - 1,275,856 - 1,275,856 848,104 (102,748) 745,357 Beginning Fund Balance (1,275,856) (1,275,856) (1,275,856) (1,275,856) Ending Fund Balance (1,275,856) - - (427,751)
423 Coronavirus State & Local Fiscal Recovery Funds
Revenue - 5,108,990 - 5,108,990 - - - 0.0%
Expenditures 175,000 5,108,990 - 5,108,990 3,509,700 1,599,290 5,108,990 100.0% Addition to/(use of) reserves (175,000) - - - (3,509,700) (1,599,290) (5,108,990) Beginning Fund Balance - - - -
Ending Fund Balance (175,000) - - (3,509,700)
424 Community Project Funding HMGP
Revenue - 3,000,000 - 3,000,000 - - - 0.0%
Expenditures - 3,000,000 - 3,000,000 - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
501 Library Services
Revenue 603,100 603,100 - 603,100 648,072 - 648,072 107.5% Expenditures 653,100 1,398,533 - 1,398,533 894,515 - 894,515 64.0% Addition to/(use of) reserves (50,000) (795,433) - (795,433) (246,443) - (246,443) Beginning Fund Balance 888,726 888,726 888,726 888,726
Ending Fund Balance 838,726 93,292 93,292 642,283
502 Street Lighting
Revenue 305,500 305,500 - 305,500 321,767 - 321,767 105.3% Expenditures 502,500 520,500 - 520,500 268,567 90,700 359,267 69.0% Addition to/(use of) reserves (197,000) (215,000) - (215,000) 53,201 (90,700) (37,499) Beginning Fund Balance 270,522 270,522 270,522 270,522
Ending Fund Balance 73,522 55,522 55,522 323,723
503 PEG
Revenue 61,000 69,500 - 69,500 63,354 - 63,354 91.2%
Expenditures 40,000 45,000 - 45,000 33,886 - 33,886 75.3% Addition to/(use of) reserves 21,000 24,500 - 24,500 29,468 - 29,468 Beginning Fund Balance 237,907 237,907 237,907 237,907
Ending Fund Balance 258,907 262,407 262,407 267,375
504 CASp Cert and Training
Revenue - - - - 1,788 - 1,788 0.0%
Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - 1,788 - 1,788
Beginning Fund Balance 1,162 1,162 1,162 1,162
Ending Fund Balance 1,162 1,162 1,162 2,949
605 RDA Successor-NonHousing
Revenue 1,238,700 1,238,700 - 1,238,700 781,643 - 781,643 63.1% Expenditures 1,224,690 1,224,690 - 1,224,690 1,132,646 - 1,132,646 92.5% Addition to/(use of) reserves 14,010 14,010 - 14,010 (351,003) - (351,003) Beginning Fund Balance (9,119,184) (9,119,184) (9,119,184) (9,119,184) Ending Fund Balance (9,105,174) (9,105,174) (9,105,174) (9,470,187) 608 iBank
Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
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City of Goleta
Interim Statement of Revenues and Expenditures - Summary by Fund For the Quarter Ended June 30, 2024
Attachment 3
Printed Description Original Budget c Current
Budget d Budget Requests e Proposed Budget f YTD Actual Encumbrances Totals Percent of
Current Budget
701 Comstock Plover Endmnt
Revenue 2,000 2,000 - 2,000 5,784 - 5,784 289.2%
Expenditures 2,000 2,000 - 2,000 - - - 0.0%
Addition to/(use of) reserves - - - - 5,784 - 5,784
Beginning Fund Balance 1,974 1,974 1,974 1,974
Ending Fund Balance 1,974 1,974 1,974 7,758
702 Section 115 Trust - Pension
Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance 162,792 162,792 162,792 162,792
Ending Fund Balance 162,792 162,792 162,792 162,792
703 Section 115 Trust - OPEB
Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance 319,359 319,359 319,359 319,359
Ending Fund Balance 319,359 319,359 319,359 319,359
801 Developer Deposit
Revenue - - - - - - - 0.0%
Expenditures - - - - - - - 0.0%
Addition to/(use of) reserves - - - - - - -
Beginning Fund Balance - - - -
Ending Fund Balance - - - -
TOTAL FOR ALL FUNDS
Revenue 69,688,105 145,274,635 (397,007) 144,877,628 70,115,601 70,115,601 48.3% Expenditures 76,185,237 195,671,088 111,194 195,782,282 68,494,516 54,653,275 123,147,791 62.9% Addition to/(use of) reserves (6,497,132) (50,396,453) (508,201) (50,904,654) 1,621,085 54,653,275 (53,032,190) Beginning Fund Balance 63,711,583 63,711,583 63,711,583 63,711,583 Ending Fund Balance 57,214,451 13,315,130 12,806,929 65,332,668 Page "7
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City of Goleta
Capital Improvement Program (CIP) Expenditure Summary
For the Quarter Ended June 30, 2024
Attachment 4
Project No. & Description Current Budget Activity Encumbrance s
Remaining
Budget
9002 Ekwill Street & Fowler Extension $ 42,528,780 $ 5,253,474 $ 23,618,701 $ 13,656,604 9006 Capital Improvement Projects - Neighborhood Srvs $ 9,672,998 $ 3,825,754 $ 802,670 $ 5,044,574 9007 San Jose Creek Bike Path - Middle Segment $ 838,736 $ 521,213 $ 94,824 $ 222,700 9024 Ellwood Mesa $ 1,547 $ - $ - $ 1,547
9025 Fire Station No. 10 $ 5,677,578 $ 56,113 $ 604,699 $ 5,016,766 9027 101 Overpass $ 47,803 $ - $ 6,904 $ 40,899
9031 Old Town Sidewalk Improvement $ 25,245 $ - $ - $ 25,245 9033 Hollister Avenue Bridge Replacement (SJC Phase II) $ 22,486,269 $ 3,870,102 $ 13,699,818 $ 4,916,349 9042 Storke Road Widening Phelps Road to City Limits $ 489,856 $ - $ - $ 489,856 9044 Hollister Widen Storke to 280 Ft W of S Glen Annie $ 13,684 $ - $ - $ 13,684 9053 Cathedral Oaks Cribwall Interim Repair $ 1,173,154 $ 355,915 $ 542,366 $ 274,873 9056 LED Street Lighting Project $ 90,007 $ 153,902 $ - $ (63,894) 9062 Storke Road Medians $ 621,352 $ 41,476 $ 40,927 $ 538,950 9063 Evergreen Park Restroom $ 258,506 $ - $ - $ 258,506 9065 Reclaimed Water Service to Bella Vista Park $ 204,141 $ - $ - $ 204,141 9066 Miscellaneous Park Improvements $ 22,289 $ - $ - $ 22,289 9067 Goleta Community Center Seismic Upgrades $ 4,659,015 $ 3,000,469 $ 148,423 $ 1,510,123 9071 Improvements to Athletic Field @ GCC $ 27,918 $ - $ - $ 27,918 9074 Stow Grove Park Master Plan & Renovation $ 1,283,758 $ 60,247 $ - $ 1,223,511 9078 Rancho La Patera Improvements $ 648,304 $ - $ - $ 648,304 9079 Goleta Train Depot & S. La Patera Improvements $ 15,447,593 $ 553,740 $ 1,859,649 $ 13,034,204 9083 Signal Upgrades $ 3,543,633 $ 360,615 $ 84,400 $ 3,098,618 9084 Community Garden $ 1,957,524 $ 1,570,373 $ 386,713 $ 438 9085 Old Town Goleta Drainage Study $ 200,000 $ - $ - $ 200,000 9086 Vision Zero Plan $ 10,000 $ - $ - $ 10,000
9087 Mid-Block Crossing on Calle Real/Encina (HAWK) $ 771 $ 537 $ - $ 234 9088 RRFB Improvements at School Crosswalks $ 67,514 $ - $ - $ 67,514 9089 Goleta Traffic Safety Study (GTSS) $ 45,817 $ - $ - $ 45,817 9093 San Miguel Park Improvements $ 275,000 $ - $ - $ 275,000 9094 Santa Barbara Shores Park Improvements $ 305,000 $ - $ - $ 305,000 9099 Crosswalk at Calle Real @ Fairview $ 182,105 $ 132,927 $ 464 $ 48,714 9101 City Hall Purchase & Improvements $ 628,014 $ 3,526 $ 45,000 $ 579,488 9106 Phelps Ditch Flood Control Channel Trash Control $ 50,000 $ - $ - $ 50,000 9107 Old Town S Fairview Av High Flow Trash Capture D $ 623,587 $ 44,105 $ 1,895 $ 577,587 9108 Winchester II Park $ 59,641 $ - $ - $ 59,641
9110 Hollister Ave Class 1 Bike Path Lighting $ 422,346 $ 27,393 $ - $ 394,953 9111 Jonny D. Wallis Park Phase 2 - Splash Pad $ 2,317,544 $ 1,724,756 $ 564,222 $ 28,565 9112 Ellwood Mesa/Sperling Preserve Open Space Plan $ 2,847,255 $ 395,724 $ 1,839,579 $ 611,952 9113 Mathilda Park Improvements $ 509,981 $ 66,549 $ 8,313 $ 435,119 9114 Hollister Ave Old Town Interim Striping Project $ 70,725 $ 14,255 $ 9,236 $ 47,234 9115 Public Works Corp Yard Repairs $ 70,321 $ - $ - $ 70,321 9116 Pickleball Courts $ 100,000 $ - $ - $ 100,000
9117 San Jose Creek Channel Fish Passage Modification $ 469,718 $ 267,369 $ 195,944 $ 6,405 9118 Ellwood Coastal Trails & Habitat Restoration $ 208,500 $ - $ - $ 208,500 9119 Ellwood Beach Drive Drainage $ 234,359 $ 72,694 $ 135,503 $ 26,162 9120 Evergreen Park Drainage Repair $ 198,972 $ 54,070 $ 111,013 $ 33,890 9121 Goleta Community Center ADA Improvements $ 3,758,899 $ 195,081 $ 167,323 $ 3,396,494 9126 Pickleball Entry/Waiting Area at GCC $ 185,000 $ 6,240 $ 8,760 $ 170,000 9127 Goleta Community Center Campus Refresh $ 54,431 $ 6,375 $ 15,325 $ 32,731 9130 Goleta Library ADA and Building Refresh $ 5,348,200 $ 17,625 $ 600,541 $ 4,730,034 9131 Historic Train Station Preservation $ 250,000 $ 9,800 $ - $ 240,200 9133 Hollister Ave Sidewalk Improvement at Ellwood School Project $ 100,000 $ - $ - $ 100,000 9807 Goleta Prepare Now Grant $ 519 $ 519 $ - $ -
9901 MIS/ERP System Implementation $ 235,370 $ - $ 41,309 $ 194,061 Grand Total $ 131,549,279 $22,662,936 $ 45,634,521 $ 63,251,822 DRAFT Page 71 of 103
Attachment 5
RESOLUTION NO. 24-___
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GOLETA, CALIFORNIA, AMENDING THE CITY OF GOLETA
OPERATING AND CIP BUDGET FOR FISCAL YEAR 2023/24.
WHEREAS, the City Council of the City of Goleta adopted the Operating Budget and Capital Improvement Program for Fiscal Year 2023/24 on June 20, 2023; and
WHEREAS, the City Manager has proposed a budget adjustment as described in the Council report dated September 17, 2024 for Fiscal Year 2023/24 based on the determination by the City Manager that this adjustment is essential to the City’s operations; and
WHEREAS, the City Council has reviewed the proposed budget adjustments for the Fourth Quarter Ended June 30, 2024 and does hereby find the recommendation to be necessary and in the City’s best interest; and WHEREAS, Section 2.1 of the City of Goleta Personnel Rules specifies that the Personnel Officer shall recommend and maintain a classification/compensation plan for all positions in the City service; and WHEREAS, on July 18, 2023, August 15, 2023, December 19, 2023, March 5, 2024, and June 4, 2024 the City Council adopted most recent said recommended authorized positions, salary schedule and appropriations for the City of Goleta Operating and CIP Budget for Fiscal Year 2023/24; and WHEREAS, the City Council has reviewed the proposed amended authorized positions, and budget adjustments for Fiscal Year 2023/24 and does hereby find the recommendation to be necessary in the City’s best interest.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF GOLETA AS FOLLOWS:
SECTION 1.
The City of Goleta Operating and CIP Budget for Fiscal Year 2023/24 is hereby amended as follows as per Exhibit A to this resolution.
SECTION 2.
The City Clerk shall certify to the passage and adoption of this resolution and enter it into the book of original resolutions.
Attachment 5
PASSED, APPROVED, AND ADOPTED this 17th day of September, 2024. __________________________
PAULA PEROTTE, MAYOR
ATTEST: APPROVED AS TO FORM:
_____________________________ ___________________________ DEBORAH S. LOPEZ MEGAN GARIBALDI
CITY CLERK CITY ATTORNEY
Attachment 5
STATE OF CALIFORNIA )
COUNTY OF SANTA BARBARA ) ss.
CITY OF GOLETA )
I, DEBORAH S. LOPEZ, City Clerk of the City of Goleta, California, DO HEREBY CERTIFY that the foregoing Resolution No. 24-___ was duly adopted by the City Council of the City of Goleta at a regular meeting held on the 17th day of September 2024, by the following vote of the Council:
AYES:
NOES:
ABSENT:
(SEAL)
_________________________
DEBORAH S. LOPEZ
CITY CLERK
Schedule of FY 2023/24
4th QTR Adjustments - Revenues
Exhibit A
Program/Project
Name Fund Proj Object Account Code Requests Account Name FY 2023/24
Current
Budget
FY 2023/24
Actuals
FY 2023/24
Budget
Balance
Type of
Request
FY 2023/24
Amended Budget
FY 2023/24
Adjusted
Budget Balance
Current Planning 101 4100 42110 101-40-4100-42110 54,212.06 Administrative Citations - 64,552.60 (64,552.60) Transfer 54,212.06 (10,340.54) Non-Departmental 101 8500 42101 101-80-8500-42101 (54,212.06) Penalties and Costs on Delinquent Taxes 70,000.00 15,787.94 54,212.06 Transfer 15,787.94 - LED Street Lighting Project 101 9056 49010 101-90-9056-49010 128,210.41 Transfers In from OBF-SCE Fund - 128,210.41 (128,210.41) Cleanup 128,210.41 -LED Street Lighting Project 233 9056 44701 233-90-9056-44701 (503,200.59) Grant Proceeds - Other Agencies 503,200.59 - 503,200.59 Cleanup - -Buellton Library 236 2200 44701 236-20-2200-44701 (2,000.00) Grant Proceeds - Other Agencies 4,175.00 2,175.00 2,000.00 Cleanup 2,175.00 -Advance Planning 319 4300 44400 319-40-4300-44400 (12,926.00) Grant Proceeds - State 153,388.25 140,462.25 12,926.00 Cleanup 140,462.25 -Advance Planning 324 4300 44400 324-40-4300-44400 (7,090.80) Grant Proceeds - State 7,090.80 - 7,090.80 Cleanup - - Total $ (397,006.98)
DRAFT
Schedule of FY 2023/24
4th QTR Adjustments - Expenditures
Exhibit A
Program/Project
Name Fund Department Program Subcategory Account Code Appropriation/ Transfer Requests
Account Name FY 2023/24 Current Budget FY 2023/24 Actuals FY 2023/24 Encumbrance FY 2023/24 Budget Balance Type of Request FY 2023/24 Amended Budget FY 2023/24 Adjusted Budget Balance Frequency Facilities 101 18 General Services 1810 Facilities 5106 Maintenance and Repairs 101-18-1810-51064 (60,000.00) Maintenance- Facilities 511,134.72 337,997.79 10,204.88 162,932.05 Transfer 451,134.72 102,932.05 One-Time Goleta Library 101 20 Library Services 2100 Goleta Library 5103 Supplies 101-20-2100-51035 5,000.00 Books & Subscriptions 83,751.07 20,668.84 - 63,082.23 New 88,751.07 68,082.23 One-Time Cathedral Oaks Cribwall Interim Repair 101 90 Capital Improvement 9053 Cathedral Oaks Cribwall Interim Repair 5707 Capital Project 101-90-9053-57070 41,728.81 Design 1,085,408.24 355,915.25 542,366.00 187,126.99 Transfer 1,127,137.05 228,855.80 One-Time LED Street Lighting Project 101 90 Capital Improvement 9056 LED Street Lighting Project 5701 Machinery & Equipment 101-90-9056-57010 (2,045.14) Machinery & Equipment 2,045.14 - - 2,045.14 Transfer - - One-Time LED Street Lighting Project 101 90 Capital Improvement 9056 LED Street Lighting Project 5707 Capital Project 101-90-9056-57070 (1,124.41) Design 1,124.41 - - 1,124.41 Transfer - - One-Time LED Street Lighting Project 101 90 Capital Improvement 9056 LED Street Lighting Project 5707 Capital Project 101-90-9056-57071 (27,126.00) Construction 68,837.93 25,691.40 - 43,146.53 Transfer 41,711.93 16,020.53 One-Time RRFB Improvements at School Crosswalks 101 90 Capital Improvement 9088 RRFB Improvements at School Crosswalks 5707 Capital Project 101-90-9088-57071 (11,433.26) Construction 13,130.08 1,696.82 - 11,433.26 Transfer 1,696.82 (0.00) One-Time City Hall Purchase & Improvements 101 90 Capital Improvement 9101 City Hall Purchase & Improvements 5707 Capital Project 101-90-9101-57071 60,000.00 Construction 372,723.00 3,525.53 - 369,197.47 Transfer 432,723.00 429,197.47 One-Time Capital Improvement Projects - Neighborhood
Srvs
205 90 Capital Improvement 9006 Capital Improvement Projects - Neighborhood Srvs 5707 Capital Project 205-90-9006-57071 13,684.46 Construction 3,439,414.41 1,000,000.00 544,900.00 1,894,514.41 Transfer 3,453,098.87 1,908,198.87 One-Time Hollister Widen Storke to 280 Ft W of S Glen
Annie
205 90 Capital Improvement 9044 Hollister Widen Storke to 280 Ft W of S Glen Annie 5707 Capital Project 205-90-9044-57070 (13,684.46) Design 13,684.46 - - 13,684.46 Transfer - - One-Time LED Street Lighting Project 233 90 Capital Improvement 9056 LED Street Lighting Project 5900 Transfers Out 233-90-9056-59000 128,210.41 Transfers Out to General Fund - 128,210.41 - (128,210.41) Cleanup 128,210.41 - One-Time Buellton Library 236 20 Library Services 2200 Buellton Library 5103 Supplies 236-20-2200-51035 (2,000.00) Books & Subscriptions 6,625.00 8,775.00 - (2,150.00) Cleanup 4,625.00 (4,150.00) One-Time Advance Planning 319 40 Community Development 4300 Advance Planning 5120 Professional & Contract Services 319-40-4300-51200 (12,926.00) Professional Services 70,158.75 57,232.75 - 12,926.00 Cleanup 57,232.75 - One-Time Advance Planning 324 40 Community Development 4300 Advance Planning 5120 Professional & Contract Services 324-40-4300-51200 (7,090.80) Professional Services 7,090.80 - - 7,090.80 Cleanup - - One-Time Total $ 111,193.61
DRAFT
Attachment 6
Presentation not yet available, and will be presented during the Finance Committee Meeting
DRAFT Page 77 of 103
NOTE: The City of Goleta cannot guarantee future funding for repair, maintenance, use or replacement of donated items. cc: City Council, Finance Department, City Clerk
CITY OF GOLETA
DONATION ACCEPTANCE FORM
Name of Donor:______________________________________________________________________ Address:________________________________ City: ______________ State: ______ Zip:__________ Description of donation: ________________________________________________________________ ___________________________________________________________________________________ Donor estimate of current value: _________________________________________________________ Potential immediate or initial acquisition or installation cost, any on-going maintenance or replacement cost: ___________________________________________________________________ ___________________________________________________________________________________ Intended use: _______________________________________________________________________ ___________________________________________________________________________________ Conditions of acceptance or donor designation: ____________________________________________ ___________________________________________________________________________________ Remarks: __________________________________________________________________________ ___________________________________________________________________________________ City Department receiving donation: _____________________________________________________
APPROVED / DISAPPROVED
________________________ ______________________________ Date Department Head Signature
________________________ ______________________________ Date City Manager Signature
________________________ ______________________________ Date Submitted to Council Date Approved by Council
________________________ ______________________________ Date Mayor Signature
Sterling Price Trust
1329 Georgina Avenue Santa Monica CA 90402-2121
$25,000
General donation to support library services at the Solvang Library.
Neighborhood Services, Library Division-Solvang Library.
Distribution of the estate of Sterling Price, deceased.
Attachment 7
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ITEM IV:
Monthly Investment Transaction
Report (June) Quarterly Review
This page is intentionally left blank
DRAFT Page 80 of 103
Agenda Item X.X
CPMS CONSENT CALENDAR
Meeting Date: September 17, 2024
TO: Mayor and Councilmembers
VIA: Robert Nisbet, City Manager
SUBMITTED BY: Luke Rioux, Finance Director
PREPARED BY: Ryan Schwarz, Accountant
SUBJECT: Acceptance of the June 2024 Investment Transaction Report RECOMMENDATION:
Accept the investment transaction report for the month of June 2024.
BACKGROUND:
Transmitted herewith is the investment transaction report for the month of June 2024.
The City Treasurer continues to monitor idle cash balances with the help of the accountants in the Finance Department, transferring cash between the checking and money market accounts daily, or as needed to maximize interest earnings. On a quarterly basis, staff submits a comprehensive report on the City’s portfolio and related activity pursuant to the City’s Investment Policy.
DISCUSSION:
Investment Transaction Report
As of June 30, 2024, the City‘s investment portfolio totaled $82,711,526.61. The City’s weighted average yield in June was 4.017%.
Attachment 1 contains the Investment Transaction Report, which includes the Investment Activity and Interest Report, Summary of Cash and Investments, and Investment Portfolio detail as of June
DRAFT
30, 2024.
Meeting Date: September 17, 2024
Benchmark Comparisons
Figure 1 shows a 2-year interest rate trend chart which compares the City’s portfolio yield by quarter, compared to its benchmarks, the Local Agency Investment Fund (LAIF), and the 1- and 2-Year US Treasury Notes. These benchmarks serve as indicators of the City’s performance. Trends over time that substantially deviate from these benchmarks would warrant further analysis and review.
As of June 30, 2024, LAIF’s apportionment rate was at 4.55%, 1 Year US Treasury yield was at 5.09% and the 2 Year US Treasury yield was at 4.71%, compared to the City’s portfolio yield at 4.017%. By the end of the quarter Treasury yields were higher across the maturity terms of the yield curve. Since the prior quarter, the 1 Year US Treasury yield has increased from 5.03% to 5.09%, increasing by 6 basis points. The 2 Year US Treasury yield has increased from 4.59% to 4.71%, decreasing by 22 basis points. The LAIF daily rate is trending above 4.55% at the time of preparing this report.
In the current interest rate environment, the City’s interest earnings are forecasted to gradually increase. Short-term and liquid investments like local government investment pools and money market funds tend to follow the Federal Funds Rate very closely. On June 12th the Federal Open Market Committee kept the Federal Funds Rate to between
5.25% and 5.50%. There was no rate change at this time as the FOMC is awaiting sufficient data for signs the economy is normalizing and may even cut rates in 2024. The next FOMC meeting will be on July 30th – July 31st
DRAFT
, 2024.
Meeting Date: September 17, 2024
The pooled cash report is included as Attachment 2. Balance Sheets for the General Fund and all Special Funds are included as well, as Attachment 3.
FISCAL IMPACTS:
As of June 30, 2024, the investment portfolio is in compliance with all State laws and the City’s Investment Policy. There are sufficient funds available to meet the City’s expenditure requirements for the next six months.
LEGAL REVIEW BY: Megan Garibaldi, City Attorney
APPROVED BY: Robert Nisbet, City Manager
ATTACHMENTS:
1. Investment Transaction Report – June 2024
2. Pooled Cash Report for the Period Ending June 30, 2024
3. Balance Sheets (Unaudited) for the Quarter Ending June 30, 2024 DRAFT Page 83 of 103
ATTACHMENT 1
Investment Transaction Report – June 2024
DRAFT Page 84 of 103
Attachment 1
INVESTMENT ACTIVITY INVESTMENT INCOME
PURCHASES OR DEPOSITS POOLED INVESTMENTS
Interest Earned on Investments 98,333.22 $
Total
Total - $
SALES, MATURITIES, CALLS OR WITHDRAWALS
Total $ -
ACTIVITY TOTAL $ INCOME TOTAL - $ 98,333.22
City of Goleta
Investment Transaction Report - June 2024
Investment Activity and Interest Report
DRAFT Page 85 of 103
Attachment 1
ENDING BALANCE AS OF May 31, 2024
Account Description
Book
Value
Market
Value
Percent of
Portfolio
Weighted Yield to
Maturity
Average
Days to
Maturity
Checking Accounts 2,189,959.77 $ 2,189,959.77 $ 2.764% 0.000% 1 Money Market Accounts 22,866,701.94 22,866,701.94 $ 28.864% 3.915% 1 Local Agency Investment Funds 43,842,164.45 43,559,081.34 $ 55.340% 3.590% 1 Certificates of Deposit 5,200,000.00 5,057,099.00 $ 6.564% 2.219% 1797 United States Treasury Bill 5,124,708.75 5,174,400.00 $ 6.469% 5.366% 182 SUBTOTAL $ 78,847,242.05 79,223,534.91 $ 100.000% 3.609% 118.819 $ 505,569.49 503,500.00 $ 1
Held by Fiscal Agent (BNY Mellon) 899.57 $ 899.57 1
SUBTOTAL $ 504,399.57 506,469.06
Totals $ 79,727,934.48 $ 79,353,711.11
Total Cash and Investments $ 79,727,934.48
NET CASH AND INVESTMENT ACTIVITY FOR JUNE 2024
$ 2,983,592.13
ENDING BALANCE AS OF JUNE 30, 2024
Account Description
Book
Value
Market
Value
Percent of
Portfolio
Weighted Yield to
Maturity
Average
Days to
Maturity
Checking Accounts 3,991,303.27 $ 3,991,303.27 $ 4.855% 0.000% 1 Money Market Accounts (1) 24,048,950.57 24,048,950.57 29.254% 4.323% 1 Local Agency Investment Funds (2) 43,559,081.34 43,842,164.45 53.331% 4.300% 1 Certificates of Deposit 5,200,000.00 5,078,154.33 6.325% 2.219% 4008 United States Treasury Bill $5,124,708.75 5,221,020.00 6.234% 5.113% 175 SUBTOTAL $ 81,898,509.51 82,207,127.04 $ 100.000% 4.017% 265.306 Held by Fiscal Agent (US Bank - PARS) 503,500.00 $ 528,392.19 $ 1 Held by Fiscal Agent (BNY Mellon) 899.57 899.57 1
SUBTOTAL $ 504,399.57 $ 529,291.76
Totals $ 82,711,526.61 $ 82,427,801.27
Total Cash and Investments $ 82,711,526.61
Notes:
(1)
(2)
Community West Bank serves as the City's primary banking institution. Interest earnings are guaranteed at a minimum rate 0.7098% per banking agreement for the money market account. The rate may be adjusted to match the higher of the Pooled Money Investment Account (PMIA) or quarterly Local Agency Investment Fund (LAIF) apportionment rate. All deposits held are required to be fully collateralized by State law. The City has a written collateralization agreement with Community West Bank to ensure the safety of public funds and utilizes an irrevocable letter of credit through the Federal Home Loan Bank of San Francisco.
For reporting purposes the LAIF yield displayed is the apportionment rate available at the time of preparing this report. The apportionment rate is the actual interest earned from LAIF and is based on the prior three-month average of the PMIA effective yield, net of administrative costs. As of FY 17/18 the quarterly apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment loan pursuant to Government Code 20825 (c)(1) and in FY 18/19 interest earned on Wildfire Fund loan pursuant to Public Utility Code 3288 (a), which are not reflected in the PMIA monthly effective yield, due to the structure of the loan.
City of Goleta
Investment Transaction Report - June 2024
Summary of Cash and Investments
DRAFT Page 86 of 103
Attachment 1
PURCHAS MATURITY DAYS TO STATED YIELD AT FACE BOOK MARKET** DATE DATE MATURITY RATE 365 VALUE VALUE VALUE
CHECKING ACCOUNTS
COMMUNITY WEST BANK GENERAL CHKING ACCT - - 1 0 0.000% 1,421,705.91 1,421,705.91 1,421,705.91 COMMUNITY WEST BANK GENERAL REV ACCT 1 0 0.000% 2,356,994.14 2,356,994.14 2,356,994.14COMMUNITY WEST BANK PAYROLL CHKING ACCT 1 0 0.000% 4,807.06 4,807.06 4,807.06 PERSHING - SAFE KEEPING ACCT 0 0.000% 207,796.16 207,796.16 207,796.16 Subtotal, Checking Accounts 0.000% 0.000% 3,991,303.27 $ $ 3,991,303.27 $ 3,991,303.27
MONEY MARKET ACCOUNTS
COMMUNITY WEST BANK MMA - - 4.3230% 4.3230% 24,048,950.57 1 24,048,950.57 24,048,950.57 Subtotal, MMA Account 4.3230% 4.3230% 24,048,950.57 1 $ $ 24,048,950.57 $ 24,048,950.57
LOCAL AGENCY INVESTMENT FUND
LOCAL AGENCY INVESTMENT FUND - - 4.300% 4.300% 43,842,164.45 1 43,842,164.45 43,559,081.34 Subtotal, LAIF 4.300% 4.300% 43,842,164.45 1 $ $ 43,842,164.45 $ 43,559,081.34
CERTIFICATES OF DEPOSIT
CAPITAL ONE NA 8/7/2019 8/7/2024 1,827 2.250% 2.250% 247,000.00 247,000.00 246,123.15 14042RMU2 CAPITAL ONE BANK USA NA 8/7/2019 8/7/2024 1,827 2.250% 2.250% 247,000.00 247,000.00 246,123.15 14042TBQ9 ENERBANK USA 8/7/2019 8/7/2024 1,827 2.150% 2.150% 247,000.00 247,000.00 246,098.45 29278TKJ8 MORGAN STANLEY BANK NA 8/8/2019 8/8/2024 1,827 2.200% 2.200% 247,000.00 247,000.00 246,088.57 61690UJX9MORGAN STANLEY PVT BANK 8/8/2019 8/8/2024 1,827 2.200% 2.200% 247,000.00 247,000.00 246,088.57 61760AS75LIVE OAK BKG CO WILMINGTON NC 2/12/2020 8/12/2024 1,643 1.700% 1.700% 247,000.00 247,000.00 245,913.20 538036HY3 WASHINGTON FEDERAL BK 8/23/2019 8/23/2024 1,827 2.050% 2.050% 249,000.00 249,000.00 247,745.04 938828BJ8 WELLS FARGO BK N A SIOUX FALLS S D 1/29/2020 1/29/2025 1,827 1.950% 1.950% 247,000.00 247,000.00 242,205.73 949763T30 RAYMOND JAMES BK NATL ASSN ST PETERSBURG 2/14/2025 45,702 1.750% 1.750% 247,000.00 247,000.00 241,612.93 75472RBB6 ENCORE BK LITTLE ROCK ARK CTF DEP 4/25/2020 3/25/2025 1,795 1.150% 1.150% 249,000.00 249,000.00 241,589.76 29260MAV7 POPPY BK SANTA ROSA CA CTF DEP 4/27/2020 3/27/2025 1,795 1.100% 1.100% 249,000.00 249,000.00 241,445.34 73319FAK5 AMERICAN EXPRESS NATL BK BROKERED INTL CTF DE3/31/2020 3/31/2025 1,826 1.550% 1.550% 248,000.00 248,000.00 241,184.96 02589AB68 PACIFIC ENTERPRISE BK IRVINE CA CTF DEP 3/31/2020 3/31/2025 1,826 1.150% 1.150% 249,000.00 249,000.00 241,460.28 694231AC5 STATE BK INDIA NEW YORK NY CTF DEP 4/29/2020 4/29/2025 1,826 1.600% 1.600% 248,000.00 248,000.00 240,639.36 856285TF8 ALLY BK SANDY UTAH CRF ACT/365 6/2/2022 6/2/2027 1,826 3.100% 3.100% 249,000.00 249,000.00 240,755.61 02007GSH7 TOYOTA FINANCIAL SAVINGS BANK HEND NV 10/14/2021 10/14/2026 1,826 1.050% 1.050% 247,000.00 247,000.00 226,644.73 89235MLU3 UBS BANK USA SALT LAKE CITY UT 10/27/2021 10/27/2026 1,826 1.050% 1.050% 249,000.00 249,000.00 228,049.14 90348JV56 DISCOVER BK GREENWOOD DEL 6/1/2022 6/1/2027 1,826 3.200% 3.200% 245,000.00 245,000.00 233,808.40 254673F76 FIRST TECHNOLOGY FED CREDIT UNION #19976 8/5/2022 8/5/2027 1,826 3.650% 3.650% 247,000.00 247,000.00 238,436.51 33715LEB2 DORT FINANCIAL CREDIT UNION 6/20/2023 6/20/2028 1,827 4.500% 4.500% 247,000.00 247,000.00 245,614.33 25844MBB3 BAXTER CREDIT UNION VERNON HILLS 8/22/2023 8/22/2028 1,827 5.000% 5.000% 248,000.00 248,000.00 250,527.12 07181JBB9 Subtotal, Certificates of Deposit 4,008 2.219% 2.219% 5,200,000.00 $ $ 5,200,000.00 $ 5,078,154.33
US TREASURY SECURITIES - DISCOUNT
UNITED STS TREAS BILLS 2/15/2024 8/8/2024 175 5.113% 5.113% 5,250,000.00 5,124,708.75 5,221,020.00 TSRYS5626537 Subtotal, US Treasuries 4,183 5.113% 5.113% 5,250,000.00 $ $ 5,124,708.75 $ 5,221,020.00 Total $ 82,332,418.29 $ 82,207,127.04 $ 81,898,509.51
DESCRIPTION COMMENTS *
City of Goleta
Investment Transaction Report - June 2024
Investment Portfolio
DRAFT
Attachment 1
PURCHAS MATURITY DAYS TO STATED YIELD AT FACE BOOK MARKET** DATE DATE MATURITY RATE 365 VALUE VALUE VALUE DESCRIPTION COMMENTS * City of Goleta
Investment Transaction Report - June 2024
Investment Portfolio
Held By Fiscal Agent (US Bank - PARS)
PUBLIC AGENCY RETIREMENT SERVICES (PARS) - OPEB - Moderate Index Plus 2/4/2022 -0.940% 1 333,500.00 333,500.00 349,987.67 PUBLIC AGENCY RETIREMENT SERVICES (PARS) - PENSION - Moderate Index Plus 2/4/2022 1 -0.940% 170,000.00 170,000.00 178,404.52 Subtotal 1 -0.940% 503,500.00 $ $ 503,500.00 $ 528,392.19 Total $ 503,500.00 $ 503,500.00 $ 528,392.19
Held By Fiscal Agent (BNY Mellon)
Holding Account 1 899.57 899.57 899.57
Total $ 899.57 $ 899.57 $ 899.57
Grand Total $ 82,711,526.61 82,836,817.86 $ 82,427,801.27 $ Notes:
* Comments for Certificates of Deposit represent the CUSIP Number (Committee on Uniform Securities Identification Procedures). * *Market Value on Certificates of Deposit have been obtained from the City's safekeeping agent, Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation. Market value disclosure is for informational purposes only.
City policy is to hold all investments to maturity; therefore, any unrealized gain or loss reflected between the book value and market value of an investment will not be realized. **Market Value on U.S. Bank, Trustee for PARS: Account balances are inclusive of Trust Administration, Trustee and Investment Management fees.
DRAFT
ATTACHMENT 2:
Pooled Cash Report for the Period Ending June 30, 2024
DRAFT Page 89 of 103
TYLERHOST\SYSTEM 7.16.2024 Page 1 of 7
Pooled Cash Report
City of Goleta, CA
For the Period Ending 6/30/2024
ACCOUNT # ACCOUNT NAME
BEGINNING
BALANCE
CURRENT
ACTIVITY
CURRENT
BALANCE
CLAIM ON CASH
101-1010.000 Claim on Cash 44,528,198.46 0.00 44,528,198.46 102-1010.000 Claim on Cash 0.00 0.00 0.00
201-1010.000 Claim on Cash 2,007,565.27 0.00 2,007,565.27 202-1010.000 Claim on Cash 263,049.81 0.00 263,049.81
203-1010.000 Claim on Cash 1,254,297.87 0.00 1,254,297.87 205-1010.000 Claim on Cash 6,166,366.76 0.00 6,166,366.76 206-1010.000 Claim on Cash (846,111.30) 0.00 (846,111.30) 207-1010.000 Claim on Cash 0.00 0.00 0.00
208-1010.000 Claim on Cash (29,346.54) 0.00 (29,346.54) 209-1010.000 Claim on Cash 210,719.78 0.00 210,719.78
210-1010.000 Claim on Cash 140,216.21 0.00 140,216.21
211-1010.000 Claim on Cash 1,554,873.31 0.00 1,554,873.31 212-1010.000 Claim on Cash 11,747.71 0.00 11,747.71
213-1010.000 Claim on Cash 3,735.00 0.00 3,735.00
214-1010.000 Claim on Cash (33,138.24) 0.00 (33,138.24) 215-1010.000 Claim on Cash 107,684.48 0.00 107,684.48
216-1010.000 Claim on Cash 6,250.00 0.00 6,250.00
217-1010.000 Claim on Cash (185,496.86) 0.00 (185,496.86) 220-1010.000 Claim on Cash 7,435,086.47 0.00 7,435,086.47 221-1010.000 Claim on Cash 5,790,574.54 0.00 5,790,574.54 222-1010.000 Claim on Cash 46,432.94 0.00 46,432.94
223-1010.000 Claim on Cash 187,008.19 0.00 187,008.19
224-1010.000 Claim on Cash 148,386.03 0.00 148,386.03
225-1010.000 Claim on Cash 1,278,783.10 0.00 1,278,783.10 226-1010.000 Claim on Cash 182,104.09 0.00 182,104.09
227-1010.000 Claim on Cash 0.00 0.00 0.00
228-1010.000 Claim on Cash 0.00 0.00 0.00
229-1010.000 Claim on Cash 3,735,769.92 0.00 3,735,769.92 230-1010.000 Claim on Cash 2,240,444.40 0.00 2,240,444.40 231-1010.000 Claim on Cash 615,163.38 0.00 615,163.38
232-1010.000 Claim on Cash (299,416.94) 0.00 (299,416.94) 233-1010.000 Claim on Cash 128,210.41 0.00 128,210.41
234-1010.000 Claim on Cash 618,567.52 0.00 618,567.52
235-1010.000 Claim on Cash 275,804.88 0.00 275,804.88
236-1010.000 Claim on Cash 29,459.50 0.00 29,459.50
237-1010.000 Claim on Cash (60,778.05) 0.00 (60,778.05) 238-1010.000 Claim on Cash 6,625.28 0.00 6,625.28
239-1010.000 Claim on Cash 3,122,342.50 0.00 3,122,342.50 301-1010.000 Claim on Cash 0.00 0.00 0.00
302-1010.000 Claim on Cash 0.00 0.00 0.00
303-1010.000 Claim on Cash 0.00 0.00 0.00
304-1010.000 Claim on Cash 35,930.30 0.00 35,930.30
305-1010.000 Claim on Cash (420,350.11) 0.00 (420,350.11) 306-1010.000 Claim on Cash (241,169.27) 0.00 (241,169.27) 307-1010.000 Claim on Cash 0.00 0.00 0.00
308-1010.000 Claim on Cash (4,309.08) 0.00 (4,309.08)
309-1010.000 Claim on Cash 0.00 0.00 0.00
310-1010.000 Claim on Cash (25,061.17) 0.00 (25,061.17) 311-1010.000 Claim on Cash 10,475.90 0.00 10,475.90
312-1010.000 Claim on Cash 0.00 0.00 0.00
313-1010.000 Claim on Cash 0.00 0.00 0.00
314-1010.000 Claim on Cash 0.00 0.00 0.00
315-1010.000 Claim on Cash 0.00 0.00 0.00
Attachment 2 DRAFT Page 90 of 103
ACCOUNT # ACCOUNT NAME
BEGINNING
BALANCE
CURRENT
ACTIVITY
CURRENT
BALANCE
TYLERHOST\SYSTEM 7.16.2024 Page 2 of 7
317-1010.000 Claim on Cash (53,481.99) 0.00 (53,481.99) 318-1010.000 Claim on Cash (2,424,723.20) 0.00 (2,424,723.20) 319-1010.000 Claim on Cash 18,779.75 0.00 18,779.75
320-1010.000 Claim on Cash 14,231.00 0.00 14,231.00
321-1010.000 Claim on Cash (60,879.35) 0.00 (60,879.35) 322-1010.000 Claim on Cash (345,463.89) 0.00 (345,463.89) 323-1010.000 Claim on Cash 0.00 0.00 0.00
324-1010.000 Claim on Cash 0.00 0.00 0.00
325-1010.000 Claim on Cash 2,139,280.00 0.00 2,139,280.00 401-1010.000 Claim on Cash (2,560,754.50) 0.00 (2,560,754.50) 402-1010.000 Claim on Cash (4,204.74) 0.00 (4,204.74)
403-1010.000 Claim on Cash 0.00 0.00 0.00
404-1010.000 Claim on Cash 0.00 0.00 0.00
405-1010.000 Claim on Cash 0.00 0.00 0.00
406-1010.000 Claim on Cash 0.00 0.00 0.00
407-1010.000 Claim on Cash 0.00 0.00 0.00
408-1010.000 Claim on Cash 0.00 0.00 0.00
409-1010.000 Claim on Cash (19,626.05) 0.00 (19,626.05) 410-1010.000 Claim on Cash 0.00 0.00 0.00
411-1010.000 ClaIm on Cash 0.00 0.00 0.00
412-1010.000 Claim on Cash 0.00 0.00 0.00
413-1010.000 Claim on Cash 0.00 0.00 0.00
414-1010.000 Claim on Cash 0.00 0.00 0.00
415-1010.000 Claim on Cash 0.00 0.00 0.00
416-1010.000 Claim on Cash 0.00 0.00 0.00
417-1010.000 Claim on Cash (306,668.15) 0.00 (306,668.15) 418-1010.000 Claim on Cash 0.00 0.00 0.00
419-1010.000 Claim on Cash 0.00 0.00 0.00
420-1010.000 Claim on Cash 58,107.00 0.00 58,107.00
421-1010.000 Claim on Cash (427,751.31) 0.00 (427,751.31) 422-1010.000 Claim on Cash 0.00 0.00 0.00
423-1010.000 Claim on Cash 3,217,592.42 0.00 3,217,592.42 424-1010.000 Claim on Cash 0.00 0.00 0.00
501-1010.000 Claim on Cash 433,661.82 0.00 433,661.82
502-1010.000 Claim on Cash 350,756.72 0.00 350,756.72
503-1010.000 Claim on Cash 262,089.03 0.00 262,089.03
504-1010.000 Claim on Cash 42,759.98 0.00 42,759.98
605-1010.000 Claim on Cash 941,358.87 0.00 941,358.87
606-1010.000 Claim on Cash 0.00 0.00 0.00
607-1010.000 Claim on Cash 0.00 0.00 0.00
608-1010.000 Claim on Cash 0.00 0.00 0.00
701-1010.000 Claim on Cash 157,104.23 0.00 157,104.23
702-1010.000 Claim on Cash 0.00 0.00 0.00
703-1010.000 Claim on Cash 0.00 0.00 0.00
801-1010.000 Claim on Cash 1,071,784.39 0.00 1,071,784.39 TOTAL CLAIM ON CASH 82,500,648.48 0.00 82,500,648.48
CASH IN BANK
Cash in Bank
999-1010.000 Cash 0.00 0.00 0.00
999-1011.000 Payroll Cash 0.00 0.00 0.00
999-1012.000 Community West Cash Account 385,169.29 0.00 385,169.29 999-1013.000 CWB Revenue Cash Account 457,396.50 0.00 457,396.50 999-1080.000 LAIF 43,842,164.45 0.00 43,842,164.45
999-1082.000 Money Market-Community West 27,283,413.33 0.00 27,283,413.33 999-1083.000 Pershing Investments 10,324,708.75 0.00 10,324,708.75 999-1083.001 Pershing Sweep Cash Account 207,796.16 0.00 207,796.16 999-1083.002 Pershing Investment-Unrealized Gain/Loss 0.00 0.00 0.00 TOTAL: Cash in Bank 82,500,648.48 0.00 82,500,648.48
Attachment 2 DRAFT Page 91 of 103
ACCOUNT # ACCOUNT NAME
BEGINNING
BALANCE
CURRENT
ACTIVITY
CURRENT
BALANCE
TYLERHOST\SYSTEM 7.16.2024 Page 3 of 7
TOTAL CASH IN BANK 82,500,648.48 0.00 82,500,648.48
DUE TO OTHER FUNDS
999-2070.000 Due to Other Funds 82,500,648.48 0.00 82,500,648.48 TOTAL DUE TO OTHER FUNDS 82,500,648.48 0.00 82,500,648.48 82,500,648.48
82,500,648.48 82,500,648.48
Claim on Cash
Cash in Bank Due To Other Funds
Difference 0.00
82,500,648.48
0.00 82,500,648.48
82,500,648.48
0.00 Due To Other Funds
Difference Difference
Claim on Cash Cash in Bank
Attachment 2 DRAFT Page 92 of 103
ACCOUNT # ACCOUNT NAME
BEGINNING
BALANCE
CURRENT
ACTIVITY
CURRENT
BALANCE
TYLERHOST\SYSTEM 7.16.2024 Page 4 of 7
ACCOUNTS PAYABLE PENDING
101-2020.000 Accounts Payable 636,121.90 0.00 636,121.90 102-2020.000 Accounts Payable 0.00 0.00 0.00
201-2020.000 Accounts Payable 0.00 0.00 0.00
202-2020.000 Accounts Payable 0.00 0.00 0.00
203-2020.000 Accounts Payable 0.00 0.00 0.00
205-2020.000 Accounts Payable 117,402.34 0.00 117,402.34 206-2020.000 Accounts Payable 9,033.41 0.00 9,033.41
207-2020.000 Accounts Payable 0.00 0.00 0.00
208-2020.000 Accounts Payable 0.00 0.00 0.00
209-2020.000 Accounts Payable 2,718.82 0.00 2,718.82
210-2020.000 Accounts Payable 3,629.93 0.00 3,629.93
211-2020.000 Accounts Payable 24,218.99 0.00 24,218.99
212-2020.000 Accounts Payable 0.00 0.00 0.00
213-2020.000 Accounts Payable 0.00 0.00 0.00
214-2020.000 Accounts Payable 0.00 0.00 0.00
215-2020.000 Accounts Payable 29,755.35 0.00 29,755.35
216-2020.000 Accounts Payable 0.00 0.00 0.00
217-2020.000 Accounts Payable 11,824.48 0.00 11,824.48
220-2020.000 Accounts Payable 91,052.68 0.00 91,052.68
221-2020.000 Accounts Payable 0.00 0.00 0.00
222-2020.000 Accounts Payable 0.00 0.00 0.00
223-2020.000 Accounts Payable 0.00 0.00 0.00
224-2020.000 Accounts Payable 0.00 0.00 0.00
225-2020.000 Accounts Payable 0.00 0.00 0.00
226-2020.000 Accounts Payable 0.00 0.00 0.00
227-2020.000 Accounts Payable 0.00 0.00 0.00
228-2020.000 Accounts Payable 0.00 0.00 0.00
229-2020.000 Accounts Payable 0.00 0.00 0.00
230-2020.000 Accounts Payable 7,774.70 0.00 7,774.70
231-2020.000 Accounts Payable 0.00 0.00 0.00
232-2020.000 Accounts Payable 0.00 0.00 0.00
233-2020.000 Accounts Payable 0.00 0.00 0.00
234-2020.000 Accounts Payable 8,458.09 0.00 8,458.09
235-2020.000 Accounts Payable 0.00 0.00 0.00
236-2020.000 Accounts Payable 1,001.18 0.00 1,001.18
237-2020.000 Accounts Payable 0.00 0.00 0.00
238-2020.000 Accounts Payable 0.00 0.00 0.00
239-2020.000 Accounts Payable 0.00 0.00 0.00
301-2020.000 Accounts Payable 0.00 0.00 0.00
302-2020.000 Accounts Payable 0.00 0.00 0.00
303-2020.000 Accounts Payable 0.00 0.00 0.00
304-2020.000 Accounts Payable 0.00 0.00 0.00
305-2020.000 Accounts Payable 0.00 0.00 0.00
306-2020.000 Accounts Payable 0.00 0.00 0.00
307-2020.000 Accounts Payable 0.00 0.00 0.00
308-2020.000 Accounts Payable 0.00 0.00 0.00
309-2020.000 Accounts Payable 0.00 0.00 0.00
310-2020.000 Accounts Payable 0.00 0.00 0.00
311-2020.000 Accounts Payable 15,521.34 0.00 15,521.34
312-2020.000 Accounts Payable 0.00 0.00 0.00
313-2020.000 Accounts Payable 0.00 0.00 0.00
314-2020.000 Accounts Payable 0.00 0.00 0.00
315-2020.000 Accounts Payable 0.00 0.00 0.00
317-2020.000 Accounts Payable 0.00 0.00 0.00
318-2020.000 Accounts Payable 0.00 0.00 0.00
319-2020.000 Accounts Payable 0.00 0.00 0.00
320-2020.000 Accounts Payable 0.00 0.00 0.00
321-2020.000 Accounts Payable 0.00 0.00 0.00
322-2020.000 Accounts Payable 3,067.09 0.00 3,067.09
323-2020.000 Accounts Payable 0.00 0.00 0.00
Attachment 2 DRAFT Page 93 of 103
ACCOUNT # ACCOUNT NAME
BEGINNING
BALANCE
CURRENT
ACTIVITY
CURRENT
BALANCE
TYLERHOST\SYSTEM 7.16.2024 Page 5 of 7
324-2020.000 Accounts Payable 0.00 0.00 0.00
325-2020.000 Accounts Payable 0.00 0.00 0.00
401-2020.000 Accounts Payable 659,668.16 0.00 659,668.16 402-2020.000 Accounts Payable 4,964.91 0.00 4,964.91
403-2020.000 Accounts Payable 0.00 0.00 0.00
404-2020.000 Accounts Payable 0.00 0.00 0.00
405-2020.000 Accounts Payable 0.00 0.00 0.00
406-2020.000 Accounts Payable 0.00 0.00 0.00
407-2020.000 Accounts Payable 0.00 0.00 0.00
408-2020.000 Accounts Payable 0.00 0.00 0.00
409-2020.000 Accounts Payable 0.00 0.00 0.00
410-2020.000 Accounts Payable 0.00 0.00 0.00
411-2020.000 Accounts Payable 0.00 0.00 0.00
412-2020.000 Accounts Payable 0.00 0.00 0.00
413-2020.000 Accounts Payable 0.00 0.00 0.00
414-2020.000 Accounts Payable 0.00 0.00 0.00
415-2020.000 Accounts Payable 0.00 0.00 0.00
416-2020.000 Accounts Payable 0.00 0.00 0.00
417-2020.000 Accounts Payable 0.00 0.00 0.00
418-2020.000 Accounts Payable 0.00 0.00 0.00
419-2020.000 Accounts Payable 0.00 0.00 0.00
420-2020.000 Accounts Payable 0.00 0.00 0.00
421-2020.000 Accounts Payable 0.00 0.00 0.00
422-2020.000 Accounts Payable 0.00 0.00 0.00
423-2020.000 Accounts Payable 1,142,405.83 0.00 1,142,405.83 424-2020.000 Accounts Payable 0.00 0.00 0.00
501-2020.000 Accounts Payable 0.00 0.00 0.00
502-2020.000 Accounts Payable 16,630.21 0.00 16,630.21
503-2020.000 Accounts Payable 0.00 0.00 0.00
504-2020.000 Accounts Payable 0.00 0.00 0.00
605-2020.000 Accounts Payable 0.00 0.00 0.00
606-2020.000 Accounts Payable 0.00 0.00 0.00
607-2020.000 Accounts Payable 0.00 0.00 0.00
608-2020.000 Accounts Payable 0.00 0.00 0.00
701-2020.000 Accounts Payable 0.00 0.00 0.00
702-2020.000 Accounts Payable 0.00 0.00 0.00
703-2020.000 Accounts Payable 0.00 0.00 0.00
801-2020.000 Accounts Payable 53,724.70 0.00 53,724.70
TOTAL ACCOUNTS PAYABLE PENDING 2,838,974.11 0.00 2,838,974.11
DUE FROM OTHER FUNDS
999-1310.101 Due from General Fund (636,121.90) 0.00 (636,121.90) 999-1310.102 Due from General Fund Reserves 0.00 0.00 0.00 999-1310.198 Due from Vehicle Replace 0.00 0.00 0.00
999-1310.199 Due from City Debt Service Fnd 0.00 0.00 0.00 999-1310.201 Due from Gas Tax 0.00 0.00 0.00
999-1310.202 Due from Transportation 0.00 0.00 0.00
999-1310.203 Due from Road Maint Rehab Acct 0.00 0.00 0.00 999-1310.205 Due from Measure D (117,402.34) 0.00 (117,402.34) 999-1310.206 Due from Measure A - Other (9,033.41) 0.00 (9,033.41) 999-1310.207 Due from Meas A SBCAG Light Ra 0.00 0.00 0.00 999-1310.208 Due from County Per Capita 0.00 0.00 0.00
999-1310.209 Due from County Per Capita (2,718.82) 0.00 (2,718.82) 999-1310.210 Due from County Per Capita (3,629.93) 0.00 (3,629.93) 999-1310.211 Due from Solid Waste Fund (24,218.99) 0.00 (24,218.99) 999-1310.212 Due from Pub. Safety Donations 0.00 0.00 0.00 999-1310.213 Due from Buellton Library 0.00 0.00 0.00
999-1310.214 Due from Solvang Library 0.00 0.00 0.00
999-1310.215 Due from Library Fund (29,755.35) 0.00 (29,755.35) 999-1310.216 Due from Library Book Van 0.00 0.00 0.00
999-1310.217 Due from Goleta Community Center (11,824.48) 0.00 (11,824.48) Attachment 2 DRAFT Page 94 of 103
ACCOUNT # ACCOUNT NAME
BEGINNING
BALANCE
CURRENT
ACTIVITY
CURRENT
BALANCE
TYLERHOST\SYSTEM 7.16.2024 Page 6 of 7
999-1310.220 Due from GTIP (91,052.68) 0.00 (91,052.68) 999-1310.221 Due from Park Development Fees 0.00 0.00 0.00 999-1310.222 Due from Devel. Impact Fees 0.00 0.00 0.00 999-1310.223 Due from Library Facilities DI 0.00 0.00 0.00 999-1310.224 Due from Sherrif Facilities DI 0.00 0.00 0.00 999-1310.225 Due from Housing In-Lieu Fund 0.00 0.00 0.00 999-1310.226 Due from Environmental Program 0.00 0.00 0.00 999-1310.227 Due from Mangement Habitat 0.00 0.00 0.00
999-1310.228 Due from Housing In-Lieu-RDA 0.00 0.00 0.00 999-1310.229 Due from Fire DIF Fund 0.00 0.00 0.00
999-1310.230 Due from LRDP (7,774.70) 0.00 (7,774.70)
999-1310.231 Due from Developer Agreement 0.00 0.00 0.00 999-1310.232 Due from County Fire DIF 0.00 0.00 0.00
999-1310.233 Due from OBF - SCE 0.00 0.00 0.00
999-1310.234 Due from Storm Drain DIF (8,458.09) 0.00 (8,458.09) 999-1310.235 Due from Bicycle & Ped DIF 0.00 0.00 0.00
999-1310.236 Due from Other Funds Misc. Grt (1,001.18) 0.00 (1,001.18) 999-1310.237 Due from Local Grants 0.00 0.00 0.00
999-1310.238 Due from Non-Residential Affordable Housing DIF 0.00 0.00 0.00 999-1310.239 Due from Quimby 0.00 0.00 0.00
999-1310.247 Due From Citywide CIP Fund 0.00 0.00 0.00
999-1310.301 Due from State Park Fund 0.00 0.00 0.00
999-1310.302 Due from Public Safety 0.00 0.00 0.00
999-1310.303 Due from OTS Grant 0.00 0.00 0.00
999-1310.304 Due from Solid Waste Grant 0.00 0.00 0.00
999-1310.305 Due from RSTP - State Grant 0.00 0.00 0.00 999-1310.306 Due from LSTP 0.00 0.00 0.00
999-1310.307 Due from Environmental Justice 0.00 0.00 0.00 999-1310.308 Due from STIP 0.00 0.00 0.00
999-1310.309 Due from LSR - STATE GRANT 0.00 0.00 0.00
999-1310.310 Due From Cal Fire Grant 0.00 0.00 0.00
999-1310.311 Due from Other Funds Misc. Grt (15,521.34) 0.00 (15,521.34) 999-1310.312 Due from Other Funds SLPP 0.00 0.00 0.00
999-1310.313 Due From Other Prop84 0.00 0.00 0.00
999-1310.314 Due from Strategic Growh Counc 0.00 0.00 0.00 999-1310.315 Due from State Water Grant 0.00 0.00 0.00
999-1310.317 Due from SSARP Grant 0.00 0.00 0.00
999-1310.318 Due from ATP-State 0.00 0.00 0.00
999-1310.319 Due from Housing&Community Dev 0.00 0.00 0.00 999-1310.320 Due from Cal-OES 0.00 0.00 0.00
999-1310.321 Due from TIRCP 0.00 0.00 0.00
999-1310.322 Due from MBHMP (3,067.09) 0.00 (3,067.09)
999-1310.323 Due from CALOES 0.00 0.00 0.00
999-1310.324 Due from Planning Grants Program PGP 0.00 0.00 0.00 999-1310.325 Due from Isla Vista Grant 0.00 0.00 0.00
999-1310.401 Due from ISTEA (659,668.16) 0.00 (659,668.16) 999-1310.402 Due from CDBG (4,964.91) 0.00 (4,964.91)
999-1310.403 Due from Capital Improvement 0.00 0.00 0.00 999-1310.404 Due from STIP 0.00 0.00 0.00
999-1310.405 Due from LSTP 0.00 0.00 0.00
999-1310.406 Due from RSTP-Fed Grant 0.00 0.00 0.00
999-1310.407 Due from TCSP 0.00 0.00 0.00
999-1310.408 Due from EPA Grant 0.00 0.00 0.00
999-1310.409 Due from Public Safety Fund 0.00 0.00 0.00 999-1310.410 Due from STE 0.00 0.00 0.00
999-1310.411 Due from FEMA 0.00 0.00 0.00
999-1310.412 Due from Winter Storm Prep 0.00 0.00 0.00
999-1310.413 Due from 0.00 0.00 0.00
999-1310.414 DUE FROM EECBG 0.00 0.00 0.00
999-1310.415 Due from Fish Restoration 0.00 0.00 0.00
999-1310.416 Due from BPMP 0.00 0.00 0.00
Attachment 2 DRAFT Page 95 of 103
ACCOUNT # ACCOUNT NAME
BEGINNING
BALANCE
CURRENT
ACTIVITY
CURRENT
BALANCE
TYLERHOST\SYSTEM 7.16.2024 Page 7 of 7
999-1310.417 Due from HSIP 0.00 0.00 0.00
999-1310.418 Due from ATP-Federal 0.00 0.00 0.00
999-1310.419 Due from TIGER 0.00 0.00 0.00
999-1310.420 Due from FHWA - FEBA Reimb 0.00 0.00 0.00
999-1310.421 Due from HMGP Hazard Mit Grant 0.00 0.00 0.00 999-1310.422 Due from CARES 0.00 0.00 0.00
999-1310.423 Due From State & Local Fiscal Recovery Fund (1,142,405.83) 0.00 (1,142,405.83) 999-1310.424 Due from Community Project Funding 0.00 0.00 0.00 999-1310.501 Due from Library Fund 0.00 0.00 0.00
999-1310.502 Due from St Light Assessmnt (16,630.21) 0.00 (16,630.21) 999-1310.503 Due from PEG 0.00 0.00 0.00
999-1310.504 Due from CASp 0.00 0.00 0.00
999-1310.601 Due from RDA Project 0.00 0.00 0.00
999-1310.602 Due from RDA Housing 0.00 0.00 0.00
999-1310.603 Due from RDA Debt Service 0.00 0.00 0.00
999-1310.604 Due from RDA Bond Proceeds 0.00 0.00 0.00
999-1310.605 Due from RDA Successor Agency 0.00 0.00 0.00 999-1310.606 Due from LMI Successor Agency 0.00 0.00 0.00 999-1310.607 DUE FROM SUCCESSOR DBT SVC 0.00 0.00 0.00
999-1310.608 Due from IBank 0.00 0.00 0.00
999-1310.701 Due from Comstock Plover Endow 0.00 0.00 0.00 999-1310.702 Due from Section 115 Trust - Pension 0.00 0.00 0.00 999-1310.703 Due from Section 115 Trust - OPEB 0.00 0.00 0.00 999-1310.801 Due from Developer Deposit Fund (53,724.70) 0.00 (53,724.70) TOTAL DUE FROM OTHER FUNDS (2,838,974.11) 0.00 (2,838,974.11)
ACCOUNTS PAYABLE
999-2020.000 Accounts Payable-Control 2,838,974.11 0.00 2,838,974.11 TOTAL ACCOUNTS PAYABLE 2,838,974.11 0.00 2,838,974.11
2,838,974.11
2,838,974.11 2,838,974.11
AP Pending
Due From Other Funds Accounts Payable
Difference 0.00 0.00
2,838,974.11
2,838,974.11
0.00 Accounts Payable
Difference Difference
AP Pending 2,838,974.11 Due From Other Funds
Attachment 2 DRAFT Page 96 of 103
ATTACHMENT 3:
Balance Sheets (Unaudited) for the Quarter Ending June 30, 2024 DRAFT Page 97 of 103
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending June 30, 2024
Attachment 3
General Fund Gas Tax Measure A County Per
Capita ‐ Goleta
County Per
Capita ‐
Buellton
101 201 205 208 209
ASSETS
Cash & Investments
Claim on Cash 44,514,508 2,007,565 6,170,095 (29,347) 210,720 Petty Cash 1,150 ‐ ‐ ‐ ‐ Bond Discount ‐ ‐ ‐ ‐ ‐ Cash with Fiscal Agent ‐ ‐ ‐ ‐ ‐ Investments
Unrealized Gain/Loss on Invest ‐ ‐ ‐ ‐ ‐ Receivables ‐ ‐ ‐ ‐ ‐ Accounts 426,677 ‐ ‐ ‐ ‐ RDA Settlement Receivable ‐ ‐ ‐ ‐ ‐ Interest ‐ ‐ ‐ ‐ ‐ Prepaid Expenditures (Other) ‐ ‐ ‐ ‐ ‐ Security Deposit ‐ ‐ ‐ ‐ ‐ Deposit ‐ Earnest Money ‐ ‐ ‐ ‐ ‐ Deposit ‐ State Condemnation ‐ ‐ ‐ ‐ ‐ Prepaid Items (Expenditures) 142,700 ‐ ‐ ‐ ‐ Prepaid Bond Insurance Premium ‐ ‐ ‐ ‐ ‐ Deferred Loss on Refunding ‐ ‐ ‐ ‐ ‐ TOTAL ASSETS 45,085,035 2,007,565 6,170,095 (29,347) 210,720
LIABILITIES
Accounts Payable 636,122 ‐ 117,402 ‐ 2,719 Accrued Salaries & Benefits 3,226 ‐ ‐ 40 ‐ Retentions Payable 105,530 68,250 40,326 ‐ ‐ Accrued Expenses ‐ ‐ ‐ ‐ ‐ Deferred Revenue 107,937 ‐ ‐ ‐ ‐ Interest Payable ‐ ‐ ‐ ‐ ‐ Bond Payable ‐ ‐ ‐ ‐ ‐ Bond Premium 811,599 ‐ ‐ ‐ ‐ Deferred Loss on Refunding ‐ ‐ ‐ ‐ ‐ Deposit ‐ Miscellaneous ‐ ‐ ‐ ‐ ‐ Developer Deposit Payable ‐ ‐ ‐ ‐ ‐ TOTAL LIABILITIES 1,664,414 68,250 157,728 40 2,719
FUND BALANCES
Non‐spendable 193,584 ‐ ‐ ‐ ‐ Committed 15,606,011 ‐ ‐ ‐ ‐ Assigned 679,117 ‐ ‐ ‐ ‐ Unassigned Fund Balance 26,941,909 ‐ ‐ ‐ ‐ Fund Balance (Other Funds) ‐ 1,939,315 6,012,367 (29,387) 208,001 TOTAL FUND BALANCE 43,420,621 1,939,315 6,012,367 (29,387) 208,001
TOTAL LIABILITIES &
FUND BALANCE 45,085,035 2,007,565 6,170,095 (29,347) 210,720 DRAFT Page 98 of 103
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending June 30, 2024
Attachment 3
ASSETS
Cash & Investments
Claim on Cash
Petty Cash
Bond Discount
Cash with Fiscal Agent
Investments
Unrealized Gain/Loss on Invest
Receivables
Accounts
RDA Settlement Receivable
Interest
Prepaid Expenditures (Other)
Security Deposit
Deposit ‐ Earnest Money
Deposit ‐ State Condemnation
Prepaid Items (Expenditures)
Prepaid Bond Insurance Premium
Deferred Loss on Refunding
TOTAL ASSETS
LIABILITIES
Accounts Payable
Accrued Salaries & Benefits
Retentions Payable
Accrued Expenses
Deferred Revenue
Interest Payable
Bond Payable
Bond Premium
Deferred Loss on Refunding
Deposit ‐ Miscellaneous
Developer Deposit Payable
TOTAL LIABILITIES
FUND BALANCES
Non‐spendable
Committed
Assigned
Unassigned Fund Balance
Fund Balance (Other Funds)
TOTAL FUND BALANCE
TOTAL LIABILITIES &
FUND BALANCE
County Per
Capita ‐
Solvang
Solid Waste Library Fund Library Book
Van
GTIP
210 211 215 216 220
140,216 1,554,229 107,684 6,250 7,439,308 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 5,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 1,835,900 ‐ ‐ ‐ ‐ 35,156 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 140,216 1,554,229 107,684 6,250 9,315,364 3,630 24,219 29,755 ‐ 91,053 ‐ 6 50 ‐ ‐ ‐ ‐ ‐ ‐ 8,884 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (425) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 3,630 24,225 29,380 ‐ 99,937 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 136,586 1,530,004 78,305 6,250 9,215,427 136,586 1,530,004 78,305 6,250 9,215,427 140,216 1,554,229 107,684 6,250 9,315,364 DRAFT Page 99 of 103
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending June 30, 2024
Attachment 3
ASSETS
Cash & Investments
Claim on Cash
Petty Cash
Bond Discount
Cash with Fiscal Agent
Investments
Unrealized Gain/Loss on Invest
Receivables
Accounts
RDA Settlement Receivable
Interest
Prepaid Expenditures (Other)
Security Deposit
Deposit ‐ Earnest Money
Deposit ‐ State Condemnation
Prepaid Items (Expenditures)
Prepaid Bond Insurance Premium
Deferred Loss on Refunding
TOTAL ASSETS
LIABILITIES
Accounts Payable
Accrued Salaries & Benefits
Retentions Payable
Accrued Expenses
Deferred Revenue
Interest Payable
Bond Payable
Bond Premium
Deferred Loss on Refunding
Deposit ‐ Miscellaneous
Developer Deposit Payable
TOTAL LIABILITIES
FUND BALANCES
Non‐spendable
Committed
Assigned
Unassigned Fund Balance
Fund Balance (Other Funds)
TOTAL FUND BALANCE
TOTAL LIABILITIES &
FUND BALANCE
Parks DIF
Public Facilities
DIF Library DIF
Sheriff
Facilities DIF Housing in Lieu
221 222 223 224 225
5,790,575 46,433 187,008 148,386 1,278,783 ‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
5,790,575 46,433 187,008 148,386 1,278,783 ‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
166,818 ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
166,818 ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
5,623,757 46,433 187,008 148,386 1,278,783 5,623,757 46,433 187,008 148,386 1,278,783 5,790,575 46,433 187,008 148,386 1,278,783 DRAFT Page 100 of 103
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending June 30, 2024
Attachment 3
ASSETS
Cash & Investments
Claim on Cash
Petty Cash
Bond Discount
Cash with Fiscal Agent
Investments
Unrealized Gain/Loss on Invest
Receivables
Accounts
RDA Settlement Receivable
Interest
Prepaid Expenditures (Other)
Security Deposit
Deposit ‐ Earnest Money
Deposit ‐ State Condemnation
Prepaid Items (Expenditures)
Prepaid Bond Insurance Premium
Deferred Loss on Refunding
TOTAL ASSETS
LIABILITIES
Accounts Payable
Accrued Salaries & Benefits
Retentions Payable
Accrued Expenses
Deferred Revenue
Interest Payable
Bond Payable
Bond Premium
Deferred Loss on Refunding
Deposit ‐ Miscellaneous
Developer Deposit Payable
TOTAL LIABILITIES
FUND BALANCES
Non‐spendable
Committed
Assigned
Unassigned Fund Balance
Fund Balance (Other Funds)
TOTAL FUND BALANCE
TOTAL LIABILITIES &
FUND BALANCE
Fire DIF
Long Range
Development
Plan (LRDP)
Developer
Agreements
County Fire
DIF
RSTP State
Grant
229 230 231 232 305
3,735,770 2,240,444 615,163 (299,417) (420,350) ‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
3,735,770 2,240,444 615,163 (299,417) (420,350) ‐ 7,775 ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ 7,775 ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐
3,735,770 2,232,670 615,163 (299,417) (420,350) 3,735,770 2,232,670 615,163 (299,417) (420,350) 3,735,770 2,240,444 615,163 (299,417) (420,350) DRAFT Page 101 of 103
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending June 30, 2024
Attachment 3
ASSETS
Cash & Investments
Claim on Cash
Petty Cash
Bond Discount
Cash with Fiscal Agent
Investments
Unrealized Gain/Loss on Invest
Receivables
Accounts
RDA Settlement Receivable
Interest
Prepaid Expenditures (Other)
Security Deposit
Deposit ‐ Earnest Money
Deposit ‐ State Condemnation
Prepaid Items (Expenditures)
Prepaid Bond Insurance Premium
Deferred Loss on Refunding
TOTAL ASSETS
LIABILITIES
Accounts Payable
Accrued Salaries & Benefits
Retentions Payable
Accrued Expenses
Deferred Revenue
Interest Payable
Bond Payable
Bond Premium
Deferred Loss on Refunding
Deposit ‐ Miscellaneous
Developer Deposit Payable
TOTAL LIABILITIES
FUND BALANCES
Non‐spendable
Committed
Assigned
Unassigned Fund Balance
Fund Balance (Other Funds)
TOTAL FUND BALANCE
TOTAL LIABILITIES &
FUND BALANCE
STIP HBP CDBG
RDA Successor‐
NonHousing Other Funds TOTAL FUNDS
308 401 402 605 *
(4,309) (2,559,057) (1,746) 941,359 8,680,377 82,500,648 ‐ ‐ ‐ ‐ 228 1,378 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 900 ‐ 900 503,500 503,500
‐ ‐ ‐ ‐ (21,350) (21,350) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 40,000 466,677 ‐ ‐ ‐ 1,551,882 ‐ 1,551,882 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 6,449 6,449 ‐ ‐ ‐ ‐ ‐ 5,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 1,835,900 ‐ ‐ ‐ ‐ ‐ 177,856 ‐ ‐ ‐ 54,536 ‐ 54,536 ‐ ‐ ‐ 568,650 ‐ 568,650 (4,309) (2,559,057) (1,746) 3,117,326 9,209,205 87,652,026 ‐ 659,668 4,965 ‐ 1,261,666 2,838,974 ‐ ‐ ‐ ‐ 328 3,650 ‐ 63,313 7,026 ‐ 214,450 674,597 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 5,148,990 5,256,927 ‐ ‐ ‐ 38,246 ‐ 38,246 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ (24,376) 786,798 ‐ ‐ ‐ 10,725,000 ‐ 10,725,000 ‐ ‐ ‐ 1,261,966 ‐ 1,261,966 ‐ ‐ ‐ ‐ 1,241,411 1,241,411 ‐ 722,981 11,991 12,025,212 7,842,470 22,827,568 ‐ ‐ ‐ ‐ ‐ 193,584 ‐ ‐ ‐ ‐ ‐ 15,606,011 ‐ ‐ ‐ ‐ ‐ 679,117 ‐ ‐ ‐ ‐ ‐ 26,941,909 (4,309) (3,282,038) (13,737) (8,907,886) 1,366,735 21,403,837 (4,309) (3,282,038) (13,737) (8,907,886) 1,366,735 64,824,458 (4,309) (2,559,057) (1,746) 3,117,326 9,209,205 87,652,026 DRAFT Page 102 of 103
City of Goleta
Balance Sheet (Unaudited)
For the Quarter Ending June 30, 2024
Attachment 3
ASSETS
Cash & Investments
Claim on Cash
Petty Cash
Bond Discount
Cash with Fiscal Agent
Investments
Unrealized Gain/Loss on Invest
Receivables
Accounts
RDA Settlement Receivable
Interest
Prepaid Expenditures (Other)
Security Deposit
Deposit ‐ Earnest Money
Deposit ‐ State Condemnation
Prepaid Items (Expenditures)
Prepaid Bond Insurance Premium
Deferred Loss on Refunding
TOTAL ASSETS
LIABILITIES
Accounts Payable
Accrued Salaries & Benefits
Retentions Payable
Accrued Expenses
Deferred Revenue
Interest Payable
Bond Payable
Bond Premium
Deferred Loss on Refunding
Deposit ‐ Miscellaneous
Developer Deposit Payable
TOTAL LIABILITIES
FUND BALANCES
Non‐spendable
Committed
Assigned
Unassigned Fund Balance
Fund Balance (Other Funds)
TOTAL FUND BALANCE
TOTAL LIABILITIES &
FUND BALANCE
*Other Funds Include:
202 Transportation
203 RMRA
206 Measure A‐ Other
212 Public Safety Donations
217 GCC
226 Environmental Programs
233 OBF ‐ SCE
236 Misc Grans Library
237 Local Grants
238 DIF Non‐Residential
301 State Park Grant
302 COPS ‐ Public Safety Grant
304 Solid Waste ‐ Recycling Grant
306 LSTP
311 Misc. Grant
314 SCG
317 SSARP Grant
318 ATP (State)
319 Housing and Community Development
320 Cal OES
321 TIRCP
409 OTS Public afety Fund
417 Highway Safety Improvement Program
419 TIGER
420 FHWA ‐ FEMA Reimb
421 HMGP ‐ Hazard Mit Grant
423 ARPA
501 Library Services
502 Street Lighting
503 PEG
504 CASp Cert & Training
701 Plover Endowment
801 Developer Deposits
806 iBank
DRAFT Page 103 of 103