Finance and Audit Committee
March 10, 2025

AGENDA

FINANCE AND AUDIT STANDING COMMITTEE MEETING
City Hall
130 Cremona Drive, Suite B
Goleta, California
Monday, March 10, 2025
4:00 P.M. – 5:30 P.M.

Conference Room # 1
Stuart Kasdin, Mayor Pro-Tempore
Jennifer Smith, Councilmember
Robert Nisbet, City Manager
Jaime A. Valdez, Assistant City Manager
Luke Rioux, Finance Director
Tony Gonzalez, Accounting Manager
Cecilia Rubio, Finance Management Assistant
__________________________________________________________________________

OPTIONS FOR PUBLIC PARTICIPATION WILL BE IN PERSON OR ONLINE VIA ZOOM ELECTRONIC PARTICIPATION: Join Meeting Electronically at:

Zoom Link: https://us06web.zoom.us/webinar/register/WN_F9_VkuEDR_mY4ZBKjP4xpQ Zoom Webinar ID: 814 1562 7285
Passcode: 922187
For Audio Participation:

Or, dial: US: +1 669 900 6833 or +1 408 638 0968 or +1 669 444 9171 or +1 719 359 4580 or +1 253 205 0468 or +1 253 215 8782 or +1 346 248 7799 or +1 646 876 9923 or +1 646 931 3860 or +1 689 278 1000 or +1 301 715 8592 or +1 305 224 1968 or +1 309 205 3325 or +1 312 626 6799 or +1 360 209 5623 or +1 386 347 5053 or +1 507 473 4847 or +1 564 217 2000 After registering, you will receive a confirmation email containing information about joining the webinar. You will be connected to audio using your computer's microphone and speakers (VoIP). A headset is recommended.
__________________________________________________________________________ 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 Monday 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. Annual Comprehensive Financial Review, Single Audit and Auditors Report for the Year Ended June 30, 2024
(Rioux) (30 minutes) (Pages 1 - 259)
III. FY 2024/25 – Second Quarter (Mid-Year) Financial Review (Draft) (Rioux) (30 minutes) (Pages 260 - 325)
IV. Fund Balance and Reserves
(Rioux) (20 minutes) (Pages 326 - 335)
V. Monthly Investment Transaction Report (December) Quarterly Review (Draft) (Rioux) (10 minutes) (Pages 336 - 359)
VI. Next Meeting – April 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:

Annual Comprehensive Financial
Report and Single Audit Report for
the Year Ended June 30, 2024 (Draft)
1 CPMS
Agenda Item X.x

CONSENT CALENDAR
Meeting Date: March 18, 2025
TO: Mayor and Councilmembers
SUBMITTED BY: Luke Rioux, Finance Director
PREPARED BY: Tony Gonzalez, Accounting Manager
SUBJECT: Annual Comprehensive Financial Report and Single Audit Report for the Year Ended June 30, 2024
RECOMMENDATION:

Accept the Annual Comprehensive Financial Report and Single Audit Report for the Year Ended June 30, 2024.

BACKGROUND:

Annual Comprehensive Financial Report
The City of Goleta annually conducts an independent audit of financial transactions and issues the Annual Comprehensive Financial Report (ACFR). The City’s Finance Department has prepared the ACFR and complies with principles and standards for financial reporting set forth by the Governmental Accounting Standards Board (GASB), the authoritative body establishing U.S. generally accepted accounting principles for local governments. The FY 2023/24 ACFR was audited in accordance with generally accepted auditing standards by an independent public accounting firm of licensed certified public accountants, Rogers, Anderson, Malody, & Scott, LLP (RAMS).

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

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

All disclosures necessary to enable an understanding of the City’s financial activities have DRAFT 2
Meeting Date: March 18, 2025

been included. The City received the highest audit opinion, an unmodified opinion, which is located in the ACFR Financial Section in the Independent Auditor’s Report, provided in Attachment 1. An unmodified opinion indicates that the financial statements fairly present the financial position of the City of Goleta as of June 30, 2024, and the results of operations, in accordance with generally accepted accounting principles.

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

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

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

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

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

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

Single Audit Report
The Single Audit, previously known as the Office of Management and Budget (OMB) Circular A-133 audit, is an organization-wide financial statement and federal awards audit of an entity that expends $750,000 or more in federal funds in one fiscal year. It is intended to provide assurance to both the Federal and State Governments that the City has adequate internal controls in place and is generally in compliance with program requirements. Local governments are required to obtain an audit pursuant to the Federal Single Audit Act Amendments of 1996 and prepare a reporting package that is submitted to:
 California State Controller’s Office (SCO), which serves as the Single Audit oversight agency for most California local governments.

DRAFT 3
Meeting Date: March 18, 2025

 Caltrans, if the city has received federal funding specifically from Caltrans for transportation-related projects.
 Federal Audit Clearinghouse (FAC), which acts as an executive agent for the OMB.

The City’s Single Audit Report must be prepared and submitted in compliance with the financial reporting requirement in accordance with Title 2, Code of Federal Regulations (CFR), Part 200 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). The reporting package is a collection of several documents, which includes the ACFR, associated auditor letters and the Single Audit Report. To comply with this mandate, the City’s annual contract with its independent auditors, RAMS includes Single Audit services, should it be required for the fiscal year.

DISCUSSION:

ACFR Financial Overview
This year’s audit resulted in no audit adjustments to the City’s financial statements. As of June 30, 2024, the City’s net position totaled $290.45 million, an increase of approximately $24.63 million or 9.3% from the prior fiscal year of $265.81 million. The largest portion of the City’s net position consisted of the City’s net investment of $217.89 million, of which 75% consists of capital assets (i.e., land, buildings, machinery, equipment, and infrastructure). This component represents the total amount of funds required to acquire those assets, less outstanding debt, and accumulated depreciation.

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

Citywide Highlights
The City’s overall total revenues from all sources equaled approximately $75.40 million, which was an increase of approximately $24.18 million or 47.2% from the $51.21 million in revenues the previous fiscal year. The decrease is primarily related to cannabis business taxes and transient occupancy taxes. Cannabis tax revenues decreased by $0.26 million, or 34%, in the 2024 fiscal year to $0.76 million. Transient occupancy tax revenues increased by $0.35 million, or 2.0%, to $14.23 million in the 2024 fiscal year.

The City’s overall total expenditures were $50.77 million for the fiscal year, which was a decrease of $1.07 million or 2.1% when compared to last fiscal year. Expenses include a wide range of services such as general government, planning and environmental review, neighborhood services, public safety (police protection services), public works, and capital improvement projects. Public works had a decrease of $3.75 million or 16.7%, primarily related to pavement and capital improvement projects.

The unrestricted net position increased by $3.42 million or 11.1% for a total of $34.15. million (11.8% of total net position) and may be used at the City’s discretion to meet ongoing operating needs.

DRAFT 4
Meeting Date: March 18, 2025

General Fund Highlights
During the City’s 22nd full fiscal year, the General Fund reported total revenues of $45.47 million and total expenditures of $39.97 million, resulting in excess revenues over expenditures of approximately $5.5 million. The excess revenue is due to a combination of higher than anticipated revenues and decreased spending due to further department savings and deferred special projects and Capital Improvement Program (CIP) projects supported by the General Fund, which will continue into FY 24/25.

Revenues: Actual revenues of $45.47 million received came higher than the Final Budget of $43.77 million by $1.7 million, primarily because of higher tax receipts than anticipated with property tax, sales tax, and transient occupancy tax. Overall actual revenues increased by approximately $7.13 million or 18.6% when compared to the prior fiscal year.

Property tax experienced higher assessed valuations due to a combination of a 2% inflation adjustment on assessed values for all property types and changes in the assessed value due to transfer of ownership. Assessed valuation changed by approximately 6.7%. Sales tax exceeded budgeted projections by 0.6% or 0.8% when compared to the prior fiscal year’s actuals. While this was a small increase, overall sales tax activity remained flat when adjusted for economic data. Transient occupancy tax (TOT) is the largest general fund revenue source, totaling $14.2 million and surpassing budgeted projections by 6.2%. Transient occupancy tax revenues experience an increase of 2.5% when compare to the previous fiscal year, FY 23/25, which recorded $13.88 million. Further analysis can be found in the Management and Discussion Analysis section of the ACFR.

Expenditures: Actual expenditures of $39.97 million were under the Final Budget of $64.16 million by $24.18 million in all areas. Lower than anticipated expenditures were recognized by all departments. Various savings were recognized due to staff vacancies, lower expenditures associated with professional and contract services and deferred special and capital projects that are now carried over in FY 24/25. Carryovers to FY 24/25 were approximately $19.6 million.

Fund Balance: The City continues to maintain sound fiscal integrity and healthy reserves based upon conservative, prudent, and diligent efforts by the City Council and City Manager. The General Fund’s total ending fund balance was $44.79 million as of June 30, 2024. This amount was higher than the final budget projection by $26.1 million or higher by $5.2 million when compared to the prior fiscal year. This actual increase was a result of higher revenues and less expenditure activity experienced in the fiscal year, as described above. The fund balance categories and amounts at year-end are displayed in the following table:

DRAFT 5
Meeting Date: March 18, 2025

When comparing the total audited ending fund balance of $44.79 million to the estimated ending fund balance amount of $44.64 million provided to City Council in September 2024 during the 4th Quarter Financial Review (Unaudited), the amount is slightly lower by $155,631 due to year-end adjustments.

Included in the General Fund’s fund balance categories are City Council’s established fiscal reserve policies for funding Compensated Absences, Risk Management, Equipment Acquisition and Replacement, Public Facilities, City Hall solar removal, Litigation Defense Reserves, Section 115 Other Post Employment Benefits and Pension, and a Contingency Reserve set at a minimum of 33% of total budgeted ongoing operating expenditures. These reserve policy amounts are reflected in the Committed category. In addition, the City maintained a total Assigned amount of $20.37 million for capital improvement projects and special projects into the next fiscal year, as well as approximately $412 thousand to stabilize fair market value adjustments of investments.

All remaining fund balance is placed in the Unassigned Fund Balance, which stood at $6.86 million at fiscal year-end June 30, 2024.

Gann Spending Limit
Each fiscal year the City Council adopts the Gann Appropriations Limit by resolution during the budget adoption process, which establishes a maximum amount for tax-funded government services. The Gann Appropriations Limit calculation is then reviewed by the City’s external audit firm as part of the annual audit process. As of June 30, 2024, the City had not reached its Article XIIIB spending limitation. For FY 2023/24 this limit was approximately $75.86 million, with total annual appropriations subject to this limit being $38.16 million. The Independent Auditor’s Report on the Gann Spending Limit calculation can be viewed in Attachment 4.

Single Audit Report Overview
The Single Audit was required this fiscal year due to the City exceeding the threshold amount of federal grant fund expenditures of $750,000 or more in FY 2023/24. The City expended approximately $10.69 million.

The Single Audit Report is provided as Attachment 5 and includes a Report on Internal Controls and Compliance, a Schedule of Expenditures of Federal Awards and Schedule Fund Balance:

Non-spendable:

Prepaid Items $ 92,635.00
Committed 17,472,816.00
Assigned 20,366,169.52
Unassigned 6,862,572.00
Total Fund Balance $ 44,794,192.52
DRAFT 6
Meeting Date: March 18, 2025

of Audit Findings and Questioned Costs, if any. Generally, findings are areas of improvement for the City when it comes to the internal controls that are designed to manage the risk with which the City’s assets are safeguarded and its finances are accurately reported, which then translates into the proper administration of federal funding.

In summary, the City’s auditors, RAMS, report the following within the Single Audit Report:
• Unmodified opinion as it pertains to both the Financial Statements and to Federal Awards.
• No material weakness or significant deficiencies in internal controls over financial reporting.
• No noncompliance material to financial statements noted. • No material weakness or significant deficiencies in internal controls over major programs
The Single Audit and reporting package has been submitted to the respective agencies, SCO, Caltrans and FAC before the March 31, 2025 deadline.

Other Information
Staff has prepared the ACFR that meets the GFOA’s Certificate of Achievement for Excellence in Financial Reporting requirements and has submitted it to the GFOA to determine its eligibility. The GFOA can award this certificate based on meeting certain criteria, which includes publishing an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. Staff believes that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program’s requirements.

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

FISCAL IMPACTS:

There is no fiscal impact associated with this item.

LEGAL REVIEW BY: Isaac Rosen, City Attorney
APPROVED BY: Robert Nisbet, City Manager
ATTACHMENTS:

1. Annual Comprehensive Financial Report for June 30, 2024

2. Government Auditing Standards Letter

3. Statement of Auditing Standards Letter
DRAFT 7
Meeting Date: March 18, 2025

4. Independent Accountant’s Report on Gann Spending Limit

5. Single Audit Report for the Year Ended June 30, 2024

6. Presentation
DRAFT 8
ATTACHMENT 1:

Annual Comprehensive Financial Report for June 30, 2024 DRAFT 9
DRAFT 10
DRAFT 11
City of Goleta, California
Annual Comprehensive Financial Report
With Report on Audit
by Independent
Certified Public Accountants
Fiscal Year Ended June 30, 2024
Prepared by:

Finance Department
DRAFT 12

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 13

INTRODUCTORY SECTION
DRAFT 14

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 15
City of Goleta
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
-iTable of Contents
Page

INTRODUCTORY SECTION
Table of Contents .................................................................................................................... i Letter of Transmittal ............................................................................................................... iii Organization Chart ................................................................................................................ xii List of Principal Officials ....................................................................................................... xiii GFOA Certificate of Achievement for Excellence in Financial Reporting ............................. xiv

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

Government-wide Financial Statements:

Statement of Net Position .............................................................................................. 22 Statement of Activities .................................................................................................... 23 Fund Financial Statements:

Governmental Funds:

Balance Sheet ............................................................................................................. 24 Reconciliation of Governmental Funds-Balance Sheet to the Statement of Net Position .......................................................................................................... 25 Statement of Revenues, Expenditures, and Changes in Fund Balances .................... 26 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities .................... 27 Fiduciary Fund:

Statement of Fiduciary Net Position ............................................................................... 28 Statement of Changes in Fiduciary Net Position ............................................................ 29 Notes to the Basic Financial Statements ............................................................................. 30

REQUIRED SUPPLEMENTAL INFORMATION SECTION
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual:

General Fund .................................................................................................................... 69 Coronavirus State & Local Fiscal Recovery Special Revenue Fund ................................. 70 Federal Transportation Program Special Revenue Fund ................................................... 71 Schedule of Proportionate Share of Net Pension Liability and Related Ratios as of the Measurement Date ........................................................................................... 72 Schedule of Pension Contributions ................................................................................... 73 Schedule of Changes in Net OPEB Liability and Related Ratios ...................................... 74 Schedule of OPEB Contributions ...................................................................................... 75 DRAFT 16
City of Goleta
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
-iiSUPPLEMENTAL INFORMATION SECTION
Nonmajor Governmental Funds - Definitions ......................................................................76 Nonmajor Governmental Funds:

Combining Balance Sheet ...........................................................................................80 Combining Statement of Revenues, Expenditures and Changes in Fund Balances .................................................................................................................90 Schedules of Nonmajor Governmental Funds Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ...........................................................100

STATISTICAL SECTION
Financial Trends:

Net Position by Component ..............................................................................................153 Changes in Net Position ....................................................................................................154 Fund Balances of Governmental Funds ............................................................................156 Changes in Fund Balances of Governmental Funds ........................................................158 Revenue Capacity:

Assessed Value and Actual Value of Taxable Property ....................................................160 Direct and Overlapping Governments Property Tax Rates ...............................................161 Principal Property Taxpayers ............................................................................................163 Property Tax Levies and Collections .................................................................................164 Revenue and Rates of Transient Occupancy Tax ............................................................165 Principal Transient Occupancy Tax Payers ......................................................................166 Debt Capacity:

Ratios of Outstanding Debt by Type .................................................................................167 Direct and Overlapping Governmental Activities Debt ......................................................168 Computation of Legal Debt Margin ...................................................................................169 Demographic and Economic Information:

Demographic and Economic Statistics ..............................................................................171 Principal Employers ..........................................................................................................172 Operating Information:

Full-time and Part-time City Employees by Function ........................................................173 Operating Indicators by Function ......................................................................................174 Capital Asset Statistics by Function ..................................................................................175 DRAFT 17
iii

CITY COUNCIL
Paula Perotte
Mayor
Luz Reyes-Martín
Mayor Pro Tempore
District 1
Stuart Kasdin
Councilmember
James Kyriaco
Councilmember
District 2
Kyle Richards
Councilmember

CITY MANAGER
Robert Nisbet
December 20, 2024
To the Honorable Mayor, Councilmembers, and Residents of the City of Goleta:

We are pleased to present the Annual Comprehensive Financial Report (ACFR) of the City of Goleta (City) for the fiscal year ended June 30, 2024. The report was prepared by the City’s Finance Department in conformance with the principles and standards established by the Governmental Accounting Standards Board (GASB) for financial reporting under U.S. Generally Accepted Accounting Principles (GAAP) as they apply to local governments. The report underwent an independent audit conducted in accordance with generally accepted auditing standards by an independent public accounting firm of licensed certified public accountants.

This report contains management representations regarding the City’s finances.

Management assumes full responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures. To provide a reasonable basis for making these representations, City management has established a comprehensive internal control framework that is designed to safeguard the City’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City’s financial statements in conformity with GAAP. While mindful of the cost-benefit aspect of internal controls, the City prioritizes effective and robust measures to provide reasonable, rather than absolute, assurance that the financial statements are free from material misstatement. To the best of our knowledge and belief, this report is accurate in all material respects and fairly presents the City’s financial position, ensuring full disclosure for a thorough understanding of the City’s financial activities.

AUDITED FINANCIAL STATEMENTS
The City’s financial statements have been audited by Rogers, Anderson, Malody, & Scott LLP (RAMS), a firm of licensed certified public accountants. The objective of the independent audit is to provide reasonable assurance that the financial statements of the City for the fiscal year ended June 30, 2024, are free of material misstatement. This audit involved a comprehensive process, including the examination of evidence on a test basis supporting the amounts, evaluation of accounting principles applied and disclosures in the financial statements, assessment of the overall accounting principles used and significant estimates made by management, and evaluation of the overall financial statement presentation.

The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion on the City’s financial statements for the fiscal year ended June 30, 2024, confirming that these statements are fairly presented in conformity with GAAP. The independent auditor’s report can be found at the beginning of the Financial Section of this report.

DRAFT 18
iv
In alignment with the requirements of GASB Statement No. 34, this ACFR provides a comprehensive model for financial reporting by state and local governments. GASB 34 requires management to provide a narrative introduction, overview, and analysis in the form of Management’s Discussion and Analysis (MD&A) to accompany the financial statements. This transmittal letter complements the MD&A and offers additional context for the report which should be read in conjunction. The MD&A directly follows the independent auditor’s report.

REPORT ORGANIZATION
The report is organized into three key sections: introductory, financial, and statistical.

1. The Introductory section includes this transmittal memorandum and general information on the City’s government structure and services provided. It includes a list of principal officials and an organizational chart, offering readers a contextual understanding of the City’s governance and operational framework.

2. The Financial section contains the independent auditor’s report on the financial statement audit, the MD&A, basic financial statements, required supplementary information, and combined and individual fund presentations and supplementary information.

3. The Statistical section includes selected multi-year data on financial and demographic information. This information includes financial trends, revenue capacity, debt capacity, demographics, and economic and operational metrics, providing a comprehensive view of the City’s historical performance and current standing.

PROFILE OF THE CITY OF GOLETA
The City of Goleta was incorporated on February 1, 2002, as a General Law City under the laws of the State of California. Encompassing approximately 8 square miles in southern Santa Barbara County, Goleta is home to a vibrant and diverse population of approximately 32,515 residents. The City is adjacent to the City of Santa Barbara and the University of California, Santa Barbara, and is approximately 90 miles northwest of Los Angeles.

Form of Government
The City operates under the council-manager form of government. The City Council consists of four members elected by district for staggered four-year terms of office, and one Mayor elected at large to serve a four-year term. The Mayor Pro Tempore is selected annually amongst its members by the Council to serve a one-year term.

The City Council acts as the legislative and policy-making body of the City, enacting laws and initiatives to promote the community’s general welfare. The City Manager, appointed by the City Council, serves as the Chief Executive Officer and is responsible to the City Council for the administration of all City affairs and implementing all policies and ordinances established by the City Council. The City Attorney, appointed by the Council, provides legal guidance under a contractual agreement. The City Manager appoints all other City staff.

City Services
The City provides essential municipal services through a combination of contracts and direct management. Services include street, park, and landscape maintenance. The City of Goleta also contracts with the Santa Barbara County Sheriff’s Department for law enforcement services. Fire DRAFT 19
v
protection services are provided by the Santa Barbara County Fire Department through the Santa Barbara County Fire Protection District, which has a service area that includes the City of Goleta.

There are approximately 550 acres of parks and open space within City limits. The City owns the Goleta Public Library and assumed direct management and operation of the Goleta Library in FY 2018/19 and created a new Library Zone 4 on behalf of the County of Santa Barbara. On July 1, 2019. The City also provides direct management and operations of the libraries in the City of Buellton and the City of Solvang. On January 1, 2023, the City assumed direct management and operations of the Goleta Valley Community Center.

Budget Process and Budgetary Control
The City Council adopts a two-year budget plan at the beginning of each two-year cycle in conjunction with a two-year strategic plan, which includes formally adopting an annual operating and capital budget prior to July 1st of each year in conjunction with annual work programs of each department. The adopted two-year budget plan includes an operating and capital budget for the first year, while the second-year estimates serve as a baseline for discussion and are updated during the mid-cycle budget review process. The adopted budget is the foundation for the City of Goleta’s financial planning and control system.

Departmental appropriation requests are submitted to the City Manager, who develops a proposed budget. The proposed budget is presented at public workshops conducted by the City Council. The City Council reviews and formally adopts the budget during a public hearing. The final budget is approved at the fund, department, program, and line-item levels.

The City Council regularly reviews the financial activity, comparing actual revenues and expenditures against the original adopted budget. Adjustments are made as necessary to ensure expenditures align with anticipated revenues and remain within available resources. Budgetary control (the level at which expenditures cannot legally exceed the appropriation amount) is managed at the fund and department level with stricter control over capital assets and fund balance categories at the line-item level. The City Council must approve amendments or transfers of appropriations between funds or departments as well as items related to capital assets or fund balances. Within departments, the City Manager has delegated authority to approve transfers of appropriations between programs and among various appropriation units (e.g., salaries and benefits, services and supplies, and capital outlay) within programs, except for special designations or projects.

Unexpended appropriations for capital projects, one-time special projects, and grant-funded programs that span multiple fiscal years on a “project-length” basis are reviewed by the City Manager and recommended for carryover into the next fiscal year, subject to City Council approval.

Internal Controls
The City’s management holds the primary responsibility for establishing and maintaining a comprehensive internal control structure designed to ensure that the assets of the government are protected from loss, theft, or misuse and ensures the compilation of accurate accounting data necessary for financial statements that conform to GAAP and the standards set by GASB.

The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that the costs of a control should not exceed the benefits likely to be achieved, and the valuation of costs and benefits requires estimates and judgments by management.

DRAFT 20
vi
As a recipient of financial resources from state, county, and federal entities, the City is also tasked with ensuring compliance with all applicable laws and regulations. Management conducts periodic evaluations of the internal control framework to maintain its effectiveness and adapt to emerging risks and regulatory changes.

MAJOR INITIATIVES AND ACCOMPLISHMENTS
During Fiscal Year 2023/24, the City of Goleta implemented and completed a range of projects, programs, and initiatives to advance the goals and priorities of the City Council and the community. Our dedicated staff successfully completed numerous work efforts that fully aligned with the City's Vision Statement and the Council's nine Key Initiatives. These accomplishments reflect the City’s unwavering commitment to ensuring the well-being of our community and advancing our shared goals for Goleta's future.

Some of these accomplishments are summarized below:

Community Development and Housing
 Adopted the revised Housing Element (2023–2031) with rezones and HCD certification.  Approved key policies such as the Tenant Protection Urgency Ordinance, Affordable Housing Implementation Policy, and EV Reach Code.
 Completed approvals for major projects, including Camino Real SPA, Medical Office Buildings, and a mixed-use development on Calle Real.

Public Safety and Emergency Preparedness
 Negotiated a multi-year agreement with the Santa Barbara County Sheriff’s Department for police services.
 Updated the City’s Emergency Operations Plan and Hazard Mitigation Plan, securing FEMA approval.
 Implemented a High-Fire Risk Areas Ordinance and Noise Ordinance.  Advanced the Homelessness Strategic Plan, increasing reserved shelter beds and assisting with permanent supportive housing projects like Buena Tierra.

Parks, Recreation, and Library Services
 Finalized the Stow Grove Park Draft Master Plan and improvements at Armitos Park, Community Garden, and Jonny D. Wallis Park Splash Pad.
 Secured $4.2M in grant funding for critical infrastructure upgrades at the Goleta Valley Library.
 Transitioned library services to a new management system while maintaining Black Gold partnerships.
 Implementation of Senior Programming at Goleta Community Center  Launch of Online Facility Reservation System
Economic Development and Community Engagement
 Held the second bilingual LEAD Goleta Academy.
 Launched the “Go Green Goleta” campaign and GoodLandGoodShopping.com business directory.
 Held the first-ever Goleta Old Town Holiday Parade and annual Coffee & Community events.
 Partnered with the South Coast Chamber for “Meet Me in Old Town” initiatives.

DRAFT 21
vii
Governance, Technology, and Workforce Initiatives
 Launched a searchable online public document portal.
 Implemented Online AB1234 Ethics Training for elected/appointed officials  Updated the 2015 Employee Compensation Survey and conducted successful union negotiations with SEIU.
 Implemented a new 1% transaction and use tax, effective January 2024, and updated cannabis and short-term rental ordinances for increased compliance.  Enhanced cybersecurity protections and procured a new IT Managed Services Agreement.
 Completed rollout of the NEOGOV training system and developed a Workplace Violence Protection Plan.

Capital Improvements, Infrastructure and Sustainability  Completed the San Jose Creek Bike Path (Middle Extents) and secured ATP funding for Northern and Southern Extents.
 Awarded the 2023 Pavement Rehabilitation Project and designed the 2024 Pavement Rehabilitation Project
 Obtained permits for the Ellwood Mesa Wildfire Risk Reduction and Monarch Butterfly Phase 1 projects.
 Implemented Winter Storm Emergency Projects and citywide encampment cleanups.  Developed capital replacement reserve targets for all City-owned facilities.  Conducted structural assessments of the Historic Train Depot and the Goleta Community Center.
 Completed the seismic retrofit of the Goleta Community Center and finalized designs for ADA improvements.
 Designed and implemented streetlight engineering standards and a replacement program.  Resurfaced or paved 4.6 centerline miles of pavement and completed designs for future pavement rehabilitation projects.
 Finalized construction of the San Jose Creek Bike Path (Middle Extents).  Installed RRFBs at Calle Real and Fairview and upgraded traffic signals along Hollister Avenue.
 Completed citywide water quality characterization (Phase I).

For a comprehensive list of the City of Goleta’s accomplishments and initiatives, please visit our annual work programs available on the City’s website at: https://www.cityofgoleta.org/yourcity/city-manager-s-office/department-annual-work-programs

ECONOMIC CONDITION AND OUTLOOK
Local Economy
The City of Goleta’s diverse tax base includes single-family homes, condominiums, and apartments, alongside a mix of retail, light industrial, manufacturing, and service businesses. The City significantly contributes to economic activity in the Santa Barbara County South Coast, particularly in education, professional services, tourism, retail, and manufacturing. Despite the challenges of the COVID-19 pandemic, Goleta has shown strong recovery, particularly in Transient Occupancy Tax (TOT) and sales tax revenues. The City’s diverse economic base played a significant role in its resilience, helping mitigate the pandemic’s financial impact.

DRAFT 22
viii
Economic Challenges
Current economic indicators reveal consistent growth and resilience in Goleta’s economy, though ongoing challenges remain. These include:
 Although inflation has slowed considerably since its peak in 2022, operating and capital expenditure costs remain elevated
 Supply chain disruptions
 Rising energy and fuel costs
 Increasing labor costs
 Federal Reserve tightening policies
These factors collectively contribute to higher costs for essential city services and infrastructure projects. Rapid inflation in prior years has particularly impacted building and construction costs, complicating efforts to address deferred maintenance, fund priority capital improvement projects, and comply with future unfunded mandates.

In response to these challenges, the City is proactively developing strategies to manage our finances and maintain fiscal health effectively. This includes conducting various fees and rate studies, prioritizing the comprehensive CIP, and evaluating tax-exempt financing options for major capital projects by leveraging transportation-related revenues and utilizing the general fund.

Additionally, beginning in FY 2024/25, the City will start receiving the first full fiscal year of its voter-approved 1% transaction and use tax, which is estimated to add $10.6 - $11 million annually to the General Fund. This new revenue stream will bolster our capacity to navigate these uncertainties and continue to support the community’s growth and well-being and address Councils priorities and deferred maintenance.

Unemployment Metrics
According to the labor market data released by the California Employment Development Department (EDD), Goleta’s annual unemployment rate for the calendar year 2023 was 2.7%, slightly up from 2.3% for 2022. For the same annual 2023 period, the unemployment rate for Santa Barbara County was at 4.1% and California at 4.8%.

Key Revenue Trends
In the tourism sector, TOT revenues for FY 2023/24 generated $14.1 million due to continued elevated average daily rates and occupancy levels. Looking ahead, TOT revenue is expected to remain flat, influenced by economic uncertainties, including inflation.
 Property tax revenues showed stability and growth with an inflation adjustment of 2% and ongoing property transfer activity. The real estate market saw significant price increases during the pandemic as mortgage rates dropped to historic lows, and demand for housing remained high with low supply, driving the average and median price of detached singlefamily homes to historic highs. The average price for calendar year 2023 continued to remain elevated and was $1.4 million and the median price was $1.4 million. Prepandemic, for calendar year 2019, the average price was $937,760 and the median was $898,000. Going forward, it is anticipated that prices and values will remain high, though the high-interest rate environment will slow the pace of real estate transactions, but property values are expected to remain elevated.

DRAFT 23
ix
 Sales tax revenues (not including transaction and use tax) also experienced slight growth, with the General Fund receiving $8.7 million in FY 2023/24, a slight decrease of 0.8% when compared to FY 2022/23. Sales tax is supported by eight major industry groups, with general consumer goods accounting for about 20% of total sales tax revenues. Going forward, sales tax revenue growth is anticipated to remain flat in the next fiscal year.

While Goleta’s economic foundation remains strong, elevated costs in building and construction, alongside expenditure pressures and potential economic slowdowns, necessitate continued financial planning. The City’s proactive fiscal strategies, supported by the new transaction and use tax, position it to address fiscal challenges, maintain essential services, and support longterm community growth and well-being.

Challenges
The City of Goleta, like other government agencies across California, faces increasing annual operating costs and rising retirement-related liabilities. Significant challenges for the City include increased ongoing funding needs for deferred maintenance items, such as pavement maintenance, facility upgrades, and park improvements. Additionally, implementing major management and master plan documents, such as the Homelessness Strategic Plan, the Bicycle and Pedestrian Master Plan, the Stowe Grove Master Plan, and the Creeks and Watershed Management Plan, requires sustained financial commitments. Rising contract service costs add another layer of complexity to these efforts.

Major capital improvement program (CIP) projects are projected to remain underfunded and face the risk of increased funding gaps due to escalating construction costs. Key infrastructure projects addressing transportation, drainage, and public facilities risk delays, complicating the City’s ability to meet long-term goals.

Despite these challenges, the City has historically mitigated financial pressures through the strategic use of contract services and one-time savings. anticipated cost increases and revenue uncertainties in future years, particularly in TOT and sales tax revenues, present additional hurdles. Inflation, Federal Reserve actions, and broader economic conditions further complicate fiscal planning efforts.

The City is actively exploring strategies to address these challenges, including evaluating operational efficiencies, renegotiating service contracts, and leveraging advanced financial management tools. Alternative funding sources, such as grants and tax-exempt financing, are also being pursued to bridge the CIP funding gap. Engaging with residents and stakeholders ensures resource allocation aligns with community priorities.

We remain committed to proactive fiscal management and innovative solutions to navigate these uncertainties while continuing to deliver high-quality services to our community.

Long-Term Financial Planning
The City incorporates long-term financial planning into its budget process to ensure fiscal sustainability and the alignment of resources with strategic goals. Each year, during the budget process, the City Council reviews an updated General Fund Five-Year Forecast and a CIP FiveYear Forecast, which include all special revenue funds associated with each project. These forecasts focus on a five-year horizon due to the volatile nature of tax revenues in a tourist-based economy and the unpredictable nature of one-time special revenue funds tied to development activity. The five-year forecasts are maintained by Finance staff and serve as tools for evaluating the sustainability of decisions over time. By providing management with data-driven projections, DRAFT 24
x
these tools allow the City to assess potential financial scenarios and prioritize resources effectively. In December 2020, Finance staff prepared a long-range General Fund financial forecast extending twenty years. This long-range forecast offers strategic decision-making insights, balancing short-term needs with long-term goals, and provides a high-level perspective on the City’s ability to sustain services and maintain fiscal health over the next two decades. In FY 21/22, staff began preliminary work on developing a CIP, Capital Maintenance, and Other Priorities Funding Plan. This plan aims to close funding gaps in future years by identifying critical infrastructure projects, maintenance needs, and financing strategies. This ongoing effort will be refined as new information and resources become available. By integrating these financial tools into the budget process, the City can maintain fiscal responsibility, preserve essential services, and adapt to evolving economic and community needs. This proactive approach ensures that resources are allocated effectively to meet current demands while planning for the challenges and opportunities of the future.

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

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

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

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

Fund Balance Reserve Policies: The City recognizes the importance of long-range planning in managing the City’s fiscal affairs to provide for stable operations and ensure the City’s long-term financial health. The reserves contained in the General Fund play a pivotal role in this strategy.

The reserve policies require a contingency reserve balance of at least 33% of the General Fund’s ongoing expenditures budget. Additionally, other reserve categories have been established for capital equipment, compensated leave, risk management, litigation defense, sustainability, CalPERS pension, and Other Post Employee Benefits (OPEB) for retiree health unfunded accrued liability. It should be noted that in FY 21/22, the City has set up Section 115 Trusts for both pensions and retiree health care liabilities and has transferred reserves held to these trusts.

Future funding policies will be considered and implemented in the next few fiscal years.

OTHER INFORMATION
Spending Limitation
DRAFT 25
xi
Article XIIIB of the California Constitution, also known as the Gann spending limit, restricts the amount of “proceeds of taxes” California governments may spend. As of June 30, 2024, the City had not reached its Article XIIIB spending limitation of $75,864,694.

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

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

GFOA Financial Reporting Certificate of Achievement
The Government Finance Officers Association of the United States and Canada (GFOA) last awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Goleta, California, for its annual comprehensive financial report for the fiscal year ended June 30, 2023. That was the 20th year the City received this prestigious award. To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

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

GFOA Budget Presentation Award
The GFOA also awarded a Certificate of Achievement for Distinguished Budget Presentation to the City of Goleta for its Operating and Capital Budgets for fiscal years 2023/24 and 2024/25. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as a financial plan, as an operations guide, and as a communication device.

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

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

Respectfully submitted,
_________________ _________________
Robert Nisbet Luke Rioux
City Manager Finance Director
DRAFT 26
Citizens of Goleta
City Council
City Manager
General Government
Department Finance Department General Services Department Neighborhood Services Department Planning and Environmental Review Department Public Works Department Police Services City Attorney
• Sheriff Services*• Animal Services*
• Parking
Enforcement*
• Fire District Liaison
(*Contract)
• Engineering• Capital Projects• Streets Maintenance• Parks Maintenance• Open Space Mgmt • Street Lighting Maint• Environmental
Services
• Traffic Ops & Maint
• Current Planning• Advance Planning• Building Services*• Affordable Housing• Sustainability• PER Commissions• H2S Liaison • Parks• Recreation• Library• Community Center
• Homelessness• Emergency Services• Grants Programs
• City Customer
Response
• Facilities
Management
• Fleet Management
• Information
Technology
• Purchasing
• Financial
Administration
• Budget & Financial
• Accounting/AP/AR• Treasury/Debt• Payroll• Business Licenses • Cannabis Licenses
• RDA Successor
• City Manager• City Clerk
• Community Relations
• Human Resources/• Risk Management
• Economic
Development
• Support Services
City of Goleta Organizational Chart
By Function
[Li
DRAFT
27 -xiiiCity of Goleta
List of Principal Officials
Fiscal Year Ended June 30, 2024

CITY COUNCIL
Paula Perotte, Mayor
Luz Reyes-Martin, Mayor Pro Tempore, District 1
Stuart Kasdin, Councilmember
James Kyriaco, Councilmember, District 2
Kyle Richards, Councilmember

CITY MANAGER
Robert Nisbet

CITY ATTORNEY
Megan Garibaldi

EXECUTIVE MANAGEMENT
(in alphabetical order)
Lt. Rich Brittingham, Chief of Police
Luz ‘Nina’ Buelna, Interim Public Works Director
Winnie Cai, Assistant City Attorney
Matthew Fore, General Services Director
Kelly Hoover, Community Relations Manager
Peter Imhof, Planning & Environmental Review Director
Jennifer Jennings, Human Resources/Risk Manager
Deborah Lopez, City Clerk
JoAnne Plummer, Neighborhood Services Director
Luke Rioux, Finance Director
Jaime Valdez, Assistant City Manager
DRAFT 28
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Goleta
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
[Lv
DRAFT 29

FINANCIAL SECTION
DRAFT 30

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 31
735 E. Carnegie Dr. Suite I 00
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
ramscpa. net

PARTNERS
Scott W Manno. CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A. Welebir. CPA. MBA. CGMA
Jenny W. Liu. CPA, MST
Ga,·denya Duran, CPA, CGMA
Brianna Schultz, CPA. CGMA
Brenda L. Odle. CPA. MST (Partne, Emeritus)
Te, ry P Shea, CPA (Panner Emenws)

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

MEMBERS
Amencan lnsutuce of
Certified Public Accountants
PCPS The A/CPA Alliance
(01 CPA Fi,ms
Governmental Audit
Q11C1/1ty Cenre,
Califot nia Society of
Certified Public Accountants
•
Proud Member of
AlliottGlobalAlliance~

ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-1-
Independent Auditor’s Report
To the Honorable City Council
City of Goleta, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Goleta (the City), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the City's basic financial statements as listed in the table of contents.

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

Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Emphasis of Matter
As described in Note 1 to the financial statements during the year ended June 30, 2024, the entity adopted new accounting guidance under Governmental Accounting Standards Board (GASB)
Statement No. 100, Accounting Changes and Error Corrections. Our opinions are not modified with respect to this matter.

DRAFT 32
-2-
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.
 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control.

Accordingly, no such opinion is expressed.
 Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

DRAFT 33
-3-
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that those schedules, as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying supplementary information, as listed in the table of contents, are presented for additional analysis and are not required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the accompanying supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information
Management is responsible for the other information included in the annual comprehensive financial report (ACFR). The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor's report thereon.

Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

DRAFT 34
-4-
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 20, 2024 on our consideration of City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City’s internal control over financial reporting and compliance.

San Bernardino, California
December 20, 2024
DRAFT 35
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-5-
As management of the City of Goleta (the City), we offer readers of the City’s financial statements this narrative overview and analysis of the City's financial activities for the fiscal year ended June 30, 2024. Readers are encouraged to consider the information presented here in conjunction with additional information provided in the letter of transmittal (in the Introductory Section) and the accompanying basic financial statements and notes, which follow this section.

FINANCIAL HIGHLIGHTS
 At the close of the most recent fiscal year, the City’s assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources by $290.45 million (net position). Of this amount, $34.15 million is unrestricted and available to meet the City’s ongoing obligations to its residents and creditors. The remaining amount is invested in capital assets or otherwise restricted and, therefore, not immediately available for the City’s obligations.
 The City’s total revenue from all governmental activities equaled $75.4 million, an increase of $24.2 million or approximately 47.2% compared to $51.2 million from the previous fiscal year. The increase is primarily related to grants and the new transaction and use tax, reflected as part of the sales and use taxes revenue category.  Sales and use tax revenues increased by $4.9 million, or 45.3%, in the 2024 fiscal year to $15.98 million. The increase was primarily driven by the new 1% transaction and use tax that went into effect on January 1, 2024, providing approximately $5 million of new General Fund revenues.
 Transient occupancy tax (TOT) revenues increased by $350 thousand, or 2.5%, to $14.23 million in the 2024 fiscal year. The minimal increase was due to tourism activity (occupancy rates) and average daily rates performing slightly better. Over the past fiscal year, TOT revenues have continued to slow down and normalize.  The City’s total expenditures on all programs totaled approximately $50.77 million, a decrease of 2.1%, or approximately $1.07 million, compared to the previous fiscal year's $51.84 million. The overall decrease is largely attributable to expenditures in Public Works related to Capital Improvement Projects, which was significant enough to offset the increases in the other departments by $1.07 million.  The General Fund reported an ending fund balance of approximately $44.79 million, an increase of $5.26 million from the $39.53 million ending fund balance of the fiscal year 2023. The increase was due to total revenues exceeding expenditures. The $44.79 million fund balance includes committed funds of $17.47 million, including the 33% contingency reserve; the assigned fund balance of $20.36 million; and $6.86 million remaining as an unassigned fund balance on June 30, 2024.

DRAFT 36
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-6-

OVERVIEW OF THE FINANCIAL STATEMENTS
This annual report contains the City’s Basic Financial Statements, which includes three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

The government-wide financial statements consist of the Statement of Net Position and the Statement of Activities that provide information about the activities of the City as a whole and allow a longer-term view of the City’s finances. The fund financial statements illustrate how City services are financed in the short-term as well as what remains for future spending. They also report the City’s operations in more detail than the government-wide financial statements by providing information about the City’s most significant funds. The Notes to the Basic Financial Statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. This report contains various references to the section of notes that provides additional information on the information described.

Government-wide Financial Statements
Reporting the City as a Whole: The Statement of Net Position and the Statement of Activities
One of the most important questions asked about the City’s finances is, “Is the City as a whole better, unchanged, or worse off as a result of this fiscal year’s activities?” The Statement of Net Position and the Statement of Activities report information about the City as a whole and about its activities in a way that helps to answer this question. These statements include all assets, deferred outflows of resources, liabilities, and deferred inflows of resources using the accrual basis of accounting, which is similar to the accounting used by most private sector companies.

All the current fiscal year’s revenues and expenses are considered regardless of when cash is received or paid.

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

All of the City’s basic services are governmental activities. The Statement of Net Position and the Statement of Activities present information about these Governmental activities, including General Government, Public Safety, Public Works, Library, Planning and Environmental Review, and Neighborhood Services. Property Tax, Sales Tax, Transient Occupancy Tax, Franchise Fees, and Cannabis Business Tax finance approximately 83% of these activities. It should be noted that the City does not have business-type activities.

DRAFT 37
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-7-
Fund Financial Statements
Reporting the City’s Most Significant Funds: Fund Financial Statements The Fund Financial Statements provide detailed information about the most significant funds, not the City as a whole. Included are the General Fund, Federal Transportation Program, Coronavirus State & Local Fiscal Recovery Fund (SLFRF) as well as lesser funds reported collectively as Other Governmental Funds. Some funds are required to be established by State law; however, the City establishes many other funds to help it control and manage money for specified purposes or to demonstrate that the City is meeting legal responsibilities for using certain taxes, grants, and other money. The City currently has just one type of fund, governmental, which uses the following accounting approach.

Governmental Funds focus on how money flows into and out of those funds and the balances left at fiscal year-end that are available for future appropriation. Most of the City’s basic services are reported in governmental funds. These funds are reported using an accounting method known as modified accrual accounting. Under this method of accounting, revenues are recognized in the accounting period in which they become measurable and available to finance expenditures of the current fiscal period, while expenditures are recognized in the accounting period in which the liability is incurred.

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

The City as Trustee: Reporting the City’s Fiduciary Responsibilities The City is the trustee, or fiduciary, for certain amounts held on behalf of the Successor Agency to the Goleta Redevelopment Agency. The City’s fiduciary activities are reported in separate Fiduciary Fund Statements. We exclude these activities from the City’s other financial statements because the City cannot use these assets to finance its operations. The City is responsible for ensuring that the assets reported in these funds are used for their intended purpose.

Notes to the Basic Financial Statements
The notes provide additional detailed information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found starting on page 30 of this report.

DRAFT 38
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-8-
Other Information
Required Supplementary Information
In addition to the basic financial statements, this report also presents certain Required Supplementary Information (RSI), including the City’s budgetary comparison schedules, schedule of changes in net pension liability and related ratios, schedule of pension contributions schedule of changes in net OPEB Post-Employment Benefits (OPEB) liability and related ratios, and schedule of OPEB contributions. RSI can be found starting on page 69 of this report.

Supplementary Information
This report also presents certain other supplementary information including combining fund statements for the City’s non-major governmental funds, including budget and actual statements. The supplementary information section can be found starting on page 76 of this report.

Statistical Section
Statistical tables regarding financial trends, revenue capacity, debt capacity, demographics, and economic information, and operating information can be found starting on page 152 of this report.

GASB Pronouncements
Additionally, for the year ended June 30, 2024, the financial statements include the adoption of GASB Statement No. 100, Accounting Changes and Error Corrections. The primary objective of this statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. The requirements of this statement are effective for fiscal years beginning after December 15, 2023. For additional information, refer to the Notes to the Financial Statements, Note 13.

DRAFT 39
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-9-
THE CITY AS A WHOLE – GOVERNMENT-WIDE FINANCIAL ANALYSIS Summary of Net Position
The analysis focuses on the net position (see Table 1) and changes in net position (Table 2) of the City’s governmental activities. The City does not have any business-type activities. Table 1 below summarizes the Statement of Net Position for Governmental Activities as of June 30, 2024, with comparative totals as of June 30, 2023. As previously stated, the net position at fiscal year-end serves as a useful indicator over time whether the City’s financial position is improving or deteriorating.

Table 1
Summary of Net Position
As of June 30, 2024 and 2023
Governmental Activities
2024 2023
Assets:

Current and other assets 95,228,512 $ 90,249,289 $
Capital assets 228,115,036 209,175,438
Total Assets 323,343,548 299,424,727
Deferred Outflows of Resources:

Pension related 3,891,756 3,640,759
OPEB related 221,091 272,889
Total Deferred Outflows of Resources 4,112,847 3,913,648 Liabilities:

Current and other liabilities: 17,495,220 17,802,217
Long Term Liabilities:

Due in one year 1,277,309 1,220,509
Due in more than one year 16,179,663 16,232,545
Total Liabilities 34, 35,255,271 952,192
Deferred Inflows of Resources:

Pension related 69,329 103,651
OPEB related 1,984,413 2,164,681
Total Deferred Inflows of Resources 2,053,742 2,268,332 Net Position:

Net investment in capital assets 217,892,824 199,419,212 Restricted 38,412,267 35,667,016
Unrestricted 34,145,370 30,728,544
Total Net Position 290,450,461 $ 265,814,772 $
DRAFT 40
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-10-
As of June 30, 2024 the City’s net position totaled $290.4 million, an increase of $24.6 million or approximately 9.3% in comparison to the prior fiscal year.

The largest portion of net position consisted of the City’s net investment of $217.9 million (75.0%) in capital assets (i.e., land, buildings, machinery, equipment, and infrastructure), less deprecation, and any related debt used to acquire those assets that are still outstanding. The City uses these capital assets to provide services to its community. The change in the net position can be caused by all elements of the financial statements, which include the assets, deferred outflows of resources, liabilities, and deferred inflows of resources. Assets can primarily be affected by its current assets, such as cash and investments and investments in capital assets. In this fiscal year, total assets experienced an increase of $23.9 million or 8.0% for a total of $323.3 million and were primarily due to capital asset additions less the annual depreciation/amortization expense at fiscal year-end, which accounted for a $18.9 million net increase.

The City’s total liabilities decreased by approximately $300 thousand or 0.9% for a total of $34.9 million. Within this category, the City’s current and other liabilities decreased by $300 thousand or 1.7% due to a $2.5 million decrease in deposits payable and unearned revenue, primarily related to increased expenditure activity for the Coronavirus State and Local Fiscal Recovery funds (SLFRF), spent primarily on Project Connect, a major capital project of the City, with an offsetting $2.1 million increase to accounts payable and retentions payable.

The restricted net position increased by approximately $2.7 million or 7.7% for a total of $38.4 million (13.2% of total net position), which are funds subject to external restrictions on how the funds may be used, such as development impact fees programmed for capital projects. The unrestricted net position increased by approximately $3.4 million or 11.1% for a total of $34.1 million (11.8% of total net position) and may be used at the City’s discretion to meet ongoing operating needs.

Changes in Net Position
The following table provides a summary of how the City’s net position changed from the prior fiscal year and summarizes the Statement of Activities for Governmental Activities for the fiscal year ended June 30, 2024, with comparative totals for the fiscal year ended June 30, 2023.

Generally, it indicates whether the financial health of the City as a whole is better, unchanged, or worse on June 30, 2024, in relation to a year earlier. For the fiscal year ended June 30, 2024, the total net position increased by $24.6 million or 9.3%, which shows the City’s financial health is relatively stronger from the previous fiscal year.

DRAFT 41
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-11-
Table 2
Changes in Net Position
Fiscal Year Ended June 30, 2024 and 2023
Governmental Activities
2024 2023
Revenues
Program Revenues:

Charges for services 2,915,673 $ 2,487,999 $
Operating contributions and grants 15,466,245 5,163,774 Capital contributions and grants 10,947,856 4,660,340
General Revenues
Taxes:

Property taxes 9,491,929 8,878,497
Sales and use taxes 15,972,669 10,992,006
Transient lodging tax 14,234,251 13,884,890
Franchise fees 1,730,737 1,693,236
Other taxes 953,844 1,460,097
Use of money and property 2,894,764 1,229,802
Other 793,470 763,590
Total Revenues 75,401,438 51,214,231
Expenses
General government 10,655,510 10,376,662
Public safety 10,975,712 9,349,732
Public works 18,786,893 22,540,161
Library 2,610,354 2,588,836
Planning & environmental review 4,628,681 4,056,009
Neighborhood services 2,832,847 2,650,927
Interest on long-term debt 275,752 281,218
Total Expenses 50,765,749 51,843,545
Change in Net Position 24,635,689 (629,314)
Beginning Net Position 265,814,772 266,444,086
Ending Net Position 290,450,461 $ 265,814,772 $
DRAFT 42
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-12-
Revenues: The City’s total revenues were $75.4 million for the fiscal year ended June 30, 2024, an increase of approximately $24.2 million or 47.2% when compared to last fiscal year.

Approximately 56% of the City’s revenue comes from some type of tax revenue including property, sales, transient occupancy taxes (TOT) and other taxes totaling $42.4 million this fiscal year. This is an increase of approximately $5.4 million when compared to the last fiscal year. This increase is primarily due to the new transaction use tax, which combined with the sales tax brings the total to $15.97 million or 45.3% increase when compared to last fiscal year.

Property taxes also increased by $600 thousand or 6.9% when compared to last fiscal year. In addition, transient occupancy tax increased by $300 thousand or 2.5%. The City receives 12% of the total taxable hotel revenue within city limits. The other 44% of revenues come from fees charged for services, development impact fees, state, local, and federal grants and contributions, and investment earnings.

Expenses: The total cost of all programs was $50.7 million for the fiscal year ended June 30, 2024, a decrease of $1.07 million or 2.1% when compared to last fiscal year. Expenses include a wide range of services such as general government administration, public safety (police protection services), public works, library, planning and environment review, neighborhood services, and interest on long-term debt related to the iBank financing for City Hall building.

Public works had a decrease of $3.7 million or 16.7%, primarily related to vacancies and incomplete capital improvement projects. This offset the $2.6 million in increased expenses in all other departments.

DRAFT 43
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-13-
The sources of the City’s major types of revenue and the areas where such resources are used are shown below in the chart below and the chart on the following page.

City’s Major Revenue Sources and Expenses by Type
(See Table 2)
Charges for Services,

3.9%
Operating Contributions
and Grants, 20.5%
Capital Contributions
and Grants, 14.5%
Property Tax, 12.6%
Sales Tax, 21.2%
Transient Occupancy
Tax, 18.9%
Franchise Fees, 2.3%
Other Taxes, 1.3%
Investment Income, 3.8%
Other, 1.1%
Sources of Revenue

DRAFT 44
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-14-
General Government,

21.0%
Library, 5.1%
Planning &
Environmental Review,

9.1%
Neighborhood
Services, 5.6%
Public Safety, 21.1%
Public Works, 40.1%
Interest on Long-term
Debt, 0.6%
Expenses by Type
Governmental Activities
Table 3 presents the cost of each of the City’s major programs, General Government, Public Safety, Public Works, Library, Planning and Environmental Review, and Neighborhood Services as well as each program’s net cost (total cost less revenues generated by the activities). The net cost shows the financial burden that was placed on the City’s taxpayers by each of these functions.

Table 3
Net Cost of Governmental Activities
Fiscal Year Ended June 30, 2024
Total Cost of Net Cost of
Services Services
General Government $ 10,655,510 $ (1,791,284)
Public Safety 10,975,712 (10,618,715)
Public Works 18,786,893 (4,560,670)
Library 2,610,354 (668,581)
Planning & environmental review 4,628,681 (1,402,736)
Neighborhood services 2,832,847 (2,118,237)
Interest on long-term debt 275,752 (275,752)
Totals $ 50,765,749 $ (21,435,975)

DRAFT 45
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-15-
 General Government expenses comprise approximately 21.0% of the governmental expenses and include City Council, City Manager, City Clerk, City Attorney, Community Relations, Human Resources, Risk Management, General Services (includes IT and Facility and Fleet maintenance), and Finance. Charges for services and other fees partially offset the cost of general government activities.  Library, Planning and Environmental Review and Neighborhood Services expenses comprise approximately 5.1%, 9.1%, and 5.6%, respectively, of the governmental expenses. Related fees and charges for services partially offset the cost of this program.

Neighborhood Services reflects Homelessness, Community Development Block Grant program, Parks and Recreation, and Goleta Community Center. Planning and Environmental Review reflects activities related to Planning, Building and Safety, and Affordable Housing.
 Public Safety expenses comprise approximately 21.6% of the governmental expenses and reflect the police services contract with the County of Santa Barbara’s Sheriff’s Office.
 Public Works expenses comprise approximately 37.0% of the governmental expenses.

Revenues from charges for services, operating and capital contributions, and grants offset the cost of this program. Public Works includes administration, engineering, parks and open space maintenance, street lighting, traffic operations and maintenance, street maintenance, environmental services and solid waste, and capital improvement activities.
 Interest on long-term debt primarily reflects the interest expense related the IBank financing of $10 million related to the purchase of the City Hall property of $11.5 million.

The lease will be repaid in semiannual payments for a term of 30 years through August 1, 2050 at an interest rate of 2.64%.

FINANCIAL ANALYSIS OF THE CITY’S FUNDS
At the fiscal year-end, the City’s governmental funds reported a combined fund balance of $77.7 million, an increase of $5.3 million or 7.3% over the prior fiscal year. The General Fund increased approximately $5.3 million or 13.3%. The Transportation Facilities Fund, formerly called Goleta Transportation Improvement Program (GTIP) Fund, was removed and replaced with the Federal Transportation Fund as a major fund. The Coronavirus State & Local Fiscal Recovery Fund (SLFRF), which has an asset balance of $3.2 million and reflects the total allocation, less recognized expenses, provided from the federal government when the American Rescue Plan Act (ARPA) was signed. The City has elected the standard allowance of $10 million for revenue loss due to the impacts of the COVID-19 pandemic and has programmed those funds towards governmental services and City capital projects. ARPA funds have been fully expensed by end of December 2024.

DRAFT 46
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-16-
General Fund Budgetary Highlights
Over the course of the fiscal year, the City Council revised the City budget several times. These budget amendments fall into three categories: 1) changes made during the fiscal year for unanticipated revenues and costs, 2) increased appropriations to prevent budget overruns, and 3) carry-over budgets for one-time use for capital projects and special projects. The City Council may amend the budget by motion during the fiscal year.

Revenues: Actual revenues of $45.5 million received came higher than the Final Budget by $1.7 million, primarily because of transaction use tax, higher tax receipts than anticipated with property tax, and transient occupancy tax. Overall actuals revenues increased approximately $7.1 million, or 18.6%, when compared to the prior fiscal year. The following paragraphs discuss key revenue variances, when compared to the budget and prior fiscal year actuals.

Property tax exceeded budgeted projections by 2.9% and when compared to the prior fiscal year actuals, by 3.9%. Property tax experienced higher assessed valuations due to a combination of a 2% inflation adjustment on assessed values for all property types and changes in the assessed value due to transfer of ownership. Assessed valuation changed by approximately 7.6%.

Sales tax was below budgeted projections by 0.6% and when compared to the prior fiscal year actuals, by 0.8%. While this was a small decrease, overall sales tax activity remained flat when adjusted for economic data. During a key sales tax meeting City staff had with our sales tax consultants, staff was informed that sales tax revenues were weakened in two major industry groups, “Business and Industry” as well as “Building and Construction”. The Transaction Use Tax (TUT) has supplemented the sales tax revenues with receipts first received for January 2024. Although TUT was below projections by 4.3%, this was a new $5.0 million dollars positive impact on the General Fund.

Transient Occupancy Tax (TOT) is the largest General Fund revenue source totaling $14.2 million and surpassing budgeted projections by 6.2%. Transient Occupancy Tax revenues experienced an increase of 2.5% when compared to the previous fiscal year, fiscal year 2022- 23, which recorded $13.9 million. TOT revenue growth has slowed down and has continued to normalize.

Expenditures: Actual expenditures of $39.9 million were under the Final Budget amounts by $24.1 million, or 37.7% under budget. This favorable variance primarily stems from the fiscal year 2023-24 budget reflecting deferred projects and one-time program spending that was then encumbered for carryover into the next fiscal year. With a programmed budget at increased amounts and timing of filling staff vacancies, less spending activity was experienced across the departments.

By the end of the fiscal year, approximately $5.3 million was identified related to unfinished encumbered projects in the operating budget and $14.3 million to capital improvement program projects that will be reappropriated in the following fiscal year. When comparing actuals to the prior fiscal year, overall expenditures increased by $1.8 million or 4.7%.

DRAFT 47
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-17-
Appropriations: Variances between the Original and the Final expenditure budgets are primarily due to the inclusion of continuing appropriations for special projects from the prior fiscal year, as well as new appropriations made by the City Council during the fiscal year. New budget appropriations were the result of higher than anticipated costs after receiving bids and proposals and unanticipated expenditures. All new appropriations get evaluated if considered one time or ongoing expenditures and analyzed against the City’s unassigned fund balance or another reserve category that may be available. Some significant budget appropriations included $12.5 million in carryovers comprised of $7.5 million related to CIP and $5 million related to encumbrances. In addition, the Ekwill Street and Fowler Road Extensions (CIP Project No. 9002), part of Project Connect, had a one-time budget appropriation adjustment increase of $8.5 million. Additionally, revenues were updated and projected conservatively due to the pandemic and volatility at the time of adopting the original budget. Adjustments were recommended at mid-year (second quarter) and the third quarter when actual data was known.

Ending Fund Balance: The General Fund ending balance was $44.7 million as of June 30, 2024. This amount was higher than the final budget projection by $26.1 million or higher than $5.2 million when compared to the prior fiscal year. This increase was a result of higher revenues and less expenditure activity experienced in the fiscal year as described above. The table below summarizes the fund balance by classification:

Fund Balance:

Non-spendable:

Prepaid items 92,635 $
Committed 17,472,816
Assigned 20,366,170
Unassigned 6,862,571
Total Fund Balance 44,794,192 $

DRAFT 48
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-18-
The Council has established fiscal policies and funding amounts for Compensated Absences, Risk Management, Equipment Acquisition and Replacement, Public Facilities, Sustainability, and Litigation Defense reserves. These fiscal policies also specify that a minimum of 33% of total ongoing operating budget would be maintained as a Contingency Reserve. Based upon final budgeted General Fund expenditures and transfers, the Contingency Reserve is $14.47 million. Additionally, the City Manager and City Council have approved the continuing designation of unexpended funds of $19.6 million assigned for special projects into the next fiscal year. Per Council direction, all remaining fund balance is to be placed in the unassigned fund balance.

CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
Capital assets include public domain (infrastructure) general fixed assets consisting of certain improvements including roads, streets, sidewalks, medians, and storm drains. These are assets that are used in the operations of the City’s functions. The City has valued these assets at $384.5 million at the end of fiscal year 2024. After accumulated depreciation and amortization, the net book value of these infrastructure improvements totals $228.1 million. Additional information on the City of Goleta’s capital assets can be found in Note 1F and Note 4.

Table 4
Capital Assets at Fiscal Year-End
(Net of Depreciation/Amortization)
Asset Type
Land 49,969,598 $
Infrastructure and right of way 260,258,623
Construction in progress 58,623,924
Vehicles 1,279,571
Furniture and equipment 1,405,436
Building and improvements 12,850,760
Right to use assets 157,746
Total capital assets 384,545,658
Less depreciation/amortization 156,430,622
Capital Assets net of Depreciation/Amortization 228,115,036 $

DRAFT 49
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-19-
Long-Term Debt
At fiscal year-end, the long-term debt reported by the City included compensated absences, successor agency settlement agreement, IBank lease, net OPEB post-employment benefits (OPEB) liability (retiree health care), and net pension liability. The following table summarizes the long-term debt for the fiscal year ended June 30, 2024. Additional information on the City of Goleta’s long-term debt can be found in Notes 1I, 1K, 1L, 5, 6, 7, 8 and 12.

Table 5
Long-Term Debt
Governmental Activities
Compensated absences $ 1,030,338
Successor Agency settlement agreement 775,941
Ibank lease payable 9,313,985
Net OPEB liability 747,962
Net pension liability 5,492,467
Lease liability 30,484
Subscription liability 65,795
Total $ 17,456,972
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
Economic Factors and Next Year's Budget
The City Council adopts a two-year budget plan at the beginning of each two-year cycle, formally adopting an annual operating and capital improvement budget prior to July 1st of each year. The adopted two-year plan includes finalized operating and capital budgets for the first year, while the second-year amounts are proposed estimates, serving as a basis for discussion, and are updated during the mid-cycle budget review process.

On June 20, 2023, the City Council adopted a two-year budget plan for fiscal year 2023-24 and 2024-25, which included a structurally balanced budget of $76 million for fiscal year 2023-24.

This amount includes $46.5 million related to the General Fund. Structurally balanced means revenues and other sources are projected to cover normal operations and ongoing expenditures.

On June 18, 2024, the City Council adopted an updated budget for fiscal year 2024-25 with a General Fund expenditure budget of $ 51.4 million. The budget was updated to maintain current service levels, incorporate directives from the City’s updated Strategic Plan and each department's Annual Work Program, and align with City Council priorities. These priorities were outlined in workshops focused on the new 1% general transaction and use tax, effective January 1, 2024.

DRAFT 50
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-20-
Budget Highlights and Significant Changes
 Revenue from the new Transaction and Use Tax was received by the City beginning in January 2024. The City collected $5.1 million for six months of fiscal year 2023-24 and is estimated to collect $11 million by the end of fiscal year 2024-25. The additional revenue generated from the new tax will play a critical role in funding deferred maintenance, capital improvements, addressing community needs, and maintaining the City’s long-term fiscal stability.
 Addressing homelessness has been stated as one of the highest Council priorities. The City spent $607,691 from the General Fund in fiscal year 2023-24 and programmed a budget of $866,400 for fiscal year 2024-25 for homelessness programs that meet strategies and objectives in the Homelessness Strategic Plan.  The Sheriff contract was budgeted at $10.7 million for fiscal year 2023-24. This is an increase of 17% over the fiscal year 2022-23 negotiated contract of $9.2 million. The City concluded contract negotiations with the Sheriff for a long-term contract from July 1, 2023, through June 30, 2027. The long-term contract includes annual cost escalators ranging from 3% to 6%. For fiscal year 2024-25, the sheriff contract costs are projected at $11.68 million. The annual cost escalators are expected to influence future budget allocations, necessitating careful fiscal planning to ensure sustainable funding.  The City’s General Fund contribution to the library has been steadily increasing. The General Fund contribution for the fiscal year 2023-24 was $760,810 and is projected at $754,708 for the fiscal year 2024-25.
 The City took over the Goleta Valley Community Center in January 2023. The Strategic Plan for the Community Center was approved by the Council on April 18, 2023. Over the course of this budget cycle, a decision was made to manage the facility in-house to enhance the facility, increase community engagement, and make major upgrades and repairs to the facility. The General Fund contribution to the Commuter Center in fiscal year 2023-24 was $231,712 and is projected to increase to $508,200 in fiscal year 2024-

25.  The General Fund contribution to the Capital Improvement Program (CIP) was $2 million in actual spending in fiscal year 2023-24. During the budget process, an additional $3.5 million of new General Fund dollars were appropriated for fiscal year 2024-25. When including the carryover budget of $14.3 million to help complete projects, the General Fund contribution is now projected at $18 million for fiscal year 2024-25. Some of the key projects include the Goleta Train Depot, Project Connect, Goleta Community Center ADA improvements and Campus, Cathedral Oaks Crib Wall Repair, San Jose Creek Multipurpose Path – Northern & Southern Segments, Stow Grove Park Master Plan & Renovation, Winchester II Park Improvements, and Ellwood Mesa and Monarch Butterfly Habitat.

DRAFT 51
City of Goleta
Management’s Discussion and Analysis
For the Year Ended June 30, 2024
-21-
 During the fiscal year 2024-25 budget process, various positions were reclassified and new positions were added shortly after the end of the fiscal year. Total FTEs changed from 121.525 to 122.025. In addition, the City concluded negotiations with the local Service Employees International Union (SEIU), and the City Council approved a fouryear memorandum of understanding (MOU) agreement on April 16, 2024. The MOU included various market rate adjustments, cost of living adjustments, and health benefit allowance adjustments. These adjustments aligned with market benchmarks and are expected to enhance employee retention and morale. At the time of preparing this report, total FTEs are reported at 124.625, which included adding two Lead Maintenance Worker positions and a part-time Program Technician.

Looking ahead, Goleta faces challenges, including deferred maintenance, funding gaps critical capital improvement projects, and broader economic uncertainties. Factors such as potential recession and changes in federal monetary policy may increase borrowing costs, posing additional financial pressures. Although inflation rates have significantly slowed since their peak in 2022, operating and capital expenditures remain elevated. Despite these challenges, the City remains committed to sound fiscal management by implementing strategic budget measures and safeguarding its long-term financial health. This includes maintaining prudent reserves, exploring debt financing options, such as tax-exempt bonds, pursuing additional grant opportunities, and evaluating adjustments to current revenue streams. These efforts will help address funding gaps and support critical investments in the community’s infrastructure and future.

CONTACTING THE CITY’S FINANCIAL MANAGEMENT STAFF
This financial report is designed to provide Goleta residents, taxpayers, customers, investors, and creditors with a general overview of the City’s finances and to demonstrate the City’s accountability for the money it receives. If you have any questions about this report or need additional financial information, contact the Finance Department, City of Goleta, 130 Cremona Dr. Suite B, Goleta, California 93117, (805) 961-7500 or email [email protected].

Additional information can also be found on t
DRAFT
he City’s website at www.cityofgoleta.org.
52 THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 53
City of Goleta
Statement of Net Position
June 30, 2024
The accompanying notes are an integral part of these financial statements. -22-
Governmental
Activities
ASSETS:

Cash and investments $ 81,649,235
Receivables:

Accounts 10,702,003
Interest 491,125
Loans 367,378
Deposits payable 1,926,056
Prepaid items 92,715
Capital assets:

Non Depreciable:

Land 49,969,598
Rights of way 11,395,313
Construction in progress 58,623,924
Depreciable:

Infrastructure 248,863,310
Vehicles 1,279,571
Furniture and equipment 1,405,436
Buildings and improvements 12,850,760
Right to use lease assets 41,520
Right to use subscription assets 116,226
Accumulated depreciation/amortization (156,430,622)
Total assets 323,343,548

DEFERRED OUTFLOWS OF RESOURCES
Pension related 3,891,756
Other 221,091
Total deferred outflows of resources 4,112,847

LIABILITIES
Accounts payable 10,957,859
Accrued salaries and benefits 682,265
Retentions payable 811,948
Interest payable 102,453
Deposits payable 1,660,498
Unearned revenue 3,280,197
Noncurrent liabilities:

Due within one year 1,277,309
Due in more than one year 9,939,234
Net OPEB liability 747,962
Net pension liability 5,492,467
Total liabilities 34,952,192

DEFERRED INFLOWS OF RESOURCES
Pension related 69,329
Net OPEB related 1,984,413
Total deferred inflows of resources 2,053,742

NET POSITION
Net investment in capital assets 217,892,824
Restricted for:

Public works 35,424,524
Library 832,971
Planning & environmental review 2,140,541
Neighborhood services 14,231
Unrestricted 34,145,370
Total net position $ 290,450,461
DRAFT 54
City of Goleta
Statement of Activities
For the Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -23-
Net (Expenses)
Revenues and
Changes in Net
Position
Expenses
Charges for
Services
Operating
Contributions and
Grants
Capital
Contributions and
Grants
Governmental
Activities
Governmental activities:

General government 10,655,510 $ 104,992 $ 8,759,234 $ - $ (1,791,284) $ Public safety 10,975,712 - - 356,997 (10,618,715)
Public works 18,786,893 980,970 3,124,298 10,120,955 (4,560,670) Library 2,610,354 34,243 1,894,322 13,208 (668,581)
Planning & environmental review 4,628,681 1,711,307 1,514,638 - (1,402,736) Neighborhood services 2,832,847 84,161 173,753 456,696 (2,118,237) Interest on long-term debt 275,752 - - - (275,752)
Total governmental activities 50,765,749 $ 2,915,673 $ 15,466,245 $ 10,947,856 $ (21,435,975) Taxes:
9,491,929
15,972,669
14,234,251
1,730,737
953,844
2,894,764
793,470
46,071,664
24,635,689
265,814,772
$ 290,450,461
Program Revenues
Franchise fees
General Revenues
Property taxes
Sales and use taxes
Transient lodging tax
Net position, beginning
Net position, ending
Other taxes
Other general revenues
Use of money and property
Total general revenues
Change in net position
DRAFT 55
City of Goleta
Governmental Funds
Balance Sheet
June 30, 2024
The accompanying notes are an integral part of these financial statements. -24-
General Fund
Coronavirus
State & Local
Fiscal Recovery
Federal
Transportation
Program
(formerly nonmajor)
Other
Governmental
Funds Totals
ASSETS:

Cash and investments $ 37,418,727 $ 3,217,592 $ - $ 41,012,916 $ 81,649,235 Receivables:

Accounts 5,224,690 - 3,080,931 2,396,382 10,702,003
Interest 267,990 - - 223,135 491,125
Loans 367,378 - - - 367,378
Deposits 50,000 - - 1,876,056 1,926,056
Prepaid items 92,635 - - 80 92,715
Due from other funds 8,050,311 - - - 8,050,311
TOTAL ASSETS $ 51,471,731 $ 3,217,592 $ 3,080,931 $ 45,508,569 $ 103,278,823

LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES:

LIABILITIES
Accounts payable $ 4,442,432 $ 2,004,728 $ 1,199,599 $ 3,311,100 $ 10,957,859 Accrued salaries and benefits 575,825 - - 106,440 682,265 Retentions payable 101,887 161,504 71,210 477,347 811,948 Deposits payable 1,453,738 - - 206,760 1,660,498
Unearned revenue 103,657 1,051,360 - 2,125,180 3,280,197 Due to other funds - - 2,612,181 5,438,130 8,050,311
TOTAL LIABILITIES 6,677,539 3,217,592 3,882,990 11,664,957 25,443,078

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - 40,000 40,000

TOTAL DEFERRED INFLOWS
OF RESOURCES - - - 40,000 40,000

FUND BALANCES
Nonspendable 92,635 - - 80 92,715
Restricted - - - 39,148,208 39,148,208
Committed 17,472,816 - - - 17,472,816
Assigned 20,366,170 - - - 20,366,170
Unassigned 6,862,571 - (802,059) (5,344,676) 715,836
TOTAL FUND BALANCES (DEFICITS) 44,794,192 - (802,059) 33,803,612 77,795,745

TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES $ 51,471,731 $ 3,217,592 $ 3,080,931 $ 45,508,569 $ 103,278,823 Special Revenue Funds
DRAFT 56
City of Goleta
Reconciliation of the Governmental Funds – Balance Sheet to the Statement of Net Position
June 30, 2024
The accompanying notes are an integral part of these financial statements. -25-
Total fund balances - governmental funds $ 77,795,745
In governmental funds, only current assets are reported. In the statement of net position, all assets are reported, including capital assets and accumulated depreciation.

Capital assets at historical cost $ 384,545,658
Accumulated depreciation (156,430,622)
Net 228,115,036
Certain revenues in the governmental receivables are unavailable because they cannot be used to meet current financial obligations. In the Statement of Net Position, revenues are recognized when earned. 40,000
In governmental funds, interest on long-term debt is not recognized until the period in which it matures and is paid. In the government-wide statement of activities, it is recognized in the period that it is incurred. (102,453) Long-term liabilities: In governmental funds, only current liabilities are reported. In the statement of net position, all liabilities, including long-term liabilities, are reported.

Long-term liablllties relating to governmental activities consist of:

Compensated absences payable (1,030,338)
Successor Agency settlement agreement (775,941)
IBank lease payable (9,313,985)
Lease liability (30,484)
Subscription liability (65,795)
Net OPEB liability (747,962)
Net pension liability (5,492,467)
Total (17,456,972)
In governmental funds, deferred outflows and inflows of resources relating to pensions and OPEB are not reported because they are applicable to future periods.

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

Deferred outflows of resources relating:
to pensions 3,891,756
to OPEB 221,091
Deferred inflows of resources relating:
to pensions (69,329)
to OPEB (1,984,413)
2,059,105
Total net position - governmental activities
DRAFT
$ 290,450,461
57 City of Goleta
Governmental Funds
Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -26-
General Fund
Transportation
Facilities DIF
(formerly major)
Coronavirus
State & Local
Fiscal Recovery
Federal
Transportation
Program
(formerly nonmajor)
Other
Governmental
Funds Totals
REVENUES:

Taxes $ 38,401,945 $ - $ - $ 2,854,324 $ 41,256,269
Franchise fees 1,678,956 - - 1,412,122 3,091,078
Intergovernmental 55,952 4,057,630 3,328,627 11,514,782 18,956,991 Charges for services 2,324,775 - - 34,627 2,359,402
Licenses and permits 525,476 - - - 525,476
Fines and forfeitures 159,358 - - 1,209 160,567
Use of money and property 2,087,471 - - 2,060,705 4,148,176 Developer fees - - - 4,324,118 4,324,118
Donations 93,897 - - 10,913 104,810
Other 141,720 - - 25,000 166,720
Special assessments - - - 307,831 307,831
Total revenues 45,469,550 4,057,630 3,328,627 22,545,631 75,401,438 EXPENDITURES:

Current:

General government 11,091,149 - - 116,123 11,207,272
Public safety 10,733,668 - - 215,113 10,948,781
Public works 8,861,564 3,907,630 - 4,192,462 16,961,656 Library 192,615 - - 2,339,710 2,532,325
Planning & environmental review 4,418,650 - - 82,233 4,500,883 Neighborhood services 2,085,987 150,000 - 568,881 2,804,868 Capital outlay 2,077,239 - 3,621,340 14,988,992 20,687,571 Debt service:

Principal 234,655 - - - 234,655
Interest 277,633 - - - 277,633
Total expenditures 39,973,160 4,057,630 3,621,340 22,503,514 70,155,644 Excess of revenues over (under) expenditures 5,496,390 - (292,713) 42,117 5,245,794

OTHER FINANCING SOURCES (USES)
Transfers in 160,157 - - 482,949 643,106
Transfers out (432,950) - - (210,156) (643,106)
Subscription/lease acquisition 38,545 - - - 38,545
Total other financing sources (uses) (234,248) - - 272,793 38,545 Net change in fund balances 5,262,142 - (292,713) 314,910 5,284,339 Fund balances, beginning 39,532,050 10,746,295 $ - - 22,233,061 72,511,406 Change within financial reporting entity (major to nonmajor) (10,746,295) - - - 10,746,295 - Change within financial reporting entity (nonmajor to major) - - - (509,346) 509,346 - Fund balances, beginning, as restated 39,532,050 - - (509,346) 33,488,702 72,511,406 Fund balances, ending $ 44,794,192 $ - $ - $ (802,059) $ 33,803,612 $ 77,795,745 Special Revenue Funds
DRAFT 58
City of Goleta
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -27-
Total net change in fund balances - governmental funds $ 5,284,339 Capital assets, net of depreciation are reported in governmental funds as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense.

Capital outlay 24,926,321
Depreciation (5,986,723)
In the statement of activities, compensated absences are measured by the amounts earned during the fiscal year. In governmental funds, however, expenditures for these items are measured by the amount of financial resources used (essentially for the amounts paid). This year, vacation earned exceeded the amounts used by:
(173,087)
In governmental funds, repayments of long-term liabilities are reported as an other financing source.

In the government-wide statements, repayments of long-term liabilities are reported as reductions of liabilities. 1,056,114
In governmental funds, issuance of long-term liabilities are reported as expenditures. In the government-wide statements, issuance of long-term liabilities are reported as additions of liabilities. (38,545)
In governmental funds, interest on long-term debt is recognized in the period that it becomes due. In the government-wide statement of activities, it is recognized in the period that ït is incurred. Inmatured interest owing at the end of the period, less matured interest paid during the period but owing from the prior period is: 1,881 In governmental funds, OPEB costs are recognized when employer contributions are made.

In the statement of activities, OPEB costs are recognized on the accrual basis. This fiscal year, the difference between accrual-basis OPEB costs and actual employer contribution was: 113,111 In governmental funds, pension costs are recognized when employer contributions are made. In the statement of activities, pension costs are recognized on the accrual basis.

This year, the difference between accrual-basis pension costs and actual employer contributions was: (547,722)
Changes in net position - governmental activities
DRAFT
$ 24,635,689
59 City of Goleta
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2024
The accompanying notes are an integral part of these financial statements. -28-
Successor Agency to
the Goleta
Redevelopment
Agency PrivatePurpose Tust Fund
ASSETS:

Cash and investments $ 942,481
Receivables:

Interest 3,546
Settlement receivable - City of Goleta 775,941
Bond insurance premium 51,865
Restricted assets:

Cash and investments with fiscal agent 900
TOTAL ASSETS 1,774,733

DEFERRED OUTFLOWS OF RESOURCES
Loss on bond refunding 540,798
TOTAL DEFERRED OUTFLOWS OF RESOURCES 540,798
LIABILITIES:

Accrued interest bond payable 36,933
Bonds payable, current portion 386,811
Bonds payable, net of current portion 11,223,344
Unearned revenue 566,970
TOTAL LIABILITIES 12,214,058

NET POSITION (DEFICIT)
Restricted in trust for:

Successor Agency to the Goleta RDA (9,898,527)
Total net position $ (9,898,527)
DRAFT 60
City of Goleta
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -29-
Successor Agency to
the Goleta
Redevelopment Agency
Private- Purpose Tust
Fund

ADDITIONS
Property taxes $ 756,579
Use of money and property 25,064
Total additions 781,643

DEDUCTIONS
Administration 16,510
Community development 350,061
Distribution to Santa Barbara County 775,941
Interest 418,474
Total deductions 1,560,986
Change in net position (779,343)
Net position (deficit), beginning (9,119,184)
Net position (deficit), ending $ (9,898,527)
DRAFT 61
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-30-
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Goleta conform to generally accepted accounting principles as applicable to governments. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles.

A. Reporting Entity
The City of Goleta (the City) was incorporated February 1, 2002, under the general laws of the State of California. The City operates under the City Council-Manager form of government.

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

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

Government-wide financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. Under the economic resources measurement focus, all (both current and long term) economic resources and obligations of the reporting government are reported in the government-wide financial statements.

Basis of accounting refers to when revenues and expenses are recognized in the accounts and reported in the financial statements. Under the accrual basis of accounting, revenues, expenses, gains, losses, assets and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place.

DRAFT 62
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-31-
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Basis of Presentation (Continued)
Program revenues include charges for services, special assessments, and payments made by parties outside of the reporting government's citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program.

Amounts paid to acquire capital assets are capitalized as assets in the government-wide financial statements, rather than reported as expenditures. Proceeds of long-term debt are recorded as a liability in the government-wide financial statements, rather than as an other financing source. Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure.

Fund Financial Statements
The underlying accounting system of the City is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund balance, revenues and expenditures. Governmental resources are allocated to, and accounted for in, individual funds based upon the purposes for which they are to be spent and the means by which activities are controlled.

Fund financial statements for the primary government's governmental funds and fiduciary funds are presented after the government-wide financial statements. These statements display information about major funds individually and other governmental funds in the aggregate for governmental funds. Fiduciary information includes financial information for the private-purpose trust funds.

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

DRAFT 63
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-32-
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Basis of Presentation (Continued)
Revenue recognition is subject to the measurable and availability criteria for the governmental funds in the fund financial statements. Exchange transactions are recognized as revenues in the period in which they are earned (i.e., the related goods or services are provided). Locally imposed derived tax revenues are recognized as revenues in the period in which the underlying exchange transaction upon which they are based takes place. Imposed nonexchange transactions are recognized as revenues in the period for which they were imposed. If the period of use is not specified, they are recognized as revenues when an enforceable legal claim to the revenues arises or when they are received, whichever occurs first. Government-mandated and voluntary nonexchange transactions are recognized as revenues when all applicable eligibility requirements have been met. Revenues, expenditures, assets and liabilities resulting from nonexchange transactions are recognized in accordance with GAAP, which requires that local governments defer grant revenue that is not received within their availability period of 120 days after the fiscal year ends to meet the "available" criteria of revenue recognition.

In the fund financial statements, governmental funds are presented using the current financial resources measurement focus. This means that only current assets, current liabilities and deferred inflows are generally included on the balance sheets. The reported fund balance (net current assets) is considered to be a measure of "available spendable resources". Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period.

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

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

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

Amounts expended to acquire capital assets are recorded as expenditures in the fiscal year that resources were expended rather than as fund assets. The proceeds of longterm debt are recorded as an other financing source rather than as a fund liability.

Amounts paid to reduce long-term indebtedness are reported as fund expenditures.

DRAFT 64
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-33-
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Basis of Presentation (Continued)
Fiduciary Funds
The fiduciary fund is accounted for using the "economic resources" measurement focus and the accrual basis of accounting. Accordingly, all assets and liabilities (whether current or noncurrent) are included on the Statement of Fiduciary Net Position. The Statement of Changes in Fiduciary Net Position presents increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recognized in the period in which the revenues are earned while expenses are recognized in the period in which the liability is incurred.

C. Fund Classifications
GAAP defines major funds and requires that the City's major funds are identified and presented separately in the fund financial statements. All other funds, called nonmajor funds, are combined and reported in a single column in the Fund Statements as Other Governmental Funds, regardless of their fund-type.

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

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

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

Coronavirus State & Local Fiscal Recovery - Accounts for the funding from the American Rescue Plan Act to support expenditures or losses incurred due to the COVID-19 public health emergency.

Federal Transportation Program - Accounts for federal grant funds for transportation projects.

Additionally, the City reports the following fund types:

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

DRAFT 65
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-34-
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Fund Classifications (Continued)
Fiduciary Fund Type:

Private-Purpose Trust Fund - This fund accounts for the activities of the Successor Agency to the Goleta Redevelopment Agency. The fund's primary purpose is to expedite the dissolution of the former Agency's net position in accordance with ABx1 26, AB 1484 and SB 107. The Private-Purpose Trust Fund is omitted from the government- wide financial statements.

D Property Taxes
California Constitution Article XIII A limits the combined property tax rate to one percent of a property's assessed valuation. Additional taxes may be imposed with voters' approval. Assessed value is calculated at one hundred percent of a property's fair value, as defined by Article XIII A, and may be increased no more than two percent per year, unless a change in ownership or new construction occurs. The State legislature has determined the method of distributing the one percent tax levy among the various taxing jurisdictions.

Property tax revenues are recognized in the fiscal year for which taxes have been levied and collected within sixty days of fiscal year end. Property taxes are billed and collected as follows:

Secured Unsecured
Valuation/Lien Dates 1-Jan 1-Jan
Levy Dates 1-Jul 1-Jul
Due Dates 1-Nov 1-Aug
February 1 (50%)
Delinquency Dates December 10 (Nov.) 31-Aug
April 10 (Feb.)

DRAFT 66
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-35-
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) E. Cash and Investments
Investments are reported in the accompanying financial statements at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Changes in fair value that occur during a fiscal year are recognized as investment income reported for that fiscal year. Investment income includes interest earnings and changes in fair value. The City pools cash and investments of all funds. Each fund's share in this pool is displayed in the accompanying financial statements as cash and investments.

Investment income earned by the pooled investments is allocated to the various funds based on each fund's average cash and investment balance, except for investment income associated with funds not legally required to receive pooled investment income which has been assigned to and recorded as revenue of the General Fund.

F. Capital Assets
Capital assets (including infrastructure) are recorded at cost where historical records are available and at an estimated original cost where no historical records exist. Contributed capital assets are valued at acquisition value at the date of contribution. Generally, capital asset purchases in excess of $5,000 are capitalized if they have an expected useful life of five years or more. Capital assets include public domain (infrastructure) general capital assets consisting of certain improvements including roads, streets, sidewalks, medians, and storm drains.

The City uses the straight-line depreciation method in the government-wide financial statements for depreciating and amortizing storm drains, park equipment, buildings, vehicles, equipment and furniture and leasehold improvements. Depreciation and amortization are charged as an expense against operations, and accumulated depreciation and amortization is reported on the respective statement of net position.

Depreciation and amortization begin on the first full year after the asset is placed in service. The range of lives used for depreciation and amortization purposes for each capital asset class are as follows:

Item Useful Life
Buildings and improvements 30 to 50 years
Vehicles 5 years
Equipment and furniture 5 to 15 years
Infrastructure:

Pavement 40 years
Sidewalks 50 years
Curbs and gutters 50 years
Bridges 65 years
Hardscape 50 years
Medians 50 years
Parking lots 40 years
Traffic control devices 10 years
DRAFT 67
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-36-
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) G. Deferred Outflows and Inflows of Resources
In accordance with GAAP the City recognizes deferred outflows and inflows of resources.

In addition to assets, the Statement of Net Position will sometimes report a separate section for deferred outflows of resources. Deferred outflows of resources represent a consumption of net assets that applies to future periods. The City has two items that qualify for reporting in this category; refer to Notes 6 and 7 for detailed listing of the deferred outflows of resources the City has reported.

In addition to liabilities, the Statement of Net Position and the Governmental FundsBalance Sheet will sometimes report a separate section for deferred inflows of resources. Deferred inflows of resources represent an acquisition of net assets that applies to future periods. The City has two items that qualify for reporting in this category; refer to Notes 6 and 7 for detailed listing of the deferred inflows of resources the City has reported.

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

The City accounts for such items using the consumption method.

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

J. Unavailable/Unearned Revenue
Unearned revenue arises when assets are received before revenue recognition criteria have been satisfied. Grants and entitlements received before eligibility requirements are met are recorded as unearned revenue. Governmental funds report unavailable revenue in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. Governmental funds also defer revenue recognition in connection with resources that have been received, but not yet earned.

DRAFT 68
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-37-
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) K. Pensions
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Plan and additions to/deductions from the Plan’s fiduciary net position have been determined on the same basis. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.

GAAP requires that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used.

Valuation Date June 30, 2022
Measurement Date June 30, 2023
Measurement Period July 1, 2022 to June 30, 2023
L. Other Postemployment Benefits (OPEB)
For purposes of measuring the net OPEB liability and deferred outflows/inflows of resources related to OPEB and OPEB expense, information about the fiduciary net position of the City's plan (OPEB Plan) and additions to/deductions from the Plan's fiduciary net position have been determined on the same basis. For this purpose, benefit payments are recognized when due and payable in accordance with the benefit terms.

Investments are reported at fair value.

M. Fund Balances
Fund balances of the governmental funds are classified as follows:
 Nonspendable Fund Balance - represents amounts that cannot be spent because they are either not in spendable form (such as inventory or prepaid insurance) or are legally required to remain intact (such as notes receivable or principal of a permanent fund).
 Restricted Fund Balance - represents amounts that are constrained by external parties, constitutional provisions, or enabling legislation.

DRAFT 69
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-38-
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) M. Fund Balances (Continued)
 Committed Fund Balance - represents amounts that can only be used for a specific purpose because of a formal action by the City's governing board, such as by motion or resolution. Committed amounts cannot be used for any other purpose unless the governing board removes those constraints by taking the same type of formal action, such as by motion or resolution. Committed fund balance amounts may be used for other purposes with appropriate due process by the governing board. Commitments are typically done through adoption and amendment of the budget. Committed fund balance amounts differ from restricted balances in that the constraints on their use do not come from outside parties, constitutional provisions, or enabling legislation.  Assigned Fund Balance - represents amounts that the City intends to use for a specific purpose, but that do not meet the criteria to be classified as restricted or committed. Intent may be stipulated by the governing board or by an official or body to which the governing board delegates the authority. Specific amounts that are not restricted or committed in a special revenue, capital projects, debt service, or permanent fund are assigned for purposes in accordance with the nature of their fund type or the fund's primary purpose. Assignments within the general fund convey that the intended use of those amounts is for a specific purpose that is narrower than the general purpose of the City.  Unassigned Fund Balance - represents amounts which are unconstrained in that they may be spent for any purpose. Only the general fund reports a positive unassigned fund balance. Other governmental funds might report a negative balance in this classification because of overspending for specific purposes for which amounts had been restricted, committed or assigned.

It is the City's policy to consider committed amounts as being reduced first, followed by assigned amounts, and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

N. Net Position
GAAP requires that the difference between assets, added to the deferred outflows of resources, and liabilities added to the deferred inflows of resources, be reported as net position. Net position is classified as either net investment in capital assets, restricted, or unrestricted.

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

DRAFT 70
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-39-
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) O. Interfund Balances/Internal Balances
Advances to and advances from other funds represent interfund loans in the fund financial statements. Advances between funds are offset by a fund liability or by deferred revenue in the applicable governmental funds to indicate that they are not expendable available financial resources. Any unpaid interest due to lack of funds in the borrowing fund increases the principal owed and is reported in the lending fund as deferred revenue. All other outstanding balances between funds are reported as due to and due from other funds. These are generally repaid within the following fiscal year.

P. Budgetary Accounting
The City Council establishes budgets for the General Fund and all Special Revenue Funds, except for certain Special Revenue Funds for which expenditures are controlled by grant funding or by assessments received. There was no budget adopted for the Public Safety Donations Fund, Goleta Library Fund, Library Book Van Fund and Quimby Fund for the year ended June 30, 2024. Budgetary control is legally maintained at the fund level for these funds. Department heads submit budget requests to the City Manager. The City Manager prepares an estimate of revenues and prepares recommendations for the next year's budget. The preliminary budget may or may not be amended by the City Council and is adopted by resolution by the City Council on or before June 30 in accordance with the municipal code. The City Council may amend the budget by motion during the fiscal year. Only the Council can authorize transfers between funds and approve inter-fund loans. The City Manager is authorized to transfer budgeted amounts within a fund without formal council action or approval. The City Manager is authorized to increase expenditures in relation to revenues in funds receiving assigned revenues without approval by the City Council.

Expenditures may not legally exceed appropriations at the fund level, which is the legal level of control. Supplemental appropriations, which increase appropriations, may be made during the fiscal year. There were no material supplemental appropriations made for the fiscal year ended June 30, 2024. Budget information is presented for the General and budgeted Special Revenue Funds in the fund financial statements. The budget information is presented on a basis consistent with generally accepted accounting principles. Appropriations, except open project appropriations and unexpended grant appropriations, lapse at the end of each fiscal year and are re-budgeted for the coming year. Under Article XIIIB of the California Constitution (the Gann Spending Limitation Initiative), the City is restricted as to the amount of annual appropriations from the proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, the excess must either be refunded to the State Controller, returned to the taxpayers through revised tax rates or revised fees schedules, or an excess in one year may be offset against a deficit in the following fiscal year. For the fiscal year ended June 30, 2024, based on the calculations by City Management, proceeds of taxes did not exceed the appropriations limit. Budgeted appropriations for the various governmental funds become effective each July 1.

DRAFT 71
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-40-
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Q. Use of Estimates
The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period.

Actual results could differ from those estimates.

R. New Pronouncements
In 2024, the City adopted new accounting standards to conform to the following Governmental Accounting Standards Board Statements:

GASB Statement No. 100 – Accounting Changes and Error Corrections: The primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023. See Note 13 for additional information.

The following new pronouncements may have an effect on the City when implemented:

GASB Statement No. 101 – Compensated Absences: The objective of this statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. The requirements of this statement are effective for fiscal years beginning after December 15, 2023.

Statement No. 102, Certain Risk Disclosures: The primary objective of this Statement is to provide users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints. The requirements of this statement are effective for fiscal years beginning after June 15, 2024.

Statement No. 103, Financial Reporting Model Improvements: The objective of this Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. The requirements of this statement are effective for fiscal years beginning after June 15, 2025.

Statement No. 104, Disclosure of Certain Capital Assets: The objective of this statement is to provide users of government financial statements with essential information about certain types of capital assets. The requirements of this statement are effective for fiscal years beginning after June 15, 2025.

DRAFT 72
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-41-
NOTE 2 - CASH AND INVESTMENTS
The composition of cash and investments as of June 30, 2024, is as follows:

Cash on hand $ 15,969
Deposits with financial institutions 1,047,037
Investments 81,529,610
Total cash and investments $ 82,592,616
Cash and investments are classified in the financial statements as shown below, based. on whether or not their use is restricted under the terms of the City's debt instruments or Agency's agreements:

Statement of Net Position:

Cash and investments 81,649,235 $
Statement of Fiduciary Net Position:

Cash and investments 942,481
Restricted cash and investments with fiscal agent 900
Total cash and investments 82,592,616 $
Governmental Accounting Standards Board (GASB) Statement No. 72, "Fair Value Measurements and Application," provides the framework for measuring fair value. The framework categorizes a fair value hierarch that is based on the valuation inputs used to measure the fair value of the asset. Debt and equity securities classified as Level 1 are valued using prices quoted in active markets for those securities. Debt and equity securities classified in Level 2 are valued using the following approaches: debt securities are normally valued based on price data obtained from observed transactions and market price quotations from broker dealers and/or pricing vendors; equity securities are valued using fair value per share for each fund. Certificates of deposit classified in level 2 are valued using broker quotes that utilize observable market inputs. Securities classified as Level 3 have limited trade information, these securities are priced or using the last trade price or estimated using recent trade prices

DRAFT 73
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-42-
NOTE 2 - CASH AND INVESTMENTS (Continued)
The City has recurring fair value measurements as of June 30, 2024 as shown in the following:

Investments by fair value Total
Quoted Prices in
Active Markets
for Indentical
Assets (Level 1)
Significant
Other
Observable
Inouts (Level 2)
Significant
Unobservable
Inputs
(Level 3)
Negotiable certificates of deposit $ 5,078,154 $ 5,078,154 $ - $ - Treasury Securities 5,221,020 5,221,020 - -
PARS 178,405 - 178,405 -
Total investments measured at fair value 10,477,579 10,299,174 $ $ 178,405 $ - Investments not subject to the fair value hierarchy
Money market funds 27,370,480
LAIF 43,680,651
Held by fiscal agent:

Money market funds 900
Total investments $ 81,529,610
Fair Value Measurement Using
A. Investments Authorized by the California Government Code and the City's Investment Policy
Allowable investment instruments are defined in the California Government Code Section 53600, et seq., as amended. If the Code is further revised to allow additional investments or is changed regarding the limits on certain categories of investments, the City is authorized to conform to these changes, excluding those changes that may be prohibited by this policy. Where the Government Code specifies a percentage limitation for a particular category of investments, that percentage is applicable only at the date of purchase.

The table on the next page identifies the investment types that are authorized for the City, including the fiduciary private purpose trust fund, by the California Government Code (or the City's investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City's investment policy, where more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City's investment policy.

DRAFT 74
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-43-
NOTE 2 - CASH AND INVESTMENTS (Continued)
A. Investments Authorized by the California Government Code and the City's Investment Policy (Continued)
Investment Types Authorized by Authorized by Maximum Maximum Percentage Maximum Investment State Law Investment Policy Maturity* of Portolio* in One Issuer* Local Agency Bonds Yes 5 years None 10%
U.S. Treasury Obligations Yes 5 years None None
U.S. Government-Sponsored
Agency Securities Yes 5 years None None
Banker's Acceptances No 180 days 40% 10%
Commercial Paper Yes 270 days 20% 10%
Certificates of Deposit Yes 5 years 20% 10%
Negfltiable Certificates of Deposit Yes 5 years 20% 10% Repurchase Agreements No 1 year None 10%
Reverse Repurchase Agreements No 92 days 21% of base value 10% Medium-Term Notes Yes 5 years 20% 5%
Mutual Funds Yes N/A 20% 10%
Money Market Mutual Funds Yes N/A 20% 10%
Mortgage Pass-Through Securities No 5 years 20% 10%
County Pooled Investment Funds Yes N/A None None
Local Agency Investment Fund Yes N/A None $ 75,000,000
JPA Pools {other investment pools) Yes N/A None None
Passbook Accounts Yes N/A None None
Investments of bond funds will be made in conformance with the trust indenture for each issue. Such investments shall be held separately when required. It is the City's intent, at the time of purchase, to hold all investments until maturity to ensure the return of all invested principal dollars; however, sales prior to maturity are permitted. Investment maturities can also be based on a review of cash flow forecasts. Maturities will be scheduled to permit the City to meet all projected cash obligations.

B. Disclosures Relating Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments, and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flows and liquidity needed for operations.

DRAFT 75
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-44-
NOTE 2 - CASH AND INVESTMENTS (Continued)
C. Disclosures Relating Interest Rate Risk
Information about the sensitivity of the fair values of the City's investments to market interest rate fluctuations is provided by the following table that shows the distribution of the City's investments by maturity:

Investment Type
Carrying
Amount
12 Months
or Less
13-24
Months
25-60
Months
Certificates of deposit 5,078,154 $ $ 3,414,318 $ 240,756 $ 1,423,080 Treasury securities 5,221,020 5,221,020 - -
PARS 178,405 178,405 - -
LAIF 43,680,651 43,680,651 - -
Money market funds 27,370,480 27,370,480 - -
Held by fiscal agent:

Money market funds 900 900 - -
Total $ 81,529,610 $ 79,865,774 $ 240,756 $ 1,423,080
Remaining Maturity (in Months)
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by the California Government Code, and the actual rating as of fiscal year end for each investment type.

Investment Type
Carrying
Amount
Minimum Legal
Rating
Exempt From
Disclosure Not Rated
Certificates of deposit 5,078,154 $ N/A $ - $ 5,078,154 Treasury securities 5,221,020 N/A 5,221,020 -
PARS 178,405 N/A - 178,405
LAIF 43,680,651 N/A 43,680,651 -
Money market funds 27,370,480 N/A 27,370,480 -
Held by fiscal agent:

Money market funds 900 N/A - 900
Total $ 81,529,610 $ 5,221,020 $ 76,308,590
Rating of Fiscal
Year End
D. Custodial Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code.

During the fiscal year ended June 30, 2024, the City did not hold any investments in any one issuer (other than U.S. Treasury securities, mutual funds and external investment pools) that represent 10% or more of total City investments.

DRAFT 76
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-45-
NOTE 2 - CASH AND INVESTMENTS (Continued)
D. Custodial Credit Risk (Continued)
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The California Government Code and the City's investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits, other than the following provision for deposits: the California Government Code requires that a financial institution secure deposits made by State or local governmental units by pledging securities In an undivided collateral pool held by a depository regulated under State law (unless so waived by the governmental unit). The fair value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure the City's deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. As of June 30, 2024, deposits were not subject to custodial credit risk as they were entirely insured or collateralized with securities held by the City or the City's agent in the City's name.

The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City's investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for investments with respect to investments, custodial credit risk generally applies only to direct investments in marketable securities. Custodial credit risk does not apply to a local government's indirect investment in securities through the use of mutual funds or governmental investment pools (such as LAIF).

E. Investment in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by the California Government Code under the oversight of the Treasurer of the State of California. The fair value of the City's investment in this pool is reported in the accompanying basic financial statements at the amounts based upon the City's pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal Is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis.

DRAFT 77
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-46-
NOTE 3 - INTERFUND TRANSACTIONS
Interfund transactions are reported as either loans, services provided, reimbursements, or transfers. Loans are reported as Interfund receivables and payables, as appropriate, and are subject to elimination upon consolidation. Services provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements occur when one fund incurs a cost, charges the appropriate benefiting fund, and reduces its related cost as a reimbursement. All other interfund transactions are treated as transfers. Transfers among governmental funds are netted and eliminated as part of the reconciliation to the government-wide financial statements.

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

Individual fund interfund receivable and payable balances at June 30, 2024, was as follows:

Fund Due to Due from
Major Governmental Funds:

General Fund $ 8,050,311 $ -
Federal Transportation Program - 2,612,181
Nonmajor Governmental Funds:

Measure A Grants - 859,096
Library Book Van - 6,180
County Fire DIF - 299,417
Monarch Butterfly Habitat Management Plan - 264,372
RSTP State Grant - 420,350
Miscellaneous Grants - 49,646
Local STIP - 4,309
CDBG - 4,205
HSIP - 306,668
LSTP State Grant - 241,169
OTS Public Safety - 15,654
TIRCP Grant - 60,879
HMGP Grant - 427,751
County Per Capita - Goleta Library - 28,650
Active Transportation Program - 2,424,723
Cal-Fire Grants - 25,061
Total $ 8,050,311 $ 8,050,311

DRAFT 78
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-47-
NOTE 3 - INTERFUND TRANSACTIONS (Continued)
B. Interfund Transfers
Interfund transfers consist of operating transfers from funds receiving revenue to funds through which the resources are to be expended. During the fiscal year ended June 30, 2024, the City of Goleta made interfund transfers to allocate resources for operational needs, capital projects, and compliance with grant requirements. These transfers were authorized through the City Council’s budget process or subsequent amendments and align with applicable legal and regulatory requirements.

Interfund transfers for the fiscal year ended June 30, 2024, were as follows:

Fund Transfers In Transfers Out
Major Governmental Fund:

General Fund $ 160,157 $ 432,950
Nonmajor Governmental Fund:

OBF - Southern California Edison - 128,210
CDBG - 31,946
County Per Capita - Goleta Library 51,237 -
Library Services - 50,000
Housing In-Lieu 200,000 -
Community Center 231,712 -
$ 643,106 $ 643,106
The General Fund received $160,157 from other funds as reimbursements for costs incurred in providing administrative and operational support for specific programs. This includes $128,210 from the OBF – Southern California Edison Fund to cover energy efficiency project costs under the On-Bill Financing Program and $31,946 from the Community Development Block Grant (CDBG) Fund to reimburse administrative staff time. The General Fund also transferred $432,950 to other funds to support various initiatives. These include $1,237 to the Library Services Fund to enhance library operations and programming, $200,000 to the Housing In-Lieu Fund to finance affordable housing initiatives designated for developing and supporting affordable housing opportunities within the City, and $231,712 to the Community Center Fund to finance improvements and operations at the Goleta Community Center. These funds were allocated for facility maintenance, program expansion, and ensuring accessibility enhancements.

The County Per Capita - Goleta Library Fund received $51,237 during the fiscal year.

This amount includes $50,000 from the Library Services Fund and $1,237 from the General Fund. These transfers supported library services, ensuring continued access to programs and facilities for the community.

DRAFT 79
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-48-
NOTE 4 - CAPITAL ASSETS
Capital assets activity for the fiscal year ended June 30, 2024, was as follows:

Balance
June 30, 2023 Additions Deletions Transfers
Balance
June 30, 2024
Governmental Activities
Nondepreciable capital assets:

Land 49,305,105 $ 664,493 $ - $ - $ 49,969,598 $
Right of way 11,395,313 - - - 11,395,313
Construction in progress 40,426,092 23,993,804 - (5,795,972) 58,623,924 Total nondepreciable capital assets 101,126,510 24,658,297 - (5,795,972) 119,988,835 Depreciable capital assets:

Infrastructure 248,125,617 - - 737,693 248,863,310
Vehicles 1,165,756 113,815 - - 1,279,571
Furniture and equipment 1,353,669 51,767 - - 1,405,436
Buildings and improvements 7,728,584 63,897 - 5,058,279 12,850,760 Right to use lease assets 41,520 - - - 41,520
Right to use subscription assets 77,681 38,545 - - 116,226 Total depreciable capital assets 258,492,827 268,024 - 5,795,972 264,556,823 Less accumulated depreciation/amortization:

Infrastructure 146,848,380 5,595,825 - 152,444,205 -
Vehicles 730,349 102,039 - - 832,388
Furniture and equipment 1,062,171 55,945 - - 1,118,116
Buildings and improvements 1,782,385 186,257 - - 1,968,642 Right to use lease assets 7,221 7,221 - - 14,442
Right to use subscription assets 13,393 39,436 - - 52,829 Total accumulated depreciation/amortization 150,443,899 5,986,723 - 156,430,622 - Net depreciable capital assets 108,048,928 (5,718,699) - 5,795,972 108,126,201 Net capital assets $ 209,175,438 $ 18,939,598 $ - $ 228,115,036 - $ Depreciation and amortization expense was charged to function and programs based on their usage of the related assets. The amounts allocated to each function or program were as follows:

Governmental Activities:

General government 215,763 $
Public safety 26,931
Public works 5,719,800
Neighborhood services 24,229
Total depreciation expense-governmental activities 5,986,723 $ NOTE 5 - LONG-TERM LIABILITIES
The following is a summary of long-term liability activities for the fiscal year ended June 30, 2024:

Balance
June 30, 2023 Additions Deletions
Balance
June 30, 2024
Due Within
One Year
Compensated absences 857,251 $ 897,853 $ 724,766 $ 1,030,338 $ 206,068 $ Successor Agency settlement agreement 1,551,882 - 775,941 775,941 775,941 IBank lease payable 9,548,640 - 234,655 9,313,985 240,850 Lease liabilities 38,051 - 7,567 30,484 7,797
Subscription liabilities 65,201 38,545 37,951 65,795 46,653 Total 12,061,025 $ 936,398 $ 1,780,880 $ 11,216,543 $ 1,277,309 $

DRAFT 80
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-49-
NOTE 5 - LONG-TERM LIABILITIES (Continued)
A. Compensated Absences
The City's policies relating to compensated absences are described in Note 1. The liability in the amount of $1,030,338 at June 30, 2024, is expected to be paid in future years from future resources. Compensated absences have typically been liquidated from the General Fund.

B. Claims and Judgments Payable
Per review of the insurance policy agreements, it was determined that there was no City liability for claims and judgments of the insurance pool.

C. Successor Agency Settlement Agreement
On September 24, 2018, the City agreed to a settlement agreement to transfer $6,431,587 to the Successor Agency to the Goleta Redevelopment Agency. The payments will then be distributed out to the taxing agencies as consistent with California Health and Safety Code sections 34179.5 and 34179.6. The City paid $1,000,000 within 90 days of the settlement date and then pays $775,941 annually by June 30 of each fiscal year for seven years.

D. IBank Lease Payable
On August 1, 2020, the City entered into a lease financing agreement with the California Infrastructure and Economic Development Bank or the IBank for $10,000,000 at an interest rate of 2.64% to reimburse the City for $10,000,000 of the total acquisition of the City Hall property of $11,500,000. The City has a lease to IBank, and then IBank leases back the property upon which the City Hall and related improvements are located. The lease will be repaid in semi-annual payments for a term of 30 years through August 1, 2050. The future lease payments are as follows:

Fiscal Year Ending June 30, Principal Interest Total
2025 $ 240,850 122,945$ $ 363,795
2026 247,209 119,765 366,974
2027 253,735 116,502 370,237
2028 260,434 113,153 373,587
2029 267,309 109,715 377,024
2030-2034 1,446,201 759,655 2,205,856
2035-2039 1,647,448 594,435 2,241,883
2040-2044 1,876,701 406,223 2,282,924
2045-2049 2,137,855 191,820 2,329,675
2050-2051 936,243 6,260 942,503
Total $ 9,313,985 $ 11,854,458 2,540,473 $

DRAFT 81
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-50-
NOTE 5 - LONG-TERM LIABILITIES (Continued)
E. Lease Liabilities
The City has entered into a lease (as the lessee) for equipment. The lease term range is for 60 months. Monthly payments range from $839 to $2,141 with an interest rate of

3.01%.

Future payments on the total lease liabilities are as follows.

Fiscal Year Ending June 30, Principal Interest Total
2025 $ 7,797 766$ $ 8,563
2026 8,034 528 8,562
2027 8,279 284 8,563
2028 6,374 48 6,422
Total $ 30,484 $ 1,626 $ 32,110
See note 4 for the net book value of right to use assets acquired through leases.

F. Subscription Liabilities
The City has entered into subscriptions for the use of software packages. The subscription terms range from 29 to 36 months. Monthly payments range from $1,083 to $2,916 with an interest rates ranging from 2.63% to 4.38%.

Future payments on the total subscription liabilities are as follows.

Fiscal Year Ending June 30, Principal Interest Total
2025 46,653 $ 1,344 $ 47,997 $
2026 12,677 323 13,000
2027 6,465 35 6,500
Total $ 65,795 $ 1,702 $ 67,497
See note 4 for the net book value of right to use assets acquired through subscriptions.

DRAFT 82
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-51-
NOTE 6 - PENSION PLAN
A. General Information about the Pension Plans
Plan Descriptions
All qualified permanent and probationary employees are eligible to participate in the Public Agency Cost-Sharing Multiple-Employer Defined Benefit Pension Plan (Plan or PERF C) administered by the California Public Employees’ Retirement System (CalPERS.) The Plan consists of a miscellaneous pool and a safety pool (also referred to as “risk pools”), which are comprised of individual employer miscellaneous and safety rate plans, respectively. Plan assets may be used to pay benefits for any employer rate plan of the safety and miscellaneous pools. Accordingly, rate plans within the safety or miscellaneous pools are not separate plans under generally accepted accounting principles. Individual employers may sponsor more than one rate plan in the miscellaneous or safety risk pools. The City participates in two miscellaneous rate plans.

Benefit provisions under the Plan are established by State statute and City resolution.

CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS’ website, at www.calpers.ca.gov.

Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of fulltime employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 5 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

The Plan operates under the provisions of the California Public Employees’ Retirement Law (PERL), the California Public Employees’ Pension Reform Act of 2013 (PEPRA), and the regulations, procedures and policies adopted by the CalPERS Board of Administration. The Plan’s authority to establish and amend the benefit terms are set by the PERL and PEPRA, and may be amended by the California state legislature and in some cases require approval by the CalPERS Board.

DRAFT 83
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-52-
NOTE 6 - PENSION PLAN (Continued)
A. General Information about the Pension Plans (Continued) The Plan’s provisions and benefits in effect at June 30, 2024 are summarized as follows:

Hire Date
Prior to
January 1, 2013
On or after
January 1, 2013
Benefit formula 2.7% @ 55 2% @ 62
Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthly for life
Retirement age 50-55 52-67
Monthly benefits, as a % of eligible compensation 2.0% to 2.7% 1.0% to 2.5% Required employee contribution rates 7.00% 6.75%
Required employer contribution rates 12.47% + $287,654 7.68% + $0 Miscellaneous
Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contribution rates may change if plan contracts are amended.

Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions. Employer Contributions to the Plan for the fiscal year ended June 30, 2024 were $1,441,234. The actual employer payments of $1,300,825 made to CalPERS by the City during the measurement period ended June 30, 2023 differed from the City’s proportionate share of the employer’s contributions of $986,485 by $314,340, which is being amortized over the expected average remaining service lifetime in the Public Agency Cost-Sharing Multiple Employer Plan.

B. Net Pension Liability
The City’s net pension liability for the Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of the Plan is measured as of June 30, 2023, using an annual actuarial valuation as of June 30, 2022 rolled forward to June 30, 2023 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is as follows.

DRAFT 84
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-53-
NOTE 6 - PENSION PLAN (Continued)
B. Net Pension Liability (Continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liability The collective total pension liability for the June 30, 2023 measurement period was determined by an actuarial valuation as of June 30, 2022, with update procedures used to roll forward the total pension liability to June 30, 2023. The collective total pension liability was based on the following assumptions:

Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry Age Actuarial Cost Method
Asset Valuation Method Fair Value of Assets
Actuarial Assumptions:

Discount Rate 6.90%
Inflation 2.30%
Projected Salary Increase Varies by Entry Age and Service Mortality Rate Table(1) Derived using CalPERS' membership data for all funds
Post Retirement Benefit Increase The lesser of contract COLA or 2.30% until Purchasing Power Protection Allowance
floor on purchasing power applies, 2.30%
thereafter.
(1) The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the 2021 experience study report from November 2021 that can be found on the CalPERS website.

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

DRAFT 85
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-54-
NOTE 6 - PENSION PLAN (Continued)
B. Net Pension Liability (Continued)
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 Basis points.

The expected real rates of return by asset class are as follows:

Asset Class
New Strategic
Allocation Real Return 1,2
Global equity - cap-weighted 30.00% 4.54%
Global equity - non cap-weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed securities 5.00% 0.50%
Investment grade corporates 10.00% 1.56%
High yield 5.00% 2.27%
Emerging market debt 5.00% 2.48%
Private debt 5.00% 3.57%
Real assets 15.00% 3.21%
Leverage -5.00% -0.59%
Total 100.00%
2 Figures are based on the 2021 Asset Liability Management study. 1 An expected inflation of 2.30% used for this period.

Change of Assumptions
There were no assumption changes in 2023. Effective with the June 30, 2021 valuation date (June 30, 2022 measurement date), the accounting discount rate was reduced from

7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017 through June 30, 2021, 7.65% for measurement dates June 30, 2015 through June 30, 2016, and 7.50% for measurement date June 30, 2014.

DRAFT 86
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-55-
NOTE 6 - PENSION PLAN (Continued)
B. Net Pension Liability (Continued)
Discount Rate
The discount rate used to measure the total pension liability for PERF C was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members.

Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

Subsequent Events
There were no subsequent events that would materially affect the results presented in this disclosure.

Pension Plan Fiduciary Net Position
Information about the pension plan’s assets, deferred outflows of resources, liabilities, deferred inflows of resources, and fiduciary net position are presented in CalPERS’ audited financial statements, which are publicly available reports that can be obtained at CalPERS’ website, at www.calpers.ca.gov. The plan’s fiduciary net position and additions to/deductions from the plan’s fiduciary net position have been determined on the same basis used by the pension plan, which is the economic resources measurement focus and the accrual basis of accounting. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Investments are reported at fair value.

DRAFT 87
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-56-
NOTE 6 - PENSION PLAN (Continued)
C. Proportionate Share of Net Pension Liability
The following table shows the City’s proportionate share of the Plan’s net pension liability over the measurement period.

Proportionate
Share of Total
Pension Liability
Proportionate
Share of
Fiduciary Net
Position
Proportionate
Share of Net
Pension Liability
Balance at: 6/30/2022 (VD) 26,417,695 $ 21,758,269 $ 4,659,426 $ Balance at: 6/30/2023 (MD) 29,222,178 23,729,711 5,492,467 Net changes during 2022-23 2,804,483 $ 1,971,442 $ 833,041 $ Valuation Date (VD); Measurement Date (MD)
Increase (Decrease)
The City’s proportion of the net pension liability was determined by CalPERS using the output from the Actuarial Valuation System and the fiduciary net position, as provided in the CalPERS Public Agency Cost-Sharing Allocation Methodology Report, which is a publicly available report that can be obtained at CalPERS’ website, at www.calpers.ca.gov. The City’s proportionate share of the net pension liability for the miscellaneous Plan as of the June 30, 2022 and 2023 measurement dates was as follows:

Miscellaneous
Proportion - June 30, 2022 0.09958%
Proportion - June 30, 2023 0.10984%
Change - Increase (Decrease) 0.01026%
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents the City’s proportionate share of the net pension liability of the Plan as of the measurement date, calculated using the discount rate of 6.9 percent, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.9 percent) or 1 percentage-point higher (7.9 percent) than the current rate:
1% Decrease

5.90%
Current Discount
Rate 6.90%
1% Increase

7.90%
City's proportionate share of
net pension plan liability (asset) 9,444,642 $ 5,492,467 $ 2,239,488 $

DRAFT 88
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-57-
NOTE 6 - PENSION PLAN (Continued)
D. Proportionate Share of Net Pension Liability (Continued) Amortization of Deferred Outflows and Deferred Inflows of Resources Under GASB 68, gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time.

The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense.

The amortization period differs depending on the source of the gain or loss:

Net difference between
projected and actual
earnings on pension
plan investments
5-year straight-line amortization
All other amounts Straight-line amortization over the expected average remaining service lives (EARSL) of all
members that are provided with benefits
(active, inactive and retired) as of the
beginning of the measurement period
The expected average remaining service lifetime (EARSL) is calculated by dividing the total future service years by the total number of plan participants (active, inactive, and retired) in the Public Agency Cost-Sharing Multiple-Employer Plan (PERF C).

The EARSL for PERF C for the measurement period ending June 30, 2023 is 3.8 years, which was obtained by dividing the total service years of 600,538 (the sum of remaining service lifetimes of the active employees) by 160,073 (the total number of participants:
active, inactive, and retired) in PERF C. Inactive employees and retirees have remaining service lifetimes equal to 0. Total future service is based on the members’ probability of decrementing due to an event other than receiving a cash refund.

E. Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions
As of the start of the measurement period (July 1, 2022), the City’s net pension liability was $4,659,426. For the measurement period ending June 30, 2023 (the measurement date), the City incurred a pension expense of $1,988,955.

DRAFT 89
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-58-
NOTE 6 - PENSION PLAN (Continued)
E. Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions (Continued)
As of June 30, 2024, the City has deferred outflows and deferred inflows of resources related to pensions as follows:

Deferred Outflows
of Resources
Deferred Inflows
of Resources
Change of assumptions 331,604 $ - $
Differences between expected and actual experience 280,585 43,526 Net difference between projected and actual earnings on retirement plan investments 889,280 -
Changes in proportion and differences between City
contributions and proportionate share of contributions 255,587 25,803 Adjustment due to differences in proportion 693,466 -
City contributions subsequent to the measurement date 1,441,234 - $ 3,891,756 $ 69,329
The amounts above are net of outflows and inflows recognized in the 2022-23 measurement period expense. Contributions subsequent to the measurement date of $1,441,234 reported with deferred outflows of resources will be recognized as a reduction of the net pension liability in the upcoming fiscal year. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in future pension expense as follows:

Fiscal Year
Ending June 30, Amount
2025 931,309 $
2026 617,579
2027 806,788
2028 25,517
2029 -
Thereafter -
F. Payable to the Pension Plan
At June 30, 2024, the City reported a payable of $-0- for the outstanding amount of contributions to the pension plan required for the year then ended.

DRAFT 90
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-59-
NOTE 7 - POSTEMPLOYMENT HEALTH CARE BENEFITS (OPEB)
A. Plan Description
The City provides postemployment health care benefits through the CalPERS agent multiple employer health care program (PEMHCA) to eligible employees. The City pays the PEMHCA minimum of $151/month for 2023 and $157/month for 2024. To be eligible for postretirement health benefits, employees must complete at least 5 years of continuous service and be a minimum of 50 years of age. The City created a Section 115 Trust Fund with PARS in their Moderate Portfolio in the fiscal year ended June 30, 2022 to set aside funds restricted to use for the City's OPEB benefits.

B. Employees Covered
As of June 30, 2024, actuarial valuation, the following current and former employees were covered by the benefit terms under the City's Plan:

Active plan members 112
Inactive plan members or beneficiaries currently receiving benefits 12 Inactive plan members entitled to but not yet receiving benefits 16 Total 140
C. Contributions
The City currently finances benefits on a pay-as-you-go basis primarily from the City's General Fund. The City created a Section 115 Trust Fund to set aside funds restricted to use for the City's OPEB benefits. During the fiscal year ended June 30, 2024, the City did not contribute to the PARS Section 115 Trust Fund.

D. Net OPEB Liability
The City's net OPEB liability was measured as of June 30, 2024 and the net OPEB liability used to calculate the OPEB liability was determined by an actuarial valuation as of June 30, 2024.

Actuarial assumptions. The net OPEB liability was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified:

Actuarial Assumptions June 30, 2024 Measurement Date
Actuarial valuation date June 30, 2024
Salary increases Aggregate - 2.75% annually
Merit - CalPERS 2000-2019 Experience Study
Discount rate 5.50% at June 30, 2024
Long-term expected rate
of return on assets
Expected City contributions projected to keep sufficient plan assets to pay all benefits from trust
Mortality, retirement,
disability, termination
CalPERS 2000-2019 Experience Study
Medical trend Non-Medicare - 7.90% for 2026, decreasing to an ultimate rate of 3.45% in 2076 Medicare (Non-Kaiser) - 6.90% for 2026 decreasing to an ultimate rate of 3.45% in 2076 Medicare (Kaiser) - 5.65% for 2026 decreasing to an ultimate rate of 3.45% in 2076 DRAFT 91
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-60-
NOTE 7 - POSTEMPLOYMENT HEALTH CARE BENEFITS (OPEB) (Continued) D. Net OPEB Liability (Continued)
Pre-retirement and post-retirement mortality rates were based on the CalPERS 2000- 2019 experience study. Mortality improvement was projected fully generational with Scale MP-2021.

Actuarial assumptions used in the June 30, 2024 valuation were based on a review of plan experience during the period July 1, 2023 to June 30, 2024.

Discount rate. GASB 75 requires a discount rate that reflects the following:
a.) The long-term expected rate of return on OPEB plan investments - to the extent that the OPEB plan's fiduciary net position (if any) is projected to be sufficient to make projected benefit payments and assets are expected to be invested using a strategy to achieve that return;
b.) A yield or index rate for 20-year, tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher - to the extent that the conditions in (a) are not met.

To determine a resulting single (blended) rate, the amount of the plan's projected fiduciary net position (if any) and the amount of projected benefit payments is compared in each period of projected benefit payments. The discount rate used to measure the City's net OPEB liability is based on these requirements and the following information:

Reporting Date
Measurement
Date
Long-Term
Expected Return of
Plan Investments
(if any)
Municipal Bond 20
Year High Grade
Rate Index Discount Rate
June 30, 2024 June 30, 2024 5.50% 3.54% 5.50%
June 30, 2023 June 30, 2023 5.50% 3.54% 5.50%
June 30, 2022 June 30, 2022 5.50% 3.54% 5.50%
June 30, 2021 June 30, 2021 2.25% 2.25% 2.25%
E. Changes in the Net OPEB Liability
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
Balance at June 30, 2023 1,051,962 $ 319,359 $ 732,603 $ (Valuation Date June 30, 2022)
Changes recognized for the measurement period:

Service cost 112,256 - 112,256
Interest 62,714 - 62,714
Difference between expected and actual experience (65,316) - (65,316) Changes In assumptions (15,721) - (15,721)
Contributions -employer - 48,316 (48,316)
Net investment income - 32,537 (32,537)
Administrative expense - (2,279) 2,279
Benefit payments (47,945) (47,945) -
Net Changes 45,988 30,629 15,359
Balance at June 30, 2024 1,097,950 $ 349,988 $ 747,962 $ (Measurement Date June 30, 2024)
DRAFT 92
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-61-
NOTE 7 - POSTEMPLOYMENT HEALTH CARE BENEFITS (OPEB) (Continued) E. Changes in the Net OPEB Liability (Continued)
Sensitivity of the OPEB liability to changes in the discount rate. The following presents the OPEB liability, as well as what the OPEB liability would be if it were calculated using a disc discount rate that is 1 percentage point lower (4.50 percent) or 1 percentage point higher (6.50 percent) than the current discount rate:
1% Decrease

4.50%
Discount Rate

5.50%
1% Increase

6.50%
Net OPEB Liability 903,092 $ $ 747,962 $ 620,369
Sensitivity of the OPEB liability to changes in the healthcare cost trend rates. The following presents the OPEB liability, as well as what the OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 percentage point lower or 1 percentage point higher than the current healthcare cost trend rates:

Healthcare
1% Decrease Trend Rate 1% Increase
Net OPEB Liability $ 593,038 $ 747,962 $ 943,840
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2024, the City recognized OPEB (income) of $(64,795). As of the fiscal year ended June 30, 2024, the City reported deferred outflows and deferred inflows of resources related to OPEB from the following sources:

Deferred Outflows
of Resources
Deferred Inflows
of Resources
Difference between expected and actual experience 219,407 $ 610,279 $ Net difference between projected and actual earnings 1,684 - Changes in assumptions - 1,374,134
$ 221,091 $ 1,984,413
Amounts reported as deferred outflows and deferred inflows of resources will be recognized in OPEB expense as follows:

Fiscal Year Ending June 30, Amount
2025 $ (224,531)
2026 (224,529)
2027 (232,400)
2028 (231,720)
2029 (228,716)
Thereafter (621,426)
DRAFT 93
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-62-
NOTE 8 - FUND BALANCES
Nonspendable, Restricted, Committed, Assigned and Unassigned (deficit) fund balances consisted of the following at June 30, 2024:

General Fund
Coronavirus
State & Fiscal
Recovery Special
Revenue Fund
Federal
Transportation
Program
Other
Governmental
Funds
Total
Governmental
Funds
Nonspendable
Prepaid items $ 92,635 $ - $ - $ 80 $ 92,715
Restricted
Public works - - 35,424,524 35,424,524 -
Library - - 1,608,912 1,608,912 -
Planning & environmental
review - - 2,100,541 2,100,541 -
Neighborhood services - - - 14,231 14,231
Committed
Building maintenance 756,993 - - - 756,993
Capital equipment 832,388 - - - 832,388
Compensated leave 515,169 - - - 515,169
Risk management 200,000 - - - 200,000
Litigation defense 600,000 - - - 600,000
Contingency 14,473,766 - - 14,473,766 -
City Hall solar removal 94,500 - - - 94,500
Assigned
IT reserve 160,000 - - - 160,000
CalPERS pension UAL 178,405 - - - 178,405
CIP Projects 14,295,683 - - 14,295,683 -
Encumbrances 5,319,486 - - 5,319,486 -
FMV adjustment 412,596 - - - 412,596
Unassigned (deficit) 6,862,571 - (802,059) (5,344,676) 715,836 Total 44,794,192 $ $ - $ (802,059) $ 33,803,612 $ 77,795,745 NOTE 9 - RISK MANAGEMENT
A. Description of Self-Insurance Pool Pursuant to Joint Powers Agreement The City of Goleta is a member of the CALIFORNIA JOINT POWERS INSURANCE AUTHORITY (Authority). The Authority is composed of 126 California public entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance for property and other lines of coverage. The California JPIA began covering claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine-member Executive Committee.

B. Primary Self-Insurance Programs of the Authority
Each member pays an annual contribution at the beginning of the coverage period. The total funding requirement for primary self-insurance programs is based on an actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk-sharing pool.

DRAFT 94
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-63-
NOTE 9 - RISK MANAGEMENT (Continued)
B. Self-Insurance Programs of the Authority (Continued) Primary Liability Program
Claims are pooled separately between police and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the second layer. (4) Incurred costs from $500,000 to $50 million are distributed based on the outcome of cost allocation within the first and second loss layers.

The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. Subsidence losses also have a $50 million per occurrence limit.

The coverage structure is composed of a combination of pooled self-insurance, reinsurance and excess insurance. Additional information concerning the coverage structure is available on the Authority's website https://cjia.org/coverage/risk-sharingpools/.

Workers' Compensation Program
Claims are pooled separately between public safety (police and fire) and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $75,000 to $200,000 for each occurrence and is evaluated as a percentage of the pool's total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers.

For 2023-24 the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Compensation Law. Employer’s Liability losses are pooled among members to $1 million. Coverage from $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses from $5 million to $10 million are pooled among members.

DRAFT 95
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-64-
NOTE 9 - RISK MANAGEMENT (Continued)
C. Purchased Insurance
Pollution Legal Liability Insurance
The City of Goleta participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets and storm drains owned by the City of Goleta. Coverage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million.

Property Insurance
The City of Goleta participates in the all-risk property protection program of the Authority. This insurance protection is underwritten by several insurance companies.

City of Goleta property is currently insured according to a schedule of covered property submitted by the City of Goleta to the Authority. City of Goleta property currently has allrisk property insurance protection in the amount of $41,870,728. There is a $10,000 deductible per occurrence except for non-emergency vehicle insurance which has a $2,500 deductible.

Crime Insurance
The City purchases crime insurance coverage in the amount of $1,000,000 with a $2,500 deductible. The fidelity coverage is provided through the Authority.

Earthquake and Flood Insurance
The City of Goleta purchases earthquake and flood insurance on a portion of its property. The earthquake insurance is part of the property protection insurance program of the Authority. City of Goleta property currently has earthquake protection in the amount of $0. There is a deductible of 5% per unit of value with a minimum deductible of $100,000.

Special Event Tenant User Liability Insurance
The City of Goleta further protects against liability damages by requiring tenant users of certain property to purchase low-cost tenant user liability insurance for certain activities on agency property. The insurance premium is paid by the tenant user and is paid to the City of Goleta according to a schedule. The City of Goleta then pays for the insurance.

The insurance is facilitated by the Authority.

D. Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2023-24.

DRAFT 96
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-65-
NOTE 10 - CONTINGENCIES AND COMMITMENTS
A. Legal
Various claims and suits have been filed against the City in the normal course of business. Although the outcome of these matters is not presently determinable in the opinion of legal counsel, the resolutions of these matters will not have a material adverse effect on the financial condition of the City.

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

C. Construction and Other Significant Commitments
Revenue Neutrality Commitment to County of Santa Barbara - Mitigation Obligation After the City's incorporation on February 1, 2002, the County of Santa Barbara continues to have ongoing obligations to provide public services to the City and its residents. In order to ensure that the effect of incorporation was neutral as to the County, the parties agreed to have the following allocations of tax revenues in perpetuity:
• 50% of property tax generated by property located within the City, which would otherwise accrue entirely to the City, is allocated to the County. • 30% of the 1% retail sales tax revenues allocable to the City are allocated to the County.

All encumbrances include carryover budgets from the fiscal year ended June 30, 2023.

Encumbrances as of June 30, 2024, are as shown in the following:

Major Funds:

General Fund 19,615,169 $
Coronavirus State & Local Fiscal Recovery 1,051,360
Federal Transportation Program Fund 15,452,232
Other Governmental Funds 80,901,545
Total Encumbrances 117,020,306 $
Construction
Listed below are the projects for uncompleted contracts outstanding as of June 30, 2024.

FY 2023-24 Projects $ 49,060,341

DRAFT 97
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-66-
NOTE 11 - OTHER REQUIRED INDIVIDUAL FUND DISCLOSURES
Deficit Fund Balances
The following funds reported deficit fund balances at June 30, 2024:

Major Governmental Funds:

Federal Transportation Program (802,059) $
Nonmajor Governmental Funds:

Measure A Grants (1,241,075)
County Fire DIF (299,417)
Monarch Butterfly Habitat Management Plan (210,845)
RSTP State Grant (420,350)
Miscellaneous Grants (62,493)
Local STIP (4,309)
HSIP (354,979)
LSTP State Grant (241,169)
OTS Public Safety (13,554)
HMGP (71,682)
Active Transportation Program (2,424,723)
Excess Expenditures over Appropriations
No funds reported excess expenditures over appropriations at June 30, 2024.

NOTE 12 - SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY On December 29, 2011, the California Supreme Court upheld Assembly Bill XI 26 (the Bill) that provides for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City that previously had reported a redevelopment agency (RDA) within the reporting entity of the City as a blended component unit.

The Bill provides that upon dissolution of a redevelopment agency, either the City or another unit of local government will agree to serve as the "successor agency" to hold the assets until they are distributed to other units of State and local government. On January 10, 2012, the City Council elected to become the Successor Agency for the former redevelopment agency in accordance with the Bill as part of the City Resolution No. 4420.

After the enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the State of California cannot enter into new projects, obligations or commitments. Subject to the control of a newly established oversight board, remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution (including the completion of any unfinished projects that were subject to legally enforceable contractual commitments).

DRAFT 98
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-67-
NOTE 12 - SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY (Continued)
In future years, successor agencies will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the former redevelopment agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated.

The Bill directs the State Controller of the State of California to review the propriety of any transfers of assets between redevelopment agencies and other public bodies that occurred after January 1, 2011. If the public body that received such transfers is not contractually committed to a third party for the expenditure or encumbrance of those assets, the State Controller is required to order the available assets to be transferred to the public body designated as the successor agency by the Bill.

As of February 1, 2012, the housing assets, obligations and activities of the Dissolved RDA have been transferred and are reported in a fiduciary fund (private-purpose trust fund) in the financial statements of the City.

A. Settlement Receivable - City of Goleta
The Agency has a settlement receivable from the City of Goleta with a balance of $775,941 as of June 30, 2024. See Note 5(C) for further detail.

B. Long-Term Liabilities
In accordance with the provisions of ABX1 26 (Bill) and the California Supreme Court's decision to uphold the Bill, the obligations of the former redevelopment agency became vested with the funds established for the Successor Agency upon the date of dissolution, February 1, 2012. Former tax increment revenues pledged to fund the debts of the former redevelopment agency will be distributed to the Successor Agency subject to the reapportionment of such revenues as provided by the Bill. The 2011 Tax Allocation Bonds were refunded in full in the fiscal year ended June 30, 2020 with the issuance of the 2020 Tax Allocation Refunding Bonds by reducing the interest rate for a net present value of savings of $8,874,835.

The debt of the Successor Agency as of June 30, 2024, is as follows:

Balance
June 30, 2023 Additions Deletions
Balance
June 30, 2024
Due Within
One Year
Tax allocation bonds 10,725,000 $ - $ 315,000 $ 10,410,000 $ 325,000 $ Less deferred amount:

Premium on bonds issued 1,261,966 - 61,811 1,200,155 61,811 Total 11,986,966 $ - $ 376,811 $ 11,610,155 $ 386,811 $

DRAFT 99
City of Goleta
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
-68-
NOTE 12 - SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY (Continued)
B. Long-Term Liabilities (Continued)
Tax Allocation Refunding Bonds 2020
The annual requirements to amortize the Tax Allocation Bonds outstanding as of June 30, 2024, are as follows:

Fiscal Year Ending June 30, Principal Interest Total
2025 $ 325,000 $ 443,200 $ 768,200
2026 345,000 426,950 771,950
2027 365,000 409,700 774,700
2028 385,000 391,450 776,450
2029 400,000 372,200 772,200
2030-2034 2,315,000 1,554,400 3,869,400
2035-2039 2,830,000 1,037,800 3,867,800
2040-2043 3,445,000 424,200 3,869,200
Total 10,410,000 $ $ 5,059,900 $ 15,469,900
NOTE 13 – CHANGE WITHIN THE FINANCIAL REPORTING ENTITY
As a result of the implementation of GASB 100, as described in Note 1, the City is required to restate its June 30, 2023 governmental funds’ fund balance. The Transportation Facilities DIF Fund was formerly reported as major and the Federal Transportation Program was formerly reported as non-major. This qualifies as a change to or within the financial reporting entity, under the guidance of GASB 100.

Changes to governmental fund balances are as follows:

Transportation
Facilities DIF
Federal
Transportation
Program
Total Nonmajor
Governmental
Funds
Fund balance, beginning of year, as previously reported 10,746,295 $ (509,346) $ 22,233,061 $ Change from major to nonmajor fund (10,746,295) -              10,746,295 Change from nonmajor to major fund - 509,346                    509,346 Fund balance, beginning of year, as restated $                           ‐ ‐ $                           $           33,488,702 DRAFT 100

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 101

REQUIRED SUPPLEMENTARY INFORMATION SECTION
DRAFT 102

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 103
City of Goleta
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
General Fund
For the Year Ended June 30, 2024
-69-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Taxes 37,550,000 $ $ 37,463,614 $ 38,401,945 $ 938,331
Franchise fees 1,558,900 1,601,000 1,678,956 77,956
Intergovernmental 51,000 56,400 55,952 (448)
Charges for services 1,869,300 2,181,512 2,324,775 143,263 Licenses and permits 467,800 476,500 525,476 48,976
Fine and forfeitures 122,000 127,788 159,358 31,570
Use of money and property 444,200 1,492,000 2,087,471 595,471 Donations - 370,350 93,897 (276,453)
Other - 500 141,720 141,220
Total revenues 42,063,200 43,769,664 45,469,550 1,699,886 EXPENDITURES:

Current:

General government 12,182,564 13,198,084 11,091,149 2,106,935 Public safety 10,542,436 10,734,592 10,733,668 924
Public works 12,752,500 15,332,085 8,861,564 6,470,521
Library - 343,511 192,615 150,896
Planning & environmental review 4,694,000 5,311,942 4,418,650 893,292 Neighborhood services 2,523,000 2,586,921 2,085,987 500,934 Capital outlay 1,825,472 16,137,552 2,077,239 14,060,313 Debt service:

Principal 234,655 234,655 234,655 -
Interest 277,633 277,633 277,633 -
Total expenditures 45,032,260 64,156,975 39,973,160 24,183,815 Excess of revenues over (under) expenditures (2,969,060) (20,387,311) 5,496,390 25,883,701 OTHER FINANCING SOURCES (USES):

Transfers in 50,709 178,919 160,157 (18,762)
Transfers out (1,429,110) (668,300) (432,950) 235,350
Subscription/lease acquisition - - 38,545 38,545
Total other financing sources (uses) (1,378,401) (489,381) (234,248) 255,133 Net change in fund balance (4,347,461) (20,876,692) 5,262,142 26,138,834 Fund balance, beginning 39,532,050 39,532,050 39,532,050 - Fund balance, ending $ 35,184,589 $ 18,655,358 $ 44,794,192 $ 26,138,834 Budgeted Amounts
DRAFT 104
City of Goleta
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Coronavirus State & Local Fiscal Recovery Special Revenue Fund For the Year Ended June 30, 2024
-70-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ - $ 5,108,990 $ 4,057,630 $ (1,051,360) Total revenues - 5,108,990 4,057,630 (1,051,360)

EXPENDITURES
Current:

Public works 25,000 4,958,990 3,907,630 1,051,360
Neighborhood services 150,000 150,000 150,000 -
Total expenditures 175,000 5,108,990 4,057,630 1,051,360 Net change in fund balance (175,000) - - -
Fund balance, beginning - - - -
Fund balance, ending $ (175,000) $ - $ - $ -
Budgeted Amounts
DRAFT 105
City of Goleta
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Federal Transportation Program Special Revenue Fund
For the Year Ended June 30, 2024
-71-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 4,306,653 $ 19,554,611 $ 3,328,627 $ (16,225,984) Total revenues 4,306,653 19,554,611 3,328,627 (16,225,984)

EXPENDITURES
Capital outlay 4,306,653 19,045,265 3,621,340 15,423,925 Total expenditures 4,306,653 19,045,265 3,621,340 15,423,925 Net change in fund balance - 509,346 (292,713) (802,059) Fund balance (deficit), beginning (509,346) (509,346) (509,346) - Fund balance (deficit), ending $ (509,346) $ - $ (802,059) $ (802,059) Budgeted Amounts
DRAFT 106
City of Goleta
Schedule of Proportionate Share of Net Pension Liability and Related Ratios as of the Measurement Date
Last Ten Years
-72-
The following table provides required supplementary information regarding the City's Pension Plan.

Measurement
Date
Employer's
Proportion of the
Collective Net
Pension Liability1
Employer's
Proportionate Share
of the Collective Net
Pension Liability Covered Payroll
Employer's
Proportionate Share
of the Collective Net
Pension Liability as a
percentage of the
Covered Payroll
Pension Plan's
Fiduciary Net
Position as a
percentage of the
Total Pension
Liability
6/30/2014 0.02586% 1,609,229 $ 4,819,034 $ 33.39% 79.82% 6/30/2015 0.02318% 1,590,804 4,778,639 33.29% 78.40%
6/30/2016 0.02565% 2,219,286 5,180,046 42.84% 74.06%
6/30/2017 0.02772% 2,749,352 5,464,417 50.31% 73.31%
6/30/2018 0.02760% 2,659,577 5,897,673 45.10% 75.26%
6/30/2019 0.02990% 3,064,002 6,613,453 46.33% 75.26%
6/30/2020 0.03250% 3,536,142 7,514,719 47.06% 75.10%
6/30/2021 0.01860% 1,005,978 7,906,471 12.72% 88.29%
6/30/2022 0.09958% 4,659,426 8,645,140 53.90% 82.36%
6/30/2023 0.10984% 5,492,467 10,758,400 51.05% 81.20%
1 Proportion of the net pension liability represents the plan's proportion of PERF C, which includes both the Miscellaneous and Safety Risk Pools excluding the 1959 Survivors Risk Pool.

DRAFT 107
City of Goleta
Schedule of Pension Contributions
Last Ten Years
-73-
Fiscal Year
Actuarially
Determined
Contribution
Contributions in
Relation to the
Actuarially
Determined
Contribution
Contribution
Deficiency
(Excess) Covered Payroll
Contributions as
a Percentage of
Covered Payroll
6/30/2015 $ 528,634 $ (528,634) $ - $ 4,778,639 11.06%
6/30/2016 491,157 (491,157) - 5,180,046 9.48%
6/30/2017 535,490 (535,490) - 5,464,417 9.80%
6/30/2018 591,252 (591,252) - 5,897,673 10.03%
6/30/2019 696,782 (696,782) - 6,613,453 10.54%
6/30/2020 843,932 (843,932) - 7,514,719 11.23%
6/30/2021 975,305 (975,305) - 7,906,471 12.34%
6/30/2022 1,072,458 (1,072,458) - 8,645,140 12.41%
6/30/2023 1,300,825 (1,300,825) - 10,758,400 12.09%
6/30/2024 1,441,234 (1,441,234) - 11,925,407 12.09%
Notes to Schedule:

Changes in Benefit Terms: There were no changes to benefit terms that applied to all members of the Public Agency Pool. Additionally, the figures above do not include any liability impact that may have resulted from Golden Handshakes that occurred after the June 30, 2021 valuation date, unless the liability impact is deemed to be material to the Public Agency Pool.

DRAFT 108
City of Goleta
Schedule of Changes in the Net OPEB Liability and Related Ratios Last Ten Years*
-74-
Measurement Period 2024 2023 2022 2021 2020 2019 2018
Total OPEB Liability
Service cost $ 112,256 $ 109,252 $ 328,789 $ 319,989 $ 348,492 $ 318,822 $ 290,904 Interest on the total OPEB liability 62,714 56,126 69,274 54,866 84,042 67,773 48,449 Difference between expected and actual experience (65,316) - (516,973) (16,631) 33,392 43,923 223,452 Changes in assumptions (15,721) - (1,679,171) - (237,684) - - Changes in benefit terms - - - - - - -
Benefit payments (47,945) (49,266) (32,268) (30,499) (30,876) (16,745) (27,438) Net change in total OPEB Liability 45,988 116,112 (1,830,349) 327,725 197,366 413,773 535,367 Total OPEB liability - beginning 1,051,962 935,850 2,766,199 2,438,474 2,241,108 1,827,335 1,291,968 Total OPEB liability - ending [A] 1,097,950 1,051,962 935,850 2,766,199 2,438,474 2,241,108 1,827,335 Plan Fiduciary Net Position
Contributions - employer 48,316 49,607 365,823 - - - -
Contributions - employee - - - - - - -
Net Investment income (loss) 32,537 19,905 (32,007) - - - - Administrative/trustee expenses (2,279) (2,111) (324) - - - - Benefit payments (47,945) (49,266) (32,268) - - - -
Net change in plan fiduciary net position 30,629 18,135 301,224 - - - - Total plan fiduciary net position - beginning 319,359 301,224 - - - - - Total plan fiduciary net position - ending [B] 349,988 319,359 301,224 - - - - Net OPEB Liability - ([A]-[B]) $ 747,962 $ 732,603 $ 634,626 $ 2,766,199 $ 2,438,474 $ 2,241,108 $ 1,827,335 Plan fiduciary net position as a percentage of the
total OPEB liability 31.88% 30.36% 32.19% 0.00% 0.00% 0.00% 0.00% Total net OPEB liability as a percentage
of covered payroll $ 11,901,296 $ 12,013,770 $ 10,242,422 $ 8,897,999 $ 6,733,325 $ 6,923,683 $ 6,317,404 *Fiscal year 2018 was the 1st year of implementation. Additional years will be presented as available.

Notes to Schedule:

Benefits are not based on a measure of pay, therefore covered payroll is used For the fiscal year ended June 30, 2023:

There were no changes in assumptions or benefit terms since the last measurement date.

DRAFT 109
City of Goleta
Schedule of OPEB Contributions
Last Ten Years*
-75-
The following table provides required supplementary information regarding the City's OPEB.

Fiscal year
Actuarially
Determined
Contribution (ADC)
Contributions in
relation to the ADC
Contribution
deficiency (excess) Covered payroll
Contributions as a
percentage of
covered payroll
June 30, 2022 $ 169,638 $ (32,268) $ 137,370 $ 10,242,422 0.32% June 30, 2023 169,638 (49,607) 120,031 12,013,770 0.41% June 30, 2024 175,642 (48,316) 127,326 11,901,296 0.41% Notes to Schedule:
*The City opened a Section 115 Trust account administered through Public Agency Retirement Services (PARS) during the fiscal year ended June 30, 2022.

DRAFT 110

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 111
Supplementary Information Section
DRAFT 112

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 113
City of Goleta
Nonmajor Governmental Funds Special Revenue Funds
For the Year Ended June 30, 2024
-76-
Special Revenue Funds are used to account for the proceeds of specific revenue sources that are restricted or committed to expenditure for specific purposes other than debt service and capital projects.

Gas Tax - This fund is used to account for the City's share of the motor vehicle gas tax imposed under the provisions of the Street and highway Code of the State of California under Sections 2105, 2106, 2107, and 2107.5, which are legally restricted for the acquisition, construction, improvement and maintenance of public streets.

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

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

Measure A - This fund is used to account for funds received from one-half cent sales tax levied by the Santa Barbara County Association of Governments. The proceeds are restricted to transportation uses. Measure A was approved by the voters of Santa Barbara County by an election held on November 4, 2008. Tax levy is scheduled to expire March 2040, unless voters approve extension-renewal.

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

Solid Waste Program - This fund is used to account for receipts and expenditures relating to the City’s solid waste program.
*Public Safety Donations - This fund is used to account for revenue received for public safety at the Market Place Shopping Center.

County Fire DIF - This fund is used to account for County fire development impact fees that help construct Fire Station 10.

Library Facilities DIF - This fund is used to account for library facilities development impact fees.

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

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

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

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

DRAFT 114
City of Goleta
Nonmajor Governmental Funds Special Revenue Funds
For the Year Ended June 30, 2024
-77-
Fire Facilities DIF - This fund is used to account for fire facilities development impact fees.

Long Range Development Plan - This fund is used to account for traffic infrastructure funding from University of California, Santa Barbara.

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

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

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

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

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

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

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

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

Bicycle and Pedestrian DIF - This fund is used to account for bicycle and pedestrian development impact fees.

California Library Grants - This fund is used to account for state grants to fund library related programs.

CDBG - This fund is used to account for revenues and expenditures related to the Community Development Block Grant program. These funds are received from the Federal Department of Housing and Urban Development and must be expended exclusively on programs for low and moderate income individuals/families.

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

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

DRAFT 115
City of Goleta
Nonmajor Governmental Funds Special Revenue Funds
For the Year Ended June 30, 2024
-78-
Street Lighting - This fund is used to account for proceeds from a special benefit assessment to fund street lighting.

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

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

Housing & Community Development - This fund is used to account for funding from the Housing Related Parks Program to assist with new residential housing to lower-income households.

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

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

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

OBF – Southern California Edison - This fund is used to account for special funding from the Southern California Edison On-Bill Financing program for the street lighting project.

Certified Access Specialist - This fund is used to account for fees collected to increase disability access and compliance with construction-related accessibility requirements. These fees are set by Senate Bill 1186.

TIRCP - This fund for the Transit and Intercity Rail Capital Program (TIRCP) was created by Senate Bill (SB) 862 and modified by Senate Bill to provide grants from the Greenhouse Gas Reduction Fund to fund transformative capital improvements that will modernize California's intercity, commuter and urban rail systems, and bus and ferry transit systems to reduce emissions of greenhouse gases by reducing congestion and vehicle miles traveled throughout California.

HMGP - This fund far the Hazard Mitigation Grant Program is used for seismic retrofit to meet ADA standards.

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

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

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

DRAFT 116

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 117
City of Goleta
Nonmajor Governmental Funds Special Revenue Funds
For the Year Ended June 30, 2024
-79-
County Per Capita - Buellton Library - This find is used for Funds received from the County of Santa Barbara and a per capital basis to support Buellton Library operations.

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

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

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

Public Administration Facilities DIF - This fund accounts for the public administration facilities development impact fees.

Community Center - This fund is used to account for the operations of the City’s Community Center.
*Goleta Library - This fund is used to account for the operations of the City’s main library, excluding development impact fees.

Affordable Housing DIF - This fund is used to account for the affordable housing development impact fees.

Park DIF – This fund accounts for park development impact fees.

Active Transportation Program – This fund accounts for State grant funds for transportation projects.

Cal-Fire Grants - This fund is used to account for Cal-Fire grants for special capital improvement projects related to parks and open spaces.

Transportation Facilities DIF – This fund accounts for traffic development impact fees. This fund was formerly known as the Goleta Transportation Improvement Program (GTIP). *Library Book Van – This fund is used to account for the funding sources and expenditures related to the Library Book Van.
*Quimby – This fund is used to receive fees within the California Subdivision Map Act that requires developers to either contribute land or pay fees to the local municipal government to provide recreational facilities within the development area. * Note that no budget was adopted for this fund.

DRAFT 118
City of Goleta
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-80-
Special Revenue Funds
Gas Tax Transportation
Road
Maintenance and
Rehabilitation Measure A
Measure A
Grants
ASSETS
Cash and investments 2,030,958 $ 262,767 $ 1,252,949 $ 6,212,058 $ - $ Receivables:

Accounts 75,593 8,461 147,044 162,740 -
Interest 11,893 1,618 7,357 37,046 -
Deposits - - - - -
Prepaid items - - - - -
TOTAL ASSETS 2,118,444 $ 272,846 $ 1,407,350 $ 6,411,844 $ - $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES

LIABILITIES
Accounts payable 608,852 $ - $ 32,901 $ 1,181,051 $ 355,289 $ Accrued salaries and benefits - - - - -
Retentions payable 98,950 31 55,489 82,848 26,690
Deposits payable - - - - -
Unearned revenue - - - - -
Due to other funds - - - - 859,096
TOTAL LIABILITIES 707,802 31 88,390 1,263,899 1,241,075

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - -

TOTAL DEFERRED INFLOWS

OF RESOURCES - - - - -

FUND BALANCES (DEFICIT)
Nonspendable - - - - -
Restricted 1,410,642 272,815 1,318,960 5,147,945 -
Unassigned - - - - (1,241,075)
TOTAL FUND BALANCES (DEFICIT) 1,410,642 272,815 1,318,960 5,147,945 (1,241,075)

TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES 2,118,444
DRAFT
$ $ 272,846 $ 1,407,350 $ 6,411,844 $ -
119
(Continued)
-81-
Special Revenue Funds
Solid Waste
Program
Public Safety
Donations
County Fire
DIF
Library Facilities
DIF
Sheriff Facilities
DIF Housing In-Lieu
Storm Drain
DIF
$ 11,748 1,551,003 $ - $ $ 186,807 $ 148,226 $ 1,477,408 $ 617,902 138,988 - - - - - -
10,711 - - 1,150 913 7,970 4,019
- - - - - - -
- - - - - - -
$ 1,700,702 $ 11,748 $ - $ 187,957 $ 149,139 $ 1,485,378 $ 621,921 $ 94,259 $ - $ - $ - $ - $ - $ 12,478
18,014 - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - 299,417 - - - -
112,273 - 299,417 - - - 12,478
- - - - - - -
- - - - - - -
- - - - - - -
1,588,429 11,748 - 187,957 149,139 1,485,378 609,443
- - (299,417) - - - -
1,588,429 11,748 (299,417) 187,957 149,139 1,485,378 609,443 $ 1,700,702 $ 11,748 $
DRAFT - $ 187,957 $ 149,139 $ 1,485,378 $ 621,921
120
City of Goleta
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-82-
Special Revenue Funds
Environmental
Programs Fire Facilities DIF
Long Range
Development
Plan Public Safety
ASSETS
Cash and investments 181,908 $ 3,731,753 $ $ 2,240,444 $ - Receivables:

Accounts - - - -
Interest 1,120 22,983 - -
Deposits - - - -
Prepaid items - - - -
TOTAL ASSETS $ 183,028 $ 3,754,736 $ 2,240,444 $ -

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES

LIABILITIES
Accounts payable $ - $ 845 $ 32,013 $ -
Accrued salaries and benefits - - - -
Retentions payable - - - -
Deposits payable - - - -
Unearned revenue - - - -
Due to other funds - - - -
TOTAL LIABILITIES - 845 32,013 -

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - -

TOTAL DEFERRED INFLOWS

OF RESOURCES - - - -

FUND BALANCES (DEFICIT)
Nonspendable - - - -
Restricted 183,028 3,753,891 2,208,431 -
Unassigned - - - -
TOTAL FUND BALANCES (DEFICIT) 183,028 3,753,891 2,208,431 -

TOTAL LIABILITIES, DEFERRED INFLOWS

OF RESOURCES AND FUND BALANCES
DRAFT
$ 183,028 $ 3,754,736 $ 2,240,444 $ -
121
(Continued)
-83-
Special Revenue Funds
Monarch Butterfly
Habitat
Management
Plan
Solid Waste
Recycling
RSTP State
Grant
Comstock Plover
Endowment
Miscellaneous
Grants Local STIP
Developer
Agreement
$ - $ 35,930 $ - $ 157,291 $ - $ - $ 615,163
169,972 100,573 - - 4,857 - -
- - - 967 - - -
- - - - - - -
- - - - - - -
$ 169,972 $ 136,503 $ - $ 158,258 $ 4,857 $ - $ 615,163 $ 116,445 $ 811 $ - $ - $ 17,704 $ - $ -
- - - - - - -
- - - - - - -
- - - 150,500 - - -
- - - - - - -
264,372 - 420,350 - 49,646 4,309 -
380,817 811 420,350 150,500 67,350 4,309 -
- - - - - - -
- - - - - - -
- - - - - - -
- 135,692 - 7,758 - - 615,163
(210,845) - (420,350) - (62,493) (4,309) -
(210,845) 135,692 (420,350) 7,758 (62,493) (4,309) 615,163 $ 169,972 $ 136,503 $
DRAFT - $ 158,258 $ 4,857 $ - $ 615,163
122
City of Goleta
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-84-
Special Revenue Funds
Bicycle and
Pedestrian DIF
California Library
Grants CDBG HSIP SSARP
ASSETS
Cash and investments 275,508 $ 2,139,280 $ - $ - $ - $
Receivables:

Accounts - - 35,117 - -
Interest 1,697 - - - -
Deposits - - - - -
Prepaid items - - - - -
TOTAL ASSETS 277,205 $ 2,139,280 $ 35,117 $ - $ - $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES

LIABILITIES
Accounts payable - $ 14,100 $ 30,912 $ 48,311 $ - $
Accrued salaries and benefits - - - - -
Retentions payable - - - - -
Deposits payable - - - - -
Unearned revenue - 2,125,180 - - -
Due to other funds - - 4,205 306,668 -
TOTAL LIABILITIES - 2,139,280 35,117 354,979 -

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - -

TOTAL DEFERRED INFLOWS

OF RESOURCES - - - - -

FUND BALANCES (DEFICIT)
Nonspendable - - - - -
Restricted 277,205 - - - -
Unassigned - - - (354,979) -
TOTAL FUND BALANCES (DEFICIT) 277,205 - - (354,979) -

TOTAL LIABILITIES, DEFERRED INFLOWS

OF RESOURCES AND FUND BALANCES
DRAFT
$ 277,205 $ 2,139,280 $ 35,117 $ - $ -
123
(Continued)
-85-
Special Revenue Funds
Street Lighting PEG LTSP
Housing &
Community
Development Cal OES

FHWA - FEMA
Reimbursement
OTS Public
Safety
$ 261,807 350,319 $ - $ - $ $ 14,231 $ 58,107 $ -
- 12,617 - - - - 17,914
2,242 1,637 - - - - -
- - - - - - -
- - - - - - -
$ 352,561 $ 276,061 $ - $ - $ 14,231 $ 58,107 $ 17,914
$ 28,898 $ 8,686 $ - $ - $ - $ - $ 15,814
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - 241,169 - - - 15,654
28,898 8,686 241,169 - - - 31,468
- - - - - - -
- - - - - - -
- - - - - - -
323,663 267,375 - - 14,231 58,107 -
- - (241,169) - - - (13,554)
323,663 267,375 (241,169) - 14,231 58,107 (13,554)
$ 352,561 $ 276,061 $
DRAFT - $ - $ 14,231 $ 58,107 $ 17,914
124
City of Goleta
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-86-
Special Revenue Funds
OBF - Southern
California Edison
Certified Access
Specialist TIRCP HMGP Library Services
ASSETS
Cash and investments - $ 50,499 $ - $ - $ 383,135 $
Receivables:

Accounts - - 159,763 356,069 236,958
Interest - 261 - - 5,915
Deposits - - - - -
Prepaid items - - - - -
TOTAL ASSETS - $ 50,760 $ 159,763 $ 356,069 $ 626,008 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES

LIABILITIES
Accounts payable - $ - $ 98,440 $ - $ 975 $
Accrued salaries and benefits - - - - 33,725
Retentions payable - - - - -
Deposits payable - 47,810 - - -
Unearned revenue - - - - -
Due to other funds - - 60,879 427,751 -
TOTAL LIABILITIES - 47,810 159,319 427,751 34,700

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - -

TOTAL DEFERRED INFLOWS

OF RESOURCES - - - - -

FUND BALANCES (DEFICIT)
Nonspendable - - - - -
Restricted - 2,950 444 - 591,308
Unassigned - - - (71,682) -
TOTAL FUND BALANCES (DEFICIT) - 2,950 444 (71,682) 591,308

TOTAL LIABILITIES, DEFERRED INFLOWS

OF RESOURCES AND FUND BALANCES
DRAFT
$ - $ 50,760 $ 159,763 $ 356,069 $ 626,008
125
(Continued)
-87-
Special Revenue Funds
County Per
Capita - Goleta
Library Buellton Library
County Per
Capita - Buellton
Library Solvang Library
County Per
Capita - Solvang
Library
Miscellaneous
Grants Library
Public
Administration
Facilities DIF
$ 35,814 - $ 178,493 $ 30,053 $ 76,988 $ 29,460 $ 46,383 $ - 394,246 80,946 - 90,633 - -
2,296 117 1,336 - 920 - 286
- - - - - - -
- - - - - - -
$ 396,542 $ 35,931 $ 260,775 $ 30,053 $ 168,541 $ 29,460 $ 46,669 $ 1,570 $ - $ 10,119 $ - $ 11,267 $ 1,001 $ -
20,885 8,388 - 9,775 - - -
- - - - - - -
- - - - - - -
- - - - - - -
28,650 - - - - - -
51,105 8,388 10,119 9,775 11,267 1,001 -
- - - - - - -
- - - - - - -
- - - - - - -
345,437 27,543 250,656 20,278 157,274 28,459 46,669
- - - - - - -
345,437 27,543 250,656 20,278 157,274 28,459 46,669
$ 396,542 $ 35,931 $
DRAFT
260,775 $ 30,053 $ 168,541 $ 29,460 $ 46,669
126
City of Goleta
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-88-
Special Revenue Funds
Community
Center Goleta Library
Affordable
Housing DIF Park DIF
Active
Transportation
Program
ASSETS
Cash and investments 45,979 $ 62,592 $ 6,618 $ 5,784,348 $ - $ Receivables:

Accounts 2,952 - - - 40,000
Interest - - 41 38,778 -
Deposits - - - - -
Prepaid items 80 - - - -
TOTAL ASSETS 49,011 $ 62,592 $ 6,659 $ 5,823,126 $ 40,000 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES

LIABILITIES
Accounts payable 24,908 $ 62,592 $ - $ 81,725 $ - $
Accrued salaries and benefits 15,653 - - - -
Retentions payable - - - 202,087 -
Deposits payable 8,450 - - - -
Unearned revenue - - - - -
Due to other funds - - - - 2,424,723
TOTAL LIABILITIES 49,011 62,592 - 283,812 2,424,723

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - 40,000

TOTAL DEFERRED INFLOWS
OF RESOURCES - - - - 40,000

FUND BALANCES (DEFICIT)
Nonspendable 80 - - - -
Restricted - - 6,659 5,539,314 -
Unassigned (80) - - - (2,424,723)
TOTAL FUND BALANCES (DEFICIT) - - 6,659 5,539,314 (2,424,723)

TOTAL LIABILITIES, DEFERRED INFLOWS

OF RESOURCES AND FUND BALANCES
DRAFT
$ 49,011 $ 62,592 $ 6,659 $ 5,823,126 $ 40,000
127
(Concluded)
-89-
Cal-Fire Grants
Transportation
Facilities DIF
Library Book
Van Quimby
Total Nonmajor
Governmental
Funds
$ 7,350,002 - $ - $ 3,118,985 $ 41,012,916 $
154,688 - 6,251 - 2,396,382
- 47,052 - 12,810 223,135
- 1,876,056 - - 1,876,056
- - - - 80
$ 154,688 $ 9,273,110 $ 6,251 $ 3,131,795 $ 45,508,569
$ 71,781 $ 347,282 $ 71 $ - $ 3,311,100
- - - - 106,440
- 11,252 - - 477,347
- - - - 206,760
- - - - 2,125,180
25,061 - 6,180 - 5,438,130
96,842 358,534 6,251 11,664,957 -
- - - - 40,000
- - - - 40,000
- - - - 80
57,846 8,914,576 - 3,131,795 39,148,208
- - - - (5,344,676)
57,846 8,914,576 - 3,131,795 33,803,612
$ 154,688 $ 9,273,110 $ 6,251 $ 3,131,795 $ 45,508,569
Special Revenue Funds
DRAFT 128
City of Goleta
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2024
-90-
Special Revenue Funds
Gas Tax Transportation
Road
Maintenance and
Rehabilitation Measure A
Measure A
Grants

REVENUES
Taxes - $ - $ $ - $ 2,250,748 $ -
Franchise fees - - - - -
Intergovernmental 876,830 35,806 843,729 - 202,090
Charges for services - - - - -
Fines and forfeitures - - - - -
Use of money and property 77,808 12,151 45,109 303,553 - Developer fees - - - - -
Donations - - - - -
Other - - - - -
Special assessments - - - - -
Total revenues 954,638 47,957 888,838 2,554,301 202,090

EXPENDITURES
Current:

General government - - - - -
Public safety - - - - -
Public works 78,313 - 281,598 843,926 -
Library - - - - -
Planning & environmental review - - - - -
Neighborhood services - - - - -
Capital outlay 614,000 28,000 - 2,119,803 609,571
Total expenditures 692,313 28,000 281,598 2,963,729 609,571 Excess of revenues over (under) expenditures 262,325 19,957 607,240 (409,428) (407,481)

OTHER FINANCING SOURCES (USES)
Transfers in - - - - -
Transfers out - - - - -
Total other financing sources (uses) - - - - -
Net change in fund balances 262,325 19,957 607,240 (409,428) (407,481) Fund balances (deficit), beginning, as previously stated 1,148,317 252,858 711,720 5,557,373 (833,594) Restatement - - - - -
Fund balances (deficit), beginning, as restated 1,148,317 252,858 711,720 5,557,373 (833,594) Fund balances (deficit), ending
DRAFT
$ 1,410,642 $ 272,815 $ 1,318,960 $ 5,147,945 $ (1,241,075) 129
(Continued)
-91-
Special Revenue Funds
Solid Waste
Program
Public Safety
Donations County Fire DIF
Library Facilities
DIF
Sheriff Facilities
DIF Housing In-Lieu Storm Drain DIF
$ - - $ - $ - $ - $ - $ - $
1,360,341 - - - - - -
- - - - - - -
24,129 - - - - - -
- - - - - - -
78,481 - - 8,400 6,720 59,021 26,148
- - - 13,208 - - 196,698
- - - - - - -
25,000 - - - - - -
- - - - - - -
1,487,951 - - 21,608 6,720 59,021 222,846
7,460 - - - - - -
- - - - - - -
1,485,430 - - - - - 44,105
- - - 1,530 - - -
- - - - - 25,000 -
- - - - - - -
- - 22,342 - - - 85,562
1,492,890 - 22,342 1,530 - 25,000 129,667
(4,939) - (22,342) 20,078 6,720 34,021 93,179
- - - - - 200,000 -
- - - - - - -
- - - - - 200,000 -
(4,939) - (22,342) 20,078 6,720 234,021 93,179
1,593,368 11,748 (277,075) 167,879 142,419 1,251,357 516,264 - - - - - - -
1,593,368 11,748 (277,075) 167,879 142,419 1,251,357 516,264 $ 1,588,429 $ 11,748 $ (299,417)
DRAFT
$ 187,957 $ 149,139 $ 1,485,378 $ 609,443
130
City of Goleta
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2024
-92-
Special Revenue Funds
Environmental
Programs Fire Facilities DIF
Long Range
Development
Plan Public Safety

REVENUES
Taxes - $ - $ - $ - $
Franchise fees - - - -
Intergovernmental - - 2,300,000 186,159
Charges for services - - - -
Fines and forfeitures - - - -
Use of money and property 8,246 164,641 - -
Developer fees - 170,838 - -
Donations - - - -
Other - - - -
Special assessments - - - -
Total revenues 8,246 335,479 2,300,000 186,159

EXPENDITURES
Current:

General government - - - -
Public safety - - - 186,159
Public works - - - -
Library - - - -
Planning & environmental review - - - -
Neighborhood services - - - -
Capital outlay - 33,770 135,195 -
Total expenditures - 33,770 135,195 186,159
Excess of revenues over (under) expenditures 8,246 301,709 2,164,805 -

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out - - - -
Total other financing sources (uses) - - - -
Net change in fund balances 8,246 301,709 2,164,805 -
Fund balances (deficit), beginning, as previously stated 174,782 3,452,182 43,626 - Restatement - - - -
Fund balances (deficit), beginning, as restated 174,782 3,452,182 43,626 - Fund balances (deficit), ending
DRAFT
$ 183,028 $ 3,753,891 $ 2,208,431 $ -
131
(Continued)
-93-
Special Revenue Funds
Monarch Butterfly
Habitat
Management
Plan
Solid Waste
Recycling RSTP
Comstock Plover
Endowment
Miscellaneous
Grants Local STIP
Developer
Agreement
$ - $ - -$ $ - $ - $ - $ -
- - - - - - -
592,390 109,029 - - 91,727 - -
- - - - - - -
- - - - - - -
- - - 5,784 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
592,390 109,029 - 5,784 91,727 - -
- - - - 75,519 - -
- - - - - - -
200,819 40,987 - - 86,882 - -
- - - - - - -
- - - - - - -
- - - - - - -
101,211 - - - - - -
302,030 40,987 - - 162,401 - -
290,360 68,042 - 5,784 (70,674) - -
- - - - - - -
- - - - - - -
- - - - - - -
290,360 68,042 - 5,784 (70,674) - -
(501,205) 67,650 (420,350) 1,974 8,181 (4,309) 615,163
- - - - - - -
(501,205) 67,650 (420,350) 1,974 8,181 (4,309) 615,163
$ (210,845) $ 135,692 $ (420,350)
DRAFT
$ 7,758 $ (62,493) $ (4,309) $ 615,163
132
City of Goleta
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2024
-94-
Special Revenue Funds
Bicycle and
Pedestrian DIF
California Library
Grants CDBG HSIP SSARP

REVENUES
Taxes - $ - $ - $ $ - $ -
Franchise fees - - - - -
Intergovernmental - 14,100 456,696 - 53,482
Charges for services - - - - -
Fines and forfeitures - - - - -
Use of money and property 11,017 - - - -
Developer fees 41,781 - - - -
Donations - - - - -
Other - - - - -
Special assessments - - - - -
Total revenues 52,798 14,100 456,696 - 53,482

EXPENDITURES
Current:

General government - - - - -
Public safety - - - - -
Public works - - 140,516 360,615 -
Library - - - - -
Planning & environmental review - - - - -
Neighborhood services - - 45,607 - -
Capital outlay - 14,100 238,627 - -
Total expenditures - 14,100 424,750 360,615 -
Excess of revenues over (under) expenditures 52,798 - 31,946 (360,615) 53,482

OTHER FINANCING SOURCES (USES)
Transfers in - - - - -
Transfers out - - (31,946) - -
Total other financing sources (uses) - - (31,946) - -
Net change in fund balances 52,798 - - (360,615) 53,482 Fund balances (deficit), beginning, as previously stated 224,407 - - 5,636 (53,482) Restatement - - - - -
Fund balances (deficit), beginning, as restated 224,407 - - 5,636 (53,482) Fund balances (deficit), ending
DRAFT
$ 277,205 $ - $ - $ (354,979) $ -
133
(Continued)
-95-
Special Revenue Funds
Street Lighting PEG LSTP
Housing &
Community
Development Cal OES

FHWA - FEMA
Reimbursement
OTS Public
Safety
$ - $ - $ - $ - $ - $ - $ -
- 51,781 - - - - -
- - - 140,462 - - 19,372
- - - - - - -
- - - - - - -
13,937 11,572 - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
307,831 - - - - - -
321,768 63,353 - 140,462 - - 19,372
- - - - - - -
- - - - - - 28,954
268,627 33,886 21,029 - - - -
- - - - - - -
- - - 57,233 - - -
- - - - 5,521 - -
- - - - - - -
268,627 33,886 21,029 57,233 5,521 - 28,954
53,141 29,467 (21,029) 83,229 (5,521) - (9,582)
- - - - - - -
- - - - - - -
- - - - - - -
53,141 29,467 (21,029) 83,229 (5,521) - (9,582)
270,522 237,908 (220,140) (83,229) 19,752 58,107 (3,972) - - - - - - -
270,522 237,908 (220,140) (83,229) 19,752 58,107 (3,972) $ 323,663 $ 267,375 $
DRAFT
(241,169) $ - $ 14,231 $ 58,107 $ (13,554)
134
City of Goleta
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2024
-96-
Special Revenue Funds
OBF - Southern
California Edison
Certified Access
Specialist TIRCP HMGP Library Services

REVENUES
Taxes $ - $ - $ - $ - $ 603,576
Franchise fees - - - - -
Intergovernmental - - 521,489 3,236,922 -
Charges for services - - - - -
Fines and forfeitures - - - - -
Use of money and property - 1,789 - - 44,497
Developer fees - - - - -
Donations - - - - -
Other - - - - -
Special assessments - - - - -
Total revenues - 1,789 521,489 3,236,922 648,073

EXPENDITURES
Current:

General government - - - - -
Public safety - - - - -
Public works - - - - -
Library - - - - 895,490
Planning & environmental review - - - - -
Neighborhood services - - - - -
Capital outlay - - 521,489 2,032,748 -
Total expenditures - - 521,489 2,032,748 895,490
Excess of revenues over (under) expenditures - 1,789 - 1,204,174 (247,417)

OTHER FINANCING SOURCES (USES)
Transfers in - - - - -
Transfers out (128,210) - - - (50,000)
Total other financing sources (uses) (128,210) - - - (50,000) Net change in fund balances (128,210) 1,789 - 1,204,174 (297,417) Fund balances (deficit), beginning, as previously stated 128,210 1,161 444 (1,275,856) 888,725 Restatement - - - - -
Fund balances (deficit), beginning, as restated 128,210 1,161 444 (1,275,856) 888,725 Fund balances (deficit), ending
DRAFT
$ - $ 2,950 $ 444 $ (71,682) $ 591,308
135
(Continued)
-97-
Special Revenue Funds
County Per
Capita - Goleta
Library Buellton Library
County Per
Capita - Buellton
Library Solvang Library
County Per
Capita - Solvang
Library
Miscellaneous
Grants Library
Public
Administrartion
Facilities DIF
$ - $ - $ - $ - $ - $ - $ -
- - - - - - -
800,992 193,729 161,891 184,855 186,265 19,782 -
- 1,493 - 8,955 - - -
- 364 - 845 - - -
16,657 2,399 9,497 1,376 6,992 - 530
- - - - - - 48,548
- 408 - 10,147 - - -
- - - - - - -
- - - - - - -
817,649 198,393 171,388 206,178 193,257 19,782 49,078
1,144 - 32,000 - - - -
- - - - - - -
- - - - - - -
728,697 196,181 99,215 185,900 206,551 26,146 -
- - - - - - -
- - - - - - -
- - - - - - -
729,841 196,181 131,215 185,900 206,551 26,146 -
87,808 2,212 40,173 20,278 (13,294) (6,364) 49,078
51,237 - - - - - -
- - - - - - -
51,237 - - - - - -
139,045 2,212 40,173 20,278 (13,294) (6,364) 49,078
206,392 25,331 210,483 - 170,568 34,823 (2,409)
- - - - - - -
206,392 25,331 210,483 - 170,568 34,823 (2,409)
$ 345,437 $ 27,543 $
DRAFT
250,656 $ 20,278 $ 157,274 $ 28,459 $ 46,669
136
City of Goleta
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2024
-98-
Special Revenue Funds
Community
Center Goleta Library
Affordable
Housing DIF Park DIF
Active
Transportation
Program

REVENUES
Taxes $ - $ - $ - $ - $ -
Franchise fees - - - - -
Intergovernmental - - - - -
Charges for services 50 - - - -
Fines and forfeitures - - - - -
Use of money and property 285,633 - 301 355,502 -
Developer fees - - - 313,625 -
Donations 358 - - - -
Other - - - - -
Special assessments - - - - -
Total revenues 286,041 - 301 669,127 -

EXPENDITURES
Current:

General government - - - - -
Public safety - - - - -
Public works - - - 60,247 -
Library - - - - -
Planning & environmental review - - - - -
Neighborhood services 517,753 - - - -
Capital outlay - - - 3,296,661 2,409,968
Total expenditures 517,753 - - 3,356,908 2,409,968
Excess of revenues over (under) expenditures (231,712) - 301 (2,687,781) (2,409,968)

OTHER FINANCING SOURCES (USES)
Transfers in 231,712 - - - -
Transfers out - - - - -
Total other financing sources (uses) 231,712 - - - -
Net change in fund balances - - 301 (2,687,781) (2,409,968) Fund balances (deficit), beginning, as previously stated - - 6,358 8,227,095 (14,755) Restatement - - - - -
Fund balances (deficit), beginning, as restated - - 6,358 8,227,095 (14,755) Fund balances (deficit), ending
DRAFT
$ - $ - $ 6,659 $ 5,539,314 $ (2,424,723)
137
(Concluded)
-99-
Federal
Transportation
Program
(formerly
nonmajor) Cal-Fire Grants
Transportation
Facilities DIF Library Book Van Quimby
Total Nonmajor
Governmental
Funds
$ - - $ - $ - $ 2,854,324 $
- - - - 1,412,122
- 286,985 - - 11,514,782
- - - - 34,627
- - - - 1,209
490,189 - - 12,755 2,060,705
420,380 - - 3,119,040 4,324,118
- - - - 10,913
- - - - 25,000
- - - - 307,831
910,569 286,985 - 3,131,795 22,545,631
- - - - 116,123
- - - - 215,113
16,343 229,139 - - 4,192,462
- - - - 2,339,710
- - - - 82,233
- - - - 568,881
- 2,725,945 - 14,988,992 -
229,139 2,742,288 - 22,503,514 -
57,846 (1,831,719) - 3,131,795 42,117
- - - - 482,949
- - - - (210,156)
- - - - 272,793
- 57,846 (1,831,719) - 3,131,795 314,910
(509,346) - - - 22,233,061 -
509,346 - 10,746,295 - 11,255,641 -
- - 10,746,295 - 33,488,702 -
$ - $ 57,846 $ 8,914,576 $ - $ 3,131,795 $ 33,803,612
Special Revenue Funds
DRAFT 138
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Gas Tax Special Revenue Fund
For the Year Ended June 30, 2024
-100-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 916,080 $ 870,463 $ 876,830 $ 6,367 Use of money and property 17,000 60,000 77,808 17,808
Total revenues 933,080 930,463 954,638 24,175

EXPENDITURES
Current:

Public works 982,153 1,321,780 78,313 1,243,467
Capital outlay 433,847 714,000 614,000 100,000
Total expenditures 1,416,000 2,035,780 692,313 1,343,467 Net change in fund balance (482,920) (1,105,317) 262,325 1,367,642 Fund balance, beginning 1,148,317 1,148,317 1,148,317 - Fund balance, ending $ 665,397 $ 43,000 $ 1,410,642 $ 1,367,642 Budgeted Amounts
DRAFT 139
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Transportation Special Revenue Fund
For the Year Ended June 30, 2024
-101-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 35,800 $ 35,800 $ 35,806 $ 6
Use of money and property 1,500 10,200 12,151 1,951
Total revenues 37,300 46,000 47,957 1,957

EXPENDITURES
Capital outlay - 290,159 28,000 262,159
Total expenditures - 290,159 28,000 262,159
Net change in fund balance 37,300 (244,159) 19,957 264,116 Fund balance, beginning 252,858 252,858 252,858 -
Fund balance, ending $ 290,158 $ 8,699 $ 272,815 $ 264,116 Budgeted Amounts
DRAFT 140
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Road Maintenance and Rehabilitation Special Revenue Fund For the Year Ended June 30, 2024
-102-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 808,228 $ 782,772 $ 843,729 $ 60,957 Use of money and property 10,000 34,000 45,109 11,109
Total revenues 818,228 816,772 888,838 72,066

EXPENDITURES
Current:

Public works 808,000 1,184,926 281,598 903,328
Total expenditures 808,000 1,184,926 281,598 903,328
Net change in fund balance 10,228 (368,154) 607,240 975,394 Fund balance, beginning 711,720 711,720 711,720 -
Fund balance, ending $ 721,948 $ 343,566 $ 1,318,960 $ 975,394 Budgeted Amounts
DRAFT 141
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Measure A Special Revenue Fund
For the Year Ended June 30, 2024
-103-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Taxes 2,200,000 $ $ 2,200,000 $ 2,250,748 $ 50,748
Use of money and property 30,000 240,000 303,553 63,553 Total revenues 2,230,000 2,440,000 2,554,301 114,301

EXPENDITURES
Current:

Public works 1,390,000 2,184,253 843,926 1,340,327
Capital outlay 1,857,000 5,603,121 2,119,803 3,483,318
Total expenditures 3,247,000 7,787,374 2,963,729 4,823,645 Net change in fund balance (1,017,000) (5,347,374) (409,428) 4,937,946 Fund balance, beginning 5,557,373 5,557,373 5,557,373 - Fund balance, ending $ 4,540,373 $ 209,999 $ 5,147,945 $ 4,937,946 Budgeted Amounts
DRAFT 142
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Measure A Grants Special Revenue Fund
For the Year Ended June 30, 2024
-104-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 438,378 $ 2,630,847 $ 202,090 $ (2,428,757) Total revenues 438,378 2,630,847 202,090 (2,428,757)

EXPENDITURES
Capital outlay 438,378 1,797,253 609,571 1,187,682
Total expenditures 438,378 1,797,253 609,571 1,187,682
Net change in fund balance - 833,594 (407,481) (1,241,075) Fund balance (deficit), beginning (833,594) (833,594) (833,594) - Fund balance (deficit), ending $ (833,594) $ (1,241,075) - $ $ (1,241,075) Budgeted Amounts
DRAFT 143
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Solid Waste Program Special Revenue Fund
For the Year Ended June 30, 2024
-105-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Franchise fees $ 1,359,500 $ 1,359,500 $ 1,360,341 $ 841 Charges for services - - 24,129 24,129
Use of money and property 5,000 62,000 78,481 16,481
Other 75,000 25,000 25,000 -
Total revenues 1,439,500 1,446,500 1,487,951 41,451

EXPENDITURES
Current:

General government - 22,000 7,460 14,540
Public works 1,818,300 2,031,300 1,485,430 545,870
Total expenditures 1,818,300 2,053,300 1,492,890 560,410 Net change in fund balance (378,800) (606,800) (4,939) 601,861 Fund balance, beginning 1,593,368 1,593,368 1,593,368 - Fund balance, ending $ 1,214,568 $ 986,568 $ 1,588,429 $ 601,861 Budgeted Amounts
DRAFT 144
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
County Fire DIF Special Revenue Fund
For the Year Ended June 30, 2024
-106-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ - $ 849,514 $ - $ (849,514)
Total revenues - 849,514 - (849,514)

EXPENDITURES
Capital outlay - 572,439 22,342 550,097
Total expenditures - 572,439 22,342 550,097
Net change in fund balance - 277,075 (22,342) (299,417) Fund balance (deficit), beginning (277,075) (277,075) (277,075) - Fund balance (deficit), ending $ (277,075) $ - $ (299,417) $ (299,417) Budgeted Amounts
DRAFT 145
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Library Facilities DIF Special Revenue Fund
For the Year Ended June 30, 2024
-107-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ - $ - $ 8,400 $ 8,400
Developer fees 1,700 15,101 13,208 (1,893)
Total revenues 1,700 15,101 21,608 6,507

EXPENDITURES
Current:

Library 1,700 127,846 1,530 126,316
Total expenditures 1,700 127,846 1,530 126,316
Net change in fund balance - (112,745) 20,078 132,823
Fund balance, beginning 167,879 167,879 167,879 -
Fund balance, ending $ 167,879 $ 55,134 $ 187,957 $ 132,823 Budgeted Amounts
DRAFT 146
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Sheriff Facilities DIF Special Revenue Fund
For the Year Ended June 30, 2024
-108-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ - $ - $ 6,720 $ 6,720
Total revenues - - 6,720 6,720

EXPENDITURES
Capital outlay 97,721 168,002 - 168,002
Total expenditures 97,721 168,002 - 168,002
Net change in fund balance (97,721) (168,002) 6,720 174,722 Fund balance, beginning 142,419 142,419 142,419 -
Fund balance, ending $ 44,698 $ (25,583) $ 149,139 $ 174,722 Budgeted Amounts
DRAFT 147
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Housing In-Lieu Special Revenue Fund
For the Year Ended June 30, 2024
-109-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ 9,700 $ 9,700 $ 59,021 $ 49,321 Total revenues 9,700 9,700 59,021 49,321

EXPENDITURES
Current:

Planning & environmental review 25,000 25,000 25,000 -
Total expenditures 25,000 25,000 25,000 -
Excess of revenues over (under) expenditures (15,300) (15,300) 34,021 49,321 OTHER FINANCING SOURCES (USES):

Transfers in 200,000 200,000 200,000 -
Total other financing sources (uses) 200,000 200,000 200,000 - Net change in fund balance 184,700 184,700 234,021 49,321 Fund balance, beginning 1,251,357 1,251,357 1,251,357 - Fund balance, ending $ 1,436,057 $ 1,436,057 $ 1,485,378 $ 49,321 Budgeted Amounts
DRAFT 148
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Storm Drain DIF Special Revenue Fund
For the Year Ended June 30, 2024
-110-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ 4,000 $ 4,000 $ 26,148 $ 22,148 Developer fees 36,900 210,476 196,698 (13,778)
Total revenues 40,900 214,476 222,846 8,370

EXPENDITURES
Current:

Public works 300,000 323,587 44,105 279,482
Capital outlay - 550,000 85,562 464,438
Total expenditures 300,000 873,587 129,667 743,920
Net change in fund balance (259,100) (659,111) 93,179 752,290 Fund balance, beginning 516,264 516,264 516,264 -
Fund balance, ending $ 257,164 $ (142,847) $ 609,443 $ 752,290 Budgeted Amounts
DRAFT 149
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Environmental Programs Special Revenue Fund
For the Year Ended June 30, 2024
-111-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ 1,300 $ 1,300 $ 8,246 $ 6,946 Total revenues 1,300 1,300 8,246 6,946

EXPENDITURES
Current:

Public works 9,400 9,400 - 9,400
Total expenditures 9,400 9,400 - 9,400
Net change in fund balance (8,100) (8,100) 8,246 16,346 Fund balance, beginning 174,782 174,782 174,782 -
Fund balance, ending $ 166,682 $ 166,682 $ 183,028 $ 16,346 Budgeted Amounts
DRAFT 150
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Fire Facilities DIF Special Revenue Fund
For the Year Ended June 30, 2024
-112-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ 26,200 $ 26,200 $ 164,641 $ 138,441 Developer fees 21,800 161,254 170,838 9,584
Total revenues 48,000 187,454 335,479 148,025

EXPENDITURES
Capital outlay 4,835,138 - 33,770 4,801,368
Total expenditures 4,835,138 - 33,770 4,801,368
Net change in fund balance 48,000 (4,647,684) 301,709 4,949,393 Fund balance, beginning 3,452,182 3,452,182 3,452,182 - Fund balance, ending $ 3,500,182 $ (1,195,502) $ 3,753,891 $ 4,949,393 Budgeted Amounts
DRAFT 151
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Long Range Development Plan Special Revenue Fund
For the Year Ended June 30, 2024
-113-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 3,031,933 $ 6,189,883 $ 2,300,000 $ (3,889,883) Total revenues 3,031,933 6,189,883 2,300,000 (3,889,883)

EXPENDITURES
Capital outlay 3,031,933 6,233,509 135,195 6,098,314
Total expenditures 3,031,933 6,233,509 135,195 6,098,314 Net change in fund balance - (43,626) 2,164,805 2,208,431 Fund balance, beginning 43,626 43,626 43,626 -
Fund balance, ending $ 43,626 $ 2,208,431 - $ $ 2,208,431 Budgeted Amounts
DRAFT 152
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Public Safety Special Revenue Fund
For the Year Ended June 30, 2024
-114-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 100,000 $ 186,159 $ 186,159 $ -
Total revenues 100,000 186,159 186,159 -

EXPENDITURES
Current:

Public safety 100,000 186,159 186,159 -
Total expenditures 100,000 186,159 186,159 -
Net change in fund balance - - - -
Fund balance, beginning - - - -
Fund balance, ending $ - $ - $ - $ -
Budgeted Amounts
DRAFT 153
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Monarch Butterfly Habitat Management Plan Special Revenue Fund For the Year Ended June 30, 2024
-115-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 2,996,008 - $ $ 592,390 $ (2,403,618) Total revenues 2,996,008 - 592,390 (2,403,618)

EXPENDITURES
Current:

Public works - 807,237 200,819 606,418
Capital outlay 1,590,018 - 101,211 1,488,807
Total expenditures 2,397,255 - 302,030 2,095,225
Net change in fund balance - 598,753 290,360 (308,393)
Fund balance (deficit), beginning (501,205) (501,205) (501,205) - Fund balance (deficit), ending $ (501,205) $ 97,548 $ (210,845) $ (308,393) Budgeted Amounts
DRAFT 154
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Solid Waste Recycling Special Revenue Fund
For the Year Ended June 30, 2024
-116-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 9,000 $ 109,029 $ 109,029 $ -
Total revenues 9,000 109,029 109,029 -

EXPENDITURES
Current:

Public works 16,000 137,345 40,987 96,358
Total expenditures 16,000 137,345 40,987 96,358
Net change in fund balance (7,000) (28,316) 68,042 96,358 Fund balance, beginning 67,650 67,650 67,650 -
Fund balance, ending $ 60,650 $ 39,334 $ 135,692 $ 96,358 Budgeted Amounts
DRAFT 155
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
RSTP Special Revenue Fund
For the Year Ended June 30, 2024
-117-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ - $ 565,315 $ - $ (565,315)
Total revenues - 565,315 - (565,315)

EXPENDITURES
Capital outlay - 10,150 - 10,150
Total expenditures - 10,150 - 10,150
Net change in fund balance - 555,165 - (555,165)
Fund balance (deficit), beginning (420,350) (420,350) (420,350) - Fund balance (deficit), ending $ (420,350) $ 134,815 $ (420,350) $ (555,165) Budgeted Amounts
DRAFT 156
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Comstock Plover Endowment Special Revenue Fund
For the Year Ended June 30, 2024
-118-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ 2,000 $ 2,000 $ 5,784 $ 3,784 Total revenues 2,000 2,000 5,784 3,784

EXPENDITURES
Current:

Planning & environmental review 2,000 2,000 - 2,000
Total expenditures 2,000 2,000 - 2,000
Net change in fund balance - - 5,784 5,784
Fund balance, beginning 1,974 1,974 1,974 -
Fund balance, ending $ 1,974 $ 1,974 $ 7,758 $ 5,784
Budgeted Amounts
DRAFT 157
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Miscellaneous Grants Special Revenue Fund
For the Year Ended June 30, 2024
-119-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 30,000 $ 446,068 $ 91,727 $ (354,341) Total revenues 30,000 446,068 91,727 (354,341)

EXPENDITURES
Current:

General government - 75,519 75,519 -
Public works 30,000 320,645 86,882 233,763
Neighborhood services - 7,500 - 7,500
Capital outlay 50,000 50,555 - 50,555
Total expenditures 80,000 454,219 162,401 291,818
Net change in fund balance (50,000) (8,151) (70,674) (62,523) Fund balance, beginning 8,181 8,181 8,181 -
Fund balance (deficit), ending $ (41,819) $ 30 $ (62,493) $ (62,523) Budgeted Amounts
DRAFT 158
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Local STIP Special Revenue Fund
For the Year Ended June 30, 2024
-120-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 11,386,694 - $ $ (11,386,694) - $
Total revenues 11,386,694 - (11,386,694) -

EXPENDITURES
Capital outlay 11,372,000 - 11,372,000 -
Total expenditures 11,372,000 - 11,372,000 -
Net change in fund balance - 14,694 - (14,694)
Fund balance (deficit), beginning (4,309) (4,309) (4,309) - Fund balance (deficit), ending $ (4,309) $ 10,385 $ (4,309) $ (14,694) Budgeted Amounts
DRAFT 159
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Developer Agreement Special Revenue Fund
For the Year Ended June 30, 2024
-121-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ - $ - $ - $ -
Total revenues - - - -

EXPENDITURES
Capital outlay - 270,000 - 270,000
Total expenditures - 270,000 - 270,000
Net change in fund balance - (270,000) - 270,000
Fund balance, beginning 615,163 615,163 615,163 -
Fund balance, ending $ 615,163 $ 345,163 $ 615,163 $ 270,000 Budgeted Amounts
DRAFT 160
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Bicycle and Pedestrian DIF Special Revenue Fund
For the Year Ended June 30, 2024
-122-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ - $ - $ 11,017 $ 11,017
Developer fees 5,400 47,797 41,781 (6,016)
Total revenues 5,400 47,797 52,798 5,001

EXPENDITURES
Capital outlay - 272,204 - 272,204
Total expenditures - 272,204 - 272,204
Net change in fund balance 5,400 (224,407) 52,798 277,205 Fund balance, beginning 224,407 224,407 224,407 -
Fund balance, ending $ 229,807 $ - $ 277,205 $ 277,205
Budgeted Amounts
DRAFT 161
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
California Library Grants Special Revenue Fund
For the Year Ended June 30, 2024
-123-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 4,278,560 - $ $ 14,100 $ (4,264,460) Total revenues 4,278,560 - 14,100 (4,264,460)

EXPENDITURES
Capital outlay 4,278,560 - 14,100 4,264,460
Total expenditures 4,278,560 - 14,100 4,264,460
Net change in fund balance - - - -
Fund balance, beginning - - - -
Fund balance, ending $ - $ - $ - $ -
Budgeted Amounts
DRAFT 162
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
CDBG Special Revenue Fund
For the Year Ended June 30, 2024
-124-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 276,047 $ 725,749 $ 456,696 $ (269,053) Total revenues 276,047 725,749 456,696 (269,053)

EXPENDITURES
Current:

Public works - 140,516 140,516 -
Neighborhood services 45,907 45,907 45,607 300
Capital outlay 293,207 488,616 238,627 249,989
Total expenditures 339,114 675,039 424,750 250,289
Excess of revenues over (under) expenditures (63,067) 50,710 31,946 (18,764) OTHER FINANCING SOURCES (USES):

Transfers out (50,710) (50,710) (31,946) 18,764
Total other financing sources (uses) (50,710) (50,710) (31,946) 18,764 Net change in fund balance (113,777) - - -
Fund balance, beginning - - - -
Fund balance, ending $ (113,777) $ - $ - $ -
Budgeted Amounts
DRAFT 163
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
HSIP Special Revenue Fund
For the Year Ended June 30, 2024
-125-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 3,120,100 - $ $ (3,120,100) - $
Total revenues 3,120,100 - (3,120,100) -

EXPENDITURES
Current:

Public works 3,120,100 - 360,615 2,759,485
Total expenditures 3,120,100 - 360,615 2,759,485
Net change in fund balance - - (360,615) (360,615)
Fund balance, beginning 5,636 5,636 5,636 -
Fund balance (deficit), ending $ 5,636 $ 5,636 $ (354,979) $ (360,615) Budgeted Amounts
DRAFT 164
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
SSARP Special Revenue Fund
For the Year Ended June 30, 2024
-126-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ - $ 53,000 $ 53,482 $ 482
Total revenues - 53,000 53,482 482

EXPENDITURES
Current:

Public works - (482) - (482)
Total expenditures - (482) - (482)
Net change in fund balance - 53,482 53,482 -
Fund balance (deficit), beginning (53,482) (53,482) (53,482) - Fund balance (deficit), ending $ (53,482) $ - $ - $ -
Budgeted Amounts
DRAFT 165
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Street Lighting Special Revenue Fund
For the Year Ended June 30, 2024
-127-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ - $ - $ 13,937 $ 13,937
Special assessments 305,500 305,500 307,831 2,331
Total revenues 305,500 305,500 321,768 16,268

EXPENDITURES
Current:

Public works 502,500 520,500 268,627 251,873
Total expenditures 502,500 520,500 268,627 251,873
Net change in fund balance (197,000) (215,000) 53,141 268,141 Fund balance, beginning 270,522 270,522 270,522 -
Fund balance, ending $ 73,522 $ 55,522 $ 323,663 $ 268,141 Budgeted Amounts
DRAFT 166
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
PEG Special Revenue Fund
For the Year Ended June 30, 2024
-128-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Franchise fees $ 60,000 $ 60,000 $ 51,781 $ (8,219)
Use of money and property 1,000 9,500 11,572 2,072
Total revenues 61,000 69,500 63,353 (6,147)

EXPENDITURES
Current:

General government 20,000 8,100 - 8,100
Public works 20,000 36,900 33,886 3,014
Total expenditures 40,000 45,000 33,886 11,114
Net change in fund balance 21,000 24,500 29,467 4,967
Fund balance, beginning 237,908 237,908 237,908 -
Fund balance, ending $ 258,908 $ 262,408 $ 267,375 $ 4,967 Budgeted Amounts
DRAFT 167
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
LSTP Special Revenue Fund
For the Year Ended June 30, 2024
-129-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ - $ 603,109 $ - $ (603,109)
Total revenues - 603,109 - (603,109)

EXPENDITURES
Current:

Public works - 382,525 21,029 361,496
Total expenditures - 382,525 21,029 361,496
Net change in fund balance - 220,584 (21,029) (241,613) Fund balance (deficit), beginning (220,140) (220,140) (220,140) - Fund balance (deficit), ending $ (220,140) $ 444 $ (241,169) $ (241,613) Budgeted Amounts
DRAFT 168
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Housing and Community Development Special Revenue Fund
For the Year Ended June 30, 2024
-130-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ - $ 140,462 $ 140,462 $ -
Total revenues - 140,462 140,462 -

EXPENDITURES
Current:

Planning & environmental review - 57,233 57,233 -
Total expenditures - 57,233 57,233 -
Net change in fund balance - 83,229 83,229 -
Fund balance (deficit), beginning (83,229) (83,229) (83,229) - Fund balance (deficit), ending $ (83,229) $ - $ - $ -
Budgeted Amounts
DRAFT 169
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Cal OES Special Revenue Fund
For the Year Ended June 30, 2024
-131-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ - $ - $ - $ -
Total revenues - - - -

EXPENDITURES
Current:

Neighborhood services - 5,521 5,521 -
Total expenditures - 5,521 5,521 -
Net change in fund balance - (5,521) (5,521) -
Fund balance, beginning 19,752 19,752 19,752 -
Fund balance, ending $ 19,752 $ 14,231 $ 14,231 $ -
Budgeted Amounts
DRAFT 170
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
FHWA-FEMA Reimbursement Special Revenue Fund
For the Year Ended June 30, 2024
-132-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ - $ 87,746 $ - $ (87,746)
Total revenues - 87,746 - (87,746)

EXPENDITURES
Capital outlay - 87,746 - 87,746
Total expenditures - 87,746 - 87,746
Net change in fund balance - - - -
Fund balance, beginning 58,107 58,107 58,107 -
Fund balance, ending $ 58,107 $ 58,107 $ 58,107 $ -
Budgeted Amounts
DRAFT 171
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
OTS Public Safety Special Revenue Fund
For the Year Ended June 30, 2024
-133-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ - $ 107,559 $ 19,372 $ (88,187)
Total revenues - 107,559 19,372 (88,187)

EXPENDITURES
Current:

Public safety - 103,587 28,954 74,633
Total expenditures - 103,587 28,954 74,633
Net change in fund balance - 3,972 (9,582) (13,554)
Fund balance (deficit), beginning (3,972) (3,972) (3,972) - Fund balance (deficit), ending $ (3,972) $ - $ (13,554) $ (13,554) Budgeted Amounts
DRAFT 172
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
OBF - Southern California Edison Special Revenue Fund
For the Year Ended June 30, 2024
-134-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Total revenues $ - $ - $ - $ -

EXPENDITURES
Total expenditures - - - -
Excess of revenues over (under) expenditures - - - -
OTHER FINANCING SOURCES (USES):

Transfers out - (128,210) (128,210) -
Total other financing sources (uses) - (128,210) (128,210) - Net change in fund balance - (128,210) (128,210) -
Fund balance, beginning 128,210 128,210 128,210 -
Fund balance, ending $ 128,210 $ - $ - $ -
Budgeted Amounts
DRAFT 173
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Certified Access Specialist Special Revenue Fund
For the Year Ended June 30, 2024
-135-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ - $ - $ 1,789 $ 1,789
Total revenues - - 1,789 1,789
Net change in fund balance - - 1,789 1,789
Fund balance, beginning 1,161 1,161 1,161 -
Fund balance, ending $ 1,161 $ 1,161 $ 2,950 $ 1,789
Budgeted Amounts
DRAFT 174
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
TIRCP Special Revenue Fund
For the Year Ended June 30, 2024
-136-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 5,559,000 $ 15,360,624 $ 521,489 $ (14,839,135) Total revenues 5,559,000 15,360,624 521,489 (14,839,135)

EXPENDITURES
Capital outlay 5,559,000 15,361,068 521,489 14,839,579
Total expenditures 5,559,000 15,361,068 521,489 14,839,579 Net change in fund balance - (444) - 444
Fund balance , beginning 444 444 444 -
Fund balance, ending $ 444 $ - $ 444 $ 444
Budgeted Amounts
DRAFT 175
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
HMGP Special Revenue Fund
For the Year Ended June 30, 2024
-137-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 3,858,620 - $ $ 3,236,922 $ (621,698) Total revenues 3,858,620 - 3,236,922 (621,698)

EXPENDITURES
Capital outlay 2,582,764 - 2,032,748 550,016
Total expenditures 2,582,764 - 2,032,748 550,016
Net change in fund balance 1,275,856 - 1,204,174 (71,682) Fund balance (deficit), beginning (1,275,856) (1,275,856) (1,275,856) - Fund balance (deficit), ending $ (1,275,856) $ - $ (71,682) $ (71,682) Budgeted Amounts
DRAFT 176
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Library Services Special Revenue Fund
For the Year Ended June 30, 2024
-138-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Taxes 601,100 $ $ 601,100 $ 603,576 $ 2,476
Use of money and property 2,000 2,000 44,497 42,497
Total revenues 603,100 603,100 648,073 44,973

EXPENDITURES
Current:

Library 1,168,533 - 895,490 273,043
Capital outlay - 180,000 - 180,000
Total expenditures 1,348,533 - 895,490 453,043
Excess of revenues over (under) expenditures 603,100 (745,433) (247,417) 498,016 OTHER FINANCING SOURCES (USES):

Transfers out (653,100) (50,000) (50,000) -
Total other financing sources (uses) (653,100) (50,000) (50,000) - Net change in fund balance (50,000) (795,433) (297,417) 498,016 Fund balance, beginning 888,725 888,725 888,725 -
Fund balance, ending $ 838,725 $ 93,292 $ 591,308 $ 498,016 Budgeted Amounts
DRAFT 177
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
County Per Capita - Goleta Library Special Revenue Fund For the Year Ended June 30, 2024
-139-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 751,290 $ 800,992 $ 800,992 $ -
Use of money and property 500 13,000 16,657 3,657
Total revenues 751,790 813,992 817,649 3,657

EXPENDITURES
Current:

General government - - 1,144 (1,144)
Library - 884,683 728,697 155,986
Capital outlay - 180,000 - 180,000
Total expenditures 1,064,683 - 729,841 334,842
Excess of revenues over (under) expenditures 751,790 (250,691) 87,808 338,499 OTHER FINANCING SOURCES (USES):

Transfers in - 100,000 51,237 (48,763)
Transfers out (776,790) - - -
Total other financing sources (uses) (776,790) 100,000 51,237 (48,763) Net change in fund balance (25,000) (150,691) 139,045 289,736 Fund balance, beginning 206,392 206,392 206,392 -
Fund balance, ending $ 181,392 $ 55,701 $ 345,437 $ 289,736 Budgeted Amounts
DRAFT 178
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Buellton Library Special Revenue Fund
For the Year Ended June 30, 2024
-140-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 193,729 $ 193,729 $ 193,729 $ -
Charges for services 900 900 1,493 593
Fine and forfeitures 750 750 364 (386)
Use of money and property - - 2,399 2,399
Donations 100 100 408 308
Total revenues 195,479 195,479 198,393 2,914

EXPENDITURES
Current:

Library 252,600 220,600 196,181 24,419
Total expenditures 252,600 220,600 196,181 24,419
Net change in fund balance (57,121) (25,121) 2,212 27,333 Fund balance, beginning 25,331 25,331 25,331 -
Fund balance, ending $ (31,790) $ 210 $ 27,543 $ 27,333 Budgeted Amounts
DRAFT 179
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
County Per Capita - Buellton Library Special Revenue Fund For the Year Ended June 30, 2024
-141-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 159,920 $ 161,891 $ 161,891 $ -
Use of money and property - - 9,497 9,497
Total revenues 159,920 161,891 171,388 9,497

EXPENDITURES
Current:

General government - 32,000 32,000 -
Library 155,900 179,138 99,215 79,923
Total expenditures 155,900 211,138 131,215 79,923
Net change in fund balance 4,020 (49,247) 40,173 89,420 Fund balance, beginning 210,483 210,483 210,483 -
Fund balance, ending $ 214,503 $ 161,236 $ 250,656 $ 89,420 Budgeted Amounts
DRAFT 180
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Solvang Library Special Revenue Fund
For the Year Ended June 30, 2024
-142-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 184,855 $ 184,855 $ 184,855 $ -
Charges for services 1,700 1,700 8,955 7,255
Fine and forfeitures 1,000 1,000 845 (155)
Use of money and property - - 1,376 1,376
Donations 10,000 10,000 10,147 147
Total revenues 197,555 197,555 206,178 8,623

EXPENDITURES
Current:

Library 243,900 185,900 185,900 -
Total expenditures 243,900 185,900 185,900 -
Net change in fund balance (46,345) 11,655 20,278 8,623 Fund balance, beginning - - - -
Fund balance, ending $ (46,345) $ 11,655 $ 20,278 $ 8,623 Budgeted Amounts
DRAFT 181
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
County Per Capita Solvang Library Special Revenue Fund
For the Year Ended June 30, 2024
-143-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 183,133 $ 186,265 $ 186,265 $ -
Use of money and property - - 6,992 6,992
Total revenues 183,133 186,265 193,257 6,992

EXPENDITURES
Current:

Library 187,100 261,128 206,551 54,577
Total expenditures 187,100 261,128 206,551 54,577
Net change in fund balance (3,967) (74,863) (13,294) 61,569 Fund balance, beginning 170,568 170,568 170,568 -
Fund balance, ending $ 166,601 $ 95,705 $ 157,274 $ 61,569 Budgeted Amounts
DRAFT 182
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Miscellaneous Grants Library Special Revenue Fund
For the Year Ended June 30, 2024
-144-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 2,000 $ 19,782 $ 19,782 $ -
Total revenues 2,000 19,782 19,782 -

EXPENDITURES
Current:

Library 2,000 54,605 26,146 28,459
Total expenditures 2,000 54,605 26,146 28,459
Net change in fund balance - (34,823) (6,364) 28,459
Fund balance, beginning 34,823 34,823 34,823 -
Fund balance, ending $ 34,823 $ - $ 28,459 $ 28,459
Budgeted Amounts
DRAFT 183
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Public Administration Facilities DIF Special Revenue Fund For the Year Ended June 30, 2024
-145-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ - $ - $ 530 $ 530
Developer fees 9,100 51,952 48,548 (3,404)
Total revenues 9,100 51,952 49,078 (2,874)

EXPENDITURES
Capital outlay 42,279 59,309 - 59,309
Total expenditures 42,279 59,309 - 59,309
Net change in fund balance (33,179) (7,357) 49,078 56,435 Fund balance (deficit), beginning (2,409) (2,409) (2,409) - Fund balance (deficit), ending $ (35,588) $ (9,766) $ 46,669 $ 56,435 Budgeted Amounts
DRAFT 184
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Community Center Special Revenue Fund
For the Year Ended June 30, 2024
-146-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Charges for services $ - $ - $ 50 $ 50
Use of money and property 314,700 314,700 285,633 (29,067) Donations - - 358 358
Total revenues 314,700 314,700 286,041 (28,659)

EXPENDITURES
Current:

Neighborhood services 734,900 734,900 517,753 217,147
Total expenditures 734,900 734,900 517,753 217,147
Excess of revenues over (under) expenditures (420,200) (420,200) (231,712) 188,488 OTHER FINANCING SOURCES (USES):

Transfers in 418,300 418,300 231,712 (186,588)
Total other financing sources (uses) 418,300 418,300 231,712 (186,588) Net change in fund balance (1,900) (1,900) - 1,900
Fund balance, beginning - - - -
Fund balance (deficit), ending $ (1,900) $ (1,900) $ - $ 1,900 Budgeted Amounts
DRAFT 185
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Affordable Housing DIF
For the Year Ended June 30, 2024
-147-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ - $ - $ 301 $ 301
Developer fees 40,700 45,611 (45,611) -
Total revenues 40,700 45,611 301 (45,310)
Net change in fund balance 40,700 45,611 301 (45,310)
Fund balance, beginning - - 6,358 -
Fund balance, ending $ 40,700 $ 45,611 $ 6,659 $ (45,310) Budgeted Amounts
DRAFT 186
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Park DIF Special Revenue Fund
For the Year Ended June 30, 2024
-148-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ 65,000 $ 65,000 $ 355,502 $ 290,502 Developer fees 20,700 183,165 313,625 130,460
Total revenues 85,700 248,165 669,127 420,962

EXPENDITURES
Current:

Public works 500,000 596,046 60,247 535,799
Capital outlay 155,000 6,863,658 3,296,661 3,566,997
Total expenditures 655,000 7,459,704 3,356,908 4,102,796 Net change in fund balance (569,300) (7,211,539) (2,687,781) 4,523,758 Fund balance, beginning 8,227,095 8,227,095 8,227,095 - Fund balance, ending $ 7,657,795 $ 1,015,556 $ 5,539,314 $ 4,523,758 Budgeted Amounts
DRAFT 187
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Active Transportation Program Special Revenue Fund
For the Year Ended June 30, 2024
-149-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 3,359,000 - $ $ (3,359,000) - $
Total revenues 3,359,000 - (3,359,000) -

EXPENDITURES
Capital outlay 3,344,245 - 2,409,968 934,277
Total expenditures 3,344,245 - 2,409,968 934,277
Net change in fund balance - 14,755 (2,409,968) (2,424,723) Fund balance (deficit), beginning (14,755) (14,755) (14,755) - Fund balance (deficit), ending $ (14,755) $ (2,424,723) - $ $ (2,424,723) Budgeted Amounts
DRAFT 188
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Cal-Fire Grants Special Revenue Fund
For the Year Ended June 30, 2024
-150-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Intergovernmental $ 1,708,872 - $ $ 286,985 $ (1,421,887) Total revenues 1,708,872 - 286,985 (1,421,887)

EXPENDITURES
Current:

Public works 1,708,872 - 229,139 1,479,733
Total expenditures 1,708,872 - 229,139 1,479,733
Net change in fund balance - - 57,846 57,846
Fund balance, beginning - - - -
Fund balance, ending $ - $ - $ 57,846 $ 57,846
Budgeted Amounts
DRAFT 189
City of Goleta
Nonmajor Governmental Funds
Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual
Transportation Facilities DIF Special Revenue Fund
For the Year Ended June 30, 2024
-151-
Original Final
Actual
Amounts
Variance with
Final Budget
REVENUES:

Use of money and property $ 85,000 $ 85,000 $ 490,189 $ 405,189 Developer fees 1,083,200 1,319,778 420,380 (899,398)
Total revenues 1,168,200 1,404,778 910,569 (494,209)

EXPENDITURES
Current:

Public works 110,000 110,000 16,343 93,657
Capital outlay 13,534,378 - 2,725,945 10,808,433
Total expenditures 110,000 13,644,378 2,742,288 10,902,090 Net change in fund balance 1,058,200 (12,239,600) (1,831,719) 10,407,881 Fund balance, beginning 10,746,295 10,746,295 10,746,295 - Fund balance, ending $ 11,804,495 $ (1,493,305) $ 8,914,576 $ 10,407,881 Budgeted Amounts
DRAFT 190

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 191

STATISTICAL SECTION
DRAFT 192

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 193
City of Goleta
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
-152-

STATISTICAL SECTION
This part of the City of Goleta's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, footnotes, and required supplementary information says about the City's overall financial health.

Contents Pages

Financial Trends
These schedules contain trend information to help the reader understand how the City's performance financial and well-being have changed over time.
153-159

Revenue Capacity
These schedules contain information to help assess the City's mast significant local revenue source, the property tax and transit occupancy tax. 160-166

Debt Capacity
These schedules contain information to help the reader assess the affordability of the City's current levels of outstanding debt and the City’s ability to issue additional debt in the future.
167-170

Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place.
171-172

Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs. 173-176
Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year.

DRAFT 194

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 195
City of Goleta
Net Position by Component Last Ten Fiscal Years (accrual basis of accounting) -153-
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental activities: Net investment in capital assets 183,863,622 $ $ 181,519,215 $ 180,871,756 $ 189,886,349 $ 191,612,268 $ 202,170,314 $ 196,120,737 $ 215,354,867 $ 199,419,212 $ 217,892,824 Restricted 17,955,771 28,429,446 36,891,364 34,623,415 34,490,037 35,223,059 40,085,550 39,874,157 35,667,016 38,412,267 Unrestricted 11,095,734 15,465,702 19,440,126 6,765,954 13,891,718 6,697,065 21,525,728 14,028,509 30,728,544 34,145,370Total governmental activities net pos 212,915,127 $ $ 225,414,363 $ 237,203,246 $ 231,275,718 $ 239,994,023 $ 244,090,438 $ 257,732,015 $ 266,444,086 $ 265,814,772 $ 290,450,461 Fiscal Year Ended June 30,
DRAFT
196
City of Goleta
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
-154-
Primary Government - Governmental Activities 2015 2016 2017 2018 Expenses:

General government $ 5,563,514 $ 5,910,221 $ 6,755,208 $ 12,562,598 Public safety 7,611,834 7,598,735 7,741,361 8,582,868
Public works 8,784,684 9,350,254 10,965,391 18,234,912
Community development 297,547 44,509 49,858 425,086
Community services 4,270,831 4,363,053 6,359,917 5,273,153 Library - - - -
Planning & Environmental Review - - - -
Neighborhood Services - - - -
Interest and other charges - - - -
Total expenses 26,515,311 27,279,871 31,871,735 45,078,617 Program revenues:

Charges for services:

General government 48,740 32,874 18,929 464
Public safety 156,125 197,928 129,051 125,000
Public works 1,241,016 1,258,930 1,338,942 737,673
Community development 1,664,052 2,156,101 2,234,166 1,268,821 Community services 17,665 17,799 18,419 -
Library - - - -
Planning & Environmental Review - - - -
Neighborhood Services - - - -
Operating grants and contributions:

General government - - - -
Public safety 114,671 106,258 424,256 191,248
Public works 2,342,000 2,117,379 3,289,699 937,123
Community development - - - -
Community services - - - -
Library - - - -
Planning & Environmental Review - - - -
Neighborhood Services - - - -
Capital grants and contributions:

Public safety 243,648 34,781 71,579 688,348
Public works 11,996,936 10,947,335 13,029,843 6,045,265 Community development 374,039 373,338 21,517 634,694
Community services 25,744 156,033 59,491 130,502
Library - - - -
Planning & Environmental Review - - - -
Neighborhood Services - - - -
Total program revenues 18,049,159 17,574,233 20,635,892 10,759,138 Net revenues (expenses) (8,466,152) (9,705,638) (11,235,843) (34,319,479) General revenues and other changes
in net position:

Taxes:

Sales taxes 6,329,870 6,216,442 6,491,121 7,976,472
Property taxes, levied for general purpose 5,266,101 5,719,552 6,051,805 6,504,431 Redevelopment Agency tax increment, restricte - - - -
Motor vehicle in lieu taxes, unrestricted - - - -
Transient occupancy tax 8,175,456 7,807,830 8,615,207 10,117,460 Franchise taxes 1,272,418 1,241,017 1,202,162 1,325,238 Other taxes 274,256 292,277 246,876 1,253,424
Use of money and property 126,310 90,723 148,899 747,399 Other 341,687 433,820 781,108 851,175
Transfer in from City of Santa Barbara - - - -
Total general revenues 21,382,885 22,204,874 23,537,178 28,775,599 Changes in net position $ 12,916,733 $ 12,499,236 $ 12,301,335 $ (5,543,880) Fiscal Year Ended June 30,
DRAFT 197
-155-
2019 2020 2021 2022 2023 2024
$ 6,819,954 $ 6,574,206 $ 6,552,687 $ 7,637,311 $ 10,376,662 $ 10,655,510 7,646,327 8,046,890 7,262,255 8,695,216 9,349,732 10,975,712 12,253,012 12,815,994 12,255,501 16,520,360 22,540,161 18,786,893 486,631 756,848 463,691 1,014,887 - -
7,854,597 6,148,076 8,394,651 7,051,170 - -
- - - - 2,588,836 2,610,354
- - - - 4,056,009 4,628,681
- - - - 2,650,927 2,832,847
- - 227,333 258,610 281,218 275,752
34,814,773 34,587,762 35,156,118 41,177,554 51,843,545 50,765,749 73,238 18,431 75,473 98,700 111,780 104,992
- - - - - -
925,703 718,392 959,250 1,467,664 1,118,930 980,970
1,239,522 1,023,206 1,020,686 1,103,385 - -
7,121 5,433 1,250 6,704 - -
- - - 25,846 - 34,243
- - - 1,124,373 - 1,711,307
- - - 107,070 - 84,161
15,336 60,538 44,375 3,020,465 1,536,995 8,759,234
150,690 - 6,348 - - -
640,432 743,838 927,972 762,120 765,187 3,124,298
50,543 - 273,575 - - -
1,037,379 1,883,517 1,555,802 1,581,633 - -
- - - 1,577,883 - 1,894,322
- - - 1,183,612 - 1,514,638
- - - 100,097 - 173,753
524,047 264,511 489,217 714,138 297,603 356,997
4,184,252 2,412,918 10,437,978 4,352,804 4,152,611 10,120,955 1,057,706 486,569 161,376 298,779 - -
995,705 40,028 346,613 15,869 - -
- - - - 177 13,208
- - - - - -
- - - 209,949 - 456,696
10,371,009 8,188,046 16,299,915 13,422,261 12,312,113 29,329,774 (24,216,753) (26,626,727) (18,856,203) (27,755,293) (39,531,432) (21,435,975) 8,629,829 8,359,879 9,391,156 10,733,246 10,992,006 15,972,669 6,954,616 7,323,010 7,578,502 8,299,838 8,878,497 9,491,929 - - - - - -
- - - - - -
11,564,512 9,197,440 9,239,079 14,341,129 13,884,890 14,234,251 1,409,104 1,431,693 1,478,848 1,577,968 1,693,236 1,730,737 1,716,932 1,892,658 4,054,191 3,437,524 1,460,097 953,844 1,264,583 1,531,668 310,821 (314,219) 1,229,802 2,894,764 610,827 986,794 445,183 1,205,325 763,590 793,470
341,749 - - - - -
32,492,152 30,723,142 32,497,780 39,280,811 38,902,118 46,071,664 $ 8,275,399 $ 4,096,415 $ 13,641,577 $ 11,525,518 $ (629,314) $ 24,635,689 Fiscal Year Ended June 30,
DRAFT 198
City of Goleta
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
-156-
2015 2016 2017 2018
General fund:

Nonspendable $ 410,865 $ 82,990 $ 135,766 $ 50,197
Committed 12,746,021 15,417,875 14,007,924 10,717,463
Assigned 417,369 977,903 6,356,024 4,448,640
Unassigned 415,531 1,838,612 938,971 4,286,175
Total general fund $ 13,989,786 $ 18,317,380 $ 21,438,685 $ 19,502,475 All other governmental funds:

Nonspendable $ 182 $ 100,074 $ 112,700 $ 13,045
Restricted 17,955,589 28,329,372 36,792,174 34,623,070
Assigned - - - -
Unassigned (330,121) (729,923) (1,084,155) (3,582,604)
Total all other governmental funds 17,625,650 $ $ 27,699,523 $ 35,820,719 $ 31,053,511 Fiscal Year Ended June 30,
DRAFT 199
-157-
2019 2020 2021 2022 2023 2024
$ 139,940 $ 74,711 $ 25,674 $ 26,176 $ 15,049 $ 92,635
10,468,732 11,087,037 12,617,011 12,753,580 14,180,140 17,472,816 5,351,819 3,269,986 2,517,302 7,006,229 14,063,142 20,366,170 7,066,128 2,846,216 17,632,671 19,482,955 11,110,926 6,862,571 $ 23,026,619 $ 17,277,950 $ 32,792,658 $ 39,268,940 $ 39,369,257 $ 44,794,192 $ 30,055 $ 908 $ - $ 1,545 $ 3,000 $ 80
33,573,116 35,222,459 40,085,550 39,873,176 37,178,898 39,148,208 - - - - - -
(1,078,759) (2,397,034) (2,531,901) (2,621,092) (4,202,542) (6,146,735) $ 32,524,412 $ 32,826,333 $ 37,553,649 $ 37,253,629 $ 32,979,356 $ 33,001,553 Fiscal Year Ended June 30,
DRAFT 200
City of Goleta
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
-158-
2015 2016 2017 2018
Revenues:

Taxes $ 22,925,753 $ 23,649,455 $ 24,631,621 $ 26,900,090 Franchise Fees - - - -
Intergovernmental 11,740,038 1,923,771 2,358,692 3,175,254 Charges for services 2,353,873 2,864,921 2,963,297 2,131,958 Licenses and permits 4,756 2,436 16,713 276,935
Fines and forfeitures 197,928 156,125 129,051 157,573
Use of money and property 346,146 279,670 414,124 747,399 Developer fees 3,904,960 10,426,271 11,877,652 6,269,163 Donations - - - -
Other 342,685 433,922 781,110 693,602
Special Assessments - - - -
Total revenues 41,749,663 39,803,047 43,172,260 40,351,974 Expenditures
Current:

General government 5,044,002 6,434,016 6,703,041 6,172,071 Public safety 7,571,316 7,564,633 7,713,313 8,545,945
Public works 4,817,198 4,433,051 5,778,897 12,361,238
Community development 279,741 26,703 32,271 405,516
Community services 4,388,910 4,558,781 6,482,998 4,846,289 Library - - - -
Planning & Environmental Review - - - -
Neighborhood Services - - - -
Pass-through to other agencies - - - -
Capital outlay 2,896,848 15,339,546 4,706,787 14,639,100 Debt service:

Principal - - - -
Interest - - - -
Bond issuance cost - - - -
Total expenditures 37,440,713 25,914,032 31,417,307 46,970,159 Excess (deficiency) of revenues
over (under) expenditures 4,308,950 13,889,015 11,754,953 (6,618,185) Other financing sources (uses):

Tax allocation bonds issued - - - -
Lease Proceeds - - - -
Transfer from City of Santa Barbara - - - -
Disount on bonds issued - - - -
Transfers in 2,429,567 1,323,699 67,038 19,919
Transfers out (2,429,567) (1,323,699) (67,038) (19,919) Subscriptions/Lease Acquisition - - - -
Total other financing sources (uses) - - - -
Net change in fund balances,
before extraordinary item 4,308,950 13,889,015 11,754,953 (6,618,185) Extraordinary loss on dissolution
of Redevelopment Agency - - - -
Net change in fund balances 4,308,950 $ $ 13,889,015 $ 11,754,953 $ (6,618,185) Debt service as a percentage of
noncapital expenditures 0.00% 0.00% 0.00% 0.00%
Fiscal Year Ended June 30,
DRAFT 201
-159-
2019 2020 2021 2022 2023 2024
$ 29,929,836 $ 27,863,962 $ 31,247,854 $ 37,873,993 $ 35,774,267 $ 41,256,269 - - - 2,986,699 - 3,091,078
6,221,465 4,433,794 7,585,636 6,362,724 7,196,296 18,956,991 1,765,462 2,245,584 2,056,659 2,676,453 1,850,433 2,359,402 345,157 340,718 374,896 515,712 549,197 525,476
211,003 170,392 119,026 169,201 170,961 160,567
1,264,583 1,531,668 310,821 (314,219) 1,922,814 4,148,176 2,230,638 1,149,944 6,852,979 1,342,764 27,180 4,324,118 272,945 93,482 69,883 73,325 119,841 104,810
399,824 816,402 445,183 1,036,124 311,166 166,720
- - - - 305,377 307,831
42,640,913 38,645,946 49,062,937 49,736,077 51,214,231 75,401,438 7,841,267 6,995,184 6,873,224 8,920,674 11,912,545 11,207,272 8,031,031 7,608,120 7,235,324 8,668,285 9,322,801 10,948,781 7,187,008 6,448,010 6,357,423 11,352,463 16,934,678 16,961,656 747,001 473,415 455,937 1,014,887 - -
5,865,827 7,425,212 7,993,126 7,822,195 - -
- - - 2,454,031 - 2,532,325
- - - 3,852,658 - 4,500,883
- - - 2,577,336 - 2,804,868
- - - - - -
7,250,004 16,208,232 9,788,546 5,297,511 7,931,040 20,687,571 - - - -
- - 222,740 228,620 234,655
- 117,333 261,060 284,434 277,633
-
36,922,138 45,158,173 38,820,913 43,559,815 55,498,143 70,155,644 5,718,775 (6,512,227) 10,242,024 6,176,262 (4,283,912) 5,245,794 - - - - - -
- 10,000,000 - - - -
341,749 - - - - -
- - - - -
23,182 29,983 33,316 124,704 242,464 643,106
(23,182) (29,983) (33,316) (124,704) (242,464) (643,106) - - - - 119,201 38,545
341,749 10,000,000 - - 119,201 38,545
6,060,524 (6,512,227) 20,242,024 6,176,262 (4,164,711) 5,284,339 - - - - - -
$ 6,060,524 $ (6,512,227) $ 20,242,024 $ 6,176,262 $ (4,164,711) $ 5,284,339

0.00% 0.00% 0.40% 1.26% 1.33% 1.11%
Fiscal Year Ended June 30,
DRAFT 202

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 203
City of Goleta
Assessed Value and Actual Value of Taxable Property Last Ten Fiscal Years -160-
Fiscal Year Secured Taxable Secured Taxable Total
Ended and Less: Assessed and Less: Assessed Direct Tax
June 30, Unsecured Exemptions Value Unsecured Exemptions Value (A) Rate (A) 2015 5,635,342,590 $ $ 215,724,563 $ 5,419,618,027 $ 1,232,513,103 $ 152,751,877 $ 1,079,761,226 1.04159% 2016 6,089,379,285 218,841,848 5,870,537,437 1,278,194,953 161,350,968 1,116,843,985 1.03768% 2017 6,399,862,393 241,333,422 6,158,528,971 1,331,787,175 167,186,201 1,164,600,974 1.03373% 2018 6,840,489,088 310,162,712 6,530,326,376 1,436,831,839 220,447,902 1,216,383,937 1.04378% 2019 7,443,733,341 343,551,969 7,100,181,372 1,536,947,763 231,427,714 1,305,520,049 1.04055% 2020 7,765,046,350 326,660,076 7,438,386,274 1,611,933,172 217,376,249 1,394,556,923 1.04010% 2021 8,248,711,546 357,716,937 7,890,994,609 1,763,413,461 228,144,193 1,535,269,268 1.03921% 2022 8,495,241,471 329,120,264 8,166,121,207 1,831,054,657 222,258,769 1,608,795,888 1.05745% 2023 9,035,530,759 324,635,677 8,710,373,052 1,939,990,804 223,988,797 1,716,002,007 1.05429% 2024 9,735,794,333 362,999,526 9,372,794,807 2,155,776,311 228,216,372 1,927,559,939 1.05155% Note: In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00%is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount,property owners are charged taxes as a percentage of assessed property values of the Debt Service payment of Goleta Unified School District, Santa Barbara High School District, and Santa Barbara City College.(A) Effective February 1, 2012, the Redevelopement Agency was dissolved. See Note 16.

City Redevelopment Agency
DRAFT
204
City of Goleta
Direct and Overlapping Governments Property Tax Rates
Last Ten Fiscal Years
(rate per $100 of taxable value)
-161-
2015 2016 2017 2018
City Direct Rates:

City of Goleta Basic Levy (1) 1.00000 1.00000 1.00000 1.00000 Overlapping Rates (2):

Goleta Unified School District 0.01314 0.01248 0.01061 0.00955 Santa Barbara City College 0.00850 0.00850 0.00731 0.00731 Santa Barbara High School District 0.01995 0.01670 0.01581 0.02692 Total Direct and Overlapping Tax Rates 1.04159 1.03768 1.03373 1.04378 City's Share of 1% Levy Per Prop 13 (3) 0.04903 0.04903 0.04903 0.04903 Redevelopment Rate (4) - - - -
Total Direct Rate (5) 0.05103 0.05094 0.05095 0.05090
Notes:
(1)
(2)
(3)
(4)
(5)
Sources: Santa Barbara Auditor-Controller
City of Goleta, Finance Department
Total Direct Rate is the weighted average of all individual direct rate li d t b th t i th t ti ti l ti
In 1978, California voters passed Proposition 13 which set the property tax rate at a 1.00% fixed amount. This 1.00% is shared by Overlapping rates are those of local and county governments that City's Share of 1% Levy is based on the City's share of the general Redevelopment Rate is based on the largest RDA tax rate area and only includes rate(s) from indebtedness adopted prior to 1989 per Fiscal Year Ended June 30,
DRAFT 205
-162-
2019 2020 2021 2022 2023 2024

1.00000 1.00000 1.00000 1.00000 1.00000 1.00000

0.00907 0.00862 0.00776 0.02621 0.02124 0.01977

0.00731 0.00731 0.00731 0.00709 0.00688 0.00654

0.02417 0.02417 0.02414 0.02415 0.02617 0.02524

1.04055 1.04010 1.03921 1.05745 1.05429 1.05155

0.04903 0.04903 0.04903 0.04903 0.04903 0.04903
- - - - - -

0.05081 0.05080 0.04835 0.04840 0.04840 0.04850
Fiscal Year Ended June 30,
DRAFT 206
City of Goleta
Principal Property Tax Payers
Current Fiscal Year and Nine Years Ago
-163-
Percent of Total City
Taxable Taxable
Assessed Assessed
Taxpayer Primary Use Value Value
Ruby SB Hotel LLC Commercial $ 513,135,502 5.47%
Goleta Hollister Apartments LLC Residential 134,362,219 1.43% SP Maravilla LLC Institutional 131,919,996 1.41%
Deckers Cabrillo LLC Commercial 131,591,112 1.40%
Camino Real II Limited Liability Company Commercial 107,178,425 1.14% Raytheon Company Unsecured 104,746,262 1.12%
Soraa Laser Diode Inc Unsecured 104,587,130 1.12%
FLIR Commercial Vision Systems Inc Industrial 84,684,298 0.90% Willow Springs LP Residential 78,193,248 0.83%
Google Inc Commercial 76,705,888 0.82%
Top Ten Total $ 15.65% 1,467,104,080
Percent of Total City
Taxable Taxable
Assessed Assessed
Taxpayer Primary Use Value Value
BRS Investment Properties LLC Commercial $ 113,595,395 2.10% SP Maravilla, LLC Industrial 111,675,619 2.06%
Camino Real II Limited Liability Company Commercial 89,127,034 1.64% Raytheon Company Unsecured 77,557,949 1.43%
Citrix Systems Inc Unsecured 65,127,950 1.20%
Nassau Land Company LP Commercial 47,833,860 0.88%
Sumida Family Limited Partnership Residential 47,642,473 0.88% Willow Springs LP Residential 42,296,754 0.78%
Lockheed Martin Missiles and Fire Control Unsecured 40,431,140 0.75% Univerty Business Center Associates Industrial 39,692,674 0.73% Top Ten Total $ 674,980,848 12.46%
Note: The amounts shown above include assessed value data for both the City and the Redevelopment Agency.

Source: Santa Barbara County Assessor
2015
2024
DRAFT 207
City of Goleta
Property Tax Levies and Collections
Last Ten Fiscal Years
-164-
Fiscal Taxes Levied Collections in
Year Ended for the Percent Subsequent Percent
June 30, Fiscal Year Amount of Levy Years Amount of Levy 2015 2,538,700 $ $ 2,538,700 100.00% - 2,538,700 $ 100.00% 2016 2,752,953 2,752,953 100.00% - 2,752,953 100.00%
2017 2,904,565 2,904,565 100.00% - 2,904,565 100.00%
2018 3,093,044 3,093,044 100.00% - 3,093,044 100.00%
2019 3,375,135 3,375,135 100.00% - 3,375,135 100.00%
2020 3,545,819 3,545,819 100.00% - 3,545,819 100.00%
2021 3,790,194 3,790,194 100.00% - 3,790,194 100.00%
2022 3,922,347 3,922,347 100.00% - 3,922,347 100.00%
2023 4,189,395 4,189,395 100.00% - 4,189,395 100.00%
2024 4,503,412 4,503,412 100.00% - 4,503,412 100.00%
(1)
Note: The amounts above include the City of Goleta secured property taxes only.

Source: City of Goleta, Finance Department
The City participates in the Teeter Plan. The Teeter Plan is an alternative method of apportioning property tax money. Cities participating in the Plan received 95% of the property taxes in advance from the County and the remaining 5% after the County reconciles the Cities' balance on June 30.

Collected within the
Fiscal Year of Levy Total Collections to Date (1)
DRAFT 208
City of Goleta
Revenue and Rate of Transient Occupancy Tax
Last Ten Fiscal Years
-165-
Transient
Fiscal Occupancy Taxes Transient
Year Ended for the Occupancy Tax
June 30, Fiscal Year Rate
2015 7,807,830 $ 12%
2016 8,175,456 12%
2017 8,615,207 12%
2018 10,117,460 12%
2019 11,564,512 12%
2020 9,197,440 12%
2021 9,239,079 12%
2022 14,341,129 12%
2023 13,884,890 12%
2024 14,234,251 12%
Source: City of Goleta, Finance Departmen
DRAFT
t
209
City of Goleta
Principal Transient Occupancy Tax Payers
Current Fiscal Year and Nine Years Ago
-166-
2024
Ritz Carlton Bacara
Hilton Garden Inn
Residence Inn by Marriott
The Leta (Goodland)
Courtyard by Marriott
South Coast Inn (Best Western)
Goleta Hampton Inn
Pacifica Suites (The Steward)
Motel 6
2015
Bacara Resort & Spa
Courtyard by Marriott
The Leta (Goodland)
Hampton Inn
South Coast Inn (Best Western)
Pacifica Suites
Motel 6
Super 8 Motel
Note:

Top transient occupany tax payers are listed in alphabetical order.

Source: City of Goleta, Finance Department
DRAFT 210
City of Goleta
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
-167-
Fiscal Year Total Percentage Debt
Ended Capital Leases/ Governmental of Personal per
June 30, Leases SBITA Other Activities Income Capita
2015 - $ -$ $ - -$ 0.00% -
2016 - - - 0.00% - -
2017 - - - 0.00% - -
2018 - - - 0.00% - -
2019 - - 4,655,646.00 4,655,646 0.04% 142
2020 - - 3,879,705 3,879,705 0.32% 120
2021 10,000,000 - 3,103,764 13,103,764 1.05% 405
2022 9,777,260 - 2,327,823 12,105,083 0.90% 372
2023 9,548,641 103,252 1,551,882 11,203,775 0.77% 345
2024 9,313,985 96,279 775,941 10,186,205 0.63% 313
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.

Source: City of Goleta, Finance Department
DRAFT 211
City of Goleta
Direct and Overlapping Governmental Activities Debt
For the Year Ended June 30, 2024
-168-
2023-2024 Assessed Valuations: $ 9,372,801,206
Total City's Share of
Outstanding Debt Percentage Overlapping Debt
Direct and Overlapping Tax and Assessment Debt 6/30/2024 Applicable (1) 6/30/2024 Santa Barbara Community College District $ 49,095,000 12.693% 6,231,628 $ Santa Barbara Unified School District 149,255,000 14.425% 21,530,034 Goleta Union School District 37,465,000 52.986% 19,851,205 Santa Barbara High School District 60,814,327 14.425% 8,772,467 City of Goleta 0 100.000% 0
Total Direct and Overlapping Tax and Assessment Debt $ 56,385,334 Overlapping General Fund Debt
Santa Barbara County General Fund Obligations 118,125,000 $ 8.573% 10,126,856 $ City of Goleta General Fund Obligation $ 9,313,985 100.000% 9,313,985 $ Goleta West Sanitary District General Fund Oblig$ 77.655% 10,252,013 13,202,000 $ Total Gross Overlapping General Fund Debt 29,692,854 $
Less: Santa Barbara County supported obligations 94,732 Total Net Overlapping General Fund Debt $ 29,598,122
Overlapping Tax Increment Debt (Successor Agen $ 100.000% 10,410,000 10,410,000 $ Total Direct Debt $ 10,186,205
Total Gross Overlapping Debt 87,174,203 $
Total Net Overlapping Debt $ 87,079,471
Gross Combined Total Debt $ 96,488,188 (2)
Net Combined Total Debt $ 96,393,456
Ratios to 2023-2024 Assessed Valuations:

Direct Debt 0.11%
Total Direct and Overlapping Tax and Assessment Debt 0.60% Gross Combined Total Debt 1.03%
Net Combined Total Debt 1.03%
Ratios to Redevelopment Successor Agency Incremental Valuation ($1,461,801,530):

Total Overlapping Tax Increment Debt 0.71%
Notes:

Source: County of Santa Barbara
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value.

Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.

DRAFT 212
City of Goleta
Computation of Legal Debt Margin
Last Ten Fiscal Years
-169-
2015 2016 2017 2018
Assessed valuation $ 5,635,342,590 $ 6,089,379,285 $ 6,399,862,393 $ 6,840,494,388 Conversion percentage 25% 25% 25% 25%
Adjusted assessed valuation 1,408,835,648 1,522,344,821 1,599,965,598 1,710,123,597 Debt limit percentage 15% 15% 15% 15%
Debt limit 228,351,723 211,325,347 239,994,840 256,518,540 Total net debt applicable to limita - - - -
Legal debt margin 211,325,347 $ $ 228,351,723 $ 239,994,840 $ 256,518,540 Total debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.0%
Source: City of Goleta, Finance Department
Fiscal Year Ended June 30,
The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California for local governments located with the State.

DRAFT 213
-170-
2019 2020 2021 2022 2023 2024
$ 7,443,765,341 $ 7,765,120,920 $ 8,248,711,546 $ 8,495,247,271 $ 9,035,530,759 $ 9,735,800,733 25% 25% 25% 25% 25% 25%
1,860,941,335 1,941,280,230 2,062,177,887 2,123,811,818 2,258,882,690 2,433,950,183 15% 15% 15% 15% 15% 15%
279,141,200 291,192,035 309,326,683 318,571,773 338,832,403 365,092,527 - - - - - -
$ 279,141,200 $ 291,192,035 $ 309,326,683 $ 318,571,773 $ 338,832,403 $ 365,092,527

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Fiscal Year Ended June 30,
DRAFT 214
City of Goleta
Demographic and Economic Statistics
Last Ten Fiscal Years
-171-
Santa Barbara
Fiscal Year County Personal Per Capita Unemployment
Ended Population (1) Population (1) Income (2) Income (2) Rate June 30, City of Goleta (in thousands) (in thousands) (in thousands) (3) 2015 30,298 438 994,502 $ 32.8 3.60%
2016 31,235 447 1,015,220 32.5 3.10%
2017 31,760 451 1,085,697 34.2 3.00%
2018 31,949 453 1,110,756 34.8 3.60%
2019 32,759 447 1,168,689 35.7 2.40%
2020 32,223 452 1,217,385 37.8 2.30%
2021 32,339 441 1,250,318 38.7 6.30%
2022 32,529 443 1,351,637 41.6 3.90%
2023 32,442 442 1,451,177 44.7 2.30%
2024 32,515 443 1,607,802 49.4 2.70%
Sources:
(1) California Department of Finance, HDL Demographics & Economic Statistics (2) U.S. Department of Commerce, Bureau of Economic Analysis (Santa Barbara-Santa Maria-Goleta) (3) California Employment Development Department
City of Goleta
DRAFT 215
City of Goleta
Principal Employers
Current Fiscal Year and Nine Fiscal Years Ago
-172-
Employment % Employment %
Number of to Total Number of to Total
Employer Employees Population Employer Employees Population University of California, Santa Barbara (1) 6,613 20.45% Raytheon 1,400 4.62% AppFolio 1,700 5.26% Sansum Clinic 1,320 4.36%
Raytheon 1,400 4.33% Yardi System 627 2.07%
Sansum Clinc 1,200 3.71% Tecolote Research 609 2.01%
The Ritz-Carlton Bacara 650 2.01% Bacara Resorts 599 1.98% Deckers Brands 600 1.86% Jordano's 594 1.96%
Goleta Union School District 529 1.64% Citrix Online 552 1.82% Teledyne FLIR LLC 514 1.59% Goleta Union School District 550 1.82% Karl Storz Imaging 400 1.24% FLIR Commercial Vision Systems 425 1.40% Jordano's 350 1.08% AppFolio 400 1.32%
Bruker Nano 300 0.93% Deckers Outdoors 375 1.24%
Inogen 270 0.83% Karl Storz Imaging 342 1.13%
Communify 268 0.83% Curvature, LLC 3,310 1.02%
Costco 290 0.96%
Goleta Valley Cottage Hospital 283 0.93%
Medtronic 270 0.89%
Santa Barbara Focalplane 219 0.72%
Inogen Inc 181 0.60%
The Home Depot 150 0.50%
(1) University of California, Santa Barbara is outside of Goleta city limits, but is within close proximity.

Employment data is intended for use as a general guide only. The City of Goleta does not warrant the accuracy of this data. Inquiries should be directed to the respective employer.

Source: City of Goleta
2024 2015
DRAFT 216
City of Goleta
Full-Time and Part-Time City Employees by Function Last Ten Fiscal Years -173-
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Government 16.30 14.55 16.30 16.40 15.65 15.65 17.65 16.90 17.65 18.90 General Services - - - - - - - 3.00 5.00 6.00
Library Department (1) - - - 9.38 9.38 15.38 15.38 16.13 17.13 17.13 Administrative Services (2) - - - - - - - - - -
Finance Department 6.00 4.45 6.00 6.00 7.00 7.00 7.00 10.00 12.00 12.00 Planning and
Environmental Services 13.80 14.80 15.80 15.00 15.00 15.50 17.50 18.50 18.50 20.50 Neighborhood Services
and Public Safety 4.00 5.00 5.00 5.00 5.00 6.00 6.00 6.50 9.50 10.50 Public Works 17.90 22.90 22.90 21.90 22.90 25.90 25.90 29.00 36.00 36.50 Total 64.00 55.70 66.00 73.68 74.93 85.43 89.43 100.03 115.78 121.53 (1) In fiscal year 2019-2020; the City Council approved the transition to assume management and operations of the Buellton and Solvang Libraries beginning on July 1, 2019.

Source: City of Goleta, Finance Department
Function
DRAFT
217
City of Goleta
Operating Indicators by Function Last Ten Fiscal Years
-174-
Function 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Police (1): Calls for Service 25,025 23,150 23,894 22,690 21,802 21,933 20,281 22,359 21,218 19,953 Citations 1,033 1,444 871 834 1,073 550 858 1,564 997 958 Reports Taken 3,238 3,293 3,329 3,218 3,204 3,170 2,881 3,402 2,938 2,684 Fire (2): Calls for Service 3,856 3,751 3,962 4,140 5,184 4,113 5,109 4,424 3,453 3,337 Public works (3): Street resurfacing (miles) 12.9 - 6.7 6.8 3.3 1.8 1.2 3.8 2.7 0.4 Sources:(1) Santa Barbara County Sheriff Department(2) Santa Barbara County Fire Department (3) City of Goleta's Public Works Department
DRAFT
218
City of Goleta
Capital Asset Statistics by Function
Last Ten Fiscal Years
-175-
2015 2016 2017 2018
Public Safety:

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

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

Area of City (Square Miles) 8.0 8.0 8.0 8.0
Miles of Streets 174.0 174.0 174.0 174.0
Number of Streetlights (3) 103 103 103 103
Number of Vehicles (City-wide) 20 18 21 21
Corporation Yard 1 1 1 1
(1) City contracts with County of Santa Barbara for Law Enforcement Services. (2) Fire Department related services are provided by the County Fire Department. (3) There are one thousand five hundred sixty seven (1,567) streetlights owned and maintained by Southern California Edison (SCE) in addition to those owned and maintained by the City.

Source: Various City of Goleta Departments
Fiscal Year Ended June 30,
Function
DRAFT 219
-176-
2019 2020 2021 2022 2023 2024
- - - - - -
3 3 3 3 3 3
477 550 550 550 550 -
1 1 1 1 1 1
1 3 3 3 3 3
1 1 1 1 1 1
1 1 1 1 1 1
5 5 5 5 5 5
1 1 1 1 1 1
1 1 1 1 1 1
4 4 4 4 4 4
- - - - - -

8.0 8.0 8.0 8.0 8.0 8.0
174.0 174.0 174.0 174.0 187.2 187.2
1,433 103 1,433 1,433 1,464 1,464
21 21 22 24 31 31
1 1 1 1 1 1
Fiscal Year Ended June 30,
DRAFT 220

THIS PAGE LEFT INTENTIONALLY BLANK
DRAFT 221
ATTACHMENT 2:

Government Auditing Standards Letter
DRAFT 222
735 E. Carnegie Dr. Suite I 00
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
ramscpa. net

PARTNERS
Scott W Manno. CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A. Welebir. CPA. MBA. CGMA
Jenny W. Liu. CPA, MST
Ga,·denya Duran, CPA, CGMA
Brianna Schultz, CPA. CGMA
Brenda L. Odle. CPA. MST (Partne, Emeritus)
Te, ry P Shea, CPA (Panner Emenws)

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

MEMBERS
Amencan lnsutuce of
Certified Public Accountants
PCPS The A/CPA Alliance
(01 CPA Fi,ms
Governmental Audit
Q11C1/1ty Cenre,
Califot nia Society of
Certified Public Accountants
•
Proud Member of
AlliottGlobalAlliance~

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

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT

OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH

GOVERNMENT AUDITING STANDARDS
Independent Auditor’s Report
To the Honorable Mayor and Members of the City Council
City of Goleta
Goleta, California
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards), the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Goleta, California (the City), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated December 20, 2024.

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

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

DRAFT 223
-2-
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.

Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion.

The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

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

San Bernardino, California
December 20, 2024
DRAFT 224
ATTACHMENT 3:

Statement of Auditing Standards Letter
DRAFT 225
735 E. Carnegie Dr. Suite I 00
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
ramscpa. net

PARTNERS
Scott W Manno. CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A. Welebir. CPA. MBA. CGMA
Jenny W. Liu. CPA, MST
Ga,·denya Duran, CPA, CGMA
Brianna Schultz, CPA. CGMA
Brenda L. Odle. CPA. MST (Partne, Emeritus)
Te, ry P Shea, CPA (Panner Emenws)

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

MEMBERS
Amencan lnsutuce of
Certified Public Accountants
PCPS The A/CPA Alliance
(01 CPA Fi,ms
Governmental Audit
Q11C1/1ty Cenre,
Califot nia Society of
Certified Public Accountants
•
Proud Member of
AlliottGlobalAlliance~

ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-1-
December 20, 2024
To the Honorable Mayor and Members of the City Council
City of Goleta
Goleta, California
We have audited the financial statements of the City of Goleta (the entity) as of and for the year ended June 30, 2024, and have issued our report thereon dated December 20, 2024. Professional standards require that we advise you of the following matters relating to our audit.

Our Responsibility in Relation to the Financial Statement Audit As communicated in our engagement letter dated April 22, 2024, our responsibility, as described by professional standards, is to form and express opinions about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.

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

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

DRAFT 226
-2-
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.

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

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

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

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

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

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

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

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

DRAFT 227
-3-
Significant Accounting Estimates and Related Disclosures Accounting estimates and related disclosures are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments are normally based on knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ markedly from management’s current judgments.

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

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

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

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

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

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

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

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

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

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

DRAFT 228
-4-
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that we believe are trivial, and communicate them to the appropriate level of management. Further, professional standards require us to also communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account balances or disclosures, and the financial statements as a whole and each applicable opinion unit. There were no uncorrected misstatements noted.

In addition, professional standards require us to communicate to you all material, corrected misstatements that were brought to the attention of management as a result of our audit procedures. None of the misstatements identified by us as a result of our audit procedures and corrected by management were material, either individually or in the aggregate, to the financial statements taken as a whole or applicable opinion unit.

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

Representations Requested from Management
We have requested certain written representations from management, which are included in the attached letter dated December 20, 2024.

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

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

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

However, in accordance with such standards, we have:

DRAFT 229
-5-
Read the transmittal letter and statistical section (or “other information”) and considered whether a material inconsistency existed between the other the information and the basic financial statements, or the other information otherwise appears to be materially misstated. Our opinion(s) on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon
Our responsibility also includes communicating to you any information which we believe is a material misstatement of fact. Nothing came to our attention that caused us to believe that such information, or its manner of presentation, is materially inconsistent with the information, or manner of its presentation, appearing in the financial statements.

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

Very truly yours,
San Bernardino, California
December 20, 2024
DRAFT 230

CITY COUNCIL
Paula Perotte
Mayor
Luz Reyes-Martín
Mayor Pro Tempore
District 1
Stuart Kasdin
Councilmember
James Kyriaco
Councilmember
District 2
Kyle Richards
Councilmember

CITY MANAGER
Robert Nisbet
December 20, 2024
Rogers, Anderson, Malody & Scott, LLP
735 E. Carnegie Drive, Suite 100
San Bernardino, California 92408
RE: Management Representation Letter

This representation letter is provided in connection with your audit of the basic financial statements of the City of Goleta (the entity) as of June 30, 2024 and for the year then ended, and the related notes to the financial statements, for the purpose of expressing opinions on whether the basic financial statements present fairly, in all material respects, the financial position, and results of operations of the various opinion units of the entity in accordance with accounting principles generally accepted for governments in the United States of America (U.S. GAAP).

Certain representations in this letter are described as being limited to matters that are material. Items are considered material, regardless of size, if they involve an omission or misstatement of accounting information such that, in the light of surrounding circumstances, there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

We confirm that, to the best of our knowledge and belief, having made such inquiries as we considered necessary for the purpose of appropriately informing ourselves as of December 20, 2024:

Financial Statements
 We have fulfilled our responsibilities, as set out in the terms of the audit  engagement letter dated April 22, 2024, for the preparation and fair presentation of the financial statements of the various opinion units referred to above in accordance with U.S. GAAP.
 We acknowledge our responsibility for the design, implementation, and maintenance of the system of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
 We acknowledge our responsibility for the design, implementation, and maintenance of internal control to prevent and detect fraud.  We acknowledge our responsibility for compliance with the laws, regulations, and provisions of contracts and grant agreements.
 We have reviewed, approved, and taken responsibility for the financial statements and related notes.
 We have a process to track the status of audit findings and recommendations.

DRAFT 231