Indio City Council
March 5, 2025

Independent auditor's report and the City's Annual Comprehensive Financi... Page 246 of 420 City of Indio
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024

105
Note 18 – Contingent Liabilities and Commitments Normal Course of Operations (Continued)

Interim Housing Facilities for Indio High School

In April 2010, the City entered into an agreement with the Desert Sands Unified School Dist rict (District) to equally share the actual interim housing costs during the course of construction on rebuilding the Indio High School campus.

The City recently constructed a new “Teen Center” directly across from the High School. The City envisions an inter- generational campus for this area and believes the original desi gn is not consistent with the City’s vision. Pursuant to the City’s request, the District prepared a revised design. The revised design will require an interim campus during the construction and the City and District agreed to share th e interim housing cost. The total cost is $5,890,420, which 50% of the cost is committed by the City. Starting August 2018, the annual City’s payment to the Indio High School will be $147,260, until July 2037.

Purchase Commitments

The City had outstanding purchase comm itments in the amount of $66,236,221 for gove rnmental activities and $866,478 for business-type activities at June 30, 2024 as follows:

Gove rnme ntal Acti vi ti e s
General Fund 812,542 $
Capital Projects Fund 59,480,899
Nonmajor Govermental Funds 5,013,084
Internal Service Funds 929,696
Total governmental activities 66,236,221 $
Business-Type Activities
Water Enterprise Fund 866,478 $

Note 19 – Joint Venture Agreements

Eastern Riverside County Interoperable Communications Authority (“ERICA”)

The Eastern Riverside Interoperable Communications Aut hority (“ERICA”) was created in July 2008 by a Joint Exercise of Powers Agreement between public agency par ties located in Riverside County, California. ERICA was formed to enable the Members to acquire real, personal and intangible property and to plan, design, finance, construct, operate, and maintain public safety ra dio communication systems, facilities and related structures to assist the Members in meeting public safety communication needs. Th e goal and intent of the ERICA is one of voluntary cooperation among cities for the collective benefit of cities in Riverside County. No member contributions were made during the fiscal year 2024, as ERICA is in the process wra pping up its operation. The City is a member of the ERICA and is responsible for the accounting records of the joint venture.

Independent auditor's report and the City's Annual Comprehensive Financi... Page 247 of 420 City of Indio
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024

106
Note 19 – Joint Venture Agreements (Continued)

East Valley Reclamation Authority (“EVRA”)

The East Valley Reclamation Authority (“EVRA”) was created on December 18, 2013 under a joint powers agreement between The City through the Indio Water Authority (“IWA”) and the Valley Sanitary District (“VSD”) to plan, implement and operate a recycled water program includi ng the tertiary or enhanced treatment of water, as well as the lease, ownership, operation and maintenance of f acilities and the financing costs related to public capital improvements. Primary funding for the EVRA is through contributions from the IWA and the VSD. The EVRA is governed by a Board appointed by the IWA and VSD and administered by either the IWA or VSD based on a rotation determined by the Board. Contribution was not required during the fiscal year 2024. For the fiscal year ended June 30, 2024, the IWA was the admini strator of the EVRA and therefore ma intains the books and records of the EVRA. Audited financial statements may be obtained from the City of Indio, 100 Civic Center Mall, Indio, California 92201.

Note 20 – Tax Abatement Agreements

On September 16, 2020, the City entered into a tax abat ement agreement of transient occupancy tax revenues with local developer under the authority of the City Council of th e City of Indio. This agreement allows for fifty percent abatement of transient occupancy taxes and will expire six years after the first incentive payment by the City. For the fiscal year ended June 30, 2024, the City abated tax increments totaling $248,285 under this agreement.

On May 3, 2017, the City entered into a tax abatement agre ement of sales and use tax revenues with a local developer under the authority of the City Council of the City of Indio. This agreement allows for a 50 percent abatement of sales taxes, with a maximum ceiling of $3,94 2,238, and will expire upo n the later of the reaching the maximum ceiling or May 3, 2032. For the fiscal year ended June 30, 2024, the City abated tax increments totaling $142,842 under this agreement. As of June 30, 2024, the total accumulated tax abatement is $1,194,646.

On March 20, 2019, the City entered into a tax abatement ag reement of transient occupancy tax revenues with a local developer under the authority of the City Council of the City of Indio. This agreement allows for a 50 percent abatement of transient occupancy taxes and will expire six years after the first incentive payment by the City. For the fiscal year ended June 30, 2024, the city abated tax increments totaling $279,393 under this agreement.

On January 6, 2021, the City entered into a sales tax shar ing and operating covenant agreement with I10K, Inc. under the authority of the City Council of the City of Indio. Th is agreement allows for a 50 percent abatement of sales tax generated by the business after it opens it the public, up to a total of $3,500,000 and will expire upon the later of (i) the completion of the payments, or (ii) the date that is fi fteen (15) years after the Opening. For the fiscal year ended June 30, 2024, the city abated tax increments totaling $163,794 under this agreement.

On April 25, 2024, the City entered into a sales tax shari ng and operating covenant agre ement with Unicars, Inc. under the authority of the City Council of the City of Indio. This agreement allows for a 50 percent abatement of sales tax generated by the business after it ope ns it the public, up to a total of $3,5 00,000 and will expire upon the later of (i) the completion of the payments, or (ii) the date that is fifteen (15) years after th e Opening. The payment will commence in fiscal year 2024-25.

Independent auditor's report and the City's Annual Comprehensive Financi... Page 248 of 420 City of Indio
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024

107
Note 21 – Successor Agency Trust for Assets of Former Redevelopment Agency

On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 (“the Bill”) that provides for the dissolution of all redevelopment agencies in the State of Ca lifornia. This action impacted the reporting entity of the City of Indio that previously had repor ted a redevelopment agency within the reporting entity of the City as a blended component unit.

The Bill provides that upon dissolution of a redevelopment ag ency, either the city or other unit of local government will agree to serve as the “successor agen cy” to hold the assets units they are di stributed to other units of state and local government. On January 10, 2012, the City Council el ected to become the Successo r Agency for the former redevelopment agency in accordance with the Bill as part of the City resolution number 12-001.

After 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 ob ligations in existence as of the date of the dissolution (including the completion of any unfinished projects th at were subject to legally enforceable contractual commitments).

In future fiscal years, succ essor agencies will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the fo rmer 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 that State Controller of the State of Calif ornia 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 expenditu re or encumbrance of those assets, the State Controller is required to order the available assets to be transferred to th e public body designated as the successor agency by the Bill.

Management believes, in consultation with legal counsel, that the obligations of the former redevelopment agency due to the City are valid enforceable obligations payable by the successor agency trust under the requirements of the Bill.

The City’s position on this issue is not a position of settled law and there is considerable legal uncertainty regarding this issue. It is reasonably possible that a legal determina tion may be made at a later da te by an appropriate judicial authority that would resolve this issue unfavorably to the City.

In accordance with the timeline set forth in the Bill (as modified by the California Supreme Court on December 29, 2011) all redevelopment agencies in the Stat e of California were dissolved and ceased to operate as a legal entity as of February 1, 2012.

Prior to that date, the final seven months of activity of the redevelopment agency con tinued to be reported in the governmental funds of the City. After the date of dissolutio n, the assets and activities of the dissolved redevelopment agency are reported in a fiduciary fund (private-purpose trust fund) in the financial statements of the City.

The transfer of the assets and liabilities of the form er redevelopment agency as of January 31, 2012 from governmental funds of the City to fiduciary funds was repor ted in the governmental funds as an extraordinary loss (or gain) in the governmental fund financ ial statements. The receipt of these assets and liabilities as of January 31, 2012 was reported in the private-purpose trust fund as an extraordinary gain (or loss).

Because of the different measurement focus of the govern mental funds (current financial resources measurement focus) and the measurement fo cus of the trust funds (economic resources me asurement focus), the extraordinary gain (loss) recognized in the governmental funds was not the same amount as the extraordinar y gain (loss) that was recognized in the fiduciary fund financial statements.

Independent auditor's report and the City's Annual Comprehensive Financi... Page 249 of 420 City of Indio
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024

108
Note 21 – Successor Agency Trust for Assets of Former Redevelopment Agency (Continued)

A. Cash and Investments

Cash and investments reported in the accompanying financial statements consisted of the following:

Cash and investments pooled with the City 3,995,201 $
Cash and investments with fiscal agent 1,694,300
Total 5,689,501$

B. Land Held for Resale

Land held for resale consists of 13 properties purchased as early as 1950. The purchases of these properties are spread over a longer period and recorded at cost. As of June 30, 2024, land held for resale totaled $769,500.

C. SERAF Advance

In January 2010, the former Redevelopment Low/Modera te Fund loaned the former Redevelopment Capital Projects Fund $4,557,784 for payment of the SERAF contribution. In fiscal year 2010-2011, the former Redevelopment Low/Moderate Fund loan ed the Redevelopment Capital Project Funds $938,367 for payment of the SERAF contribution. The outstanding balance was fully paid during the fiscal year ended June 30, 2024.

D. Long-Term Liabilities

Long-term debt of the Successor Agency as of June 30, 2024, consisted of the following:

Balance Balance Due within Due in More
July 1, 2023 Additions Deletions June 30, 2024 One Year Than One Year Public Offerings:
2004 Tax Allocation Bonds, Series A 7,460,000 $ - $ (250,000)$ 7,210,000 $ 260,000 $ 6,950,000 $ 2008 Tax Allocation Bonds, Series A and B 12,290,000 - (765,000) 11,525,000 845,000 10,680,000 2018 Subordinate Tax Allocation Bonds, Series 23,520,000 - (1,365,000) 22,155,000 1,515,000 20,640,000 Unamortized Bond Premiums:
2018 Subordinate Tax Allocation Bonds, Series 2,537,564 - (211,464) 2,326,100 - 2,326,100 Public Offerings, net 45,807,564 - (2,591,464) 43,216,100 2,620,000 40,596,100 Total 45,807,564$ - $ (2,591,464)$ 43,216,100 $ 2,620,000 $ 40,596,100 $

Tax Allocation Bonds, Series 2004A

In July 2004, the City of Indio Redevelopment Ag ency issued $9,760,000 Tax Allocation Bonds Series 2004A.

The proceeds were used to finance re development activities of the Agency and to advance refund Tax Increment Revenue Refunding Bonds 1997 Series C.

The 2004A bonds consist of $500,0 00 of serial bonds and $9,260,000 of term bonds. The serial bonds accrue interest at rates between 4.125% and 5.00% and the principal amounts mature be tween August 15, 2005 and August 15, 2009 in amounts ranging from $95,000 to $110,000. Term bonds of $645,000 accrue interest at 5.60% and mature on August 15, 2014, a nd bonds of $8,615,000 accr ue interest at 6.30% and mature on August 15, 2033.

Independent auditor's report and the City's Annual Comprehensive Financi... Page 250 of 420 City of Indio
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024

109
Note 21 – Successor Agency Trust for Assets of Former Redevelopment Agency (Continued)

D. Long-Term Liabilities (Continued)

Tax Allocation Bonds, Series 2004A (Continued)

The Series 2004A term bonds maturing in the years 2014 and 2033 are subject to mandatory sinking account redemption on each August 15, commencing on August 15 , 2010 and August 15, 2015, respectively, at a redemption price equal to the principal amount thereof together with accrued interest, without premium.

Per the terms of the bond indenture, the Series 2004A are re quired to maintain a reserve in the amount of 10% of the original proceeds, 125% of the average annual debt service for that every subsequent bond year, or 10% of the issue price of the bonds held in the Special Escrow Fund. At June 30, 2024, the reserve was fully funded and the outstanding balance of the Series 2004A was $7,210,000.

The annual debt service requirements to maturity are as follows:

Year Ending
June 30, Principal Interest Total
2025 260,000$ 227,115 $ 487,115 $
2026 280,000 218,925 498,925
2027 295,000 210,105 505,105
2028 315,000 200,813 515,813
2029 865,000 190,890 1,055,890
2030-2034 5,195,000 858,218 6,053,218
Total 7,210,000$ 1,906,066 $ 9,116,066 $

Tax Allocation Bonds, Series 2008A and B

In April 2008, the City of Indio Redevelopment Agen cy issued $60,600,000 Tax Allocation Bonds Series 2008A and $6,640,000 Subordinate Tax Allocation Bonds Series 2008B. The proceeds were used to finance redevelopment activities of the Agency and to advance refund the outstanding Tax Increment Revenue Refunding Bonds, 1997 Series B, and Tax Allocation Bonds, 2004 Series B.

The 2008A bonds consist of $35,655,0 00 of serial bonds and $24,945,000 of term bonds. The serial bonds accrue interest at rates between 4.00% and 5.25% and the principal amounts mature between August 15, 2009 and August 15, 2028 in amounts ranging fr om $770,000 to $2,925,000 . Term bonds of $9,685,000 accrue interest at

5.250% and mature on August 15, 2031 , bonds of $7,630,000 accr ue interest at 5.625% and mature on August 15, 2035, and bonds of $7,630,000 accrue interest at 5.250% and mature on August 15, 2035.

The 2008B bonds consist of $6,640,000 of term bonds. Term bonds of $3,140 ,000 accrue interest at 5.500% and mature on August 15, 2013, and term bonds of $3,500,000 accrue inter est at 6.750% and mature on August 15, 2018.

The Series 2008A term bonds maturing in the years 2031, 2035 (accruing interest at 5.625%), and 2035 (accruing interest at 5.250%) are subject to mandatory sinking account redemption on each August 15, commencing on August 15, 2029, August 15, 2032, and August 15, 2032, resp ectively, at redemption price equal to the principal amount thereof together with accrued interest, without premium.

Independent auditor's report and the City's Annual Comprehensive Financi... Page 251 of 420 City of Indio
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024

110
Note 21 – Successor Agency Trust for Assets of Former Redevelopment Agency (Continued)

D. Long-Term Liabilities (Continued)

Tax Allocation Bonds, Series 2008A and B (Continued)

The Series 2008B term bonds maturing in the years 2013 and 2018 are subject to mandatory sinking account redemption on each August 15, commencing on August 15, 20 09 at a redemption price equal to the principal amount thereof together with accrued interest, without premium.

The bonds are payable and secured, by the pledged tax re venues to be derived from the project area. Upon the occurrence of an Event of Default, there is no acceleration of payments, and bond owners are limited to obtaining monies in the reserve account and enforcing the oblig ation of the Successor Agency to pay the pledged tax revenues.

On December 4, 2018, the Successor Agency issued the 2018 Subordinate Tax Allocation Refunding Bonds, Series A and B, to refund and defease on a current basis, a portion of the 2008 Series A Bonds.

Reserve requirements for the Series 2008A bonds are disclo sed in the bond documents. At June 30, 2024, the reserves were fully funded and the outstanding balance of the Series 2008A was $11,525,000 and the Series 2008B bonds were fully matured, with $0 outstanding, respectively.

The annual debt service requirements to maturity are as follows:

Year Ending
June 30, Principal Interest Total
2025 845,000$ 314,669 $ 1,159,669 $
2026 880,000 293,544 1,173,544
2027 925,000 270,994 1,195,994
2028 1,000,000 246,713 1,246,713
2029 925,000 220,463 1,145,463
2030-2034 4,940,000 987,806 5,927,806
2035-2036 2,010,000 121,538 2,131,538
Total 11,525,000$ 2,455,727 $ 13,980,727 $

2018 Subordinate Tax Allocation Refunding Bonds, Series A and B

In December 2018, the City of I ndio Successor Agency to the Former Redevelopment Agency issued $29,060,000 Subordinate Tax Allocation Refunding Bonds, Series A and $1,605,000 Subordinate Tax Allocation Refunding Bonds, Series B (taxable). The bonds were issu ed primarily to refund and defease all of the Successor Agency’s previously issued Housing Set-Aside Re venue Refunding Bonds, Series 1999, and a portion of the Successor Agency’s Indio Merged Redevelopment Project Area 2008 Subordinate Tax Allocation Bonds, Series A.

The bonds are payable and secured, by the pledged tax re venues to be derived from the project area. Upon the occurrence of an Event of Default, the bond trustee may d eclare the principal of the bonds to be immediately due and payable, whereupon that portion of the principal of the bonds thereby coming due and the interest thereon accrued to the date of payment will, without further action, become and be immediately due and payable.

Independent auditor's report and the City's Annual Comprehensive Financi... Page 252 of 420 City of Indio
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024

111
Note 21 – Successor Agency Trust for Assets of Former Redevelopment Agency (Continued)

D. Long-Term Liabilities (Continued)

2018 Subordinate Tax Allocation Refunding Bonds, Series A and B (Continued)

The 2018A bonds consist of $29,060,000 of serial bonds accruing interest at rates between 3% and 5% and the principal amounts mature between August 15, 2019 and August 15, 2035 in amounts ranging from $655,000 to $2,200,000. The 2018B bonds c onsist of $1,605,000 of seria l bonds accruing interest at a rate of 3% and will mature on August 15, 2020.

Per the terms of the bond indenture, the bonds are required to maintain a reserve in the amount of the maximum annual debt service on the outstanding bonds, 125% of the average annual debt service for that every subsequent bond year, or 10% of the original issue price of the bonds held in a special escrow fund. At June 30, 2024, the reserve was fully funded and the outstanding balance of the bonds was $22,155,000.

The annual debt service requirements to maturity are as follows:

Year Ending
June 30, Principal Interest Total
2025 1,515,000$ 1,054,675 $ 2,569,675 $
2026 1,585,000 978,925 2,563,925
2027 1,660,000 899,675 2,559,675
2028 1,790,000 816,675 2,606,675
2029 1,605,000 727,175 2,332,175
2030-2034 9,530,000 2,345,375 11,875,375
2035-2036 4,470,000 266,600 4,736,600
Total 22,155,000$ 7,089,100 $ 29,244,100 $

E. Pledged Revenue

The City pledged, as security for bonds issued, either di rectly or through the Financing Authority, a portion of tax increment revenue (including Low- a nd Moderate-Income Housing set-aside and pass-through allocations) that it receives. The bonds issued were to provide financi ng for various capital projects, accomplish Low- and Moderate-Income Housing projects and to defease previ ously issued bonds. Assembly Bill 1X 26 provided that upon dissolution of the Redevelopment Agency, property taxes allocated to redevelopment agencies no longer are deemed tax increment but rather property tax revenues and will be allocated first to su ccessor agencies to make payments on the indebtedness incurred by the dissolve d redevelopment agency. Tota l principal and interest remaining on the debt is $47,604,292 with annual debt service requirements as indicated above. For the current year, the total property tax revenue recognized by the Successor Agency for the payment of indebtedness incurred by the dissolved redevelopment agen cy was $4,746,071 and the debt service obligation on the bonds was $4,558,326.

Independent auditor's report and the City's Annual Comprehensive Financi... Page 253 of 420

112
This page intentionally left blank.

Independent auditor's report and the City's Annual Comprehensive Financi... Page 254 of 420

REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)
113

Independent auditor's report and the City's Annual Comprehensive Financi... Page 255 of 420 This page intentionally left blank.
114

Independent auditor's report and the City's Annual Comprehensive Financi... Page 256 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes:

Sales taxes 36,500,000 $ 36,546,250 $ 36,525,276 $ (20,974) $ Property taxes 23,600,000 26,200,000 26,169,360 (30,640) Utility users taxes 9,800,000 10,300,000 10,929,249 629,249 Transient occupancy taxes 15,150,000 16,100,000 17,428,440 1,328,440 Business license taxes 650,000 650,000 685,799 35,799 Other 450,000 450,000 534,123 84,123 Total taxes 86,150,000 90,246,250 92,272,247 2,025,997 Licenses and permits:

Building permits 2,811,000 2,811,000 3,005,247 194,247 Other permits 1,640,000 2,640,000 2,469,433 (170,567) Business license and other 350,000 350,000 381,559 31,559 Franchises 3,025,600 3,445,600 3,404,593 (41,007) Total licenses and permits 7,826,600 9,246,600 9,260,832 14,232 Intergovernmental:

Grants 140,000 172,686 522,525 349,839 Motor vehicle license fees 65,000 65,000 112,203 47,203 Total intergovernmental 205,000 237,686 634,728 397,042 Charges for services:

Police 6,894,000 6,894,000 6,462,142 (431,858) Plan checks and inspections 1,530,000 1,530,000 3,175,765 1,645,765 Fire and ambulance 2,750,000 3,600,000 4,799,532 1,199,532 Other 684,500 684,500 375,655 (308,845) Total charges for services 11,858,500 12,708,500 14,813,094 2,104,594 Fines and forfeitures
Other 600,000 600,000 809,788 209,788 Use of money and property 4,090,896 4,090,896 6,383,480 2,292,584 Miscellaneous 100,000 100,000 133,349 33,349 Total revenues 110,830,996 117,229,932 124,307,518 7,077,586 OTHER FINANCING SOURCES:

Transfers in 4,505,000 4,505,000 4,505,000 - Issuance of debt - - 130,491 130,491 Total other financing sources 4,505,000 4,505,000 4,635,491 130,491 Amounts available for appropriations 115,335,996$ 121,734,932 $ 128,943,009 $ 7,208,077 $ City of Indio
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - General Fund
For the Year Ended June 30, 2024
Budgeted Amounts
115

Independent auditor's report and the City's Annual Comprehensive Financi... Page 257 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Expenditures:

Current:

General government:

City council 373,101 373,101 352,270 20,831 City manager 1,235,960 1,235,960 1,212,616 23,344 City clerk 551,168 551,168 456,123 95,045 City attorney 850,000 850,000 502,771 347,229 Human resources 1,243,611 1,329,174 1,128,878 200,296 Finance 2,407,078 2,407,078 2,282,412 124,666 Other - nondepartmental 3,980,957 4,019,082 2,870,234 1,148,848 Total general government 10,641,875 10,765,563 8,805,304 1,960,259 Public safety:

Police administration 3,226,391 3,201,828 3,322,513 (120,685) Police field services 17,475,881 17,467,881 17,477,049 (9,168) Police investigations 10,606,749 10,606,749 9,339,840 1,266,909 Police traffic safety 1,502,230 1,502,230 1,518,919 (16,689) Police support services 6,017,888 6,204,177 5,099,520 1,104,657 Animal control 1,280,000 1,280,000 1,081,595 198,405 Code enforcement 3,083,857 3,083,857 2,582,138 501,719 Fire and ambulance 21,123,220 21,193,220 20,615,224 577,996 Emergency management 220,814 258,414 237,558 20,856 Total public safety 64,537,030 64,798,356 61,274,356 3,524,000 Community development:

Building and safety 2,373,899 2,405,099 2,044,010 361,089 Planning 1,282,379 1,689,879 1,209,000 480,879 Economic development 1,389,879 1,739,879 1,135,410 604,469 Total community development 5,046,157 5,834,857 4,388,420 1,446,437 Community services:

Youth service 1,223,933 1,223,933 1,088,340 135,593 Community services 1,309,311 1,376,811 1,119,457 257,354 Promotions and publicity 446,554 610,068 597,506 12,562 Senior services 988,078 988,078 974,955 13,123 Total community services 3,967,876 4,198,890 3,780,258 418,632 Public works:

Street maintenance and operations 3,409,747 3,589,747 3,288,772 300,975 Engineering and administration 2,059,788 2,209,788 2,035,646 174,142 Parks and parkways 3,408,329 3,408,329 3,611,013 (202,684) Total public works 8,877,864 9,207,864 8,935,431 272,433 Capital outlay 2,900,000 2,904,548 1,283,673 1,620,875 Debt service:

Principal retirement - - 181,912 (181,912) Interest and fiscal charges - - 9,551 (9,551) Total expenditures 95,970,802 97,710,078 88,658,905 9,051,173 City of Indio
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - General Fund (Continued) For the Year Ended June 30, 2024
Budgeted Amounts
116

Independent auditor's report and the City's Annual Comprehensive Financi... Page 258 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
OTHER FINANCING USES:

Transfers out 27,326,562 43,742,474 43,829,246 (86,772) Total other financing sources (uses) 27,326,562 43,742,474 43,829,246 (86,772) Total charges to appropriation 123,297,364 141,452,552 132,488,151 8,964,401 NET CHANGE IN FUND BALANCE (7,961,368)$ (19,717,620) $ (3,545,142) 16,172,478 $ FUND BALANCE:

Beginning of year 66,255,413
End of year 62,710,271$
City of Indio
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - General Fund (Continued) For the Year Ended June 30, 2024
Budgeted Amounts
117

Independent auditor's report and the City's Annual Comprehensive Financi... Page 259 of 420 This page intentionally left blank.
118

Independent auditor's report and the City's Annual Comprehensive Financi... Page 260 of 420 City of Indio
Required Supplementary Information (Unaudited)
Notes to the Budgetary Comparison Schedules
For the Year Ended June 30, 2024
Budget and Budgetary Accounting
Before the beginning of the fiscal year, the City Manager submits to the City Council a proposed budget for the year commencing the following July 1. Public hearings are then conducted to obtain taxpayer comments and the budget is subsequently adopted through passage of a resolution.

All appropriated amounts are as originally adopted or as amended by the City Council and lapse at year-end.

Encumbrances and continuing appropriations are rebudgeted on July 1 by Council action. Original appropriations may be modified by supplementary budget revisions and transfers among budget categories. The City Council approves all budget changes at the department level (e.g., City Manager, Finance, Police Administration, Engineering, etc.). The City Manager is authorized to make budget transfers within departments.

Formal budgetary integration is employed as a management control device during the year for general, certain special revenue, certain debt service and certain capital projects funds. Budgets for these funds are adopted on a basis consistent with accounting principles generally accepted in the United States. During the fiscal year ended June 30, 2024, no budgets were adopted for Homeland Security Special Revenue Fund, Unclaimed Property Special Revenue Fund, NPDES Special Revenue Fund, Neighborhood Stabilization 3 Special Revenue Fund, Emergency Abandon Reclcitrant Special Revenue Fund, Cal Emergency Management Grant Special Revenue Fund, Local Government Planning Support Grant Special Revenue Fund, Planning Grant Program SB2 Special Revenue Fund, Cannabis Tax Fund Grant Special Revenue Fund, Indio Performing Arts Special Revenue Fund, Indio Arts Center Special Revenue Fund, and National Opioid Settlement Special Revenue Fund.
119

Independent auditor's report and the City's Annual Comprehensive Financi... Page 261 of 420 Measurement period 2013-14 2014-15 2015-16 2016-17 2017-18 Total pension liability
Service cost 2,067,477 $ 2,054,043 $ 2,144,177 $ 2,353,967 $ 2,307,248 $ Interest on total pension liability 5,452,950 5,714,555 6,008,228 6,219,359 6,453,709 Changes in benefit terms - - - - - Changes in assumptions - (1,451,365) - 5,371,466 (595,036) Differences between expected and actual experience - (717,418) (465,558) (1,493,433) (754,767) Benefit payments, including refunds of employee contributions (3,315,765) (3,385,987) (3,632,465) (3,747,998) (4,097,060) Net change in total pension liability 4,204,662 2,213,828 4,054,382 8,703,361 3,314,094 Total pension liability - beginning 73,330,146 77,534,808 79,748,636 83,803,018 92,506,379 Total pension liability - ending (a) 77,534,808$ 79,748,636 $ 83,803,018 $ 92,506,379 $ 95,820,473 $ Pension fiduciary net position
Contributions - employer 2,331,161 $ 2,446,688 $ 2,619,245 $ 2,858,434 $ 3,032,168 $ Contributions - employee 914,677 940,052 927,413 918,650 913,515 Net investment income 7,998,811 1,211,466 300,012 6,336,419 5,270,086 Benefit payments (3,315,765) (3,385,987) (3,632,465) (3,747,998) (4,097,060) Net plan to plan resource movement - (123) - - (154) Administration Expense - (69,194) (33,618) (81,708) (96,029) Other miscellaneous income/(expense) - - - - (182,361) Net change in plan fiduciary net position 7,928,884 1,142,902 180,587 6,283,797 4,840,165 Plan fiduciary net position - beginning1
46,089,169 54,018,053 55,160,955 55,341,542 61,625,339 Plan fiduciary net position - ending (b) 54,018,053$ 55,160,955 $ 55,341,542 $ 61,625,339 $ 66,465,504 $ Plan net pension liability - ending (a) - (b) 23,516,755$ 24,587,681 $ 28,461,476 $ 30,881,040 $ 29,354,969 $ Plan fiduciary net position as a percentage 69.67% 69.17% 66.04% 66.62% 69.36% of the total pension liability
Covered payroll2 10,908,447$ 11,307,076 $ 12,067,635 $ 12,075,341 $ 11,882,620 $ Plan net pension liability as a percentage of covered payroll 215.58% 217.45% 235.85% 255.74% 247.04% Notes to Schedule:

Changes of Assumptions: There were no assumption changes in 2023. Effective with the June 30, 2021 valuation date (June 30, 2022 measurement date), th e 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 m arket return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were ch anged 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.

City of Indio
Required Supplementary Information (Unaudited)
Schedule of Changes in the Net Pension Liability and Related Ratios For the Year Ended June 30, 2024
Last Ten Fiscal Years
Agent Multiple-Employer Miscellaneous Plan
1 Includes any beginning of year adjustment.
2 Includes one year’s payroll growth using 2.80 percent growth assumption for fiscal year ended June 30, 2022 and 2023; 2.75 percent payroll growth assu mption for fiscal years ended June 30, 2018-21; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17.

Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or b efore the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not i ncluded in the figures above, unless the liability impact is deemed to be material by the plan actuary.

In 2022, SB 1168 increased the standard retiree lump sum death benefit from $500 to $2,000 for any death occurring on or after July 1, 2023. The impact, if any, is included in the changes of benefit terms.
120

Independent auditor's report and the City's Annual Comprehensive Financi... Page 262 of 420 Measurement period 2018-19 2019-20 2020-21 2021-22 2022-23 Total pension liability
Service cost 2,315,791 $ 2,268,865 $ 2,393,138 $ 2,607,677 $ 2,541,857 $ Interest on total pension liability 6,759,649 7,076,401 7,410,874 7,686,952 8,130,641 Changes in benefit terms - - - - 171,861 Changes in assumptions - - - 4,223,426 - Differences between expected and actual experience (90,046) 122,887 203,161 (1,183,034) 1,534,274 Benefit payments, including refunds of employee contributions (4,695,594) (4,793,895) (5,071,353) (5,318,961) (5,756,168) Net change in total pension liability 4,289,800 4,674,258 4,935,820 8,016,060 6,622,465 Total pension liability - beginning 95,820,473 100,110,273 104,784,531 109,720,351 117,736,411 Total pension liability - ending (a) 100,110,273$ 104,784,531 $ 109,720,351 $ 117,736,411 $ 124,358,876 $ Pension fiduciary net position
Contributions - employer 3,330,987 $ 3,775,732 $ 4,007,469 $ 4,309,575 $ 4,436,599 $ Contributions - employee 911,463 996,854 978,865 1,079,887 1,030,309 Net investment income 4,429,595 3,514,437 16,830,524 (6,896,207) 5,173,936 Benefit payments (4,695,594) (4,793,895) (5,071,353) (5,318,961) (5,756,168) Net plan to plan resource movement - - - - - Administration Expense (47,431) (99,239) (73,710) (56,351) (61,460) Other miscellaneous income/(expense) 154 - - - - Net change in plan fiduciary net position 3,929,174 3,393,889 16,671,795 (6,882,057) 4,823,216 Plan fiduciary net position - beginning1
66,465,504 70,394,678 73,788,567 90,460,362 83,578,305 Plan fiduciary net position - ending (b) 70,394,678$ 73,788,567 $ 90,460,362 $ 83,578,305 $ 88,401,521 $ Plan net pension liability - ending (a) - (b) 29,715,595$ 30,995,964 $ 19,259,989 $ 34,158,106 $ 35,957,355 $ Plan fiduciary net position as a percentage 70.32% 70.42% 82.45% 70.99% 71.09% of the total pension liability
Covered payroll2 12,185,810$ 12,330,786 $ 13,437,045 $ 13,455,507 $ 13,252,643 $ Plan net pension liability as a percentage of covered payroll 243.85% 251.37% 143.34% 253.86% 271.32% City of Indio
Required Supplementary Information (Unaudited)
Schedule of Changes in the Net Pension Liability and Related Ratios (Continued) For the Year Ended June 30, 2024
Last Ten Fiscal Years
Agent Multiple-Employer Miscellaneous Plan
121

Independent auditor's report and the City's Annual Comprehensive Financi... Page 263 of 420 Measurement period 2013-14 2014-15 2015-16 2016-17 2017-18 City's proportionate of the net pension liability 0.3569% 0.3687% 0.3611% 0.3554% 0.3716% City's proportionate share of the net pension liability 22,205,148$ 25,303,889 $ 31,246,797 $ 35,245,774 $ 35,470,299 $ Covered
payroll1 6,236,527$ 6,624,055 $ 6,467,561 $ 6,451,760 $ 6,666,249 $ City's proportionate share of the net pension liability as a percentage of its covered payroll 356.05% 382.00% 483.13% 546.30% 532.09% Plan fiduciary net position as a percentage of
the total pension liability 79.80% 78.40% 74.10% 73.30% 75.30% Notes to Schedule:

City of Indio
Required Supplementary Information (Unaudited)
Schedule of the City's Proportionate Share of the Net Pension Liability and Related Ratios For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Plan Changes of Assumptions: No change in 2023. Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was r educed 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 t he expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geome tric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographi c assumptions and the inflation rate 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 2020 through 2021.
1 Includes one year’s payroll growth using 2.80 percent growth assumption for fiscal year ended June 30, 2022 and 2023; 2.75 percent payroll growth assu mption for fiscal years ended June 30, 2018-21; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17.

Benefit Changes: There were no changes in benefits.
122

Independent auditor's report and the City's Annual Comprehensive Financi... Page 264 of 420 Measurement period 2018-19 2019-20 2020-21 2021-22 2022-23 City's proportionate of the net pension liability 0.3469% 0.3512% 0.4994% 0.3953% 0.3953% City's proportionate share of the net pension liability 37,818,116$ 40,720,531 $ 26,876,857 $ 46,067,105 $ 49,309,628 $ Covered
payroll1 7,696,899$ 6,750,274 $ 8,252,401 $ 7,936,607 $ 8,158,832 $ City's proportionate share of the net pension liability as a percentage of its covered payroll 491.34% 603.24% 325.69% 580.44% 604.37% Plan fiduciary net position as a percentage of
the total pension liability 75.30% 75.10% 86.60% 63.45% 68.82% City of Indio
Required Supplementary Information (Unaudited)
Schedule of the City's Proportionate Share of the Net Pension Liability and Related Ratios (Continued) For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Plan 123

Independent auditor's report and the City's Annual Comprehensive Financi... Page 265 of 420 Fiscal year 2014-15 2015-16 2016-17 2017-18 2018-19
Actuarially determined contribution 2,446,688 $ 2,619,245 $ 2,858,434 $ 3,032,168 $ 3,330,987 $ Contributions in relation to the actuarially
determined contribution1 (2,446,688) (2,619,245) (2,858,434) (3,032,168) (3,330,987) Contribution deficiency (excess) - $ - $ - $ - $ - $ Covered payroll2 11,307,076$ 12,067,635 $ 12,075,341 $ 11,882,620 $ 12,185,810 $ Contributions as a percentage of covered payroll2 21.64% 21.70% 23.67% 25.52% 27.33% Notes to Schedule:

Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry Age Normal Cost Method
Amortization method Level percentage of payroll
Asset valuation method Fair value
Inflation 2.50%
Salary increases Varies by entry age and service
Payroll Growth 2.75%
Investment rate of return
Retirement age
Mortality
City of Indio
Required Supplementary Information (Unaudited)
Schedule of Plan Contributions - Pension
For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 1 Employers are assumed to make contributions equal to the actuarially determined contributions. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contributions. 2 Includes one year’s payroll growth using 2.80 percent growth assumption for fiscal yaer ended June 30, 2022 and 2023; 2.75 percent payroll growth assumption for fiscal years ended June 30, 2018-21; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17.

The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2021-22 were derived from the June 30, 2020 funding valuation report.

7.00% net of pension plan investment expenses; includes Inflation.

The probabilities of retirement are based on the 2017 CalPERS Experience study for the period from 1997 to 2015.

The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and Post-retirement mortality rates include 15 years of projected mortality improvement using 90 percent of Scale MP- 2016 published by the Society of Actuaries.
124

Independent auditor's report and the City's Annual Comprehensive Financi... Page 266 of 420 Fiscal year 2019-20 2020-21 2021-22 2022-23 2023-24
Actuarially determined contribution 3,775,732 $ 4,007,469 $ 4,309,575 $ 4,436,599 $ 4,781,801 $ Contributions in relation to the actuarially
determined contribution1 (3,775,732) (4,007,469) (4,309,575) (4,436,599) (4,781,801) Contribution deficiency (excess) - $ - $ - $ - $ - $ Covered payroll2 12,330,786$ 13,437,045 $ 13,455,507 $ 13,252,643 $ 13,623,717 $ Contributions as a percentage of covered payroll2 30.62% 29.82% 32.03% 33.48% 35.10% City of Indio
Required Supplementary Information (Unaudited)
Schedule of Plan Contributions - Pension (Continued)
For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 125

Independent auditor's report and the City's Annual Comprehensive Financi... Page 267 of 420 Fiscal year 2014-15 2015-16 2016-17 2017-18 2018-19
Actuarially determined contribution 2,286,752 $ 2,567,055 $ 2,409,717 $ 2,977,907 $ 3,571,704 $ Contributions in relation to the
actuarially determined contribution (2,286,752) (2,567,055) (2,409,717) (2,977,907) (3,571,704) Contribution deficiency (excess) - $ - $ - $ - $ - $ Covered payroll1
6,624,055$ 6,467,561 $ 6,451,760 $ 6,666,249 $ 7,696,899 $ Contributions as a percentage of covered payroll 34.52% 39.69% 37.35% 44.67% 46.40% 1 Notes to Schedule:

Methods and assumptions used to determine contribution rates:

Amortization method Level percentage of payroll
Discount rate 6.800%
Inflation 2.300%
Salary increases varies by entry age and service
Payroll Growth 2.800%
Retirement age
Mortality
City of Indio
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Plan Includes one year’s payroll growth using 2.80 percent payroll growth assumption for fiscal years ended June 30, 2022-24; 2.75 percent payroll growth assumption for fiscal years ended June 30, 2018-21; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17.

The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2023-24 were derived from the June 30, 2021 funding valuation report.

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

The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and Post-retirement mortality rates include 15 years of projected mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries.

For the Year Ended June 30, 2024
126

Independent auditor's report and the City's Annual Comprehensive Financi... Page 268 of 420 Fiscal year 2019-20 2020-21 2021-22 2022-23 2023-24
Actuarially determined contribution 4,143,360 $ 4,675,712 $ 5,570,612 $ 5,060,688 $ 5,152,162 $ Contributions in relation to the
actuarially determined contribution (4,143,360) (4,675,712) (5,570,612) (5,060,688) (5,152,162) Contribution deficiency (excess) - $ - $ - $ - $ - $ Covered payroll1
6,750,274$ 8,252,401 $ 7,936,607 $ 8,158,832 $ 8,387,279 $ Contributions as a percentage of covered payroll. 61.38% 56.66% 70.19% 62.03% 61.43% City of Indio
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions (Continued)
For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Plan (Continued) 127

Independent auditor's report and the City's Annual Comprehensive Financi... Page 269 of 420 Measurement period 2016-171
2017-18 2018-19 2019-20 2020-21
Total OPEB liability
Service cost 766,105 $ 789,088 $ 1,059,988 $ 1,170,693 $ 1,396,868 $ Interest on the total OPEB liability 2,175,102 2,238,791 2,085,750 1,681,183 1,485,408 Changes in benefit terms - - - - - Difference between expected and actual experience - - (1,203,586) - 1,165,834 Changes of assumptions - 12,452,155 1,444,873 5,809,571 6,769,329 Benefit payments, including refunds of employee contributions (1,863,797) (1,885,304) (1,899,929) (1,955,604) (1,982,654) Implicit rate subsidy credit - - - - - Net change in total OPEB liability 1,077,410 13,594,730 1,487,096 6,705,843 8,834,785 Total OPEB liability - beginning 37,352,263 38,429,673 52,024,403 53,511,499 60,217,342 Total OPEB liability - ending (a) 38,429,673$ 52,024,403 $ 53,511,499 $ 60,217,342 $ 69,052,127 $ Pension fiduciary net position
Net investment income 84,532 $ 86,160 $ 108,437 $ 94,472 $ 365,842 $ Employer - contribution 1,994,056 1,975,214 1,975,767 1,980,041 2,030,041 Employer - implicit subsidy - - - - - Benefit payments (1,863,797) (1,885,304) (1,899,929) (1,955,604) (1,982,654) Implicit subsidy credit - - - - - Administrative expense (1,023) (1,230) (335) (860) (678) Other miscellaneous income/(expense) - - - - - Net change in plan fiduciary net position 213,768 174,840 183,940 118,049 412,551 Plan fiduciary net position - beginning 1,170,005 1,383,773 1,558,613 1,742,553 1,860,602 Plan fiduciary net position - ending (b) 1,383,773$ 1,558,613 $ 1,742,553 $ 1,860,602 $ 2,273,153 $ Plan net OPEB liability - ending (a) - (b) 37,045,900$ 50,465,790 $ 51,768,946 $ 58,356,740 $ 66,778,974 $ Plan fiduciary net position as a percentage 3.60% 3.00% 3.26% 3.09% 3.29% of the total OPEB liability
Covered employee payroll 31,815,516$ 26,345,041 $ 27,980,084 $ 27,980,084 $ 27,664,394 $ Plan net OPEB liability as a percentage of covered employee payro 116.44% 191.56% 185.02% 208.57% 241.39% Other Postemployment Benefits ("OPEB") Plan
1 The City adopted GASB 75 during the fiscal year ended June 30, 2018.

City of Indio
Required Supplementary Information (Unaudited)
Schedule of Changes in the Net OPEB Liability and Related Ratios For the Year Ended June 30, 2024
Last Ten Fiscal Years1
128

Independent auditor's report and the City's Annual Comprehensive Financi... Page 270 of 420 Measurement period 2021-22 2022-2023
Total OPEB liability
Service cost 2,581,334$ 1,666,100 $
Interest on the total OPEB liability 1,453,544 2,001,983 Changes in benefit terms --
Difference between expected and actual experience (2,113,957) 8,891,165 Changes of assumptions (15,038,689) (3,175,394)
Benefit payments, including refunds of employee contributions (1,879,699) (2,063,786) Implicit rate subsidy credit (277,448) (314,230) Net change in total OPEB liability (15,274,915) 7,005,838 Total OPEB liability - beginning 69,052,127 53,777,212 Total OPEB liability - ending (a) 53,777,212$ 60,783,050 $ Pension fiduciary net position
Net investment income (285,925)$ 70,771 $
Employer - contribution 1,879,699 2,063,786
Employer - implicit subsidy 277,448 314,230 Benefit payments (1,879,699) (2,063,786)
Implicit subsidy credit (277,448) (314,230)
Administrative expense (575) (569)
Other miscellaneous income/(expense) - - Net change in plan fiduciary net position (286,500) 70,202 Plan fiduciary net position - beginning 2,273,153 1,986,653 Plan fiduciary net position - ending (b) 1,986,653$ 2,056,855 $ Plan net OPEB liability - ending (a) - (b) 51,790,559$ 58,726,195 $ Plan fiduciary net position as a percentage 3.69% 3.38% of the total OPEB liability
Covered employee payroll 28,840,521$ 26,876,063 $
Plan net OPEB liability as a percentage of covered employee payroll 179.58% 218.51% Other Postemployment Benefits ("OPEB") Plan
City of Indio
Required Supplementary Information (Unaudited)
Schedule of Changes in the Net OPEB Liability and Related Ratios (Continued) For the Year Ended June 30, 2024
Last Ten Fiscal Years
129

Independent auditor's report and the City's Annual Comprehensive Financi... Page 271 of 420 Fiscal year 2016-17 2017-2018 2018-19 2019-20 2020-21
Actuarially determined contribution 1,994,056 $ 2,706,641 $ 2,701,432 $ 2,474,265 $ 2,548,493 $ Contributions in relation to the
actuarially determined contribution (1,994,056) (1,975,214) (1,975,767) (1,980,041) (2,030,041) Contribution deficiency (excess) - $ 731,427$ 725,665 $ 494,224 $ 518,452 $ Covered-employee payroll 31,815,516$ 26,345,041 $ 27,980,084 $ 27,980,084 $ 27,664,395 $ Contributions as a percentage of covered-employee payroll. 6.27% 7.50% 7.06% 7.08% 7.34% 1 Notes to Schedule:

Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry Age Normal Cost Method
Amortization method Closed period, level percentage of payroll Amortization period 24 years
Inflation 2.30%
Discount Rate 3.88%
Payroll Growth 2.80%
Healthcare trend rates 7.40%, trending down to 4.14%
Rate of return on assets 4.20%
City of Indio
Required Supplementary Information (Unaudited)
Schedule of Contributions - Other Postemployment Benefits For the Year Ended June 30, 2024
Last Ten Fiscal Years1
Other Postemployment Benefits ("OPEB") Plan
Historical information is presented only for measurement periods after GASB 75 implementation in fiscal year of 2018-19 (measurement period of 2017-18). Additional years of information will be displayed as it becomes available.

The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2023-204 were derived from the June 30, 2023 funding valuation report.
130

Independent auditor's report and the City's Annual Comprehensive Financi... Page 272 of 420 Fiscal year 2021-22 2022-23 2023-24
Actuarially determined contribution 3,613,353 $ 3,748,603 $ 4,192,371 $ Contributions in relation to the
actuarially determined contribution (2,157,147) (2,378,016) (2,944,525) Contribution deficiency (excess) (1,394,602) $ 1,370,587 $ 1,247,846 $ Covered-employee payroll 28,840,521$ 26,876,063 $ 27,628,593 $ Contributions as a percentage of covered-employee payroll. 7.48% 8.85% 10.66% City of Indio
Required Supplementary Information (Unaudited)
Schedule of Contributions - Other Postemployment Benefits (Continued) For the Year Ended June 30, 2024
Last Ten Fiscal Years1
Other Postemployment Benefits ("OPEB") Plan (Continued) 131

Independent auditor's report and the City's Annual Comprehensive Financi... Page 273 of 420 This page intentionally left blank.
132

Independent auditor's report and the City's Annual Comprehensive Financi... Page 274 of 420

SUPPLEMENTARY INFORMATION
133

Independent auditor's report and the City's Annual Comprehensive Financi... Page 275 of 420 This page intentionally left blank.
134

Independent auditor's report and the City's Annual Comprehensive Financi... Page 276 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 27,526,902 $ 27,526,902 $ 5,171,971 $ (22,354,931) $ Use of money and property 35,000 35,000 586,172 551,172 Developer participation 3,550,000 3,550,000 3,683,685 133,685 Miscellaneous - - 100,022 100,022 Total revenues 31,111,902 31,111,902 9,541,850 (21,570,052) Expenditures:

Current:

General government 377,696 377,696 13,018 364,678 Capital outlay 122,453,078 137,863,240 55,628,038 82,235,202 Debt service:

Principal retirement - - 10,990 (10,990) Interest and fiscal charges - - 196 (196) Total expenditures 122,830,774 138,240,936 55,652,242 82,588,694

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (91,718,872) (107,129,034) (46,110,392) 61,018,642 OTHER FINANCING SOURCES (USES):

Transfers in 36,557,607 51,967,769 52,996,946 1,029,177 Transfers out (7,980,235) (7,980,235) (5,393,956) 2,586,279 Issuan of debt - - 76,927 76,927 Total other financing sources (uses) 28,577,372 43,987,534 47,679,917 3,692,383 NET CHANGE IN FUND BALANCE (63,141,500)$ (63,141,500) $ 1,569,525 64,711,025 $ FUND BALANCE:

Beginning of year 37,974,793
End of year 39,544,318$
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Capital Projects Fund
For the Year Ended June 30, 2024
Budgeted Amounts
135

Independent auditor's report and the City's Annual Comprehensive Financi... Page 277 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property - $ - $ 3,535,896$ 3,535,896 $ Total revenues - - 3,535,896 3,535,896 Expenditures:

Debt service:

Principal retirement 3,200,000 3,200,000 2,415,000 785,000 Interest and fiscal charges 6,786,495 6,786,495 5,432,886 1,353,609 Total expenditures 9,986,495 9,986,495 7,847,886 2,138,609

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (9,986,495) (9,986,495) (4,311,990) 5,674,505 OTHER FINANCING SOURCES (USES):

Transfers in 9,986,495 9,986,495 8,929,862 (1,056,633) Transfers out - - (15,500,000) (15,500,000) Total other financing sources (uses) 9,986,495 9,986,495 (6,570,138) (16,556,633) NET CHANGE IN FUND BALANCE -$ - $ (10,882,128) (10,882,128) $ FUND BALANCE:

Beginning of year 92,203,679
End of year 81,321,551$
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual General Debt Service Fund
For the Year Ended June 30, 2024
Budgeted Amounts
136

Independent auditor's report and the City's Annual Comprehensive Financi... Page 278 of 420

NONMAJOR GOVERNMENTAL FUNDS

SPECIAL REVENUE FUNDS
Special revenue funds are use d to account for the proceeds of specific revenue sources (othe r than for debt service or capital projects) that are restricted by law or administrative action or committed to expenditures for specified purposes. Funds included Gas Tax Fund - To account for the revenues and expenditures of the City’s proportionate share of gas tax monies collected by the State of California which are used for street construction and maintenance.

Traffic Safety Fund - To account for the revenue and expenditures relating to the enforcement of, education for, and prosecution of a suspended or revoked driving privilege, unlicensed driver and persons driving under the influence of alcohol and/or drugs.

Public Safety Fund - To account for the revenues and expenditures of the City’s Proposition 172 sales tax restricted for public safety.

Supplemental Law Enforcement Fund - To account for the revenues and expenditures of the supplemental law enforcement grant.

Local Law Enforcement Block Grant (LLEBG) Fund - To account for the revenues and expenditures of the Local Law Enforcement Block grant.

Homeland Security Fund - To account for funds received from the Riverside County Operational Area Homeland Security Grant Program.

Abandoned Vehicle Fund - To account for cost associated with the removal and disposition of abandoned vehicles from private property and the State of California's partial reimbursement of those costs.

Unclaimed Property Fund - To account for revenues and expenditures associated with property seized during police activities.

Measure A Fund - To account for financial transactions in accordance with Measure A Local Transit Assistance Act regulations.

NPDES Fund - To account for revenue and expenditures related to the National Pollution Discharge Evaluation System (NPDES) State mandate.

Air Quality (AB2766/CMAQ) Fund - To account for the revenues and expenditures related to air pollution mitigation efforts.

HBRRP Fund - To account for Highway Bridge Replacement and Rehabilitation (HBRRP) grant funds used to improve the condition of the City’s bridges.

Waste Recycling AB939 Fund - To account for revenues and expenditures related to compliance with State of California Assembly Bill 939, which requires cities to divert 50% of their waste away from landfills.

Community Facilities District Fund - To account for the revenues and expenditures restricted to finance a portion of the cost of providing law enforcement, fire and paramedic services.

Certified Access Specialist SB 1186 Fund - To account for revenue and expenditures for funds received related to help bring local businesses into ADA compliance and develop tools to help educate the business community in expanding ADA access.

Indio Housing Authority Fund - To account for monies received and expended for housing related activities and housing functions.

Department of Conservation Recycle Grant Fund - To account for revenues and expenditures for grant funds received to promote can, bottle, and multi-family recycling.

Public Education Government Channel Fund - To account for revenues and expenditures for public education government channel.
137

Independent auditor's report and the City's Annual Comprehensive Financi... Page 279 of 420 Nonmajor Special Revenue Funds (Continued)

SPECIAL REVENUE FUNDS (CONTINUED)
Neighborhood Stabilization Project Grant 2 Fund - To account for grant funds provided by the Recovery Act to address abandoned and foreclosed properties.

Neighborhood Stabilization Project Grant 3 Fund - To account for grant funds provided by the Recovery Act to address abandoned and foreclosed properties.

Lighting and Landscape Fund - To account for the revenues and expenditures restricted for the lighting and landscape maintenance program for 51 districts. Property owners are assessed their share of the cost for lighting and maintaining parkways and medians.

Asset Forfeiture Fund - To account for assets and cash confiscated in police narcotic raids that are restricted for public safety expenditures.

Community Developmen
t Block Grant Fund - To accoun t for Federal funds directe d toward programs that improve low- income housing, public improvements, neighborhood programs, and community development needs.

Emergency, Abandoned and Recalcitrant Fund - To account for revenue and expenditures to abate emergency situations or to clean up abandoned or recalcitrant sites that pose a threat to human health, safety, and the environment, as a result of petroleum release from an underground storage tank.

Cal Emergency Management Fund - To account for the funds to be used for the Project Safe Neighborhoods .

Donations Fund - To account for donations to the City of items and funds for a designated purchase.

SB-1 Transportation Fund - To account for the revenues and expenditures of the City’s proportionate share of SB-1 monies collected by the State of California which are used for street construction and maintenance.

Community Transitiona l Housing Fund - To accoun t for transitional housing services throughou t the Cit y funded by the State of California.

Compost Mitigation Dillon Fund - To accoun t for revenue received from the waste collectio n company for their share of maintenance costs of Dillon Road between 1-10 and Landfill Road.

Local Government Planning Support Grant Fund - To account for the Grant from the State of California’s Local Government Planning Support Grant Program as part of the Local Early Action Planning Grants Program (LEAP). LEAP provides funding to jurisdictions for the preparation and adoption of planning documents and process improvements that accelerate housing production and facilitate compliance in implementing the sixth cycle of the Regional Housing Need Assessment (RHNA).

Planning Grant Program SB2 Fund - To account for the grant from the Planning Grant Program (PGP) authorized under the State of California’s Senate Bill 2 (SB2). The PGP provides financial and technical assistance to local governments to update planning documents in order to accelerate housing production, streamline the approval of housing development affordable to owner and renter households at income levels, facilitate housing affordability, particularly for all income groups, and ensure geographic equity in the distribution and expenditure of allocated funds.

Public Art In-Lieu Fund - To account for fees collected from developers in lieu of providing public art works within their development.

Cannabis Tax Grant Fund - To account for grant funds from the California Highway Patrol (CHP) to support law enforcement efforts to reduce impaired driving.
138

Independent auditor's report and the City's Annual Comprehensive Financi... Page 280 of 420 Nonmajor Special Revenue Funds (Continued)

SPECIAL REVENUE FUNDS (CONTINUED)
Officer Wellness Grant Fund - To account for grant funds provided by the State for officer wellness and mental health resources.

Office of Traffic Safety Grant - To account for federal grant funding distributed by the state used to support programs and enforce laws on impaired and distracted drivers, to enhance seat belt usage, and to increase motorcycle, pedestrian, and bicycle safety.

Indio Performing Arts - To account for the Community Benefit Assessment (CBA) funds received from permitted Commercial Cannabis Storefront Retailers Businesses per Ordinance No. 1779.

Indio Arts Center - To account for the Community Benefit Assessment (CBA) funds received from permitted Commercial Cannabis Storefront Retailers Businesses per Ordinance No. 1779.

National Opioid Settlement - To account for opioid settlements received for the purposes of opioid remediation focused on treatment and prevention to combat the opioid epidemic.

American Rescue Plan Act - To account for federal funding received as part of the American Rescue Plan Act passed by Congress to provide funding for economic recovery for local governments resulting from economic hardship caused by the coronavirus pandemic.

Debt Service Funds
Debt service funds are used to account for specific revenues and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest. Funds included are:

Judgment Bonds - To account for the revenues and debt service expenditures for the City’s 2017 Judgment Obligation Bonds. 139

Independent auditor's report and the City's Annual Comprehensive Financi... Page 281 of 420 This page intentionally left blank.
140

Independent auditor's report and the City's Annual Comprehensive Financi... Page 282 of 420 Supplemental
Law
Gas Tax Traffic Safety Public Safety Enforcement
ASSETS
Cash and investments 2,352,157 $ 256,705 $ 2,098,903 $ 536,961 $ Accounts receivable - - - - Taxes receivable 214,975 - 62,182 - Notes and loans receivable - - - - Prepaid items - - - - Due from other governments - - - - Property held for resale - - - - Restricted cash and investments with fiscal agents - - - - Total assets 2,567,132$ 256,705 $ 2,161,085 $ 536,961 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable 96,793 6,660 25,245 18,266 Unearned revenues - - - - Deposits payable - - - - Due to other funds - - - - Total liabilities 96,793 6,660 25,245 18,266 Deferred inflows of resources:

Unavailable revenues 6,522 - - - Total deferred inflows of resources 6,522 - - - Fund balances:

Nonspendable - - - - Restricted 2,463,817 250,045 2,135,840 518,695 Committed - - - - Unassigned (deficit) - - - - Total fund balances 2,463,817 250,045 2,135,840 518,695 Total liabilities, deferred inflows of
resources and fund balances 2,567,132$ 256,705 $ 2,161,085 $ 536,961 $ (Continued)
Special Revenue Funds
City of Indio
Combining Balance Sheet
June 30, 2024
Nonmajor Governmental Funds
141

Independent auditor's report and the City's Annual Comprehensive Financi... Page 283 of 420 Homeland Abandoned Unclaimed
LLEBG Security Vehicle Property
ASSETS
Cash and investments - $ 7,979$ 290,651 $ 150,580 $ Accounts receivable 58,988 - - - Taxes receivable - - - - Notes and loans receivable - - - - Prepaid items - - - - Due from other governments - - - - Property held for resale - - - - Restricted cash and investments with fiscal agents - - - - Total assets 58,988$ 7,979 $ 290,651 $ 150,580 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable 20,334 - 672 126,561 Unearned revenues - - - - Deposits payable - - - - Due to other funds 20,321 - - - Total liabilities 40,655 - 672 126,561 Deferred inflows of resources:

Unavailable revenues 25,334 - - - Total deferred inflows of resources 25,334 - - - Fund balances:

Nonspendable - - - - Restricted - 7,979 289,979 24,019 Committed - - - - Unassigned (deficit) (7,001) - - - Total fund balances (7,001) 7,979 289,979 24,019 Total liabilities, deferred inflows of
resources and fund balances 33,654$ 7,979 $ 290,651 $ 150,580 $ (Continued)
Special Revenue Funds
City of Indio
Combining Balance Sheet (Continued)
June 30, 2024
Nonmajor Governmental Funds
142

Independent auditor's report and the City's Annual Comprehensive Financi... Page 284 of 420 Measure A NPDES Air Quality HBRRP
ASSETS
Cash and investments 5,241,797 $ 115,372 $ 284,281 $ - $ Accounts receivable - - - 721,187 Taxes receivable 472,836 - - - Notes and loans receivable - - - - Prepaid items - - 1,882 - Due from other governments 61,373 - 30,561 68,705 Property held for resale - - - - Restricted cash and investments with fiscal agents - - - - Total assets 5,776,006$ 115,372 $ 316,724 $ 789,892 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable 615,201 1,850 46,605 163,470 Unearned revenues - - - - Deposits payable - - - - Due to other funds - - - 465,138 Total liabilities 615,201 1,850 46,605 628,608 Deferred inflows of resources:

Unavailable revenues - - - 721,187 Total deferred inflows of resources - - - 721,187 Fund balances:

Nonspendable - - 1,882 - Restricted 5,160,805 113,522 268,237 - Committed - - - - Unassigned (deficit) - - - (559,903) Total fund balances 5,160,805 113,522 270,119 (559,903) Total liabilities, deferred inflows of
resources and fund balances 5,776,006$ 115,372 $ 316,724 $ 68,705 $ (Continued)
June 30, 2024
Special Revenue Funds
City of Indio
Nonmajor Governmental Funds
Combining Balance Sheet (Continued)
143

Independent auditor's report and the City's Annual Comprehensive Financi... Page 285 of 420 Certified
Waste Communities Access
Recycling Facilities Specialist Indio Housing
AB939 District SB 1186 Authority
ASSETS
Cash and investments 368,443 $ 686,882 $ 166,431 $ 1,862,133 $ Accounts receivable 17,124 - - - Taxes receivable - - - - Notes and loans receivable - - - 5,784,573 Prepaid items - - - - Due from other governments 1,035 78,175 - - Property held for resale - - - 164,000 Restricted cash and investments with fiscal agents - - - - Total assets 386,602$ 765,057 $ 166,431 $ 7,810,706 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable 15,814 - 8 6,930 Unearned revenues - - - - Deposits payable - - 19,576 - Due to other funds - 19,288 - - Total liabilities 15,814 19,288 19,584 6,930 Deferred inflows of resources:

Unavailable revenues - - - - Total deferred inflows of resources - - - - Fund balances:

Nonspendable - - - - Restricted 370,788 745,769 146,847 7,803,776 Committed - - - - Unassigned (deficit) - - - - Total fund balances 370,788 745,769 146,847 7,803,776 Total liabilities, deferred inflows of
resources and fund balances 386,602$ 765,057 $ 166,431 $ 7,810,706 $ (Continued)
City of Indio
Combining Balance Sheet (Continued)
June 30, 2024
Special Revenue Funds
Nonmajor Governmental Funds
144

Independent auditor's report and the City's Annual Comprehensive Financi... Page 286 of 420 Public
Department of Education Neighborhood Neighborhood
Conservation Government Stabilization Stabilization
Recycle Grant Channel Grant 2 Grant 3
ASSETS
Cash and investments 368,440 $ 1,487,621 $ 547,675 $ 138,750 $ Accounts receivable - 38,714 - - Taxes receivable - - - - Notes and loans receivable - - - - Prepaid items - - - - Due from other governments - - - - Property held for resale - - 177,654 - Restricted cash and investments with fiscal agents - - - - Total assets 368,440$ 1,526,335 $ 725,329 $ 138,750 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable - - 3,212 - Unearned revenues 365,807 - - - Deposits payable - - - - Due to other funds - - - - Total liabilities 365,807 - 3,212 - Deferred inflows of resources:

Unavailable revenues - - - - Total deferred inflows of resources - - - - Fund balances:

Nonspendable - - - - Restricted 2,633 1,526,335 722,117 138,750 Committed - - - - Unassigned (deficit) - - - Total fund balances 2,633 1,526,335 722,117 138,750 Total liabilities, deferred inflows of
resources and fund balances 368,440$ 1,526,335 $ 725,329 $ 138,750 $ (Continued)
Special Revenue Funds
City of Indio
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
145

Independent auditor's report and the City's Annual Comprehensive Financi... Page 287 of 420 Emergency
Community Abandoned
Lighting and Asset Development and
Landscape Forfeiture Block Grant Recalcitrant
ASSETS
Cash and investments 2,498,980 $ 191,839 $ - $ 134,730$ Accounts receivable - - - - Taxes receivable - - - - Notes and loans receivable - - - - Prepaid items - - - - Due from other governments 15,006 - 676,841 - Property held for resale - - - - Restricted cash and investments with fiscal agents - - - - Total assets 2,513,986$ 191,839 $ 676,841 $ 134,730 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable 209,366 94,397 137,181 - Unearned revenues - - - - Deposits payable 3,570 - - - Due to other funds 63,361 - 426,246 - Total liabilities 276,297 94,397 563,427 - Deferred inflows of resources:

Unavailable revenues - - 676,841 - Total deferred inflows of resources - - 676,841 - Fund balances:

Nonspendable - - - - Restricted 2,237,689 97,442 - 134,730 Committed - - - - Unassigned (deficit) - - (563,427) - Total fund balances 2,237,689 97,442 (563,427) 134,730 Total liabilities, deferred inflows of
resources and fund balances 2,513,986$ 191,839 $ 676,841 $ 134,730 $ (Continued)
Special Revenue Funds
City of Indio
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
146

Independent auditor's report and the City's Annual Comprehensive Financi... Page 288 of 420 Cal Community
Emergency SB-1 Transitional
Management Donations Transportation Housing
ASSETS
Cash and investments - $ 50,532$ 4,123,548 $ 108,776 $ Accounts receivable - - - - Taxes receivable - - - - Notes and loans receivable - - - - Prepaid items - - - - Due from other governments 24,349 - 408,533 - Property held for resale - - - - Restricted cash and investments with fiscal agents - - - - Total assets 24,349$ 50,532 $ 4,532,081 $ 108,776 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable - - 59,765 - Unearned revenues - - - 2,956 Deposits payable - - - - Due to other funds 15,842 - - - Total liabilities 15,842 - 59,765 2,956 Deferred inflows of resources:

Unavailable revenues 15,961 - - - Total deferred inflows of resources 15,961 - - - Fund balances:

Nonspendable - - - Restricted - 50,532 4,472,316 105,820 Committed - - - - Unassigned (deficit) (7,454) - - - Total fund balances (7,454) 50,532 4,472,316 105,820 Total liabilities, deferred inflows of
resources and fund balances 24,349$ 50,532 $ 4,532,081 $ 108,776 $ (Continued)
City of Indio
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
147

Independent auditor's report and the City's Annual Comprehensive Financi... Page 289 of 420 Compost Local Government Planning Grant
Mitigation Planning Program Public Art In-
Dillon Support Grant SB2 Lieu
ASSETS
Cash and investments 73,740 $ 10,786 $ - $ 982,195$ Accounts receivable 5,281 - - 45,000 Taxes receivable - - - - Notes and loans receivable - - - - Prepaid items - - - - Due from other governments - - - - Property held for resale - - - - Restricted cash and investments with fiscal agents - - - - Total assets 79,021$ 10,786 $ - $ 1,027,195$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable - - - 14,001 Unearned revenues - - - - Deposits payable - - - - Due to other funds - - - - Total liabilities - - - 14,001 Deferred inflows of resources:

Unavailable revenues - - - - Total deferred inflows of resources - - - - Fund balances:

Nonspendable - - - Restricted 79,021 10,786 - 1,013,194 Committed - - - - Unassigned (deficit) - - - - Total fund balances 79,021 10,786 - 1,013,194 Total liabilities, deferred inflows of
resources and fund balances 79,021$ 10,786 $ - $ 1,027,195$ (Continued)
City of Indio
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
148

Independent auditor's report and the City's Annual Comprehensive Financi... Page 290 of 420 Officer Office of Indio
Cannabis Tax Wellness Traffic Safety Performing
Grant Grant Grant Arts
ASSETS
Cash and investments - $ 45,435$ - $ 788 $ Accounts receivable - - - 1,580 Taxes receivable - - - - Notes and loans receivable - - - - Prepaid items - - - - Due from other governments - - 9,965 - Property held for resale - - - - Restricted cash and investments with fiscal agents - - - - Total assets -$ 45,435$ 9,965 $ 2,368 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable - - 235 - Unearned revenues - - - - Deposits payable - - - - Due to other funds - - 6,554 - Total liabilities - - 6,789 - Deferred inflows of resources:

Unavailable revenues - - - - Total deferred inflows of resources - - - - Fund balances:

Nonspendable - - - - Restricted - 45,435 3,176 - Committed - - - 2,368 Unassigned (deficit) - - - - Total fund balances - 45,435 3,176 2,368 Total liabilities, deferred inflows of
resources and fund balances -$ 45,435$ 9,965 $ 2,368 $ (Continued)
City of Indio
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
Special Revenue Funds
June 30, 2024
149

Independent auditor's report and the City's Annual Comprehensive Financi... Page 291 of 420 Debt Service
Fund
National American
Indio Arts Opioid Rescue Plan Judgement
Center Settlement Act Bonds
ASSETS
Cash and investments 788 $ 121,101 $ 666,832 $ - $ Accounts receivable 1,580 - - - Taxes receivable - - - - Notes and loans receivable - - - - Prepaid items - - - - Due from other governments - - 38,715 - Property held for resale - - - - Restricted cash and investments with fiscal agents - - - 24,290 Total assets 2,368$ 121,101 $ 705,547 $ 24,290 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable - - 112,815 - Unearned revenues - - 247,072 - Deposits payable - - - - Due to other funds - - - 1,770 Total liabilities - - 359,887 1,770 Deferred inflows of resources:

Unavailable revenues - - - - Total deferred inflows of resources - - - - Fund balances:

Nonspendable - - - - Restricted - 121,101 345,660 - Committed 2,368 - - - Unassigned (deficit) - - - 22,520 Total fund balances 2,368 121,101 345,660 22,520 Total liabilities, deferred inflows of
resources and fund balances 2,368$ 121,101 $ 705,547 $ 24,290 $ (Continued)
City of Indio
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
Special Revenue Funds
150

Independent auditor's report and the City's Annual Comprehensive Financi... Page 292 of 420 Total
Governmental
Funds
ASSETS
Cash and investments 25,971,831$
Accounts receivable 889,454
Taxes receivable 749,993
Notes and loans receivable 5,784,573
Prepaid items 1,882
Due from other governments 1,413,258
Property held for resale 341,654
Restricted cash and investments with fiscal agents 24,290 Total assets 35,176,935$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable 1,775,381
Unearned revenues 615,835
Deposits payable 23,146
Due to other funds 1,018,520
Total liabilities 3,432,882
Deferred inflows of resources:

Unavailable revenues 1,445,845
Total deferred inflows of resources 1,445,845
Fund balances:

Nonspendable 1,882
Restricted 31,406,855
Committed 4,736
Unassigned (deficit) (1,115,265)
Total fund balances 30,298,208
Total liabilities, deferred inflows of
resources and fund balances 35,176,935$
City of Indio
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2024
151

Independent auditor's report and the City's Annual Comprehensive Financi... Page 293 of 420 Supplemental
Law
Gas Tax Traffic Safety Public Safety Enforcement
REVENUES:

Intergovernmental 2,493,016 $ - $ 723,093$ 259,850 $ Charges for services - - - - Use of money and property 58,747 - 66,021 26,601 Fines and forfeitures - 106,795 - - Special assessments - - - - Developer participation - - - - Miscellaneous - - - - Total revenues 2,551,763 106,795 789,114 286,451 EXPENDITURES:

Current:

General government - - - - Public safety - 40,129 126,223 348,423 Community development - - - - Community services - - - - Public works 1,092,267 - - - Capital outlay 610,781 - 236,844 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 1,703,048 40,129 363,067 348,423

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 848,715 66,666 426,047 (61,972) OTHER FINANCING SOURCES:

Transfers in - - - - Transfers out - - - - Total other financing sources - - - - NET CHANGES IN FUND BALANCES 848,715 66,666 426,047 (61,972) FUND BALANCES:

Beginning of year, as previously reported 1,615,102 183,379 1,709,793 580,667 Change in the financial reporting entity
(major to nonmajor) - - - - Error corection - - - - Beginning of year, as restated (Note 16) 1,615,102 183,379 1,709,793 580,667 End of year 2,463,817 $ 250,045 $ 2,135,840 $ 518,695 $ (Continued)
For the Year Ended June 30, 2024
Special Revenue Funds
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances City of Indio
Nonmajor Governmental Funds
152

Independent auditor's report and the City's Annual Comprehensive Financi... Page 294 of 420 Homeland Abandoned Unclaimed
LLEBG Security Vehicle Property
REVENUES:

Intergovernmental 112,172 $ - $ 61,491$ - $ Charges for services - - - - Use of money and property 463 - 9,577 4,449 Fines and forfeitures - - - 2,055 Special assessments - - - - Developer participation - - - - Miscellaneous - - - - Total revenues 112,635 - 71,068 6,504 EXPENDITURES:

Current:

General government - - - - Public safety 32,358 - 672 - Community development - - - - Community services - - - - Public works - - - - Capital outlay 105,147 - - - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 137,505 - 672 -

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (24,870) - 70,396 6,504 OTHER FINANCING SOURCES:

Transfers in - - - - Transfers out - - - - Total other financing sources - - - - NET CHANGES IN FUND BALANCES (24,870) - 70,396 6,504 FUND BALANCES:

Beginning of year, as previously reported 17,869 7,979 219,583 17,515 Change in the financial reporting entity
(major to nonmajor) - - - - Error corection - - - - Beginning of year, as restated (Note 16) 17,869 7,979 219,583 17,515 End of year (7,001) $ 7,979 $ 289,979 $ 24,019 $ (Continued)
For the Year Ended June 30, 2024
Special Revenue Funds
City of Indio
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
153

Independent auditor's report and the City's Annual Comprehensive Financi... Page 295 of 420 Measure A NPDES Air Quality HBRRP
REVENUES:

Intergovernmental 3,294,168 $ - $ 122,186$ 186,824 $ Charges for services - - - - Use of money and property 190,657 2,642 10,458 - Fines and forfeitures - - - - Special assessments - - - - Developer participation - - - - Miscellaneous - - - - Total revenues 3,484,825 2,642 132,644 186,824 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Community development - - - - Community services - - - - Public works 807,180 21,528 93,696 34,430 Capital outlay 1,852,822 - 3,764 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 2,660,002 21,528 97,460 34,430

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 824,823 (18,886) 35,184 152,394 OTHER FINANCING SOURCES:

Transfers in - - - - Transfers out - - - - Total other financing sources - - - - NET CHANGES IN FUND BALANCES 824,823 (18,886) 35,184 152,394 FUND BALANCES:

Beginning of year, as previously reported 4,335,982 132,408 234,935 (712,297) Change in the financial reporting entity
(major to nonmajor) - - - - Error corection
Beginning of year, as restated (Note 16) 4,335,982 132,408 234,935 (712,297) End of year 5,160,805 $ 113,522 $ 270,119 $ (559,903) $ (Continued)
For the Year Ended June 30, 2024
Special Revenue Funds
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
City of Indio
154

Independent auditor's report and the City's Annual Comprehensive Financi... Page 296 of 420 Certified
Waste Communities Access
Recycling Facilities Specialist Indio Housing
AB939 District SB 1186 Authority
REVENUES:

Intergovernmental - $ - $ 24,145$ - $ Charges for services 323,520 - - - Use of money and property 18,426 59,549 5,799 158,578 Fines and forfeitures - - - - Special assessments - 5,003,399 - - Developer participation - - - - Miscellaneous - - - - Total revenues 341,946 5,062,948 29,944 158,578 EXPENDITURES:

Current:

General government 309,027 - 3,500 - Public safety - 69,932 - - Community development - - - 144,157 Community services - - - - Public works - - - - Capital outlay 100,026 - - - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 409,053 69,932 3,500 144,157

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (67,107) 4,993,016 26,444 14,421 OTHER FINANCING SOURCES:

Transfers in - - - - Transfers out - (4,505,000) - - Total other financing sources - (4,505,000) - - NET CHANGES IN FUND BALANCES (67,107) 488,016 26,444 14,421 FUND BALANCES:

Beginning of year, as previously reported 437,895 257,753 120,403 7,789,355 Change in the financial reporting entity
(major to nonmajor) - - - - Error corection - - - - Beginning of year, as restated (Note 16) 437,895 257,753 120,403 7,789,355 End of year 370,788 $ 745,769 $ 146,847 $ 7,803,776 $ (Continued)
Special Revenue Funds
For the Year Ended June 30, 2024
City of Indio
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
155

Independent auditor's report and the City's Annual Comprehensive Financi... Page 297 of 420 Public
Department of Education Neighborhood Neighborhood
Conservation Government Stabilization Stabilization
Recycle Grant Channel Grant 2 Grant 3
REVENUES:

Intergovernmental 76,834 $ - $ - $ - $ Charges for services - 160,610 - - Use of money and property 6,013 56,904 24,400 6,156 Fines and forfeitures - - - - Special assessments - - - - Developer participation - - - - Miscellaneous - - - - Total revenues 82,847 217,514 24,400 6,156 EXPENDITURES:

Current:

General government 76,843 - - - Public safety - - - - Community development - - 5,381 - Community services - - - - Public works - - - - Capital outlay - - - - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 76,843 - 5,381 -

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 6,004 217,514 19,019 6,156 OTHER FINANCING SOURCES:

Transfers in - - - - Transfers out - - - - Total other financing sources - - - - NET CHANGES IN FUND BALANCES 6,004 217,514 19,019 6,156 FUND BALANCES:

Beginning of year, as previously reported (3,371) 1,308,821 703,098 132,594 Change in the financial reporting entity
(major to nonmajor) - - - - Error corection - - - - Beginning of year, as restated (Note 16) (3,371) 1,308,821 703,098 132,594 End of year 2,633 $ 1,526,335 $ 722,117 $ 138,750 $ (Continued)
For the Year Ended June 30, 2024
Special Revenue Funds
Nonmajor Governmental Funds
City of Indio
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) 156

Independent auditor's report and the City's Annual Comprehensive Financi... Page 298 of 420 Emergency
Community Abandoned
Lighting and Asset Development and
Landscape Forfeiture Block Grant Recalcitrant
REVENUES:

Intergovernmental - $ 25,070$ 842,701 $ - $ Charges for services - - - - Use of money and property 116,830 13,535 - 5,978 Fines and forfeitures - - - - Special assessments 1,430,069 - - - Developer participation - - - - Miscellaneous - - - - Total revenues 1,546,899 38,605 842,701 5,978 EXPENDITURES:

Current:

General government - - - - Public safety - 503 - - Community development - - 260,752 - Community services - - - - Public works 1,818,988 - - - Capital outlay - - 837,741 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 1,818,988 503 1,098,493 -

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (272,089) 38,102 (255,792) 5,978 OTHER FINANCING SOURCES:

Transfers in 20,215 - - - Transfers out - - - - Total other financing sources 20,215 - - - NET CHANGES IN FUND BALANCES (251,874) 38,102 (255,792) 5,978 FUND BALANCES:

Beginning of year, as previously reported 2,489,563 59,340 (307,635) 128,752 Change in the financial reporting entity
(major to nonmajor) - - - - Error corection - - - - Beginning of year, as restated (Note 16) 2,489,563 59,340 (307,635) 128,752 End of year 2,237,689 $ 97,442 $ (563,427) $ 134,730 $ (Continued)
Special Revenue Funds
For the Year Ended June 30, 2024
City of Indio
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
157

Independent auditor's report and the City's Annual Comprehensive Financi... Page 299 of 420 Cal Community
Emergency SB-1 Transitional
Management Donations Transportation Housing
REVENUES:

Intergovernmental 8,388 $ - $ 2,747,778$ - $ Charges for services - - - - Use of money and property - - 143,542 7,981 Fines and forfeitures - - - - Special assessments - - - - Developer participation - - - - Miscellaneous - 5,000 - - Total revenues 8,388 5,000 2,891,320 7,981 EXPENDITURES:

Current:

General government - 34,823 - - Public safety - - - - Community development - - - 300 Community services - - - - Public works - - 49 - Capital outlay - - 1,920,572 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures - 34,823 1,920,621 300

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 8,388 (29,823) 970,699 7,681 OTHER FINANCING SOURCES:

Transfers in - - 9,727 - Transfers out - - - - Total other financing sources - - 9,727 - NET CHANGES IN FUND BALANCES 8,388 (29,823) 980,426 7,681 FUND BALANCES:

Beginning of year, as previously reported (15,842) 80,355 3,491,890 98,139 Change in the financial reporting entity
(major to nonmajor) - - - - Error corection - - - - Beginning of year, as restated (Note 16) (15,842) 80,355 3,491,890 98,139 End of year (7,454) $ 50,532 $ 4,472,316 $ 105,820 $ (Continued)
City of Indio
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2024
Special Revenue Funds
158

Independent auditor's report and the City's Annual Comprehensive Financi... Page 300 of 420 Compost Local Government Planning Grant
Mitigation Planning Program Public Art In-
Dillon Support Grant SB2 Lieu
REVENUES:

Intergovernmental - $ 84,449$ 47,903 $ - $ Charges for services 19,298 - - - Use of money and property 2,501 - - 54,283 Fines and forfeitures - - - - Special assessments - - - - Developer participation - - - 282,220 Miscellaneous - - - - Total revenues 21,799 84,449 47,903 336,503 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Community development - - - - Community services - - - 380,514 Public works - 3,230 - - Capital outlay - - - - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures - 3,230 - 380,514

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 21,799 81,219 47,903 (44,011) OTHER FINANCING SOURCES:

Transfers in - - - - Transfers out - - - - Total other financing sources - - - - NET CHANGES IN FUND BALANCES 21,799 81,219 47,903 (44,011) FUND BALANCES:

Beginning of year, as previously reported 57,222 (70,433) (47,903) 1,057,205 Change in the financial reporting entity
(major to nonmajor) - - - - Error corection - - - - Beginning of year, as restated (Note 16) 57,222 (70,433) (47,903) 1,057,205 End of year 79,021 $ 10,786 $ - $ 1,013,194$ (Continued)
Special Revenue Funds
City of Indio
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2024
159

Independent auditor's report and the City's Annual Comprehensive Financi... Page 301 of 420 Officer Office of Indio
Cannabis Tax Wellness Traffic Safety Performing
Grant Grant Grant Arts
REVENUES:

Intergovernmental - $ - $ 27,422$ 2,366 $ Charges for services - - - - Use of money and property - 502 - 2 Fines and forfeitures - - - - Special assessments - - - - Developer participation - - - - Miscellaneous - - - - Total revenues - 502 27,422 2,368 EXPENDITURES:

Current:

General government - - - - Public safety - - 24,246 - Community development - - - - Community services - - - - Public works - - - - Capital outlay - - - - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures - - 24,246 -

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES - 502 3,176 2,368 OTHER FINANCING SOURCES:

Transfers in 12,200 - - - Transfers out - - - - Total other financing sources 12,200 - - - NET CHANGES IN FUND BALANCES 12,200 502 3,176 2,368 FUND BALANCES:

Beginning of year, as previously reported (12,200) 44,933 - - Change in the financial reporting entity
(major to nonmajor) - - - - Error corection - - - - Beginning of year, as restated (Note 16) (12,200) 44,933 - - End of year - $ 45,435$ 3,176 $ 2,368 $ (Continued)
City of Indio
Special Revenue Funds
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2024
160

Independent auditor's report and the City's Annual Comprehensive Financi... Page 302 of 420 Debt Service
Fund
National America Rescue
Indio Arts Opioid Plan Act (Formerly Judgement
Center Settlement Major Fund) Bonds
REVENUES:

Intergovernmental 2,366 $ - $ 4,452,863$ - $ Charges for services - - - - Use of money and property 2 4,052 305,317 24,290 Fines and forfeitures - - - - Special assessments - - - - Developer participation - - - - Miscellaneous - 21,128 - - Total revenues 2,368 25,180 4,758,180 24,290 EXPENDITURES:

Current:

General government - - - 4,840 Public safety - - - - Community development - - - - Community services - - - - Public works - - 1,872,197 - Capital outlay - - 2,580,666 - Debt service:

Principal retirement - - - 695,000 Interest and fiscal charges - - - 391,945 Total expenditures - - 4,452,863 1,091,785

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 2,368 25,180 305,317 (1,067,495) OTHER FINANCING SOURCES:

Transfers in - 95,921 - 1,158,331 Transfers out - - - - Total other financing sources - 95,921 - 1,158,331 NET CHANGES IN FUND BALANCES 2,368 121,101 305,317 90,836 FUND BALANCES:

Beginning of year, as previously reported - - - (68,316) Change in the financial reporting entity
(major to nonmajor) - - 40,343 - Error corection - - - - Beginning of year, as restated (Note 16) - - 40,343 (68,316) End of year 2,368 $ 121,101 $ 345,660 $ 22,520 $ (Continued)
City of Indio
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2024
Special Revenue Funds
161

Independent auditor's report and the City's Annual Comprehensive Financi... Page 303 of 420 Total
Governmental
Funds
REVENUES:

Intergovernmental 15,595,085$
Charges for services 503,428
Use of money and property 1,384,255
Fines and forfeitures 108,850
Special assessments 6,433,468
Developer participation 282,220
Miscellaneous 26,128
Total revenues 24,333,434
EXPENDITURES:

Current:

General government 429,033
Public safety 642,486
Community development 410,590
Community services 380,514
Public works 5,743,565
Capital outlay 8,248,363
Debt service:

Principal retirement 695,000
Interest and fiscal charges 391,945
Total expenditures 16,941,496

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 7,391,938
OTHER FINANCING SOURCES:

Transfers in 1,296,394
Transfers out (4,505,000)
Total other financing sources (3,208,606)
NET CHANGES IN FUND BALANCES 4,183,332
FUND BALANCES:

Beginning of year, as previously reported 26,074,533
Change in the financial reporting entity
(major to nonmajor) 40,343
Error corection -
Beginning of year, as restated (Note 16) 26,114,876
End of year 30,298,208$
City of Indio
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2024
162

Independent auditor's report and the City's Annual Comprehensive Financi... Page 304 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Intergovernmental 2,544,606 $ 2,544,606 $ 2,493,016 $ (51,590) $ Use of money and property 14,654 14,654 58,747 44,093 Total Revenues 2,559,260 2,559,260 2,551,763 (7,497) EXPENDITURES:

Current:

Public works 951,431 951,431 1,092,267 (140,836) Capital outlay - - 610,781 (610,781) Total Expenditures 951,431 951,431 1,703,048 (751,617)

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 1,607,829 1,607,829 848,715 (759,114) Other Financing (Uses):

Transfers out (1,034,780) (1,034,780) - 1,034,780 Total other financing (uses) (1,034,780) (1,034,780) - 1,034,780 NET CHANGE IN FUND BALANCE 573,049$ 573,049 $ 848,715 275,666 $ FUND BALANCE:

Beginning of year 1,615,102
End of year 2,463,817$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Gas Tax Special Revenue Fund
For the Year Ended June 30, 2024
163

Independent auditor's report and the City's Annual Comprehensive Financi... Page 305 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Fines and forfeitures 50,000 $ 50,000 $ 106,795 $ 56,795 $ Total Revenues 50,000 50,000 106,795 56,795 EXPENDITURES:

Current:

Public safety 205,000 205,000 40,129 164,871 Total Expenditures 205,000 205,000 40,129 164,871 NET CHANGE IN FUND BALANCE (155,000)$ (155,000) $ 66,666 221,666 $ FUND BALANCE:

Beginning of year 183,379
End of year 250,045$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Traffic Safety Special Revenue Fund
For the Year Ended June 30, 2024
164

Independent auditor's report and the City's Annual Comprehensive Financi... Page 306 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 770,000 $ 770,000 $ 723,093 $ (46,907) $ Use of money and property - - 66,021 66,021 Total revenues 770,000 770,000 789,114 19,114 EXPENDITURES:

Current:

Public safety 557,710 557,710 126,223 431,487 Capital outlay - 687,721 236,844 450,877 Total expenditures 557,710 1,245,431 363,067 882,364 NET CHANGE IN FUND BALANCE 212,290$ (475,431) $ 426,047 901,478 $ FUND BALANCE:

Beginning of year 1,709,793
End of year 2,135,840$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Public Safety Special Revenue Fund
For the Year Ended June 30, 2024
165

Independent auditor's report and the City's Annual Comprehensive Financi... Page 307 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 213,000 $ 213,000 $ 259,850 $ 46,850 $ Use of money and property - - 26,601 26,601 Total Revenues 213,000 213,000 286,451 73,451 EXPENDITURES:

Current:

Public safety 333,000 361,447 348,423 13,024 Total Expenditures 333,000 361,447 348,423 13,024 NET CHANGE IN FUND BALANCE (120,000)$ (148,447) $ (61,972) 86,475 $ FUND BALANCE:

Beginning of year 580,667
End of year 518,695$
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2024
Budgeted Amounts
Supplemental Law Enforcement Special Revenue Fund
166

Independent auditor's report and the City's Annual Comprehensive Financi... Page 308 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 103,800 $ 142,429 $ 112,172 $ (30,257) $ Use of money and property - - 463 463 Total revenues 103,800 142,429 112,635 (29,794) EXPENDITURES:

Current:

Public safety 35,700 51,121 32,358 18,763 Capital outlay 67,000 90,208 105,147 (14,939) Total expenditures 102,700 141,329 137,505 3,824 NET CHANGE IN FUND BALANCE 1,100$ 1,100 $ (24,870) (25,970) $ FUND BALANCE:

Beginning of year 17,869
$End of year (7,001)$
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual LLEBG Special Revenue Fund
For the Year Ended June 30, 2024
Budgeted Amounts
167

Independent auditor's report and the City's Annual Comprehensive Financi... Page 309 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 23,000 $ 23,000 $ 61,491 $ 38,491 $ Use of money and property - - 9,577 9,577 Total Revenues 23,000 23,000 71,068 48,068 EXPENDITURES:

Current:

Public safety 23,000 23,000 672 22,328 Total Expenditures 23,000 23,000 672 22,328 NET CHANGE IN FUND BALANCE -$ - $ 70,396 70,396 $ FUND BALANCE:

Beginning of year 219,583
End of year 289,979$
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Abandoned Vehicle Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2024
168

Independent auditor's report and the City's Annual Comprehensive Financi... Page 310 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 2,670,000 $ 2,670,000 $ 3,294,168 $ 624,168 $ Use of money and property - - 190,657 190,657 Total Revenues 2,670,000 2,670,000 3,484,825 814,825 EXPENDITURES:

Current:

Public works 365,592 365,592 807,180 (441,588) Capital outlay - - 1,852,822 (1,852,822) Total Expenditures 365,592 365,592 2,660,002 (2,294,410)

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 2,304,408 2,304,408 824,823 (1,479,585) Other Financing (Uses):

Transfers out (6,005,989) (6,005,989) - 6,005,989 Total other financing (uses) (6,005,989) (6,005,989) - 6,005,989 NET CHANGE IN FUND BALANCE (3,701,581)$ (3,701,581) $ 824,823 4,526,404 $ FUND BALANCE:

Beginning of year 4,335,982
End of year 5,160,805$
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure A Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2024
169

Independent auditor's report and the City's Annual Comprehensive Financi... Page 311 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 120,000 $ 120,000 $ 122,186 $ 2,186 $ Use of money and property - - 10,458 10,458 Total Revenues 120,000 120,000 132,644 12,644 EXPENDITURES:

Current:

Public works 91,900 91,900 93,696 (1,796) Capital outlay 60,000 60,000 3,764 56,236 Total Expenditures 151,900 151,900 97,460 54,440 NET CHANGE IN FUND BALANCE (31,900)$ (31,900) $ 35,184 67,084 $ FUND BALANCE:

Beginning of year 234,935
End of year 270,119$
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Air Quality Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2024
170

Independent auditor's report and the City's Annual Comprehensive Financi... Page 312 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 2,865,139 $ 2,865,139 $ 186,824 $ (2,678,315) $ Total Revenues 2,865,139 2,865,139 186,824 (2,678,315) EXPENDITURES:

Current:

Public works - - 34,430 (34,430) Total Expenditures - - 34,430 (34,430)

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 2,865,139 2,865,139 152,394 (2,712,745) Other Financing (Uses):

Transfers out (1,834,048) (1,834,048) - 1,834,048 Total other financing (uses) (1,834,048) (1,834,048) - 1,834,048 NET CHANGE IN FUND BALANCE 1,031,091$ 1,031,091 $ 152,394 (878,697) $ FUND BALANCE:

Beginning of year (712,297)
End of year (559,903)$
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual HBRRP Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2024
171

Independent auditor's report and the City's Annual Comprehensive Financi... Page 313 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Charges for services 260,000 $ 260,000 $ 323,520 $ 63,520 $ Use of money and property - - 18,426 18,426 Total Revenues 260,000 260,000 341,946 81,946 EXPENDITURES:

Current:

General government 401,682 401,682 309,027 92,655 Capital outlay 10,000 10,000 100,026 (90,026) Total Expenditures 411,682 411,682 409,053 2,629 NET CHANGE IN FUND BALANCE (151,682)$ (151,682) $ (67,107) 84,575 $ FUND BALANCE:

Beginning of year 437,895
End of year 370,788$
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Budgeted Amounts
Waste Recycling AB939 Special Revenue Fund
For the Year Ended June 30, 2024
172

Independent auditor's report and the City's Annual Comprehensive Financi... Page 314 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 12,800 $ 12,800 $ 59,549 $ 46,749 $ Special Assessments 4,478,000 4,478,000 5,003,399 525,399 Total Revenues 4,490,800 4,490,800 5,062,948 572,148 EXPENDITURES:

Current:

Public safety 19,898 19,898 69,932 (50,034) Total Expenditures 19,898 19,898 69,932 (50,034)

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 4,470,902 4,470,902 4,993,016 522,114 OTHER FINANCING USES:

Transfers out (4,505,000) (4,505,000) (4,505,000) - Total other financing uses (4,505,000) (4,505,000) (4,505,000) - NET CHANGE IN FUND BALANCE (34,098)$ (34,098) $ 488,016 522,114 $ FUND BALANCE:

Beginning of year 257,753
End of year 745,769$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Communities Facilities District Special Revenue Fund
For the Year Ended June 30, 2024
173

Independent auditor's report and the City's Annual Comprehensive Financi... Page 315 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 25,000 $ 25,000 $ 24,145 $ (855) $ Use of money and property - - 5,799 5,799 Total Revenues 25,000 25,000 29,944 4,944 EXPENDITURES:

Current:

General government 26,500 26,500 3,500 23,000 Total Expenditures 26,500 26,500 3,500 23,000 NET CHANGE IN FUND BALANCE (1,500)$ (1,500) $ 26,444 27,944 $ FUND BALANCE:

Beginning of year 120,403
End of year 146,847$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Certified Access Specialist SB 1186 Special Revenue Fund For the Year Ended June 30, 2024
174

Independent auditor's report and the City's Annual Comprehensive Financi... Page 316 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 7,000 $ 7,000 $ 158,578 $ 151,578 $ Total Revenues 7,000 7,000 158,578 151,578 EXPENDITURES:

Current:

Community development 199,327 199,327 144,157 55,170 Total Expenditures 199,327 199,327 144,157 55,170

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (192,327) (192,327) 14,421 206,748 OTHER FINANCING SOURCES:

Transfers in 269,120 269,120 - (269,120) Total other financing sources 269,120 269,120 - (269,120) NET CHANGE IN FUND BALANCE 76,793$ 76,793 $ 14,421 (62,372) $ FUND BALANCE:

Beginning of year 7,789,355
End of year 7,803,776$
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Budgeted Amounts
Indio Housing Authority Special Revenue Fund
For the Year Ended June 30, 2024
175

Independent auditor's report and the City's Annual Comprehensive Financi... Page 317 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 76,834 $ 76,834 $ 76,834 $ - $ Use of money and property 6,013 6,013 6,013 - Total Revenues 82,847 82,847 82,847 - EXPENDITURES:

Current:

General government 76,843 76,843 76,843 - Total Expenditures 76,843 76,843 76,843 - NET CHANGE IN FUND BALANCE 6,004$ 6,004 $ 6,004 - $ FUND BALANCE:

Beginning of year (3,371)
End of year 2,633$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Department of Conservation Recycle Grant Special Revenue Fund For the Year Ended June 30, 2024
176

Independent auditor's report and the City's Annual Comprehensive Financi... Page 318 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Charges for services 199,000 $ 199,000 $ 160,610 $ (38,390) $ Use of money and property - - 56,904 56,904 Total Revenues 199,000 199,000 217,514 18,514 EXPENDITURES:

Current:

Public works 1,000,000 1,000,000 - 1,000,000 Total Expenditures 1,000,000 1,000,000 - 1,000,000 NET CHANGE IN FUND BALANCE (801,000)$ (801,000) $ 217,514 1,018,514 $ FUND BALANCE:

Beginning of year 1,308,821
End of year 1,526,335$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Public Education Government Channel Special Revenue Fund For the Year Ended June 30, 2024
177

Independent auditor's report and the City's Annual Comprehensive Financi... Page 319 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 250,000 $ 250,000 $ 24,400 $ (225,600) $ Total Revenues 250,000 250,000 24,400 (225,600) EXPENDITURES:

Current:

Community development 25,650 25,650 5,381 20,269 Total Expenditures 25,650 25,650 5,381 20,269 NET CHANGE IN FUND BALANCE 224,350$ 224,350 $ 19,019 (205,331) $ FUND BALANCE:

Beginning of year 703,098
End of year 722,117$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Neighborhood Stabilization Grant 2 Special Revenue Fund For the Year Ended June 30, 2024
178

Independent auditor's report and the City's Annual Comprehensive Financi... Page 320 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property - $ - $ 116,830$ 116,830 $ Special Assessments 1,440,684 1,440,684 1,430,069 (10,615) Total Revenues 1,440,684 1,440,684 1,546,899 106,215 EXPENDITURES:

Current:

Public works 1,702,800 1,702,800 1,818,988 (116,188) Total Expenditures 1,702,800 1,702,800 1,818,988 (116,188)

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (262,116) (262,116) (272,089) (9,973) OTHER FINANCING SOURCES:

Transfers in 20,226 20,226 20,215 (11) Total other financing sources 20,226 20,226 20,215 (11) NET CHANGE IN FUND BALANCE (241,890)$ (241,890) $ (251,874) (9,984) $ FUND BALANCE:

Beginning of year 2,489,563
End of year 2,237,689$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Lighting and Landscape Special Revenue Fund
For the Year Ended June 30, 2024
179

Independent auditor's report and the City's Annual Comprehensive Financi... Page 321 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property - $ - $ 13,535$ 13,535 $ Total Revenues - - 13,535 13,535 EXPENDITURES:

Current:

Public safety 5,733 5,733 503 5,230 Total Expenditures 5,733 5,733 503 5,230 NET CHANGE IN FUND BALANCE (5,733)$ (5,733) $ 13,032 18,765 $ FUND BALANCE:

Beginning of year 59,340
End of year 72,372$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Asset Forfeiture Special Revenue Fund
For the Year Ended June 30, 2024
180

Independent auditor's report and the City's Annual Comprehensive Financi... Page 322 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 876,226 $ 876,226 $ 842,701 $ (33,525) $ Total Revenues 876,226 876,226 842,701 (33,525) EXPENDITURES:

Current:

Community development 315,390 315,390 260,752 54,638 Capital outlay 570,226 570,226 837,741 (267,515) Total Expenditures 885,616 885,616 1,098,493 (212,877) NET CHANGE IN FUND BALANCE (9,390)$ (9,390) $ (255,792) (246,402) $ FUND BALANCE:

Beginning of year (307,635)
End of year (563,427)$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Community Development Block Grant Special Revenue Fund
For the Year Ended June 30, 2024
181

Independent auditor's report and the City's Annual Comprehensive Financi... Page 323 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Miscellaneous - $ - $ 5,000$ 5,000 $ Total Revenues - - 5,000 5,000 EXPENDITURES:

Current:

General government 11,000 36,000 34,823 1,177 Total Expenditures 11,000 36,000 34,823 1,177 NET CHANGE IN FUND BALANCE (11,000)$ (36,000) $ (29,823) 6,177 $ FUND BALANCE:

Beginning of year 80,355
End of year 50,532$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Donations Special Revenue Fund
For the Year Ended June 30, 2024
182

Independent auditor's report and the City's Annual Comprehensive Financi... Page 324 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 2,159,930 $ 2,159,930 $ 2,747,778 $ 587,848 $ Use of money and property - - 143,542 143,542 Total Revenues 2,159,930 2,159,930 2,891,320 731,390 EXPENDITURES:

Current:

Public works - - 49 (49) Capital outlay - - 1,920,572 (1,920,572) Total Expenditures - - 1,920,621 (1,920,621)

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 2,159,930 2,159,930 970,699 (1,189,231) OTHER FINANCING SOURCES (USES):

Transfers in - - 9,727 9,727 Transfers out (3,000,000) (3,000,000) - 3,000,000 Total other financing sources (uses) (3,000,000) (3,000,000) 9,727 3,009,727 NET CHANGE IN FUND BALANCE (840,070)$ (840,070) $ 980,426 1,820,496 $ FUND BALANCE:

Beginning of year 3,491,890
End of year 4,472,316$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual SB-1 Transportation Special Revenue Fund
For the Year Ended June 30, 2024
183

Independent auditor's report and the City's Annual Comprehensive Financi... Page 325 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property - $ - $ 7,981$ 7,981 $ Total Revenues - - 7,981 7,981 EXPENDITURES:

Current:

Community development 80,000 80,000 300 79,700 Total Expenditures 80,000 80,000 300 79,700 NET CHANGE IN FUND BALANCE (80,000)$ (80,000) $ 7,681 87,681 $ FUND BALANCE:

Beginning of year 98,139
End of year 105,820$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Community Transitional Housing Special Revenue Fund
For the Year Ended June 30, 2024
184

Independent auditor's report and the City's Annual Comprehensive Financi... Page 326 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Charges for services 18,500 $ 18,500 $ 19,298 $ 798 $ Use of money and property - - 2,501 2,501 Total Revenues 18,500 18,500 21,799 3,299 NET CHANGE IN FUND BALANCE 18,500$ 18,500 $ 21,799 3,299 $ FUND BALANCE:

Beginning of year 57,222
End of year 79,021$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Compost Mitigation Dillon Special Revenue Fund
For the Year Ended June 30, 2024
185

Independent auditor's report and the City's Annual Comprehensive Financi... Page 327 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 10,000 $ 10,000 $ 54,283 $ 44,283 $ Developer participation 150,000 150,000 282,220 132,220 Total Revenues 160,000 160,000 336,503 176,503 EXPENDITURES:

Current:

Community services 799,064 799,064 380,514 418,550 Total Expenditures 799,064 799,064 380,514 418,550 NET CHANGE IN FUND BALANCE (639,064)$ (639,064) $ (44,011) 595,053 $ FUND BALANCE:

Beginning of year 1,057,205
End of year 1,013,194$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Public Art In-Lieu Special Revenue Fund
For the Year Ended June 30, 2024
186

Independent auditor's report and the City's Annual Comprehensive Financi... Page 328 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property - $ - $ 502 $ 502 $ Total Revenues - - 502 502 EXPENDITURES:

Current:

Public safety 44,933 44,933 - 44,933 Total Expenditures 44,933 44,933 - 44,933 NET CHANGE IN FUND BALANCE (44,933)$ (44,933) $ 502 45,435 $ FUND BALANCE:

Beginning of year 44,933
End of year 45,435$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Officer Wellness Grant Special Revenue Fund
For the Year Ended June 30, 2024
187

Independent auditor's report and the City's Annual Comprehensive Financi... Page 329 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental - $ 70,000$ 27,422 $ (42,578) $ Total Revenues - 70,000 27,422 (42,578) EXPENDITURES:

Current:

Public safety - 70,000 24,246 45,754 Total Expenditures - 70,000 24,246 45,754 NET CHANGE IN FUND BALANCE -$ - $ 3,176 3,176 $ FUND BALANCE:

Beginning of year -
End of year 3,176$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Office of Traffic Safety Grant Special Revenue Fund
For the Year Ended June 30, 2024
188

Independent auditor's report and the City's Annual Comprehensive Financi... Page 330 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental - $ - $ 4,452,863$ 4,452,863 $ Use of money and property - - 305,317 305,317 Total Revenues - - 4,758,180 4,758,180 EXPENDITURES:

Current:

Public works 3,220,000 3,220,000 1,872,197 1,347,803 Capital outlay 1,780,000 1,780,000 2,580,666 (800,666) Total Expenditures 5,000,000 5,000,000 4,452,863 547,137 NET CHANGE IN FUND BALANCE (5,000,000)$ (5,000,000) $ 305,317 5,305,317 $ FUND BALANCE:

Beginning of year 40,343
End of year 345,660$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual American Rescue Plan Act Special Revenue Fund
For the Year Ended June 30, 2024
189

Independent auditor's report and the City's Annual Comprehensive Financi... Page 331 of 420 Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property - $ - $ 24,290$ 24,290 $ Total Revenues - - 24,290 24,290 EXPENDITURES:

Current:

General government 6,500 6,500 4,840 1,660 Debt service:

Principal retirement 695,000 695,000 695,000 - Interest and fiscal charges 472,419 472,419 391,945 80,474 Total Expenditures 1,173,919 1,173,919 1,091,785 82,134

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (1,173,919) (1,173,919) (1,067,495) 106,424 OTHER FINANCING SOURCES:

Transfers in 1,173,919 1,173,919 1,158,331 (15,588) Total other financing sources 1,173,919 1,173,919 1,158,331 (15,588) NET CHANGE IN FUND BALANCE -$ - $ 90,836 90,836 $ FUND BALANCE:

Beginning of year (68,316)
End of year 22,520$
Budgeted Amounts
City of Indio
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Judgement Bonds Debt Service Fund
For the Year Ended June 30, 2024
190

Independent auditor's report and the City's Annual Comprehensive Financi... Page 332 of 420

NONMAJOR ENTERPRISE FUND FINANCIAL STATEMENTS
191

Independent auditor's report and the City's Annual Comprehensive Financi... Page 333 of 420 This page intentionally left blank.
192

Independent auditor's report and the City's Annual Comprehensive Financi... Page 334 of 420

NONMAJOR ENTERPRISE FUNDS
The enterprise funds are used to account for services for which the City charges customers. Funds included are:

Golf Enterprise Fund - To account for the operations and maintenance of the City's municipal golf course.

Solid Waste Enterprise Fund - To account for the solid waste services managed by Burrtec Waste and Recycling. 193

Independent auditor's report and the City's Annual Comprehensive Financi... Page 335 of 420 This page intentionally left blank.
194

Independent auditor's report and the City's Annual Comprehensive Financi... Page 336 of 420 Golf Solid Waste Total
ASSETS
Current assets:

Cash and investments 908,507 $ 5,287,794 $ 6,196,301 $ Accounts receivable 23,242 - 23,242 Due from other governments - 102,745 102,745 Prepaid items 150,000 - 150,000 Inventories 35,040 - 35,040 Total current assets 1,116,789 5,390,539 6,507,328 Noncurrent assets:

Capital assets, not being depreciated 465,959 - 465,959 Capital assets, being depreciated, net 220,069 - 220,069 Intangible capital asset, being amortized, net 241,494 - 241,494 Total capital assets 927,522 - 927,522 Total noncurrent assets 927,522 - 927,522 Total assets 2,044,311 5,390,539 7,434,850

DEFERRED OUTFLOWS OF RESOURCES
Pension related 9,052 - 9,052 OPEB related 7,538 - 7,538 Total deferred outflows of resources 16,590 - 16,590

LIABILITIES
Current liabilities:

Accounts payable 78,030 - 78,030 Accrued liabilities 817 - 817 Accrued interest 702 - 702 Deposits payable - 3,168,886 3,168,886 Lease liability - due within one year 59,265 - 59,265 Total current liabilities 138,814 3,168,886 3,307,700 Noncurrent liabilities:

Lease liability - due in more than one year 184,993 - 184,993 Net pension liability 28,766 - 28,766 Net OPEB liability 41,108 - 41,108 Total noncurrent liabilities 254,867 - 254,867 Total liabilities 393,681 3,168,886 3,562,567

DEFERRED INFLOW OF RESOURCES
Pension related 336 - 336 OPEB related 9,915 - 9,915 Total deferred inflows of resources 10,251 - 10,251

NET POSITION
Net investment in capital assets 683,264 - 683,264 Unrestricted 973,705 2,221,653 3,195,358 Total net position 1,656,969$ 2,221,653 $ 3,878,622 $ Enterprise Funds
City of Indio
Combining Statement of Net Position
Nonmajor Enterprise Funds
June 30, 2024
Business-Type Activities
195

Independent auditor's report and the City's Annual Comprehensive Financi... Page 337 of 420 Golf Solid Waste Total
OPERATING REVENUES:

Sales and service charges 2,123,907 $ - $ 2,123,907$ Other income - 400,000 400,000 Total operating revenues 2,123,907 400,000 2,523,907 OPERATING EXPENSES:

Personnel services 51,587 - 51,587 Contractual services 873,367 - 873,367 Repairs and maintenance 454,397 - 454,397 Depreciation and amortization expense 63,530 - 63,530 Materials and supplies 525,043 - 525,043 Total operating expenses 1,967,924 - 1,967,924 OPERATING INCOME 155,983 400,000 555,983 NONOPERATING REVENUE (EXPENSES):

Interest revenue 24,833 92,581 117,414 Interest expense (6,006) - (6,006) Total nonoperating revenue (expenses) 18,827 92,581 111,408 CHANGES IN NET POSITION 174,810 492,581 667,391 NET POSITION:

Beginning of the year 1,482,159 1,729,072 3,211,231 End of the year 1,656,969 $ 2,221,653 $ 3,878,622 $ Enterprise Funds
City of Indio
Combining Statement of Revenues, Expenses, and Changes in Net Position For the Year Ended June 30, 2024
Nonmajor Enterprise Funds
Business-Type Activities
196

Independent auditor's report and the City's Annual Comprehensive Financi... Page 338 of 420 Golf Solid Waste Totals

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 2,156,620$ 3,354,839 $ 5,511,459 $ Payments to suppliers and service providers (1,897,562) - (1,897,562) Payments to employees for salaries and benefits (46,885) - (46,885) Net cash provided by operating activities 212,173 3,354,839 3,567,012

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Principal paid on capital debt (48,573) - (48,573) Interest paid on capital debt (5,309) - (5,309) Net cash (used in) capital and related and financing activities (53,882) - (53,882) CASH FLOWS FROM INVESTING ACTIVITIES:

Interest on investments 24,833 92,581 117,414 Net cash provided by investing activities 24,833 92,581 117,414 Net change in cash and cash equivalents 183,124 3,447,420 3,630,544 CASH AND CASH EQUIVALENTS:

Beginning of year 725,383 1,840,374 2,565,757 End of year 908,507$ 5,287,794 $ 6,196,301 $ CASH AND CASH EQUIVALENTS:

Cash and investments 908,507 5,287,794 6,196,301 Reconciliation of Operating Income to
to Net Cash Provided by Operating Activities:

Operating income 155,983 400,000 555,983 Adjustments to reconcile operating income
to net cash provided by operating activities:

Depreciation/amortization expense 63,530 - 63,530 Changes in assets and liabilities:
(Increase) decrease in accounts receivable 32,713 - 32,713 (Increase) decrease in due from other governments - (102,745) (102,745) (Increase) decrease in inventories 3,644 - 3,644 (Increase) decrease in deferred outflows or resources related to pension 976 - 976 (Increase) decrease in deferred outflows or resources related to OPEB (3,204) - (3,204) Increase (decrease) in accounts payable (48,399) - (48,399) Increase/(decrease) in accrued liabilities 817 - 817 Increase (decrease) in deposits payable - 3,057,584 3,057,584 Increase (decrease) in pension obligations (268) - (268) Increase (decrease) in OPEB obligations 6,408 - 6,408 Increase/(decrease) in deferred inflows of resources pension related (345) - (345) Increase/(decrease) in deferred inflows of resources pension OPEB 318 - 318 Net cash provided by operating activities 212,173$ 3,354,839 $ 3,567,012 $ Enterprise Funds
City of Indio
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Year Ended June 30, 2024
Business-Type Activities
197

Independent auditor's report and the City's Annual Comprehensive Financi... Page 339 of 420 This page intentionally left blank.
198

Independent auditor's report and the City's Annual Comprehensive Financi... Page 340 of 420

INTERNAL SERVICE FUND FINANCIAL STATEMENTS
199

Independent auditor's report and the City's Annual Comprehensive Financi... Page 341 of 420 This page intentionally left blank.
200

Independent auditor's report and the City's Annual Comprehensive Financi... Page 342 of 420

INTERNAL SERVICE FUNDS
Risk Management - This fund accounts for activities involved in providing general liability and worker’s compensation programs, property insurance, and retiree health benefits.

Information Technology - This fund encompasses the City’s computer technology and telecommunications systems. It provides for future technology needs and assistance and provides technical training to employees to ensure equipment and software are used in the most efficient manner.

Vehicle Replacement - This fund accounts for activities involved in providing replacement of fully depreciated, damaged, or non-operational rolling stock.

Building and Grounds - This fund accounts for maintenance costs associated with City buildings and their grounds.

Fleet Maintenance - This fund accounts for the maintenance and repair of the City’s vehicles, motorcycles, and heavy equipment rolling stock.

The internal service funds are used to account for goods and services provided by one City department to other City departments on a cost reimbursement basis. Funds included are:
201

Independent auditor's report and the City's Annual Comprehensive Financi... Page 343 of 420 Risk Information Vehicle Buildings and
Management Technology Replacement Grounds
ASSETS
Current assets:

Cash and investments 4,848,406 $ 2,033,014 $ 2,376,414 $ 2,829,899 $ Accounts receivable 8,506 198 - 6,518 Restricted cash with fiscal agent 25,047 - - 76,955 Total current assets 4,881,959 2,033,212 2,376,414 2,913,372 Noncurrent assets:

Capital assets, being depreciated, net - 3,806,765 5,322,669 636,786 Intangible capital assets, being amortized, net - 3,575,296 - - Total capital assets 7,382,061 5,322,669 636,786 Total noncurrent assets - 7,382,061 5,322,669 636,786 Total assets 4,881,959 9,415,273 7,699,083 3,550,158

DEFERRED OUTFLOWS OF RESOURCES
Pension related 67,893 549,932 - 306,648 OPEB related 47,382 366,134 - 216,450 Total deferred outflows of resources 115,275 916,066 - 523,098

LIABILITIES
Current Liabilities:

Accounts payable 6,464 85,991 239,461 519,003 Accrued interest - 9,753 - - Due to other funds - - - - Compensated absences - due within one year - 58,116 - - Lease payable - due within one year - 10,436 - - Subscription payable - due within one year - 728,714 - - Total current liabilities 6,464 893,010 239,461 519,003 Noncurrent liabilities:

Accrued claims and judgments 15,045 - - - Compensated absences - due in more than one year - 23,738 - - Lease payable - due in more than one year - 10,813 - - Subscription payable - due in more than one year - 2,018,477 - - Net pension liability 215,744 1,747,527 - 974,444 Net OPEB liability 258,395 1,996,691 - 1,180,397 Total noncurrent liabilities 489,184 5,797,246 - 2,154,841 Total liabilities 495,648 6,690,256 239,461 2,673,844

DEFERRED INFLOWS OF RESOURCES
Pension related 2,519 20,402 - 11,376 OPEB related 62,318 481,550 - 284,681 Total deferred inflows of resources 64,837 501,952 - 296,057

NET POSITION
Net investment in capital assets - 4,613,621 5,322,669 636,786 Unrestricted 4,436,749 (1,474,490) 2,136,953 466,569 Total net position 4,436,749$ 3,139,131 $ 7,459,622 $ 1,103,355 $ City of Indio
Combining Statement of Net Position
Internal Service Funds
June 30, 2024
202

Independent auditor's report and the City's Annual Comprehensive Financi... Page 344 of 420 Fleet
Maintenance Total
ASSETS
Current assets:

Cash and investments -$ 12,087,733$ Accounts receivable - 15,222
Restricted cash with fiscal agent - 102,002 Total current assets - 12,204,957 Noncurrent assets:

Capital assets, being depreciated, net - 9,766,220 Intangible capital asset, being amortized, net - 3,575,296 Total capital assets - 13,341,516 Total noncurrent assets - 13,341,516 Total assets - 25,546,473

DEFERRED OUTFLOWS OF RESOURCES
Pension related 274,966 1,199,439
OPEB related 177,683 807,649
Total deferred outflows of resources 452,649 2,007,088

LIABILITIES
Current Liabilities:

Accounts payable 310,613 1,161,532
Accrued interest - 9,753
Due to other funds 127,425 127,425
Compensated absences - due within one year - 58,116 Lease payable - due within one year - 10,436 Subscription payable - due within one year - 728,714 Total current liabilities 438,038 2,095,976 Noncurrent liabilities:

Accrued claims and judgments - 15,045 Compensated absences - due in more than one year - 23,738 Lease payable - 10,813
Subscription payable - 2,018,477 Net pension liability 873,764 3,811,479
Net OPEB liability 968,982 4,404,465
Total noncurrent liabilities 1,842,746 10,284,017 Total liabilities 2,280,784 12,379,993

DEFERRED INFLOWS OF RESOURCES
Pension related 10,201 44,498
OPEB related 233,694 1,062,243
Total deferred inflows of resources 243,895 1,106,741

NET POSITION
Net investment in capital assets - 10,573,076 Unrestricted (2,072,030) 3,493,751
Total net position (2,072,030)$ 14,066,827 $
City of Indio
Combining Statement of Net Position (Continued)
Internal Service Funds
June 30, 2024
203

Independent auditor's report and the City's Annual Comprehensive Financi... Page 345 of 420 Risk Information Vehicle Buildings and
Management Technology Replacement Grounds
OPERATING REVENUES:

Interdepartmental charges 6,635,430 $ 4,952,792 $ 2,196,393 $ 5,174,348 $ Other income 334,997 - - 418,328 Total operating revenues 6,970,427 4,952,792 2,196,393 5,592,676 OPERATING EXPENSES:

Personnel services 6,195,077 1,719,578 - 1,125,178 Contractual services - 284,298 - 346,368 Repairs and maintenance - 45,133 - 1,664,659 Claims expense 2,803 - - - Depreciation/amortization expense - 901,030 610,556 21,586 Materials and supplies 11,377 523,204 1,002 1,718,159 Rentals and leases - - - 34,484 Total operating expenses 6,209,257 3,473,243 611,558 4,910,434 OPERATING INCOME (LOSS) 761,170 1,479,549 1,584,835 682,242 NONOPERATING REVENUE (EXPENSES):

Interest revenue - - - 3,708 Interest expense - (53,528) - (764) Total nonoperating revenue (expenses) - (53,528) - 2,944

REVENUE (EXPENSES) BEFORE CAPITAL
CONTRIBUTIONS AND TRANSFERS 761,170 1 ,426,021 1 ,584,835 685 ,186 CAPITAL CONTRIBUTIONS AND TRANSFERS:

Capital contributions - - 2,211,305 - Transfers in - - 500,000 1,000,000 Total capital contributions and transfers - - 2,711,305 1,000,000 CHANGES IN NET POSITION 761,170 1,426,021 4,296,140 1,685,186 NET POSITION:

Beginning of the year 3,675,579 1,713,110 3,163,482 (581,831) End of the year 4,436,749 $ 3,139,131 $ 7,459,622 $ 1,103,355 $ City of Indio
Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the Year Ended June 30, 2024
204

Independent auditor's report and the City's Annual Comprehensive Financi... Page 346 of 420 Fleet
Maintenance Total
OPERATING REVENUES:

Interdepartmental charges 3,400,000$ 22,358,963 $ Other income - 753,325
Total operating revenues 3,400,000 23,112,288 OPERATING EXPENSES:

Personnel services 903,344 9,943,177
Contractual services 421,680 1,052,346
Repairs and maintenance 811,113 2,520,905 Claims expense - 2,803
Depreciation/amortization expense - 1,533,172 Materials and supplies 1,336,705 3,590,447
Rentals and leases - 34,484
Total operating expenses 3,472,842 18,677,334 OPERATING INCOME (LOSS) (72,842) 4,434,954 NONOPERATING REVENUE (EXPENSES):

Interest revenue - 3,708
Interest expense - (54,292)
Total nonoperating revenue (expenses) - (50,584)

REVENUE (EXPENSES) BEFORE CAPITAL
CONTRIBUTIONS AND TRANSFERS (72,842) 4 ,384,370 CAPITAL CONTRIBUTIONS AND TRANSFERS:

Capital contributions - 2,211,305 Transfers in - 1,500,000
Total capital contributions and transfers - 3,711,305 CHANGES IN NET POSITION (72,842) 8,095,675 NET POSITION:

Beginning of the year (1,999,188) 5,971,152
End of the year (2,072,030)$ 14,066,827 $
City of Indio
Combining Statement of Revenues, Expenses and Changes in Net Position (Continued) Internal Service Funds
For the Year Ended June 30, 2024
205

Independent auditor's report and the City's Annual Comprehensive Financi... Page 347 of 420 Risk Information Vehicle Buildings and
Management Technology Replacement Grounds

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services and charges 6,961,921$ 5,185,324 $ 2,220,347 $ 5,545,698 $ Receipts from insurance settlements 2,795 - - - Payments to suppliers and service providers (22,351) (830,715) 263,127 (3,605,525) Payments to employees for salaries and benefits (6,169,868) (1,429,753) - (816,297) Net cash provided by (used in) operating activities 772,497 2,924,856 2,483,474 1,123,876

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Tranfers from other funds - - 500,000 1,000,000 Receipt from short-term interfund borrowing - - - - Net cash
provided by noncapital financing activities - - 500,000 1,000,000

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition and construction of capital assets - (1,504,039) (2,942,203) - Capital contributions - - 2,211,305 - Principal paid on capital debt - (739,755) - (51,842) Interest paid on capital debt - (55,972) - (764) Net cash used in capital and related financing activities - (2,299,766) (730,898) (52,606) CASH FLOWS FROM INVESTING ACTIVITIES:

Interest on investments - - 3,708 Net cash provided by investing activities - - - 3,708 Net change in cash and cash equivalents 772,497 625,090 2,252,576 2,074,978 CASH AND CASH EQUIVALENTS:

Beginning of year 4,100,956 1,407,924 123,838 831,876 End of year 4,873,453$ 2,033,014 $ 2,376,414 $ 2,906,854 $ Reconciliation of Cash and Cash Equivalents to Amounts
Reported on the Combining Statement of Net Position:

Cash and cash equivalents 4,848,406$ 2,033,014 $ 2,376,414 $ 2,829,899 $ Restricted cash and cash equivalents 25,047 - - 76,955 Total Cash and Cash Equivalents 4,873,453$ 2,033,014 $ 2,376,414 $ 2,906,854 $ City of Indio
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2024
206

Independent auditor's report and the City's Annual Comprehensive Financi... Page 348 of 420 Risk Information Vehicle Buildings and
Management Technology Replacement Grounds
Reconciliation of Operating Income (Loss) to Net
Cash Provided by (used in) Operating Activities:

Operating income (loss) 761,170$ 1,479,549 $ 1,584,835 $ 682,242 $ Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:

Depreciation/amortization expense - 901,030 610,556 21,586 Changes in assets and liabilities:
(Increase) decrease in accounts receivable (8,506) 70 23,954 (2,467) (Increase) decrease in due from other governments - 232,462 - 196,749 (Increase) decrease in prepaid items - - 24,668 - (Increase) decrease in deferred outflows or resources
related to pension 1,715 18,372 - (4,269) (Increase) decrease in deferred outflows or resources
related to OPEB (18,981) (148,503) - (105,240) Increase (decrease) in accounts payable (8,171) - 239,461 158,145 Increase (decrease) in unearned revenue - - - (241,260) Increase (decrease) in accrued claims and judgments 2,795 21,920 - - Increase (decrease) in compensated absences - 81,854 - - Increase/(decrease) in net pension liability 14,211 102,131 - 98,972 Increase (decrease) in net OPEB liability 31,034 254,457 - 290,117 Increase/(decrease) in deferred inflows of resources -
pension related (2,209) (18,202) - (9,164) Increase/(decrease) in deferred inflows of resources -
OPEB related (561) (284) - 38,465 Net cash provided by (used in) operating activities 772,497$ 2,924,856 $ 2,483,474 $ 1,123,876 $ For the Year Ended June 30, 2024
City of Indio
Combining Statement of Cash Flows (Continued)
Internal Service Funds
207

Independent auditor's report and the City's Annual Comprehensive Financi... Page 349 of 420 Fleet
Maintenance Total

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services and charges 3,400,000$ 23,313,290 $ Receipts from insurance settlements - 2,795 Payments to suppliers and service providers (3,280,252) (7,475,716) Payments to employees for salaries and benefits (687,659) (9,103,577) Net cash provided by (used in) operating activities (567,911) 6,736,792

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Tranfers from other funds - 1,500,000 Receipt from short-term interfund borrowing 127,425 127,425 Net cash
provided by noncapital financing activities 127,425 1,627,425

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition and construction of capital assets - (4,446,242) Capital contributions - 2,211,305 Principal paid on capital debt - (791,597) Interest paid on capital debt - (56,736) Net cash used in capital and related financing activities - (3,083,270) CASH FLOWS FROM INVESTING ACTIVITIES:

Interest on investments - 3,708 Net cash provided by investing activities - 3,708 Net change in cash and cash equivalents (440,486) 5,284,655 CASH AND CASH EQUIVALENTS:

Beginning of year 440,486 6,905,080
End of year -$ 12,189,735$
Reconciliation of Cash and Cash Equivalents to Amounts
Reported on the Combining Statement of Net Position:

Cash and cash equivalents -$ 12,087,733 Restricted cash and cash equivalents - 102,002 Total Cash and Cash Equivalents -$ 12,189,735$ City of Indio
Internal Service Funds
Combining Statement of Cash Flows (Continued)
For the Year Ended June 30, 2024
208

Independent auditor's report and the City's Annual Comprehensive Financi... Page 350 of 420 Fleet
Maintenance Total
Reconciliation of Operating Income (Loss) to Net
Cash Provided by (used in) Operating Activities:

Operating income (loss) (72,842)$ 4,434,954 $ Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:

Depreciation/amortization expense - 1,533,172 Changes in assets and liabilities:
(Increase) decrease in accounts receivable - 13,051 (Increase) decrease in due from other governments - 429,211 (Increase) decrease in prepaid items - 24,668 (Increase) decrease in deferred outflows or resources
related to pension 6,650 22,468
(Increase) decrease in deferred outflows or resources
related to OPEB (83,811) (356,535)
Increase (decrease) in accounts payable (710,754) (321,319) Increase (decrease) in unearned revenue - (241,260) Increase (decrease) in accrued claims and judgments - 24,715 Increase (decrease) in compensated absences - 81,854 Increase/(decrease) in net pension liability 58,410 273,724 Increase (decrease) in net OPEB liability 217,501 793,109 Increase/(decrease) in deferred inflows of resources -
pension related (8,929) (38,504)
Increase/(decrease) in deferred inflows of resources -
OPEB related 25,864 63,484
Net cash provided by (used in) operating activities (567,911)$ 6,736,792 $ For the Year Ended June 30, 2024
City of Indio
Combining Statement of Cash Flows (Continued)
Internal Service Funds
209

Independent auditor's report and the City's Annual Comprehensive Financi... Page 351 of 420 This page intentionally left blank.
210

Independent auditor's report and the City's Annual Comprehensive Financi... Page 352 of 420

CUSTODIAL FUNDS
The custodial funds are used to account for assets held by the City as a custodian for other governmental units.

Eastern Riverside County Interoperable Communications Authority (“ERICA”) Fund - To account for the development, implementation, and operations of the regional communications system joint powers authority known as ERICA.

Assessment District Funds - To account for the City’s fiduciary capacity as custodian of the monies held on behalf of the various Assessment District Bonds for debt service.

East Valley Reclamation Authority (“EVRA”) Fund - To account for the planning, implementation, and operations of the recycled water program including the tertiary or enhanced treatment of water.

Waste Transfer Station Authority Fund - To account for the planning, implementation, and operations of the waste transfer program.
211

Independent auditor's report and the City's Annual Comprehensive Financi... Page 353 of 420 This page intentionally left blank.
212

Independent auditor's report and the City's Annual Comprehensive Financi... Page 354 of 420 Waste
East Valley Transfer
Assessment Reclamation Station
ERICA Districts Authority Authority Total
ASSETS:

Cash and cash equivalents 277,098 $ 8,808,723 $ 535,392 $ 942,828 $ 10,564,041 $ Restricted cash and investments held by bond trustee - 4,762,677 - - 4,762,677 Accounts receivable - 65,023 - 88,774 153,797 Total assets 277,098 13,636,423 535,392 1,031,602 15,480,515 LIABILITIES:

Current Liabilities:

Accounts payable 61,930 67 6,391 400,000 468,388 Deposits payable - 233,851 - - 233,851 Total current liabilities 61,930 233,918 6,391 400,000 702,239 Total liabilities 61,930 233,918 6,391 400,000 702,239 NET POSITION:

Restricted for:

Individuals, organizations, and other governments 215,168 13,402,505 529,001 631,602 14,778,276 Total net position 215,168$ 13,402,505 $ 529,001 $ 631,602 $ 14,778,276 $ City of Indio
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2024
213

Independent auditor's report and the City's Annual Comprehensive Financi... Page 355 of 420 Waste
East Valley Transfer
Assessment Reclamation Station
ERICA Districts Authority Authority Total
ADDITIONS:

Taxes and assessments - $ 5,566,265$ - $ - $ 5,566,265$ Investment earnings 33,015 648,611 24,635 11,969 718,230 Charges for services - - - 1,192,599 1,192,599 Total additions 33,015 6,214,876 24,635 1,204,568 7,477,094 DEDUCTIONS:

Administrative expense 309,667 - 600 - 310,267 Contractual services 85,798 2,600 649,885 800,000 1,538,283 Interest disbursement 3,975 2,116,095 - - 2,120,070 Principal disbursement 362,517 3,781,792 - - 4,144,309 Total deductions 761,957 5,900,487 650,485 800,000 8,112,929 Changes in Net Position (728,942) 314,389 (625,850) 404,568 (635,835) NET POSITION:

Beginning of year, as previously reported 1,162,102 13,088,116 1,154,851 227,034 15,632,103 Error correction (217,992) - - - (217,992) Beginning of year, as restated (Note 16) 944,110 13,088,116 1,154,851 227,034 15,414,111 End of year 215,168 $ 13,402,505 $ 529,001 $ 631,602 $ 14,778,276 $ City of Indio
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the Year Ended June 30, 2024
214

Independent auditor's report and the City's Annual Comprehensive Financi... Page 356 of 420

STATISTICAL SECTION
(Unaudited)
215

Independent auditor's report and the City's Annual Comprehensive Financi... Page 357 of 420 This page intentionally left blank
216

Independent auditor's report and the City's Annual Comprehensive Financi... Page 358 of 420 Page
Financial Trends
These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time. 218-231 Revenue Capacity
These schedules contain information to help the reader assess the City's ability to generate revenues.

Property taxes, sales tax, state motor vehicle in lieu tax, intergovernmental revenue and charges for services are the Cit
y's most significant revenue sources. 233-237
Debt Capacity
These schedules present 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. 238-244 Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment with which the City's financial activities take place. 245-246 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. 247-257
City of Indio
Statictical Section Table of Contents
Fiscal Year Ended June 30, 2024
217

Independent auditor's report and the City's Annual Comprehensive Financi... Page 359 of 420 2015 2016 2017 2018 2019
Governmental activities:

Net investment in capital assets 419,607 $ 414,227 $ 413,312 $ 424,760 $ 435,892 $ Restricted 26,095 22,180 20,260 19,546 26,344 Unrestricted (34,270) (28,253) (45,879) (46,940) (49,563) Total governmental activities net position 411,432$ 408,154 $ 387,693 $ 397,366 $ 412,673 $ Business-type activities:

Net investment in capital assets 133,627 $ 128,429 $ 122,807 $ 117,916 $ 115,539 $ Restricted - - 605 312 319 Unrestricted 4,700 8,660 14,804 13,161 20,645 Total business-type activities net position 138,327$ 137,089 $ 138,216 $ 131,389 $ 136,503 $ Primary government:

Net investment in capital assets 553,234 $ 542,656 $ 536,119 $ 542,676 $ 551,431 $ Restricted 26,095 22,180 20,865 19,858 26,663 Unrestricted (29,570) (19,593) (31,075) (33,779) (28,918) Total primary government net position 549,759 $ 545,243 $ 525,909 $ 528,755 $ 549,176 $ Source: City of Indio
Fiscal Year
City of Indio
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
218

Independent auditor's report and the City's Annual Comprehensive Financi... Page 360 of 420 2020 2021 2022 2023 2024
Governmental activities:

Net investment in capital assets 432,662 $ 425,271 $ 420,008 $ 491,466 $ 480,525 $ Restricted 27,132 23,954 27,983 121,940 84,894 Unrestricted (54,459) (41,295) (12,077) (141,099) (45,515) Total governmental activities net position 405,335$ 407,930 $ 435,914 $ 472,307 $ 519,904 $ Business-type activities:

Net investment in capital assets 111,170 $ 106,981 $ 103,062 $ 100,080 $ 90,720 $ Restricted 321 321 322 340 6,822 Unrestricted 27,539 35,586 39,658 46,419 49,632 Total business-type activities net position 139,030$ 142,888 $ 143,042 $ 146,839 $ 147,174 $ Primary government:

Net investment in capital assets 543,832 $ 532,252 $ 523,070 $ 591,546 $ 571,245 $ Restricted 27,453 24,275 28,305 122,280 91,716 Unrestricted (26,920) (5,709) 27,581 (94,680) 4,117 Total primary government net position 544,365 $ 550,818 $ 578,956 $ 619,146 $ 667,078 $ Fiscal Year
City of Indio
Net Position by Component (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
219

Independent auditor's report and the City's Annual Comprehensive Financi... Page 361 of 420 2015 2016 2017 2018 2019
Expenses:

Governmental activities:

General government 10,395 $ 11,968 $ 26,255 $ 10,658 $ 12,651 $ Public safety 43,688 36,041 42,467 46,193 50,101 Public works 21,289 16,619 17,873 18,281 26,531 Community development 11,099 9,275 8,164 7,377 8,053 Community services 1,789 2,314 2,608 3,005 2,854 Interest expense and other charges 6,484 2,463 5,505 2,333 2,239 Total governmental activities expenses 94,744 78,680 102,872 87,847 102,429 Business-type activities:

Water 30,145 26,424 24,018 25,302 25,738 Electric
Golf 1,120 1,086 1,073 1,196 1,223 Solid Waste - - - - - Total business-type activities expenses 31,265 27,510 25,091 26,498 26,961

Total primary government expenses 126,009 $ 106,190 $ 127,963 $ 114,345 $ 129,390 $ (amounts expressed in thousands)
City of Indio
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
220

Independent auditor's report and the City's Annual Comprehensive Financi... Page 362 of 420 2015 2016 2017 2018 2019
Program Revenues:

Governmental activities:

Charges for services:

General government 12,113 $ 1,459 $ 1,633 $ 3,764 $ 371 $ Public safety 2,578 7,185 7,057 5,017 8,352 Public works 1,738 5,559 7,464 9,105 8,898 Community development 2,248 262 296 302 210 Community services 3,095 107 139 113 105 Operating contributions and grants 14,809 7,637 7,677 11,648 29,579 Capital contributions and grants 5,767 1,290 1,266 2,845 506 Total governmental activities program revenues 42,348 23,499 25,532 32,794 48,021 Business-type activities:

Charges for services:

Water 18,767 17,832 22,313 22,439 23,098 Electric
Golf 1,113 935 995 1,069 1,158 Solid Waste - - - - - Operating contributions and grants 1,266 4,735 2,643 2,061 5,878 Capital contributions and grants - - - - - Total business-type activities program revenue 21,146 23,502 25,951 25,569 30,134 Total primary government activities 63,494 $ 47,001 $ 51,483 $ 58,363 $ 78,155 $ Governmental activities (52,396) $ (55,181) $ (77,340) $ (55,053) $ (54,408) $ Business-type activities (10,119) (4,008) 860 (929) 3,173 Total primary government net expense (62,515) $ (59,189) $ (76,480) $ (55,982) $ (51,235) $ City of Indio
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
Changes in Net Position (Continued)
221

Independent auditor's report and the City's Annual Comprehensive Financi... Page 363 of 420 2015 2016 2017 2018 2019
General Revenues and Other Changes in
Position
Governmental activities:

Taxes:

Property taxes 13,887 $ 15,055 $ 16,007 $ 16,765 $ 17,834 $ Sales tax 10,040 11,692 13,579 22,545 24,503 Transient occupancy taxes 3,907 4,520 6,298 6,760 7,768 Other taxes 12,186 13,840 13,649 14,035 13,381 Investment income 4,025 1,757 1,436 1,876 2,167 Motor vehicle in lieu, unrestricted 34 34 39 47 42 Other general revenues 11,095 5,219 7,121 10,094 4,933 Transfers (75) (151) (89) (70) (913) Total governmental activities 55,099 51,966 58,040 72,052 69,715 Business-type activities:

Investment income 139 72 127 113 865 Transfers 75 152 89 70 913 Other general revenues - 2,545 51 430 163 Total business-type activities 214 2,769 267 613 1,941 Total primary government 55,313 $ 54,735 $ 58,307 $ 72,665 $ 71,656 $ Change in Net Position
Governmental activities 2,703 $ (3,215) $ (19,300) $ 16,999 $ 15,307 $ Business-type activities (9,905) (1,239) 1,127 (316) 5,114 Total primary government (7,202) $ (4,454) $ (18,173) $ 16,683 $ 20,421 $

Source: City of Indio
City of Indio
Changes in Net Position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
222

Independent auditor's report and the City's Annual Comprehensive Financi... Page 364 of 420 2020 2021 2022 2023 2024
Expenses:

Governmental activities:

General government 13,163 $ 15,563 $ 16,710 $ 21,057 $ 9,572 $ Public safety 52,487 47,695 54,115 63,383 64,322 Public works 22,210 22,893 22,166 23,851 29,693 Community development 7,649 9,960 8,543 9,259 5,128 Community services 2,878 3,002 3,785 5,919 4,124 Interest expense and other charges 2,105 1,985 1,853 12,251 824 Total governmental activities expenses 100,492 101,098 107,172 135,720 113,663 Business-type activities:

Water 24,451 23,570 26,518 25,456 31,039 Electric 2,465
Golf 1,254 1,435 1,595 1,873 1,974 Solid Waste - - - - - Total business-type activities expenses 25,705 25,005 28,113 27,329 35,478

Total primary government expenses 126,197 $ 126,103 $ 135,285 $ 163,049 $ 149,141 $ Changes in Net Position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
City of Indio
223

Independent auditor's report and the City's Annual Comprehensive Financi... Page 365 of 420 2020 2021 2022 2023 2024
Program Revenues:

Governmental activities:

Charges for services:

General government 987 $ 1,159 $ 1,760 $ 8,081 $ 4,136 $ Public safety 4,010 3,757 8,510 18,688 17,078 Public works 9,042 10,773 15,083 17,336 3,497 Community development 244 180 932 4,927 5,920 Community services 87 235 356 4,112 61 Operating contributions and grants 14,779 13,592 19,764 21,938 19,989 Capital contributions and grants 510 1,125 518 2,548 13,046 Total governmental activities program revenues 29,659 30,821 46,923 77,630 63,727 Business-type activities:

Charges for services: 23,107 24,789 25,392 24,927 25,280 Water 1,879
Electric 1,067 1,638 1,766 2,027 2,124 Golf - 300 - - 400 Solid Waste 2,491 2,057 - - - Operating contributions and grants - - 1,981 2,563 2,136 Capital contributions and grants
Total business-type activities program revenue 26,665 28,784 29,139 29,517 31,819 Total primary government activities 56,324 $ 59,605 $ 76,062 $ 107,147 $ 95,546 $ Governmental activities (70,833) $ (70,277) $ (60,249) $ (58,090) $ (49,936) $ Business-type activities 960 3,779 1,026 2,188 (3,659) Total primary government net expense (69,873) $ (66,498) $ (59,223) $ (55,902) $ (53,595) $ City of Indio
Changes in Net Position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
224

Independent auditor's report and the City's Annual Comprehensive Financi... Page 366 of 420 2020 2021 2022 2023 2024
General Revenues and Other Changes in
Position
Governmental activities:

Taxes:

Property taxes 18,540 $ 19,691 $ 20,951 $ 23,435 $ 26,169 $ Sales tax 22,622 28,150 34,218 36,780 36,525 Transient occupancy taxes 5,012 8,699 14,813 14,744 17,428 Other taxes 13,407 14,366 16,157 14,416 12,150 Investment income 3,012 1,277 (1,432) 3,692 6,382 Motor vehicle in lieu, unrestricted 71 67 106 91 112 Other general revenues 885 621 3,498 1,964 105 Transfers (53) - (78) (90) - Total governmental activities 63,496 72,871 88,233 95,032 98,871 Business-type activities:

Investment income 1,342 5 (998) 360 3,994 Transfers 53 - 88 90 - Other general revenues 172 74 38 1,159 - Total business-type activities 1,567 79 (872) 1,609 3,994 Total primary government 65,063 $ 72,950 $ 87,361 $ 96,641 $ 102,865 $ Change in Net Position
Governmental activities (7,337) $ 2,594 $ 27,984 $ 36,942 $ 48,935 $ Business-type activities 2,527 3,858 154 3,797 335 Total primary government (4,810) $ 6,452 $ 28,138 $ 40,739 $ 49,270 $ City of Indio
(amounts expressed in thousands)
(accrual basis of accounting)
Last Ten Fiscal Years
Changes in Net Position (Continued)
225

Independent auditor's report and the City's Annual Comprehensive Financi... Page 367 of 420 2015 2016 2017 2018 2019
General fund:

Nonspendable 7,641 $ 8,978 $ 10,141 $ 10,509 $ 11,513 $ Restricted - - - - - Committed 5,619 11,197 11,285 11,285 12,000 Assigned 3,242 3,459 8,452 12,653 11,603 Unassigned 7,087 1,820 - 2,148 4,628 Total general fund 23,589 $ 25,454 $ 29,878 $ 36,595 $ 39,744 $ All other governmental funds:

Nonspendable 5,926 $ - $ - $ 2 $ 120 $ Restricted 18,761 22,179 20,260 19,533 20,231 Committed - - - - - Assigned 985 - - - 2,597 Unassigned: (135) (6) (614) (4,125) (2,146) Special revenue funds - - - - - Capital projects funds - - (905) - - Total all other governmental funds 25,537 $ 22,173 $ 18,741 $ 15,410 $ 20,802 $ Source: City of Indio
City of Indio
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
226

Independent auditor's report and the City's Annual Comprehensive Financi... Page 368 of 420 2020 2021 2022 2023 2024
General fund:

Nonspendable 12,857 $ 8,651 $ 8,616 $ 8,787 $ 8,697 $ Restricted 981 1,210 1,241 2,389 2,658 Committed 12,000 12,000 15,000 17,000 18,000 Assigned 9,283 12,082 44,181 22,690 23,602 Unassigned 3,197 19,797 15,613 14,903 9,734 Total general fund 38,318 $ 53,740 $ 84,651 $ 65,769 $ 62,691 $ All other governmental funds:

Nonspendable - $ 19 $ 8 $ 6 $ 2 $ Restricted 22,232 22,745 26,742 119,551 112,728 Committed - - - - 5 Assigned 4,918 6,035 7,857 37,975 39,544 Unassigned: (233) (2,045) (2,412) (1,238) (1,115) Special revenue funds - - - Capital projects funds - - - - - Total all other governmental funds 26,917 $ 26,754 $ 32,195 $ 156,294 $ 151,164 $ (amounts expressed in thousands)
City of Indio
Fund Balances of Governmental Funds (Continued)
Last Ten Fiscal Years
(modified accrual basis of accounting)
227

Independent auditor's report and the City's Annual Comprehensive Financi... Page 369 of 420 2015 2016 2017 2018 2019
Revenues:

Taxes 36,320 $ 45,265 $ 49,533 $ 59,950 $ 63,486 $ Special assessments 4,015 - - - - Licenses and permits 2,916 2,438 2,737 2,338 2,289 Intergovernmental 11,754 5,706 5,722 10,036 28,795 Charges for services 15,110 7,176 8,719 6,382 9,742 Fines and forfeitures 938 860 676 543 545 Investment earnings 5,333 1,758 1,436 1,980 2,166 Developer fees 4,491 1,640 1,899 3,372 2,834 Contributions from property owners - 4,112 4,291 4,553 4,884 Miscellaneous 4,598 5,592 7,624 10,232 5,446 Total revenues 85,475 74,547 82,637 99,386 120,187 Expenditures
Current:

General government 5,046 5,112 20,271 5,043 5,815 Public safety 37,766 38,118 40,477 42,089 44,339 Public works 15,050 10,650 13,035 10,635 18,247 Community development 8,733 7,903 6,129 5,192 5,761 Community services 1,559 2,384 2,524 2,850 2,674 Other 3,884 102 - - - Capital outlay - 5,036 8,231 23,242 25,157 Debt service:

Principal retirement 2,827 24,023 3,161 3,895 4,092 Interest and fiscal charges 2,631 2,627 5,576 2,441 2,364 Other charges - 486 - - - Total expenditures 77,496 96,441 99,404 95,387 108,449 Excess (deficiency) of
revenues over (under) expenditures 7,979 (21,894) (16,767) 3,999 11,738 (amounts expressed in thousands)
City of Indio
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
228

Independent auditor's report and the City's Annual Comprehensive Financi... Page 370 of 420 2015 2016 2017 2018 2019
Other financing sources (uses):

Transfers in 7,031 7,216 9,990 11,150 11,224 Transfers out (7,211) (7,406) (8,269) (11,649) (14,421) Lease purchase and loan proceeds - - - - - Issuance of bonds - 19,730 16,300 - - Sale of real property - - - - - Original discount on bonds - 919 (262) - - Special items - - - - - Payment to bond escrow agent - - - - - Total other financing sources (uses) (180) 20,459 17,759 (499) (3,197) Extraordinary gain (loss) on dissolution
of redevelopment agency - - - - - Net change in fund balances 7,799 $ (1,435) $ 992 $ 3,500 $ 8,541 $ Debt service as a percentage of
noncapital expenditures 7.6% 29.6% 9.8% 8.8% 7.7%

Source: City of Indio
City of Indio
Changes in Fund Balances of Governmental Funds (Continued) Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
229

Independent auditor's report and the City's Annual Comprehensive Financi... Page 371 of 420 2020 2021 2022 2023 2024
Revenues:

Taxes 59,581 $ 70,906 $ 86,140 $ 89,375 $ 92,272 $ Special assessments - - - - Licenses and permits 2,525 3,153 5,920 9,708 9,261 Intergovernmental 14,461 12,498 17,912 25,512 21,402 Charges for services 4,972 4,789 9,532 11,502 15,317 Fines and forfeitures 744 651 1,014 1,476 919 Investment earnings 3,011 1,277 (1,433) 136,202 11,890 Developer fees 2,482 3,617 5,518 5,200 3,966 Contributions from property owners 5,145 5,338 5,571 5,913 6,433 Miscellaneous 1,059 742 3,997 2,402 259 Total revenues 93,980 102,971 134,171 287,290 161,719 Expenditures
Current:

General government 7,273 9,054 10,343 14,209 9,267 Public safety 43,895 43,928 50,724 58,025 61,917 Public works 14,438 13,921 14,019 18,193 14,679 Community development 5,113 7,017 5,631 4,772 4,799 Community services 2,670 2,657 3,462 3,560 4,161 Other - - - 304 - Capital outlay 9,519 6,181 8,540 52,427 65,160 Debt service:

Principal retirement 3,206 3,194 3,025 20,814 3,303 Interest and fiscal charges 2,229 2,115 1,997 6,733 5,834 Other charges - - - - - Total expenditures 88,343 88,067 97,741 179,037 169,120 Excess (deficiency) of
revenues over (under) expenditures 5,637 14,904 36,430 108,253 (7,401) Changes in Fund Balances of Governmental Funds (Continued) Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
City of Indio
230

Independent auditor's report and the City's Annual Comprehensive Financi... Page 372 of 420 2015 2016 2017 2018 2019
Other financing sources (uses):

Transfers in 12,226 12,686 10,686 82,833 67,728 Transfers out (13,501) (12,686) (10,764) (82,923) (69,228) Lease purchase and loan proceeds - - - - - Issuance of bonds - - - - 207 Sale of real property - 355 - - - Original discount on bonds - - - - - Special items 327 - - - - Payment to bond escrow agent - - - - - Total other financing sources (uses) (948) 355 (78) (90) (1,293) Extraordinary gain (loss) on dissolution
of redevelopment agency - - - - - Net change in fund balances 4,689 $ 15,259 $ 36,352 $ 108,163 $ (8,694) $ Debt service as a percentage of
noncapital expenditures 6.9% 6.6% 5.6% 22.8% 8.6%
City of Indio
Changes in Fund Balances of Governmental Funds (Continued) Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
231

Independent auditor's report and the City's Annual Comprehensive Financi... Page 373 of 420 This page intentionally left blank
232

Independent auditor's report and the City's Annual Comprehensive Financi... Page 374 of 420 Fiscal Year Less: Total Taxable Total
Ended Residential Commercial Industrial Other Tax-Exem pt Assessed Direct Tax June 30 Pro perty Property Property Property Property Value Rate 2024 9,599,932$ 1,136,321 $ 312,682 $ 791,624 $ - $ 11,840,559$ 0.1073 2023 8,520,728 1,064,199 291,160 724,169 - 10,600,256 0.1078 2022 7,776,969 999,232 258,724 706,085 - 9,741,010 0.1075 2021 7,324,840 954,038 264,707 713,119 - 9,256,704 0.1053 2020 6,974,129 900,025 253,666 696,518 1,930 8,822,408 0.1027 2019 6,499,481 957,306 270,856 786,077 94,058 8,419,662 0.1003 2018 6,162,303 919,705 259,047 769,151 89,925 8,020,281 0.1001 2017 5,892,675 868,261 249,636 746,057 88,682 7,667,947 0.1003 2016 5,562,654 849,716 236,337 733,842 87,548 7,295,001 0.1000 2015 5,083,136 799,883 229,871 704,982 81,457 6,736,415 0.0998 NOTE:

``
Source: HdL, Coren & Cone
In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only re-assessed at the time that it is sold to a new owner. At that point, the new assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.

City of Indio
Assessed Value and Estimated Actual Value of Taxable Property (amounts expressed in thousands)
Last Ten Fiscal Years
233

Independent auditor's report and the City's Annual Comprehensive Financi... Page 375 of 420 2015 2016 2017 2018 2019
City of Indio 0.08495 0.08495 0.08495 0.08495 0.08495 Total Direct Rate 0.09986 0.10002 0.10031 0.10012 0.10031 Direct & Overlapping Tax Rates
Basic Levy 1.00000 1.00000 1.00000 1.00000 1.00000 Coachella Valley Unified School 0.14919 0.13218 0.16601 0.17609 0.14954 Coachella Valley Water District 0.10000 0.10000 0.10000 0.10000 0.10000 Desert Community College 0.02325 0.02087 0.02036 0.04030 0.03978 Desert Sands Unified School District 0.10984 0.10915 0.08599 0.07251 0.07418 Total Direct & Overlapping Tax Rates 1.38228 1.36220 1.37236 1.38890 1.36350 NOTE:

Source: HdL, Coren & Cone
In 1978, California voters passed Proposition 13 which sets the property tax rate at 1.00% fixed amount. The 1.00% is shared by all taxing agencies 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 for the payment of certain other bonds.

City of Indio
Direct and Overlapping Property Tax Rates
(rate per $100 of assessed value)
Last Ten Fiscal Years
234

Independent auditor's report and the City's Annual Comprehensive Financi... Page 376 of 420 2020 2021 2022 2023 2024
City of Indio 0.08495 0.08499 0.08499 0.08499 0.08499 Total Direct Rate 0.10274 0.10528 0.10753 0.10781 0.10728 Direct & Overlapping Tax Rates
Basic Levy 1.00000 1.00000 1.00000 1.00000 1.00000 Coachella Valley Unified School 0.14876 0.14549 0.13665 0.13450 0.12837 Coachella Valley Water District 0.10000 0.10000 0.11000 0.11000 0.11000 Desert Community College 0.03983 0.03947 0.03950 0.03950 0.03950 Desert Sands Unified School District 0.07381 0.07390 0.07500 0.07500 0.07500 Total Direct & Overlapping Tax Rates 1.36240 1.35886 1.36115 1.35900 1.35287 City of Indio
Direct and Overlapping Property Tax Rates (Continued)
(rate per $100 of assessed value)
Last Ten Fiscal Years
235

Independent auditor's report and the City's Annual Comprehensive Financi... Page 377 of 420 Percent of Percent of
Total City Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Value Value Value
Worldmark The Club 70,359,533 $ 0.59% 59,714,755 $ 0.89% Desert Polo Land Company, LLC. 61,236,514 0.52% 32,067,242 0.48% 82165 Doctor Carreon Blvd LLC 55,071,335 0.47% Indio Towne Center, LLC. 53,398,255 0.45% Time Warner Cable Pacific West, LLC 48,397,940 0.41% 36,923,226 0.55% Trendwest Resorts Inc 42,526,944 0.36% 36,092,992 0.54% Wal-Mart Real Estate Business Trust 42,448,001 0.36% JFK Memorial Hospital Inc 39,378,637 0.33% 31,042,543 0.46% ALJACKS 36,415,448 0.31% 24,968,351 0.37% JDG Properties 35,286,700 0.30% 27,373,769 0.41% Jackson 42 39,557,949 0.59%
Target Corporation 23,390,366 0.35%
Peterson Ranch Properties LLC 23,855,324 0.35% 484,519,307$ 4.09% 334,986,517 $ 4.97% Note: The amounts shown above include assessed value data for both the City and the Successor Agency.

Source: HdL, Coren & Cone
City of Indio
Current Year and Nine Years Ago
Principal Property Tax Payers
2024 2015
236

Independent auditor's report and the City's Annual Comprehensive Financi... Page 378 of 420 Fiscal Taxes Levied Collections in
Year Ended for the Percent Subsequent Percent
June 30 Fiscal Year Amount of Levy Years Amount of Levy 2024 10,780,466$ 12,247,970 $ 113.61% 203,047 $ * 12,451,017$ 115.50% 2023 9,719,808 10,009,772 102.98% 279,461 * 10,289,233 105.86% 2022 8,883,501 9,215,098 103.73% 102,890 * 9,317,988 104.89% 2021 8,291,384 8,386,828 101.15% 121,809 * 8,508,637 102.62% 2020 7,554,590 9,093,289 120.37% 169,441 * 9,262,730 122.61% 2019 7,142,930 7,080,158 99.12% 128,359 * 7,208,517 100.92% 2018 6,821,440 6,789,921 99.54% 112,775 * 6,902,696 101.19% 2017 6,533,653 6,378,548 97.63% 115,544 * 6,494,092 99.39% 2016 6,215,647 6,091,830 98.01% 123,194 * 6,215,024 99.99% 2015 5,617,060 6,367,892 113.37% 112,922 * 6,480,814 115.38%

*The City participates in the County's "Teeter Plan" whereby the county pays current year delinquencies in November of the subsequent year but keeps subsequent collections and penalties.

NOTE:

Amounts presented include City property taxes and residual revenue for former Redevelopment Agency.

Effective February 1, 2012, ABx1 26 dissolved the Redevelopment Agencies throughout the State of California which resulted in the reduction of amounts collected for the Fiscal Year ended June 2012 and subsequent years. ᴬ Includes proceeds from redistribution of former Redevelopment and Low/Mod Housing funds relinquished to the State in 2012.

Sources: County of Riverside Auditor Controller's Office City of Indio
Collected within the
Last Ten Fiscal Years
City of Indio
Property Tax Levies and Collections
Fiscal Year of Levy Total Collections to Date
237

Independent auditor's report and the City's Annual Comprehensive Financi... Page 379 of 420 Fiscal Year Certificates of Lease Judgment Lease Subscription Total Ended Participation Revenue Obligation Loans Payable Payable Governmental June 30 (1) Bonds (1) Bonds (1) (1) (1) (1) Activities
2024 - $ 140,490$ 11,575 $ - $ 160$ 3,114 $ 155,339$ 2023 - 143,272 12,257 52 44 4,138 159,763 2022 650 33,278 12,918 153 107 - 47,106 2021 1,275 35,065 13,560 249 - - 50,149 2020 1,875 36,782 14,188 622 - - 53,467 2019 2,450 38,438 14,799 1,102 - - 56,789 2018 3,005 39,832 15,650 2,510 - - 60,997 2017 3,535 41,662 16,038 3,767 - - 65,002 2016 4,045 42,260 - 5,060 - - 51,365 2015 4,535 39,190 - 11,973 - - 55,698 Details regarding the City's outstanding debt can be found in the notes to the financial statements.

Sources: (1) City of Indio
(2) State Department of Finance - Price and population letter - google and it will come up (3) HdL, Core & Cone
Governmental Activities
City of Indio
Ratios of Outstanding Debt by Type
(amounts expressed in thousands)
Last Ten Fiscal Years
238

Independent auditor's report and the City's Annual Comprehensive Financi... Page 380 of 420 Water Electric Lease Subscription Total Total Personal Percentage Debt Revenue Revenue Payable Payable Business-type Primary Population Income of Personal Per Bonds (1) Bonds (1) (1) (1) Activities Government (1) (2) (3) Income Capita 43,116$ 64,809 $ 244 $ 21 $ 108,190$ 263,529 $ 90,680 $ 3,033,668$ 8.69% 2.91 45,547 - 9 - 45,556$ 205,319 $ 90,837 2,787,385 7.37% 2.26 47,919 - 66 - 47,985$ 95,091 $ 89,137 2,555,400 3.72% 1.07 50,074 - - - 50,074$ 100,223 $ 91,621 2,434,498 4.12% 1.09 52,185 - - - 52,185$ 105,652 $ 90,751 2,228,050 4.74% 1.16 54,221 - - - 54,221$ 111,010 $ 89,406 2,094,653 5.30% 1.24 56,207 - - - 56,207$ 117,204 $ 87,883 1,900,128 6.17% 1.33 58,153 - - - 58,153$ 123,155 $ 88,718 1,814,845 6.79% 1.39 58,725 - - - 58,725$ 110,090 $ 88,058 1,706,419 6.45% 1.25 60,215 - - - 60,215$ 115,913 $ 84,201 1,651,948 7.02% 1.38 Business-type Activities
City of Indio
Ratios of Outstanding Debt by Type (Continued)
(amounts expressed in thousands)
Last Ten Fiscal Years
239

Independent auditor's report and the City's Annual Comprehensive Financi... Page 381 of 420 Fiscal Year Water Lease Judgment Certificates Percent of Debt Ended Revenue Revenue Obligation of Population Personal Assessed Per June 30 Bond Bonds Bonds Participation Total (1) Income (2) Value Capita 2024 43,116$ 140,490 $ 11,575 $ - 195,181$ 90,680 3,033,668$ 1.65% 2.15 2023 45,547 143,272 12,257 - 201,076 90,837 2,787,385 1.90% 2.21 2022 47,919 33,278 12,918 650 94,765 89,137 2,555,400 1.18% 1.06 2021 50,074 35,065 13,560 1,275 99,974 91,621 2,434,498 1.25% 1.09 2020 52,185 36,782 14,188 1,875 105,030 90,751 2,228,050 1.31% 1.16 2019 54,221 38,438 14,799 2,450 109,908 89,406 2,094,653 1.37% 1.23 2018 56,207 39,832 15,650 3,005 114,694 87,883 1,900,128 1.43% 1.31 2017 58,153 41,662 16,038 3,535 119,388 88,718 1,814,845 1.56% 1.35 2016 58,725 42,260 - 4,045 105,030 88,058 1,706,419 1.44% 1.19 2015 60,215 39,190 - 4,535 103,940 86,683 1,651,948 1.54% 1.20

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

NOTE:

Assessed value has been used because the actual value of taxable property is not readily available in the State of Califonria.

Sources: City of Indio
(1) State Department of Finance
(2) Coachella Valley Economic Partnership
City of Indio
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
Outstanding General Bonded Debt
(amounts expressed in thousands)
240

Independent auditor's report and the City's Annual Comprehensive Financi... Page 382 of 420 City of Indio
Direct and Overlapping Debt
June 30, 2024

241
2023-24 Assessed Valuation: $11,854,063,896

Total Debt City’s Share of
OVERLAPPING TAX AND ASSESSMENT DEBT: 6/ 30/24 % Applicable (1) Debt 6/30/24 Desert Community College District $664,990,000 10.740% $ 71,419,926 Coachella Valley Unified School District 207,760,779 12.575 26,125,918 Desert Sands Unified School District 349,520,000 19.042 66,555,598 Desert Sands Unified School District Community Facilities District No. 2021-1 2,720,000 100.00 2,720,000 City of Indio Community Facilities District No. 2004-3 9,815,000 100.00 9,815,000 City of Indio Community Facilities District No. 2005-1, I.A. No. 1 and 2 11,015,000 100.00 11,015,000 City of Indio Community Facilities District No. 2006-1 5,901,000 100.00 5,901,000 City of Indio 1915 Act Bonds 13,047,968 100.00 13,047,968 Valley Sanitary District Assessment District No. 2004-VSD 3,460,000 100.00 3,460,000 California Statewide Communities Development Authority Assessment District 2,470,000 100.00 2,470,000 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $212,530,410

DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Riverside County General Fund Obligations $1,169,217,035 2.988% $ 34,936,205 Riverside County Pension Obligation Bonds 670,785,000 2.988 20,043,056 Coachella Valley Unified School District Certificates of Participation 34,227,380 12.575 4,304,093 Desert Sands Unified School District Certificates of Participation 7,775,000 19.042 1,480,516 City of Indio General Fund Obligations 130,480,000 100.00 143,763,981 City of Indio Judgment Obligations 11,745,000 100.00 11,574,691 Desert Recreational District General Fund Obligations 1,194,811 17.504 209,140 TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT $216,311,682

OVERLAPPING TAX INCREMENT DEBT (Successor Agency): $40,890,000 100.00% $40,890,000

TOTAL DIRECT DEBT $155,338,672
TOTAL OVERLAPPING DEBT $314,393,420

COMBINED TOTAL DEBT $469,732,092

(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
(2) Excludes tax and revenue anticipation notes, enterprise re venue, mortgage revenue and non-bonded capital lease obligations. Qualified Zone Academy Bonds are included based on principal due at maturity.

Ratios to 2023-24 Assessed Valuation:

Total Overlapping Tax and Assessment Debt ......................................... 1.79% Combined Direct Debt ($155,338,672) ............................................... 1.31% Combined Total Debt ............................................................................. 3.96%

Ratios to Redevelopment Incremental Valuation ($2,054,080,661):

Total Overlapping Tax Increment Debt .................................................. 1.99%

Source: California Municipal Statistics, Inc

Independent auditor's report and the City's Annual Comprehensive Financi... Page 383 of 420 2015 2016 2017 2018 2019
Assessed valuation (1) 6,736,088 $ 7,295,001 $ 7,667,948 $ 8,020,281 $ 8,419,662 $ Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 1,010,413 1,094,250 1,150,192 1,203,042 1,262,949 Total net debt applicable to limit:

General obligation bonds - - - - - Legal debt margi
n 1,010,413$ 1,094,250 $ 1,150,192 $ 1,203,042 $ 1,262,949 $ Total debt applicable to the limit as a
percentage of debt limit 0.0% 0.0% 0.0% 0.0% 0.0%

Sources: City of Indio
(1) HdL, Coren & Cone
City of Indio
Legal Debt Margin Information
(amounts expressed in thousands)
Last Ten Fiscal Years
Section 43605 of the Government Code of the State of California limits the amount of indebtedness for public improvements to 15% of assessed valuation of all real and personal property of the City. 242

Independent auditor's report and the City's Annual Comprehensive Financi... Page 384 of 420 2020 2021 2022 2023 2024
Assessed valuation (1) 8,822,409 $ 9,256,704 $ 9,741,010 $ 10,600,256,274$ 11,840,558,863 $ Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 1,323,361 1,388,506 1,461,152 1,590,038,441 1,776,083,829 Total net debt applicable to limit:

General obligation bonds - - - - - Legal debt margi
n 1,323,361$ 1,388,506 $ 1,461,152 $ 1,590,038,441$ 1,776,083,829 $ Total debt applicable to the limit as a
percentage of debt limit 0.0% 0.0% 0.0% 0.0% 0.0%
City of Indio
Legal Debt Margin Information (Continued)
(amounts expressed in thousands)
Last Ten Fiscal Years
243

Independent auditor's report and the City's Annual Comprehensive Financi... Page 385 of 420 Fiscal Year Less Net
Ended Wate r Operating Available
June 30 Revenue Ex penses Revenue Princi pal Interes t Coverage 2024 4,190 4 4,186 2,375 1,815 1.00 2023 4,189 4 4,185 2,260 1,929 1.00 2022 4,192 1 4,191 2,155 2,036 1.00 2021 4,198 1 4,197 2,055 2,142 1.00 2020 4,144 6 4,138 1,980 2,158 1.00 2019 4,191 4 4,187 1,930 2,261 1.00 2018 4,142 4 4,138 1,890 2,248 1.00 2017 4,080 - 4,080 1,860 2,220 1.00 2016 4,136 69 4,067 1,490 2,276 1.08 2015 3,393 65 3,458 1,490 1,903 1.02 2014 4,194 62 4,132 1,400 2,732 1.00 2013 4,208 59 4,229 1,365 2,843 1.00 2012 4,179 16 4,163 1,320 2,843 1.00 2011 4,174 9 4,165 1,280 2,894 1.00 2010 3,795 12 3,783 1,225 2,575 1.00 2009 1,978 2 1,976 - 2,207 0.90 2008 2,949 6 2,943 - 2,943 1.00 2007 13,276 28 13,248 11,530 1,718 1.00 Fiscal Year Less Net
Ended O perating Available
June 30 Revenue Ex penses Revenue Princi pal Interes t Coverage 2024 -
2023 664 2 662 650 14 1.00 2022 682 2 680 625 55 1.00 2021 681 3 678 600 79 1.00 2020 679 2 677 575 102 1.00 2019 685 5 680 555 125 1.00 2018 678 2 676 530 146 1.00 2017 663 2 661 510 151 1.00 2016 676 - 676 490 186 1.00 2015 675 - 675 470 205 1.00 2014 689 11 678 455 223 1.00 2013 676 4 676 435 241 1.00 2012 678 - 678 420 258 1.00 2011 679 - 679 405 274 1.00 2010 665 4 661 390 287 0.98 2009 29 - 29 340 335 0.04 2007 - - - - - - Fiscal Year Less Net
Ended O perating Available
June 30 Revenue Ex penses Revenue Princi pal Interes t Coverage 2024 8,914 8 8,906 2,415 6,490 1.00 2023 25,625 5 25,620 19,489 6,131 1.00 2022 3,174 3 3,171 1,745 1,426 1.00 2021 3,184 12 3,172 1,675 1,497 1.00 2020 3,184 10 3,174 1,615 1,559 1.00 2019 3,230 10 3,220 1,600 1,620 1.00 2018 3,239 15 3,224 1,540 1,684 1.00 2017 3,253 12 3,241 1,475 1,766 1.00 2016 3,681 - 3,681 995 2,686 1.00 2015 2,761 - 1,790 975 1,786 0.65 2014 1,796 6 1,790 - 1,796 1.00 2013 23,024 - 23,024 21,335 1,689 1.00 2012 2,309 1 2,308 805 1,503 1.00 2011 2,306 1 2,305 775 1,531 1.00 2010 2,311 9 2,302 745 1,557 1.00 2009 685 1 684 - 1,570 0.44 2008 1,571 1 1,570 - 1,570 1.00 2007 3,819 6 3,813 3,325 488 1.00 2008 2,813 6,840 590 0.38 2007 2,437 350 615 2.53 City of Indio
Pledged-Revenue Coverage
(amounts expressed in thousands)
Last Ten Fiscal Years
Water Revenue Bonds
Debt Service
Gas Tax Certificate of Participation
Debt Service
Lease Revenue Bonds
Debt Service
244

Independent auditor's report and the City's Annual Comprehensive Financi... Page 386 of 420 Average Median Per Ca pita
Fiscal Median Household Household Personal Unemployment Year Population (1) Age (2) Size (2) Income (2) Income (2) Rate (3) 2024 90,680 37.8 2.97 83,107 $ 36,075 $ 6.0% 2023 90,837 38.8 2.98 79,372 34,152 6.8% 2022 89,137 42.9 2.58 66,841 34,212 5.8% 2021* 91,621 42.5 2.86 74,774 33,704 8.7% 2020 90,751 42.5 2.86 74,774 33,704 13.8% 2019 89,406 44.7 2.22 45,272 28,926 5.8% 2018 87,883 43.5 2.50 45,278 26,930 6.7% 2017 88,718 40.5 2.83 40,449 23,103 6.1% 2016 88,058 35.9 3.08 52,343 23,584 7.0% 2015 86,683 34.0 3.12 47,280 20,354 6.8%

Sources: (1) State Department of Finance
(2) U.S. Census Bureau
(3) Employment Development Departmen
t
*Information obtained from U.S. Census Bureau remains the same as 2020 due to COVID-19 City of Indio
Demographic and Economic Statistics
Last Ten Calendar Years
245

Independent auditor's report and the City's Annual Comprehensive Financi... Page 387 of 420 Percent of Percent of
Number of Total Number of Total
Employer (1) Employees Employment Employees Employment
Desert Sands Unified School District 3,048 41.02% 1,154 3.17% County of Riverside 1,391 3.32% 1,443 3.96% Fantasy Springs Resort Casino 1,135 2.71% 1,065 2.93% John F. Kennedy Memorial Hospital 625 1.49% 782 2.15% Walmart Supercenter 399 0.95%
City of Indio 254 0.61% 232 0.64% Ralphs 151 0.36% 135 0.37% WorldMark Indio Resort 146 0.35% Fiesta Ford 143 0.34%
Desert Springs Health Care & Wellness 138 0.33% Riverside Superior Court 169 0.46% Target 150 0.41%
Cardenas Market 125 0.34%
Home Depot Not available
Total Employment Listed 7,430 17.73% 5,255 14.44% Total City Employment (2) 41,900 36,400 "Total Employment" as used above represents the total employment of all employers located within City limits.

Sources: (1) Avenue Insights & Analytics
City of Indio
Results based on direct correspondence with city's local businesses. (2) Total City Labor Force provided by EDD Labor Force Data

City of Indio
Principal Employers
Current Year and Nine Years Ago
2024 2015
246

Independent auditor's report and the City's Annual Comprehensive Financi... Page 388 of 420 Function 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 General government 36 34 36 36 36 38 38 44 44 48 Police 100 103 99 104 107 115 115 106 116 111 Public works 33 33 31 34 36 33 34 34 38 42 Community development 17 19 19 26 23 21 22 19 15 14 Water 46 48 48 41 44 45 41 42 41 39 232 237 233 241 246 252 250 245 254 254

The City of Indio contracts with Riverside County for fire protection services.

Source: City of Indio

City of Indio
Full-time and Part-time City Employees by Function
Last Ten Fiscal Years
Fiscal Year
247

Independent auditor's report and the City's Annual Comprehensive Financi... Page 389 of 420 2015 2016 2017 2018 2019
Police:

Arrests 2,178 2,026 2,331 1,853 1,651
Traffic citations issued 1,478 1,452 2,102 1,777 858
Parking citations issued 5,312 4,191 1,173 4,766 6,803
Fire:

Emergency calls 9,319 8,317 8,611 7,796 9,467
Inspections 2,629 2,473 2,553 2,586 3,326
Public works:

Street resurfacing (miles) 1.0 10.0 1.0 6.0 48.0
Water:

New connections 397 223 320 302 316
Average daily consumption 18 15 15 15 15
(millions of gallons)
Golf Course:

Golf rounds played 26,464 26,481 24,003 24,491 26,107

Source: City of Indio
Fiscal Year
City of Indio
Operating Indicators by Function
Last Ten Fiscal Years
248

Independent auditor's report and the City's Annual Comprehensive Financi... Page 390 of 420 2020 2021 2022 2023 2024
Police:

Arrests 1,548 1,777 1,611 1,470 1,670
Traffic citations issued 1,064 1,137 755 1,067 1,462
Parking citations issued 6,344 564 9,927 10,000 7,120
Fire:

Emergency calls 8,934 9,411 10,113 10,763 10,696
Inspections 3,084 3,177 4,290 4,381 5,392
Public works:

Street resurfacing (miles) 27.0 10.5 20.0 24.0 17
Water:

New connections 245 517 554 359 377
Average daily consumption 16 18 18 17 18
(millions of gallons)
Golf Course:

Golf rounds played 23,716 33,394 30,140 31,214 34,309
Fiscal Year
City of Indio
Operating Indicators by Function (Continued)
Last Ten Fiscal Years
249

Independent auditor's report and the City's Annual Comprehensive Financi... Page 391 of 420

2015 2016 2017 2018 2019
Police:

Stations 11111
Sub-stations 11111
Animal care centers 00000
Fire:

Fire stations 44444
Public works:

Paved streets (miles) 253 254 254 254 255
Streetlights 2,886 2,893 2,858 2,858 2,868
Traffic signals 95 97 98 100 104
Recreation:

Parks 17 17 18 18 18
Senior centers 11111
Teen centers 11111
Water:

Water mains (miles) 332 342 343 343 344
Maximum daily capacity 66 66 66 66 66
(millions of gallons)
Golf Course:

Municipal golf courses 11111

Source: City of Indio
Fiscal Year
Last Ten Fiscal Years
Capital Asset Statistics by Function
City of Indio
250

Independent auditor's report and the City's Annual Comprehensive Financi... Page 392 of 420 2020 2021 2022 2023 2024
Police:

Stations 11111
Sub-stations 11111
Animal care centers 00000
Fire:

Fire stations 44444
Public works:

Paved streets (miles) 255 255 255 255 255
Streetlights 2,868 2,901 2,901 2,923 2,962
Traffic signals 104 104 104 105 106
Recreation:

Parks 18 18 18 18 18
Senior centers 11111
Teen centers 11111
Water:

Water mains (miles) 344 346 347 347 348
Maximum daily capacity 66 66 66 66 66
(millions of gallons)
Golf Course:

Municipal golf courses 11111
Fiscal Year
City of Indio
Capital Asset Statistics by Function (Continued)
Last Ten Fiscal Years
251

Independent auditor's report and the City's Annual Comprehensive Financi... Page 393 of 420 2015 2016 2017 2018 2019
Type of Customer:

Single-Family Residential 4,982,247 4,236,748 4,459,372 4,891,183 4,734,130 Multi-Family Residential 838,995 639,273 661,020 755,878 785,314 Commercial/Institutional 1,158,582 1,091,004 1,097,366 1,194,031 1,188,760 Industrial 66,423 54,401 58,018 60,552 64,585 Landscape Irrigation 1,023,955 743,594 924,444 1,049,375 976,302 Total 8,070,202 $ 6,765,020 $ 7,200,220 $ 7,951,019 $ 7,749,091 $ Total commodity rate
per 100 cubic feet Tiered Rates Tiered Rates Tiered Rates Tiered Rates Tiered Rates Source: Indio Water Authority
Fiscal Year
Indio Water Authority
Water Sold by Type of Customer
Last Ten Fiscal Years
(in hundred cubic feet)
252

Independent auditor's report and the City's Annual Comprehensive Financi... Page 394 of 420 2020 2021 2022 2023 2024
Type of Customer:

Single-Family Residential 4,905,070 5,363,606 5,275,788 5,055,278 4,986,143 Multi-Family Residential 782,526 805,082 812,616 800,698 767,232 Commercial/Institutional 1,063,772 1,137,018 1,269,842 1,227,425 1,116,054 Industrial 66,865 66,052 71,350 69,138 67,796 Landscape Irrigation 938,291 1,051,466 997,910 975,234 974,817 Total 7,756,524 $ 8,423,224 $ 8,427,506 $ 8,127,773 $ 7,912,042 $ Total commodity rate
per 100 cubic feet Tiered Rates Tiered Rates Tiered Rates Tiered Rates Tiered Rates Indio Water Authority
Water Sold by Type of Customer (Continued)
Last Ten Fiscal Years
(in hundred cubic feet)
Fiscal Year
253

Independent auditor's report and the City's Annual Comprehensive Financi... Page 395 of 420 2015 2016 2017 2018 2019
Monthly Base Rate 16.79 18.14 19.59 21.16 21.16
Rate Per 100 Cubic Feet
Tier 1 0.83 0.90 0.97 1.05 1.05
Tier 2 1.25 1.35 1.31 1.41 1.41
Tier 3 1.67 1.81 1.95 2.11 2.11
Tier 4 2.51 2.71 2.92 3.16 3.16
Tier 5 3.34 3.60 3.89 4.20 4.20
(1) Rates are based on a 3/4" x 1" meter size, which is the standard household meter size.

Note:

During FY 2013-2014, IWA changed its rate structure to a customized water budget with a five tiered water rate structure.

Source: Indio Water Authority
Fiscal Year
Indio Water Authority
Water Rates
Last Ten Fiscal Years
254

Independent auditor's report and the City's Annual Comprehensive Financi... Page 396 of 420 2020 2021 2022 2023 2024
Monthly Base Rate 21.16 21.16 21.16 21.16 21.16
Rate Per 100 Cubic Feet
Tier 1 1.05 1.05 1.05 1.05 1.05
Tier 2 1.41 1.41 1.41 1.58 1.58
Tier 3 2.11 2.11 2.11 2.11 2.11
Tier 4 3.16 3.16 3.16 3.16 3.16
Tier 5 4.20 4.20 4.20 4.20 4.20
Fiscal Year
Indio Water Authority
Water Rates (Continued)
Last Ten Fiscal Years
255

Independent auditor's report and the City's Annual Comprehensive Financi... Page 397 of 420 Percent of Percent of
Water Account Water Total Water Water Total Water
Customer Class Charges Revenues Charges Revenues
Andorra Apt, LLC Apartments
Capital Foresight Comm., LP Apartments 107,086 $ 0.52% 133,758 $ 0.60% DSUSD - Indio High School School 92,242 0.45% Fantasy Springs Casino Commercial 149,644 0.73% 172,599 0.78% Indian Palms Country Club Residential 106,638 0.48% Motorcoach CC POA, Inc RV Park 118,361 0.57% 119,735 0.54% Philip S Moreau RV Park
Polo Estates Ventures Commercial 150,299 0.73% 220,507 1.00% Pickering Ecents LLC (County Land) Government
Riverside County Government 248,708 1.21% 133,970 0.61% Smoketree Apartments Apartments 96,975 0.47% 102,554 0.46% Summerbreeze Homeowner's Assoc Apartments 89,414 0.43% 103,868 0.47% Summerfield Apartments Apartments 107,790 0.52% 115,682 0.52% The Club Worldmark Time Share 119,226 0.58% 116,155 0.52% 1,279,745$ 6.21% 1,325,466 $ 5.98%

Source: Indio Water Authority
20212020
Indio Water Authority
Ten Largest Water Customers
Last Five Fiscal Years
256

Independent auditor's report and the City's Annual Comprehensive Financi... Page 398 of 420 Percent of Percent of Percent of
Water Water Total Water Water Total Water Water Total Water Customer Charges Revenues Charges Revenues Charges Revenues Andorra Apt, LLC 79,599 $ 0.34%
Capital Foresight Comm., LP 135,842 $ 0.57% 132,203 0.56% 118,495 $ 0.51% DSUSD - Indio High School 80,952 0.35% 77,824 0.33% Fantasy Springs Casino 207,062 0.87% 199,007 0.85% 207,938 0.89% Indian Palms Country Club 172,428 0.73%
Motorcoach CC POA, Inc 125,301 0.53%
Philip S Moreau 70,901 0.30%
Polo Estates Ventures 251,796 1.14% 117,169 0.50% 83,544 0.36% Pickering Ecents LLC (County Land) 147,336 0.63% 100,990 0.43% Riverside County 160,941 0.68% 129,755 0.55% 124,108 0.53% Smoketree Apartments 112,739 0.47% 119,515 0.51% 113,928 0.49% Summerbreeze Homeowner's Assoc 98,870 0.42% Summerfield Apartments 109,530 0.46% 121,868 0.52% 132,321 0.57% The Club Worldmark 133,032 0.56% 131,950 0.56% 115,640 0.50% 1,507,541$ 6.43% 1,259,354 $ 5.37% 1,145,688 $ 4.91% 20242022 2023
Indio Water Authority
Ten Largest Water Customers (Continued)
Last Five Fiscal Years
257

Independent auditor's report and the City's Annual Comprehensive Financi... Page 399 of 420 indio.org
indio.org

Independent auditor's report and the City's Annual Comprehensive Financi... Page 400 of 420 City of Indio
City Council
March 5, 2025

STAFF REPORT

To: City Council
From: Bryan H. Montgomery, City Manager
Prepared by: Brian Halvorson, Dir. Of Community Development Subject: Public Hearing pursuant to the Tax Equity Financial Responsibility Act ("TEFRA") and adoption of a resolution authorizing issuance of tax-exempt revenue bonds by the California Municipal Finance Authority (CMFA) for development of the Avenue 44 Affordable Housing Project

RECOMMENDATION:

Adopt Resolution No. 10476 approving the issuance of tax-exempt revenue bonds by CMFA for financing of the Avenue 44 Apartments Project

SUMMARY:

Avenue 44 Pacific Associates, a California Limited Partnership, has applied to the California Municipal Finance Authority (CMFA) for the issuance of tax-exempt revenue bonds in the not-to- exceed amount of $50,000,000 to finance the development of the 180-unit multifamily rental housing project. As part of Federal Tax Law, the Tax Equity Financial Responsibility Act (TEFRA) requires the CMFA to provide a public forum for members of the public to comment regarding the proposed issuance of the bonds, and to obtain local approval before issuing the Bonds. The CMFA has requested that the City Council conduct the required public hearing and adopt a resolution approving the issuance of the bonds. The City will not be a party to the financing or documents relating to the bonds, nor will the bonds represent or constitute any debt or obligation of the City.

BACKGROUND INFORMATION:

Located northwest of Avenue 44 and Golf Center Parkway, the Avenue 44 Apartment project is a 180-unit affordable housing project being proposed by the Pacific Companies. The project unit mix will include 87 one-bedroom units, 48 two-bedroom units, and 45 three-bedroom units. The project will be an 8-building 3-story garden-style apartment complex with a building layout oriented to create a community concept that will feature a centrally located swimming pool, dog run/park, and playground. The project will also feature a community building that will include a leasing office, spacious clubroom and resident lobby, fitness center, computer room, laundry facilities, and restrooms.

Avenue 44 Pacific Associates has requested to borrow $50 million from the California Municipal Finance Authority (CMFA) via its issuance of bonds. The CMFA was created on January 1, 2004, under a joint exercise of powers agreement to assist local governments, nonprofit organizations, and businesses with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living in California. To date, over 320 municipalities, including the City of Indio, have become members of CMFA. CMFA has the power to issue revenue bonds to finance affordable housing AGENDA ITEM #12.1
Resolution No. 10476, approving the issuance of tax-exempt revenue bonds... Page 401 of 420 projects, such as the proposed Avenue 44 Apartments Project. The Avenue 44 Pacific Associates will construction, acquisition, the or finance refinance proceeds bond requested the use to improvement, and equipping of the Project.

Prior to the proposed issuance of the bonds, the Tax Equity Financial Responsibility Act ("TEFRA") requires a local jurisdiction in which a project is to be financed with the tax-exempt bonds to adopt a resolution approving the issuance of the bonds after holding a public hearing.

Financial Analysis:

There is no financial impact on the City. Specifically, the City will not be a party to the bond financing documents, and issuance of the bonds will not represent or constitute any debt or obligation to the City. In addition, future bond payments will be the sole responsibility of Avenue 44 Pacific Associates.

ATTACHMENTS:

Attachment 1- Proposed TEFRA Resolution
Attachment 2- Vicinity Map

APPROVAL(S):

Brian Halvorson, Dir. Of Community Development Approved - 26 Feb 2025 Steven Graham Pacifico, City Attorney Approved - 28 Feb 2025 Ruby D. Walla, Director of Finance Approved - 28 Feb 2025 Jonathan Nicks, Assistant City Manager Approved - 28 Feb 2025