LIVE OAK CITY COUNCIL AGENDA – FEBRUARY 5, 2025
The Council may take up any agenda item at any time, regardless of the order listed. Action may be taken on any item on this agenda. Materials related to an item on this Agenda submitted to the Council after distribution of the agenda packet are available for public inspection at City Hall, 9955 Live Oak Boulevard, Live Oak, during normal business hours.
Such documents are also available on the City of Live Oak’s website at www.liveoakcity.org, subject to staff’s availability to post the documents before the meeting.
In compliance with the Americans with Disabilities Act, the meeting room is wheelchair accessible and disabled parking is available. If you have a disability and need disability-related modifications or accommodations to participate in this meeting, please contact the City Clerk’s office at (530) 695-2112 x107. Requests must be made at least 24 hours in advance.
• Remote Viewing:
o Members of the public can view a livestream of the meeting online at https://liveoakca.granicus.com/ViewPublisher.php?view_id=1. o Members of the public can access the Zoom webinar as follows:
▪ Join by Electronic Device:
https://us02web.zoom.us/j/88040644469
▪ Join by Phone:
1-669-900-6833 or 1-833-548-0282 (Toll Free)
Webinar ID: 880 4064 4469
• Public Comment: Members of the public can submit general public comments, as well as comment on specific agenda items in the following ways:
o Public Attendance: Members of the public who attend in person may make comments from the Council Chamber podium.
LIVE OAK
CITY COUNCIL
REGULAR MEETING AGENDA
FEBRUARY 5, 2025
6:00 PM
MEETING LOCATION
LIVE OAK COUNCIL CHAMBERS
9955 LIVE OAK BOULEVARD
LIVE OAK, CALIFORNIA 95953
MEMBERS OF THE COUNCIL
JERAMY CHAPDELAINE, MAYOR
AARON PAMMA, VICE MAYOR
ASHLEY HERNANDEZ, COUNCILMEMBER
NANCY SANTANA, COUNCILMEMBER
BOB WOTEN, COUNCILMEMBER
RICK CRABTREE,
INTERIM CITY MANAGER
NICOLE ROSSER,
CITY ATTORNEY
1 LIVE OAK CITY COUNCIL AGENDA – FEBRUARY 5, 2025
o Live Remote Public Comment: Members of the public can submit a live remote public comment by:
▪ Joining the virtual Council meeting via the link below. When public comment is opened, raise your virtual hand and be called upon to speak for up to 3 minutes. https://us02web.zoom.us/j/88040644469
▪ Joining the virtual Council meeting by calling the phone number below. When public comment is opened, dial *9 to raise your hand and be called upon to speak for up to 3 minutes. 1-669-900-6833 or 1-833-548-0282 (Toll Free)
Webinar ID: 880 4064 4469
o Email Public Comment: Comments from the public on agenda items will be accepted until 1:00 pm on the date of the meeting, via email to the City Clerk at [email protected]. Comments will be distributed to Council prior to the meeting and attached to the minutes. Please note that emailed comments will NOT be read aloud by staff during the meeting. o eComment Feature: Comments from the public on agenda items will be accepted until 1:00 pm on the date of the meeting, via the eComment feature at
https://liveoakca.granicus.com/ViewPublisher.php?view_id=1. Comments will be distributed to Council prior to the meeting and attached to the minutes. Please note that eComments will NOT be read aloud by staff during the meeting.
2 LIVE OAK CITY COUNCIL AGENDA – FEBRUARY 5, 2025
CALL TO ORDER
ROLL CALL
PLEDGE OF ALLEGIANCE AND INVOCATION
CORRECTIONS AND/OR CHANGES TO THE AGENDA BY CITY MANAGER ONLY
PRESENTATIONS AND RECOGNITIONS
PUBLIC COMMENT
Any person wishing to address the City Council on general jurisdictional matters or consent calendar items may do so at this time. If you are commenting on an agenda item, your comments will be heard at the time that item is scheduled for discussion. The City Council adopted a time limit of three minutes per person. The Brown Act does not allow for Council discussion of items not on the agenda. Councilmembers may only a) refer the matter to staff; b) ask for additional information; c) request a report back; or d) provide a limited factual response for items not listed on the agenda.
CONSENT ITEMS
Consent Calendar is passed by one motion with exceptions and separate votes as noted.
1. City Council Meeting Minutes
Recommendation: Approve the January 15, 2025, City Council Regular Meeting minutes. (Clarissa Menchaca, City Clerk)
2. Appointments to the Feather River Air Quality Management District Recommendation: Approve the following appointments to the Feather River Air Quality Management District as required by Health and Safety Code Section 40152(b): City of Marysville Councilman Stuart Gilchrist as Director, City of Marysville Councilman Bruce Buttacovoli as Alternate Director, City of Yuba City Councilman Mike Pasquale as Director, City of Yuba City Councilman Wade Kirchner as Alternate Director, City of Wheatland Councilman Brian Abe as Director, and City of Wheatland Councilman John Abe as Alternate Director.
(Rick Crabtree, Interim City Manager)
3. Adoption of an Ordinance Adding in its Entirety Chapter 13.38 Authorizing the Implementation of an Electric Power Community Choice Aggregation Program in the City of Live Oak Recommendation: 1) Waive the second reading of the ordinance; 2) Adopt ordinance; and 3) Adopt resolution.
(Rick Crabtree, Interim City Manager)
BUSINESS ITEMS
4. Annual Audited Financial Statements - Year Ended June 30, 2024 Recommendation: Accept and file annual financial statements. (James Ramsey, Finance Director)
5. City Council Consideration of Appointments to City of Live Oak Planning Commission Recommendation: Consider the applications received for the three Live Oak Planning Commission vacancies.
(Laura Stewart, Associate Planner)
3 LIVE OAK CITY COUNCIL AGENDA – FEBRUARY 5, 2025
ITEMS REMOVED FROM THE CONSENT AGENDA FOR COUNCIL CONSIDERATION AND ACTION
UPDATES AND ANNOUNCEMENTS FROM THE CITY ATTORNEY AND CITY MANAGER
COUNCILMEMBER REPORTS / COMMENTS / REQUESTS
ADJOURNMENT
4 City of Live Oak
Report to City Council
Meeting Date: February 5, 2025
Title: City Council Meeting Minutes
Contact Information: Clarissa Menchaca, City Clerk
Recommendation: Approve the January 15, 2025, City Council Regular Meeting minutes.
Attachments:
Minutes
5 LIVE OAK CITY COUNCIL MINUTES – JANUARY 15, 2025
CALL TO ORDER
Meeting called to order by Mayor Chapdelaine at Live Oak City Council Chambers, 9955 Live Oak Boulevard, Live Oak, CA at 6:02 pm.
ROLL CALL
Present: Councilmembers Woten, Santana, Hernandez, Vice Mayor Pamma, and Mayor Chapdelaine
PLEDGE OF ALLEGIANCE AND INVOCATION
Councilmember Hernandez led the Pledge of Allegiance. Councilmember Woten delivered the invocation.
CORRECTIONS AND/OR CHANGES TO THE AGENDA BY CITY MANAGER ONLY There were no corrections and/or changes.
PRESENTATIONS AND RECOGNITIONS
A. Holiday Lights Decorating Contest Winners
Mayor Chapdelaine recognized the following winners of the Holiday Lights Decorating Contest:
3rd place: 2650 Gillespie Circle
2nd place: 3040 Sean Drive
1st place: 9424 Sinnard Street
Mayor’s award: 9665 Collier Avenue
PUBLIC COMMENT
The following member of the public addressed the Council: Cruz Mora.
The following member of the public submitted a written public comment: Dale Carlson.
LIVE OAK
CITY COUNCIL
MINUTES
JANUARY 15, 2025
6:00 PM
MEETING LOCATION
LIVE OAK COUNCIL CHAMBERS
9955 LIVE OAK BOULEVARD
LIVE OAK, CALIFORNIA 95953
MEMBERS OF THE COUNCIL
JERAMY CHAPDELAINE, MAYOR
AARON PAMMA, VICE MAYOR
ASHLEY HERNANDEZ, COUNCILMEMBER
NANCY SANTANA, COUNCILMEMBER
BOB WOTEN, COUNCILMEMBER
RICK CRABTREE,
INTERIM CITY MANAGER
NICOLE ROSSER,
CITY ATTORNEY
6 LIVE OAK CITY COUNCIL MINUTES – JANUARY 15, 2025
CONSENT ITEMS
Consent Calendar is passed by one motion with exceptions and separate votes as noted.
MOTION: APPROVE THE CONSENT AGENDA.
(MOTION: SANTANA; SECOND: WOTEN)
VOTE: MOTION PASSED UNANIMOUSLY
1. City Council Meeting Minutes
Clarissa Menchaca, City Clerk
Council action: December 18, 2024, City Council Regular Meeting minutes approved.
DISCUSSION ITEMS
2. Status Report: City Manager Recruitment
Rick Crabtree, Interim City Manager
Rick Crabtree, Interim City Manager, provided a report for the Council.
Public Comment was opened and closed without any speakers.
Council action: Accepted for information.
3. Set City Council Strategic Planning Session
Rick Crabtree, Interim City Manager
Rick Crabtree, Interim City Manager, provided a report for the Council.
Public Comment was opened and closed without any speakers.
Council action: Strategic Planning Session set for Saturday, February 8, 2025, at 10:00 am.
BUSINESS ITEMS
4. Introduction of an Ordinance Adding in its Entirety Chapter 13.38 Authorizing the Implementation of an Electric Power Community Choice Aggregation Program in the City of Live Oak Rick Crabtree, Interim City Manager
Rick Crabtree, Interim City Manager, provided a report for the Council.
Gina Stassi-Vanacore, Pioneer Community Energy Director of Communications, addressed questions from the Council.
Public Comment was opened and closed without any speakers.
MOTION: WAIVE THE FIRST READING OF THE ORDINANCE ADDING IN ITS ENTIRETY CHAPTER 13.38
AUTHORIZING THE IMPLEMENTATION OF AN ELECTRIC POWER COMMUNITY CHOICE AGGREGATION PROGRAM IN THE CITY OF LIVE OAK UNDER PUBLIC UTILITIES CODE SECTION 366.2. (MOTION: WOTEN; SECOND: HERNANDEZ)
VOTE: MOTION PASSED UNANIMOUSLY
7 LIVE OAK CITY COUNCIL MINUTES – JANUARY 15, 2025
ITEMS REMOVED FROM THE CONSENT AGENDA FOR COUNCIL CONSIDERATION AND ACTION There were no items removed from the Consent Agenda for Council consideration and action.
UPDATES AND ANNOUNCEMENTS FROM THE CITY ATTORNEY AND CITY MANAGER Rick Crabtree, Interim City Manager, touched on the results of the PFAS retesting performed by the Public Works Department and on the fire hydrant located at J Street.
COUNCILMEMBER COMMENTS
Councilmember Woten highlighted his attendance at the swearing-in of the newly elected Sutter County Board of Supervisors.
Councilmember Santana highlighted her attendance at the swearing-in of the newly elected Sutter County Board of Supervisors. Councilmember Santana inquired about engagement with the public during public comment. Furthermore, Councilmember Santana touched on illegal fireworks and addressed topics she would like to discuss during the strategic planning session.
Councilmember Hernandez discussed her attendance at a water rate study update meeting. Councilmember Hernandez highlighted the new businesses in the City and requested a comprehensive timeline be created for new businesses and development to walk them through processes step by step.
Vice Mayor Pamma highlighted his excitement on his new role and thanked Council for their warm welcomes.
Vice Mayor Pamma discussed the importance of expanding a staff person’s role to include Public Information Officer for the City. Vice Mayor Pamma inquired about the Welcome to Live Oak signs and the mid-year budget.
Lastly, Vice Mayor Pamma inquired about the Council having representation on the Live Oak Unified School Board and having a liaison for the Sutter County Board of Supervisors.
Mayor Chapdelaine touched on his attendance at the swearing-in of the newly elected Sutter County Board of Supervisors. Mayor Chapdelaine discussed establishing two-by-two committees with Sutter County as well as the school board. Additionally, Mayor Chapdelaine touched on the mid-year budget and audit. Mayor Chapdelaine highlighted his attendance at the Regional Housing Authority Board of Commissioners meeting and upcoming Sacramento Area Council of Governments meeting.
ADJOURNMENT
Mayor Chapdelaine adjourned the meeting at 7:12 pm with a moment of silence for the residents and first responders and all who were impacted in the Los Angeles fires and in memory of Andruw and Wesley Cornett.
Jeramy Chapdelaine, Mayor
ATTEST:
Clarissa Menchaca, City Clerk
8 City of Live Oak
Report to City Council
Meeting Date: February 5, 2025
Title: Appointments to the Feather River Air Quality Management Contact Information: Rick Crabtree, Interim City Manager Recommendation: Approve the appointments of City of Yuba City Councilman Michael Pasquale as Director, City of Yuba City Councilman Wade Kirchner as Alternate Member, and City of Wheatland Councilwoman Angela Teter as Alternate Member to the Feather River Air Quality Management District as required by Health and Safety Code Section 40152(b).
Attachments:
City of Live Oak Approval of Appointment Letter
9 10
City of Live Oak
Report to City Council
Meeting Date: February 5, 2025
Title: Adoption of an Ordinance Adding in its Entirety Chapter 13.38 Authorizing the Implementation of an Electric Power Community Choice Aggregation Program in the City of Live Oak
Contact Information: Rick Crabtree, Interim City Manager Location: City wide
Background: Pioneer Community Energy (Pioneer) is a Joint Powers Authority formed between the Counties of Placer and El Dorado, the Town of Loomis, and the Cities of Auburn, Colfax, Grass Valley, Lincoln, Nevada City, Placerville, and Rocklin.
Pioneer is a Community Choice Aggregation Program (CCA) authorized under Assembly Bill 117 (2002). The CCA provides local control over the electricity supply with a primary objective of providing competitive rates to the residents and businesses within its member jurisdictions.
Pioneer purchases the electricity supply (generation), and PG&E transmits and delivers the power through PG&E's infrastructure (poles and wires).
PG&E continues to own, operate, and maintain its distribution infrastructure, as well as to provide meter reading and billing services for Pioneer's customers.
On January 15, 2025, the City Council introduced and waived the first reading of the Live Oak Ordinance No. 587, AN ORDINANCE OF THE
CITY COUNCIL OF THE CITY OF LIVE OAK ADDING IN ITS
ENTIRETY CHAPTER 13.38 AUTHORIZING THE IMPLEMENTATION
OF AN ELECTRIC POWER COMMUNITY CHOICE AGGREGATION
PROGRAM IN THE CITY OF LIVE OAK.
11 Analysis: On September 24, 2024, the Pioneer executive team met with the City Manager and team to discuss the benefits of joining a CCA, how Pioneer may be a fit for their region, and necessary next steps required to join Pioneer.
On October 2, 2024, the Pioneer executive team gave a presentation to the City Council. This presentation was an overview of the many benefits of CCAs in general and Pioneer specifically. At this meeting, the Council authorized staff to proceed with an Impact Assessment Study.
At the December 19, 2024 Pioneer Governing Board meeting, the Board approved unanimously to allow staff to begin the process of amending the JPA to allow the Counties of Butte, Nevada, Sutter, and Tuolumne; the Cities of Chico, Oroville, Live Oak, Sonora, and Yuba City; and the Town of Paradise to join.
According to the Impact Assessment Study and the Pioneer leadership team, the expansion provides potential benefits to the residents and businesses in the new member service territories. Significant benefits include:
* Stable and Competitive Rates - From 2018 through 2023, Pioneer customers have saved $85 million, with an additional $21 million in anticipated savings in 2024.
* Local Control - As a member of the JPA, the City will have one seat on the Pioneer Board of Directors. This person is appointed by the Council from the elected officials. All meetings are open to the public and every representative's voice will be heard.
* Legislative and Regulatory Influence and Advocacy - Pioneer is an advocate for the member agency residents and businesses by working with the California State Legislature, the California Public Utilities Commission (CPUC), the California Energy Commission, and PG&E on behalf of customer interests and concerns.
* Local Jobs and Power Supply Resources - Pioneer supports local business and prioritizes local power contracts, goods and services. The projected savings for Pioneer customers will result in additional spending by residents and businesses, further stimulating the local economy.
* Programs - The new members will have an impact on energy efficiency programs that are developed and the ability to customize programs to meet their specific needs.
If approved by the City of Live Oak, Pioneer plans to submit an Implementation Plan detailing Pioneer's expansion and planned service launch to the CPUC in March 2025. Based on results of the Impact Assessment Study, the optimal time for a service launch into expansion territories is October 2027, which allows Pioneer's procurement team the time needed to secure power resources while remaining in compliance and avoids the costly summer months. Pioneer will work with the City on a comprehensive education and outreach campaign to ensure a strong public understanding of expansion into each area.
12 Fiscal Impacts: The fiscal impact was a cap of $15,000, split between jurisdictions to fund half of the cost of the impact Assessment Study with Pioneer funding the other half. Live Oak's share of the shared cost is $5,000. There is no risk to the General Fund as the cost to serve the new members is funded through Pioneer rates.
Recommendation: 1) Waive the second reading of the ordinance; 2) Adopt ordinance; and 3) Adopt resolution.
Attachments:
Ordinance
Resolution
PowerPoint Presentation
13 Ordinance No.
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LIVE OAK ADDING IN ITS ENTIRETY CHAPTER 13.38 AUTHORIZING THE IMPLEMENTATION OF AN ELECTRIC
POWER COMMUNITY CHOICE AGGREGATION PROGRAM IN THE CITY OF LIVE OAK
THE CITY COUNCIL OF THE CITY OF LIVE OAK, STATE OF CALIFORNIA, ORDAINS AS FOLLOWS:
SECTION I:
The City Council hereby finds and determines as follows:
1. On September 24, 2002, the Governor of California signed into law Assembly Bill 117 (Statute 2002, Chapter 838; see California Public Utilities Code section 366.2; hereinafter referred to as the “Act”), which authorizes any California city or county, whose governing body so elects, to combine electricity load of its residents and businesses in a Community Choice Aggregation program (CCA). The Act expressly authorizes participation in a CCA through a joint powers authority; and
2. On September 9, 2015, the County of Placer and the City of Colfax entered into the original Joint Exercise of Powers Agreement for the purpose of establishing the Sierra Valley Energy Authority as a joint powers authority under the Joint Exercise of Powers Act, Government Code section 6500, et seq.; and
3. The California Public Utilities Commission certified the “Implementation Plan” of the Sierra Valley Energy Authority, confirming compliance with the requirements of the Act; and
4. On February 22, 2017, the Amended and Restated Joint Powers Agreement became effective and authorized the Cities of Auburn, Lincoln, Rocklin, and the Town of Loomis to become Voting Members of the Joint Exercise of Powers Agreement and established a Community Choice Aggregation Program within the jurisdictions of the Voting Members; and
5. Resolution No. 2017-3 of the Sierra Valley Energy Authority approved a name change from Sierra Valley Energy Authority to Pioneer Community Energy (“Pioneer”), as it is known today; and
6. Subsequent amendments to the Amended and Restated Joint Powers Agreement have authorized the County of El Dorado and the Cities of Grass Valley, Nevada City, and Placerville to become Voting Members; and
7. Currently electricity is generated and provided to the residents of the City of Live Oak by Pacific Gas and Electric Company (PG&E) with no alternative provider for the City of Live Oak.
14 8. The City of Live Oak finds it important that its residents, businesses and public facilities have alternative choices to energy procurement beyond PG&E.
9. In October of 2024, the City of Live Oak and Pioneer began discussions and studies to consider the financial feasibility and assessed risk of the addition of City of Live Oak into the service area of Pioneer.
10. Contingent on completion of those discussions and studies, the City of Live Oak believes joining Pioneer will provide financial and other advantages to businesses and residents of the City of Live Oak.
11. The Amended and Restated Joint Exercise of Powers Agreement requires a prospective member to individually adopt a resolution of intent expressing desire to become a member of the Joint Powers Authority and adopt an ordinance electing to implement a CCA within its jurisdiction under California Public Utilities Code section 366.2.
12. The City of Live Oak finds that adoption of this ordinance is exempt from the requirements of the California Environmental Quality Act (CEQA) pursuant to the CEQA Guidelines, as it is not a “project” since it has no potential to result in a direct or reasonably foreseeable indirect physical change to the environment. (14 Cal. Code Reg. § 15378).
Further, the ordinance is exempt from CEQA, as there is no possibility that the ordinance or its implementation would have a significant effect on the environment. (14 Cal. Code Reg. § 15061(b)(3)).
SECTION II:
The City Council of the City of Live Oak authorizes the implementation of a Community Choice Aggregation Program within the areas currently served by PG&E through participation in the Community Choice Aggregation Program of the Pioneer Community Energy Joint Powers Authority, contingent on all of the following: (a) completion of the impact analysis by Pioneer, (b) adoption of a resolution of intent by the City of Live Oak expressing the City of Live Oak’s desire to become a member of Pioneer, (c) approval of Pioneer Community Energy’s Amended and Restated Joint Exercise of Powers Agreement, as amended, by the City of Live Oak, (d) approval by the Governing Board of Pioneer Community Energy of the membership of City of Live Oak, and (e) the certification by the California Public Utilities Commission of the Implementation Plan filed by Pioneer to include the City of Live Oak.
SECTION III:
The provisions of this Ordinance are separate and severable. If any provision of this Ordinance is for any reason held by a court to be invalid, the City Council of the City of Live Oak declares that it would have passed this Ordinance irrespective of the invalidity of the provision held to be invalid and such invalidity shall therefore not affect the remaining provisions of this Ordinance which shall remain in 15 full force and effect or the validity of its application to other persons or circumstances.
SECTION IV:
This Ordinance shall take effect and be in full force thirty (30) days from and after introduction and adoption, and before the expiration of fifteen (15) days after its passage it shall be published once, with the names of the members of the City Council voting for and against same in the Appeal Democrat, a newspaper of general circulation printed and published in the City of Live Oak area.
Introduced and the first reading waived at a regular meeting of the City Council of the City of Live Oak on the 15th day of January, 2025, and passed and adopted after waiving the second reading at a regular meeting thereafter on the __ day of February, 2025, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAINED:
APPROVED:
____________________________
Jeramy Chapdelaine, Mayor
ATTEST:
_________________________
Clarissa Menchaca, City Clerk
APPROVED AS TO FORM:
Nicole Rosser, City Attorney
16 384154.2
Resolution No.
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LIVE OAK REQUESTING MEMBERSHIP IN PIONEER
COMMUNITY ENERGY AND APPROVING THE AMENDED AND RESTATED JOINT EXERCISE OF POWERS AGREEMENT AS AMENDED THROUGH AMENDMENT NO. 6
WHEREAS, on September 24, 2002, the Governor of California signed into law Assembly Bill 117 (Statute 2002, Chapter 838; see California Public Utilities Code section 366.2; hereinafter referred to as the “Act”), which authorizes any California city or county, whose governing body so elects, to combine electricity load of its residents and businesses in a Community Choice Aggregation program (CCA). The Act expressly authorizes participation in a CCA through a joint powers authority; and WHEREAS, on September 9, 2015, the County of Placer and the City of Colfax entered into the original Joint Exercise of Powers Agreement for the purpose of establishing the Sierra Valley Energy Authority as a joint powers authority under the Joint Exercise of Powers Act, Government Code section 6500, et seq.; and
WHEREAS, the California Public Utilities Commission certified the “Implementation Plan” of Pioneer, confirming Pioneer’s compliance with the requirements of the Act; and WHEREAS, on February 22, 2017, Pioneer Community Energy (Pioneer) was established as a joint powers authority pursuant to an Amended and Restated Joint Powers Agreement, as amended from time to time, for the establishment of a CCA; and
WHEREAS, Resolution No. 2017-3 of the Sierra Valley Energy Authority approved a name change from Sierra Valley Energy Authority to Pioneer Community Energy (“Pioneer”), as it is known today; and WHEREAS, subsequent amendments to the Amended and Restated JPA have authorized the County of El Dorado and the Cities of Grass Valley, Nevada City, and Placerville to become Voting Members; and
WHEREAS, currently electricity is generated and provided to the residents of City of Live Oak by Pacific Gas and Electric Company (PG&E) with no alternative provider for the City of Live Oak; and WHEREAS, the City of Live Oak finds it important that its residents, businesses and public facilities have alternative choices to energy procurement beyond PG&E; and WHEREAS, in October 2024, the City of Live Oak and Pioneer began discussions and studies to consider the financial feasibility and assessed risk of the addition of the City of Live Oak into the service area of Pioneer; and
WHEREAS, having conducted additional discussions with Pioneer and having reviewed the results of the impact analysis co-commissioned by the City of Live Oak City Council and Pioneer, the City of Live Oak believes joining Pioneer will provide financial and other advantages to businesses and residents of the City of Live Oak by providing alternative choices to energy procurement beyond PG&E; and
17 384154.2
WHEREAS, the Amended and Restated Joint Exercise of Powers Agreement requires a prospective member to individually adopt a resolution of intent expressing desire to become a member of the Joint Powers Authority, agree to be bound by the Joint Exercise of Power Agreement, and its intention to have the Territory of the member’s jurisdiction included in the service Territory of the CCA; and
WHEREAS, the City of Live Oak finds that adoption of this resolution is exempt from the requirements of the California Environmental Quality Act (CEQA) pursuant to the CEQA Guidelines, as it is not a “project” since it has no potential to result in a direct or reasonably foreseeable indirect physical change to the environment. (14 Cal. Code Reg. § 15378). Further, the resolution is exempt from CEQA, as there is no possibility that the resolution or its implementation would have a significant effect on the environment. (14 Cal. Code Reg. § 15061(b)(3)).
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LIVE OAK HEREBY RESOLVES AS FOLLOWS:
Section 1. The recitals above are true and correct and are incorporated into this resolution by this reference.
Section 2. The City Council of the City of Live Oak hereby expresses its desire to become a member of the Pioneer Community Energy Joint Powers Authority.
Section 3. The City Council of the City of Live Oak requests that the Board of Directors of Pioneer Community Energy approve the City as a member of the Pioneer Community Energy Joint Powers Authority.
Section 4. The City Council of the City of Live Oak approves the Amended and Restated Joint Exercise of Powers Agreement, as amended through Amendment No. 6 (attached hereto as Exhibit A and incorporated as if fully set forth herein) and authorizes the Mayor of the City of Live Oak to execute same.
Section 5. The City Council of the City of Live Oak authorizes the City Manager, or designee, to execute other documents necessary or desirable to facilitate membership in Pioneer Community Energy, subject to review and approval by City of Live Oak Counsel.
Section 6. This resolution shall take effect at the time Ordinance No. 587, Authorizing the Implementation of an Electric Power Community Choice Aggregation Program in the City of Live Oak, becomes effective.
18 384154.2
PASSED AND ADOPTED by the City Council of the City of Live Oak at a regular meeting of the Council, held this 5th day of February, 2025, by the following vote:
AYES:
NOES:
ABSENT:
NOT VOTING:
APPROVED:
Jeramy Chapdelaine, Mayor
ATTEST:
Clarissa Menchaca, City Clerk
19 An Overview and
Expansion Outlook for
City of Live Oak
October 2, 2024
20 Introductions
• Gina Stassi-Vanacore: Director of Communications, Pioneer Community Energy
• Lisa DeLaby: Community Outreach Manager, Pioneer Community Energy
21 About
Pioneer
22 What is a CCA?
Community Choice Aggregation (CCA)
• Allows local governments to purchase electricity on behalf of residents and businesses in place of investor-owned utilities (i.e., PG&E) • Borne out of the energy crisis of the early 2000s
o California Legislature to pass Assembly Bill 117 in 2002, enabling community choice in its electricity provider
• Well established and successful
o First CCA launched in 2010
o In 2024, 25 CCAs serve more than 200 communities throughout California o Providing generation for approximately 14 million customers 23 How Does A CCA Work?
Pioneer buys electricity
from various suppliers.
The buying team works
with sources to negotiate
pricing and ensure a
steady, affordable energy
supply.
PG&E delivers
electricity, maintains
the infrastructure of
power lines and poles,
and sends out bills to
customers.
As a customer of both
Pioneer and PG&E,
customers get a choice in
electricity providers. With
Pioneer, you'll receive
competitive rates, energy
options and exceptional
customer service.
24 Why Choose Pioneer?
• Pioneer serves inland communities with similar
priorities like customer savings, community
reinvestment, exceptional customer service, and
economic development
• Ratepayer Savings – We are committed to providing
competitive electricity rates and have saved
customers $85 million since launching in 2018
• Pioneer is a Joint Powers Authority, a not-for- profit public agency, with a board of directors comprised of
only elected officials from the jurisdictions we serve
• Creating opportunities to support biomass, and local
power purchase agreements
- El Dorado Irrigation District ($37 million)
- PCWA (Over $10 million)
- Sierra Pacific Industries ($1.2 million)
- Grass Valley- Biomass RFP
- Western Placer Waste Management- biomass plant 25
Our Current Service Area
26 Benefits to Your Citizens
Lower
Utility Bill
Local
Control
Customer
Service
Energy
Future
Programs
Stability
Choice
Community
Saves money. From 2018 –
2023, customers have saved
$85 million compared to PG&E.
Customers are our
shareholders. Pioneer is a
JPA. Our Board is comprised
of elected officials from the
communities we serve.
Excellent customer
service. We live in the
community and know most
of the questions you have
and can relate.
Customers decide if they
want all renewable energy or
less and you decide what
energy projects we invest in.
Customers decide the
energy efficiency programs
we launch. Not PG&E.
Approved $2MM for funding.
Track record of success
Pioneer is financially stable with
an A- credit rating from S&P
Customers have a choice
for the first time in 100
years.
Customers are being served by
a utility that is a member of
the community. We buy,
invest and support the
community.
Your
Citizens
27 Expansion
Into Live
Oak
28 Pioneer/Live Oak Connection
• Spring 2024: Pioneer began discussions with Sutter County, Yuba City, and Live Oak about service expansion
• Spring/Summer 2024: Jurisdictions agreed to jointly commission an Impact Assessment Study to determine the feasibility of service expansion
• Summer 2024: Impact Assessment Study is conducted
• Fall 2024: Study results are shared with Pioneer’s Expansion Committee and Board of Directors
o Pioneer Board made recommendations on moving forward based on study findings
o Pioneer shares study findings and Board recommendations with jurisdictions; presents findings to Board/Councils
29 Increasing Interest in Pioneer
30 Two Questions to Answer
• Does it make financial sense to move
forward with expansion?
o Purpose of the Impact Assessment Study
o Go/No-Go Decision Point
• Do we have the power supply resources to
serve?
o Answers the timing of the launch
Phase-In vs. All at once
31 City of Live Oak Customer
Information
Expansion to Sutter County customers would represent an approximate 24% increase to Pioneer retail sales.
Expansion into City of Live Oak customers would
represent an approximate 1% increase to Pioneer retail
sales.
Data above are unadjusted for opt-out assumptions and
excludes standby accounts.
Classification Accounts
Annual
Energy
(MWh)
Average
Customer Usage
(kWh/Mo.)
Residential 3,017 15,150 418
Com/Ind 168 6,835 3,390
Ag/Pumping 9 85 783
Street Lighting 43 86 167
Total 3,237 22,156 570
Peak Demand
(MW)
6 -
500
1,000
1,500
2,000
G
W
h
p
er Y
e
ar
PIONEER LIVE OAK
-
50,000
100,000
150,000
200,000
A
c
c
o
u
nts
PIONEER LIVE OAK
32 Assumptions in the Study
• Examined 2 years of consecutive data (2022/2023)
• Projected revenues from current rates
o Very conservative approach
o Current rates average 7% discount
• Power Supply
o Energy
o Renewable Energy
o Resource Adequacy
33 Fiscal Impact Summary
• *Reflects partial year of service for fiscal year ending June 30, 2028. • Prior to Pioneer expansion, other implementation costs would be incurred. Such costs may be related to utility service fees, marketing and outreach, regulatory and legal representation, internal operations, resource planning and procurement.
FYE 2028 FYE 2029 FYE 2030 Total
Revenue ($MM) $ 162.8 $ 254.8 $ 260.1 $ 677.7
Operating Expenses
($MM)
$ 141.9 $ 252.4 $ 252.0 $ 646.3
Net Operating Margin
($MM) $ 21.0 $ 2.4 $ 8.1 $ 31.4
Electricity Sales (MWh) 1,264,837 1,848,607 1,886,873 5,077,642 Avg. Revenue ($/MWh) $ 128.82 $ 135.04 $ 135.04 $ 133.47 Avg. Expense ($/MWh) $ 112.15 $ 133.77 $ 130.86 $ 127.28 Avg. Margin ($/MWh) $ 16.57 $ 1.27 $ 4.18 $ 6.19
Avg. Margin (% of Rev) 13% 1% 3% 5%
34 Pioneer Board Direction
• Pioneer’s Board received a
presentation on Sept. 19th on the
results of the study
• Study recommended launch of
October 2027
• Over the next few months, we
confirm all parties remain on course
to join and in parallel conduct
market assessment on resources
• Return to the Board in December
with a consideration to start the
expansion process
35 Next Steps
Sep 2024
Initial Study
Results
Shared with
Expansion
Committee
Sep-Oct 2024
Results Shared
with
Prospective
Members
Oct-Nov
2024
Staff
Analyzes
Resource
Constraints
and Creates
Enrollment
Phasing
Schedule
Dec 2024
Staff Brings
Enrollment Phasing
Schedule to
Expansion
Committee for
Board
Recommendation
Nov-Dec
2024
Board
Approves
New
Memberships
and JPA
Amendment
Jan-Feb 2025
New Member
Ordinances
Adopted
Feb-Mar 2025
Implementation
Plan
Amendment
Submitted to
CPUC
36 Appendix
37 Mission & Vision
Mission Statement (What we do) – Pioneer
Community Energy is a locally owned provider of
electricity – powering the communities we serve
with competitive rates, exceptional local service,
and a choice in energy options
Vision Statement (Where we want to be) – A
community partner in energy solutions, and
positive local impact, powering today and
empowering tomorrow
38 Myth Busters
There are many misconceptions about CCAs in particular and Pioneer specifically. Here are some of the big ones …
MYTH FACT
Pioneer replaces PG&E. Pioneer is a choice on the generation portion of your utility service. Poles, wires, and bill are still with
PG&E.
Joining Pioneer will impact my PG&E service. CCA customer requests are not be “put in the back of the line” because you’re with a CCA
PG&E will increase Transmission & Distribution
(T&D) rates to compensate for the City joining
Pioneer.
There is no impact to your PG&E T&D rates due to
joining Pioneer.
Pioneer is just a “middle-man” buying from
PG&E and marking up to the ratepayers.
Pioneer procures its own power from various sources
to provide savings, not PG&E.
I’m on Solar NEM 2.0. and will be defaulted to
the new NEM rate (Solar Billing Plan – SBP)
Whatever NEM vintage customers have simply
transfers to Pioneer. Plus, Pioneer pays a ½-cent
premium over PG&E on your net generation.
Customers lose my PG&E programs by joining
Pioneer
Any program or special rate customers have with
PG&E rolls over to Pioneer and is not be impacted by
joining Pioneer.
39 Rate Products
40 Community Investment
03 04
02 05
01 06
$37 Million. Signed a 10-year PPA with El
Dorado Irrigation District
$15 million. Budget for Feed-In Tariff to
support local biomass and small-hydro in the
service territory
$126 million. Life-to-data through 2024 of
utility bill savings that is money staying in the
region and not going to Oakland
>$10 million. Energy and resource
adequacy purchases from PCWA
$1.2 million. Renewable energy credits from
Sierra Pacific Industries biomass plant in
Lincoln
$2 million. Energy efficiency programs
budget with direct impact to our ratepayers
41 How are customers billed?
PG&E Bill – Page #1
• Pioneer listed on the front page
• Customer pays total energy bill to PG&E – one payment • PG&E remits $ to Pioneer
42 Power Mix
43 PG&E Programs Carry Over
• Enrollment in any program with PG&E, carries over to
Pioneer. Examples include but not limited to:
• CARE
• FERA
• Medical Baseline
• PG&E service will not be impacted by joining Pioneer
(e.g., service request placed last in que with PG&E
because you’re with Pioneer)
• In addition, customers have access to Pioneer programs that are created to meet the unique needs of the
communities we serve.
44 Benefits for Solar Customers
• Pioneer has 42,000+ solar accounts
• If you are a net generator, we pay a ½ cent premium
over PG&E for your power
• If you are a net consumer, you enjoy the same
discount as non-solar customers
• No contract or PPA required
• Reconcile monthly
• Annual pay-outs
• Indifferent on NEM 1,2 or SBP
45 Thank you again
for having us here!
Learn more about us.
46 City of Live Oak
Report to City Council
Meeting Date: February 5, 2025
Title: Annual Audited Financial Statements - Year Ended June 30, 2024 Contact Information: James Ramsey, Finance Director
Background: Background:
Each year the City of Live Oak issues an Annual Comprehensive Financial Report (ACFR) (attached), which was previously referred to as the Comprehensive Annual Financial Report (CAFR). The ACFR summarizes the financial transactions of a local government for the year in accordance with the generally accepted accounting standards as promulgated by the Governmental Accounting Standards Board (GASB).
The audit is required by the loan covenants on the water and sewer systems, as well as the as Title 2, Grants and Agreements, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, of the Code of Federal Regulations (Single Audit).
The City has engaged a regional, independent certified public accountants (CPA) firm, Rogers, Anderson, Malody, and Scott LLP (RAMS) to perform the audit in accordance with generally accepted auditing standards and Government Auditing Standards. The audit was based out of LSL's Sacramento office. LSL has issued an unmodified or "clean" opinion that was dated on December 18, 2024. The Single Audit is currently underway and is expected to be issued no later than March 31, 2025.
Financial Highlights:
The City's net position as of June 30, 2024 was $81,132,159, which was a decrease of $3,113,734 as compared to last fiscal year. The net position includes items such as capital assets ($59,714,038), net pension liability ($2,383,724), and other long-term obligations such as bonds, notes, leases, and compensated absences ($5,590,323).
The City's General Fund ended with a fund balance of $2,310,265, of which most of it was assigned as committed. The General Fund balance decreased 47 by $812,436 due to expenditures greater than actual revenues received.
Across all governmental funds, fund balance ended at $6,156,957, a decrease of $1,156,166. The most significant decrease is recorded in General Fund.
The water fund's net position decreased by $1,577,288 from $8,616,675 to $7,39,387 primarily as a result of capital contributions recorded in the fund.
The sewer fund's net position decreased by $1,031,372 primarily due to a significant increase in the net pension liability as well as other operating expenditures (included depreciation), being greater than revenues.
Other Information:
The ACFR was submitted to the Government's Finance Officers Association (GFOA) excellence in financial reporting award program.
Additionally, RAMS has issued their board communication letter in accordance with the clarified auditing standards. The letter identified the net pension liability and net other-postemployment benefits (OPEB) asset as significant estimates. These estimates are determined by actuaries in accordance with their applicable standards.
Finally, RAMS has identified two items that were reported as observations to management as recommendations to internal controls. Management is in the process of revising policies and procedures to address these findings.
Fiscal Impacts: None.
Recommendation: Accept and file annual financial statements.
Attachments:
Annual Comprehensive Financial Report
GANN
Management Comment Letter
SAS 114
48 CITY OF LIVE OAK, STATE OF CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Fiscal Year Ended June 30, 2024
PREPARED BY THE FINANCE DEPARTMENT
49 This page intentionally left blank.
50 CITY OF LIVE OAK, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2024
PREPARED BY THE FINANCE DEPARTMENT
51 This page intentionally left blank.
52 City of Live Oak
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2024
TABLE OF CONTENTS
INTRODUCTORY SECTION (UNAUDITED) :
Transmittal Letter .................................................................................................................... i GFOA Award Certificate ......................................................................................................... iv Organizational Chart .............................................................................................................. v FINANCIAL SECTION:
Independent Auditors’ Report ................................................................................................ 1 Management Discussion and Analysis (Required Supplementary Information) .................... 5 Basic Financial Statements
Government-Wide Financial Statements:
Statement of Net Position ............................................................................................. 13 Statement of Activities .................................................................................................. 14 Fund Financial Statements:
Balance Sheet – Governmental Funds ........................................................................ 16 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ................................................................................... 18 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds .......................................................................................... 19 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ................ 21 Statement of Fund Net Position – Proprietary Funds .................................................. 22 Statement of Revenues, Expenses and Changes in Fund Net Position – Proprietary Funds ................................................................................................... 23 Statement of Cash Flows – Proprietary Funds ............................................................ 24 Notes to Basic Financial Statements ................................................................................. 25 REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED):
Budgetary Comparison Schedule by Department - General Fund .................................... 63 Budgetary Comparison Schedule – Program Income ....................................................... 64 Schedule of Proportionate Share of Net Pension Liability .................................................... 65 Schedule of Pension Plan Contributions ............................................................................ 67 Schedule of Changes in the Net OPEB Asset and Related Ratios .................................. 68 Schedule of OPEB Plan Contributions ............................................................................... 69 Notes to Required Supplementary Information ................................................................. 70 53 City of Live Oak
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2024
TABLE OF CONTENTS (continued)
FINANCIAL SECTION (continued):
SUPPLEMENTARY INFORMATION:
Nonmajor Governmental Funds:
Combining Balance Sheet ............................................................................................ 75 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ........................................................................................................ 83 Budgetary Comparison Schedules:
Streets and Roads .................................................................................................. 91 Traffic Safety .................................................................................................................. 92 COPS ......................................................................................................................... 93 Sidewalk Improvement ........................................................................................... 94 Street Lighting ......................................................................................................... 95 Mello Roos CFD 92-1 .......................................................................................................... 96 Fire Benefit Assessment ......................................................................................... 97 Mello Roos CFD 2004-1 Fire .............................................................................. 98 Mello Roos CFD 2004-1 Police .............................................................................. 99 Mello Roos CFD 2004-1 Animal Services ........................................................... 100 Mello Roos CFD 2004-1 Street Lighting ............................................................... 101 Mello Roos CFD 2004-1 Parks/Recreation/Pool ................................................. 102 Mello Roos CFD 2004-1 Storm Drain .................................................................. 103 Parks and Recreation Impact Fees ....................................................................... 104 Community Center Impact Fees ............................................................................ 105 Public Works Impact Fees ...................................................................................... 106 General Government Impact Fees ........................................................................ 107 Police Impact Fees ................................................................................................. 108 Fire Impact Fees ..................................................................................................... 109 Signal Impact Fees ................................................................................................. 110 Flood Control Impact Fees ..................................................................................... 111 Storm Drain Connection Fees ................................................................................ 112 Transportation .................................................................................................. 113 ARPA ..................................................................................................................................... 114 Nonmajor Proprietary Funds:
Combining Statement of Net Position ........................................................................ 115 Combining Statement of Revenues, Expenditures and Changes in Net Position ..... 116 Combining Statement of Cash Flows ........................................................................ 117 54 City of Live Oak
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2024
TABLE OF CONTENTS (continued)
STATISTICAL SECTION:
Narrative Summary ............................................................................................................. 118 Financial Trend Information:
Net Position by Component – Last Ten Fiscal Years ................................................... 119 Changes in Net Position – Last Ten Fiscal years .............................................................. 120 Fund Balances of Governmental Funds – Last Ten Fiscal Years ................................. 122 Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years .............. 123 Revenue Capacity Information:
Assessed Value and Actual Value of Taxable Property – Last Ten Fiscal Years .......... 124 Property Tax Rates – All Overlapping Governments – Last Ten Fiscal Years .............. 125 Principal Property Tax Payers – Current Year and Nine Years Ago ................................ 126 Property Tax Levies and Collections – Last Ten Fiscal Years ........................................... 127 Debt Capacity Information:
Ratios of Outstanding Debt by Type – Last Ten Fiscal Years ...................................... 128 Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years .......................... 129 Direct and Overlapping Bonded Debt ................................................................................ 130 Computation of Legal Bonded Debt Margin ..................................................................... 131 Demographic and Economic Information:
Demographic and Economic Statistics – Last Ten Calendar Years ............................... 132 Principal Employers – Current Year and Prior Year ...................................................... 133 Operating Information:
Full-Time and Part-Time City Government Employees – Last Ten Fiscal Years .......... 134 Operating Indicators – Last Ten Fiscal Years ................................................................. 135 Capital Asset Statistics – Last Ten Fiscal Years ............................................................. 136 Sales Value History – Last Ten Years .............................................................................. 137 55 This page intentionally left blank
56 City Hall: 530-695-2112 Fax: 530-695-2595 9955 Live Oak Blvd., Live Oak, CA 95953 www.liveoakcity.org i
December 18, 2024
To the Honorable Mayor, City Council and Citizens of Live Oak:
ANNUAL COMPREHENSIVE FINANCIAL REPORT OF THE CITY OF LIVE OAK We are pleased to present the Annual Comprehensive Financial Report (ACFR) of the City of Live Oak for the fiscal year ended June 30, 2024. Although addressed to the City’s governing body and its citizens, the ACFR is intended also to provide relevant financial information to creditors, investors, and other interested parties. This transmittal letter provides a summary of City of Live Oak finances,services, achievements and economic prospectsfor readers without a technical background. Those wishing a more detailed discussion of the City’s financial results should refer to Management’s Discussion and Analysis (MD&A) contained in the Financial Section of the ACFR.
Management takes sole responsibility for the accuracy of the information contained in this report, the adequacy of its disclosures, and the fairness of its presentation. To provide a reasonable basisfor making thisrepresentation, the City has established a system of internal controls designed to protect City assets from loss, to identify and record transactions accurately, and to compile the information necessary to produce financial statements in conformity with generally accepted accounting principles.
The City contracted with Rogers, Anderson, Malody & Scott, LLP, a firm of Certified Public Accountants licensed to practice in the State of California, to perform the annual independent audit. The goal of the audit is to obtain reasonable, but not absolute assurance that the financial statements are free of material misstatements and are fairly presented in conformity with the generally accepted accounting principles (GAAP). The City auditors have issued an unmodified (“clean”) opinion that the City’s financial statements for fiscal year ended June 30, 2024.
This conclusion isthe most favorable kind and is presented asthe component of the financialsection of thisreport.
REPORTING ENTITY
The City of Live Oak is a growing, rural community located on the Highway 99 corridor 60 miles north of Sacramento at the north end of Sutter County. Incorporated in 1947 and named for the oak forest that once dominated the landscape, Live Oak is rooted strongly in agriculture, surrounded on all sides by bountiful agriculture production including peaches, nuts, rice, and other crops. Live Oak has grown to a population of 9,400 residents and comprises of 3.1 square miles.
The City is a full‐service general law city that operates under a Council‐Manager form of government. The City’s five Council Members are elected at large and serve four‐year terms. The elections are staggered every two years, with three seats open in one election and two seats open in the next election. The Mayor and Vice‐Mayor are elected by the City Council to serve one‐year terms. The City Council appoints a City Manager to implement its policies and directives. All of the City departments operate under the supervision of the City Manager.
The City provides a full range of municipal services, including police and fire protection, street and park maintenance, community development, building inspection, code enforcement, recreation programs, finance, grants and general administration. The City also operates a municipal pool, water treatment plant and a waste‐ water treatment facility.
57 City Hall: 530-695-2112 Fax: 530-695-2595 9955 Live Oak Blvd., Live Oak, CA 95953 www.liveoakcity.org ii
At one time a major hub forshipping produce, Live Oak isstill linked to transportation with both the Union Pacific Railroad tracks and Highway 99 running north and south through the community. The world’s smallest mountain range, the Sutter Buttes, is seven miles west of the city providing magnificent views of this natural attraction. The Feather River flows quietly less than two miles to the east.
The Live Oak City Council is responding to recent growth by undertaking an effort to adopt a new 2030 General Plan, new zoning ordinances, building design guidelines, water/sewer/storm drain master plans and a streetscape design master plans for the Highway 99 corridor. Over 300 acres of highway frontage zoned for business growth was annexed in 2011. A state‐of‐the‐art wastewater treatment plant was completed in 2012 ensuring adequate capacity for expected growth. The newly renovated Live Oak Depot, an icon of the community’s historic link to the railroad, anchorsthe downtown core. New renovated parks provide recreational opportunities for Live Oak residents. Live Oak is poised as one of the nicest rural communities in the northern Sacramento Valley.
ECONOMIC CONDITION AND OUTLOOK
Property taxes, sales taxes, general taxes and assessments received by the City's governmental funds had a slight increase in revenues over the prior years as part of the recovery from the COVID‐19 pandemic.
These modest increases have restored the City's core revenue base to what it was received in the peak year of FY 2007‐08. The widening of Highway 99 is expected to lead to new commercial opportunities.
In recent years, the City has leveraged various grant sources in funding significant public improvements projects including the City's new soccer park, sheriff and fire station rehabilitation and recent expansion of its bike/pedestrian trail system. Such projects add to the existing community assets and provide for new facilities for the betterment of public services being delivered to the City's residents.
SIGNIFICANT EVENTS AND ACCOMPLISHMENTS
Highlights of activities and accomplishments for the fiscal year ended June 30, 2024 include the following:
Continued rehabilitation work on Pennington Road.
Provided over $250,000 in local business grants for exterior and interior improvements. Finalized negotiations for public safety contracts.
FINANCIAL INFORMATION
The City’s management staff is responsible for establishing and maintaining internal controls that safeguard the assets of the government from loss, theft, or misuse and allow the compilation of adequate accounting data for the preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP). Internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that the cost of a control should not exceed its likely benefits and that the evaluation of costs and benefits is subject to management estimates and judgments.
58 City Hall: 530-695-2112 Fax: 530-695-2595 9955 Live Oak Blvd., Live Oak, CA 95953 www.liveoakcity.org iii
BUDGETARY CONTROLS
The City maintains budgetary controls to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the City Council. Activities of the majority of the funds are included in the annual appropriated budget. In administering the budget, the City Manager shall have the authority to provide each department with sufficient funding to meet its needs so long as a decision to vary from approved appropriations does not exceed, except in the case of emergencies, the total resources estimated to be available to the affected municipal fund at the time of the decision. If necessary, staff recommends budgetary changes during periodic financial status reports to the City Council.
The City continues to meet its responsibility for sound financial management as demonstrated by the statements and schedules included in the financial section of this report.
AWARD AND ACKNOWLEDGEMENTS
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate for Excellence in Financial Reporting to the City of Live Oak for its annual comprehensive financial report for the fiscal year ended June 30, 2023. This award recognizesthe City’s conformance with the highest standards for preparation of state and local government financial reports. This was the third year in a row that the City has earned this award.
In order to be awarded a Certificate of Achievement, the government must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program’s requirement and we are submitting it to the GFOA to determine its eligibility for another certificate.
The preparation of this ACFR represents the culmination of a concerted team effort by the entire staff of the Finance Department. Each member of the department has our sincere appreciation for the contributions made in the preparation of this report. In addition, staff in all City departments should be recognized for their timely and positive response to the requests for detailed information necessary to prepare the annual audit. The role of Rogers, Anderson, Malody & Scott, LLP,should also be acknowledged as a significant contribution.
Finally, we wish to express our sincere appreciation to the Mayor and City Council for providing policy direction and a firm foundation of support in planning and conducting the financial operations of the City in a responsible and progressive manner.
Respectfully submitted,
James W Ramsey, CPA
Director of Finance
59 Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Live Oak
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
-iv- 60
-v61
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62 735 E. Carnegie Dr. Suite I 00
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
ramscpa. net
PARTNERS
Scott W Manno. CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A. Welebir. CPA. MBA. CGMA
Jenny W. Liu. CPA, MST
Ga,·denya Duran, CPA, CGMA
Brianna Schultz, CPA. CGMA
Brenda L. Odle. CPA. MST (Partne, Emeritus)
Te, ry P Shea, CPA (Panner Emenws)
MANAGERS/ STAFF
Seong-Hyea Lee. CPA. MBA
Evelyn Morenlin-Barcena. CPA
Vernnica Hernandez, CPA
Laura A1v1zu. CPA
John Maldonado, CPA, MSA
Julia Rodriguez Fuentes. CPA, MSA
Dem, Hite. CPA
Jeffrey McKennan. CPA
Mornca Wysock,, CPA
Jacob Weatherb,e. CPA, MSA
Bolim Han. CPA. MAcc
Anny Gonzalez, CPA
MEMBERS
Amencan lnsutuce of
Certified Public Accountants
PCPS The A/CPA Alliance
(01 CPA Fi,ms
Governmental Audit
Q11C1/1ty Cenre,
Califot nia Society of
Certified Public Accountants
•
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AlliottGlobalAlliance~
ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-1-
Independent Auditor’s Report
To the Honorable City Council
City of Live Oak, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Live Oak (the City), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Other Matters
As discussed in Note 1 to the financial statements, in the year ended June 30, 2024, the City adopted new accounting guidance under Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections. Our opinions are not modified with respect to these matters.
63 -2-
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS sand Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
64 -3-
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The combining and individual nonmajor fund financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the accompanying supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual comprehensive financial report (ACFR). The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
65 -4-
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 18, 2024 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
San Bernardino, California
December 18, 2024
66 City of Live Oak
Management’s Discussion and Analysis
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The following discussion provides readers of the City of Live Oak, California’s (City) financial statements a narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2024. This document should be read in conjunction with the accompanying Letter of Transmittal and basic financial statements, which follows this section.
FINANCIAL HIGHLIGHTS
The City’s assets and deferred outflows exceeded its liabilities and deferred inflows by $81,131,159 as of June 30, 2024, a decrease of $3,114,734 from the prior year. The City’s governmental funds reported a combined fund balance of $5,000,791, a decrease of $1,156,166 from the prior year.
General Fund revenues of $4,027,819 were $212,985 higher than the prior year. General Fund expenditures of $4,907,882 represented an increase of $255,455 from the prior year.
OVERVIEW OF THE FINANCIAL STATEMENTS
This annual report consists of a series of financial statements, commonly referred to as the City’s basic financial statements. The management’s discussion and analysis introduces these statements and includes two different views of the City’s financial activities and position: (1) Government-Wide Financial Statements provide information about the activities of the City as a whole and present a longer-term view of the City’s finances; (2) fund financial statements provide detailed information about the individual functions of City government, telling how services were financed in the short-term as well as what remains for future spending.
Each set of statements presents the City’s finances in a distinct way. To assist the reader in understanding the differences between them, a brief discussion of each follows, including the relationship of these statements to each other and the significant differences in the information they provide.
Government-Wide Financial Statements
The government-wide financial statements provide a broad overview of City finances in a manner similar to private sector business. These statements separate the City’s activities into two areas:
Governmental Activities – these services are principally supported by taxes and intergovernmental revenues. Most of the City’s basic services are considered to be governmental activities including public safety, community development, public works, parks and recreation, and general administration.
Business-Type Activities – these services rely upon user fees and charges to help cover all or most of their costs. The City’s water and wastewater systems are reported here. Unlike governmental activities, these services are supported by charges supported by users based on the amount of the service they use.
67 City of Live Oak
Management’s Discussion and Analysis
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The two statements can be generally described as follows:
The Statement of Net Position presents information on all the City’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources, with the difference of the City’s assets and deferred outflows of resources over liabilities and deferred inflows of resources reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
The Statement of Activities presents information showing how the City’s net position changed during the year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs regardless of the timing of related cash flows.
Notably, these statements differ from the fund financial statements in that they include all assets of the City (including infrastructure) and all liabilities (including long-term debt) and exclude certain interfund receivables, payables and other interfund activity. For additional reference, reconciliation between the two is provided on pages 18 and 21 of this report.
Fund Financial Statements
The fund financial statements provide detailed information about each of the City’s most significant funds – not the City as a whole. Management establishes funds to help control and manage money for purposes. The City uses two types of funds: governmental and proprietary.
Governmental Funds – most of the City’s basic services are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end that are available for spending. These funds are reported using modified accrual accounting, which measures cash and all other financial assets that can be converted to cash. The governmental fund statements provide a detailed short-term view of the City’s general government operations and the basic services it provides. This information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance the City’s programs. We describe the relationship between governmental activities (reported in the statement of net position and the statement of activities) and the governmental funds in reconciliation at the bottom of the fund financial statements.
Proprietary Funds – when the City charges customers for services it provides, whether outside customers or to other units of the City, these services are generally reported in proprietary funds.
Proprietary funds provide the same type of information as shown in the government-wide financial statements (i.e., business-type activities), only in more detail. The City uses enterprise funds to account for its water and sewer operations; in addition, the City uses enterprise funds to account for water and sewer connection fees.
NOTES TO BASIC FINANCIAL STATEMENTS
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.
68 City of Live Oak
Management’s Discussion and Analysis
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REQUIRED SUPPLEMENTARY INFORMATION
In addition to the basic financial statements and accompanying notes, this report presents the following required supplementary information: budgetary comparisons for the City’s General Fund and each major special revenue fund as well as a description of the City’s accounting policies with regard to the annual budget. The City also reports certain schedules related to the net pension liability and net OPEB asset.
FINANCIAL ANALYSIS OF THE GOVERNMENT-WIDE STATEMENTS
The government-wide financial statements provide long-term and short-term information about the City’s overall financial conditions. This analysis addresses the financial statements of the City as a whole.
Following is a summary of net position:
2024 2023 2024 2023 2024 2023
Current and other assets 27,666,863 $ 28,795,769 $ 4,399,763 $ 5,221,911 $ 32,066,626 $ 34,017,680 $ Capital assets, net 28,701,911 28,694,346 31,012,127 32,540,827 59,714,038 61,235,173 Total assets 56,368,774 57,490,115 35,411,890 37,762,738 91,780,664 95,252,853 Deferred outflows 518,135 692,475 610,364 404,441 1,128,499 1,096,916 Current and other liabilities 3,281,659 3,625,934 612,914 507,921 3,894,573 4,133,855 Non-current liabilities 1,198,030 1,474,683 6,497,868 6,247,368 7,695,898 7,722,051 Total liabilities 4,479,689 5,100,617 7,110,782 6,755,289 11,590,471 11,855,906 Deferred inflows 118,197 177,603 68,336 70,367 186,533 247,970 Net position:
Net investment in capital assets 28,485,414 28,451,964 25,623,365 26,933,171 54,108,779 55,385,135 Restricted 22,283,141 23,156,631 3,182,844 3,057,635 25,465,985 26,214,266 Unrestricted 1,520,468 1,295,775 36,927 1,350,717 1,557,395 2,646,492 Total Net Position 52,289,023 $ 52,904,370 $ 28,843,136 $ 31,341,523 $ 81,132,159 $ 84,245,893 $ Governmental Activities Business-type Activities Total
Net position represents the difference between the City’s resources and its obligations. At June 30, 2024, the largest portion of the City’s total net position, 67 percent, reflects the net investment in capital assets. This component of net position, which reflects the total amount of funds used to acquire those assets less any outstanding debt used for such acquisition, was $54.1 million at June 30, 2024. These capital assets are used by the City to provide services to the citizens.
Overall, the net position for the governmental and business-type activities of the City funds has slightly decreased due to both operating results and additional spending on capital projects.
Restricted net position of $25.5 million represents resources subject to external restrictions as to how they may be used. Unrestricted net position of $1.6 million represents amounts that may be used to meet the City’s ongoing obligations to its residents, businesses, customers, and creditors.
69 City of Live Oak
Management’s Discussion and Analysis
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Following is a summary of changes in net position:
2024 2023 2024 2023 2024 2023
Revenues:
Program revenues:
Charges for services $ 668,463 731,369 $ 3,468,377 $ 3,769,513 $ 4,199,746 $ 4,437,976 $ Operating grants and contributions 364,224 349,611 - - 349,611 364,224 Capital grants and contributions 478,664 434,956 - - 434,956 478,664 General revenues:
Property taxes 2,330,230 2,480,350 - - 2,480,350 2,330,230 Business privilege 598,071 567,519 - - 567,519 598,071
Franchise taxes 298,307 303,031 - - 303,031 298,307
Motor vehicle in lieu 457,867 514,915 - - 514,915 457,867 Other taxes 1,262,269 1,086,312 - - 1,086,312 1,262,269 Use of money and property 347,278 458,498 179,064 70,369 637,562 417,647 Miscellaneous 20,847 17,362 - - 17,362 20,847
Total revenues 6,826,220 6,943,923 3,647,441 3,839,882 10,591,364 10,666,102 Expenses:
General government 970,176 1,103,062 - - 1,103,062 970,176 Public safety 2,970,288 2,871,404 - - 2,871,404 2,970,288 Public ways and facilities 583,760 1,008,210 - - 1,008,210 583,760 Culture and recreation 1,499,961 1,519,986 - - 1,519,986 1,499,961 Community development 975,406 1,050,284 - - 1,050,284 975,406 Interest on long term debt 9,247 6,324 - - 6,324 9,247
Water - - 2,524,661 1,927,586 2,524,661 1,927,586
Sewer - - 3,621,167 3,463,892 3,621,167 3,463,892
Total expenses 7,008,838 7,559,270 6,145,828 5,391,478 13,705,098 12,400,316 Excess - before transfers (182,618) (615,347) (2,498,387) (1,551,596) (3,113,734) (1,734,214) Change in net position (182,618) (615,347) (2,498,387) (1,551,596) (3,113,734) (1,734,214) Net Position, Beginning 53,086,988 52,904,370 31,341,523 32,893,119 84,245,893 85,980,107 Net Position, Ending $ 52,904,370 52,289,023 $ 28,843,136 $ 31,341,523 $ 81,132,159 $ 84,245,893 $ Governmental Activities Business-type Activities Total
Governmental Activities:
The City’s governmental activities decreased the City’s net position by $615,347. Revenues, net of transfers, were $6.9 million which represented an increase of $117,703 or 1.7 percent, and expenses were $7.6 million which represented an increase of $550,432 or 7.8 percent.
Governmental activities highlights include the following:
Taxes provided $4.9 million or 71 percent of the total governmental activities revenue of the City. This amount is an increase of $5,383. Property taxes increased by $150,120 or
6.4 percent.
Charges for services, operating grants and capital grants provided $1.5 million or 22 percent of the total governmental-activities revenue of the City. This is consistent with prior year revenue for the same activities.
70 City of Live Oak
Management’s Discussion and Analysis
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Business Type Activities
Business-type activities decreased the City’s net position by $2,498,387. Revenues were $3.6 million. Business type activities highlights include the following:
Charges for services provided $3.5 million or 95 percent of the total business type activities revenue of the City. This is a decrease of approximately 8 percent from the prior year due to decreased consumption. Transfers between the governmental activities and business-type activities were eliminated during the year due to no more construction projects.
Expenses were $6.1 million, an increase of 14 percent primarily due to the increase in operating expenses such as salaries and benefits, power, and insurance.
FINANCIAL ANALYSIS OF THE FUND STATEMENTS
The City uses fund accounting to assure and demonstrate compliance with finance-related legal requirements. The fund financial statements focus on individual parts of the City government, reporting the City’s operation in more detail than the government-wide statements. The City’s governmental funds provide information on near-term inflows, outflows and balances of spendable resources. The City’s governmental funds reported combined fund balances at June 30, 2024 of $5,000,791. The General Fund decreased by $812,436 and all other Governmental Funds decreased by $343,730. Within the governmental funds, the decrease in fund balance was primarily attributable to increased general government and capital outlay expenditures.
Analysis of Major Governmental Funds
General Fund
There were no changes to the revenue budget or appropriations budget of the General Fund.
General Fund revenues totaled $4,027,819 in fiscal year 2023-24, which was a negative variance of $1,109,160 as compared to the final budget amount and an increase of $212,985 over last year. The variance is primarily attributable to not realizing other revenues in the amount of $1.2 million offset by an increase in property tax and sales tax revenues that were remitted to the City as well as a decrease in licenses and permits. The fund ended with a positive variance of $124,946 between the actual expenditures incurred and final budget amounts. The largest positive variance of $385,525 was in police services due to budgeting a significant increase compared to the prior year.
The primary increases, as compared to the prior year, were in property taxes in the amount of $71,244. The increase in property taxes is due to elevated property values during the fiscal year.
General Fund expenditures totaled $4,907,882 in fiscal year 2023-24, an increase of $255,455 over last year. The increase in expenditures can be attributed to an increase in general government expenditures, public ways and facilities, and culture and recreation.
At the end of fiscal year 2023-24, the fund balance for the City’s General Fund was $2,310,265 a decrease of $812,436 over last year. The fund balance in General Fund comprised of $33,005 in nonspendable fund balance and $2,277,260 committed fund balance. The nonspendable fund balanced increased by $26,491, the committed fund balance remained flat. 71 City of Live Oak
Management’s Discussion and Analysis
-10-
The following table summarizes the budget to actual results for the City's General Fund. Overall, the actual expenses for the year were slightly less than budgeted:
As of June 30, 2024
Original Final Actual
Budget Budget Amount
General government 984,217 $ 984,217 $ 1,001,437 $
Public safety 2,492,100 2,492,100 2,183,525
Public ways and facilities 71,050 71,050 104,214
Culture and recreation 1,103,378 1,103,378 1,119,920
Community development 196,564 196,564 256,695
Capital outlay 38,500 38,500 81,092
Debt service 147,027 147,027 160,999
$ 5,032,836 5,032,836 $ 4,907,882 $
Program Income
The fund ended with a negative revenue variance of $3,885 primarily due to general administration expenses. Program Income Fund revenues totaled $17,114 in fiscal year 2023-24, a decrease of $67,571 due to lower loan payoffs. At the end of fiscal year 2024 the Program Income Fund balance was $376,944 a decrease of $3,885.
16-HOME-11532
There were no revenues or activities recorded in the 16-HOME-11532 Fund for fiscal year 2023-
24. Other Governmental Funds
These funds are presented in aggregate on the face of the fund financial statements and individually in the Supplementary Information.
Analysis of Major Enterprise Funds
Water
The Water Fund is financed and operated in a manner similar to that of a private business.
Overall, operating revenues increased $32,134 compared to fiscal year 2023-24. In addition, operating expenses increased to $2,488,919, up $598,852 over the prior year. The primary driver for the increase in the current year is related to an increase in salaries and benefits. As of June 30, 2024, the fund’s net position went from $8,616,675 in 2023 to $7,039,387 in 2024 representing a decrease of $1,577,288. The Fund's net investment in capital assets decreased by $401,689 due to depreciation, offset by payments on outstanding debt. The Fund reported a deficit in unrestricted net position in the amount of ($2,882,938) at the close of fiscal year 2024. Due to the age of the water system infrastructure, significant investments will be required in future years to update water lines and equipment.
72 City of Live Oak
Management’s Discussion and Analysis
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Sewer
The Sewer Fund is financed and operated in a manner similar to that of a private business. As of June 30, 2024, the Fund’s net position totaled $18,635,841 of which $15,708,508 remains invested in capital assets net of related debt. The fund's unrestricted net position was $2,919,865 at the close of fiscal year 2023-24. Overall, operating revenues remained fairly constant at $2,495,182 with an increase of $409 over the prior year. Operating expenses totaled $3,552,771 for the year, a 4.7 percent increase of $160,545 over the prior year. Non-operating items did not significantly change from the previous year. Due to the age of the sewer system infrastructure, significant investments will be required in future years to update sewer lines and equipment.
CAPITAL ASSET AND DEBT ADMINISTRATION
The City records all of its capital assets including infrastructure. At the end of 2024, the City had invested $59.7 million in a broad range of capital assets, including park facilities, streets and roads improvements, and water well construction. Additional detailed information on the City’s capital assets is presented in Note 4 to the financial statements.
The financial statements summarize the City's accounting policies regarding capital assets in Note 1 Section I of the note disclosures.
As of June 30, 2024, the City’s capital assets consisted of:
2024 2023 2024 2023 2024 2023
Land 6,584,996 $ 6,584,996 $ 233,241 $ 233,241 $ 6,818,237 $ 6,818,237 $ Construction in progress 2,003,428 1,101,738 386,022 386,022 2,389,450 1,487,760 Right to use asset - equipment 45,150 45,150 22,514 22,514 67,664 67,664 Buildings and improvements 7,691,826 7,561,067 78,158 38,641 7,769,984 7,599,708 Equipment 4,966,897 4,981,010 1,723,036 1,680,365 6,689,933 6,661,375 Infrastructure 25,170,594 25,170,594 54,043,363 54,043,363 79,213,957 79,213,957 Less: Accumulated depreciation (17,760,980) (16,750,209) (25,474,207) (23,863,319) (43,235,187) (40,613,528) Total capital assets, net 28,701,911 $ 28,694,346 $ 31,012,127 $ 32,540,827 $ 59,714,038 $ 61,235,173 $ Governmental Activities Business-type Activities Total
At June 30, 2024, major construction in progress include multiple projects for Pennington Road.
Long-term Debt:
At June 30, 2023 and 2024 the City had $5.8 million and $5.6 million respectively in long-term debt outstanding. The City made all scheduled repayments on existing debt on time. Additional detailed information about the City’s total long-term liabilities is presented in Note 7 to the financial statements.
As of June 30, 2024, the City’s debt consisted of:
2024 2023 2024 2023 2024 2023
Loan 124,799 $ 52,883 $ 3,872,844 $ 4,030,408 $ 3,997,643 $ 4,083,291 $ Financed purchase 87,054 171,108 - - 87,054 171,108
Lease liability 4,644 18,391 982 7,248 5,626 25,639
Certificates of participation - - 1,500,000 1,570,000 1,500,000 1,570,000 Total long-term liabilities 216,497 $ 242,382 $ 5,373,826 $ 5,607,656 $ 5,590,323 $ 5,850,038 $ Governmental Activities Business-type Activities Total
73 City of Live Oak
Management’s Discussion and Analysis
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ECONOMIC FACTORS AND NEXT YEARS BUDGET
Assessed property values began increasing over the recent two years moving from $597.5 million in 2023 to $589.3 million in 2024. The City’s revenue base has slowly increased over the past several years and are now nearly at the same level as it was in FY 2008-2009.
The local economy continued to improve during the fiscal year, however the effects of the pandemic are still being felt. Due to the age of the infrastructure system for its water and sewer services, the City expects to continue making significant investments in the upgrading of those systems.
The City continued to review and update various fees in fiscal year 2023-24. The City’s development impact fees were updated in 2010-2011. Fee adjustments are necessary to ensure that the costs of providing services are matched closer to the fee revenues charged for providing these services.
CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general overview of the City’s finances and to demonstrate the City’s accountability for the money it receives. If you have questions about this report or need additional financial information, contact the City Finance Department, 9955 Live Oak Blvd, Live Oak, California 95953, (530) 695-2112.
74 City of Live Oak
Statement of Net Position
June 30, 2024
The accompanying notes are an integral part of these financial statements. -13-
Primary Government
Governmental Business-Type
Activities Activities Total
Assets:
Current:
Cash and investments $ 6,249,672 5,022,251 $ 11,271,923 $ Receivables:
Accounts, net 401,022 50,253 451,275
Notes and loans - 19,112,962 19,112,962
Accrued interest 38,053 59,683 97,736
Internal balances (2,334,606) 2,334,606 -
Prepaid items 30,686 33,280 63,966
Due from other governments - 901,902 901,902
Noncurrent:
Net OPEB asset 14,936 151,926 166,862
Capital assets not being depreciated/amortized 619,263 8,588,424 9,207,687 Capital assets, net of depreciation/amortization 30,392,864 20,113,487 50,506,351 Total Assets 35,411,890 56,368,774 91,780,664
Deferred Outflows of Resources:
Deferred pension related items 609,824 469,651 1,079,475 Deferred OPEB related items 540 48,484 49,024
Total Deferred Outflows of Resources 610,364 518,135 1,128,499 Liabilities:
Current:
Accounts payable 290,007 1,113,577 1,403,584
Due to other governments - 54,826 54,826
Salaries and benefits payable 24,291 38,109 62,400
Accrued interest - 1,295 1,295
Deposits payable 7,443 199,026 206,469
Unearned revenue - 1,752,181 1,752,181
Compensated absences 17,116 12,360 29,476
Bonds, notes, and leases 274,057 110,285 384,342
Noncurrent:
Compensated absences 52,248 53,945 106,193
Bonds, notes, and leases 5,099,769 106,212 5,205,981
Net pension liability 1,345,851 1,037,873 2,383,724
Total Liabilities 7,110,782 4,479,689 11,590,471
Deferred Inflows of Resources:
Deferred pension related items 63,128 48,681 111,809
Deferred OPEB related items 5,208 69,516 74,724
Total Deferred Inflows of Resources 68,336 118,197 186,533 Net Position:
Net investment in capital assets 25,623,365 28,485,414 54,108,779 Restricted for:
Public safety - 1,888,883 1,888,883
Public ways and facilities - 1,054,938 1,054,938
Community development - 18,576,196 18,576,196
Culture and recreation - 611,198 611,198
Capital projects 3,167,908 - 3,167,908
Net OPEB asset 14,936 151,926 166,862
Unrestricted 36,927 1,520,468 1,557,395
Total Net Position $ 28,843,136 52,289,023 $ 81,132,159 $ 75 City of Live Oak
Statement of Activities
Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -14-
Program Revenues
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
Functions/Programs
Primary Government:
Governmental Activities:
General government $ 626,575 1,103,062 $ 559,727 $ - $
Public safety 13,674 2,871,404 1,205 -
Public ways and facilities 28,079 1,008,210 (211,321) 434,956 Culture and recreation 63,041 1,519,986 - -
Community development - 1,050,284 - -
Interest on long-term debt - 6,324 - -
Total Governmental Activities 731,369 7,559,270 349,611 434,956 Business-Type Activities:
Water 947,373 2,524,661 - -
Sewer 2,495,182 3,621,167 - -
Water Connection 11,734 - - -
Sewer Connection 14,088 - - -
Total Business-Type Activities 3,468,377 6,145,828 - -
Total Primary Government $ 4,199,746 13,705,098 $ 349,611 $ 434,956 $ General Revenues:
Taxes:
Property taxes
Business privilege
Franchise taxes
Motor vehicle in lieu
Other taxes
Use of money and property
Miscellaneous
Total General Revenues
Change in Net Position
Net Position at Beginning of Year
Net Position at End of Year
76 -15-
Net (Expenses) Revenues
and Changes in Net Position
Primary Government
Governmental Business-Type
Activities Activities Total
$ 83,240 $ - $ 83,240
(2,856,525) (2,856,525) -
(756,496) - (756,496)
(1,456,945) (1,456,945) -
(1,050,284) (1,050,284) -
(6,324) - (6,324)
(6,043,334) (6,043,334) -
- (1,577,288) (1,577,288)
- (1,125,985) (1,125,985)
- 11,734 11,734
- 14,088 14,088
- (2,677,451) (2,677,451)
(6,043,334) (2,677,451) (8,720,785)
2,480,350 2,480,350 -
567,519 - 567,519
303,031 - 303,031
514,915 - 514,915
1,086,312 1,086,312 -
458,498 179,064 637,562
17,362 - 17,362
5,427,987 179,064 5,607,051
(615,347) (2,498,387) (3,113,734)
52,904,370 31,341,523 84,245,893
$ 52,289,023 $ 28,843,136 $ 81,132,159
77 City of Live Oak
Balance Sheet
Governmental Funds
June 30, 2024
The accompanying notes are an integral part of these financial statements. -16-
Program
General Income 16-HOME-11532
Assets:
Cash and investments $ 374,621 - $ - $
Receivables:
Accounts - 50,253 -
Notes and loans 12,985,249 112,664 5,163,904
Accrued interest 2,323 11,932 -
Due from other funds - 2,964,827 -
Prepaid items - 33,005 -
Due from other governments - 169,104 -
Total Assets $ 13,362,193 3,341,785 $ 5,163,904 $
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable $ - 821,662 $ - $
Due to other governments - 54,826 -
Salaries and benefits payable - 33,068 -
Deposits payable - 9,300 -
Due to other funds - - 2,028
Unearned revenues - - -
Total Liabilities - 918,856 2,028
Deferred Inflows of Resources:
Unavailable revenues - 112,664 -
Deferred loan payments 12,985,249 - 5,163,904
Total Deferred Inflows of Resources 12,985,249 112,664 5,163,904 Fund Balances:
Nonspendable - 33,005 -
Restricted 376,944 - -
Committed - 2,277,260 -
Unassigned - - (2,028)
Total Fund Balances 376,944 2,310,265 (2,028)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 13,362,193 3,341,785 $ 5,163,904 $ Special Revenue Funds
78 -17-
Other Total
Governmental Governmental
Funds Funds
$ 5,022,251 4,647,630 $
50,253 -
19,112,962 851,145
59,683 45,428
5,476,274 2,511,447
33,280 275
901,902 732,798
$ 30,656,605 8,788,723 $
$ 1,113,577 291,915 $
54,826 -
38,109 5,041
199,026 189,726
3,141,668 3,139,640
1,752,181 1,752,181
6,299,387 5,378,503
356,129 243,465
19,000,298 851,145
19,356,427 1,094,610
33,280 275
5,455,528 5,078,584
2,277,260 -
(2,765,277) (2,763,249)
5,000,791 2,315,610
$ 30,656,605 8,788,723 $
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80 City of Live Oak
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position
June 30, 2024
The accompanying notes are an integral part of these financial statements. -18-
Fund balances of governmental funds $ 5,000,791
Capital assets used in governmental activities are not current financial resources and, therefore, are not reported in the funds.
Capital assets, not depreciated/amortized 8,588,424
Capital assets, net of depreciation/amortization 20,113,487 Liabilities that are not due and payable in the current period and, therefore, are not reported in the governmental funds. These liabilities consist of:
Bonds, notes, and leases (216,497)
Compensated absences (66,305)
Accrued interest (1,295)
Some other assets are not financial resources and therefore, are not reported in the governmental funds. Unavailable revenue is shown in the governmental statement, because it will not be available as a current financial resource.
Since this revenue is earned, it is recognized in the government-wide statements. 19,356,427
Pension and OPEB related items are not reported in the governmental fund financial statements since they are not related to current financial resources, with the exception of contributions to the pension and OPEB plans, which are recorded as expenditures in the governmental funds and deferred outflows of resources in the statement of net position. The pension and related items included in governmental activities consist of:
Net OPEB asset 151,926
Deferred outflows related to OPEB 48,484
Deferred inflows related to OPEB (69,516)
Net pension liability (1,037,873)
Deferred outflows related to pension 469,651
Deferred inflows related to pension (48,681)
Net Position of Governmental Activities $ 52,289,023
Amounts reported for governmental activities in the statement of net position are different because:
81 City of Live Oak
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -19-
Program
General Income 16-HOME-11532
Revenues:
Taxes and assessments $ - 3,307,846 $ - $
Licenses and permits - 306,084 -
Fines and forfeitures - 929 -
Use of money and property 11,084 226,055 -
Intergovernmental 6,030 90,749 -
Charges for services - 85,083 -
Other revenue - 11,073 -
Total Revenues 17,114 4,027,819 -
Expenditures:
Current:
General government - 1,001,437 -
Public safety - 2,183,525 -
Public ways and facilities - 104,214 -
Culture and recreation - 1,119,920 -
Community development 20,999 256,695 -
Capital outlay - 81,092 -
Debt service:
Principal - 153,425 -
Interest - 7,574 -
Total Expenditures 20,999 4,907,882 -
Excess (Deficiency) of Revenues
Over (Under) Expenditures (3,885) (880,063) -
Other Financing Sources (Uses):
Proceeds from debt issuance - 67,627 -
Total Other Financing Sources (Uses) - 67,627 -
Net Change in Fund Balances (3,885) (812,436) -
Fund Balances (Deficits), Previously Reported 380,829 3,122,701 (2,028) Adjustment - Change from Major to Nonmajor - - -
Fund Balances (Deficits), Beginning of Year, as restated 380,829 3,122,701 (2,028) Fund Balances (Deficits), End of Year $ 376,944 2,310,265 $ (2,028) $ Special Revenue Fund
82 -20-
Capital
Projects Fund
Capital
Improvement Other Total
Project Governmental Governmental
(formerly major) Funds Funds
$ 4,388,683 1,080,837 $
326,237 20,153
14,603 13,674
452,466 215,327
1,336,478 1,239,699
94,866 9,783
12,278 1,205
6,625,611 2,580,678
1,126,437 125,000
2,724,371 540,846
758,696 654,482
1,295,536 175,616
469,893 192,199
1,373,385 1,292,293
156,644 3,219
7,574 -
7,912,536 2,983,655
(1,286,925) (402,977)
130,759 63,132
130,759 63,132
(1,156,166) (339,845)
$ 3,306,503 (651,048) 6,156,957
(651,048) 651,048 -
2,655,455 - 6,156,957
$ 2,315,610 - $ 5,000,791 $
83 City of Live Oak
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -21-
Net changes in fund balances - total governmental funds $ (1,156,166) Governmental funds include capital outlays as expenditures.
However, in the statement of activities, the cost of those assets are allocated over their useful lives and reported as depreciation expense. This is the amount by which capital outlay exceeds depreciation in the current period:
Capital outlay reported as expenditures, net of expensed items 1,085,480 Depreciation expense (1,077,915)
Revenues in the statement of activities that do not provide current financial resources and are not reported as revenues in the governmental funds. 318,312
Debt proceeds provide current financial resources to
governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. This is the amount by which proceeds exceeded repayments:
Repayment of debt principal 156,644
Proceeds from debt issuance (130,759)
Accrued interest expense is not recorded in the governmental funds. The following amount is the change in accrued interest. 1,250 Expenses in the statement of activities that do not use current financial resources are not reported as expenditures in the funds.
Changes in compensated absences liability 13,083
Changes in net OPEB asset and related outflows/inflows (4,844) Changes in net pension liability and related outflows/inflows 179,568 Change in Net Position of Governmental Activities $ (615,347) Amounts reported for governmental activities in the statement of activities are different because:
84 City of Live Oak
Statement of Fund Net Position
Proprietary Funds
June 30, 2024
The accompanying notes are an integral part of these financial statements. -22-
Business-Type Activities - Enterprise Funds
Other
Enterprise
Water Sewer Funds Totals
Assets:
Current:
Cash and investments $ 3,100,585 - $ 3,149,087 $ 6,249,672 $ Receivables:
Accounts 296,524 104,498 - 401,022
Accrued interest 19,232 - 18,821 38,053
Prepaid items 17,018 13,668 - 30,686
Total Current Assets 3,433,359 118,166 3,167,908 6,719,433 Noncurrent:
Net OPEB asset 7,468 7,468 - 14,936
Capital assets not being depreciated/amortized 586,556 32,707 - 619,263 Capital assets, net of depreciation/amortization 19,662,755 10,730,109 - 30,392,864 Total Noncurrent Assets 20,256,779 10,770,284 - 31,027,063 Total Assets 23,690,138 10,888,450 3,167,908 37,746,496 Deferred Outflows of Resources:
Deferred pension related items 229,089 380,735 - 609,824 Deferred OPEB related items 270 270 - 540
Total Deferred Outflows of Resources 229,359 381,005 - 610,364 Liabilities:
Current:
Accounts payable 166,111 123,896 - 290,007
Salaries and benefits payable 12,136 12,155 - 24,291
Deposits payable 5,478 1,965 - 7,443
Due to other funds - 2,334,606 - 2,334,606
Compensated absences 8,560 8,556 - 17,116
Bonds, notes and leases 233,566 40,491 - 274,057
Total Current Liabilities 425,851 2,521,669 - 2,947,520 Noncurrent:
Compensated absences 26,129 26,119 - 52,248
Bonds, notes and leases 800,000 4,299,769 - 5,099,769
Net pension liability 505,588 840,263 - 1,345,851
Total Noncurrent Liabilities 4,831,486 1,666,382 - 6,497,868 Total Liabilities 5,257,337 4,188,051 - 9,445,388
Deferred Inflows of Resources:
Deferred pension related items 23,715 39,413 - 63,128
Deferred OPEB related items 2,604 2,604 - 5,208
Total Deferred Inflows of Resources 26,319 42,017 - 68,336 Net Position:
Net investment in capital assets 15,708,508 9,914,857 - 25,623,365 Restricted for capital projects - - 3,167,908 3,167,908 Restricted for OPEB asset 7,468 7,468 - 14,936
Unrestricted 2,919,865 (2,882,938) - 36,927
Total Net Position $ 18,635,841 7,039,387 $ 3,167,908 $ 28,843,136 $ 85 City of Live Oak
Statement of Revenues, Expenses and Changes in Fund Net Position Proprietary Funds
Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -23-
Business-Type Activities - Enterprise Funds
Other
Enterprise
Water Sewer Funds Totals
Operating Revenues:
Sales and service charges $ 2,495,182 947,373 $ 25,822 $ 3,468,377 $ Total Operating Revenues 2,495,182 947,373 25,822 3,468,377 Operating Expenses:
Salaries and benefits 1,053,257 1,092,096 - 2,145,353
Administration 3,000 - - 3,000
Power 368,468 336,291 - 704,759
Insurance 207,298 73,912 - 281,210
Supplies 108,032 105,205 - 213,237
Repair and extension 204,003 165,758 - 369,761
Professional services 125,500 294,759 - 420,259
Depreciation expense 480,025 1,130,863 - 1,610,888
Other expense 183,091 110,132 - 293,223
Total Operating Expenses 3,552,771 2,488,919 - 6,041,690 Operating Income (Loss) (1,057,589) (1,541,546) 25,822 (2,573,313) Nonoperating Revenues (Expenses)
Interest revenue 94,613 - 84,451 179,064
Interest expense (68,396) (35,742) - (104,138)
Total Nonoperating Revenues (Expenses) 26,217 (35,742) 84,451 74,926 Changes in Net Position (1,031,372) (1,577,288) 110,273 (2,498,387) Net Position, Beginning of Fiscal Year 19,667,213 8,616,675 3,057,635 31,341,523 Net Position, End of Fiscal Year $ 18,635,841 7,039,387 $ 3,167,908 $ 28,843,136 $ 86 City of Live Oak
Statement of Cash Flows
Proprietary Funds
Year Ended June 30, 2024
The accompanying notes are an integral part of these financial statements. -24-
Business-Type Activities - Enterprise Funds
Other
Enterprise
Water Sewer Funds Totals
Cash flows from operating activities:
Cash received from customers and users $ 2,534,784 935,298 $ 25,822 $ 3,495,904 $ Cash paid to suppliers for goods and services (1,320,685) (886,894) - (2,207,579) Cash paid to employees for services (1,070,237) (810,522) - (1,880,759) Net cash provided by (used for) operating activities 143,862 (762,118) 25,822 (592,434) Cash flows from non-capital financing activities:
Cash borrowed and due to other funds 70,447 883,664 - 954,111 Net cash provided by non-capital financing activities 70,447 883,664 - 954,111 Cash flows from capital and related financing activities:
Acquisition and construction of capital assets (39,517) (42,671) - (82,188) Proceeds from issuance of debt 39,216 - - 39,216
Principal paid on capital debt (229,913) (43,133) - (273,046) Interest paid on capital debt (68,396) (35,742) - (104,138) Net cash provided (used) by capital and related
financing activities (298,610) (121,546) - (420,156)
Cash flows from investing activities:
Interest received 91,140 - 76,416 167,556
Net increase (decrease) in cash and cash equivalents 6,839 - 102,238 109,077 Cash and cash equivalents at beginning of year 3,093,746 - 3,046,849 6,140,595 Cash and cash equivalents at end of year $ 3,100,585 - $ 3,149,087 $ 6,249,672 $ Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss) $ (1,057,589) (1,541,546) $ 25,822 $ (2,573,313) $ Adjustments to reconcile operating income (loss)
net cash provided by operating activities:
Depreciation 1,130,863 480,025 - 1,610,888
Changes in pension related items 12,898 285,692 - 298,590 Changes in OPEB related items 235 235 - 470
(Increase) decrease in accounts receivable 39,602 (12,075) - 27,527 (Increase) decrease in prepaid items (16,141) (12,406) - (28,547) Increase (decrease) in accounts payable 63,279 41,998 - 105,277 Increase (decrease) in salaries and benefits payable 1,036 2,891 - 3,927 Increase (decrease) in deposits payable 828 312 - 1,140 Increase (decrease) in compensated absences (31,149) (7,244) - (38,393) Total adjustments 1,201,451 779,428 - 1,980,879
Net cash provided (used) by operating activities $ 143,862 (762,118) $ 25,822 $ (592,434) $ Non-Cash Investing, Capital and Financing Activities: None None None None 87 This page intentionally left blank.
88 City of Live Oak
Notes to Financial Statements
June 30, 2024
‐25-
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A) Financial Reporting Entity
The City operates under a Council form of government and provides the following services:
public safety, highways and streets, health and sanitation, culture-recreation, public improvements, planning and zoning, general administrative services, and water and sewer.
Generally accepted accounting principles require government financial statements to include the primary government and its component units. Component units of a governmental entity are legally separate entities for which the primary government is considered to be financially accountable and for which the nature and significance of their relationship with the primary government are such that exclusion would cause the combined financial statements to be misleading. The primary government is considered to be financially accountable if it appoints a majority of an organization’s governing body and is able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to or impose specific financial burdens on the primary government.
Reporting for component units on the City’s financial statements can be blended or discretely presented. Blended component units are, although legally separate entities, in substance part of the City’s operations and, therefore, data from these units are combined with data of the primary government. Discretely presented component units, on the other hand, would be reported in a separate column in the government-wide financial statements to emphasize that they are legally separate from the government.
For financial reporting purposes, the City’s basic financial statements include all financial activities that are controlled by or are dependent upon actions taken by the City Council.
Separate financial statements for the City of Live Oak Public Improvement Corporation are not issued.
Blended Component Units
City of Live Oak Public Improvement Corporation (Corporation) The Corporation, established August 18, 1987, was formed to assist the City in the financing of real or personal property for the benefit of the City of Live Oak. The Corporation is the lessor for the City’s Farmers Home Administration Loan, the City’s 2004 Certificates of Participation, and the City’s 2003 Certificates of Participation and makes debt service payments on behalf of the City. The City Council is the governing body of the Corporation and because its financial and operational relationship with the City is closely integrated, the Corporation’s loans payable are reported in the governmental activities, certificates of participation in the water and sewer enterprise funds and certificates of participation in the sewer enterprise fund financial statements.
89 City of Live Oak
Notes to Financial Statements
June 30, 2024
‐26-
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) A) Financial Reporting Entity (continued)
Joint Agencies
The City is a participant in Small Cities Organized Risk Effort (SCORE), the purpose of which is for member-cities to share in the administrative costs of providing liability and workers’ compensation insurance. SCORE is composed of 19 member-cities and is governed by a board of directors appointed by the member-cities. Complete financial information can be obtained from the SCORE offices in San Francisco, California. The City is not financially accountable for this organization and therefore it is not a component unit under Statement Nos. 14, 39 and 61 of the Governmental Accounting Standards Board.
The City is a participant in California Joint Powers Risk Management Authority (CJPRMA), the purpose of which is to provide excess coverage for its members. The CJPRMA is governed by a board of directors representing its member-cities. Complete financial information can be obtained from the claims administrator at 3201 Doolan Road, Suite 285, Livermore, California 94551. The City is not financially accountable for this organization and therefore it is not a component unit under Statement Nos. 14, 39 and 61 of the Governmental Accounting Standards Board.
B) Basis of Presentation
The statement of net position and statement of activities display information on all of the nonfiduciary activities of the City and its blended component units. These statements include the financial activities of the overall government. Eliminations have been made to minimize the double counting of internal activities. These statements distinguish between the governmental and business-type activities of the City. Governmental activities, which are normally supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees charged to external parties.
The statement of activities presents a comparison between direct expenses and program revenues for each different identifiable activity of the City’s business-type activities and for each function of the City’s governmental activities. Direct expenses are those that are specifically associated with a program or function and therefore, are clearly identifiable to a particular function. Program revenues include 1) charges paid by the recipients of goods and services offered by the program, 2) operating grants and contributions and 3) capital grants and contributions. Taxes and other items not properly included among program revenues are reported instead as general revenues.
90 City of Live Oak
Notes to Financial Statements
June 30, 2024
‐27-
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) B) Basis of Presentation (continued)
The fund financial statements provide information about the City’s funds, including blended component units. Funds are organized into major categories: governmental and proprietary.
The emphasis is placed on major funds within the governmental and proprietary categories; each is displayed in a separate column. All remaining governmental and enterprise funds are separately aggregated and reported as nonmajor funds.
The City reports the following major governmental funds:
The General fund is used to account for all revenues and expenditures necessary to carry out basic governmental activities of the City that are not accounted for through other funds. For the City, the General Fund includes such activities as public safety, community development, and recreation and culture services. The Program Income fund is a special revenue fund used to account for revenues and expenditures related to HOME, CDBG and EDBG program income. Funding comes primarily from program income from federal grants.
The 16-HOME-11532 fund is a special revenue fund used to account for HOME grant funds used for the Kristen Court Phase 2 project.
The City reports the following proprietary funds:
The Water fund is an enterprise fund used to account for activity related to providing customers with water service and billing for services provided by the City. The Sewer fund is an enterprise fund used to account for activity related to providing customers with sewer service and billing for services provided by the City.
C) Basis of Accounting and Measurement Focus
The government-wide and proprietary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the City gives (or receives) value without directly receiving (or giving) equal value in exchange, include property and sales tax, grants, entitlements, and donations. Under the accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied.
Revenues from sales tax are recognized when the underlying transactions take place.
Revenues from grants, entitlements, and donations are recognized in the fiscal year in which all eligibility requirements have been satisfied.
91 City of Live Oak
Notes to Financial Statements
June 30, 2024
‐28-
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) C) Basis of Accounting and Measurement Focus (continued) Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. Property and sales taxes, interest, certain state and federal grants and charges for services are considered susceptible to accrual and are recognized as revenue when their receipt occurs within sixty days after the end of the fiscal year.
Expenditures are generally recorded when a liability is incurred, as under accrual accounting.
However, debt service expenditures as well as expenditures related to compensated absences, and claims and judgments are recorded only when payment is due. General capital assets acquisitions are reported as expenditures in the various functions of the governmental funds. Proceeds of governmental long-term debt and acquisitions under capital leases are reported as other financing sources.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations.
The principal operating revenues of the enterprise funds are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation of capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
D) Non-Current Governmental Assets/Liabilities
Non-current governmental assets and liabilities, such as capital assets and long-term liabilities, are reported in the governmental activities column in the government-wide statement of net position.
E) Cash and Cash Equivalents
For purposes of the accompanying Statement of Cash Flows, the City considers all highly liquid investments with an original maturity of three months or less and amounts held in the City’s investment pool to be cash and cash equivalents.
F) Investments
The City pools cash and investments of all funds. Each fund’s share in this pool is displayed in the accompanying financial statements as cash and investments.
92 City of Live Oak
Notes to Financial Statements
June 30, 2024
‐29-
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) F) Investments (continued)
Investment transactions are recorded on the trade date. The fair value of investments is determined annually. Investments in nonparticipating interest-earning investment contracts are reported at cost; short term investments are reported at amortized cost, investments in Local Agency Investment Fund, an external pool, are reported at amortized cost which approximates fair value, and the fair value of all other investments are obtained by using quotations obtained from independent published sources or by the safekeeping institution. The fair value represents the amount the City could reasonably expect to receive for an investment in a current sale between a willing buyer and seller.
Income from pooled investments is allocated to the individual funds based on the fund or participant’s average daily cash balance at quarter end in relation to the total pool investments.
Income from non-pooled investments is recorded based on the specific investments held by the fund.
G) Receivables
Receivables for governmental activities consist mainly of accounts, interest, taxes, intergovernmental, and notes and loans. Management believes its receivables are fully collectible and, accordingly, no allowance for doubtful accounts is required.
Receivables for enterprise funds consist mainly of user fees and interest. Management records an allowance for doubtful accounts based on actual customer balances that the City Council has approved to be written off. The City reported no allowance for doubtful accounts balance as of June 30, 2024.
H) Prepaid Items
Payments made for services that will benefit periods beyond June 30, 2024, are recorded as prepaid items under both the accrual and modified accrual basis of accounting. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased. The City records both prepaid costs for expenditures/expenses paid for services that will benefit future periods and prepaid insurance for the net investment in a joint powers self-insurance agency.
I) Capital Assets
Capital assets, including public domain (infrastructure such as roads, bridges, sidewalks, sewer and similar items) are defined by the City as assets with a cost greater than $5,000 ($10,000 for enterprise funds) for assets other than infrastructure and $75,000 for infrastructure and an estimated useful life of more than two years. Capital assets are recorded at historical cost or estimated historical cost if actual historical cost is unavailable. Contributed capital assets are recorded at their acquisition value at the date of donation. 93 City of Live Oak
Notes to Financial Statements
June 30, 2024
‐30-
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) I) Capital Assets (continued)
Capital assets used in operations are depreciated or amortized using the straight-line method over the assets estimated useful life in the government-wide financial statements. The range of estimated useful lives by type of asset is as follows:
Years
Equipment 3-25
Structures and improvements 5-50
Infrastructure 20-75
Maintenance and repairs are charged to operations when incurred. Betterments and major improvements which significantly increase values, change capacities or extend useful lives are capitalized. Upon sale or retirement of capital assets, the cost and related accumulated depreciation are removed from the respective accounts and any resulting gain or loss is included in the results of operations.
Right to use leased assets are recognized at the lease commencement date and represent the City's right to use an underlying asset for the lease term. Right to use leased assets are measured at the initial value of the lease liability plus any payments made to the lessor before commencement of the lease term, less any lease incentives received from the lessor at or before the commencement of the lease term, plus any initial direct costs necessary to place the lease asset into service. Right to use leased assets are amortized over the shorter of the lease term or useful life of the underlying asset using the straight-line method. The amortization period varies from 3 to 5 years.
J) Property Tax
Sutter County assesses properties, bills, collects, and distributes property taxes to the City. The County remits the entire amount levied and handles all delinquencies, retaining interest and penalties.
Property taxes are levied on a fiscal year (July 1 – June 30). The secured property tax assessments are due on November 1 and February 1 and become delinquent after December 10 and April 10, respectively. The unsecured property tax assessments are due on August 1 and become delinquent after August 31. Property taxes become a lien on the property effective January 1 of the preceding year.
The City recognizes property taxes when the individual installments are due, provided they are collected within 60 days after year-end.
94 City of Live Oak
Notes to Financial Statements
June 30, 2024
‐31-
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) K) Interfund Transactions
Interfund transactions are reflected as either loans, services provided or used, reimbursements or transfers.
Loans reported as receivables and payables are referred to as either “due to/from other funds” (i.e. the current portion of interfund loans) or “advances to/from other funds” (i.e., the noncurrent portion of interfund loans) as appropriate and are subject to elimination upon consolidation. Any residual balances outstanding between the governmental activities and the business-type activities are reported in the government-wide financial statements as “internal balances.” Advances between funds, as reported in the fund financial statements, are offset by a non-spendable fund balance account in applicable governmental funds to indicate that they are not in spendable form.
Services provided or used, deemed to be at market or near market rates, are treated as revenues and expenditures or expenses. These services provide information on the net cost of each government function and therefore are not eliminated in the process of preparing the government-wide statement of activities.
Reimbursements occur when the funds responsible for particular expenditures or expenses repay the funds that initially paid for them. Such reimbursements are reflected as expenditures or expenses in the reimbursing fund and reductions to expenditures or expenses in the reimbursed fund.
All other interfund transactions are treated as transfers. Transfers between funds are netted as part of the reconciliation to the government-wide presentation.
L) Unearned Revenue
Under the accrual and modified accrual basis of accounting, revenue may be recognized only when it is earned. When assets are recognized in connection with a transaction before the earnings process is complete, those assets are offset by a corresponding liability for unearned revenue.
M) Compensated Absences
Compensated absences comprise unused vacation leave, vested sick pay and certain compensated time off, which is paid at the date of termination from City employment. All compensated pay is accrued when incurred in the government-wide and proprietary fund financial statements. For all governmental funds, termination pay-outs expected to be paid out of current financial resources are recorded as fund liabilities. Compensated absences recorded within Governmental Activities are expected to be primarily liquidated by the General Fund as they become due. Amounts recorded within Business-type Activities are expected to be liquidated from the both the Water and Sewer funds, as appropriate. 95 City of Live Oak
Notes to Financial Statements
June 30, 2024
‐32-
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) N) Pensions
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City’s California Public Employees’ Retirement System (CalPERS) plan (Plan) and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
O) Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period and so will not be recognized as an outflow of resources (expense/expenditure) until then. The government has two items which qualify for reporting in this category. These items relate to outflows from changes in the net pension liability and the net OPEB asset and are reportable on the Statement of Net Position.
In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period and so will not be recognized as an inflow of resources (revenue) until that time. The government has three types of items which qualify for reporting in this category. One item, unavailable revenue, is reported only in the governmental funds balance sheet. The governmental funds report unavailable revenues for receivables that have not been received within the period of availability. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. The second and third items relate to inflows from changes in the net pension liability and net OPEB asset and are reportable on the Statement of Net Position.
P) Estimates
The preparation of basic financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
96 City of Live Oak
Notes to Financial Statements
June 30, 2024
‐33-
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Q) Other Postemployment Benefits (OPEB)
For purposes of measuring the net OPEB asset, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s plan (OPEB Plan), the assets of which are held by the California Employers' Retiree Benefit Trust (CERBT), and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined by an independent actuary. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.
R) Net Position
Net position is the excess of all the City's assets and deferred outflows of resources over all its liabilities and deferred inflows of resources, regardless of fund. Net position is divided into three categories. These categories apply only to net position which is determined only for proprietary funds and at the government-wide level, and are described below:
Net investment in capital assets - describes the portion of net position which is represented by the current net book value of the capital assets, less the outstanding balance of debt issued to finance these assets.
Restricted net position - amounts with constraints placed on their use that are either (a) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislation. Restrictions may effectively be changed or lifted only with the consent of resource providers
Unrestricted net position - all other net position that does not meet the definition of “restricted” or “net investment in capital assets.”
Net Position Restricted by Enabling Legislation
The government-wide Statement of Net Position reports $25,464,985 of restricted net position, of which $6,598,537 is restricted by enabling legislation.
Net Position Flow Assumption
When a government funds outlays for a particular purpose from both restricted and unrestricted resources, a flow assumption must be made about the order in which the resources are considered to be applied. When both restricted and unrestricted net position are available, it is considered that restricted resources are used first, followed by the unrestricted resources.
97 City of Live Oak
Notes to Financial Statements
June 30, 2024
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1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) S) Fund Balance
As prescribed by GASB Statement No. 54, governmental funds report fund balance in classifications based primarily on the extent to which the City is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. As of June 30, 2024, fund balance for governmental funds is made up of the following:
Nonspendable fund balance - amounts that cannot be spent because they are either:
(a) not in spendable form, or (b) legally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash, for example: inventories and prepaid amounts. Restricted fund balance - amounts with constraints placed on their use that are either: (a) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislation. Restrictions may effectively be changed or lifted only with the consent of resource providers.
Committed fund balance - amounts that can only be used for the specific purposes determined by formal action of the City’s highest level of decision-making authority. The City Council is the highest level of decision-making authority for the City that can, by adoption of an ordinance commit fund balance. Once adopted, the limitation imposed remains in place until a similar action is taken to remove or revise the limitation. The underlying action that imposed the limitation needs to occur no later than the close of the reporting period.
Assigned fund balance - amounts that are constrained by the City’s intent to be used for specific purposes. The intent can be established at either the highest level of decision-making, or by a body or an official designated for that purpose. Unassigned fund balance - the residual classification for the City’s General fund that includes all amounts not contained in the other classifications. In other funds, the unassigned classification is used only if expenditures incurred for specific purposes exceed the amounts restricted, committed, or assigned to those purposes.
Fund Balance Flow Assumption
When a government funds outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance), a flow assumption must be made about the order in which the resources are considered to be applied. When both restricted and unrestricted fund balance are available, it is considered that restricted fund balance is depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance.
Unassigned fund balance is applied last.
98 City of Live Oak
Notes to Financial Statements
June 30, 2024
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1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) T) Implementation of New Pronouncement
For the year ended June 30, 2024, the financial statements include the adoption of GASB Statement No. 100 – Accounting Changes and Error Corrections. This Statement defines accounting changes as changes in accounting principles, changes in accounting estimates, and changes to or within the financial reporting entity and describes the transactions or other events that constitute those changes. For additional information, refer to Note 16. 2) STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A) Deficit Fund Balance/Net Position
The 16-HOME-11532 Fund had a fund balance deficit of $2,028, which is expected to to be eliminated in the future through grant reimbursements.
The following non-major governmental funds had a deficit fund balance:
The 14-HOME-9274 Fund had a fund balance deficit of $3,945, the Mello Roos CFD 2004- 1 Street Lighting Fund had a fund balance deficit of $61,564, the 13-CDBG-8933 Skate Park Fund had a fund balance deficit of $430,713, the CDBG PI Waiver Water Main Fund had a fund balance deficit of $246,000, the State Grants fund had a fund balance deficit of $1,039,359, and the Capital Improvement Project Fund had a fund balance deficit of $981,668, all of which are expected to be eliminated in the future through grant reimbursements.
B) Expenditures in Excess Over Appropriations
Funds with expenditures in excess over appropriations as of June 30, 2024 were as follows:
Fund Final Budget Actual Variance
Major Funds:
Program Income:
Community development - $ 20,999 $ (20,999) $
Nonmajor Funds:
Streets and Roads 563,401 573,747 (10,346)
Mello Roos CFD 2004-1 Street Lighting 28,000 28,989 (989)
99 City of Live Oak
Notes to Financial Statements
June 30, 2024
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3) CASH AND INVESTMENTS
A) Financial Statement Presentation
As of June 30, 2024, the City’s cash and investments are reported in the financial statements as follows:
Cash and investments in primary government
Governmental activities 5,022,251 $
Business-type activities 6,249,672
Total cash and investments in primary government 11,271,923 Total cash and investments 11,271,923 $
As of June 30, 2024, the City’s cash and investments consisted of the following:
Cash:
Cash on hand 1,020 $
Deposits with financial institutions 2,010,701
Total cash 2,011,721
Investments:
Certificate of deposit 31,000
Local Agency Investment Fund 8,630,526
Money market mutual funds 598,676
Total investments 9,260,202
Total cash and investments 11,271,923 $
100
City of Live Oak
Notes to Financial Statements
June 30, 2024
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3) CASH AND INVESTMENTS (continued)
B) Cash
At year end, the carrying amount of the City’s cash deposits was $2,010,701 and the bank balance was $2,076,215. The difference between the bank balance and the carrying amount represents outstanding checks and deposits in transit. In addition, the City had cash on hand of $1,020.
Custodial Credit Risk for Deposits - Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, the City will not be able to recover its deposits or collateral securities that are in the possession of an outside party. The City’s investment policy requires that deposits in banks must meet the requirements of the California Government Code. Under this code, deposits of more than $250,000 must be collateralized at 105 percent to 150 percent of the value of the deposit to guarantee the safety of the public funds. The first $250,000 of the City’s deposits are insured by the Federal Deposit Insurance Corporation (FDIC). Deposits more than the $250,000 insured amount are collateralized.
C) Investments
Pursuant to Section 53646 of the Government Code, the City prepares an investment policy annually and presents it to the City Council for review and approval. The investment policy provides the basis for the management of a prudent, conservative investment program.
Funds are invested to provide the maximum security of principal with secondary emphasis on achieving the highest return, while meeting daily cash flow needs. All investments are made in accordance with the Government Code and, in general, the investment policy is more restrictive than state law.
Under the provisions of the City’s investment policy the City may invest or deposit in the following:
Maximum Maximum Minimum
Maximum Percentage of Investment in Credit
Authorized Investment Type Maturity Portfolio One Issuer Quality U.S. government obligations 5 years None None None
U.S. government agencies 5 years None None None
Repurchase agreements 1 year None None None
Banker's acceptances 180 days 40% 30% None
Commercial paper 270 days 30% 5%
A-1 or
equivalent
Medium-term notes 5 years 30% None A
Certificates of deposit 5 years None None None
Negotiable certificates of deposit 5 years 30% None AA
Local Agency Investment Fund (LAIF) N/A None $75 million None California Asset Management Program (CAMP) N/A None None None Money market mutual funds N/A 20% 10% Highest rating
Fair Value Measurements - The City measures and records its investments using fair value measurement guidelines established by generally accepted accounting principles. These guidelines recognize a three-tiered fair value hierarchy, as follows:
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City of Live Oak
Notes to Financial Statements
June 30, 2024
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3) CASH AND INVESTMENTS (continued)
C) Investments (continued)
Level 1: Quoted prices for identical investments in active markets; Level 2: Observable inputs other than quoted market prices; and, Level 3: Unobservable inputs.
The City’s position in external investment pools is, in itself, regarded as a type of investment, and looking through to the underlying investments of the pool is not appropriate. Therefore, the City’s investment in external investment pools is not recognized in the three-tiered fair value hierarchy described above.
At June 30, 2024, the City had the following recurring fair value measurements.
Level
Investment Type Fair Value 1 2 3
Certificate of deposit 31,000 $ - $ 31,000 $ - $
Investments measured at amortized cost:
Money market mutual funds 598,676
Investments exempt from fair value hierarchy:
Local Agency Investment Fund (LAIF) 8,630,526
Total investments 9,260,202 $
Interest Rate Risk - Interest rate risk is the risk of loss due to the fair value of an investment falling due to interest rates rising. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. To limit exposure to fair value losses resulting from increases in interest rates, the City’s investment policy limits investment maturities to a term appropriate to the need for funds so as to permit the City to meet all projected obligations. Any investments that mature more than five years from the date of purchase cannot occur without prior approval of the City Council.
At June 30, 2024, the City had the following investments all of which had a maturity of 5 years or less:
12 Months
Investment Type or less Total
Certificate of deposit 31,000 $ 31,000 $
Local Agency Investment Fund (LAIF) 8,630,526 8,630,526 Money market mutual funds 598,676 598,676
Total investments 9,260,202 $ 9,260,202 $
102
City of Live Oak
Notes to Financial Statements
June 30, 2024
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3) CASH AND INVESTMENTS (continued)
C) Investments (continued)
Credit Risk - Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. The City’s investment policy sets specific parameters by type of investment to be met at the time of purchase. As of June 30, 2024, the City investments were all pooled with the State of California Local Agency Investment Fund which is not rated by a nationally recognized statistical rating organization.
Custodial Credit Risk - Custodial credit risk for investments is the risk that, in the event of the failure of a depository financial institution, the City will not be able to recover its deposits or collateral securities that are in the possession of an outside party. To mitigate the custodial credit risk the City’s investment policy requires that all of its managed investments be held in safekeeping by a third-party bank trust department.
Concentration of Credit Risk - Concentration of credit risk is the risk of loss attributed to the magnitude of the City’s investment in a single issuer of securities. When investments are concentrated in one issuer, this concentration presents a heightened risk of potential loss.
The City’s investment policy contains limitations on the amount that can be invested in any one issuer. As of June 30, 2024, the City investments were mostly pooled with the State of California Local Agency Investment Fund which holds a diversified portfolio of high-quality investments.
D) Investment in External Investment Pools
The City of Live Oak maintains an investment in the State of California Local Agency Investment Fund (LAIF), managed by the State Treasurer. This fund is not registered with the Securities and Exchange Commission as an investment company but is required to invest according to California State Code. The Local Investment Advisory Board (Board) has oversight responsibility for LAIF. The Board consists of five members as designated by State Statute.
At June 30, 2024, the City’s investment in LAIF valued at amortized cost was $8,630,526 and is the same as the value of the pool shares. There are no restrictions on withdrawal of funds.
The total amount invested by all public agencies in LAIF on that day was $178.0 billion.
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City of Live Oak
Notes to Financial Statements
June 30, 2024
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4) CAPITAL ASSETS
Capital assets activity for the year ended June 30, 2024, was as follows:
Governmental Activities
Balance at Balance at
June 30, 2023 Additions Retirements June 30, 2024
Capital assets not being depreciated
or amortized:
Land 6,584,996 $ - $ - $ 6,584,996 $
Construction in progress 1,101,738 901,690 - 2,003,428
Total capital assets not being
depreciated or amortized 7,686,734 901,690 - 8,588,424
Capital assets being depreciated and
amortized:
Right to use asset - equipment 45,150 - - 45,150
Buildings and improvements 7,561,067 130,759 - 7,691,826 Equipment 4,981,010 53,031 (67,144) 4,966,897
Infrastructure 25,170,594 - - 25,170,594
Total capital assets being
depreciated and amortized 37,757,821 183,790 (67,144) 37,874,467 Less accumulated depreciation and
amortization for:
Right to use asset - equipment (27,090) (13,545) - (40,635) Buildings and improvements (2,514,807) (218,541) - (2,733,348) Equipment (3,888,694) (261,003) 67,144 (4,082,553)
Infrastructure (10,319,618) (584,826) - (10,904,444)
Total accumulated depreciation
and amortization (16,750,209) (1,077,915) 67,144 (17,760,980) Net capital assets being depreciated
and amortized 21,007,612 (894,125) - 20,113,487
Governmental activities capital assets, net 28,694,346 $ 7,565 $ - $ 28,701,911 $ Depreciation and amortization expense was charged to governmental functions as follows:
General government 33,387 $
Public safety 147,033
Community development 588,152
Culture and recreation 307,386
Public ways and facilities 1,957
Total depreciation and amortization
- governmental activities 1,077,915 $
104
City of Live Oak
Notes to Financial Statements
June 30, 2024
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4) CAPITAL ASSETS (continued)
Business-Type Activities
Balance at Balance at
June 30, 2023 Additions Retirements June 30, 2024
Capital assets not being depreciated
or amortized:
Land 233,241 $ - $ - $ 233,241 $
Construction in progress 386,022 - - 386,022
Total capital assets not being
depreciated or amortized 619,263 - - 619,263
Capital assets being depreciated and
amortized:
Right to use asset - equipment 22,514 - - 22,514
Buildings and improvements 38,641 39,517 - 78,158
Equipment 1,680,365 42,671 - 1,723,036
Infrastructure 54,043,363 - - 54,043,363
Total capital assets being
depreciated and amortized 55,784,883 82,188 - 55,867,071 Less accumulated depreciation and
amortization for:
Right to use asset - equipment (15,382) (6,178) - (21,560) Buildings and improvements (38,641) (3,293) - (41,934)
Equipment (1,484,753) (48,156) - (1,532,909)
Infrastructure (22,324,543) (1,553,261) - (23,877,804)
Total accumulated depreciation
and amortization (23,863,319) (1,610,888) - (25,474,207) Net capital assets being depreciated
and amortized 31,921,564 (1,528,700) - 30,392,864
Business-type activities capital assets, net 32,540,827 $ (1,528,700) $ - $ 31,012,127 $ Depreciation and amortization expense was charged as follows:
Water utility 480,025 $
Sewer utility 1,130,863
Total depreciation and amortization
- business-type activities 1,610,888 $
105
City of Live Oak
Notes to Financial Statements
June 30, 2024
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4) CAPITAL ASSETS (continued)
Construction in Progress
Construction in progress for governmental activities and business-type activities relate primarily to work performed on the following projects:
Balance
Governmental activities:
Parks and recreation:
Rec. trail segment 4 97,389 $
City signs 113,911
Dog park 39,190
Total parks and recreation 250,490
Streets and roads:
Pennington Road project 1,752,938
Total streets and roads 1,752,938
Total governmental activities 2,003,428 $
Business-type activities:
Sewer enterprise:
P St. Lift Station 386,022 $
Total sewer enterprise 386,022
Total business-type activities 386,022 $
5) INTERFUND TRANSACTIONS
Due To/From Other Funds
During the course of operations, transactions occur between funds to account for goods received or services rendered. These receivables and payables are classified as due from or due to other funds. In addition, when funds overdraw their share of pooled cash, the receivables and payables are also classified as due from or due to other funds The following are due to and due from balances as of June 30, 2024:
Due From 16-HOME-11532
Other
Governmental
Funds Water Total
General Fund 2,028 $ 2,962,799 $ - $ 2,964,827 $
Other Governmental Funds - 176,841 2,334,606 2,511,447
Total 2,028 $ 3,139,640 $ 2,334,606 $ 5,476,274 $
Due To
106
City of Live Oak
Notes to Financial Statements
June 30, 2024
‐43-
6) LOANS RECEIVABLE
At June 30, 2024, the City had the following loans receivable, including principal and accrued interest:
Governmental Activities
Loan Type Principal Interest Total
CDBG Housing Rehab 423,624 $ 123,724 $ 547,348 $
CDBG First Time Home Buyer 378,000 220,878 598,878
CDBG Public Improvements 680,800 - 680,800
EDBG Business Assistance 15,232 3 15,235
HOME Owner Occupied Rehab 1,445,336 152,798 1,598,134
HOME First Time Home Buyer 142,000 73,491 215,491
HOME Housing New Construction 12,000,000 2,308,182 14,308,182 HOME Program Income First Time Home Buyer 127,000 69,020 196,020 HOME Program Income Owner Occupied Rehab 55,483 18,702 74,185 City Loan First Time Home Buyer 75,000 37,665 112,665
Impact Fees Housing New Construction 667,349 98,675 766,024 Total $ 3,103,138 16,009,824 $ 19,112,962 $
A total of $19,112,962 was recorded as loans receivable at June 30, 2024. These represent low interest notes principal portion to finance multi-family and single-family construction and rehabilitation projects, home buyer assistance for low income families, as well as business start-up costs. Loan terms are 15 to 55 years with interest rates at 0.00 to 5.00 percent. The primary source of funding for these loans comes from grants from the federal Community Development Block Grant (CDBG) and Home Investment Partnerships (HOME) programs. The CDBG and HOME grants contain monitoring requirements to ensure grant compliance. These requirements are reflected in the loan agreements. Due to the terms of the loans, offsetting deferred inflows of resources of $19,000,298 have been established in the Governmental Funds Balance Sheet for the housing and business loan principal and interest payments.
107
City of Live Oak
Notes to Financial Statements
June 30, 2024
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7) LONG-TERM LIABILITIES
Debt Service Requirements
The following is a summary of changes in long-term liabilities for the year ended June 30, 2024:
Amounts
Balance Balance Due Within
Type of Indebtedness June 30, 2023 Additions Retirements June 30, 2024 One Year Governmental activities:
Direct borrowings:
City of Yuba City Loan 52,883 $ - $ $ (52,883) $ - $ -
Financed purchase: fire engine 171,108 - (84,054) 87,054 87,054 PG&E loan - 130,759 (5,960) 124,799 18,587
Lease liability 18,391 - (13,747) 4,644 4,644
Total governmental activities $ 242,382 $ 130,759 $ (156,644) $ 216,497 $ 110,285 Business-type activities:
Direct borrowings and private placements:
State Department of Water
Resources revolving fund loan $ 4,030,408 $ - $ (193,668) $ 3,836,740 $ 195,605 Certificates of participation 1,570,000 - (70,000) 1,500,000 70,000 PG&E loan - 39,216 (3,112) 36,104 7,470
Lease liability 7,248 - (6,266) 982 982
Total business-type activities $ 5,607,656 $ 39,216 $ (273,046) $ 5,373,826 $ 274,057 For business-type activities, all debt is accounted for in the proprietary fund where the liability occurred.
Individual issues of debt payable outstanding at June 30, 2024, are as follows:
A. Governmental Activities
The City of Yuba City loan, dated August 2012 in the amount of $528,825, payable in semiannual installments of $26,156 to $26,728 with an interest rate of 0.228% and a maturity of September 2, 2023. The loan was used to provide funding to the Sutter Animal Services Authority. This was paid in full as of June 30, 2024.
The City entered into a lease purchase agreement with US Bancorp Government Leasing and Financing Inc in January 2018. Using the lease proceeds, the City purchased a fire engine from Ferrara Rev Group for $549,863. The fire engine was delivered to the City in September 2018 and went into service at that time. The lease arrangement goes out seven years at an interest rate of 3.57% with annual payments commencing in January 2019. The lease is an obligation of the City’s General Fund and is accounted for as a long-term general liability.
Total outstanding as of June 30, 2024 is $87,054.
108
City of Live Oak
Notes to Financial Statements
June 30, 2024
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7) LONG-TERM LIABILITIES (continued)
A. Governmental Activities (continued)
Debt service requirements for the financing lease are as follows:
Year Ended Fire Engine
June 30, Principal Interest Total
2025 $ 87,054 $ 3,108 $ 90,162
Total $ 87,054 $ 3,108 $ 90,162
The City entered into a PG&E energy efficiency loan on October 18, 2023 to convert lighting to LED at multiple City-owned locations. The change to LED lighting will help reduce energy bills and improve efficiency. Amounts are paid back based on the savings realized and as such, payments are variable from month-to-month. Debt service requirements for the loan are as follows:
PG&E Loan
Year Ended
June 30,
Governmental
Activities
Business-Type
Activities Total
2025 $ 18,587 $ 7,470 $ 26,057
2026 18,587 7,470 26,057
2027 18,587 7,470 26,057
2028 18,587 7,470 26,057
2029 18,587 6,224 24,811
2030-2032 31,864 - 31,864
Total $ 124,799 $ 36,104 $ 160,903
B. Business-Type Activities
The City entered into a direct borrowing loan with the State Department of Water Resources on February 26, 2010 in the amount of $6,040,511, payable in annual installments of $175,812 to $231,656 with an interest rate of 1.00% and a maturity of June 30, 2042. The loan was used to finance a wastewater treatment plant upgrade. Total outstanding as of June 30, 2024 is $3,836,740. Debt service requirements are as follows:
109
City of Live Oak
Notes to Financial Statements
June 30, 2024
‐46-
7) LONG-TERM LIABILITIES (continued)
B. Business-Type Activities (continued)
Year Ended Loans
June 30, Principal Interest Total
2025 $ 195,605 $ 38,367 $ 233,972
2026 197,561 36,411 233,972
2027 199,537 34,436 233,973
2028 201,532 32,440 233,972
2029 203,547 30,425 233,972
2030-2034 1,048,678 121,183 1,169,861
2035-2039 1,102,171 67,690 1,169,861
2040-2042 688,109 13,808 701,917
Total $ 3,836,740 $ 374,760 $ 4,211,500
The City issued the 2003 Certificates of Participation of January 1, 2004 in the amount of $1,269,025, payable in annual installments of $30,000 to $39,025 with an interest rate of
4.25% and a maturity of July 1, 2043. The certificates were used to finance a wastewater improvement project. The certificates are backed by a pledge of net revenues to the wastewater fund. Total outstanding as of June 30, 2024 is $660,000.
The City issued the 2005 Certificates of Participation of January 1, 2006 in the amount of $1,441,000, payable in annual installments of $1,000 to $40,000 with an interest rate of 4.25% and a maturity of July 1, 2046. The certificates were used to finance a water meter installation and improvement project. The certificates are backed by a pledge of net revenues to the water fund. Total outstanding as of June 30, 2024 is $840,000. Debt service requirements are as follows:
Year Ended Certificates of Participation
June 30, Principal Interest Total
2025 $ 70,000 $ 62,263 $ 132,263
2026 70,000 59,288 129,288
2027 70,000 56,312 126,312
2028 70,000 53,338 123,338
2029 70,000 50,362 120,362
2030-2034 350,000 207,188 557,188
2035-2039 350,000 132,813 482,813
2040-2044 350,000 58,438 408,438
2045-2046 100,000 3,400 103,400
Total $ 1,500,000 $ 683,402 $ 2,183,402
110
City of Live Oak
Notes to Financial Statements
June 30, 2024
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8) LEASES
A. Lease receivables
The City accrued a receivable for a lease agreement for a City building. Interest revenue recognized on the lease was $634 and principal receipts of $56,578 were recognized for the year ended June 30, 2024. The lease was paid in full as of June 30, 2024.
B. Lease liabilities
The City has entered into lease agreements for equipment. The City is required to make principal and interest payments through January 2025. The lease liabilities were valued using a discount rate of 2.00%, which is the City’s incremental borrowing rate. The following are the remaining payments on the leases:
Year Ended Governmental activities - Leases
June 30, Principal Interest Total
2025 $ 4,644 $ 20 $ 4,664
Year Ended Business-type activities - Leases
June 30, Principal Interest Total
2025 $ 982 $ 6 $ 988
9) COMPENSATED ABSENCES
A summary of the changes in compensated absences for the year ended June 30, 2024 is as follows:
Balance Balance Due in
June 30, 2023 Additions Reductions June 30, 2024 One Year Governmental activities $ 79,388 $ 52,009 $ (65,092) $ 66,305 $ 12,360 Business-type activities 107,757 58,611 (97,004) 69,364 17,116 Total compensated absences 187,145 $ $ 110,620 $ (162,096) $ 135,669 $ 29,476 The General Fund is the liquidating fund for the amount reported for governmental activities.
The Water Fund and Sewer Fund are the liquidating funds for the amount reported for business-type activities.
111
City of Live Oak
Notes to Financial Statements
June 30, 2024
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10) FUND BALANCES
The fund balances for all major and non-major governmental funds as of June 30, 2024, were distributed as follows:
Other
Program 16-HOME- Governmental
General Income 11532 Funds Total
Nonspendable:
Prepaid items $ 33,005 -$ -$ $ 275 $ 33,280
Subtotal 33,005 - - 275 33,280
Restricted For:
Developer deposits - - - 2,296 2,296
Street maintenance and
construction - - - 480,224 480,224
Law enforcement services - - - 270,628 270,628
Sidewalk improvement - - - 18,818 18,818
Street lighting - - - 109,570 109,570
Mello Roos - - - 420,230 420,230
Impact fees - - 2,860,754 - 2,860,754
Storm drain connection fees - - - 647,267 647,267
Community development - 376,944 - 10,055 386,999
Transportation - - - 258,742 258,742
Subtotal - 376,944 - 5,078,584 5,455,528
Committed to:
General reserve 520,175 - - - 520,175
City/County major fire 27,028 - - - 27,028
Equipment replacement 107,999 - - - 107,999
Info technology 107,824 - - - 107,824
PERS retirement 333,575 - - - 333,575
Health insurance 287,420 - - - 287,420
OPEB 192,417 - - - 192,417
Capital facilities 700,822 - - - 700,822
Subtotal 2,277,260 - - - 2,277,260
Unassigned - - (2,028) (2,763,249) (2,765,277)
Totals $ 2,310,265 $ 376,944 $ (2,028) $ 2,315,610 $ 5,000,791 Fund Balance Policy
The City Council adopted the City of Live Oak Fund Balance Policy in 2011. The policy establishes procedures for reporting fund balance classifications, establishes prudent reserve requirements and establishes a hierarchy of fund balance expenditures. The policy also provides for a measure of financial protection for the City against unforeseen circumstances and to comply with GASB Statement No. 54.
Included in the City’s adopted budget each year are the City’s Budget Policies. The Budget Policies state that the City will maintain a minimum General Fund general reserve equal to 30 percent of the General Fund’s appropriations. This is considered Live Oak’s “Healthy Cities Reserve”.
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City of Live Oak
Notes to Financial Statements
June 30, 2024
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11) PENSION PLAN
A) General Information about the Pension Plan
Plan Description
All qualified permanent and probationary employees are eligible to participate in the Public Agency Cost-Sharing Multiple-Employer Defined Benefit Pension Plan (Plan or PERF C) administered by the California Public Employees’ Retirement System (CalPERS.) The Plan consists of a miscellaneous pool and a safety pool (also referred to as “risk pools”), which are comprised of individual employer miscellaneous and safety rate plans, respectively. Plan assets may be used to pay benefits for any employer rate plan of the safety and miscellaneous pools. Accordingly, rate plans within the safety or miscellaneous pools are not separate plans under generally accepted accounting principles. Individual employers may sponsor more than one rate plan in the miscellaneous or safety risk pools. The City participates in two miscellaneous rate plans. Benefit provisions under the Plan are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS’ website, at www.calpers.ca.gov.
Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries.
Benefits are based on years of credited service, equal to one year of full-time employment.
Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 5 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.
The Plan operates under the provisions of the California Public Employees’ Retirement Law (PERL), the California Public Employees’ Pension Reform Act of 2013 (PEPRA), and the regulations, procedures and policies adopted by the CalPERS Board of Administration. The Plan’s authority to establish and amend the benefit terms are set by the PERL and PEPRA, and may be amended by the California state legislature and in some cases require approval by the CalPERS Board.
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City of Live Oak
Notes to Financial Statements
June 30, 2024
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11) PENSION PLAN (continued)
A) General Information about the Pension Plan (continued) The Plan’s provisions and benefits in effect at June 30, 2024 are summarized as follows:
PEPRA
Miscellaneous Miscellaneous
Rate Plan Rate Plan
Prior to On or after
Hire date January 1, 2013 January 1, 2013
Benefit formula 2.0% or 2.7% @ 55 2% @ 62
Benefit vesting schedule 5 years of service 5 years of service Benefit payments monthly for life monthly for life
Retirement age 55 62
Monthly benefits, as a % of eligible compensation 2% - 2.7% 2% Required employee contribution rates 7.960% 6.750%
Required normal employer contribution rates 15.950% 7.680% Required employer payment of unfunded liability $150,806 $0 Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process.
The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Employer contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions. Employer contributions to the Plan for the fiscal year ended June 30, 2024 were $346,021.
B) Net Pension Liability
The City’s net pension liability for the Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of the Plan is measured as of June 30, 2023, using an annual actuarial valuation as of June 30, 2022 rolled forward to June 30, 2023 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is as follows. 114
City of Live Oak
Notes to Financial Statements
June 30, 2024
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11) PENSION PLAN (continued)
B) Net Pension Liability (continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liability The collective total pension liability for the June 30, 2023 measurement period was determined by an actuarial valuation as of June 30, 2022, with update procedures used to roll forward the total pension liability to June 30, 2023. The collective total pension liability was based on the following assumptions:
Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method
Asset Valuation Method Fair Value of Assets
Actuarial Assumptions:
Discount Rate
Inflation 2.30%
Salary Increases Varies by Entry Age and Service
Mortality Rate Table (1)
Post Retirement Benefit Increase
Entry Age Acturial Cost Method
6.90%
Derived using CalPERS' membership data for all funds
The lesser of contract COLA or 2.30% until Purchasing
Power Protection Allowance floor on purchasing power
applies, 2.30% thereafter.
(1) The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the 2021 experience study report from November 2021 that can be found on the CalPERS website.
Long-term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both shortterm and long-term market return expectations. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 Basis points.
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City of Live Oak
Notes to Financial Statements
June 30, 2024
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11) PENSION PLAN (continued)
B) Net Pension Liability (continued)
The expected real rates of return by asset class are as follows:
Asset Class
Assumed
Asset
Allocation
Real
Return1,2
Global equity - cap-weighted 30.00% 4.54%
Global equity - non-cap-weighted 12.00% 3.84%
Private equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed securities 5.00% 0.50%
Investment grade corporates 10.00% 1.56%
High yield 5.00% 2.27%
Emerging market debt 5.00% 2.48%
Private debt 5.00% 3.57%
Real assets 15.00% 3.21%
Leverage (5.00%) (0.59%)
2 Figures are based on the 2021 Asset Liability Management study. 1 An expected inflation of 2.30% used for this period.
Discount Rate
The discount rate used to measure the total pension liability for PERF C was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
Subsequent Events
There were no subsequent events that would materially affect the results presented in this disclosure.
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City of Live Oak
Notes to Financial Statements
June 30, 2024
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11) PENSION PLAN (continued)
B) Net Pension Liability (continued)
Pension Plan Fiduciary Net Position
Information about the pension plan’s assets, deferred outflows of resources, liabilities, deferred inflows of resources, and fiduciary net position are presented in CalPERS’ audited financial statements, which are publicly available reports that can be obtained at CalPERS’ website, at www.calpers.ca.gov. The plan’s fiduciary net position and additions to/deductions from the plan’s fiduciary net position have been determined on the same basis used by the pension plan, which is the economic resources measurement focus and the accrual basis of accounting. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Investments are reported at fair value.
C. Proportionate Share of Net Pension Liability
The following table shows the City’s proportionate share of the Plan’s net pension liability over the measurement period.
Increase (Decrease)
Proportionate Share
of Total Pension
Liability
Proportionate Share of
Fiduciary Net Position
Proportionate Share
of Net Pension
Liability
Balance at: 6/30/2022 8,826,633 $ $ 6,679,758 $ 2,146,875 Balance at: 6/30/2023 9,653,735 7,270,011 2,383,724
Net Changes during 2022-23 $ 827,102 $ 590,253 $ 236,849 The City’s proportion of the net pension liability was determined by CalPERS using the output from the Actuarial Valuation System and the fiduciary net position, as provided in the CalPERS Public Agency Cost-Sharing Allocation Methodology Report, which is a publicly available report that can be obtained at CalPERS’ website, at www.calpers.ca.gov. The City’s proportionate share of the net pension liability for the miscellaneous Plan as of the June 30, 2022 and 2023 measurement dates was as follows:
Proportionate Share - June 30, 2022 0.04588%
Proportionate Share - June 30, 2023 0.04767%
Change - Increase (Decrease) 0.00179%
117
City of Live Oak
Notes to Financial Statements
June 30, 2024
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11) PENSION PLAN (continued)
C. Proportionate Share of Net Pension Liability (continued) Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate
The following presents the City’s proportionate share of the net pension liability of the Plan as of the measurement date, calculated using the discount rate of 6.9 percent, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.9 percent) or 1 percentage-point higher (7.9 percent) than the current rate:
Discount Rate - 1% Current Discount Rate Discount Rate +1% (5.90%) (6.90%) (7.90%)
$ 2,383,724 3,689,351 $ 1,309,082 $
Amortization of Deferred Outflows and Deferred Inflows of Resources Gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time.
The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense.
The amortization period differs depending on the source of the gain or loss:
Net difference between
projected and actual earnings
on pension plan investments
5-year straight-line amortization
All other amounts Straight-line amortization over the expected average remaining service lives (EARSL) of all members that
are provided with benefits (active, inactive and
retired) as of the beginning of the measurement
period
The expected average remaining service lifetime (EARSL) is calculated by dividing the total future service years by the total number of plan participants (active, inactive, and retired) in the Public Agency Cost-Sharing Multiple-Employer Plan (PERF C). 118
City of Live Oak
Notes to Financial Statements
June 30, 2024
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11) PENSION PLAN (continued)
D. Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions
As of the start of the measurement period (July 1, 2022), the City’s net pension liability was $2,146,875. For the measurement period ending June 30, 2023 (the measurement date), the City incurred a pension expense of $465,047.
As of June 30, 2024, the City has deferred outflows and deferred inflows of resources related to pensions as follows:
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension contributions made subsequent to
measurement date $ 346,021 $ -
Changes in assumptions 143,916 -
Difference between expected and actual
experiences 121,774 18,890
Net difference between projected and actual
earnings on pension plan investments 385,946 -
Differences between actual contributions and the
proportionate share of contributions 35,861 16,907
Adjustment due to difference in proportions 45,957 76,012 Total $ 1,079,475 $ 111,809
The amounts above are net of outflows and inflows recognized in the 2022-23 measurement period expense. Contributions subsequent to the measurement date of $346,021 reported with deferred outflows of resources will be recognized as a reduction of the net pension liability in the upcoming fiscal year. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in future pension expense as follows:
Measurement Period Deferred
Ended June 30, Outflows/(Inflows)
2024 177,325 $
2025 122,088
2026 311,157
2027 11,075
E. Payable to the Pension Plan
At June 30, 2024, the City reported a payable of $195,202 for the outstanding amount of contributions to the pension plan required for the year then ended. 119
City of Live Oak
Notes to Financial Statements
June 30, 2024
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12) OTHER POST-EMPLOYMENT BENEFITS (OPEB)
Plan Description
The City contributes to California Public Employees Retirement System (CalPERS), an agent multiple-employer defined benefit postemployment healthcare plan administrator (“the Retiree Health Plan”). An employee is eligible for lifetime medical benefits under the Plan, along with his/her spouse at the time of retirement, if he or she retires from the City under CalPERS.
The retiree receives a benefit of $157 per month from the City. Payments cease at age 65 when the retiree is eligible for Medicare.
Employee’s Covered
As of the June 30, 2023 actuarial valuation, the following current and former employees were covered by the benefit terms under the Retiree Health Plan:
Active 30
Inactive employees or beneficiaries currently receiving benefits 6 Inactive employees entitled to, but not yet receiving benefits 8 Total 44
Contributions
The Retiree Health Plan and its contribution requirements are established by Memoranda of Understanding with the applicable employee bargaining units and may be amended by agreements between the City and the bargaining units. The annual contribution is based on the actuarially determined contribution. The City’s contributions were $14,182 for the fiscal year, which will be recognized as an increase to the net OPEB asset.
Net OPEB Asset
The City’s net OPEB asset was measured as of June 30, 2023 and the total OPEB liability used to calculate the net OPEB asset was determined by an actuarial valuation dated June 30, 2023, based on the following actuarial methods and assumptions:
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June 30, 2024
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12) OTHER POST-EMPLOYMENT BENEFITS (OPEB) (continued)
Actuarial Assumptions
Actuarial Valuation Date June 30, 2023
Contribution Policy City contributes full ADC
Discount Rate and Long-Term 6.25% at June 30, 2023 and 6.25% at June 30, 2022.
Expected Rate of Return 6.75% at June 30, 2023
on Assets Expected City contributions projected to keep sufficient plan assets to pay all benefits from trust
General Inflation 2.50% annually
Mortality, Retirement, CalPERS 2000-2019 Experience Study Disability, Termination
Mortality Improvement Mortality projected fully generational with Scale MP-2021
Salary Increases Aggregate-2.75% annually
Merit-CalPERS 2000-2019 Experience Study
Medical Trend Non-Medicare -7.90% for 2026, decreasing to an ultimate rate of 3.45% in 2076
Medicare (Non-Kaiser) - 6.90% for 2026,
decreasing to an ultimate rate of 3.45% in 2076
Medicare (Kaiser) - 5.65% for 2026, decreasing to
an ultimate rate of 3.45% in 2076
Healthcare participation 50% if active medical coverage for future retirees 0% if waived
The long-term expected rate of return on OPEB plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:
Long-Term
Target Expected Real
Asset Class Allocation Rate of Return
Global Equity 49.00% 4.56%
Fixed Income 23.00% 1.56%
TIPS 5.00% -0.08%
Commodities 3.00% 1.22%
REITs 20.00% 4.06%
Total 100.00%
121
City of Live Oak
Notes to Financial Statements
June 30, 2024
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12) OTHER POST-EMPLOYMENT BENEFITS (OPEB) (continued)
Discount Rate
The discount rate used to measure the total OPEB liability(asset) was 6.25 percent. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries.
Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability (asset).
Changes in the Net OPEB Asset
Increase (Decrease)
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position (Asset)
Balance at June 30, 2023
(measurement date 6/30/2022) 389,367 $ 480,158 $ (90,791)$ Changes recognized over the
measurement period:
Service cost 25,908 - 25,908
Interest cost 25,335 - 25,335
Actual vs. expected experience (62,779) - (62,779)
Assumption charges (14,037) - (14,037)
Contributions - employer - 19,809 (19,809)
Net investment income - 30,828 (30,828)
Benefit payments (19,809) (19,809) -
Administrative expenses - (139) 139
Net Changes (45,382) 30,689 (76,071)
Balance at June 30, 2024
(measurement date 06/30/2023) 343,985 $ $ 510,847 (166,862)$ Sensitivity of the Net OPEB Asset to Changes in the Discount Rate The following presents the net OPEB asset of the City if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2023:
Current
1% Decrease Discount Rate 1% Increase
(5.25%) (6.25%) (7.25%)
Net OPEB Asset (126,714) $ (166,862) $ (200,349) $
122
City of Live Oak
Notes to Financial Statements
June 30, 2024
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12) OTHER POST-EMPLOYMENT BENEFITS (OPEB) (continued)
Sensitivity of the Net OPEB Asset to Changes in the Health Care Cost Trend Rate The following presents the net OPEB asset of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2023:
Current
Healthcare Cost
1% Decrease Trend Rates 1% Increase
Net OPEB Asset (206,108) $ (166,862) $ (118,255) $
OPEB Plan Fiduciary Net Position
CalPERS issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained directly from the CalPERS website.
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2024, the City recognized OPEB expense of $19,496. As of fiscal year ended June 30, 2024, the City reported deferred outflows of resources related to OPEB from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
OPEB contributions subsequent to measurement date 14,182 $ - $ Net difference between projected and actual earnings on OPEB plan investments 31,275 -
Changes in assumptions 3,567 13,284
Differences between expected and actual experience - 61,440 Total $ 49,024 $ 74,724
The $14,182 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2023 measurement date will be recognized as an increase to the net OPEB asset in the upcoming fiscal year. Other amounts reported as deferred outflows of resources related to OPEB will be recognized as OPEB expense as follows:
Fiscal Year Deferred
Ended June 30, Outflows/(Inflows)
2025 $ (2,336)
2026 (5,042)
2027 13,001
2028 (8,772)
2029 (8,064)
Thereafter (28,669)
Total (39,882)
123
City of Live Oak
Notes to Financial Statements
June 30, 2024
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13) RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disaster. The City has joined together with other municipalities to participate in Small Cities Organized Risk Effort (SCORE) for general liability, vehicle liability, and errors and omissions purposes. SCORE is a public entity risk pool which serves as a common risk management and insurance program for member cities. The City pays an annual premium to SCORE for its insurance coverage. The agreements with SCORE provide that they will be self-sustaining through member premiums and will reinsure through commercial companies for excess coverage.
The City continues to carry commercial insurance for all other risks of loss. Settled claims resulting from these risks have not exceeded commercial insurance in any of the past three fiscal years.
14) OTHER INFORMATION
Amounts received or receivable from grant agencies are subject to audit and adjustment by grantor agencies. Any disallowed claims, including amounts already collected, may constitute a liability of the appreciable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the government expects such amounts, if any, to be immaterial.
A) Development Agreements
KB Homes Development Agreement
In July 2017, the City of Live Oak and KB Homes agreed upon various arrangements for the prospective development. The 2017 agreement with KB Homes resolved previous reimbursement arrangements stemming from KB Homes incurring the costs of building the City’s largest water storage facility in 2012. The 2017 agreement provides that the City not assess its water connection, sewer connection fees and general development impact fees upon the 97 prospective single family homes to be built by KB Homes in Pennington Ranch Phase IV. As of June 30, 2024, there are no financial effects upon the City stemming from the development arrangements with KB Homes.
Sutter County (Annexation and Sphere of Influence Development Arrangements with City) In September 2008 the City of Live Oak and the County of Sutter agreed upon various arrangements for prospective development for land annexed by the City and for development governed by the County for properties within the City’s sphere of influence. These arrangements include land use planning, property tax sharing, sales tax sharing, public safety services, development impact fees and regional transportation. The arrangements are memorialized in City Resolution 46-2008 and Sutter County Resolution 08-069. 124
City of Live Oak
Notes to Financial Statements
June 30, 2024
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14) OTHER INFORMATION (continued)
A) Development Agreements (continued)
At the end of each fiscal year, the Sutter County Auditor-Controller reconciles the property tax allocations subject to the development arrangements and distributes the adjusting amounts due to City and County. Any amounts due to the City for each fiscal year are shown as a receivable as of the balance sheet date in conformity with the City’s revenue recognition practices.
At the end of each fiscal year, the City calculates the amount of sales tax due to the County based upon the agreed upon development arrangements. The sales taxes subject to the development arrangements are accounted for in the City’s general Fund. As of June 30, 2024, the City recorded a liability of zero of sales tax due to the County of Sutter.
As of June 30, 2024, there are no financial effects upon the City stemming from the development arrangements with the County of Sutter other than the aforementioned amounts.
B) Acquisition and Fee Deferral Loan Agreement Live Oak Pacific Associates (Kristen Court Apartments)
In November 2015, the City entered into an acquisition and fee deferral loan agreement with Live Oak Pacific Associates. The agreement deferred the payment of acquisition costs ($293,0000) for a portion of land and certain development impact fees ($374,349) of the Kristen Court Apartments. The City obtained two promissory notes (one for each amount) which mature in 55 years. The note bears a simple interest rate of three percent (3%) per year. Interest began accruing upon the completion of the construction in December 2016.
The loan agreement provides that interest payments be limited to a portion of “Residual Receipts” as prescribed with their annual accounting of operations. The City receives its first interest payment from the project in July 2018. Any unpaid interest over the life of the loan is due and payable at the maturity of the promissory notes. The City accounts for the receipt of the note receivable and unpaid interest as a revenue in the year it is received in the Fire Impact Fees and Storm Drain Connection fund.
The total outstanding balances by component related to this agreement were:
Principal Interest Total
Acquisition Note $ 293,000 $ 43,324 $ 336,324
Development Impact Fee Note (drainage) 94,349 15,951 110,300 Development Impact Fee Note (fire facilities) 280,000 41,401 321,401 Total $ 667,349 $ 100,676 $ 768,025
Loans
125
City of Live Oak
Notes to Financial Statements
June 30, 2024
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15) OTHER INFORMATION (continued)
B) Acquisition and Fee Deferral Loan Agreement Live Oak Pacific Associates (Kristen Court Apartments) (continued)
August 2019, the City entered into an agreement with Live Oak Pacific Associates II, in the amount of $4,500,000 to provide for gap financing of a 24-unit rental housing development (Kristen Court II). The note bears a simple interest rate of three percent (3%) per year and matures in 55 years from the date of the project completion. The loan agreement provides that payments shall be made annually based on residual receipts with the first payment due, if any, on October 30, 2021. Payments shall be credited to accrued interest and then to principal in the 16-HOME-11532 fund. Total outstanding balances for the principal was $4,500,000.
C) Contingent Liability (CalTrans Hwy 99 Project City Funding Contribution) In August 2019 the City of Live Oak entered into a reimbursement agreement with the State of California Department of Transportation (CalTrans) whereby the City agreed to provide funding of $2,338,088 towards the relocating of water and sewer lines associated with the widening of Highway 99. The entire highway project is expected to cost about $28 million and will be completed over a three-year period. During FY 19-20, the City made various budget authorizations for fulfilling the City’s obligation for the $2.3 million agreement. The City’s funding towards this agreement were budgeted in the Sewer Enterprise, Sewer Connection, Local Transportation, Gas Tax, the General Fund and Water Connection. In August 2021, the City paid $2,338,088 to CalTrans for the project.
The August 2019 agreement provides the ability for CalTrans to bill the City for cost overruns of up to 25% of the original agreement. The 2019 agreement continues to obligate the City for up to $584,522 for cost overruns. It is unknown at this time the amount of potential cost overruns. As of June 30, 2024, the City considers the $584,522 a contingent liability against the Water Connection and Sewer Connection Funds.
16) CHANGE IN REPORTING ENTITY
During the fiscal year ended June 30, 2024, the City’s Capital Improvement Project Fund no longer met the requirements to be reported as a major fund. This resulted to changes to beginning fund balances as follows:
Capital
Improvement
Project
Other
Governmental
Funds
Fund balance, beginning of year, as previously reported (651,048) $ 3,306,503 $ Adjustment - change from major to nonmajor fund 651,048 (651,048) Fund balance, beginning of year, as restated $ - $ 2,655,455 126
City of Live Oak
Budgetary Comparison Schedule by Department
General Fund
Year Ended June 30, 2024
-63-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 3,122,701$ 3,122,701 3,122,701 $ - $ Resources (Inflows):
Taxes and assessments 3,274,400 3,274,400 3,307,846 33,446 Licenses and permits 393,900 393,900 306,084 (87,816)
Fines and forfeitures 1,500 1,500 929 (571)
Use of money and property 235,700 235,700 226,055 (9,645) Intergovernmental 24,000 24,000 90,749 66,749
Charges for services 53,900 53,900 85,083 31,183
Other revenue 1,221,206 1,221,206 11,073 (1,210,133)
Proceeds from debt issuance - - 67,627 67,627
Amounts Available for Appropriations 8,327,307 8,327,307 7,218,147 (1,109,160) Charges to Appropriation (Outflow):
General government:
City Council 136,108 136,108 125,675 10,433
Administrative Services 317,449 317,449 427,051 (109,602) Finance Services 203,366 203,366 236,384 (33,018)
City Attorney 55,000 55,000 55,466 (466)
Nondepartmental 272,294 272,294 156,861 115,433
Public safety:
Building Inspection 117,100 117,100 120,583 (3,483)
Police Services 1,843,000 1,843,000 1,457,475 385,525
Animal Control Services 2,000 2,000 16,813 (14,813)
Fire Services 530,000 530,000 588,654 (58,654)
Public ways and facilities:
Engineering 71,050 71,050 104,214 (33,164)
Culture and recreation:
Park Operations 413,000 413,000 452,951 (39,951)
Recreation Services 475,762 475,762 434,716 41,046
Pool Operations 72,098 72,098 87,486 (15,388)
Facility Maintenance 142,518 142,518 144,767 (2,249)
Community development:
Community Development 177,564 177,564 249,720 (72,156)
Economic Development 19,000 19,000 6,975 12,025
Capital outlay 38,500 38,500 81,092 (42,592)
Debt service:
Principal retirement 136,937 136,937 153,425 (16,488)
Interest and fiscal charges 10,090 10,090 7,574 2,516
Total Charges to Appropriations 5,032,836 5,032,836 4,907,882 124,954 Budgetary Fund Balance, June 30 $ 3,294,471$ 2,310,265 3,294,471 $ (984,206) $ 127
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City of Live Oak
Budgetary Comparison Schedule
Program Income
Year Ended June 30, 2024
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Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 380,829 380,829 $ 380,829 $ - $ Resources (Inflows):
Use of money and property 1,000 1,000 11,084 10,084
Intergovernmental 35,000 35,000 6,030 (28,970)
Amounts Available for Appropriations 416,829 416,829 397,943 (18,886) Charges to Appropriation (Outflow):
Community development - - 20,999 (20,999)
Total Charges to Appropriations - - 20,999 (20,999)
Budgetary Fund Balance, June 30 $ 416,829 $ 416,829 $ 376,944 $ (39,885) 129
City of Live Oak
Cost Sharing Multiple Employer Benefit Plan
Schedule of Proportionate Share of the Pension Liability Last Ten Years
-65-
2015 2016 2017 2018
Miscellaneous Plan
Employer's Proportion of the Collective Net Pension Liability1 0.01965% 0.05069% 0.04705% 0.14629% Employer's Proportionate Share of the Collective
Net Pension Liability $ 1,390,791$ 1,634,430$ 1,824,719 1,222,792 $ Covered Payroll $ 961,817 1,126,901 $ 1,091,598 $ 1,108,151 $ Employer's Proportionate Share of the Collective Net Pension Liability as Percentage of Covered Payroll 108.51% 144.60% 149.73% 164.66% The Pension Plan's (PERF-C) Fiduciary Net Position
as a Percentage of the Total Pension Liability 79.82% 78.40% 74.06% 73.31% Notes to Schedule:
1 Proportion of the net pension liability represents the plan's proportion of PERF C, which includes both the Miscellaneous and Safety Risk Pools excluding the 1959 Survivors Risk Pool. 130
-66-
2019 2020 2021 2022 2023 2024
0.04617% 0.45890% 0.04578% 0.05472% 0.04588% 0.04767%
$ 1,837,496 1,739,893 $ 1,931,204 $ 1,038,971 $ 2,146,875 $ 2,383,724 $ $ 911,603 1,152,712 $ 1,330,269 $ 1,356,262 $ 1,524,173 $ 1,569,898 $ 150.94% 201.57% 145.17% 76.61% 140.86% 151.84%
75.26% 75.26% 75.10% 75.10% 75.68% 75.68%
131
City of Live Oak
Cost Sharing Multiple Employer Benefit Plan Schedule of Pension Plan Contributions Last Ten Years -67-
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Miscellaneous Plan
Actuarially Determined Contribution $ 219,352 212,735 $ 234,653 $ 246,864 $ 242,734$ 310,939$ 340,276$ $ 309,687 $ 333,621 $ 346,021 Contribution in Relation to the Actuarially Determined Contribution (212,735) (219,352) (234,653) (246,864) (242,734) (310,939) (340,276) (309,687) (333,621) (346,021) Contribution Deficiency (Excess) $ - -$ $ - $ - $ - $ - $ - -$ -$ $ -Covered Payroll $ 961,817 $ 1,108,151 1,091,598 $ 1,152,712 $ 911,603 $ $ 1,356,262$ 1,524,173 1,330,269 $ 1,569,898 $ 1,754,725 $ Contributions as a Percentage of Covered-Employee Payroll 22.12% 20.09% 21.18% 21.42% 26.63% 23.37% 25.09% 20.32% 21.25% 19.72%Changes in Benefit Terms: There were no changes to benefit terms that applied to all members of the Public Agency Pool. Additionally, the figures above do not include any liability impact that may have resulted from Golden Handshakes that occurred after the June 30, 2021 valuation date, unless the liability impact is deemed to be material to the Public Agency Pool.Changes in Assumptions: Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to projectcompound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumptionwere changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.There were no assumption changes for 2021. For 2020, the Plan adopted a new amortization policy effective with the 2019 actuarial valuation. The new amortization policy shortens the period over which actuarial gains and losses are amortized from 30 years to 20 years with the payments computed as a level dollar amount. In addition,the new policy does not utilize a five-year ramp-up and ramp-down on UAL bases attributable to assumption changes and non-investment gains/losses. The new policy also does not utilize a five-year ramp-down oninvestment gains/losses. These changes apply only to new UAL bases established on or after June 30, 2019. There were no changes in assumptions in 2019. In 2018, demographic assumptions and inflation rate werechanged in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017. There were no changes in the discount rate in 2019. In 2017, the accounting discount rate was reduced from7.65 percent to 7.15 percent. In 2016, there were no changes in the discount rate. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (withouta reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate. 132
City of Live Oak
Schedule of Changes in the Net OPEB Asset and Related Ratios As of June 30, For the Last Ten Fiscal Years(1) -68-
2018 2019 2020 2021 2022 2023 2024
Total OPEB LiabilityService cost $ 23,510 $ 24,215 $ 24,941 $ 16,849 $ 17,354 $ 25,215 $ 25,908 Interest on the total OPEB liability 16,459 18,226 20,010 21,068 22,849 23,336 25,335 Actual and expected experience difference - - (4,689) - (4,393) - (62,779) Changes in assumptions - - (1,549) - 5,118 - (14,037)
Benefit payments (14,428) (14,578) (18,875) (10,991) (13,104) (14,711) (19,809)Net change in total OPEB liability 25,541 27,863 19,838 26,926 27,824 33,840 (45,382) Total OPEB liability - beginning 227,535 253,076 280,939 300,777 327,703 355,527 389,367 Total OPEB liability - ending (a) $ 253,076 280,939$ 300,777$ 327,703$ 355,527$ $ 389,367 $ 343,985Plan Fiduciary Net PositionContribution - employer $ 14,428 $ 14,578 $ 18,875 $ 10,991 $ 13,104 $ 14,711 $ 19,809 Net investment income 35,119 29,243 24,440 14,852 119,584 (74,210) 30,828Benefit payments (14,428) (14,578) (18,875) (10,991) (13,104) (14,711) (19,809)Administrative expense (178) (682) (85) (205) (165) (140) (139) Net change in plan fiduciary net position 34,941 28,561 24,355 14,647 119,419 (74,350) 30,689Plan fiduciary net position - beginning 332,585 367,526 396,087 420,442 435,089 554,508 480,158 Plan fiduciary net position - ending (b) 367,526 396,087 420,442 435,089 554,508 480,158 510,847 Net OPEB (Asset) - ending (a) - (b) $ (114,450) $ (115,148) $ (119,665) $ (107,386) $ (198,981) $ (90,791) $ (166,862) Plan fiduciary net position as a percentage
of the total OPEB liability 145.22% 140.99% 139.79% 132.77% 155.97% 123.32% 148.51% Covered-employee payroll $ 1,200,174 1,011,920 $ 913,598 $ $ 1,356,262 1,330,269 $ 1,474,266 $ $ 1,614,199 Net OPEB asset as a percentage of
covered-employee payroll -11.31% -9.59% -13.10% -7.92% -14.67% -6.16% -10.34% Notes to Schedule: None.Changes in assumptions: None*Fiscal year 2018 was the first year of implementation. Additional years will be presented as information becomes available. 133
City of Live Oak
Schedule of OPEB Contributions As of June 30, For the Last Ten Fiscal Years(1) -69-
2018 2019 2020 2021 2022 2023 2024
Actuarially Determined Contribution $ 18,498 32,072 $ 19,094 $ 9,061 $ 14,711$ $ 10,401 $ 10,707 Contribution in Relation to the Actuarially Determined
Contributions (14,578) (18,875) (10,991) (13,104) (14,711) (19,809) (14,182) Contribution Deficiency (Excess) $ 17,494 $ (377) $ 8,103 $ (4,043) -$ $ (9,408) $ (3,475) Covered-employee payroll $ 913,598 1,200,174 $ 1,330,269 $ 1,356,262 $ 1,474,266 $ 1,614,199$ 2,272,844 $ Contributions as a percentage of covered-employee payroll 1.21% 2.07% 0.83% 0.97% 1.00% 1.23% 0.62%Notes to Schedule:Methods and assumptions used to determine contributions:Valuation Date June 30, 2023Actuarial Cost Method Entry Age Normal, Level % of payAmortization Method Level % of payAmortization Period 15-year fixed period for 2023/24Asset Valuation Method Market valueDiscount Rate 6.25%General Inflation 2.5% annuallyMedical TrendMortality CalPERS 2000-2019 experience studyMortality Improvement*Fiscal year 2018 was the first year of implementation. Additional years will be presented as information becomes available.
Mortality projected fully generation with Scale MP-2021Non-Medicare - 6.50% for 2023, decreasing to an ultimate rate of 3.75% in 2076Medicare (non-Kaiser) - 5.65% for 2023, decreasing to an ultimate rate of 3.75% in 2076Medicare (Kaiser) - 4.60% for 2023, decreasing to an ultimate rate of 3.75% in 2076 134
City of Live Oak
Notes to Required Supplementary Information
Year Ended June 30, 2024
-70-
1) BUDGETARY BASIS OF ACCOUNTING
Formal budgetary integration is employed as a management control device during the year. The City presents a comparison of annual budgets to actual results for the City's General Fund and Special Revenue funds. The amounts reported on the budgetary basis are generally on a basis consistent with accounting principles generally accepted in the United States of America (GAAP).
The following procedures are performed by the City in establishing the budgetary data reflected in the financial statements:
(1) In May of each year, the Finance Department is to submit to the City Council a recommended operating budget for the fiscal year commencing the following July 1. The operating budget includes recommended expenditures and estimated revenues. (2) Public hearings are to be conducted at City Hall to obtain taxpayer comments. Generally by the first of July, after adjustment as appropriate by the City Council, the budget is to be legally enacted through council motion.
(3) Council approval is required for transfers between funds, or for an increase in total appropriations. Therefore, the level of budgetary responsibility is by total appropriations; however, for report purposes, this level has been expanded to a functional basis (General Government, Public Safety, etc.).
(4) All unused appropriations for budgeted amounts lapse at the end of the year.
Annual appropriated budgets are not adopted for certain funds established to meet or satisfy a specific purpose. For the fiscal year ended June 30, 2024, the following funds did not have annual appropriated budgets.
14-HOME-9274
Developer Deposits
13-CDBG-8933
11-HOME-7661
16-HOME-11532
16-HOME11380
CDBG PI Waiver Water Main
State Grant Fund
Capital Improvement Project
The City does not use encumbrance accounting under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation.
135
City of Live Oak
Notes to Required Supplementary Information
Year Ended June 30, 2024
-71-
1) BUDGETARY BASIS OF ACCOUNTING (continued)
Special Revenue Funds are used to account for and report the proceeds of specific revenues that are restricted or committed to expenditure for specific purposes other than debt service or capital projects. Nonmajor special revenue funds used by the City are listed below:
14-HOME-9274
This fund is used to account for HOME grant revenues and expenditures.
Developer Deposits
The Developer Deposits fund is used to account for developer deposits.
Streets and Roads
The Streets and Roads fund is used to account for gas tax revenue allocations received from the State. Funds received are restricted to expenditures for street maintenance, traffic safety, and construction.
Traffic Safety
This fund is used to account for court fines collected on the City's account for moving violations.
COPS
This fund is used to account for special police revenue received under the Citizens Options for Public Safety for frontline law enforcement services.
Sidewalk Improvements
This fund is used to account for monies to be used for sidewalk improvements.
Street Lighting
This fund is used to account for monies to be used for various street lighting districts. This assessment district excludes property within Community Facilities District (CFD) 2004-1.
Mello Roos CFD 92-1
This fund is used to account for special assessment revenue received to finance the purchase, construction, expansion or rehabilitation of sites and structures for general government, police, fire, parks, recreation, streets, schools and other governmental facilities. The revenues received are shared with the Live Oak Unified School District receiving 2/3 of the annual assessments received.
136
City of Live Oak
Notes to Required Supplementary Information
Year Ended June 30, 2024
-72-
1) BUDGETARY BASIS OF ACCOUNTING (continued)
Fire Benefit Assessment
This fund is used to account for special assessment revenue received for the purposes of fire protection services. This assessment district excludes property within CFD 2004-1.
Mello Roos CFD 2004-1 Fire
This fund is used to account for special assessment revenue received for the purposes of fire protection services.
Mello Roos CFD 2004-1 Police
This fund is used to account for special assessment revenue received for the purposes of police protection services.
Mello Roos CFD 2004-1 Animal Services
This fund is used to account for special assessment revenue received for the purposes of animal protection services.
Mello Roos CFD 2004-1 Street Lighting
This fund is used to account for special assessment revenue received for the purposes of street lighting services.
Mello Roos CFD 2004-1 Parks/Recreation/Pool
This fund is used to account for special assessment revenue received for the purposes of parks and pool maintenance and recreation programs.
Mello Roos CFD 2004-1 Storm Drain
This fund is used to account for special assessment revenue received for the purposes of storm drain maintenance and improvements.
Parks & Recreation Impact Fees
This fund is used to account for development impact fees received for the purposes of expansion and construction of parks and recreation facilities.
Community Center Impact Fees
This fund is used to account for development impact fees received for the purposes of expansion and construction of community centers.
137
City of Live Oak
Notes to Required Supplementary Information
Year Ended June 30, 2024
-73-
1) BUDGETARY BASIS OF ACCOUNTING (continued)
Public Works Impact Fees
This fund is used to account for development impact fees received for the expansion and construction of public works/crop yard facilities and equipment.
General Government Impact Fees
This fund is used to account for development impact fees received for the expansion and construction of general government administration facilities and equipment.
Police Impact Fees
This fund is used to account for development impact fees received for the expansion and construction of public safety police facilities and equipment.
Fire Impact Fees
This fund is used to account for development impact fees received for the expansion and construction of public safety fire facilities and equipment.
Signal Impact Fees
This fund is used to account for development impact fees received for the expansion and construction of signals.
Flood Control Impact Fees
This fund is used to account for development impact fees received for the expansion and construction of storm drainage facilities.
Storm Drain Connection Fees
This fund is used to account for the capacity and connection fees received for the rehabilitation, expansion and construction of storm drainage facilities. 13-CDBG-8933 Skate Park
This fund is used to account for CDBG grant funds used for public improvements for the skate park. Funding comes from the 13-CDBG-8933 grant revenues. 11-HOME-7661
This fund is used to account for HOME grant funds used to make loans to residents for the purposes of housing rehabilitation and down payment assistance for first time home buyers. 138
City of Live Oak
Notes to Required Supplementary Information
Year Ended June 30, 2024
-74-
1) BUDGETARY BASIS OF ACCOUNTING (continued)
16-HOME-11380
This fund is used to account for HOME grant funds used for the Owner-Occupied Rehab Loan Program.
CBDG PI Waiver Water Main
This fund is used to account for CDBG Program Income funds granted to the City from Sutter County for the Pennington Road Water Main Construction Project.
State Grants
This fund is used to account for grants received by the City for various capital-related projects.
Transportation
This fund is used to account for monies received through the Transportation Development Act (TDA) tax and Surface Transportation Development Program (STP).
ARPA
This fund is used to account for revenues and expenditures related to Coronavirus State and Local Fiscal Recovery Funds (CSLFRF).
Capital Improvement Project
This fund is used to account for revenues and expenditures for capital projects. 139
City of Live Oak
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-75-
Special Revenue Funds
Developer Streets and
14-HOME-9274 Deposits Roads Traffic Safety
Assets:
Cash and investments $ - $ 190,875 $ 517,872 $ 34,024
Receivables:
Accrued interest - 1,147 3,264 205
Notes and loans - - - -
Due from other funds - - - -
Prepaid items - - 275 -
Due from other governments - - 45,657 1,947
Total Assets $ - $ 192,022 $ 567,068 $ 36,176
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable $ - $ - $ 81,528 $ -
Salaries and benefits payable - - 5,041 -
Deposits payable - 189,726 - -
Due to other funds 3,945 - - -
Unearned revenues - - - -
Total Liabilities 3,945 189,726 86,569 -
Deferred Inflows of Resources:
Unavailable revenues - - - -
Deferred loan payments - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances:
Nonspendable - - 275 -
Restricted - 2,296 480,224 36,176
Unassigned (3,945) - - -
Total Fund Balances (Deficit) (3,945) 2,296 480,499 36,176 Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ - $ 192,022 $ 567,068 $ 36,176 140
City of Live Oak
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-76-
Special Revenue Funds
Sidewalk Street Mello Roos CFD
COPS Improvements Lighting 92-1
Assets:
Cash and investments $ 765,438 $ 18,706 $ 110,994 $ 20,211 Receivables:
Accrued interest 4,898 112 600 626
Notes and loans - - - -
Due from other funds - - - -
Prepaid items - - - -
Due from other governments - - 348 781
Total Assets $ 770,336 $ 18,818 $ 111,942 $ 21,618
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable $ 28 $ - $ 2,372 $ 1,786
Salaries and benefits payable - - - -
Deposits payable - - - -
Due to other funds - - - -
Unearned revenues 581,688 - - -
Total Liabilities 581,716 - 2,372 1,786.00
Deferred Inflows of Resources:
Unavailable revenues - - - -
Deferred loan payments - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances:
Nonspendable - - - -
Restricted 188,620 18,818 109,570 19,832
Unassigned - - - -
Total Fund Balances (Deficit) 188,620 18,818 109,570 19,832 Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 770,336 $ 18,818 $ 111,942 $ 21,618 141
City of Live Oak
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-77-
Special Revenue Funds
Mello Roos CFD
Fire Benefit Mello Roos CFD Mello Roos CFD 2004-1 Animal Assessment 2004-1 Fire 2004-1 Police Services
Assets:
Cash and investments $ 22,260 $ 49,494 $ 118,213 $ 4,887 Receivables:
Accrued interest 382 542 1,281 74
Notes and loans - - - -
Due from other funds - - - -
Prepaid items - - - -
Due from other governments 855 882 2,389 138
Total Assets $ 23,497 $ 50,918 $ 121,883 $ 5,099
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable $ - $ - $ 2,926 $ -
Salaries and benefits payable - - - -
Deposits payable - - - -
Due to other funds - - - -
Unearned revenues - - - -
Total Liabilities - - 2,926 -
Deferred Inflows of Resources:
Unavailable revenues - - - -
Deferred loan payments - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances:
Nonspendable - - - -
Restricted 23,497 50,918 118,957 5,099
Unassigned - - - -
Total Fund Balances (Deficit) 23,497 50,918 118,957 5,099 Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 23,497 $ 50,918 $ 121,883 $ 5,099 142
City of Live Oak
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-78-
Special Revenue Funds
Mello Roos CFD
Mello Roos CFD 2004-1 Mello Roos CFD Parks &
2004-1 Street Parks/Recreation/ 2004-1 Storm Recreation Lighting Pool Drain Impact Fees
Assets:
Cash and investments $ - $ 35,305 $ 188,362 $ -
Receivables:
Accrued interest - 562 1,091 3,494
Notes and loans - - - -
Due from other funds - - - 581,344
Prepaid items - - - -
Due from other governments 144 1,092 144 -
Total Assets $ 144 $ 36,959 $ 189,597 $ 584,838
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable $ 2,510 $ 1,072 $ 60 $ 9,527
Salaries and benefits payable - - - -
Deposits payable - - - -
Due to other funds 59,198 - - -
Unearned revenues - - - -
Total Liabilities 61,708 1,072 60 9,527
Deferred Inflows of Resources:
Unavailable revenues - - - -
Deferred loan payments - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances:
Nonspendable - - - -
Restricted - 35,887 189,537 575,311
Unassigned (61,564) - - -
Total Fund Balances (Deficit) (61,564) 35,887 189,537 575,311 Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 144 $ 36,959 $ 189,597 $ 584,838 143
City of Live Oak
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-79-
Special Revenue Funds
Community General
Center Impact Public Works Government Police Impact
Fees Impact Fees Impact Fees Fees
Assets:
Cash and investments $ - $ 128,600 $ 330,223 $ 270,824
Receivables:
Accrued interest 2,240 772 3,280 1,626
Notes and loans - - - -
Due from other funds 372,779 - 215,911 -
Prepaid items - - - -
Due from other governments - - - -
Total Assets $ 375,019 $ 129,372 $ 549,414 $ 272,450
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable $ - $ - $ - $ -
Salaries and benefits payable - - - -
Deposits payable - - - -
Due to other funds - - - -
Unearned revenues - - - -
Total Liabilities - - - -
Deferred Inflows of Resources:
Unavailable revenues - - - -
Deferred loan payments - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances:
Nonspendable - - - -
Restricted 375,019 129,372 549,414 272,450
Unassigned - - - -
Total Fund Balances (Deficit) 375,019 129,372 549,414 272,450 Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 375,019 $ 129,372 $ 549,414 $ 272,450 144
City of Live Oak
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-80-
Special Revenue Funds
Fire Impact Signal Impact Flood Control Storm Drain
Fees Fees Impact Fees Connection Fees
Assets:
Cash and investments $ 513,691 414,129 $ 2,348 $ 643,408 $ Receivables:
Accrued interest 2,486 3,023 14 3,859
Notes and loans 321,401 - - 444,623
Due from other funds - - - -
Prepaid items - - - -
Due from other governments - - - -
Total Assets $ 738,016 $ 516,714 $ 2,362 $ 1,091,890
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable $ - $ - $ - $ -
Salaries and benefits payable - - - -
Deposits payable - - - -
Due to other funds - - - -
Unearned revenues - - - -
Total Liabilities - - - -
Deferred Inflows of Resources:
Unavailable revenues - - - -
Deferred loan payments 321,401 - - 444,623
Total Deferred Inflows of Resources 321,401 - - 444,623 Fund Balances:
Nonspendable - - - -
Restricted 416,615 516,714 2,362 647,267
Unassigned - - - -
Total Fund Balances (Deficit) 416,615 516,714 2,362 647,267 Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 738,016 $ 516,714 $ 2,362 $ 1,091,890 145
City of Live Oak
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-81-
Special Revenue Funds
13-CDBG-8933 CDBG PI Waiver
Skate Park 11-HOME-7661 16-HOME-11380 Water Main
Assets:
Cash and investments $ - $ 6,813 $ 3,223 $ -
Receivables:
Accrued interest - - 19 -
Notes and loans - - 85,121 -
Due from other funds - - - -
Prepaid items - - - -
Due from other governments - - - -
Total Assets $ - $ 6,813 $ 88,363 $ -
Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable $ - $ - $ - $ -
Salaries and benefits payable - - - -
Deposits payable - - - -
Due to other funds 430,713 - - 246,000
Unearned revenues - - - -
Total Liabilities 430,713 - - 246,000
Deferred Inflows of Resources:
Unavailable revenues - - - -
Deferred loan payments - - 85,121 -
Total Deferred Inflows of Resources - - 85,121 -
Fund Balances:
Nonspendable - - - -
Restricted - 6,813 3,242 -
Unassigned (430,713) - - (246,000)
Total Fund Balances (Deficit) (430,713) 6,813 3,242 (246,000) Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ - $ 6,813 $ 88,363 $ -
146
City of Live Oak
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
-82-
Special Revenue Funds
Capital
Projects Fund
Capital
Improvement Total
Project Governmental
State Grants Transportation ARPA (formerly major) Funds Assets:
Cash and investments $ - $ 257,730 $ - $ - $ 4,647,630
Receivables:
Accrued interest - 1,549 8,282 - 45,428
Notes and loans - - - - 851,145
Due from other funds - - 1,341,413 - 2,511,447
Prepaid items - - - - 275
Due from other governments - - - 678,421 732,798
Total Assets $ - $ 259,279 $ 1,349,695 $ 678,421 $ 8,788,723 Liabilities, Deferred Inflows of Resources,
and Fund Balances:
Liabilities:
Accounts payable $ - $ 537 $ 133,370 $ 56,199 $ 291,915 Salaries and benefits payable - - - - 5,041
Deposits payable - - - - 189,726
Due to other funds 1,039,359 - - 1,360,425 3,139,640
Unearned revenues - - 1,170,493 - 1,752,181
Total Liabilities 1,039,359 537 1,303,863 1,416,624 5,378,503 Deferred Inflows of Resources:
Unavailable revenues - - - 243,465 243,465
Deferred loan payments - - - - 851,145
Total Deferred Inflows of Resources - - - 243,465 1,094,610 Fund Balances:
Nonspendable - - - - 275
Restricted - 258,742 45,832 - 5,078,584
Unassigned (1,039,359) - - (981,668) (2,763,249)
Total Fund Balances (Deficit) (1,039,359) 258,742 45,832 (981,668) 2,315,610 Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ - $ 259,279 $ 1,349,695 $ 678,421 $ 8,788,723 147
City of Live Oak
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Year Ended June 30, 2024
-83-
Special Revenue Funds
Developer Streets and
14-HOME-9274 Deposits Roads Traffic Safety
Revenues:
Taxes and assessments $ - $ - $ - $ -
Licenses and permits - - - -
Fines and forfeitures - - - 13,674
Use of money and property - 1,116 20,324 755
Intergovernmental - - 502,978 -
Charges for services - - 8,008 -
Other revenue - - - -
Total Revenues - 1,116 531,310 14,429
Expenditures:
Current:
General government - - - -
Public safety - - - -
Public ways and facilities - - 573,747 -
Culture and recreation - - - -
Community development - - - -
Capital outlay - - 184,889 -
Debt service:
Principal - - 3,219 -
Total Expenditures - - 761,855 -
Excess (Deficiency) of Revenues
Over (Under) Expenditures - 1,116 (230,545) 14,429
Other Financing Sources (Uses)
Proceeds from debt issuance - - 63,132 -
Total Other Financing Sources (Uses) - - 63,132 -
Net Change in Fund Balances - 1,116 (167,413) 14,429
Fund Balances (Deficits), Previously Reported (3,945) 1,180 647,912 21,747 Adjustment - Change from Major to Nonmajor - - - -
Fund Balances (Deficits), Beginning of Year (3,945) 1,180 647,912 21,747 Fund Balances (Deficits), End of Year $ (3,945) $ 2,296 $ 480,499 $ 36,176 148
City of Live Oak
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Year Ended June 30, 2024
-84-
Special Revenue Funds
Sidewalk Street Mello Roos CFD
COPS Improvements Lighting 92-1
Revenues:
Taxes and assessments $ - $ - $ 54,298 $ 126,914
Licenses and permits - - - -
Fines and forfeitures - - - -
Use of money and property 20,565 526 2,575 3,034
Intergovernmental - - - -
Charges for services - - 1,775 -
Other revenue 1,205 - - -
Total Revenues 21,770 526 58,648 129,948
Expenditures:
Current:
General government - - - -
Public safety 75,332 - - -
Public ways and facilities - - 45,435 -
Culture and recreation - - - -
Community development - - - 192,199
Capital outlay 873 - - -
Debt service:
Principal - - - -
Total Expenditures 76,205 - 45,435 192,199
Excess (Deficiency) of Revenues
Over (Under) Expenditures (54,435) 526 13,213 (62,251)
Other Financing Sources (Uses)
Proceeds from debt issuance - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balances (54,435) 526 13,213 (62,251) Fund Balances (Deficits), Previously Reported 243,055 18,292 96,357 82,083 Adjustment - Change from Major to Nonmajor - - - -
Fund Balances (Deficits), Beginning of Year 243,055 18,292 96,357 82,083 Fund Balances (Deficits), End of Year $ 188,620 $ 18,818 $ 109,570 $ 19,832 149
City of Live Oak
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Year Ended June 30, 2024
-85-
Special Revenue Funds
Mello Roos CFD
Fire Benefit Mello Roos CFD Mello Roos CFD 2004-1 Animal Assessment 2004-1 Fire 2004-1 Police Services
Revenues:
Taxes and assessments $ 140,860 134,084 $ 382,005 $ 22,201 $ Licenses and permits - - - -
Fines and forfeitures - - - -
Use of money and property 904 1,792 3,707 241
Intergovernmental - - - -
Charges for services - - - -
Other revenue - - - -
Total Revenues 134,988 142,652 385,712 22,442
Expenditures:
Current:
General government - 125,000 - -
Public safety 115,000 - 329,514 21,000
Public ways and facilities - - - -
Culture and recreation - - - -
Community development - - - -
Capital outlay - - - -
Debt service:
Principal - - - -
Total Expenditures 115,000 125,000 329,514 21,000
Excess (Deficiency) of Revenues
Over (Under) Expenditures 19,988 17,652 56,198 1,442
Other Financing Sources (Uses)
Proceeds from debt issuance - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balances 19,988 17,652 56,198 1,442
Fund Balances (Deficits), Previously Reported 3,509 33,266 62,759 3,657 Adjustment - Change from Major to Nonmajor - - - -
Fund Balances (Deficits), Beginning of Year 3,509 33,266 62,759 3,657 Fund Balances (Deficits), End of Year $ 23,497 $ 50,918 $ 118,957 $ 5,099 150
City of Live Oak
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Year Ended June 30, 2024
-86-
Special Revenue Funds
Mello Roos CFD
Mello Roos CFD 2004-1 Mello Roos CFD Parks &
2004-1 Street Parks/Recreation/ 2004-1 Storm Recreation Lighting Pool Drain Impact Fees
Revenues:
Taxes and assessments $ 22,966 $ 174,543 $ 22,966 $ -
Licenses and permits - - - 378
Fines and forfeitures - - - -
Use of money and property - 1,983 4,785 16,993
Intergovernmental - - - -
Charges for services - - - -
Other revenue - - - -
Total Revenues 22,966 176,526 27,751 17,371
Expenditures:
Current:
General government - - - -
Public safety - - - -
Public ways and facilities 28,989 - 3,728 -
Culture and recreation - 175,616 - -
Community development - - - -
Capital outlay - - - 39,191
Debt service:
Principal - - - -
Total Expenditures 28,989 175,616 3,728 39,191
Excess (Deficiency) of Revenues
Over (Under) Expenditures (6,023) 910 24,023 (21,820)
Other Financing Sources (Uses)
Proceeds from debt issuance - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balances (6,023) 910 24,023 (21,820) Fund Balances (Deficits), Previously Reported (55,541) 34,977 165,514 597,131 Adjustment - Change from Major to Nonmajor - - - -
Fund Balances (Deficits), Beginning of Year (55,541) 34,977 165,514 597,131 Fund Balances (Deficits), End of Year $ (61,564) $ 35,887 $ 189,537 $ 575,311 151
City of Live Oak
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Year Ended June 30, 2024
-87-
Special Revenue Funds
Community General
Center Impact Public Works Government Police Impact
Fees Impact Fees Impact Fees Fees
Revenues:
Taxes and assessments $ - $ - $ - $ -
Licenses and permits - 274 482 264
Fines and forfeitures - - - -
Use of money and property 10,501 3,616 15,371 7,621
Intergovernmental - - - -
Charges for services - - - -
Other revenue - - - -
Total Revenues 10,501 3,890 15,853 7,885
Expenditures:
Current:
General government - - - -
Public safety - - - -
Public ways and facilities - - - -
Culture and recreation - - - -
Community development - - - -
Capital outlay - - - -
Debt service:
Principal - - - -
Total Expenditures - - - -
Excess (Deficiency) of Revenues
Over (Under) Expenditures 10,501 3,890 15,853 7,885
Other Financing Sources (Uses)
Proceeds from debt issuance - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balances 10,501 3,890 15,853 7,885
Fund Balances (Deficits), Previously Reported 364,518 125,482 533,561 264,565 Adjustment - Change from Major to Nonmajor - - - -
Fund Balances (Deficits), Beginning of Year 364,518 125,482 533,561 264,565 Fund Balances (Deficits), End of Year $ 375,019 $ 129,372 $ 549,414 $ 272,450 152
City of Live Oak
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Year Ended June 30, 2024
-88-
Special Revenue Funds
Fire Impact Signal Impact Flood Control Storm Drain
Fees Fees Impact Fees Connection Fees
Revenues:
Taxes and assessments $ - $ - $ - $ -
Licenses and permits 732 16,038 - 1,985
Fines and forfeitures - - - -
Use of money and property 11,645 14,040 67 24,120
Intergovernmental - - - -
Charges for services - - - -
Other revenue - - - -
Total Revenues 12,377 30,078 67 26,105
Expenditures:
Current:
General government - - - -
Public safety - - - -
Public ways and facilities - - - -
Culture and recreation - - - -
Community development - - - -
Capital outlay - - - -
Debt service:
Principal - - - -
Total Expenditures - - - -
Excess (Deficiency) of Revenues
Over (Under) Expenditures 12,377 30,078 67 26,105
Other Financing Sources (Uses)
Proceeds from debt issuance - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balances 12,377 30,078 67.00 26,105
Fund Balances (Deficits), Previously Reported 404,238 486,636 2,295 621,162 Adjustment - Change from Major to Nonmajor - - - -
Fund Balances (Deficits), Beginning of Year 404,238 486,636 2,295 621,162 Fund Balances (Deficits), End of Year $ 416,615 $ 516,714 $ 2,362 $ 647,267 153
City of Live Oak
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Year Ended June 30, 2024
-89-
Special Revenue Funds
13-CDBG-8933 CDBG PI Waiver
Skate Park 11-HOME-7661 16-HOME-11380 Water Main
Revenues:
Taxes and assessments $ - $ - $ - $ -
Licenses and permits - - - -
Fines and forfeitures - - - -
Use of money and property - 41 90 -
Intergovernmental - - - -
Charges for services - - - -
Other revenue - - - -
Total Revenues - 41 90 -
Expenditures:
Current:
General government - - - -
Public safety - - - -
Public ways and facilities - - - -
Culture and recreation - - - -
Community development - - - -
Capital outlay - - - -
Debt service:
Principal - - - -
Total Expenditures - - - -
Excess (Deficiency) of Revenues
Over (Under) Expenditures - 41 90 -
Other Financing Sources (Uses)
Proceeds from debt issuance - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balances - 41 90 -
Fund Balances (Deficits), Previously Reported (430,713) 6,772 3,152 (246,000) Adjustment - Change from Major to Nonmajor - - - -
Fund Balances (Deficits), Beginning of Year (430,713) 6,772 3,152 (246,000) Fund Balances (Deficits), End of Year $ (430,713) $ 6,813 $ 3,242 $ (246,000) 154
City of Live Oak
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Year Ended June 30, 2024
-90-
Special Revenue Funds
Capital
Projects Fund
Capital
Improvement Total
Project Governmental
State Grants Transportation ARPA (formerly major) Funds Revenues:
Taxes and assessments $ - $ - $ - $ - $ 1,080,837
Licenses and permits - - - - 20,153
Fines and forfeitures - - - - 13,674
Use of money and property - 7,282 41,633 - 215,327
Intergovernmental - - 301,765 434,956 1,239,699
Charges for services - - - - 9,783
Other revenue - - - - 1,205
Total Revenues - 7,282 343,398 434,956 2,580,678
Expenditures:
Current:
General government - - - - 125,000
Public safety - - - - 540,846
Public ways and facilities - 2,583 - - 654,482
Culture and recreation - - - - 175,616
Community development - - - - 192,199
Capital outlay - - 301,764 765,576 1,292,293
Debt service:
Principal - - - - 3,219
Total Expenditures - 2,583 301,764 765,576 2,983,655
Excess (Deficiency) of Revenues
Over (Under) Expenditures - 4,699 41,634 (330,620) (72,357) Other Financing Sources (Uses)
Proceeds from debt issuance - - - - 63,132
Total Other Financing Sources (Uses) - - - - 63,132
Net Change in Fund Balances - 4,699 41,634 (330,620) (339,845) Fund Balances (Deficits), Previously Reported (1,039,359) 254,043 4,198 - 3,306,503 Adjustment - Change from Major to Nonmajor - - - (651,048) (651,048) Fund Balances (Deficits), Beginning of Year (1,039,359) 254,043 4,198 (651,048) 2,655,455 Fund Balances (Deficits), End of Year $ (1,039,359) $ 258,742 $ 45,832 $ (981,668) $ 2,315,610 155
City of Live Oak
Budgetary Comparison Schedule
Street and Roads
Year Ended June 30, 2024
-91-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 647,912$ 647,912 647,912$ $ - Resources (Inflows):
Use of money and property - - 20,324 20,324
Intergovernmental 318,900 318,900 502,978 184,078
Charges for services 6,000 6,000 8,008 2,008
Proceeds from debt issuance - - 63,132 63,132
Amounts Available for Appropriations 972,812 972,812 1,242,354 269,542 Charges to Appropriation (Outflow):
Public ways and facilities 563,401 563,401 573,747 (10,346) Capital outlay 427,000 427,000 184,889 242,111
Total Charges to Appropriations 990,401 990,401 758,636 231,765 Budgetary Fund Balance, June 30 $ (17,589) $ (17,589) 483,718$ $ 501,307 156
City of Live Oak
Budgetary Comparison Schedule
Traffic Safety
Year Ended June 30, 2024
-92-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 21,747 21,747$ $ 21,747 $ - Resources (Inflows):
Fines and forfeitures - - 13,674 13,674
Use of money and property 1,500 1,500 755 (745)
Intergovernmental 11,800 11,800 - (11,800)
Amounts Available for Appropriations 35,047 35,047 36,176 1,129 Charges to Appropriation (Outflow):
Total Charges to Appropriations - - - -
Budgetary Fund Balance, June 30 $ 35,047 35,047$ 36,176$ $ 1,129 157
City of Live Oak
Budgetary Comparison Schedule
COPS
Year Ended June 30, 2024
-93-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 243,055$ 243,055 243,055$ $ - Resources (Inflows):
Use of money and property 5,000 5,000 20,565 15,565
Other revenue 150,000 150,000 1,205 (148,795)
Amounts Available for Appropriations 398,055 398,055 264,825 (133,230) Charges to Appropriation (Outflow):
Public safety 75,500 75,500 75,332 168
Capital outlay 95,000 95,000 873 94,127
Total Charges to Appropriations 170,500 170,500 76,205 94,295 Budgetary Fund Balance, June 30 $ 227,555 227,555$ 188,620$ $ (38,935) 158
City of Live Oak
Budgetary Comparison Schedule
Sidewalk Improvement
Year Ended June 30, 2024
-94-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 18,292 18,292 $ 18,292 $ - $ Resources (Inflows):
Use of money and property 500 500 526 26
Amounts Available for Appropriations 18,792 18,792 18,818 26 Charges to Appropriation (Outflow):
Total Charges to Appropriations - - - -
Budgetary Fund Balance, June 30 $ 18,792 $ 18,792 $ 18,818 $ 26 159
City of Live Oak
Budgetary Comparison Schedule
Street Lighting
Year Ended June 30, 2024
-95-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 96,357 96,357 $ 96,357 $ - $ Resources (Inflows):
Taxes and assessments 54,464 54,464 54,298 (166)
Use of money and property 700 700 2,575 1,875
Charges for services - - 1,775 1,775
Amounts Available for Appropriations 151,521 151,521 155,005 3,484 Charges to Appropriation (Outflow):
Public ways and facilities 63,800 63,800 45,435 18,365
Total Charges to Appropriations 63,800 63,800 45,435 18,365 Budgetary Fund Balance, June 30 $ 87,721 $ 87,721 $ 109,570 $ 21,849 160
City of Live Oak
Budgetary Comparison Schedule
Mello Roos CFO 92-1
Year Ended June 30, 2024
-96-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 82,083 $ 82,083 $ 82,083 $ - Resources (Inflows):
Taxes and assessments 130,875 130,875 126,914 (3,961)
Use of money and property 800 800 3,034 2,234
Amounts Available for Appropriations 213,758 213,758 212,031 (1,727) Charges to Appropriation (Outflow):
Community development 198,078 198,078 192,199 5,879
Total Charges to Appropriations 198,078 198,078 192,199 5,879 Budgetary Fund Balance, June 30 $ 15,680 $ 15,680 19,832$ $ 4,152 161
City of Live Oak
Budgetary Comparison Schedule
Fire Benefit Assessment
Year Ended June 30, 2024
-97-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 3,509 $ 3,509 $ 3,509 $ - Resources (Inflows):
Taxes and assessments 134,650 134,650 134,084 (566)
Use of money and property 50 50 904 854
Amounts Available for Appropriations 138,209 138,209 138,497 288 Charges to Appropriation (Outflow):
Public safety 119,400 119,400 115,000 4,400
Total Charges to Appropriations 119,400 119,400 115,000 4,400 Budgetary Fund Balance, June 30 $ 18,809 $ 18,809 23,497$ $ 4,688 162
City of Live Oak
Budgetary Comparison Schedule
Mello Roos CFD 2004-1 Fire
Year Ended June 30, 2024
-98-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 33,266 $ 33,266 $ 33,266 $ - Resources (Inflows):
Taxes and assessments 131,455 131,455 140,860 9,405
Use of money and property 250 250 1,792 1,542
Amounts Available for Appropriations 164,971 164,971 175,918 10,947 Charges to Appropriation (Outflow):
General government 128,200 128,200 125,000 3,200
Total Charges to Appropriations 128,200 128,200 125,000 3,200 Budgetary Fund Balance, June 30 $ 36,771 $ 36,771 50,918$ $ 14,147 163
City of Live Oak
Budgetary Comparison Schedule
Mello Roos CFD 2004-1 Police
Year Ended June 30, 2024
-99-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 62,759 $ 62,759 $ 62,759 $ - Resources (Inflows):
Taxes and assessments 365,147 365,147 382,005 16,858
Use of money and property - - 3,707 3,707
Amounts Available for Appropriations 427,906 427,906 448,471 20,565 Charges to Appropriation (Outflow):
Public safety 365,500 365,500 329,514 35,986
Total Charges to Appropriations 365,500 365,500 329,514 35,986 Budgetary Fund Balance, June 30 $ 62,406 $ 62,406 118,957$ $ 56,551 164
City of Live Oak
Budgetary Comparison Schedule
Mello Roos CFD 2004-1 Animal Services
Year Ended June 30, 2024
-100-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 3,657 $ 3,657 $ 3,657 $ - Resources (Inflows):
Taxes and assessments 21,909 21,909 22,201 292
Use of money and property 500 500 241 (259)
Amounts Available for Appropriations 26,066 26,066 26,099 33 Charges to Appropriation (Outflow):
Public safety 21,500 21,500 21,000 500
Total Charges to Appropriations 21,500 21,500 21,000 500 Budgetary Fund Balance, June 30 $ 4,566 $ 4,566 $ 5,099 $ 533 165
City of Live Oak
Budgetary Comparison Schedule
Mello Roos CFD 2004-1 Street Lighting
Year Ended June 30, 2024
-101-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ (55,541) (55,541) $ (55,541) $ $ - Resources (Inflows):
Taxes and assessments 21,909 21,909 22,966 1,057
Use of money and property 1,800 1,800 - (1,800)
Amounts Available for Appropriations (31,832) (31,832) (32,575) (743) Charges to Appropriation (Outflow):
Public ways and facilities 28,000 28,000 28,989 (989)
Total Charges to Appropriations 28,000 28,000 28,989 (989) Budgetary Fund Balance (Deficit), June 30 $ (59,832) $ (59,832) $ (61,564) $ (1,732) 166
City of Live Oak
Budgetary Comparison Schedule
Mello Roos CFD 2004-1 Park/Recreation/Pool
Year Ended June 30, 2024
-102-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 34,977 $ 34,977 $ 34,977 $ - Resources (Inflows):
Taxes and assessments 167,968 167,968 174,543 6,575
Use of money and property 1,400 1,400 1,983 583
Amounts Available for Appropriations 204,345 204,345 211,503 7,158 Charges to Appropriation (Outflow):
Culture and recreation 178,800 178,800 175,616 3,184
Total Charges to Appropriations 178,800 178,800 175,616 3,184 Budgetary Fund Balance, June 30 $ 25,545 $ 25,545 35,887$ $ 10,342 167
City of Live Oak
Budgetary Comparison Schedule
Mello Roos CFD 2004-1 Storm Drain
Year Ended June 30, 2024
-103-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 165,514 $ 165,514 $ 165,514 $ - Resources (Inflows):
Taxes and assessments 21,909 21,909 22,966 1,057
Use of money and property 1,300 1,300 4,785 3,485
Amounts Available for Appropriations 188,723 188,723 193,265 4,542 Charges to Appropriation (Outflow):
Public ways and facilities 7,500 7,500 3,728 3,772
Total Charges to Appropriations 7,500 7,500 3,728 3,772 Budgetary Fund Balance, June 30 $ 181,223 $ 181,223 $ 189,537 $ 8,314 168
City of Live Oak
Budgetary Comparison Schedule
Parks & Recreation Impact Fees
Year Ended June 30, 2024
-104-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 597,131 597,131$ 597,131$ $ - Resources (Inflows):
Licenses and permits 50,000 50,000 378 (49,622)
Use of money and property 5,000 5,000 16,993 11,993
Amounts Available for Appropriations 652,131 652,131 614,502 (37,629) Charges to Appropriation (Outflow):
Capital outlay 157,000 157,000 39,191 117,809
Total Charges to Appropriations 157,000 157,000 39,191 117,809 Budgetary Fund Balance, June 30 $ 495,131 495,131$ 575,311$ $ 80,180 169
City of Live Oak
Budgetary Comparison Schedule
Community Center Impact Fees
Year Ended June 30, 2024
-105-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 364,518$ 364,518 364,518$ $ - Resources (Inflows):
Licenses and permits 25,000 25,000 - (25,000)
Use of money and property 5,000 5,000 10,501 5,501
Amounts Available for Appropriations 394,518 394,518 375,019 (19,499) Charges to Appropriation (Outflow):
Total Charges to Appropriations - - - -
Budgetary Fund Balance, June 30 $ 394,518 394,518$ 375,019$ $ (19,499) 170
City of Live Oak
Budgetary Comparison Schedule
Public Works Impact Fees
Year Ended June 30, 2024
-106-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 125,482$ 125,482 125,482$ $ - Resources (Inflows):
Licenses and permits 19,000 19,000 274 (18,726)
Use of money and property 5,000 5,000 3,616 (1,384)
Amounts Available for Appropriations 149,482 149,482 129,372 (20,110) Charges to Appropriation (Outflow):
Total Charges to Appropriations - - - -
Budgetary Fund Balance, June 30 $ 149,482 149,482$ 129,372$ $ (20,110) 171
City of Live Oak
Budgetary Comparison Schedule
General Government Impact Fees
Year Ended June 30, 2024
-107-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 533,561$ 533,561 533,561$ $ - Resources (Inflows):
Licenses and permits 25,000 25,000 482 (24,518)
Use of money and property 5,000 5,000 15,371 10,371
Amounts Available for Appropriations 563,561 563,561 549,414 (14,147) Charges to Appropriation (Outflow):
Total Charges to Appropriations - - - -
Budgetary Fund Balance, June 30 $ 563,561 563,561$ 549,414$ $ (14,147) 172
City of Live Oak
Budgetary Comparison Schedule
Police Impact Fees
Year Ended June 30, 2024
-108-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 264,565$ 264,565 264,565$ $ - Resources (Inflows):
Licenses and permits 18,000 18,000 264 (17,736)
Use of money and property 3,000 3,000 7,621 4,621
Amounts Available for Appropriations 285,565 285,565 272,450 (13,115) Charges to Appropriation (Outflow):
Total Charges to Appropriations - - - -
Budgetary Fund Balance, June 30 $ 285,565 285,565$ 272,450$ $ (13,115) 173
City of Live Oak
Budgetary Comparison Schedule
Fire Impact Fees
Year Ended June 30, 2024
-109-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 404,238 404,238$ 404,238$ $ - Resources (Inflows):
Licenses and permits 45,000 45,000 732 (44,268)
Use of money and property 4,000 4,000 11,645 7,645
Amounts Available for Appropriations 453,238 453,238 416,615 (36,623) Charges to Appropriation (Outflow):
Capital outlay 60,000 60,000 - 60,000
Total Charges to Appropriations 60,000 60,000 - 60,000
Budgetary Fund Balance, June 30 $ 393,238 393,238$ 416,615$ $ 23,377 174
City of Live Oak
Budgetary Comparison Schedule
Signal Impact Fees
Year Ended June 30, 2024
-110-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 161,205 161,205$ 486,636$ $ 325,431 Resources (Inflows):
Licenses and permits 75,000 75,000 16,038 (58,962)
Use of money and property 4,500 4,500 14,040 9,540
Amounts Available for Appropriations 240,705 240,705 516,714 276,009 Charges to Appropriation (Outflow):
Capital outlay 290,000 290,000 - 290,000
Total Charges to Appropriations 290,000 290,000 - 290,000 Budgetary Fund Balance, June 30 $ (49,295) $ (49,295) 516,714$ $ 566,009 175
City of Live Oak
Budgetary Comparison Schedule
Flood Control Impact Fees
Year Ended June 30, 2024
-111-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 2,295 2,295 $ 2,295 $ - $ Resources/Inflows 225 225 67 (158)
Amounts Available for Appropriations 2,520 2,520 2,362 (158) Charges to Appropriation (Outflow):
Total Charges to Appropriations - - - -
Budgetary Fund Balance, June 30 $ 2,520 $ 2,520 2,362$ $ (158) 176
City of Live Oak
Budgetary Comparison Schedule
Storm Drain Connection Fees
Year Ended June 30, 2024
-112-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ 38,559 38,559 $ 621,162$ $ 582,603 Resources (Inflows):
Licenses and permits 47,500 47,500 1,985 (45,515)
Use of money and property 10,700 10,700 24,120 13,420
Amounts Available for Appropriations 96,759 96,759 647,267 550,508 Charges to Appropriation (Outflow):
Total Charges to Appropriations - - - -
Budgetary Fund Balance, June 30 $ 96,759 $ 96,759 647,267$ $ 550,508 177
City of Live Oak
Budgetary Comparison Schedule
Transportation
Year Ended June 30, 2024
-113-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ (430,713) (430,713) $ 254,043$ $ 684,756 Resources (Inflows):
Use of money and property - - 7,282 7,282
Intergovernmental 400,000 400,000 - (400,000)
Amounts Available for Appropriations (30,713) (30,713) 261,325 292,038 Charges to Appropriation (Outflow):
Public ways and facilities 5,200 5,200 2,583 2,617
Capital outlay 1,100,000 1,100,000 - 1,100,000
Transfer out 100 100 - 100
Total Charges to Appropriations 1,105,300 1,105,300 2,583 1,102,717 Budgetary Fund Balance, June 30 $ (1,136,013) (1,136,013) $ 258,742 $ $ 1,394,755 178
City of Live Oak
Budgetary Comparison Schedule
ARPA
Year Ended June 30, 2024
-114-
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)
Budgetary Fund Balance, July 1 $ (430,713) (430,713) $ 4,198$ 434,911 Resources (Inflows):
Use of money and property - - 41,633 41,633
Intergovernmental 1,190,000 1,190,000 301,765 (888,235) Amounts Available for Appropriations 759,287 759,287 347,596 (411,691) Charges to Appropriation (Outflow):
Capital outlay 370,000 370,000 301,764 68,236
Transfer out 850,000 850,000 - 850,000
Total Charges to Appropriations 1,220,000 1,220,000 301,764 918,236 Budgetary Fund Balance, June 30 $ (460,713) $ (460,713) 45,832$ $ 506,545 179
City of Live Oak
Combining Statement of Net Position
Non-Major Proprietary Funds
June 30, 2024
-115-
Business-Type Activities - Proprietary Funds
Water Sewer
Connection Connections Total
Assets:
Current:
Cash and investments $ 1,634,237 $ 1,514,850 $ 3,149,087 Receivables:
Accrued interest 9,774 9,047 18,821
Total Current Assets 1,644,011 1,523,897 3,167,908
Total Assets 1,644,011 1,523,897 3,167,908
Liabilities:
Total Liabilities - - -
Net Position:
Restricted for capital projects 1,644,011 1,523,897 3,167,908 Total Net Position $ 1,644,011 $ 1,523,897 $ 3,167,908
180
City of Live Oak
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Non-Major Proprietary Funds
Year Ended June 30, 2024
-116-
Business-Type Activities - Proprietary Funds
Water Sewer
Connection Connections Total
Operating Revenues:
Sales and service charges $ 14,088 11,734 $ 25,822 $
Total Operating Revenues 11,734 14,088 25,822
Operating Income 11,734 14,088 25,822
Nonoperating Revenues:
Interest revenue 42,159 42,292 84,451
Total Nonoperating Revenues 42,159 42,292 84,451
Changes in Net Position 53,893 56,380 110,273
Net Position:
Beginning of Fiscal Year 1,590,118 1,467,517 3,057,635
End of Fiscal Year $ 1,644,011 $ 1,523,897 $ 3,167,908
181
City of Live Oak
Combining Statement of Cash Flows
Non-Major Proprietary Funds
Year Ended June 30, 2024
-117-
Business-Type Activities - Proprietary Funds
Water Sewer
Connection Connections Total
Cash flows from operating activities:
Cash received from customers and users $ 11,734 $ 14,088 $ 25,822 Cash flows from investing activities:
Interest on investments 37,103 39,313 76,416
Net increase in cash and cash equivalents 48,837 53,401 102,238 Cash and cash equivalents at beginning of year 1,585,400 1,461,449 3,046,849 Cash and cash equivalents at end of year $ 1,634,237 $ 1,514,850 $ 3,149,087 Reconciliation of operating income to cash flows
provided by (used for) operating activities:
Operating income $ 11,734 $ 14,088 $ 25,822
Net cash provided by operating activities $ 11,734 $ 14,088 $ 25,822 182
City of Live Oak
Statistical Section
For the Fiscal Year Ended June 30, 2024
-118-
This part of the City's ACFR presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health.
Financial Trends
These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the City's most significant local revenue source, property taxes.
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.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place and to help make comparisons over time and with other governments.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the City's financial information relates to the services the City provides and the activities it performs. 183
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184
City of Live Oak
Net Position by Component Last Ten Fiscal Years (full accrual basis of accounting) -119-
2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 Govermental Activites
Net investment in capital assets 25,177,065 $ 26,423,155 $ 27,103,387 $ 28,265,740 $ 28,377,393 $ 28,831,714 $ 28,129,068 $ 29,188,335 $ 28,551,024 $ 28,451,964 $ 28,485,414 $ Restricted 10,503,214 12,167,030 4,272,612 3,345,863 3,980,298 3,708,676 3,885,096 3,691,906 23,228,119 659,753 22,282,141 Unrestricted 4,737,305 4,485,329 4,280,849 5,445,053 6,722,869 17,008,977 20,932,421 19,566,055 1,307,845 23,792,653 1,520,468 Total governmental activities net position 40,417,584 43,075,514 35,656,848 37,056,656 39,080,560 49,549,367 52,946,585 52,446,296 53,086,988 52,904,370 52,288,023 Business-type Activities
Net investment in capital assets 31,055,100 29,831,525 28,599,846 28,727,091 28,647,690 28,082,900 28,405,269 29,355,009 28,172,308 26,933,171 25,623,365 Restricted 2,107,725 2,228,397 2,401,678 1,343,421 341,832 540,108 815,915 1,306,135 3,057,635 3,182,844 Unrestricted 2,837,663 2,263,256 2,554,799 3,760,366 3,110,022 3,238,836 3,433,811 2,828,996 4,720,811 1,350,717 36,927 Total business-type activities net position 36,000,488 34,323,178 33,556,323 33,830,878 32,099,544 31,861,844 32,654,995 33,490,140 32,893,119 31,341,523 28,843,136 Primary Government
Net investment in capital assets 56,232,165 56,254,680 55,703,233 56,992,831 57,025,083 56,914,614 56,534,337 58,543,344 56,723,332 55,385,135 54,108,779 Restricted 12,610,939 14,395,427 6,674,290 4,689,284 4,322,130 4,248,784 4,701,011 4,998,041 23,228,119 3,717,388 25,464,985 Unrestricted 7,574,968 6,748,585 6,835,648 9,205,419 9,832,891 20,247,813 24,366,232 22,395,051 6,028,656 25,143,370 1,557,395 Total primary government net position 76,418,072 $ 77,398,692 $ 69,213,171 $ 70,887,534 $ $ 71,180,104 $ 81,411,211 $ 85,601,580 $ 85,936,436 $ 85,980,107 $ 84,245,893 $ 81,131,159 Source: ACFR
185
City of Live Oak
Changes in Net Position Last Ten Fiscal Years (full accrual basis of accounting) -120-
2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 ExpensesGovermental Activities:
General government 543,796 $ 519,223 $ 699,781 $ 990,032 $ 990,360 $ 893,380 $ 774,096 $ 931,014 $ 970,176 $ 1,103,062 $ Public safety 1,635,797 2,235,826 2,033,209 1,984,144 2,006,236 2,313,013 2,328,780 2,517,012 2,970,288 2,871,404Public ways and facilities 1,418,607 1,196,682 2,031,089 1,579,362 966,937 1,053,622 1,827,022 1,243,057 583,760 1,008,210 Culture and recreation 544,100 609,869 833,110 926,952 1,071,086 1,197,655 1,187,739 1,207,729 1,499,961 1,519,986 Community development 620,114 2,474,188 2,060,694 1,828,608 429,642 4,815,355 537,626 52,895 975,406 1,050,284 Interest on long-term debt 3,748 2,584 520 5,952 25,222 21,932 16,884 31,899 9,247 6,324 Total Govermental Activities Expenese 4,766,162 7,038,372 7,658,403 7,315,050 5,489,483 10,294,957 6,672,147 5,983,606 7,008,838 7,559,270 Busines-type Activities:
Water 1,404,692 1,275,640 1,306,471 1,300,029 1,335,960 1,313,223 1,596,824 1,770,843 1,927,586 2,524,661 Sewer 2,633,340 2,704,970 2,724,674 2,898,819 2,925,050 2,855,811 3,038,425 3,085,361 3,463,892 3,621,167 Total Business-type Activities Expenese 4,038,032 3,980,610 4,031,145 4,198,848 4,261,010 4,169,034 4,635,249 4,856,204 5,391,478 6,145,828 Total Primary Government Expenese $ 8,804,194 $ 11,018,982 $ 11,689,548 $ 11,513,898 $ 9,750,493 $ 14,463,991 $ 11,307,396 $ 10,839,810 $ 12,400,316 13,705,098 Program RevenuesGovermental Activities:
Charges for services:
General government $ 76,876 $ 83,748 $ 366,660 $ 492,972 $ 427,673 $ 296,639 $ 392,632 $ 402,145 $ 422,183 626,575 Public safety 408,070 398,570 4,057 2,728 4,230 6,582 4,781 6,607 2,754 13,674 Public ways and facilities 426,434 973,516 233,355 1,781,220 39,870 199,616 439,942 500,019 195,292 28,079 Culture and recreation 252,394 185,432 64,221 61,744 56,343 35,211 20,816 38,968 48,234 63,041Community development 144,641 320,667 1,055,642 2,005,122 115,139 - - - - - Operating grants and contributions 1,977,712 2,793,371 1,857,982 277,728 1,146,628 9,988,595 1,399,265 1,143,071 364,224 348,611Capital grants and contributions 2,152,350 1,690,492 1,295,923 100,745 100,156 28,210 38,118 57,965 478,664 434,956 Total Govermental Activities Program Revenues 5,438,477 6,445,796 4,877,840 4,722,259 1,890,039 10,554,853 2,295,554 2,148,775 1,511,351 1,514,936 Busines-type Activities:
Charges for services:
Water 882,743 878,199 809,830 878,229 879,586 879,726 940,189 799,208 915,239 947,373 Sewer 2,241,249 2,291,083 2,243,244 2,265,104 2,289,788 2,328,299 2,378,415 2,436,477 2,494,773 2,495,182Water Connections - - 15,270 68,930 109,333 121,653 428,682 448,210 160,335 11,734 Sewer Connections - - 9,053 - 89,628 144,228 508,232 482,350 199,166 14,088 Capital grants and contributions - 23,000 1,027,513 864,919 - - - - - - Total Business-type Activities Program Revenues 3,123,992 3,192,282 4,104,910 4,077,182 3,368,335 3,473,906 4,255,518 4,290,109 3,769,513 3,468,377Total Primary Government Program Revenues 8,562,469 $ $ 9,638,078 $ 8,982,750 $ 8,799,441 $ 5,258,374 $ 14,028,759 $ 6,551,072 $ 6,438,884 $ 5,280,864 $ 4,983,313 Source: ACFRStatement of Activities
186
City of Live Oak
Changes in Net Position (continued) Last Ten Fiscal Years (full accrual basis of accounting) -121-
2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 Net (Expense)/Revenues (1)
Govermental Activities (1,797,420) $ 672,315 $ (592,576) $ (2,780,563) $ (2,592,791) $ (3,599,444) $ 259,896 $ (4,376,593) $ (3,834,831) $ (5,497,487) $ (6,044,334) $ Busines-type activities (895,522) (914,040) (788,328) 73,765 (121,666) (892,675) (695,128) (379,731) (566,095) (1,621,965) (2,677,451) Total Primary Govermental Net Expense (2,692,942) (241,725) (1,380,904) (2,706,798) (2,714,457) (4,492,119) (435,232) (4,756,324) (4,400,926) (7,119,452) (8,721,785) General Revenues and Other Changes in Net PositionGovermental Activities:
Taxes:
Property taxes 1,241,319 1,382,229 1,383,175 1,476,356 1,470,113 1,867,354 1,760,699 1,878,102 1,843,633 2,330,230 2,480,350 Sales and use taxes 294,102 263,086 297,481 325,380 358,667 427,506 399,002 371,363 520,544 598,071 567,519 Franchise taxes 139,766 155,071 166,356 - - 232,801 231,699 245,828 284,861 298,307 303,031 Property taxes 12,837 8,290 11,536 - - - - - - - -
Motor vehicle in lieu - unrestricted - - - - - 328,139 337,283 429,421 415,704 457,867 514,915 Other taxes - - - 716,398 750,153 1,058,557 1,269,351 1,619,334 739,612 1,262,269 1,086,312 Use of money and property - - - 87,766 120,425 42,769 317,698 84,839 358,363 347,278 458,498 Grants and contributions - unrestricted 4,145 80,806 34,609 - - - - - - - - Interest and investment earnings 73,827 79,218 113,073 - - - - - - - - Miscellaneous 169,350 64,888 217,676 - - - - - - - - Other - - - 541,664 322,717 265,241 238,755 458,167 306,961 20,847 17,362 Transfers - - - 25,000 1,556,000 (577,087) (1,417,165) (1,210,750) - - - Special Item - 447,830 - - - - - - - - -
Total Governmental Activities 1,935,346 2,481,418 2,223,906 3,172,564 4,578,075 3,645,280 3,137,322 3,876,304 4,469,678 5,314,869 5,427,987 Busines-type Activities:
Use of money and property - - - 28,460 50,063 77,888 71,114 - - 70,369 179,064 Interest and investment earnings 10,221 13,448 21,309 - - - - - - - - Miscellaneous 1,673 1,934 164 - - - - - - - - Other - - - 667 - - - 4,126 (30,925) - - Transfers - - - (25,000) (1,556,000) 577,087 1,417,165 1,210,750 - - - Total Busines-Type Activities 11,894 15,382 21,473 (1,505,937) 4,127 654,975 1,488,279 1,214,876 (30,925) 70,369 179,064 Total Primary Government $ 1,947,240 $ 2,496,800 $ 2,245,379 $ 3,176,691 $ 3,072,138 $ 4,300,255 $ 5,091,180 4,625,601 $ $ 4,438,753 $ 5,385,238 $ 5,607,051 Change in Net Position
Govermental Activities 137,926 3,153,733 1,631,330 392,001 1,985,284 45,836 3,397,218 (500,289) 634,847 (182,618) (616,347) Busines-type activities (883,628) (898,658) (766,855) 77,892 (1,627,603) (237,700) 793,151 835,145 (597,020) (1,551,596) (2,498,387) Total Primary Government $ (745,702) $ 2,255,075 $ 864,475 $ 469,893 $ 357,681 $ (191,864) $ 334,856 4,190,369 $ $ 37,827 $ (1,734,214) $ (3,114,734) Source: ACFRNote: (1) Net expense is the difference between the expenses and program revenues of a function or program. It indicates the degree to which a function or program supports itself with its own fees and grants versus its reliance upon funding from taxes and general revenues. Numbers in parentheses are net expenses, indicating that expenses were greater than program revenues and therefore general revenues were needed to finance that function or program. 187
City of Live Oak
Fund Balance - Governmental Funds Last Ten Fiscal Years (modified accrual basis of accounting) -122-
2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 General Fund
Nonspendable - $ $ 451,274 $ 8,115 $ 10,661 $ 11,357 $ 15,268 $ 10,659 $ 29,319 $ 10,143 $ 6,514 $ 33,005 Committed 2,514,883 2,519,197 2,525,652 2,534,045 2,548,739 2,548,739 2,607,392 2,605,435 2,599,487 2,599,487 2,277,260 Unassigned 2,037,092 2,227,090 2,230,647 2,075,899 2,427,584 2,106,314 1,844,354 1,559,999 1,350,664 516,700 - Total General Fund $ 4,551,975 $ 5,197,561 $ 4,764,414 $ 4,620,605 $ 4,987,680 $ 4,670,321 $ 4,462,405 $ 4,194,753 $ 3,960,294 $ 3,122,701 2,310,265 All Other Governmental Funds
Nonspendable $ - $ 484 $ 330 $ 4,712 $ 3,983 $ 4,559 $ 15,402 $ 7,094 $ - $ 410 $ - Restricted 10,503,214 11,975,628 4,272,282 3,345,863 3,874,348 3,708,676 3,741,774 3,691,906 2,643,073 5,462,480 376,944 Unassigned (49,787) (411,087) (1,270,688) (1,840,637) (538,556) (485,594) (716,124) (2,325,939) (2,428,634) - - Total All Other Governmental Funds $ 11,565,025 10,453,427 $ 3,001,924 $ $ 1,509,938 $ 3,339,775 $ 3,227,641 $ 3,041,052 $ 1,373,061 $ 2,643,073 $ 3,034,256 $ 376,944 Source: ACFR
188
City of Live Oak
Changes in Fund Balance - Governmental Funds Last Ten Fiscal Years (modified accrual basis of accounting) -123-
2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 Revenues
Taxes and assessment 2,220,317 $ 2,352,464$ 2,411,650 $ 2,518,134 $ 2,578,933 $ 3,586,218$ 3,660,751 $ 4,114,627 $ 2,878,237 $ 4,271,436 $ 4,388,683 $ Licenses and permits 451,881 482,426 646,258 450,120 557,939 394,950 290,495 414,375 1,394,162 629,636 326,237Fines and forfeitures 6,867 3,594 6,935 4,057 2,728 4,230 5,140 4,781 7,617 4,005 14,603 Use of money and property 73,827 79,218 113,073 87,766 120,425 259,955 238,755 84,839 45,150 281,095 452,466 Intergovernemtal 1,575,066 4,115,325 3,853,365 3,443,320 4,248,576 1,119,755 951,050 922,241 1,455,599 1,056,595 1,336,478 Charges for services 80,882 258,513 558,685 103,286 115,920 96,709 173,919 215,656 61,234 79,400 94,866 Other revenues 169,350 64,888 217,676 558,732 324,639 310,832 5,085,002 1,141,554 374,180 158,749 12,278 Total Revenues 4,578,190 7,356,428 7,807,642 7,165,415 7,949,160 5,772,649 6,898,073 10,405,112 6,216,179 6,480,916 6,625,611 Expenditures
Current:
General government 347,258 514,871 488,652 688,906 857,597 906,681 791,833 765,267 677,139 866,180 1,126,437 Public safety 1,670,167 1,585,506 2,148,112 1,914,124 1,867,994 1,883,345 2,141,889 2,183,544 2,372,891 2,804,018 2,724,371 Public ways and facilities 678,801 923,626 735,070 1,472,836 997,626 972,143 918,792 1,601,353 704,499 570,482 758,696 Culture and recreation 386,469 432,264 501,979 725,565 789,094 763,960 868,515 893,998 894,267 1,182,073 1,295,536Capital outlay 1,038,108 2,422,505 1,866,084 1,909,114 1,329,178 1,092,702 338,033 1,979,271 304,638 902,055 1,373,385 Debt service
Principal 13,000 66,342 67,461 68,581 54,146 123,414 125,933 128,540 144,525 147,514 156,644 Interest 3,348 3,748 2,584 520 5,952 25,222 21,932 16,884 33,065 10,454 7,574 Community development 517,636 627,037 2,482,059 2,041,715 1,956,524 434,675 5,688,770 1,168,779 49,602 444,550 469,893 Total Expenditures 4,137,151 5,948,862 5,809,942 6,779,646 5,901,587 5,767,467 5,206,927 7,568,857 5,131,024 6,482,776 7,912,536 Excess of Revenues Over (under) Expenditures 441,039 1,407,566 1,997,700 385,769 2,047,573 5,198,185 5,182 (670,784) 1,085,155 (1,860) (1,286,925) Other Financial Sources (Uses)
Proceeds from debt issuance - 528,825 - - - - - - - - 130,759 Transfers in 993,112 5,033,468 615,014 1,470,949 2,491,184 442,810 74,435 100,955 611,000 - - Transfers out (993,112) (5,033,468) (615,014) (1,445,949) (409,587) (442,810) (74,435) (100,955) (611,000) - - Capital Leases - - - - 549,863 - - - - - -
Total Other Financial Sources (Uses) - 528,825 - 25,000 2,631,460 - - - - - 130,759 Special Item - Reinstatement of loan receivable - 447,830 - (4,849) - - - - - - Extraordinary gain - - - - - - - - - - Net Change in Fund Balances 441,039$ $ 1,997,700 2,384,221 $ 405,920 $ $ 5,182 4,679,033 $ 5,198,185 $ (670,784) $ $ (1,860) 1,085,155 $ (1,156,166) Debt Service as a Percentage of
Noncapital Expenditures 0.53% 2.03% 1.81% 1.44% 1.33% 3.28% 3.13% 2.67% 3.82% 2.91% 2.58% 189
City of Live Oak
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
-124-
Taxable
SBE Assessed % Direct
Fiscal Year Secured Unsecured Nonunitary Value Change Rate 2014/2015 315,429,043 $ 5,473,874 $ $ 2,004 $ 320,904,921 13.00% 1.000% 2015/2016 330,917,725 5,238,525 2,004 336,158,254 4.75% 1.000% 2016/2017 352,823,047 4,561,387 2,439 357,386,873 6.32% 1.000% 2017/2018 370,589,936 4,492,172 2,439 375,084,547 4.95% 1.000% 2018/2019 438,648,423 5,852,538 2,439 393,440,920 4.89% 1.140% 2019/2020 458,721,383 6,373,661 2,614 423,760,729 7.71% 1.140% 2020/2021 501,722,808 7,710,226 2,614 454,529,296 7.26% 1.150% 2021/2022 530,921,669 8,159,845 2,614 484,011,255 6.49% 1.150% 2022/2023 586,612,743 8,766,503 2,614 538,189,510 11.19% 1.132% 2023/2024 638,005,857 8,148,780 2,614 589,260,087 9.49% 1.131% Source: Assessor's Office, County of Sutter
HDL Coren & Cone
Top 10 Property Taxpayers
In 1978, the voters of the State of California passed Proposition 13 which limited property taxes to a maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property tax may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only reassessed 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 the taxable property and is subject to the limitations described above. 190
City of Live Oak
Property Tax Rates – All Overlapping Governments Last Ten Fiscal Years -125-
2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 City of Live Oak General purpose 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Property tax in lieu of vehicle license fees - - - - - - - - - - Debt service - - - - - - - - - -
1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 Live Oak Unified School District 0.074 0.073 0.065 0.372 0.114 0.372 0.117 0.108 0.100 0.099 Yuba Community College District 0.025 0.025 0.026 0.073 0.030 0.073 0.031 0.036 0.032 0.031 Special Districts - - - - - - - - -
1.099 1.098 1.091 1.445 1.144 1.445 1.148 1.144 1.132 1.131 Notes: (1) The above tax rates are applied per $100 of assessed valuation.(2) In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of school district bonds.
Source: Assessor's Office, County of Sutter
HDL Coren & Cone
Property Tax Dollar Breakdown
191
City of Live Oak
Principal Property Tax Payers
Current Year and Nine Years Ago
-126-
Fiscal Year 2023/2024
Percent of
Total City
Taxable Taxable
Assessed Assessed
Taxpayer Value Value
Corrections Corporation of America 7,993,997 $ 1.36%
Millenium Farms LLC 5,022,838 0.85%
9000 Larkin Road LLC 4,710,621 0.80%
COE Orchard Equipment Inc 3,923,275 0.67%
Rilco-Edwards LLC 3,534,778 0.60%
Gill Kashmir K Etal 3,511,239 0.60%
Singh Ranjit & Raninder 3,458,303 0.59%
H&S Energy LLC 2,831,070 0.48%
Live Oak Apts 2,638,198 0.45%
Sunsweet Dryers 2,621,587 0.44%
$ 40,245,906 6.83%
Total City of Live Oak assessed property valuation Fiscal Year 2023/24 $ 589,260,087 Fiscal Year 2014/2015
Percent of
Total City
Taxable Taxable
Assessed Assessed
Taxpayer Value Value
CCA Properties of America $ 6,737,980 2.10%
9000 Larkin Road 3,997,960 1.25%
Tower Energy Group Corporation 3,340,140 1.04%
Millennium Farms LLC 3,158,945 0.98%
Sunsweer Dryers Etal 2,840,361 0.89%
Jaswant S. Saprai 2,355,255 0.73%
Kashmir K. Gill 2,318,846 0.72%
Land R Gas And Food Inc 1,940,000 0.60%
KB Home Sacramento Inc 1,794,668 0.56%
Live Oak Senior MH Park LLC 1,792,240 0.56%
$ 30,276,395 9.43%
Total City of Live Oak assessed property valuation Fiscal Year 2014/15 $ 320,904,921 Note:
Data pertaining to fiscal year 2009/2008 and prior is not available, the lastest prior year available is fiscal year 2011/2012
Source: Assessor's Office, County of Sutter
HDL Coren & Cone
Top Ten Property Tax Payers
192
City of Live Oak
Property Tax Levies and Collections
Last Ten Fiscal Years
-127-
Collections within the
Fiscal Year of the Levy Total Collections to Date
Taxes Levied Collections
for the Percent in Subsequent Percent
Fiscal Year Fiscal Year Amount of Levy Years Amount of Levy 2014/2015 519,978 $ $ 519,978 100.00% $ 519,978 - $ 100.00% 2015/2016 526,346 526,346 100.00% - 526,346 100.00%
2016/2017 592,035 592,035 100.00% - 592,035 100.00%
2017/2018 616,549 616,549 100.00% 6,672 623,221 100.00% 2018/2019 649,914 649,914 100.00% 8,119 658,033 100.00% 2019/2020 668,907 668,907 100.00% 8,278 668,907 100.00% 2020/2021 703,105 703,105 100.00% 8,093 703,105 100.00% 2021/2022 650,261 650,261 100.00% - 650,261 100.00%
2022/2023 972,675 972,675 100.00% - 972,675 100.00%
2023/2024 1,047,592 1,047,592 100.00% - 1,047,592 100.00% Source: Auditor-Controller's Office, County of Sutter
Finance Department, City of Live Oak (GL).
Notes:
Auditor-Controller's Office, County of Sutter for Billed and Unpaid tax for Collection in Subsequent Yrs Taxes Levied for the FY is 100% of the Secured Property Taxes which can be found on the GL 10-4-0000-4101 193
City of Live Oak
Ratios of Outstanding Debt by Type Last Ten Fiscal Years -128-
Business-Type Activities
Leases and Certificates Total Percentage Percentage
Financed of Lease Primary of Person of Assessed Per
Fiscal Year Loans Purchases Total Loans Bonds Participation Liabilities Total Government Income (1) Value (2) Capita (1) 2014/2015 507,483 $ $ - $ 507,483 $ 5,512,294 $ - $ 2,130,000 $ 180,453 $ 7,822,747 $ 8,330,230 5.71% 2.60% 981 2015/2016 440,022 - 440,022 5,333,446 - 2,060,000 113,903 7,507,349 7,947,371 5.33% 2.36% 9352016/2017 371,441 - 371,441 5,152,808 - 1,990,000 46,015 7,188,823 7,560,264 5.04% 2.12% 859 2017/2018 317,295 549,863 867,158 4,970,364 - 1,920,000 - 6,890,364 7,757,522 4.51% 2.07% 883 2018/2019 264,413 479,331 743,744 4,786,095 - 1,850,000 - 6,636,095 7,379,839 4.70% 1.88% 841 2019/2020 211,530 406,281 617,811 4,599,983 - 1,780,000 - 6,379,983 6,997,794 4.39% 1.65% 7852020/2021 158,648 330,623 489,271 4,412,011 - 1,710,000 - 6,122,011 6,611,282 4.06% 1.45% 7112021/2022 105,766 252,264 358,030 4,222,159 - 1,640,000 - 5,862,159 6,220,189 3.89% 1.29% 6602022/2023 52,883 189,499 242,382 4,030,408 - 1,570,000 7,248 5,607,656 5,850,038 3.64% 1.09% 6252023/2024 124,799 91,698 216,497 3,872,844 - 1,500,000 982 5,373,826 5,590,323 3.52% 0.96% 600 (1) See Demographic and Economic Statistic schedule for personal income and population data.(2) See Assessed Value and Estimated Actual Value of Taxable Property schedule for property value data. n/a - information is not available
Source: ACFR
City of Live Oak Annual Financial Reports Finance Department, City of Live Oak (Long Term Debt Schedule) Governmental Activities
194
City of Live Oak
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
-129-
General Bonded
Debt Outstanding
General Percent of
Obligation Assessed Per
Fiscal Year Bonds Total Value Population Capita
2014/2015 507,483 $ $ 507,483 0.16% 8,488 60
2015/2016 440,022 440,022 0.13% 8,500 52
2016/2017 371,441 371,441 0.10% 8,800 42
2017/2018 317,295 317,295 0.08% 8,781 36
2018/2019 264,413 264,413 0.07% 8,771 30
2019/2020 211,530 211,530 0.05% 8,912 24
2020/2021 158,648 158,648 0.03% 9,300 17
2021/2022 105,766 105,766 0.02% 9,428 11
2022/2023 52,883 52,883 0.01% 9,364 6
2023/2024 124,799 124,800 0.02% 9,436 13
Source: Assessor's Office, County of Sutter
Finance Department, City of Live Oak
Hdl Coren & Cone
195
City of Live Oak
Direct and Overlapping Bonded Debt
As of June 30, 2024
-130-
City Assessed Valuation $ 598,056,476
-
Adjusted Assessed Valuation $ 598,056,476
Estimated
Outstanding Share of
Percent Debt Overlapping
Applicable June 30, 2024 Debt
OVERLAPPING TAX AND ASSESSMENT DEBT:
Live Oak Unified School District 48.639% 20,459,000 $ $ 9,951,053 Yuba Commuinty College District 1.405% 170,866,106 2,400,669 Sutter Butte Flood Control Agency Assessment District 4.984% 75,755,000 3,775,629 Total Overlapping Tax and Assessment Debt 267,080,106 16,127,351 OVERLAPPING GENERAL FUND OBLIGATION DEBT:
Sutter County Certificates of Participation 4.747% 5,575,000 $ 264,645 Sutter County Board of Education Certificates of Participations 4.747% 18,040,000 856,359 Yuba Joint Community College General Fund Obligations 1.405% 9,231,628 129,704 Live Oak Unified School District Certificates of Participation 48.639% 5,919,466 2,879,169 City of Live Oak General Fund Obligations 100.000% 293,011 293,011 Total Overlapping General Fund Obligation Debt 39,059,105 4,422,888 Total Overlapping Debt 306,139,211 20,550,239
Total Combined Debt $ 306,139,211 $ 20,550,239
RATIOS TO 2023/2024 ASSESSED VALUATION:
Total Overlapping Tax and Assessment Debt 3.44%
RATIOS TO ADJUSTED ASSESSED VALUATION:
Total Overlapping Tax and Assessment Debt 2.700%
Combined Direct Debt ($293,011) 0.049%
Combined Total Debt 3.436%
Note: Overlapping governments are those that coincide, at least in part, within the geographic boundaries of the City of Live Oak. This schedule estimates the portion of outstanding debt of those overlapping governments that is borne by the residents and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account.
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.Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.
Source: Auditor-Controller's Office, County of Sutter
Yuba Community College
Live Oak Unified School District
Sutter-Butte Flood Control Agency
Finance Department, City of Live Oak
Munis Report
CalMuni
196
City of Live Oak
Computation of Legal Bonded Debt Margin
June 30, 2024
-131-
Secured Property Assessed Value, Net of Exempt Real Property $ 538,189,510 Bonded debt limit (3.75% of assessed value) (a) $ 20,182,107 Less debt subject to limit:
Total water certificates of participation at 06/30/24 (840,000) Total sewer certificates of participation at 06/30/24 (660,000) Legal debt margin $ 18,682,107
Source: Assessor's Office, County of Sutter
Finance Department, City of Live Oak
Hdl Coren & Cone
Notes:
Certificate of participation can be found in long term debt note. (a) California Government Code Section 43605 sets the debt limit at 15%. The Code section was enacted prior to the change in basing assessed value at full market value when it was previously 25% of market value. Thus, the limit shown as 3.75% is one-fourth the limit to account for the adjustment of showing assessed valuation at full cash value. 197
City of Live Oak
Demographic and Economic Statistics
Last Ten Calendar Years
-132-
Per Capita
Personal Income Taxable Taxable
Calendar Total Assessed Property
Year Population (in thousands) Per Capita Valuation Values 2015 8,488 $ 145,773 $ 17,174 $ 320,904,921 $ 37,807
2016 8,500 149,192 17,552 336,158,254 39,548
2017 8,800 149,859 17,029 357,386,873 40,612
2018 8,781 171,819 19,567 375,084,547 42,715
2019 8,771 156,957 17,895 393,440,920 44,857
2020 8,912 159,545 17,902 423,760,729 47,549
2021 9,300 162,773 17,503 454,529,296 48,877
2022 9,428 159,758 16,945 484,011,255 51,338
2023 9,364 160,692 17,161 538,189,510 57,474
2024 9,436 161,075 17,071 589,260,087 62,451
Secured Property Assessed Value, Net of Exempt Real Property Bonded debt limit (3.75% of assessed value) (a)
$ -
Less debt subject to limit:
Legal debt margin $ -
Source: Assessor's Office, County of Sutter
Finance Department, City of Live Oak
Hdl Coren & Cone
Notes:
Certificate of participation can be found in long term debt note.
Total sewer revenue bonds at 06/30/24
(a) California Government Code Section 43605 sets the debt limit at 15%. The Code section was enacted prior to the change in basing assessed value at full market value when it was previously 25% of market value. Thus, the limit shown as 3.75% is one-fourth the limit to account for the adjustment of showing assessed valuation at full cash value.
Note: Data pertaining to personal income is not readily available, thus the City used taxable assessed values to calculate per capita taxable property values. Data pertaining to personal income for calendar year 2016, and 2017 is not readily available, thus the City provided an average using data from the last three years.
Total water certificates of participation at 06/30/24
Total sewer certificates of participation at 06/30/24
198
City of Live Oak
Principal Employers
Current Year and Prior Year
-133-
2023-2024 Percent 2022-2023 Percent
Number of of Total Number of of Total
Employer Employees Employment Employees Employment
Live Oak Unified School District 256 6.24% 259 6.32%
River Valley Care Center 160 3.90% 156 3.80%
Wilbur Packing CO Inc 91 2.22% 85 2.07%
E-Center Head Start - Yuba-Sutter 25 0.61% 25 0.61%
City of Live Oak 23 0.56% 23 0.56%
Live Oak Pharmacy 6 0.15% 23 0.56%
Dollar General Market 24 0.59% 18 0.44%
Chevron Tower Supermarket 16 0.39% 17 0.41%
United States Post Office 12 0.29% 12 0.29%
Peach Tree Health (Formerly Live Oak Medical Clinic) 21 0.51% 10 0.24% Total 634 15.46% 628 15.32%
Total City Employment (1) 4,100
Note:
Source: City of Live Oak
Avenu Insights & Analytics
(1) Employment Development Department, State of California Munis Report
199
City of Live Oak
Full-Time and Part-Time City Government Employees Last Ten Fiscal Years -134-
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
City Council 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 City Manager 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 - City Clerk's Office 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Administration 1.00 1.00 - 1.00 1.00 - 1.00 1.00 1.00 1.00 Finance/Administrative Services 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Community Development - - - - - - - - - 1.00
Public Works 7.00 10.00 5.00 7.00 7.00 8.00 7.00 10.00 10.00 10.00 Parks and Recreation 10.00 7.00 9.00 8.00 9.00 10.00 6.00 8.00 8.00 10.00 Building 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 1.00 Total Full-Time Equivalent Employees 29.00 29.00 30.00 30.00 30.00 31.00 27.00 32.00 32.00 33.00 Source: Finance Department, City of Live Oak
200
City of Live Oak
Operating Indicators Last Ten Fiscal Years
-135-
2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 Business Licenses: Annual Business License 135 129 137 132 119 121 130 140 133 129 One Time License 11 10 7 6895556Environment and Utilities: Gallons of wastewater treated per year (in millions) 225 218 380 251 384 393 300 310 274 274Fire - Within City Limits Fires per year 22 21 19 16 87 95 21 44 * 29 Emergency medical calls per year 236 738 682 678 977 699 832 921 * 845 Hazardous materials incidents per year 4 7 14 16 5 25 18 10 * 13 Non-emergency service calls per year 275 78 275 271 85 92 224 277 * 278 Fire - Outside City Limits Within County Fires per year 47 42 36 19 45 86 56 46 * 27 Emergency medical calls per year 154 155 156 181 105 188 287 126 * 287 Hazardous materials incidents per year 4 12 9 8 1 10 18 5 * 15 Non-emergency service calls per year 99 112 104 113 65 32 192 88 * 134 Police 911 calls per year 1,432 1,965 1,998 1862 1491 1632 1809 2051 2099 2508 Cases investigated per year 563 616 696 744 1153 1074 752 1055 817 1478 Arrests per year 92 123 121 124 213 192 224 185 182 252 Building Permits Building permits issued per year 200 279 241 210 313 279 276 284 349 252 New building and alteration valuation $ 6,525,489 $ 9,442,021 $ 9,442,021 $ 9,060,757 $ 23,059,905 $ 14,842,766 $ 21,625,800 $ 27,270,794 $ 14,110,722 $ 6,104,869 Source: City of Live Oak, Finance/Building Dept's Sutter County Sheriff Sutter County FireNote: * This information is not available at the time of issuing this report. 201
City of Live Oak
Capital Asset Statistics Last Ten Fiscal Years
-136-
2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 Business Licenses: Annual Business License 135 129 137 132 119 121 130 140 133 129 One Time License 11 10 7 6895556Environment and Utilities: Gallons of wastewater treated per year (in millions) 225 218 380 251 384 393 300 310 274 274Fire - Within City Limits Fires per year 22 21 19 16 87 95 21 44 * 29 Emergency medical calls per year 236 738 682 678 977 699 832 921 * 845 Hazardous materials incidents per year 4 7 14 16 5 25 18 10 * 13 Non-emergency service calls per year 275 78 275 271 85 92 224 277 * 278 Fire - Outside City Limits Within County Fires per year 47 42 36 19 45 86 56 46 * 27 Emergency medical calls per year 154 155 156 181 105 188 287 126 * 287 Hazardous materials incidents per year 4 12 9 8 1 10 18 5 * 15 Non-emergency service calls per year 99 112 104 113 65 32 192 88 * 134 Police 911 calls per year 1,432 1,965 1,998 1862 1491 1632 1809 2051 2099 2508 Cases investigated per year 563 616 696 744 1153 1074 752 1055 817 1478 Arrests per year 92 123 121 124 213 192 224 185 182 252 Building Permits Building permits issued per year 200 279 241 210 313 279 276 284 349 252 New building and alteration valuation $ 6,525,489 $ 9,442,021 $ 9,442,021 $ 9,060,757 $ 23,059,905 $ 14,842,766 $ 21,625,800 $ 27,270,794 $ 14,110,722 $ 6,104,869 Source: City of Live Oak, Finance/Building Dept's Sutter County Sheriff Sutter County FireNote: * This information is not available at the time of issuing this report. 202
City of Live Oak
Sales Value History
Last Ten Fiscal Years
-137-
Full Median
Calendar Value Average Median %
Year Sales Price Price Change
2015 97 $ 181,232 $ 190,000 19.50%
2016 96 186,047 196,000 3.16%
2017 89 211,315 213,000 8.67%
2018 86 220,087 223,250 4.81%
2019 83 241,880 245,000 9.74%
2020 94 276,314 283,000 1.84%
2021 81 348,543 350,000 1.84%
2022 53 370,368 370,000 4.23%
2023 54 351,583 364,500 1.89%
2024 48 362,354 382,500 -0.65%
Source: Assessor's Office, County of Sutter
Finance Department, City of Live Oak
203
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204
735 E. Carnegie Dr. Suite I 00
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
ramscpa. net
PARTNERS
Scott W Manno. CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A. Welebir. CPA. MBA. CGMA
Jenny W. Liu. CPA, MST
Ga,·denya Duran, CPA, CGMA
Brianna Schultz, CPA. CGMA
Brenda L. Odle. CPA. MST (Partne, Emeritus)
Te, ry P Shea, CPA (Panner Emenws)
MANAGERS/ STAFF
Seong-Hyea Lee. CPA. MBA
Evelyn Morenlin-Barcena. CPA
Vernnica Hernandez, CPA
Laura A1v1zu. CPA
John Maldonado, CPA, MSA
Julia Rodriguez Fuentes. CPA, MSA
Dem, Hite. CPA
Jeffrey McKennan. CPA
Mornca Wysock,, CPA
Jacob Weatherb,e. CPA, MSA
Bolim Han. CPA. MAcc
Anny Gonzalez, CPA
MEMBERS
Amencan lnsutuce of
Certified Public Accountants
PCPS The A/CPA Alliance
(01 CPA Fi,ms
Governmental Audit
Q11C1/1ty Cenre,
Califot nia Society of
Certified Public Accountants
•
Proud Member of
AlliottGlobalAlliance~
ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-1-
Independent Accountant’s Report
To the Honorable City Council
City of Live Oak, California
We have performed the procedures enumerated below to the accompanying Appropriations Limit Worksheet of the City of Live Oak, California (the City) for the year ended June 30, 2024. The management of the City is responsible for the accompanying Appropriations Limit Worksheet.
The City has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of meeting the requirements of Section 1.5 of Article XIII-B of the California Constitution. These procedures, which were suggested by the League of California Cities and presented in the publication entitled Agreed-upon Procedures Applied to the Appropriations Limitation Prescribed by Article XIII-B of the California Constitution, were performed solely to assist you in meeting the requirements. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.
The procedures and the associated findings are as follows:
1. We obtained the completed worksheets and compared the limit and annual adjustment factors included in those
worksheets to the limit and annual adjustment factors that were adopted by resolution of the City Council. We also compared the population and inflation options included in the aforementioned documents to those that were selected by a recorded vote of the City Council.
Finding: No exceptions were noted as a result of our
procedures.
2. For the accompanying Appropriations Limit Worksheet, we added last year’s limit to total adjustments and agreed the resulting amount to this year’s limit.
Finding: No exceptions were noted as a result of our
procedures.
205
-2-
3. We agreed the current year information presented in the accompanying Appropriations Limit Worksheet to the other documents referenced in number one above.
Finding: No exceptions were noted as a result of our procedures.
4. We agreed the prior year appropriations limit presented in the accompanying Appropriations Limit Worksheet to the prior year appropriations limit adopted by the City Council during the prior year.
Finding: No exceptions were noted as a result of our procedures.
We were engaged by the City to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on accompanying Appropriations Limit Worksheet for the year ended June 30, 2024. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
This report is intended solely for the information and use of the City Council and management of the City of Live Oak, California, and is not intended to be and should not be used by anyone other than these specified parties. However, this report is a matter of public record and its distribution is not limited.
San Bernardino, California
December 18, 2024
206
-3-
City of Live Oak
APPROPRIATIONS LIMIT WORKSHEET
2023 – 2024
Per capita personal income change 4.44%
Population change: 1.34%
City population growth
CPI change converted to a ratio 1.0444
Population change converted to a ratio 1.0134
Calculation of growth factor 1.0584
2022 - 2023 Limit 6,388,681 $
2023 - 2024 Limit
($6,388,681 x 1.0444 x 1.0134) 6,761,748 $
207
735 E. Carnegie Dr. Suite I 00
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
ramscpa. net
PARTNERS
Scott W Manno. CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A. Welebir. CPA. MBA. CGMA
Jenny W. Liu. CPA, MST
Ga,·denya Duran, CPA, CGMA
Brianna Schultz, CPA. CGMA
Brenda L. Odle. CPA. MST (Partne, Emeritus)
Te, ry P Shea, CPA (Panner Emenws)
MANAGERS/ STAFF
Seong-Hyea Lee. CPA. MBA
Evelyn Morenlin-Barcena. CPA
Vernnica Hernandez, CPA
Laura A1v1zu. CPA
John Maldonado, CPA, MSA
Julia Rodriguez Fuentes. CPA, MSA
Dem, Hite. CPA
Jeffrey McKennan. CPA
Mornca Wysock,, CPA
Jacob Weatherb,e. CPA, MSA
Bolim Han. CPA. MAcc
Anny Gonzalez, CPA
MEMBERS
Amencan lnsutuce of
Certified Public Accountants
PCPS The A/CPA Alliance
(01 CPA Fi,ms
Governmental Audit
Q11C1/1ty Cenre,
Califot nia Society of
Certified Public Accountants
•
Proud Member of
AlliottGlobalAlliance~
ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-1-
December 18, 2024
Management of the City of Live Oak
In planning and performing our audit of the financial statements of the City of Live Oak (the City) as of and for the year ended June 30, 2024, in accordance with auditing standards generally accepted in the United States of America, we considered the City’s internal control over financial reporting (internal control) as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.
Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be significant deficiencies or material weaknesses and therefore, there can be no assurance that all deficiencies, significant deficiencies, or material weaknesses have been identified. We did not identify any deficiencies in internal control that we consider to be material weaknesses. However, as discussed below, we identified certain matters involving the internal control and other operational matters that are presented for your consideration.
This letter does not affect our report dated December 18, 2024 on the financial statements of the City. We will review the status of these comments during our next audit engagement. Our comments and recommendations, all of which have been discussed with appropriate members of management, are intended to improve the internal control or result in other operating efficiencies. Our comments are summarized as follows:
Observation 1:
During our internal control testing, we noted the accounts payable personnel have access to add/edit vendors in the accounting software.
We recommend the City update processes and/or IT controls so that personnel processing accounts payable don’t have the ability to add or edit vendors.
208
-2-
Observation 2:
During our internal control testing, we noted the billing specialist has the ability to enter and edit utility billing rates, adjust customer accounts and post to the general ledger.
We recommend the City update processes and/or IT controls so that personnel processing utility billing don’t have the ability to edit billing rates and/or customer accounts.
We believe that the implementation of these recommendations will provide the City with a stronger system of internal control while also making its operations more efficient. We will be happy to discuss the details of these recommendations with you at your convenience.
This communication is intended solely for the information and use of management and is not intended to be and should not be used by anyone other than these specified parties.
Respectfully,
San Bernardino, California
209
735 E. Carnegie Dr. Suite I 00
San Bernardino. CA 92408
909 889 0871 T
909 889 5361 F
ramscpa. net
PARTNERS
Scott W Manno. CPA. CGMA
Leena Shanbhag, CPA. MST. CGMA
Bradferd A. Welebir. CPA. MBA. CGMA
Jenny W. Liu. CPA, MST
Ga,·denya Duran, CPA, CGMA
Brianna Schultz, CPA. CGMA
Brenda L. Odle. CPA. MST (Partne, Emeritus)
Te, ry P Shea, CPA (Panner Emenws)
MANAGERS/ STAFF
Seong-Hyea Lee. CPA. MBA
Evelyn Morenlin-Barcena. CPA
Vernnica Hernandez, CPA
Laura A1v1zu. CPA
John Maldonado, CPA, MSA
Julia Rodriguez Fuentes. CPA, MSA
Dem, Hite. CPA
Jeffrey McKennan. CPA
Mornca Wysock,, CPA
Jacob Weatherb,e. CPA, MSA
Bolim Han. CPA. MAcc
Anny Gonzalez, CPA
MEMBERS
Amencan lnsutuce of
Certified Public Accountants
PCPS The A/CPA Alliance
(01 CPA Fi,ms
Governmental Audit
Q11C1/1ty Cenre,
Califot nia Society of
Certified Public Accountants
•
Proud Member of
AlliottGlobalAlliance~
ROGERS, ANDERSON , MALODY & SCOTT, LLP
CERTIFIED PUBLIC ACCOUNTANTS. SINCE 1948
STABILITY. ACCURACY. TRUST.
-1-
December 18, 2024
To the Honorable City Council
City of Live Oak
Live Oak, California
We have audited the financial statements of the City of Live Oak (the entity) as of and for the year ended June 30, 2024, and have issued our report thereon dated December 18, 2024. Professional standards require that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit As communicated in our engagement letter dated May 1, 2024, our responsibility, as described by professional standards, is to form and express opinions about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of the system of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered the system of internal control of the entity solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.
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Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.
Compliance with All Ethics Requirements Regarding Independence The engagement team, others in our firm, as appropriate, and our firm have complied with all relevant ethical requirements regarding independence.
We have evaluated whether certain nonattest services performed by our firm during the audit have created a significant threat to our independence in relation to the entity. We have identified a threat to our independence (preparation of the entity’s financial statements, creating a self-review threat) that if not reduced to an acceptable level, would impair our independence. In order to reduce the threat to an acceptable level, we have applied the following safeguard:
Prior to the issuance of the entity’s financial statements, another partner or manager, independent of the engagement, will review the financial statements.
Significant Risks Identified
We have identified the possibility of the following significant risks:
Management's override of internal controls over financial reporting – Management override of internal controls is the intervention by management in handling financial information and making decisions contrary to internal control policy.
Revenue recognition – Revenue recognition is a generally accepted accounting principle that refers to the conditions under which an entity can recognize a transaction as revenue. Auditing standards indicate that recognizing revenue is a presumed fraud risk and usually classified as a significant risk in most audits.
These significant risks are presumptive in most audits and merit attention by the auditors due to the direct impact over financial reporting and internal control processes. Although identified as significant risks, we noted no matters of management override of controls or deviations from generally accepted accounting principles which caused us to modify our audit procedures or any related matters which are required to be communicated to those charged with governance due to these identified risks.
Qualitative Aspects of the Entity’s Significant Accounting Practices Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of the significant accounting policies adopted by the entity is included in Note 1 to the financial statements. The City adopted GASB Statement No. 100, Accounting Changes and Error Corrections during 2024. No matters have come to our attention that would require us, under professional standards, to inform you about (1) the methods used to account for significant unusual transactions and (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
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Significant Accounting Estimates and Related Disclosures Accounting estimates and related disclosures are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments are normally based on knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ markedly from management’s current judgments.
The most sensitive accounting estimates affecting the entity’s financial statements are:
Management’s estimate of the net pension liability and related deferred inflows and outflows of resources are based on actuarial reports by independent actuaries. We evaluated the key factors and assumptions used to develop the estimate in determining that it is reasonable in relation to the basic financial statements taken as a whole and in relation to the applicable opinion units.
Management’s estimate of the liability for other post-employment benefits (OPEB) and related deferred inflows and outflows of resources are based on actuarial reports provided by independent actuaries. We evaluated the key factors and assumptions used to develop the estimate in determining that it is reasonable in relation to the basic financial statements taken as a whole and in relation to the applicable opinion units.
Financial Statement Disclosures
Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users.
The most sensitive disclosures affecting the entity’s financial statements relate to:
The disclosure of net pension liability and related deferred inflows and outflows of resources in the basic financial statements is based on actuarial assumptions. Actual future liabilities and actuarial deferred inflows and outflows may vary from disclosed estimates.
The disclosures of the other post-employment benefits (OPEB) liability and related deferred inflows and outflows of resources in the basic financial statements is based on actuarial assumptions. Actual future liabilities and actuarial deferred inflows and outflows may vary from disclosed estimates.
Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that we believe are trivial, and communicate them to the appropriate level of management. Further, professional standards require us to also communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account balances or disclosures, and the financial statements as a whole and each applicable opinion unit. There were no uncorrected misstatements noted.
In addition, professional standards require us to communicate to you all material, corrected misstatements that were brought to the attention of management as a result of our audit procedures. No material misstatements were identified as a result of our audit procedures. 212
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Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the entity’s financial statements or the auditor’s report. No such disagreements arose during the course of the audit.
Representations Requested from Management
We have requested certain written representations from management, which are included in the attached letter dated December 18, 2024.
Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, the entity utilized the services of Eide Bailly for consulting services related to the fiscal yearend closing process.
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with the entity, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, significant events or transactions that occurred during the year, operating and regulatory conditions affecting the entity, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the entity’s auditors.
Other Information Included in Annual Reports
Pursuant to professional standards, our responsibility as auditors for other information, whether financial or nonfinancial, included in the entity’s annual reports, does not extend beyond the information identified in the audit report, and we are not required to perform any procedures to corroborate such other information. However, in accordance with such standards, we have:
Read the transmittal letter and statistical section (or “other information”) and considered whether a material inconsistency existed between the other the information and the basic financial statements, or the other information otherwise appears to be materially misstated. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon
Our responsibility also includes communicating to you any information which we believe is a material misstatement of fact. Nothing came to our attention that caused us to believe that such information, or its manner of presentation, is materially inconsistent with the information, or manner of its presentation, appearing in the financial statements.
This report is intended solely for the information and use of the City Council and management of the entity and is not intended to be and should not be used by anyone other than these specified parties.
Very truly yours,
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City of Live Oak
Report to City Council
Meeting Date: February 5, 2025
Title: City Council Consideration of Appointments to City of Live Oak Planning Commission
Contact Information: Laura Stewart, Associate Planner
Location: Citywide
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Background: The City of Live Oak Planning Commission is comprised of seven members.
Six members are appointed by the City Council and one member is appointed by the Sutter County Planning Commission with approval by the Sutter County Board of Supervisors and the Live Oak City Council.
Live Oak Municipal Code Section 2.12.020(A) states, in part, "The planning commission shall consist of seven members appointed by the mayor with the consent of the City Council." Section 2.12.020 (C) states the city will post a notice of possible vacancy to allow the incumbent and other citizens to be considered for appointment or reappointment.
The City of Live Oak Planning Commissioners each serve staggered, fouryear terms. Commissioner Aaron Pamma resigned his position on the Planning Commission and the terms of Commissioners Bernie Didario and Michelle Serpa expired on January 31, 2025 resulting in a total of three vacancies that need to be filled.
One vacancy (Aaron Pamma's seat) is for a two-year term, expiring January 31, 2027.
Two vacancies (Michelle Serpa and Bernie Didario's seats) are for four-year terms, expiring January 31, 2029.
Current Planning Commission Terms
January 31, 2025 Vacant (Bernie Didario)
January 31, 2025 Vacant (Michelle Serpa)
January 31, 2027 Vacant (Aaron Pamma)
January 31, 2027 Jerry Stewart
January, 31, 2028 Mike Tuman
January 31, 2028 Matt Cashman
January 31, 2026 Sutter County Commissioner
Analysis: The City of Live Oak published a vacancy notice on November 22, 2024. The City of Live Oak has received eight applications in response to the public vacancy notice.
A technical reading of the code would allow the Mayor to make an appointment, with Council then voting on whether or not to confirm the appointment. If the City Council failed to approve the Mayor's appointments, the Council would then need to consider another appointment by the Mayor, followed by a Council vote.
All eight applicants have been informed the Mayor and City Council will consider an appointment at this meeting. The Mayor will make known his appointments at this Council Meeting.
Fiscal Impacts: None.
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Recommendation: Consider the applications received for the three Live Oak Planning Commission vacancies.
Attachments:
Alan Deala
Amneet Bains
Bernie Didario
Cruz Mora
Harry Sidhu
Marcus Prasad
Michelle Serpa
Tarnjit Singh
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City Hall: 530-695-2112 Fax: 530-695-2595 9955 Live Oak Blvd., Live Oak, CA 95953 www.liveoakcity.org
Planning Commission
APPLICATION FOR APPOINTMENT
Name: _____________________________________________________ Home Address: ______________________________________
Home Phone: ____________________________
Cell Phone: ___________________________
Occupation: ______________________________________________________ Employer Name: ___________________________
Employer Address: _________________________
Please answer the following questions on a separate sheet.
1. What are your reasons for wishing to serve on the City of Live Oak Planning Commission?
2. Describe your experience and/or qualifications which will assist the City Council in evaluating your application.
3. If appointed, will you be able to attend meetings regularly and devote the time necessary to fulfill your duties as a member?
NOTE: A conflict of interest statement is required of all appointed Planning Commissioners.
Please return the completed application to the City Clerk via email at: ĐŵĞŶĐŚĂĐĂ@liveoakcity.org or at City Hall.
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1. What are your reasons for wishing to serve on the City of Live Oak Planning Commission?
I would like to serve on the planning commission because I am interested in working alongside my community for the development of our city. My role in this position will allow me to collaborate with my team members to decide on zoning, land use, building regulations and various projects throughout the city. I will be able to contribute to making my city more sustainable, inclusive, and accessible by advocating for affordable housing and the expansion of commercial property. This will allow for more employment opportunities for our residents.
2. Describe your experience and/or qualifications which will assist the City Council in evaluating your application.
I am a graduate of University of California, Davis with a Bachelor’s of Science in Human Development from the Department of Human Ecology. I have completed curricula focusing on the human ecology of people and place: the human experience that includes the individual, institutions, the community, schools, families, and relationships between people and their environment. Through my coursework, I developed a strong foundation in analyzing complex social dynamics and understanding the interconnectedness between people, communities, and the spaces they inhabit. My education and experiences have equipped me with valuable insight into addressing issues such as public health, education, family dynamics, and community development, all of which are critical areas for local government decision-making. These qualifications, combined with my passion for serving the community, would allow me to contribute thoughtfully to the City Council’s efforts in creating policies and programs that support the well-being and development of our residents.
3. If appointed, will you be able to attend meetings regularly and devote the time necessary to fulfill your duties as a member?
Yes.
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Live Oak Planning Commission
Application for Appointment
Bernard “Bernie” DiDario
Please answer the following questions on a separate sheet.
1. What are your reasons for wishing to serve on the City of Live Oak Planning Commission?
California cities and towns are facing many issues. The planning commission would seem to be one way to help Live Oak address many of these issues and provide a rational framework for future growth and development. Live Oak is a diverse, attractive, and desirable location for families and businesses. Its agricultural base adds much to the area and provides the City with a great deal of opportunity. I believe my skills and commitment to the area can(and will continue to ) help in some small way with these challenges and opportunities.
2. Describe your experience and/or qualifications which will assist the City Council in evaluating your application.
I have served the last two years as a member of the Planning Commission.
During that time, I became the Chairperson and was honored by the selection and commission’s support. The Commission has reviewed a number of projects that will impact Live Oak now and in the future (continued below).
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Live Oak Planning Commission
Application for Appointment (page 2)
Bernard “Bernie” DiDario
I have a considerable amount of relevant experience and a solid academic background. Most of my career has been spent as a consultant working on various projects at all levels of government, as well as the private sector. I have led and participated in many planning efforts for healthcare delivery and evaluation of outcomes. Some of these occurred in larger politically charged environments where the quality of the work and the conclusions were critical to the success of the project(s) and their impact on residents. I was also one of the Census supervisors for this area during the 2020 census, which gave me a greater understanding of the area’s geography and demographics.
I have worked extensively with databases such as the US Census and have been responsible for training of staff, and compiling analytical data for decision-making. It has been noted that I have skills in communicating the results and implications of fairly complex analyses and issues to broad and diverse audiences.
My academic background includes a Bachelor’s degree from Boston University and a Masters in Health Policy/Management from the Harvard University School of Public Health. I have always sought to enhance my skill level through additional seminars (as an attendee and presenter) and education.
Some additional and relevant local experiences include a recent stint as a 2020 Census Field Supervisor, a member of the Sutter HS Bond Oversight Committee, a former member of the technology committees at Brittan Elementary and Sutter HS., Judge for the Meridian and Sutter Lions Club public speaking competitions and former Varsity Basketball Coach at Sutter HS.
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Live Oak Planning Commission
Application for Appointment (page 3)
Bernard “Bernie” DiDario
3. If appointed, will you be able to attend meetings
regularly and devote the time necessary to fulfill your duties as a member?
I am fortunate in that my schedule is almost totally under my control, which allows me to make the commitment and, more importantly, keep the commitment. I should be able to make all regularly scheduled meetings. My perfect attendance at Commission meetings over the last two years should serve as evidence of my commitment.
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1. What are your reasons for wishing to serve on the City of Live Oak Planning Commission?
I am excited to apply for a position on the City of Live Oak Planning Commission because I am deeply committed to shaping the future of our community. As a lifelong resident of Live Oak, I have a strong connection to the city's unique character and an understanding of the challenges and opportunities it faces. Serving on the Planning Commission presents a meaningful opportunity to contribute to thoughtful development and planning that ensures Live Oak remains a thriving and inclusive place to live.
I am particularly passionate about enhancing community engagement through creative initiatives that enrich residents’ lives. As a Planning Commissioner, I am eager to work with the City Council and staff to establish a Parks and Recreation-focused committee. This committee would serve as a hub for brainstorming and planning events that promote public spaces, strengthen community bonds, and support healthy, active lifestyles. By spearheading this initiative, I aim to foster a stronger sense of community and ensure our parks and recreational programs reflect the needs and aspirations of all Live Oak residents.
2. Describe your experience and/or qualifications which will assist the City Council in evaluating your application.
As a policy analyst with the California Department of Health Care Services, I bring extensive experience in analyzing data, coordinating projects, and collaborating with diverse stakeholders. 232
These skills are directly applicable to the work of the Planning Commission, where thoughtful evaluation and decision-making are essential.
Additionally, I have actively participated in community development efforts, including advocating for improved water quality and supporting economic initiatives in Live Oak. My familiarity with public service processes, combined with my passion for creating vibrant, connected communities, equips me to address planning challenges effectively.
My commitment to public service is complemented by my ability to foster collaboration. For example, I have experience organizing discussions and developing actionable plans to address local needs. These efforts would translate seamlessly into my role on the Planning Commission, particularly in leading a Parks and Recreation-focused committee to develop communitycentered events and programs.
3. If appointed, will you be able to attend meetings regularly and devote the time necessary to fulfill your duties as a member?
Yes, I am fully committed to attending meetings regularly and dedicating the time required to fulfill my duties as a member of the Planning Commission. I understand the importance of being an active and engaged participant in Commission activities. My current professional schedule provides me with the flexibility to devote the necessary time and energy to this role, including spearheading initiatives such as the proposed Parks and Recreation-focused committee. 233
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City Hall: 530-695-2112 Fax: 530-695-2595 9955 Live Oak Blvd., Live Oak, CA 95953 www.liveoakcity.org
Planning Commission
APPLICATION FOR APPOINTMENT
Name: _____________________________________________________ Home Address: _______________________________________
Home Phone: _________________________________________
Cell Phone: __________________________
Occupation: _________________ __________________
Employer Name: _________________________________________ Employer Address: ______________
Please answer the following questions on a separate sheet.
1. What are your reasons for wishing to serve on the City of Live Oak Planning Commission?
2. Describe your experience and/or qualifications which will assist the City Council in evaluating your application.
3. If appointed, will you be able to attend meetings regularly and devote the time necessary to fulfill your duties as a member?
NOTE: A conflict of interest statement is required of all appointed Planning Commissioners.
Please return the completed application to the City Clerk via email at: [email protected] or at City Hall.
Marcus Prasad
Live Oak CA 95953
Financial Accountant
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Application to City of Live Oak Planning Commission Marcus Prasad 12/09/2024
QUESTIONS
1. What are your reasons for wishing to serve on the City of Live Oak Planning Commission?
2. Describe your experience and/or qualifications which will assist the City Council in evaluating your application.
3. If appointed, will you be able to attend meetings regularly and devote the time necessary to fulfill your duties as a member?
RESPONSE
1. I deeply value the City of Live Oak and its dedication to responsible growth and fostering a strong sense of community. Serving on the Planning Commission is a vital opportunity to help shape the city's future in a way that promotes common-sense development while safeguarding the traditions and character that make our community special. I am especially committed to tackling issues like zoning and infrastructure with practical, results-driven solutions to ensure Live Oak remains a safe, thriving, and family-oriented place for generations to come.
2. I bring extensive experience working for the State of California, managing multimillion-dollar contracts, overseeing budgets, and ensuring eRicient financial operations. My work has included handling complex state-funded projects, ensuring compliance with fiscal regulations, and optimizing resource allocation. I have developed expertise in auditing purchase orders, processing large-scale invoices, and improving operational eRiciency under demanding conditions, such as emergency response scenarios. This background has equipped me with a strong understanding of budgets, fiscal accountability, and resource management, enabling me to make disciplined, results-oriented contributions to the Planning Commission.
3. Yes, I am fully prepared to attend meetings regularly and dedicate the time necessary to fulfill my duties as a member of the Planning Commission. I understand the importance of active participation and am committed to being a reliable and engaged contributor. My professional experience with the State of California has instilled in me the discipline and time-management skills required to meet deadlines and maintain accountability, and I will bring that same level of commitment to this role.
CONTACT
📞 Phone:
✉ Email:
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1. What are your reasons for wishing to serve on the City of Live Oak Planning Commission? -As I live in Live Oak longer, my desire to serve the people of the city strengthens. I served on the Planning Commission in 2024 for about 6 months, and I learned so much, and enjoyed being an input for projects from a citizen’s perspective. I was also inspired by the people I met in the city and am appreciative of the opportunity I was given to vocalize their concerns as well.
2. Describe your experience and/or qualifications which will assist the City Council in evaluating your application.
I served on the Planning Commission from May 2024 to December 2024.
3. If appointed, will you be able to attend meetings regularly and devote the time necessary to fulfill your duties as a member?
If appointed, I would be able to attend meetings regularly and devote the time necessary to fulfill my duties as a member.
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