Agenda — Monterey Park City Council, February 21, 2024 (part 2 of 3)

City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

94 Note 12 – Other Postemployment Healthcare Plan (Continued)

B. Total OPEB Liability (Continued)

The long-term expected rate of return on OPEB plan i nvestments was determined using a building-block method in which best-estimate ranges of expect ed 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 rate s of return by the target asset allocation percentage and by adding expected inflati on. The target allocation and best estimates of the arithmetic real rates of return for each major asset class are summarized in the following table.

Asset Class1
Target
Allocation
CERBT-
Strategy 1
Expected Real
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%
100.00%
Assumed Long-Term Rate of Inflation: 2.5%
Expected Long-Term Net Rate of Return, Rounded:6.25%

Discount Rate

The discount rate used to measure the total OPEB lia bility was 6.25%. The projection of cash flows used to determine the discount rate assumed that the City’s contri butions 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.

C. Changes in total OPEB Liability

The change in net OPEB liability are as follows:

Total OPEB Fiduciar y Net NetOPEB
Liability Position Liability
Balance at June 30, 2021 32,884,222$ 13,189,701$ 19,694,521$ Changes Recognized for the Measurement Period:

Service Cost 757,555 - 757,555 Interest on the total OPEB liability 2,050,988 - 2,050,988 Contributions from the employer - 2,667,920 (2,667,920) Net investment income - (1,924,920) 1,924,920 Administrative expenses - (19,451) 19,451 Benefit payments (1,651,920) (1,651,920) - Net Changes during July 1, 2021 to June 30, 2022 1,156,623 (928,371) 2,084,994 Balance at June 30, 2022 (Measurement Date) 34,040,845$ 12,261,330$ 21,779,515$

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City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

95 Note 12 – Other Postemployment Healthcare Plan (Continued)

C. Changes in total OPEB Liability (Continued)

Change of Assumptions

Discount rate was updated based on current capital market assumptions. Demographic assumptions were updated to CalPERS 2000-2019 Experience Study. Mortality improvement scale was updated to Scale MP- 2021. Medical trend rate for Kaiser Senior Advantage was decreased. Participation at retirement was updated for Tier I based on current experience.

Change of Benefit Terms

There were no changes of benefit terms.

Sensitivity of the Net OPEB Liability to Changes in the Discount Rate

The following presents the net OPEB liability of the City, calculated using the discount rate for the Plan, as well as what the City’s net OPEB liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate:

Discount Rate - 1% Current Discount Discount Rate + 1%
(5.25%) Rate (6.25%) (7.25%)
26,392,956$ 21,779,515$ 17,995,425$ Discount Rate

The following presents the net OPEB liability of the City , as well as what the City’s net OPEB liability would be if it were calculated using healthcare cost trend rates that are one percentage point lower or one percentage point higher) than the current healthcare cost trend rates:

-1% Decrease Current Rates 1% Increase
19,722,148$ 21,779,515$ 24,014,143$ Healthcare Trend Rate

D. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB

For the year ended June 30, 2023, the City recognized OPEB expense of $661,053. At June 30, 2023, the City reported deferred outflows of resources and deferred inflows of resources re lated to OPEB from the following sources:

Deferred outflows Deferredinflows
of Resources of Resources
Difference between expected and actual experience - $ (2,903,624)$ Changes of assumptions - (496,104) Net difference between projected and actual
earnings on plan investments 1,130,201 - Employer contributions made
subsequent to the measurement date 2,607,808 - Total 3,738,009 $ (3,399,728) $

The expected average remaining service lifetime (“EARSL”) for OPEB for the 2021-22 measurement period is 3,146.1 years, which was obtained by the average of the EARSL of 6.1 years times 530 covered participants.

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City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

96 Note 12 – Other Postemployment Healthcare Plan (Continued)

D. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB (Continued)

$2,607,808 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the total OPEB liability in the year endi ng June 30, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as OPEB expense as follows:

Year Deferred Outflows/
Ending June 30 (Inflows) of Resources
2024 (1,299,320)$
2025 (861,732)
2026 (257,163)
2027 148,688
(2,269,527)$

Note 13 – Risk Management

The City is exposed to various risks of loss related to tort s; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. These risks are handled as described below.

The City is partially self-insured for Workers’ Compensation, General Liability and Automobile Liability. The City is fully self-insured for unemploym ent insurance claims (reimbursable account with Employment Development Department). The Workers’ Compensati on Internal Service Fund and the General Liability Internal Service Fund were established to account for the collection of premiums from various City departments related to the City’s insurance and self-insurance programs.

The City retains the risk for the fi rst $500,000 of each Workers’ Compensation claim and is a member of the Independent Cities Risk Management Authority for cove rage up to $5,000,000 per o ccurrence. Excess workers’ compensation insurance has also been purchased up to statutory limits. The City retains the risk for the first $300,000 of each General Liability and Auto Liability claim and is a member of the Independent Cities Risk Management Authority for coverage up to $20 million per occurrence. The City also purchases commer cial insurance for other risks of loss, including property loss, emergency vehicle physical damage and special events.

The Independent Cities Risk Management Authority (“ICRMA” ) is comprised of 21 Southern California cities, and each member city has a representative on the governing board. The comprehensive ge neral liability insurance includes monetary damages for personal liability, property damage and public officials’ errors and omissions.

Deposits made to the ICRMA are based on losses incurred by the insured, and rebates are possible if the losses are minimal.

On November 17, 2016, the ICRMA Board approved an assessment on the member cities to fund deficits in its Liability Program for the fiscal years ended 2004, and 2 012 through 2015. The City’s share of this assessment was determined to be $1,635,143 and is due and payable in equal installments of $163,514 over the next ten years. This insurance assessment liability is recorded in the General Liability Inte rnal Service Fund. At June 30, 2023, the assessment liability balance was $654,057.

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City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

97 Note 13 – Risk Management (Continued)

There have been no significant changes in insurance coverage as compared to last year and the City has not experienced settlements in excess of insurance coverage dur ing the past three fiscal years. Estimates for liabilities have been accrued in the Workers’ Compensation and Ge neral Liability Internal Service Funds. These funds also include an estimate for incurred but not reported claims. At June 30, 2023, total estimated General Liability and Workers’ Compensation claims payable were $9,386,265 and $14,509,962, respectively.

The claims liabilities are reported in the Statement of Net Position in the Government-Wide Financial Statements and in the Statement of Revenues, Expen ses and Changes in Net Position in the Proprietary Fund Statements in the Internal Service Funds.

A reconciliation of changes in the aggregate liabilities for clai ms for the current fiscal year and the prior two years is as follows:

Current Year
Beginning of Claims and Balance at
Fiscal Year Changes in Claim Fiscal Year
Liability Estimates Payments End
2021 18,372,816$ 2,468,732 (892,894) $ 19,948,654 $ 2022 19,948,653 2,953,233 (459,180) 22,442,706 2023 22,442,706 5,089,000 (3,635,479) 23,896,227

Note 14 – Stewardship, Compliance and Accountability

A. Deficit Fund Balance/Net Position

At June 30, 2023, the following funds had a fund balances (deficit) or unrestricted net position (deficit):

Fund Fund Type Deficit
Law Enforcement/Fire/Medic DIF Special Revenue Special Revenue Fund (79,933)$ Bike Route Special Revenue Special Revenue Fund (5,547) Highway Safety Special Revenue Special Revenue Fund (34,439) General Liability Fund Internal Service Fund (7,892,296) Workers' Compensation Internal Service Fund (9,504,522) Shop Internal Service Fund (327,398)
Successor Agency Private-Purpose Trust Fiduciary Fund (95,330,970)

City management intends to eliminate the deficit of the special revenue funds with future receipts and/or transfers from the General Fund, and City management believes the present cash position of the Internal Service Funds are adequate to meet current needs. The de ficit of Fiduciary Fund is expected to be eliminated with future payments from the Redevelopment Property Tax Trust Fund to the Successor Agency for its long-term debt.

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City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

98 Note 14 – Stewardship, Compliance and Accountability (Continued)

B. Excess of Expenditures over Appropriations

Total expenditures exceeded budgeted appropriations in the following funds:

Final
Funds Appropriations Expenditures Excess
General Fund: 49,043,007 $ 53,747,088 $ (4,704,081) $ Street Capital Projects Fund 1,811,919 8,306,129 (6,494,210) Nonmajor governmental funds:

Special Revenue Funds:

Measure W 407,081 754,308 (347,227) Maintenance District 93-1 Fund 989,903 1,148,133 (158,230) Public Safety Augmentation Fund 814,800 850,000 (35,200) Debt Service Fund:

Debt Service Sales Tax Bond Fund 305,000 1,053,451 (748,451)

Note 15 – Net Investment in Capital Assets

Net investment in capital assets at June 30, 2023 consisted of the following:

Governmental Business-Type
Activities Activities
Net investment in capital assets:

Capital assets, net 75,923,938 $ 53,594,092 $
Unspent 2022 sales tax revenue bonds - bond proceeds 19,079,994 - Renention payable (972,734) (552,679)
Long-term debt:
2022 Sales tax revenue bonds (17,280,000) -
SGVMWD loan - (4,000,000)
Premium (3,057,713) -
Finance purchase loans (4,241,933) (6,646,310) Lease liabilities (74,330) (2,109)
Subscription liabilities (724,786) (9,230) Total net investment in capital assets 68,652,436 $ 42,383,764 $

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City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

99 Note 16 – Classification of Fund Balances

General Fund Committed Catastrophic-Event – The City ’s General Fund balance committed for emergency contingencies has been set by resolution and is for specific uses listed as the declaration of a state or federal state of emergency or a local emergency as defined in Monterey Park Municipal Code Section 2.52.020. A state of emergency is the existence of conditions of disasters whic h may result in property damage, death and/or injuries to the community. An emergency may also result from natural events that did not r esult in a request for state or federal assistance.

Nonmajor
Retirement/ Street Capital Governmental
General Fund Grants Fund Pension Fund Housing Fund Projects Funds Funds Total Nonspendable:

Prepaid items 77,450$ -$ -$ -$ -$ -$ 77,450$ 77,450 - - - - - 77,450 Restricted:

Housing - - - 3,680,891 - 3,680,891 Grants: 744,046 744,046
Highways and streets - - - 12,147,717 - 12,147,717 Retirement - - 4,695,755 - - - 4,695,755 OPA Proposition A - - - - - 3,820,312 3,820,312 State Gas Tax - - - - - 1,405,703 1,405,703 Measure W - - - - - 243,894 243,894 Proposition C - - - - - 3,103,272 3,103,272 Air Quality Improvement - - - - - 426,337 426,337 Asset forfeiture - - - - - 760,215 760,215 Park Facilities - - - - - 870,609 870,609 Business Improvement Area #1 - - - - - 204,355 204,355 Maintenance District 93-1 - - - - - 138,195 138,195 Public Safety Augmentation - - - - - 950,864 950,864 Measure R - - - - - 1,080,832 1,080,832 Circulation Dev Impact Fee - - - - - 332,588 332,588 SB1-RMRA - - - - - 2,566,729 2,566,729 Measure M - - - - - 3,274,262 3,274,262 SB2 Planning - - - - - 52,518 52,518 Capital projects - - - - - 564,038 564,038 Subtotal - 744,046 4,695,755 3,680,891 12,147,717 19,794,723 41,063,132 Committed:

Catastrophic event 5,340,000 - - - - - 5,340,000 Working capital 3,000,000 - - - - - 3,000,000 Economic development 1,886,927 - - - - - 1,886,927 CERCLA Liabiity - - - - - 152,403 152,403 Total committed 10,226,927 - - - - 152,403 10,379,330 Assigned:

City capital improvements 18,029,418 - - - - - 18,029,418 Subtotal 18,029,418 - - - - - 18,029,418 Unassigned (deficit) 119,426 - - - - (119,919) (493) Total 28,453,221$ 744,046$ 4,695,755$ 3,680,891$ 12,147,717$ 19,827,207$ 69,548,837$ Special Revenue Funds

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City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

100
Note 17 – Commitments and Contingencies

A. Commitments

The City has active projects as of June 30, 2023. At yea r-end, the City’s commitments with contractors for these projects are as follows:

Projects Commitments
Streets 4,108,421$
Community 1,007,293
Sewer 380,953
Water 7,052,758
Library 25,380
12,574,805$

B. Contingencies

The City is a defendant in a number of lawsuits that have arisen in the nor mal course of business. While substantial damages are alleged in some of these actions, their outcome cannot be predicted with certainty. In the opinion of the City Attorney, these actions when finally adjudicated will not have material adverse effect on the financial position of the City.

Note 18 – Prior Period Adjustments/Restatements

The City made following prior period adjustments and restatements as of July 1, 2022:

Governmental Business-type
Activities Activities Total
Net position, at July 1, 2022, as previously reported (11,235,092) $ 55,557,083 $ 44,321,991 $ Reclassification of OPEB (1,210,777) 1,210,777 - Adjust pension related balances 1,319,567 - 1,319,567 Reclassification of Pension (827,918) 827,918 - GASB 96 implementation 45,764 - 45,764 Adjust lease receivable beginning balance (45,951) - (45,951) Net position at July 1, 2022, as restated (11,954,407)$ 57,595,778$ 45,641,371$

The beginning fund balance at July 1, 2022 of the General Fund was restated as follows:

Fund balance, as previously reported, at July 1, 2022 28,965,265 $ To adjust beginning balance of lease receivable (45,951) Fund balance at July 1, 2022, as restated 28,919,314$

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City of Monterey Park
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2023

101
Note 18 – Prior Period Adjustments/Restatements (Continued)

The beginning fund balance at July 1, 2022 of the Housing Special Revenue Fund was restated as follows:

Fund balance, as previously reported, at July 1, 2022 2,458,662 $ Reverse the beginning of unavailable revenue related to loans receivable 1,186,222
Fund balance at July 1, 2022, as restated 3,644,884$

The beginning net positions at July 1, 2022 of the proprietary funds were restated as follows:

Internal
Water Utility Refuse Sewer Total Service Funds
Net position, as previously reported, at July 1, 2022 51,234,116 $ 861,412 $ 10,778,522$ 62,874,050 $ (13,676,720) $ To reallocate the deferred outflow pension related 106,855 (4,867) 47,854 149,842 61,097 To reallocate the deferred outflow OPEB related (106,387) (35,522) 3,792 (138,117) 77,103 To reallocate the pension liabilities fund balance 1,625,885 (74,047) 728,135 2,279,973 929,636 To reallocate the OPEB liabilities fund balance 785,340 262,220 (27,990) 1,019,570 (569,172) To reallocate the deferred inflow pension related (1,142,339) 52,025 (511,583) (1,601,897) (653,160) To reallocate the deferred inflow OPEB related 253,667 84,698 (9,041) 329,324 (183,844) Net position at July 1, 2022, as restated 52,757,137$ 1,145,919 $ 11,009,689 $ 64,912,745 $ (14,015,060) $ Enterprise Funds

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102
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REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)
103

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Fiscal Year Ended June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 Measurement period June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 Total pension liability
Service cost 2,277,310$ 2,148,048$ 2,180,399$ 2,265,594$ 2,094,764$ Interest 10,590,605 10,443,716 10,151,939 9,748,249 9,247,324 Changes of benefit terms - - - - - Changes of assumptions 4,675,002 - - - (692,460) Differences between expected and actual experience (1,948,123) (746,806) 602,063 2,073,497 (117,357) Benefit payments, including refunds of employee
contributions (8,008,871) (7,915,523) (7,061,615) (6,792,973) (6,197,134) Net change in total pension liability 7,585,923 3,929,435 5,872,786 7,294,367 4,335,137 Total pension liability - beginning 153,625,934 149,696,499 143,823,713 136,529,346 132,194,209 Total pension liability - ending (a) 161,211,857$ 153,625,934$ 149,696,499$ 143,823,713$ 136,529,346$ Pension fiduciary net position
Contributions - employer 1,281,326$ 45,650,016$ 4,961,827$ 4,364,979$ 4,603,513$ Contributions - employee 1,068,666 878,774 919,290 1,139,478 866,540 Net plan to plan resource movement - - - - (229) Net investment income (12,885,155) 27,613,258 5,122,746 6,457,617 7,707,169 Benefit payments, including refunds of employee
contributions (8,008,871) (7,915,523) (7,061,615) (6,792,973) (6,197,134) Other Miscellaneous income/(expense) (108,208) (107,471) - 229 (271,552) Other - -
- - - Net change in plan fiduciary net position (18,652,242) 66,119,054 3,942,248 5,169,330 6,708,307 Plan fiduciary net position - beginning 173,704,489 107,585,435 103,643,187 98,473,857 91,765,550 Plan fiduciary net position - ending (b) 155,052,247$ 173,704,489$ 107,585,435$ 103,643,187$ 98,473,857$ Plan net pension liability - ending (a) - (b) 6,159,610$ (20,078,555)$ 42,111,064$ 40,180,526$ 38,055,489$ Plan fiduciary net position as a percentage 96.18% 113.07% 71.87% 72.06% 72.13% of the total pension liability
Covered payroll 11,648,645$ 12,309,728$ 12,120,063$ 11,984,909$ 11,235,594$ Net pension liability as a percentage of covered
payroll 52.88% -163.11% 347.45% 335.26% 338.70%
Notes to Schedule:

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

Changes of Assumptions: Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%.

The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement date 2014.

City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Changes in the Net Pension Liability and Related Ratios For the Year Ended June 30, 2023
1This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.

California Public Employees' Retirement System ("CalPERS") – Miscellaneous Plan Last Ten Measurement Periods
104

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Fiscal Year Ended June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Measurement period June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 Total pension liability
Service cost 2,228,391$ 2,069,087$ 1,980,088$ 1,910,429$ Interest 8,924,469 8,653,522 8,290,095 7,992,845 Changes of benefit terms - - - - Changes of assumptions 7,347,650 - (2,040,465) - Differences between expected and actual experience (1,360,108) (944,621) (1,849,112) - Benefit payments, including refunds of employee
contributions (5,324,401) (4,855,567) (4,383,243) (4,121,783) Net change in total pension liability 11,816,001 4,922,421 1,997,363 5,781,491 Total pension liability - beginning 120,378,208 115,455,787 113,458,424 107,676,933 Total pension liability - ending (a) 132,194,209$ 120,378,208$ 115,455,787$ 113,458,424$ Pension fiduciary net position
Contributions - employer 3,511,958$ 3,019,357$ 2,466,015$ 2,203,100$ Contributions - employee 907,755 917,401 940,132 838,784 Net plan to plan resource movement - - - - Net investment income 9,429,350 385,286 1,789,792 12,387,447 Benefit payments, including refunds of employee
contributions (5,324,401) (4,855,567) (4,383,243) (4,121,783) Other Miscellaneous income/(expense) - - - - Other - - - - Net change in plan fiduciary net position 8,524,662 (533,523) 812,696 11,307,548 Plan fiduciary net position - beginning 83,240,888 83,774,411 82,961,715 71,654,167 Plan fiduciary net position - ending (b) 91,765,550$ 83,240,888$ 83,774,411$ 82,961,715$ Plan net pension liability - ending (a) - (b) 40,428,659$ 37,137,320$ 31,681,376$ 30,496,709$ Plan fiduciary net position as a percentage 69.42% 69.15% 72.56% 73.12% of the total pension liability
Covered payroll 11,745,064$ 11,966,954$ 11,412,611$ 10,708,680$ Net pension liability as a percentage of covered
payroll 344.22% 310.33% 277.60% 284.78%
Notes to Schedule:
1This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.

Changes of Assumptions: Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%.

City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Changes in the Net Pension Liability and Related Ratios (Continued) For the Year Ended June 30, 2023
Last Ten Measurement Periods
California Public Employees' Retirement System ("CalPERS") – Miscellaneous Plan 105

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Fiscal Year Ended June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Measurement period June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 Total pension liability
Service cost 4,273,500$ 3,628,780$ 3,826,239$ 3,799,004$ Interest 16,606,680 16,292,437 15,722,454 15,282,800 Changes of benefit terms - - - - Changes of assumptions 6,196,586 - - - Differences between expected and actual experience (2,515,151) (986,638) (2,916,658) 2,807,034 Benefit payments, including refunds of employee
contributions (11,523,017) (10,706,492) (10,276,568) (9,782,967) Net change in total pension liability 13,038,598 8,228,087 6,355,467 12,105,871 Total pension liability - beginning 240,619,835 232,391,748 226,036,281 213,930,410 Total pension liability - ending (a) 253,658,433$ 240,619,835$ 232,391,748$ 226,036,281$ Pension fiduciary net position
Contributions - employer 2,584,424$ 71,158,474$ 6,084,397$ 5,484,667$ Contributions - employee 1,804,252 1,701,579 1,483,430 1,282,715 Net plan to plan resource movement - - - - Net investment income (20,264,806) 43,136,498 7,842,379 10,011,998 Benefit payments, including refunds of employee
contributions (11,523,017) (10,706,492) (10,276,568) (9,782,967) Other Miscellaneous income/(expense) (169,516) (166,821) - 361 Other - - - - Net change in plan fiduciary net position (27,568,663) 105,123,238 5,133,638 6,996,774 Plan fiduciary net position - beginning 272,121,603 166,998,365 161,864,727 154,867,953
Plan fiduciary net position - ending (b) 244,552,940$ 272,121,603$ 166,998,365$ 161,864,727$ Plan net pension liability - ending (a) - (b) 9,105,493$ (31,501,768)$ 65,393,383$ 64,171,554$ Plan fiduciary net position as a percentage 96.41% 113.09% 71.86% 71.61% of the total pension liability
Covered payroll 14,016,071$ 12,831,613$ 13,434,829$ 13,251,294$ Net pension liability as a percentage of covered payroll 64.96% -245.50% 486.75% 484.27% Notes to Schedule:

City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Changes in the Net Pension Liability and Related Ratios (Continued) California Public Employees' Retirement System ("CalPERS") – Safety Plan For the Year Ended June 30, 2023
Last Ten Measurement Periods
Changes of 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 cas h
flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. Th e discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rat e assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15 % for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement date 2014. 1This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.

Changes of Benefit Terms: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included i n the figures above, unless the liability impact is deemed to be material by the plan actuary. 106

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Fiscal Year Ended June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Measurement period June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 Total pension liability
Service cost 3,527,711$ 3,386,209$ 2,947,888$ 2,923,036$ 3,003,645$ Interest 14,480,120 13,751,245 13,417,480 12,911,065 12,482,279 Changes of benefit terms - - - - - Changes of assumptions (449,040) 11,578,272 - (3,224,562) - Differences between expected and actual experience 2,778,709 (2,485,932) (950,812) (1,936,767) - Benefit payments, including refunds of employee
contributions (9,665,441) (9,022,216) (8,465,095) (8,086,742) (7,798,383) Net change in total pension liability 10,672,059 17,207,578 6,949,461 2,586,030 7,687,541 Total pension liability - beginning 203,258,351 186,050,773 179,101,312 176,515,282 168,827,741 Total pension liability - ending (a) 213,930,410$ 203,258,351$ 186,050,773$ 179,101,312$ 176,515,282$ Pension fiduciary net position
Contributions - employer 4,724,661$ 4,231,618$ 3,647,109$ 3,220,567$ 2,924,318$ Contributions - employee 1,224,504 1,181,754 1,075,386 1,046,298 1,022,948 Net plan to plan resource movement (361) - - - - Net investment income 12,034,298 15,034,493 609,810 2,899,581 21,032,695 Benefit payments, including refunds of employee
contributions (9,665,441) (9,022,216) (8,465,095) (8,086,742) (7,798,383) Other Miscellaneous income/(expense) (434,958) - - - - Other - -
- - - Net change in plan fiduciary net position 7,882,703 11,425,649 (3,132,790) (920,296) 17,181,578 Plan fiduciary net position - beginning 146,985,250 135,559,601 138,692,391 139,612,687 122,431,109 Plan fiduciary net position - ending (b) 154,867,953$ 146,985,250$ 135,559,601$ 138,692,391$ 139,612,687$ Plan net pension liability - ending (a) - (b) 59,062,457$ 56,273,101$ 50,491,172$ 40,408,921$ 36,902,595$ Plan fiduciary net position as a percentage 72.39% 72.31% 72.86% 77.44% 79.09% of the total pension liability
Covered payroll 12,387,062$ 11,847,348$ 11,565,157$ 11,541,643$ 11,410,291$ Net pension liability as a percentage of covered payroll 476.81% 474.98% 436.58% 350.11% 323.42% Notes to Schedule:

City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Changes in the Net Pension Liability and Related Ratios (Continued) California Public Employees' Retirement System ("CalPERS") – Safety Plan Changes of 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 project compound (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 assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was

7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement date 2014.

Last Ten Measurement Periods
h
e
e
%
e
n
For the Year Ended June 30, 2023
1This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.

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Fiscal Year Ended/Measurement Period Ended June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Total pension liability
Service cost -$ -$ -$ -$ Interest 147,660 224,352 232,000 247,000 Differences between expected and actual experience - (882,892) - 48,000 Changes of assumptions (32,713) 233,562 - (19,000) Benefit payments, including refunds of employee contributions (379,706) (398,781) (501,000) (597,000) Net change in total pension liability (264,759) (823,759) (269,000) (321,000) Total pension liability - beginning 4,361,241 5,185,000 5,454,000 5,775,000 Total pension liability - ending (a) 4,096,482$ 4,361,241$ 5,185,000$ 5,454,000$ Pension fiduciary net position
Contributions - employer -$ -$ 605,000$ 1,200,000$ Net investment income 66,572 (896,110) 323,000 447,000 Benefit payments, including refunds of employee contributions (379,706) (398,781) (501,000) (597,000) Administrative Expense (10,140) (15,333) (17,000) (17,000) Net change in plan fiduciary net position (323,274) (1,310,224) 410,000 1,033,000 Plan fiduciary net position - beginning 3,988,776 5,299,000 4,889,000 3,856,000 Plan fiduciary net position - ending (b) 3,665,502$ 3,988,776$ 5,299,000$ 4,889,000$ Plan net pension liability (asset) - ending (a) - (b) 430,980$ 372,465$ (114,000)$ 565,000$ Plan fiduciary net position as a percentage 89.48% 91.46% 102.20% 89.64% of the total pension liability
Covered payroll -$ -$ -$ -$ Net pension liability as a percentage of covered payroll N/A N/A N/A N/A Notes to Schedule:

Benefit Changes: None.

Changes of Assumptions: For 2022, Discount rate was updated based on municipal bond rate. For 2020, mortality improvement scale was updated to Scale MP-18 .

For 2019,there were none. For 2018, the discount rate is changed from 4.75% to 4.5%, inflation from 3% to 2.75%, and mortality is based on CalPERS 1997-2015 experience study. For 2017 and 2016, there were none. For 2015, the discount rate was 4.75%; inflation 3% and mortality was per CalPERS 1997-2011 experienc e study.
1This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.

City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Changes in the Net Pension Liability and Related Ratios (Continued) Massachusetts Mutual Retirement Plan ("MMRP")
For the Year Ended June 30, 2023
Last Ten Measurement Periods
108

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Fiscal Year Ended/Measurement Period Ended June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Total pension liability
Service cost -$ -$ -$ -$ -$ Interest 263,000 269,000 287,000 305,004 321,000 Differences between expected and actual experience - 170,000 - - (53,000) Changes of assumptions - 377,000 - - 76,000 Benefit payments, including refunds of employee contributions (641,000) (659,004) (666,000) (691,000) (702,000) Net change in total pension liability (378,000) 156,996 (379,000) (385,996) (358,000) Total pension liability - beginning 6,153,000 5,996,004 6,375,004 6,761,000 7,119,000 Total pension liability - ending (a) 5,775,000$ 6,153,000$ 5,996,004$ 6,375,004$ 6,761,000$ Pension fiduciary net position
Contributions - employer 1,000,000$ 950,000$ 950,000$ 950,000$ 950,000$ Net investment income 269,000 (98,000) 53,000 (12,000) 57,000 Benefit payments, including refunds of employee contributions (641,000) (659,000) (666,000) (691,000) (702,000) Administrative Expense (16,000) (18,000) (15,000) (14,000) (16,000) Net change in plan fiduciary net position 612,000 175,000 322,000 233,000 289,000 Plan fiduciary net position - beginning 3,244,000 3,069,000 2,747,000 2,514,000 2,225,000 Plan fiduciary net position - ending (b) 3,856,000$ 3,244,000$ 3,069,000$ 2,747,000$ 2,514,000$ Plan net pension liability (asset) - ending (a) - (b) 1,919,000$ 2,909,000$ 2,927,004$ 3,628,004$ 4,247,000$ Plan fiduciary net position as a percentage 66.77% 52.72% 51.18% 43.09% 37.18% of the total pension liability
Covered payroll -$ -$ -$ -$ -$ Net pension liability as a percentage of covered payroll N/A N/A N/A N/A N/A Notes to Schedule:

Changes of Assumptions: For 2022, Discount rate was updated based on municipal bond rate. For 2020, mortality improvement scale was updated to Scale MP-18.

For 2019,there were none. For 2018, the discount rate is changed from 4.75% to 4.5%, inflation from 3% to 2.75%, and mortality is based on CalPERS 1997-2015 experience study. For 2017 and 2016, there were none. For 2015, the discount rate was 4.75%; inflation 3% and mortality was per CalPERS 1997-2011 experience study.
1This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.

Benefit Changes: None.
.
e
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Changes in the Net Pension Liability and Related Ratios (Continued) Massachusetts Mutual Retirement Plan ("MMRP")
Last Ten Measurement Periods
For the Year Ended June 30, 2023
109

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Fiscal Year Ended June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 Contractually Required Contribution
(Actuarially Determined) 1,430,911$ 1,281,326$ 4,502,361$ 4,199,483$ 3,761,279$ Contributions in relation to the actuarially determined contribution (1,430,911) (1,281,326) (45,648,992) (4,961,827) (4,364,979) Contribution deficiency (excess) -$ -$ (41,146,631)$ (762,344)$ (603,700)$ Covered payroll 11,968,983$ 11,648,645$ 12,309,728$ 12,120,063$ 12,119,366$ Contributions as a percentage of covered payroll 11.96% 11.00% 370.84% 40.94% 36.02% Notes to Schedule:

Valuation Date 6/30/2020
Methods and Assumptions Usedto Determine Contribution Rates:

Actuarial cost method Actuarial Cost Method
Amortization method For details, see June 30, 2020 Funding Valuation Report.

Asset valuation method Fair Value of Assets.

Inflation 2.50%
Salary increases Varies by entry age and service
Payroll Growth 2.75%
Investment rate of return
Retirement age
Mortality The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries.

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

7.00% net of pension plan investment and administrative expenses; includes inflation.

City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pension
For the Year Ended June 30, 2023
California Public Employees' Retirement System ("CalPERS") – Miscellaneous Plan Last Ten Fiscal Years
110

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Fiscal Year Ended June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 Contractually Required Contribution
(Actuarially Determined) 3,320,513$ 3,241,958$ 2,779,357$ 2,466,015$ 2,203,100$ Contributions in relation to the actuarially determined contribution (4,603,513) (3,511,958) (3,019,357) (2,466,015) (2,203,100) Contribution deficiency (excess) (1,283,000)$ (270,000)$ (240,000)$ -$ -$ Covered payroll 11,235,594$ 11,745,064$ 11,966,945$ 11,412,611$ 10,708,680$ Contributions as a percentage of covered payroll 40.97% 29.90% 25.23% 21.61% 20.57% City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pension (Continued)
California Public Employees' Retirement System ("CalPERS") – Miscellaneous Plan Last Ten Fiscal Years
For the Year Ended June 30, 2023
111

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Fiscal Year Ended June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 Contractually Required Contribution
(Actuarially Determined) 2,647,296$ 2,582,210$ 6,744,705$ 6,084,397$ 5,484,667$ Contributions in relation to the actuarially
determined contribution (2,647,296) (2,582,210) (71,143,291) (6,084,397) (5,484,667) Contribution deficiency (excess) -$ -$ (64,398,586)$ -$ -$ Covered payroll 14,401,513$ 14,016,071$ 12,831,613$ 13,434,829$ 13,402,257$ Contributions as a percentage of covered
payroll 18.38% 18.42% 554.44% 45.29% 40.92%
Notes to Schedule:

Valuation Date
Actuarial cost method
Amortization method For details, see June 30, 2020 Funding Valuation Report.

Asset valuation method Fair Value of Assets.

Inflation 2.50%
Salary increases Varies by entry age and service
Payroll Growth 2.75%
Investment rate of return 7.00% net of pension plan investment and administrative expenses; includes inflation.

Retirement age
Mortality
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pension (Continued)
Last Ten Fiscal Years
For the Year Ended June 30, 2023
June 30, 2020
Actuarial Cost Method
The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries.

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

California Public Employees' Retirement System ("CalPERS") – Safety Plan Methods and Assumptions Used to Determine Contribution Rates:
112

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Fiscal Year Ended June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 Contractually Required Contribution
(Actuarially Determined) 4,724,661$ 4,231,618$ 3,647,109$ 3,220,567$ 2,924,318$ Contributions in relation to the actuarially
determined contribution (4,724,661) (4,231,618) (3,647,109) (3,220,567) (2,924,318) Contribution deficiency (excess) -$ -$ -$ -$ -$ Covered payroll 12,387,062$ 11,847,348$ 11,596,274$ 11,541,643$ 11,410,291$ Contributions as a percentage of covered
payroll 38.14% 35.72% 31.45% 27.90% 25.63%
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pension (Continued)
California Public Employees' Retirement System ("CalPERS") – Safety Plan Last Ten Fiscal Years
For the Year Ended June 30, 2023
113

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June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Actuarially Determined Contribution -$ 64,000$ 605,000 $ 994,000 $ Contributions in relation to the actuarially determined contribution - - (605,000) (1,200,000) Contribution deficiency (excess) - $ 64,000$ - $ (206,000)$ Covered payroll -$ - $ - $ - $ Contributions as a percentage of covered payroll N/A N/A N/A N/A Notes to Schedule:

Valuation Date June 30, 2021
Methods and Assumptions Usedto Determine Contribution Rates:

Actuarial cost method Entry Age Normal
Amortization method Level Dollar
Asset valuation method Market value investment gains and lossesspreading over 5-year rolling period Not less than 80% nor more than 120% of market value
Discount Rate 3.00%
General Inflation 2.50%
Mortality Mortality projected fully generational with Scale MP-2021 1 This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.

City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pension (Continued)
Massachusetts Mutual Retirement Plan ("MMRP")
Last Ten Fiscal Years
For the Year Ended June 30, 2023
114

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June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 20151 Actuarially Determined Contribution 994,000$ 961,000 $ 961,000 $ 950,000 $ 950,000 $ Contributions in relation to the actuarially determined contribution (1,000,000) (950,000) (950,000) (950,000) (950,000) Contribution deficiency (excess) (6,000) $ 11,000 $ 11,000 $ - $ - $ Covered payroll - $ - $ - $ - $ - $ Contributions as a percentage of covered payroll N/A N/A N/A N/A N/A City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pension (Continued)
Massachusetts Mutual Retirement Plan ("MMRP")
Last Ten Fiscal Years
For the Year Ended June 30, 2023
115

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116

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Fiscal Year Ended June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 Measurement period June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 Total OPEB liability:

Service cost 757,555$ 847,594$ 822,907$ 1,014,890$ 985,000$ 956,000$ Interest 2,050,988 2,288,889 2,199,290 2,418,231 2,307,000 2,204,000 Changes of benefit terms - - - - - - Differences between expected and actual experience - (2,184,649) - (5,065,175) - - Changes of assumptions - (257,475) - (1,135,595) - - Benefit payments, including refunds of employee
contributions (1,651,920) (1,744,000) (1,695,000) (1,628,685) (1,580,000) (1,653,000) Net change in total OPEB liability 1,156,623 (1,049,641) 1,327,197 (4,396,334) 1,712,000 1,507,000 Total OPEB liability - beginning 32,884,222 33,933,863 32,606,666 37,003,000 35,291,000 33,784,000 Total OPEB liability - ending (a) 34,040,845$ 32,884,222$ 33,933,863$ 32,606,666$ 37,003,000$ 35,291,000$ OPEB fiduciary net position
Contributions - employer 2,667,920$ 2,760,000$ 2,710,000$ 2,694,599$ 2,565,000$ 2,703,000$ Contributions - employee - - - - - - Net investment income (1,924,920) 2,703,454 318,876 468,237 491,000 475,000 Benefit payments, including refunds of employee
contributions (1,651,920) (1,744,000) (1,695,000) (1,628,685) (1,580,000) (1,653,000) Administrative expense (19,451) (19,765)
(19,470) (17,545) (10,000) (2,000) Net change in plan fiduciary net position (928,371) 3,699,689 1,314,406 1,516,606 1,466,000 1,523,000 Plan fiduciary net position - beginning 13,189,701 9,490,012 8,175,606 6,659,000 5,193,000 3,670,000 Plan fiduciary net position - ending (b) 12,261,330$ 13,189,701$ 9,490,012$ 8,175,606$ 6,659,000$ 5,193,000$ Plan net OPEB liability - ending (a) - (b) 21,779,515$ 19,694,521$ 24,443,851$ 24,431,060$ 30,344,000$ 30,098,000$ Plan fiduciary net position as a percentage
of the total OPEB liability 36.02% 40.11% 27.97% 25.07% 18.00% 14.71% Covered-Employee Payroll 25,472,326$ 25,378,000$ 25,791,000$ 29,951,647$ 28,530,000$ 27,659,000$ Plan's Net OPEB Liability as a Percentage of Covered-
Employee Payroll 85.50% 77.60% 94.78% 81.57% 106.36% 108.82% Notes to Schedule:

Changes of Assumptions: For measurement period ended June 30, 2019, discount rate was changed from 6.50% to 6.75%, demographic assumptions were updated to CalPERS 1997-2015 Experience Summary, mortality improvement scale was updated to Scale MP-2019, and PEMHCA Minimum Trend was updated. 1This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.

Last Ten Measurement Periods1
For the Year Ended June 30, 2023
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Changes in Net OPEB Liability and Related Ratios Benefit Changes: None
117

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Fiscal Year June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 Actuarially Determined Contribution 2,215,000$ 2,539,000 $ 2,487,000 $ 2,999,000 $ 2,925,000 $ 2,855,000 $ Contributions in relation to the actuarially
determined contribution (2,607,808) (2,667,920) (2,760,000) (2,710,000) (2,694,599) (2,565,000) Contribution deficiency (excess) (392,808) $ (128,920) $ (273,000) $ 289,000 $ 230,401 $ 290,000 $ Covered-Employee Payroll 27,159,893 $ 25,472,326 $ 25,378,000 $ 25,791,000 $ 29,951,647 $ 28,530,000 $ Contributions as a Percentage of
Covered-Employee Payroll 9.60% 10.47% 10.88% 10.51% 9.00% 8.99% Notes to Schedule:

Valuation Date June 30, 2021
Methods and Assumptions Usedto Determine Contribution Rates:

Actuarial cost method Entry Age Normal, Level % of pay
Amortization method Level % of pay
Amortization Period 21-year fixed period for 2022/23
Asset valuation method Investment gains and losses spread over 5-yearrolling period Discount Rate 6.25%
General Inflation 2.50%
Medical Trend Non-Medicare - 6.50% for 2023, decreasing to anultimate rate of 3.75% in 2076 Medicare (Non-Kaiser) - 5.65% for 2023, decreasing to an ultimate rate of 3.75% in 2076 Medicare (Kaiser) - 4.45% for 2023, decreasing to an ultimate rate of 3.75% in 2076 Mortality CalPERS 2000-2019 Experience Study
Mortality Improvement Mortality projected fully generational with Scale MP-2021 1 This schedule is intended to show information for ten years. Additional information will be displayed as it becomes available.

Last Ten Fiscal Years1
For the Year Ended June 30, 2023
City of Monterey Park
Required Supplementary Information (Unaudited)
Schedule of Contributions - OPEB
118

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Original Final Variance with
Budget Budget Actual Final Budget
Revenue:

Taxes 37,082,701$ 37,082,701$ 42,160,583$ 5,077,882$ Intergovernmental 175,000 175,000 275,444 100,444
Charges for services 8,822,524 8,822,524 9,499,865 677,341 Licenses and permits 2,423,736 2,423,736 2,533,406 109,670 Fines and forfeitures 375,000 375,000 318,112 (56,888)
Investment income 1,070,135 1,070,135 1,006,690 (63,445) Miscellaneous 575,000 575,000 635,492 60,492 Total revenues 50,524,096 50,524,096 56,429,592 5,905,496 Expenditures:

Current:

General government 9,191,554 9,786,973 9,479,899 307,074 Public safety 30,732,217 30,865,942 31,313,417 (447,475) Community development 1,804,670 2,218,535 7,246,617 (5,028,082) Culture and recreation 1,562,263 1,600,202 1,458,740 141,462 Public works 2,720,397 3,179,235 2,903,671 275,564
Capital outlay - 642,302 406,195 236,107 Debt service:

Principal retirement 348,071 586,612 849,624 (263,012)
Interest and fiscal charges 94,003 163,206 88,925 74,281 Total expenditures 46,453,175 49,043,007 53,747,088 (4,704,081)

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 4,070,921 1,481,089 2,682,504 1,201,415 Other financing sources (uses):

Insurance of subscription liabilities - - 25,811 25,811 Transfers in - - 5,153,633 5,153,633 Transfers out (3,172,408) (3,172,408) (8,328,041) (5,155,633) Total other financing sources (uses) (3,172,408) (3,172,408) (3,148,597) (2,000) NET CHANGE IN FUND BALANCE 898,513$ (1,691,319)$ (466,093) 1,199,415$ Fund balance:

Beginning of year 28,919,314
,,
End of year 28,453,221$
City of Monterey Park
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule
For the Year Ended June 30, 2023
Budgeted Amounts
General Fund
119

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Original Final Variance with
Budget Budget Actual Final Budget
Revenue:

Taxes 153,807$ 153,807$ 165,270$ 11,463$ Intergovernmental 8,803,695 8,886,408 7,900,440 (985,968) Investment income 40,000 40,000 126,283 86,283 Miscellaneous - - 58,360 58,360 Total revenues 8,997,502 9,080,215 8,250,353 (829,862) Expenditures:

Current:

General government 1,158,355 2,834,853 2,086,352 748,501 Public safety 1,659,758 4,577,074 3,845,974 731,100
Community development 300,000 432,340 182,187 250,153
Culture andrecreation 1,262,649 1,189,485 1,222,060 (32,575) Public works 23,778 117,579 48,250 69,329
Captial outlay 1,629,528 3,206,108 791,423 2,414,685
Debt service:

Principal retirement 539,000 - 545,907 (545,907) Interest and fiscal charges 6,603 - 6,696 (6,696) Total expenditures 6,579,671 12,357,439 8,728,849 3,628,590 NET CHANGE IN FUND BALANCE 2,417,831$ (3,277,224)$ (478,496) 2,798,728$ Fund balance:

Beginning of year 1,222,542
End of year 744,046$
Budgeted Amounts
City of Monterey Park
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule
For the Year Ended June 30, 2023
Grants Special Revenue Fund
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Original Final Variance with
Budget Budget Actual Final Budget
Revenue:

Taxes 9,471,370$ 9,471,370$ 8,797,182$ (674,188)$ Investment income 1,000 1,000 176,742 175,742
Miscellaneous - - 145,152 145,152 Total revenues 9,472,370 9,472,370 9,119,076 (353,294) Expenditures:

Current:

General government 673,594 791,544 558,784 232,760
Public safety 2,862,798 2,862,798 2,944,940 (82,142)
Community development 130,959 130,959 88,173 42,786
Culture andrecreation 64,453 64,453 54,496 9,957
Public works 66,236 66,236 57,402 8,834 Debt service:

Principal retirement 4,542,819 4,542,819 4,082,698 460,121 Interest and fiscal charges 2,794,602 2,794,602 3,032,004 (237,402) Total expenditures 11,135,461 11,253,411 10,818,497 434,914

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (1,663,091) (1,781,041) (1,699,421) 81,620 Other financing sources:

Transfers in 4,000,000 4,000,000 3,829,401 (170,599) Total other financing sources 4,000,000 4,000,000 3,829,401 (170,599) NET CHANGE IN FUND BALANCE 2,336,909$ 2,218,959$ 2,129,980 (88,979)$ Fund balance:

Beginning of year 2,565,775
End of year 4,695,755$
Budgeted Amounts
City of Monterey Park
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule
For the Year Ended June 30, 2023
Retirement/Pension Liability Special Revenue Fund
121

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Original Final Variance with
Budget Budget Actual Final Budget
Revenue:

Investment income -$ -$ 36,007$ 36,007$ Total revenues - - 36,007 36,007 NET CHANGE IN FUND BALANCE -$ -$ 36,007 36,007$ Fund balance:

Beginning of Year 3,644,884
End of Year 3,680,891$
Budgeted Amounts
City of Monterey Park
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule
For the Year Ended June 30, 2023
Housing Special Revenue Fund
122

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The City adheres to the following general procedure in establishing the budgetary data reflected in the financial statements:

The annual budget adopted by the City Council serves as a guideline for the operations of the City. It includes proposed expenditures and estimated revenues and is legally adopted for the General and Special Revenue Fund Types. Budgeted expenditures are controlled at the fund level. Council approval is required for an increase or decrease in total appropriations.

Budgets for the General and Special Revenue Fund Types are adopted on a basis consistent with the generally accepted accounting principles. The modified-accrual basis of accounting is employed in the preparation of the budget for these fund types.

The
budget is formally integrated into the accounting system and employed as management control device during the year for all governmental funds. At fiscal year-end, unexpended and unencumbered budget appropriations lapse. Encumbrances outstanding at year-end are carried into the following year for continuing appropriation.

Under Article XIII-B of the California Constitution (The Gann Spending Limitation Initiative), the City is restricted as to the amount of annual appropriations, and if certain proceeds of taxes exceed allowed appropriations, the excess must either be refunded to the State Controller or refunded to the taxpayers through revised tax rate or revised fee schedules. For the fiscal year ended June 30, 2023, based on calculations by City Management, proceeds of taxes did not exceed the appropriations limit.

City of Monterey Park
Required Supplementary Information
Notes to the Budgetary Comparison Schedules
For the Year Ended June 30, 2023
Budget and Budgetary Accounting
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SUPPLEMENTARY INFORMATION
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Original Final Variance with
Budget Budget Actual Final Budget
Expenditures:

Captial outlay 1,231,004$ 1,811,919$ 8,306,129$ (6,494,210)$ Total expenditures 1,231,004 1,811,919 8,306,129 (6,494,210) NET CHANGE IN FUND BALANCE (1,231,004)$ (1,811,919)$ (8,306,129) (6,494,210)$ FUND BALANCE:

Beginning of Year 20,453,846
End of Year 12,147,717$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Street Capital Projects Fund
For the Year Ended June 30, 2023
127

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Public Safety Augmentation Fund - used to account for the City's share of the one-half percent sales tax which was approved by the electorate in November of 1993 (Proposition 172). The proceeds are earmarked exclusively for public safety purposes.

Circulation Developer Impact Fee (DIF) Fund - used to account for fees collected on new commercial and residential development.

These funds will be used exclusively to improve street lanes, intersections, and traffic management.

CERCLA Liability Fund - used to account for fees collected from the City's permitted haulers for each ton of waste that they dispose. The funds are to be only used to cover future environmental liability costs resulting from incidents falling under the Comprehensive Environmental Response Cleanup and Liability Act (CERCLA).

Measure R Fund - used to account for the City's share of ½-cent sales tax which was approved by Los Angeles County voters in November 2008 to pay for transportation needs. The proceeds are used exclusively for streets and roads, traffic control, public transit, and bicycle and pedestrian improvements.

Proposition C Fund - used to account for the City's share of an additional one-half percent sales tax which was approved by the electorate in November 1990 and is collected by the County of Los Angeles to finance transit projects within the City.

NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds account for the proceeds of specific revenue sources that are restricted by law or administrative regulation for specified purposes. Special Revenue Funds include the following:

Proposition A Fund - used to account for the City's share of an additional one-half percent sales tax which was approved by the electorate in November 1980 and is collected by the County of Los Angeles to finance transportation projects such as the Monterey Park Spirit Buses and the Dial-A-Ride program.

Gas Tax Fund - used to account for expenditures financed by money apportioned under the Streets and Highways Code of the State of California.

Measure W Fund - used to account for the City's share of a special parcel tax based on impermeable areas within the jurisdiction of the Los Angeles County Flood Control District, approved by the electorate in November 2018 as the Safe Clean Water (SCW) Program, to fund projects and programs that improve water quality, increase stormwater and urban runoff capture and reduce stormwater and urban runoff pollution in the District.

SPECIAL REVENUE FUNDS
Air Quality Improvement Fund - used to account for the City's share of additional motor vehicle registration fees imposed by the South Coast Air Quality Management District to finance the implementation of mobile source emission reduction programs and the provisions of the California Clean Air Act.

Asset Forfeiture Fund - used to account for revenues derived from monies and property seized by the Police Department in drug related incidence. These funds may only be expended on activities used to enhance drug enforcement activities.

Parks/Library/Public Facilities Developer Impact Fee (DIF) Fund - used to account for the acquisition and development of parks, library facilities space and collections, that are financed by developer fees, established pursuant to Monterey Park Municipal Code Section 66006.

Business Improvement Area #1 Fund - used to account for receipts and expenditures relating to the promotion of business activities in the downtown area of the City.

Law Enforcement/Fire/Medic Developer Impact Fee (DIF) Fund - used to account for fees collected on new commercial and residential development. These funds will be used exclusively to finance public safety service expansion.

Maintenance District 93-1 Fund - used to account for receipts and expenditures relating to the citywide benefit assessment district for street lighting and median maintenance.
128

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Sales Tax Bond Fund - used to account for the funds collected for debt service payment on the City's Sales Tax Bond.

Bike Routes Fund - accounts for expenditures financed by the State of California Transportation Development Act, Article 3, funds for bike routes and pedestrian facilities improvements.

Measure B Fund - accounts for the City’s share of an annual special parcel tax approved by the electorate in November 2002 to provide funding for emergency medical services.

SB1 - RMRA Fund - used to account for the City's 1/2-cent per gallon gas tax began on November 2017 and new vehicle registration taxes began January 2018. The funds are to address basic road maintenance, rehabilitation and critical safety needs on the local street and road system.

DEBT SERVICE FUND
Measure M Fund - used to account for the City's share of an additional half-cent sales tax that became effective on July 1, 2017. The funds are allocated to jurisdictions on a per capita basis. The funds are to improve transportation and ease traffic congestion.

NONMAJOR GOVERNMENTAL FUNDS (Continued)
SPECIAL REVENUE FUNDS (Continued)
Highway Safety Improvement Fund – accounts for expenditures financed by the State of California Highway Safety Improvement Program, funds for roadway safety improvements.

SB2 - Planning Grant Fund - used to account for the funding and technical assistance received to help the City prepare, adopt, and implement plans and process improvements that streamline housing approvals and accelerate housing production 129

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Gas Proposition
Proposition A Tax Measure W C
ASSETS
Cash and investments 4,172,705$ 1,332,348$ 261,541$ 3,089,040$ Cash and investments with fiscal agents - - - - Receivables:

Accounts - 133,960 - - Interest 20,993 6,807 1,336 15,275 Total assets 4,193,698$ 1,473,115$ 262,877$ 3,104,315$

LIABILITIES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 363,816 61,307 15,260 - Accured payroll 9,570 6,105 - 1,043 Retention payable - - 3,723 - Due to other funds - - - - Total liabilities 373,386 67,412 18,983 1,043 Fund balances:

Restricted 3,820,312 1,405,703 243,894 3,103,272 Committed - - - - Unassigned (deficit) - - - - Total fund balances 3,820,312 1,405,703 243,894 3,103,272 Total liabilities and fund balances 4,193,698$ 1,473,115$ 262,877$ 3,104,315$ (Continued)
Special Revenue Funds
City of Monterey Park
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2023
130

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Business
Air Quality Asset Parks/Library/ Improvement
Improvement Forfeiture Facilities DIF Area #1
ASSETS
Cash and investments 424,170$ 756,366 $ 866,183 $ 205,092 $ Cash and investments with fiscal agents - - - - Receivables:

Accounts - - - - Interest 2,167 3,849 4,426 1,048 Total assets 426,337$ 760,215 $ 870,609 $ 206,140 $

LIABILITIES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities - - - 1,785 Accured payroll - - - - Retention payable - - - - Due to other funds - - - - Total liabilities - - - 1,785 Fund balances:

Restricted 426,337 760,215 870,609 204,355 Committed - - - - Unassigned (deficit) - - - - Total fund balances 426,337 760,215 870,609 204,355 Total liabilities and fund balances 426,337$ 760,215$ 870,609$ 206,140$ (Continued)
Special Revenue Funds
City of Monterey Park
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
131

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Maintenance Law Enforcement/ Public
District Fire/Medic Safety
93-1 DIF Augmentation Measure R
ASSETS
Cash and investments 139,307$ -$ 782,962$ 1,153,003$ Cash and investments with fiscal agents - - - - Receivables:

Accounts 18,116 - 163,902 - Interest 712 - 4,000 5,510 Total assets 158,135$ -$ 950,864$ 1,158,513$

LIABILITIES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 16,742 - - 43,435 Accured payroll 3,198 - - 4,193 Retention payable - - - 30,053 Due to other funds - 79,933 - - Total liabilities 19,940 79,933 - 77,681 Fund balances:

Restricted 138,195 - 950,864 1,080,832 Committed - - - - Unassigned (deficit) - (79,933) - - Total fund balances 138,195 (79,933) 950,864 1,080,832 Total liabilities and fund balances 158,135$ -$ 950,864$ 1,158,513$ (Continued)
Special Revenue Funds
City of Monterey Park
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
132

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Circulation CERCLA
DIF Liability SB1 - RMRA Measure M
ASSETS
Cash and investments 330,897$ 136,157$ 2,357,026$ 3,258,046$ Cash and investments with fiscal agents - - - - Receivables:

Accounts - 15,550 238,775 - Interest 1,691 696 12,041 16,216 Total assets 332,588$ 152,403$ 2,607,842$ 3,274,262$

LIABILITIES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities - - 41,113 - Accured payroll - - - - Retention payable - - - - Due to other funds - - - - Total liabilities - - 41,113 - Fund balances:

Restricted 332,588 - 2,566,729 3,274,262 Committed - 152,403 - - Unassigned (deficit) - - - - Total fund balances 332,588 152,403 2,566,729 3,274,262 Total liabilities and fund balances 332,588$ 152,403$ 2,607,842$ 3,274,262$ (Continued)
Special Revenue Funds
City of Monterey Park
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
133

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SB - 2 Planning Highway Safety
Grant Measure B Bike Route Improvement
ASSETS
Cash and investments 360$ -$ 2,865$ 27,018$ Cash and investments with fiscal agents - - - - Receivables:

Accounts 310,000 - 9,750 - Interest - - - - Total assets 310,360$ -$ 12,615$ 27,018$

LIABILITIES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities - - 2,865 15,316 Accured payroll - - - - Retention payable - - - 11,703 Due to other funds 257,842 - 15,297 34,438 Total liabilities 257,842 - 18,162 61,457 Fund balances:

Restricted 52,518 - - - Committed - - - - Unassigned (deficit) - - (5,547) (34,439) Total fund balances 52,518 - (5,547) (34,439) Total liabilities and fund balances 310,360$ -$ 12,615$ 27,018$ City of Monterey Park
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
Special Revenue Funds
134

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Debt Service
Fund
Total Nonmajor
Sales Tax Governmental
Bond Funds
ASSETS
Cash and investments -$ 19,295,086$ Cash and investments with fiscal agents 564,038 564,038 Receivables:

Accounts - 890,053
Interest - 96,767
Total assets 564,038$ 20,845,944$

LIABILITIES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities - 561,639 Accured payroll - 24,109
Retention payable - 45,479 Due to other funds - 387,510 Total liabilities - 1,018,737 Fund balances:

Restricted 564,038 19,794,723
Committed - 152,403
Unassigned (deficit) - (119,919) Total fund balances 564,038 19,827,207 Total liabilities and fund balances 564,038$ 20,845,944$ City of Monterey Park
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2023
135

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Proposition A Gas Tax Measure W Proposition C
Revenues:

Taxes 1,587,070$ 1,530,670$ -$ -$ Intergovernmental - - 738,669 1,316,429 Charges for services 484 - - - Fines and forfeitures - - - - Investment income 95,472 30,514 6,573 71,082
Total revenues 1,683,026 1,561,184 745,242 1,387,511 Expenditures:

Current:

General government 1,727 4,673 74 - Public safety - - - - Community development - - - - Culture and recreation 594,498 - - - Highways and street 1,222,132 1,232,474 651,573 782,466 Health - - - - Captial outlay 100,487 - 102,661 28,550 Debt service:

Principal retirement 12,323 - - - Interest and fiscal charges 636 - - - Total expenditures 1,931,803 1,237,147 754,308 811,016 Revenues over (under)
expenditures (248,777) 324,037 (9,066) 576,495 Other financing sources (uses):

Issurance of subscription liabilities 41,090 - - -
Transfers in - - - - Transfers out (59,858) (56,495) (3,211) (250,288) Total other financing sources (uses) (18,768) (56,495) (3,211) (250,288) Net Change in Fund Balances (267,545) 267,542 (12,277) 326,207 Fund balances:

Beginning of year 4,087,857 1,138,161 256,171 2,777,065 End of year 3,820,312$ 1,405,703$ 243,894$ 3,103,272$ (Continued)
Special Revenue Funds
City of Monterey Park
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2023
136

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Air Quality Asset Parks/Library/
Business
Improvement
Improvement Forfeiture Facilities DIF Area #1
Revenues:

Taxes -$ -$ -$ -$ Intergovernmental 79,255 - - 35,467 Charges for services - - 206,464 - Fines and forfeitures - 2,947 - - Investment income 9,738 17,766 19,487 4,634
Total revenues 88,993 20,713 225,951 40,101 Expenditures:

Current:

General government - - - - Public safety 40,175 52,584 - - Community development - - - 23,477 Culture and recreation - - - - Highways and street 448 - - - Health - - - - Captial outlay - 1,705 6,332 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 40,623 54,289 6,332 23,477 Revenues over (under)
expenditures 48,370 (33,576) 219,619 16,624 Other financing sources (uses):

Issurance of subscription liabilities - - - - Transfers in - - - - Transfers out - - - - Total other financing sources (uses) - - - - Net Change in Fund Balances 48,370 (33,576) 219,619 16,624 Fund balances:

Beginning of year 377,967 793,791 650,990 187,731
End of year 426,337$ 760,215$ 870,609$ 204,355$ (Continued)
Special Revenue Funds
City of Monterey Park
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2023
137

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Maintenance
District
Law Enforcement/
Fire/Medic
Public
Safety
93-1 DIF Augmentation Measure R
Revenues:

Taxes 1,035,312$ -$ 930,083$ 987,037$ Intergovernmental - - - 4,363 Charges for services - 48,001 - - Fines and forfeitures - - - - Investment income 2,529 345 24,065 28,553
Total revenues 1,037,841 48,346 954,148 1,019,953 Expenditures:

Current:

General government - - - 475 Public safety - - 850,000 - Community development - - - - Culture and recreation 417,437 - - 191,532 Highways and street 730,696 - - 422,165 Health - - - - Captial outlay - - - 437,825 Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 1,148,133 - 850,000 1,051,997 Revenues over (under)
expenditures (110,292) 48,346
104,148 (32,044)
Other financing sources (uses):

Issurance of subscription liabilities - - - - Transfers in - - - - Transfers out (19,673) - - (430,715) Total other financing sources (uses) (19,673) - - (430,715) Net Change in Fund Balances (129,965) 48,346 104,148 (462,759) Fund balances:

Beginning of year 268,160 (128,279) 846,716 1,543,591 End of year 138,195$ (79,933)$ 950,864$ 1,080,832$ (Continued)
City of Monterey Park
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2023
Special Revenue Funds
138

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Circulation CERCLA
DIF Liability SB1 -RMRA Measure M
Revenues:

Taxes -$ -$ -$ 1,116,550$ Intergovernmental - 164,920 1,362,640 - Charges for services 201,711 - - - Fines and forfeitures - - - - Investment income 7,337 3,643 58,617 73,351
Total revenues 209,048 168,563 1,421,257 1,189,901 Expenditures:

Current:

General government - - - - Public safety - - - - Community development - - - - Culture and recreation - - - - Highways and street - - - 10,104 Health - 292,969 - - Captial outlay - - 854,662 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures - 292,969 854,662 10,104 Revenues over (under)
expenditures 209,048 (124,406) 566,595 1,179,797 Other financing sources (uses):

Issurance of subscription liabilities - - - - Transfers in - - - - Transfers out - - - (409,062) Total other financing sources (uses) - - - (409,062) Net Change in Fund Balances 209,048 (124,406) 566,595 770,735 Fund balances:

Beginning of year 123,540 276,809 2,000,134 2,503,527
End of year 332,588$ 152,403$ 2,566,729$ 3,274,262$ City of Monterey Park
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2023
Special Revenue Funds
139

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SB2 - Planning Highway Safety
Grant Measure B Bike Route Improvement
Revenues:

Taxes -$ -$ -$ -$ Intergovernmental 310,000 110,505 9,750 325,297 Charges for services - - - - Fines and forfeitures - - - - Investment income - - - 1,221 Total revenues 310,000 110,505 9,750 326,518 Expenditures:

Current:

General government - - - - Public safety - 110,505 - - Community development 5,399 - - - Culture and recreation - - - - Highways and street - - - - Health - - - - Captial outlay - - 15,297 360,957 Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 5,399 110,505 15,297 360,957 Revenues over (under)
expenditures 304,601 - (5,547) (34,439)
Other financing sources (uses):

Issurance of subscription liabilities - - - - Transfers in - - - - Transfers out - - - - Total other financing sources (uses) - - - - Net Change in Fund Balances 304,601 - (5,547) (34,439) Fund balances:

Beginning of year (252,083) - - - End of year 52,518$ -$ (5,547)$ (34,439)$ (Continued)
Special Revenue Funds
City of Monterey Park
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2023
140

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Debt Service
Fund
Sales Tax
Total Nonmajor
Governmental
Bond Funds
Revenues:

Taxes -$ 7,186,722$
Intergovernmental - 4,457,295 Charges for services - 456,660 Fines and forfeitures - 2,947 Investment income 560,483 1,015,410
Total revenues 560,483 13,119,034
Expenditures:

Current:

General government - 6,949 Public safety - 1,053,264
Community development - 28,876 Culture and recreation - 1,203,467 Highways and street - 5,052,058 Health - 292,969
Captial outlay - 1,908,476 Debt service:

Principal retirement 305,000 317,323
Interest and fiscal charges 748,451 749,087 Total expenditures 1,053,451 10,612,469
Revenues over (under)
expenditures (492,968) 2,506,565
Other financing sources (uses):

Issurance of subscription liabilities - 41,090 Transfers in 1,053,450 1,053,450
Transfers out - (1,229,302) Total other financing sources (uses) 1,053,450 (134,762) Net Change in Fund Balances 560,482 2,371,803 Fund balances:

Beginning of year 3,556 17,455,404
End of year 564,038$ 19,827,207$
(Concluded)
City of Monterey Park
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2023
141

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Taxes 1,473,078$ 1,473,078 $ 1,587,070$ 113,992 $ Intergovernmental 106,000 106,000 - (106,000) Charges for services - - 484 484 Licenses and permits - - - - Fines and forfeitures - - - - Investment income 1,000 1,000 95,472 94,472 Total Revenues 1,580,078 1,580,078 1,683,026 102,948 Expenditures:

Current:

General government 1,727 1,727 1,727 - Public safety - - - - Community development - - - - Culture andrecreation 686,111 775,128 594,498 180,630 Highway and streets 1,304,974 2,003,232 1,222,132 781,100 Captial outlay - - 100,487 (100,487) Debt service:

Principal retirement - - 12,323 (12,323) Interest and fiscal charges -
- 636 (636)
Total Expenditures 1,992,812 2,780,087 1,931,803 848,284

REVENUE OVER
(UNDER) EXPENDITURES (412,734) (1,200,009) (248,777) 951,232 Other Financing Sources (Uses):

Issurance of subscription liabilities - - 41,090 41,090 Transfers out (59,858) (59,858) (59,858) - Total Other Financing Sources (Uses) (59,858) (59,858) (18,768) - NET CHANGE IN FUND BALANCE (472,592)$ (1,259,867)$ (267,545) 992,322$ FUND BALANCE:

Beginning of Year 4,087,857
End of Year 3,820,312$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual For the Year Ended June 30, 2023
Budgeted Amounts
Proposition A Special Revenue Fund
142

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Taxes 1,559,056 $ 1,559,056 $ 1,530,670 $ (28,386) $ Investment income 500 500 30,514 30,014
Total Revenues 1,559,556 1,559,556 1,561,184 1,628 Expenditures:

Current:

General government 1,794 1,794 4,673 (2,879) Public works 1,454,346 1,463,505 1,232,474 231,031 Total Expenditures 1,456,140 1,465,299 1,237,147 228,152

REVENUE OVER
(UNDER) EXPENDITURES 103,416 94,257 324,037 229,780 Other Financing (Uses):

Transfers out (56,495) (56,495) (56,495) - Total Other Financing (Uses) (56,495) (56,495) (56,495) - NET CHANGE IN FUND BALANCE 46,921$ 37,762$ 267,542 229,780$ FUND BALANCE:

Beginning of Year 1,138,161
End of Year 1,405,703$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Gas Tax Special Revenue Fund
For the Year Ended June 30, 2023
Budgeted Amounts
143

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Intergovernmental 740,000$ 740,000 $ 738,669$ (1,331) $ Investment income - - 6,573 6,573 Total Revenues 740,000 740,000 745,242 5,242 Expenditures:

Current:

General government 73 73 74 (1) Public works 117,008 104,758 651,573 (546,815) Captial outlay 90,000 302,250 102,661 199,589 Total Expenditures 207,081 407,081 754,308 (347,227)

REVENUE OVER
(UNDER) EXPENDITURES 532,919 332,919 (9,066) (341,985) Other Financing (Uses):

Transfers out (3,211) (3,211) (3,211) - Total Other Financing (Uses) (3,211) (3,211) (3,211) - NET CHANGE IN FUND BALANCE 529,708$ 329,708 $ (12,277) (341,985) $ FUND BALANCE:

Beginning of Year 256,171
End of Year 243,894$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure W Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2023
144

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Intergovernmental 1,221,879$ 1,221,879 $ 1,316,429$ 94,550 $ Investment income 1,500 1,500 71,082 69,582 Total Revenues 1,223,379 1,223,379 1,387,511 164,132 Expenditures:

Current:

Public works 937,039 1,321,480 782,466 539,014 Captial outlay - - 28,550 (28,550) Total Expenditures 937,039 1,321,480 811,016 510,464

REVENUE OVER
(UNDER) EXPENDITURES 286,340 (98,101) 576,495 674,596 Other Financing (Uses):

Transfers out (14,472) (14,472) (250,288) (235,816) Total Other Financing (Uses) (14,472) (14,472) (250,288) (235,816) NET CHANGE IN FUND BALANCE 271,868$ (112,573)$ 326,207 438,780$ FUND BALANCE:

Beginning of Year 2,777,065
End of Year 3,103,272$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Proposition C Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2023
145

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Intergovernmental 80,000 $ 80,000 $ 79,255 $ (745) $ Investment income 100 100 9,738 9,638
Total Revenues 80,100 80,100 88,993 8,893 Expenditures:

Current:

Public safety 55,205 55,205 40,175 15,030 Public works 448 448 448 - Total Expenditures 55,653 55,653 40,623 15,030 NET CHANGE IN FUND BALANCE 24,447$ 24,447$ 48,370 23,923$ FUND BALANCE:

Beginning of Year 377,967
End of Year 426,337$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Air Quality Improvement Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2023
146

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Fines and forfeitures 20,000 $ 20,000 $ 2,947 $ (17,053) $ Investment income - - 17,766 17,766 Total Revenues 20,000 20,000 20,713 713 Expenditures:

Current:

Public safety 57,244 63,149 52,584 10,565 Captial outlay - - 1,705 (1,705) Total Expenditures 57,244 63,149 54,289 8,860 NET CHANGE IN FUND BALANCE (37,244)$ (43,149)$ (33,576) 9,573$ FUND BALANCE:

Beginning of Year 793,791
End of Year 760,215$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Asset Foreiture Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2023
147

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Charges for services 164,310 $ 164,310 $ 206,464 $ 42,154 $ Investment income - - 19,487 19,487 Total Revenues 164,310 164,310 225,951 61,641 Expenditures:

Captial outlay 230,000 230,000 6,332 223,668 Total Expenditures 230,000 230,000 6,332 223,668 NET CHANGE IN FUND BALANCE (65,690)$ (65,690) $ 219,619 285,309 $ FUND BALANCE:

Beginning of Year 650,990
End of Year 870,609$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Parks/Library/Facilities Dif Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2023
148

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Intergovernmental 75,000 $ 75,000 $ 35,467 $ (39,533) $ Investment income - - 4,634 4,634 Total Revenues 75,000 75,000 40,101 (34,899) Expenditures:

Current:

Community development 89,539 89,539 23,477 66,062 Total Expenditures 89,539 89,539 23,477 66,062 NET CHANGE IN FUND BALANCE (14,539)$ (14,539)$ 16,624 31,163$ FUND BALANCE:

Beginning of Year 187,731
End of Year 204,355$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Business Improvement Area #1 Special Revenue Fund
For the Year Ended June 30, 2023
149

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Taxes 1,026,920 $ 1,026,920 $ 1,035,312 $ 8,392 $ Investment income - - 2,529 2,529 Total Revenues 1,026,920 1,026,920 1,037,841 10,921 Expenditures:

Current:

Culture and recreation 457,530 457,545 417,437 40,108 Public works 532,358 532,358 730,696 (198,338) Total Expenditures 989,888 989,903 1,148,133 (158,230)

REVENUE OVER
(UNDER) EXPENDITURES 37,032 37,017 (110,292) (147,309) Other Financing (Uses):

Transfers out (19,673) (19,673) (19,673) - Total Other Financing (Uses) (19,673) (19,673) (19,673) - NET CHANGE IN FUND BALANCE 17,359$ 17,344$ (129,965) (147,309)$ FUND BALANCE:

Beginning of Year 268,160
End of Year 138,195$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Maintenance District 93-1 Special Revenue Fund
For the Year Ended June 30, 2023
150

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Charges for services 215,000 $ 215,000 $ 48,001 $ (166,999) $ Investment income 100 100 345 245
Total Revenues 215,100 215,100 48,346 (166,754) Expenditures:

Current:

Public safety 85,799 85,799 - 85,799 Total Expenditures 85,799 85,799 - 85,799 NET CHANGE IN FUND BALANCE 129,301$ 129,301$ 48,346 (80,955)$ FUND BALANCE (DEFICIT):

Beginning of year (128,279)
End of year (79,933)$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Law Enforcement/Fire/Medic DIF Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2023
151

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Taxes 790,000 $ 790,000 $ 930,083 $ 140,083 $ Investment income - - 24,065 24,065 Total Revenues 790,000 790,000 954,148 164,148 Expenditures:

Current:

Public safety 814,800 814,800 850,000 (35,200) Total Expenditures 814,800 814,800 850,000 (35,200) NET CHANGE IN FUND BALANCE (24,800)$ (24,800) $ 104,148 128,948 $ FUND BALANCE:

Beginning of Year 846,716
End of Year 950,864$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Public Safety Augmentation Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2023
152

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Taxes 916,410 $ 916,410 $ 987,037 $ 70,627 $ Intergovernmental - - 4,363 4,363 Investment income 1,000 1,000 28,553 27,553 Total Revenues 917,410 917,410 1,019,953 102,543 Expenditures:

Current:

General government 474 474 475 (1) Culture and recreation 123,007 123,007 191,532 (68,525) Public works 543,157 578,482 422,165 156,317 Captial outlay - 4,082,495 437,825 3,644,670 Total Expenditures 666,638 4,784,458 1,051,997 3,732,461

REVENUE OVER
(UNDER) EXPENDITURES 250,772 (3,867,048) (32,044) 3,835,004 Other Financing (Uses):

Transfers out (22,898) (22,898) (430,715) (407,817) Total Other Financing (Uses) (22,898) (22,898) (430,715) (407,817) NET CHANGE IN FUND BALANCE 227,874$ (3,889,946) $ (462,759) 3,427,187 $ FUND BALANCE:

Beginning of year 1,543,591
End of year 1,080,832$
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure R Special Revenue Fund
Budgeted Amounts
For the Year Ended June 30, 2023
153

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Charges for services 100,000 $ 100,000 $ 201,711 $ 101,711 $ Investment income - - 7,337 7,337 Total Revenues 100,000 100,000 209,048 109,048

REVENUE OVER
(UNDER) EXPENDITURES 100,000 100,000 209,048 109,048 NET CHANGE IN FUND BALANCE 100,000$ 100,000 $ 209,048 109,048 $ FUND BALANCE:

Beginning of year 123,540
End of year 332,588$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Circulation DIF Special Revenue Fund
For the Year Ended June 30, 2023
154

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Intergovernmental 138,384 $ 138,384 $ 164,920 $ 26,536 $ Investment income 100 100 3,643 3,543
Total Revenues 138,484 138,484 168,563 30,079 Expenditures:

Health 292,969 292,969 292,969 - Total Expenditures 292,969 292,969 292,969 - NET CHANGE IN FUND BALANCE (154,485)$ (154,485) $ (124,406) 30,079 $ FUND BALANCE:

Beginning of year 276,809
End of year 152,403$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual CERCLA Liabilty Special Revenue Fund
For the Year Ended June 30, 2023
155

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Intergovernmental 1,250,621 $ 1,250,621 $ 1,362,640 $ 112,019 $ Investment income 1,500 1,500 58,617 57,117 Total Revenues 1,252,121 1,252,121 1,421,257 169,136 Expenditures:

Captial outlay - 1,252,121 854,662 397,459 Total Expenditures - 1,252,121 854,662 397,459 NET CHANGE IN FUND BALANCE 1,252,121$ - $ 566,595 566,595 $ FUND BALANCE:

Beginning of year 2,000,134
End of year 2,566,729$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual SB1 - RMRA Special Revenue Fund
For the Year Ended June 30, 2023
156

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Taxes 1,038,598 $ 6,841,603 $ 1,116,550 $ (5,725,053) $ Investment income - - 73,351 73,351 Total Revenues 1,038,598 6,841,603 1,189,901 (5,651,702) Expenditures:

Current:

Public works 10,106 10,106 10,104 2 Total Expenditures 10,106 10,106 10,104 2

REVENUE OVER
(UNDER) EXPENDITURES 1,028,492 6,831,497 1,179,797 (5,651,700) Other Financing Sources:

Transfers out (1,245) (1,245) (409,062) (407,817) Total Other Financing Sources (1,245) (1,245) (409,062) (407,817) NET CHANGE IN FUND BALANCE 1,027,247$ 6,830,252$ 770,735 (6,059,517)$ FUND BALANCE:

Beginning of year 2,503,527
End of year 3,274,262$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure M Special Revenue Fund
For the Year Ended June 30, 2023
157

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Intergovernmental - $ - $ 310,000$ 310,000 $ Total Revenues - - 310,000 310,000 Expenditures:

Current:

Community development 39,434 39,434 5,399 34,035 Total Expenditures 39,434 39,434 5,399 34,035 NET CHANGE IN FUND BALANCE (39,434)$ (39,434)$ 304,601 344,035$ FUND BALANCE (DEFICIT):

Beginning of year (252,083)
End of year 52,518$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual SB2 - Planning Grant Special Revenue Fund
For the Year Ended June 30, 2023
158

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Intergovernmental 110,601 $ 110,601 $ 110,505 $ (96) $ Total Revenues 110,601 110,601 110,505 (96) Expenditures:

Current:

Public safety 110,601 110,601 110,505 96 Total Expenditures 110,601 110,601 110,505 96 NET CHANGE IN FUND BALANCE -$ - $ - - $ FUND BALANCE:

Beginning of year -
End of year -$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure B Special Revenue Fund
For the Year Ended June 30, 2023
159

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Intergovernmental -$ - $ 9,750$ 9,750 $ Total revenues - - 9,750 9,750 Expenditures:

Captial outlay - 174,946 15,297 159,649 Total expenditures - 174,946 15,297 159,649 Revenues over (under)
expenditures - (174,946) (5,547) 169,399 Net Change in Fund Balances -$ (174,946)$ (5,547) 169,399$ Fund balances (deficit):

Beginning of year -
End of year (5,547)$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Bike Route Special Revenue Fund
For the Year Ended June 30, 2023
160

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Intergovernmental -$ - $ 325,297$ 325,297$ Investment income - - 1,221 1,221 Total revenues - - 326,518 326,518 Expenditures:

Captial outlay - 537,200 360,957 176,243 Total expenditures - 537,200 360,957 176,243 Revenues over (under)
expenditures - (537,200) (34,439) 502,761 Net Change in Fund Balances -$ (537,200)$ (34,439) 502,761$ Fund balances (deficit):

Beginning of year -
End of year (34,439)$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Highway Safety Improvement Special Revenue Fund
For the Year Ended June 30, 2023
161

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Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Revenues:

Investment income - $ - $ 560,483$ 560,483 $ Total Revenues - - 560,483 560,483 Expenditures:

Debt service:

Principal retirement 305,000 305,000 305,000 - Interest and fiscal charges - - 748,451 (748,451) Total Expenditures 305,000 305,000 1,053,451 (748,451)

REVENUE OVER
(UNDER) EXPENDITURES (305,000) (305,000) (492,968) (187,968) Other Financing Sources:

Transfers in - - 1,053,450 1,053,450 Total Other Financing Sources - - 1,053,450 1,053,450 NET CHANGE IN FUND BALANCE (305,000)$ (305,000) $ 560,482 865,482 $ FUND BALANCE:

Beginning of year 3,556
End of year 564,038$
Budgeted Amounts
City of Monterey Park
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Sales Tax Bond Debt Service Fund
For the Year Ended June 30, 2023
162

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Technology Fund - used to account for the City's centralized data processing activities and future technological infrastructure improvements.

Fringe Benefits - This fund is used for City paid benefits which are charged. Examples include medical, dental, disability, unemployment, life insurance and retirement including PERS. These benefit costs are allocated to the funds based on budget for three quarters and then reconciled to actual in the fourth quarter.

Shop Fund - used to account for the purchase and maintenance of all motorized equipment used by City departments.

INTERNAL SERVICE FUNDS
These funds account for goods or services provided to other departments of the City where the intent of the City is that the costs of these goods or services are to be recovered through interdepartmental charges at the time that the goods are delivered or the services rendered to those de
partments.

Separation Benefits Fund - used to account for employee separation costs (i.e., vacation, sick and holiday hours).

General Liability Fund - used to account for the City's general liability insurance, including claims, legal and other expenses.

Workers' Compensation Fund - used to account for the City's workers' compensation insurance costs, including claims, legal and other expenses.
163

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Separation General Workers'
Benefits Liabilit y Compensation Shop
ASSETS
Current assets:

Cash and investments 316,752 $ 2,670,734 $ 5,208,223 $ 303,673 $ Cash and investments with fiscal agent - - - 622 Accounts receivable - 15,502 - - Total current assets 316,752 2,686,236 5,208,223 304,295 Noncurrent assets:

Capital assets:

Nondepreciable - - - - Depreciable/amortizable, net - - - 1,044,511 Total capital assets - - - 1,044,511 Total noncurrent assets - - - 1,044,511 Total assets 316,752 2,686,236 5,208,223 1,348,806

DEFERRED OUTFLOWS OF RESOURCES
Pension related 267,618 267,618 133,809 401,426
Other postemployment benefits related 74,760 74,760 37,380 112,140 Total deferred outflows of resources 342,378 342,378 171,189 513,566

LIABILITIES
Current Liabilities:

Accounts payable - 190,957 23,586 105,296 Accrued payroll 2,604 4,811 2,326 10,060
Due to other funds - - - - Insurance assessment payable, due within one year - 163,514 - - Lease liabilities, due within one year - - - 12,488 Suscription liabilities, due within one year - - - - Loan payable, due within one year - - - 391,393 Compensated absences, due within one year - 34,649 22,722 71,517 Claims payable, due within one year - 1,405,745 2,459,508 - Total current liabilities 2,604 1,799,676 2,508,142 590,754 Noncurrent liabilities:

Insurance assessment payable, due in more than one year - 490,543 - - Lease liabilities, due in more than one year - - - 12,037 Suscription liabilities, due in more than one year - - - - Loan payable,due in more than one year - - - 610,805 Compensated absences, due in more than one year - 1,627 1,067 3,359 Claims payable, due in more than one year - 7,980,520 12,050,454 - Net pension liability 123,192 123,192 61,596 184,788
Net OPEB liability 435,590 435,590 217,795 653,385
Total noncurrent liabilities 558,782 9,031,472 12,330,912 1,464,374 Total liabilities 561,386 10,831,148 14,839,054 2,055,128

DEFERRED INFLOW OF RESOURCES
Pension related 21,767 21,767 10,883 32,650
Other postemployment benefits related 67,995 67,995 33,997 101,992 89,762 89,762 44,880 134,642 NET POSITION:

Net investment in capital assets - - - 17,788 Restricted - - - 622 Unrestricted (deficit) 7,982 (7,892,296) (9,504,522) (345,808) Total net position (deficit) 7,982$ (7,892,296)$ (9,504,522)$ (327,398)$ (Continued)
City of Monterey Park
Combining Statement of Net Position
Internal Service Funds
June 30, 2023
164

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Fringe
Technology Benefits Total
ASSETS
Current assets:

Cash and investments -$ 1,000,000 9,499,382 $ Cash and investments with fiscal agent - - 622 Accounts receivable - - 15,502 Total current assets - 1,000,000 9,515,506 Noncurrent assets:

Capital assets:

Nondepreciable 1,635,459 - 1,635,459 Depreciable/amortizable, net 333,091 - 1,377,602 Total capital assets 1,968,550 - 3,013,061 Total noncurrent assets 1,968,550 - 3,013,061 Total assets 1,968,550 1,000,000 12,528,567

DEFERRED OUTFLOWS OF RESOURCES
Pension related 267,618 - 1,338,089 Other postemployment benefits related 74,760 - 373,800 Total deferred outflows of resources 342,378 - 1,711,889

LIABILITIES
Current Liabilities:

Accounts payable 13,622 1,000,000 1,333,461
Accrued payroll 7,716 - 27,517
Due to other funds 404,228 - 404,228 Insurance assessment payable, due within one year - - 163,514 Lease Liabilities, due within one year - - 12,488 Suscription liabilities, due within one year 79,856 - 79,856 Loan payable, due within one year - - 391,393 Compensated absences, due within one year 16,094 - 144,982 Claims payable, due within one year - - 3,865,253 Total current liabilities 521,516 1,000,000 6,422,692 Noncurrent liabilities:

Insurance assessment payable, due in more than one year - - 490,543 Lease liabilities, due in more than one year - - 12,037 Suscription liabilities, due in more than one year 43,097 - 43,097 Loan payable, due in more than one year - - 610,805 Compensated absences, due in more than one year 756 - 6,809 Claims payable, due in more than one year - - 20,030,974 Net pension liability 123,192 - 615,960 Net OPEB liability 435,590 - 2,177,950 Total noncurrent liabilities 602,635 - 23,988,175 Total liabilities 1,124,151 1,000,000 30,410,867

DEFERRED INFLOW OF RESOURCES
Pension related 21,767 - 108,834 Other postemployment benefits related 67,995 - 339,974 89,762 - 448,808
NET POSITION:

Net investment in capital assets 1,845,597 - 1,863,385 Restricted - - 622 Unrestricted (deficit) (748,582) - (18,483,226) Total net position (deficit) 1,097,015$ -$ (16,619,219)$ (Concluded)
City of Monterey Park
Combining Statement of Net Position (Continued)
Internal Service Funds
June 30, 2023
165

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Separation General Workers'
Benefits Liability Compensation Shop
OPERATING REVENUES:

Charges for services 1,045,994 5,037,813 3,608,842 3,117,678 Miscellaneous - 1,206 164,889 - Total operating revenues 1,045,994 5,039,019 3,773,731 3,117,678 OPERATING EXPENSES:

Salaries and Benefits 1,684,803 592,499 368,510 1,099,687 Materials and supplies - 15,389 4,253 2,076,287 Insurance and claims - 4,891,292 3,725,382 - Depreciation and amortization - - - 746,615 Total operating expenses 1,684,803 5,499,180 4,098,145 3,922,589 OPERATING (LOSS) (638,809) (460,161) (324,414) (804,911) NONOPERATING EXPENSES:

Interest expense - - - (41,782) Total nonoperating expense - - - (41,782) CHANGES IN NET POSITION (638,809) (460,161) (324,414) (846,693) NET POSITION (DEFICIT):

Beginning of year, as restated (Note 18) 646,791 (7,432,135) (9,180,108) 519,295 End of year 7,982$ (7,892,296)$ (9,504,522)$ (327,398)$ (Continued)
Internal Service Funds
For the Year Ended June 30, 2023
City of Monterey Park
Combining Statement of Revenues, Expenses, and Changes in Net Position 166

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Fringe
Technology Benefits Total
OPERATING REVENUES:

Charges for services 1,003,643 1,000,000 14,813,970 $
Miscellaneous - - 166,095 Total operating revenues 1,003,643 1,000,000 14,980,065 OPERATING EXPENSES:

Salaries and Benefits 593,741 1,000,000 5,339,240
Materials and supplies 494,313 - 2,590,242 Insurance and claims - - 8,616,674 Depreciation and amortization 249,671 - 996,286 Total operating expenses 1,337,725 1,000,000 17,542,442 OPERATING (LOSS) (334,082) - (2,562,377) NONOPERATING EXPENSES:

Interest expense - - (41,782) Total nonoperating expense - - (41,782) CHANGES IN NET POSITION (334,082) - (2,520,595) NET POSITION:

Beginning of year, as restated (Note 18) 1,431,097 - (14,015,060) End of year 1,097,015$ - $ (16,619,219)$ (Concluded)
City of Monterey Park
Combining Statement of Revenues, Expenses, and Changes in Net Position (Continued) For the Year Ended June 30, 2023
Internal Service Funds
167

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Separation General Workers'
Benefits Liability Compensation Shop

CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers and users 1,045,994 $ 5,039,019 $ 3,773,731 $ 3,117,678 $ Cash paid to suppliers for goods and services - (15,389) (14,805) (2,062,690) Cash paid to employees for services (1,462,274) (329,371) (251,923) (718,188) Cash paid for insurance claims - (3,859,510) (3,113,106) - Net cash provided by (used in) operating activities (416,280) 834,749 393,897 336,800

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Cash received other funds - - - - Net cash provided by noncapital financing activities - - - -

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition of capital assets - - - (128,482) Principal paid - (163,514) - (410,500) Interest paid - - - (41,782) Net cash (used in) capital and related
financing activities - (163,514) - (580,764) Net change in cash and cash equivalents (416,280) 671,235 393,897 (243,964) CASH AND CASH EQUIVALENTS:

Beginning of year 733,032 1,999,499 4,814,326 548,259 End of year 316,752$ 2,670,734$ 5,208,223$ 304,295$ CASH AND CASH EQUIVALENTS:

Cash and investments 316,752$ 2,670,734$ 5,208,223$ 303,673$ Cash and investments with fiscal agent - - - 622 Total cash and cash equivalents 316,752$ 2,670,734$ 5,208,223$ 304,295$ Reconciliation of Operating (Loss) to
to Net Cash Provided by (used in) Operating Activities:

Operating (loss) (638,809)$ (460,161)$ (324,414)$ (804,911)$ Adjustments to reconcile operating (loss)
to net cash provided by (used in) operating activities:

Depreciation and amortization - - - 746,615 Change in assets and liabilities:
(Increase) decrease in deferred outflows -pension related (264,715) (260,756) (129,982) (360,783) (Increase) decrease in deferred outflows - OPEB related (64,622) (63,021) (30,443) (76,657) Increase (decrease) in accounts payable - 190,537 (10,552) 13,597 Increase (decrease) in accrued liabilities (10,803) 1,118 (1,788) 3,542 Increase (decrease) in compensated absences - 20 ,838 4 ,958 5 ,205 Increase (decrease) in claims payable - 841 ,245 612 ,276 - Increase (decrease) in net pension liability 167,365 227 ,600 119 ,824 803 ,207 Increase (decrease) in total OPEB liability 360,751 348 ,934 166 ,589 391 ,448 Increase (decrease) in deferred inflows - pension related (9,269) (51,590) (30,028) (401,849) Increase (decrease) in deferred inflows - OPEB related 43,822 40 ,005 17 ,457 17 ,386 Net cash provided by (used in) operating activities (416,280)$ 834,749 $ 393,897 $ 336,800 $ NONCASH ITEMS:

Acquisition of right to use lease assets -$ - $ - $ (28,523)$ Issuance of lease and subscription liabilities -$ -$ -$ 28,523$ City of Monterey Park
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2023
168

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Fringe
Technology Benefits Total

CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers and users 1,003,643 $ 1,000,000 $ 14,980,065 $ Cash paid to suppliers for goods and services (509,164) - (2,602,048) Cash paid to employees for services (370,296) - (3,132,052) Cash paid for insurance claims - - (6,972,616) Net cash provided by (used in) operating activities 124,183 1,000,000 2,273,349

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Cash received other funds 193,993 - 193,993 Net cash provided by noncapital financing activities 193,993 - 193,993

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition of capital assets (81,219) - (209,701) Principal paid (236,957) - (810,971) Interest paid - - (41,782) Net cash (used in) capital and related
financing activities (318,176) - (1,062,454) Net change in cash and cash equivalents - 1,000,000 1,404,888 CASH AND CASH EQUIVALENTS:

Beginning of year - - 8,095,116 End of year -$ 1,000,000$ 9,500,004 $ CASH AND CASH EQUIVALENTS:

Cash and investments -$ 1,000,000$ 9,499,382 $ Cash and investments with fiscal agent - - 622 Total cash and cash equivalents -$ 1,000,000$ 9,500,004 $ Reconciliation of Operating (Loss) to
to Net Cash Provided by (used in) Operating Activities:

Operating (loss) (334,082) $ - $ (2,562,377)$ Adjustments to reconcile operating (loss)
to net cash provided by (used in) operating activities:

Depreciation and amortization 249,671 - 996,286 Change in assets and liabilities:
(Increase) decrease in deferred outflows -pension related (260,756) - (1,276,992) (Increase) decrease in deferred outflows - OPEB related (61,954) - (296,697) Increase (decrease) in accounts payable (14,851) 1,000,000 1,178,731 Increase (decrease) in accrued liabilities 2,956 - (4,975) Increase (decrease) in compensated absences (11,327) - 19,674 Increase (decrease) in claims payable - - 1 ,453,521 Increase (decrease) in net pension liability 227,600 - 1 ,545,596 Increase (decrease) in total OPEB liability 341,056 - 1 ,608,778 Increase (decrease) in deferred inflows - pension related (51,590) - (544,326) Increase (decrease) in deferred inflows - OPEB related 37,460 - 156 ,130 Net cash provided by (used in) operating activities 124,183$ 1,000,000$ 2,273,349$ NONCASH ITEMS:

Acquisition of right to use lease assets (66,901)$ -$ (95,424)$ Issuance of lease and subscription liabilities 66,901$ -$ 95,424$ Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the Year Ended June 30, 2023
City of Monterey Park
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STATISTICAL SECTION
(Unaudited)
171

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172

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Financial Trends:

Net Position by Components - Last Ten Fiscal Years 174
Changes in Net Position - Last Ten Fiscal Years 176
Fund Balances of Governmental Funds - Last Ten Fiscal Years 180 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 182 Revenue Capacity:

Assessed Value of Taxable Property - Last Ten Fiscal Years 185 Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years 186 Principal Property Taxpayers - Current Year and Nine Years Ago 188 Property Tax Levies and Collections - Last Ten Fiscal Years 190 Debt Capacity:

Outstanding Debt by Type - Last Ten Fiscal Years 192
Ratio of General Bonded Debt Outstanding - Last Ten Fiscal Years 194 Direct and Overlapping Debt 195
Legal Debt Margin Information - Last Ten Fiscal Years 196 Demographic and Economic Information:

Demographic and Economic Statistics – Last Ten Fiscal Years 199 Principal Employers – Current Year and Five Years Ago 200 Operating Information:

City Employees by Function – Last Ten Fiscal Years 203
Operating Indicators by Function / Program – Last Ten Fiscal Years 204 Capital Assets by Function – Last Ten Fiscal Years 206
Water District Schedules for Revenue Capacity
Water Sold by Type of Customer 208
Water Rates 209
Top Ten Water Customers 210

STATISTICAL SECTION
For the Year Ended June 30, 2023
173

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2013/14 2014/15 2015/16 2016/17 2017/18
Governmental Activities:

Net investment in capital assets 50,805,697 $ 46,057,423 $ 47,995,442 $ 49,245,097 $ 51,940,625 $ Restricted 18,330,529 20,198,282 22,221,698 20,689,401 22,583,024 Unrestricted 11,318,896 (79,297,776) (68,990,541) (63,742,375) (85,102,541) Total governmental activities net position 80,455,122$ (13,042,071) $ 1,226,599 $ 6,192,123 $ (10,578,892) $ Business-Type Activities:

Net investment in capital assets 20,020,776 $ 15,083,212 $ 23,132,584 $ 27,583,180 $ 32,224,486 $ Restricted - - 514,518 - - Unrestricted 26,197,066 24,186,095 18,629,778 19,078,479 18,182,441 Total business-type activities net position 46,217,842$ 39,269,307 $ 42,276,880 $ 46,661,659 $ 50,406,927 $ Primary Government:

Net investment in capital assets 70,826,473$ 61,140,635$ 71,128,006$ 76,828,277$ 84,165,111$ Restricted 18,330,529 20,198,282 22,736,216 20,689,401 22,583,024 Unrestricted 37,515,962 (55,111,681) (50,360,763) (44,663,896) (66,920,100) Total primary government net position 126,672,964$ 26,227,236$ 43,503,459$ 52,853,782$ 39,828,035$ Source: City of Monterey Park Management Services Department Fiscal Year
City of Monterey Park
Net Position by Components
Last Ten Fiscal Years
(Accrual Basis of Accounting)
174

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2018/19 2019/20 2020/21 2021/22 2022/23
Governmental Activities:

Net investment in capital assets 54,422,220 $ 50,393,059 $ 53,107,029 $ 60,290,327 $ 68,652,436 $ Restricted 28,308,812 28,524,906 22,377,681 52,852,580 41,267,487 Unrestricted (94,444,814) (99,160,818) (97,899,017) (124,096,720) (110,242,641) Total governmental activities net position (11,713,782)$ (20,242,853) $ (22,414,307) $ (10,953,813) $ (322,718) $ Business-Type Activities:

Net investment in capital assets 32,343,708 $ 31,922,658 $ 32,466,443 $ 35,740,792 $ 42,383,764 $ Restricted - - - 2,637,265 Unrestricted 22,623,485 23,894,813 22,403,284 16,933,113 8,423,058 Total business-type activities net position 54,967,193$ 55,817,471 $ 54,869,727 $ 55,311,170 $ 50,806,822 $ Primary Government:

Net investment in capital assets 86,765,928$ 82,315,717$ 85,573,472$ 96,031,119$ 111,036,200$ Restricted 28,308,812 28,524,906 22,377,681 55,489,845 41,267,487 Unrestricted (71,821,329) (75,266,005) (75,495,733) (107,163,607) (101,819,583) Total primary government net position 43,253,411$ 35,574,618$ 32,455,420$ 44,357,357$ 50,484,104$ Source: City of Monterey Park Management Services Department Fiscal Year
City of Monterey Park
Net Position by Components (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
175

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2013/2014 2014/2015 2015/2016 2016/2017 2017/2018
Expenses:

Governmental activities:

General government 4,050,482 $ 4,610,081 $ 3,771,179 $ 4,935,827 $ 13,276,893 $ Public safety 27,352,152 26,907,556 27,479,974 30,527,993 35,442,619 Community development 2,343,881 7,049,958 2,456,567 2,368,605 2,536,781 Culture and recreation 6,277,461 8,665,230 7,151,089 7,383,391 8,037,936 Highway and streets 6,434,924 5,512,170 6,223,450 5,555,218 5,856,197 Health 120,000 488,697 116,629 250,000 160,000 Interest and fiscal charges 1,207,716 1,269,034 990,315 993,823 940,605 Total governmental activities expenses 47,786,616 54,502,726 48,189,203 52,014,857 66,251,032 Business-type activities:

Water 11,775,078 12,906,852 11,962,698 13,197,497 11,978,551 Refuse 6,985,344 6,657,089 7,562,168 7,648,908 6,364,504 Sewer 221,078 522,245 1,117,677 1,332,184 2,120,013 Total business-type activities expenses 18,981,500 20,086,186 20,642,543 22,178,589 20,463,068 Total primary government expenses 66,768,116 74,588,912 68,831,746 74,193,446 86,714,100 Program revenues:

Governmental activities:

Charges for services:

General government 907,537 1,005,102 1,157,100 1,216,968 1,290,795 Public safety 3,076,644 2,956,084 3,766,713 2,665,634 4,239,502 Community development 1,442,835 2,023,271 2,607,075 3,660,518 3,364,687 Culture and recreation 690,289 1,320,369 1,289,483 1,327,230 1,956,845 Highway and Streets 400,382 1,462,323 1,403,282 1,688,010 1,382,500 Operating grants and contributions 1,516,481 7,963,721 7,953,884 6,928,332 8,281,863 Capital grants and contributions 627,628 557,625 502,276 1,134,757 159,994 Total government activities
program revenues 8,661,796 17,288,495 18,779,813 18,621,449 20,676,186 Business-type activities:

Charges for services:

Water 10,747,045 11,452,592 12,323,342 13,439,676 14,213,398 Refuse 6,028,436 6,371,405 6,954,603 7,124,768 6,760,312 Sewer 287,548 1,714,098 2,673,585 2,843,412 3,164,108 Capital grants and contributions 169,783 98,776 97,507 1,916,453 2,341,781 Total business-type activities revenues 17,232,812 19,636,871 22,049,037 25,324,309 26,479,599 Total primary government revenues 25,894,608$ 36,925,366$ 40,828,850$ 43,945,758$ 47,155,785$ Source: City of Monterey Park Management Services Department Fiscal Year
City of Monterey Park
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
176

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2018/2019 2019/2020 2020/2021 2021/2022 2022/2023
Expenses:

Governmental activities:

General government 8,675,180 $ 7,024,897 $ 16,862,932 $ 4,997,877 $ 13,258,409 $ Public safety 41,058,210 46,448,518 41,432,208 32,974,783 40,064,832 Community development 2,555,488 385,629 500,831 7,545,425 7,570,239 Culture and recreation 8,394,326 8,194,387 7,367,933 7,250,027 4,436,619 Highway and streets 6,778,639 7,592,489 6,349,422 5,300,505 6,952,909 Health 150,000 137,500 187,500 234,375 292,969 Interest and fiscal charges 931,970 923,137 1,533,531 3,435,272 3,803,497 Total governmental activities expenses 68,543,813 70,706,557 74,234,357 61,738,264 76,379,474 Business-type activities:

Water 15,975,908 16,130,638 16,900,021 15,173,088 18,647,640 Refuse 6,782,261 6,643,796 7,102,416 6,773,649 7,797,114 Sewer 1,925,498 2,066,260 2,826,252 2,386,431 3,547,895 Total business-type activities expenses 24,683,667 24,840,693 26,828,689 24,333,168 29,992,649 Total primary government expenses 93,227,480 95,547,250 101,063,046 86,071,432 106,372,123 Program revenues:

Governmental activities:

Charges for services:

General government 1,951,847 1,418,515 1,430,819 2,369,083 2,656,843 Public safety 3,263,720 3,123,842 2,765,703 2,792,022 2,993,687 Community development 2,828,385 1,591,515 1,894,660 2,722,923 510,301 Culture and recreation 1,012,436 747,940 230,570 485,573 3,009,094 Highway and Streets 1,341,088 1,523,872 2,410,818 3,661,000 2,670,460 Operating grants and contributions 12,119,613 9,349,191 12,199,854 14,675,500 19,675,615 Capital grants and contributions 1,209,222 279,624 - - 772,831 Total government activities
program revenues 23,726,311 18,034,499 20,932,424 26,706,101 32,288,831 Business-type activities:

Charges for services:

Water 15,251,324 13,791,440 16,087,723 14,231,262 12,752,125 Refuse 6,674,188 6,722,940 6,905,547 6,843,084 7,041,047 Sewer 3,546,475 3,158,607 3,273,154 3,252,413 3,331,412 Capital grants and contributions 1,362,136 149,262 93,503 880,892 - Total business-type activities revenues 26,834,123 23,822,249 26,359,927 25,207,651 23,124,584 Total primary government revenues 50,560,434$ 41,856,748 $ 47,292,351 $ 51,913,752 $ 55,413,415 $ Source: City of Monterey Park Management Services Department Fiscal Year
City of Monterey Park
Changes in Net Position (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
177

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2013/2014 2014/2015 2015/2016 2016/2017 2017/2018
Net (expense)/revenue:

Governmental activities: (39,124,820) $ (37,214,231) $ (29,409,390) $ (33,393,408) $ (45,574,846) $ Business-type activities: (1,748,688) (449,315) 1,406,494 3,145,720 6,016,531 Total primary government revenues (40,873,508)$ (37,663,546) $ (28,002,896) $ (30,247,688) $ (39,558,315) $ General revenues and other
Changes in net position:

Governmental activities:

Taxes:

Property Taxes 19,794,165 $ 22,600,233 $ 22,235,616 $ 23,154,960 $ 24,306,944 $ Sales Taxes 4,942,821 5,245,208 6,427,211 6,517,491 5,341,854 Vehicle In-lieu Taxes 27,588 26,649 25,041 27,482 32,428 Utility User Taxes 3,202,264 3,257,450 3,212,890 3,212,912 2,964,825 Franchise Taxes 970,212 1,028,025 992,615 938,802 966,346 Business License Taxes 974,816 1,340,197 1,052,086 1,244,295 1,146,838 Transient Occupancy Taxes 1,049,070 1,158,767 1,248,578 1,261,777 1,163,775 Other Taxes/Special Accessment 7,282,605 346,203 285,845 269,734 585,106 Revenues from use of
money and property 872,174 929,648 1,155,649 701,151 1,689,011 Other 731,679 1,153,382 1,403,883 1,030,348 1,736,642 Transfers 18,000 - - - - Total general revenues and transfers 39,865,394 37,085,762 38,039,414 38,358,952 39,933,769 Extraordinary item - - 5,638,626 - - Business-type activities:

Revenues from use of
money and property
- - - 105 - Other 1,897,638 2,192 1,601,079 1,238,954 1,053,244 Gain/(Loss) on sale of property 4,840 1,258,626 - - - Transfers (18,000) 18,485 - - - Total business-type activities 1,884,478 1,279,303 1,601,079 1,239,059 1,053,244 Total primary government 41,749,872 38,365,065 39,640,493 39,598,011 40,987,013 Changes in net position
Governmental activities 740,574 (128,469) 14,268,650 4,965,544 (5,641,077) Business-type activities 135,790 829,988 3,007,573 4,384,779 7,069,775 Total primary government 876,364$ 701,519$ 17,276,223$ 9,350,323$ 1,428,698$ Source: City of Monterey Park Management Services Department Fiscal Year
Changes in Net Position (Continued)
(Accrual Basis of Accounting)
Last Ten Fiscal Years
City of Monterey Park
178

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2018/2019 2019/2020 2020/2021 2021/2022 2022/2023
Net (expense)/revenue:

Governmental activities: (44,817,502) $ (52,672,058) $ (53,301,933) $ (35,313,442) $ (44,090,643) $ Business-type activities: 2,150,457 (1,018,444) (468,762) 1,120,396 (6,868,065) Total primary government revenues (42,667,046)$ (53,690,502) $ (53,770,695) $ (34,193,046) $ (50,958,708) $ General revenues and other
Changes in net position:

Governmental activities:

Taxes:

Property Taxes 25,904,561 $ 27,133,836 $ 29,942,243 $ 29,676,242 $ 31,571,303 $ Sales Taxes 7,156,102 6,923,739 9,063,297 9,294,060 11,640,655 Vehicle In-lieu Taxes 29,876 48,934 44,545 69,754 62,585 Utility User Taxes 3,107,983 2,846,105 2,931,943 3,278,449 3,799,736 Franchise Taxes 973,084 982,837 1,011,131 1,067,908 1,230,330 Business License Taxes 1,140,840 985,158 721,601 661,415 713,015 Transient Occupancy Taxes 1,064,049 847,272 953,200 2,098,921 2,653,156 Other Taxes/Special Accessment 158,828 171,413 220,485 284,927 1,035,042 Revenues from use of
money and property 2,413,637 2,096,340 395,918 (1,858,601) 1,354,512 Other 1,733,652 1,565,830 1,339,319 1,445,282 1,182,587 Transfers - 541,523 533,787 474,300 479,411 Total general revenues and transfers 43,682,612 44,142,987 47,157,469 46,492,657 55,722,332 Extraordinary item - - - - - Business-type activities:

Revenues from use of
money and property
- 562,859 53,395 41,256 558,250 Other 2,409,810 2,260,426 1,410 4 - Gain/(Loss) on sale of property - - - - - Transfers - (541,523) (533,787) - (479,141) Total business-type activities 2,409,810 2,281,762 (478,982) 41,260 79,109 Total primary government 46,092,422 46,424,749 46,678,487 46,533,917 55,801,441 Changes in net position
Governmental activities (1,134,890) (8,529,071) (6,144,464) 11,460,494 11,631,689 Business-type activities 4,560,267 1,263,318 (947,744) 915,743 (6,788,956) Total primary government 3,425,377$ (7,265,753)$ (7,092,208)$ 12,376,237$ 4,842,733$ Source: City of Monterey Park Management Services Department Fiscal Year
Changes in Net Position (Continued)
(Accrual Basis of Accounting)
Last Ten Fiscal Years
City of Monterey Park
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2013/14 2014/15 2015/16 2016/17 2017/18
General Fund:

Nonspendable - $ 741,556$ 741,556 $ 816,495 $ 74,939 $ Restricted - - 78,799 - - -
Committed 7,173,519 7,173,519 10,979,027 10,826,927 10,826,927 Assigned 9,321,463 10,095,120 12,052,503 14,414,724 15,064,826 Unassigned 3,554,425 3,556,499 4,554,426 4,144,661 3,994,828 Total general fund 20,049,407 $ 21,566,694 $ 28,406,311 $ 30,202,807 $ 29,961,520 $ All other governmental funds:

Nonspendable 1,989,686 $ 1,921,015 $ - $ - $ - $ Restricted 17,449,555 19,872,630 21,597,574 21,426,308 22,145,598 Committed 1,496,211 699,188 584,570 472,919 437,426 Assigned - - - - - Unassigned - (931,973) (168,139) (1,369,489) - Total all other governmental funds 20,935,452 $ 21,560,860 $ 22,014,005 $ 20,529,738 $ 22,583,024 $ Total for Governmental Funds: 40,984,859$ 43,127,554 $ 50,420,316 $ 50,732,545 $ 52,544,544 $ Source: City of Monterey Park Management Services Department Fiscal Year
City of Monterey Park
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
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2018/19 2019/20 2020/21 2021/22 2022/23
General Fund:

Nonspendable 75,778 $ 78,802 $ 72,590 $ 82,310 $ 77,450 $ Restricted - -
Committed 7,226,927 7,226,927 9,226,927 9,726,927 10,226,927 Assigned 20,147,039 19,365,589 21,418,237 19,156,028 18,029,418 Unassigned 5,105,667 5,838,129 4,419,338 - 119,426 Total general fund 32,555,411 $ 32,509,447 $ 35,137,092 $ 28,965,265 $ 28,453,221 $ All other governmental funds:

Nonspendable - $ - $ - $ - $ - $ Restricted 26,088,353 26,887,421 20,468,071 44,755,797 41,063,132 Committed 417,741 418,383 367,752 276,809 152,403 Assigned - - - Unassigned - (72,645) (58,728) (380,362) (119,919) Total all other governmental funds 26,506,094 $ 27,233,159 $ 20,777,095 $ 44,652,244 $ 41,095,616 $ Total for Governmental Funds: 59,061,505$ 59,742,606 $ 55,914,187 $ 73,617,509 $ 69,548,837 $ Source: City of Monterey Park Management Services Department Fiscal Year
City of Monterey Park
Fund Balances of Governmental Funds (Continued)
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
181

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2013/14 2014/15 2015/16 2016/17 2017/18
Revenues:

Taxes 38,059,146$ 41,748,001$ 41,158,303$ 37,078,002$ 36,662,530$ Licenses and permits 848,949 775,135 2,428,895 2,913,671 2,729,412 Intergovernmental revenues 2,035,035 3,072,957 3,203,752 6,664,547 8,945,319 Charges for services 4,922,983 5,521,035 6,110,829 6,721,667 8,417,372 Revenues from use of
money & property/Investment income 943,369 919,998 1,207,629 694,820 1,727,784 Fines and forfeitures 931,718 1,043,704 1,295,647 605,957 680,133 Other 767,790 1,180,868 1,414,172 1,074,799 1,756,785 Total revenues 48,508,990 54,261,698 56,819,227 55,753,463 60,919,335 Expenditures
Current:

General government 3,859,127 4,609,650 5,744,019 5,844,104 7,146,292 Public safety 25,647,992 27,076,488 28,396,653 29,258,673 30,235,225 Community development 2,345,099 3,015,194 2,261,895 2,392,374 2,497,952 Culture and recreation 5,587,721 6,738,804 6,464,589 6,634,294 6,981,663 Highways and streets 5,672,512 4,938,939 5,103,275 4,780,221 4,812,085 Health 120,000 488,697 250,000 160,000 Capital outlay 2,957,442 4,855,050 4,594,721 3,415,464 4,413,196 Debt service:

Principal 1,229,166 1,255,802 1,291,263 1,370,156 1,416,257 Interest and fiscal charges 1,217,331 1,279,276 1,058,676 995,948 944,666 Total expenditures 48,636,390 54,257,900 54,915,091 54,941,234 58,607,336 Excess (deficiency) of revenues
over (under) expenditures (127,400) 3,798 1,904,136 812,229 2,311,999 Other financing sources (uses):

Transfers in 943,350 1,380,000 2,327,332 2,246,686 2,225,885 Transfers out (903,905) (1,380,000) (2,577,332) (2,746,686) (2,725,885) Capital Lease
Proceeds from sale of property 16,750 562,114 - - - Issue of long term debt - 1,576,783 - - - Total other financing
Sources (uses) 56,195 2,138,897 (250,000) (500,000) (500,000) Net change in fund balances
before Extraordinary Item (71,205)$ 2,142,695 $ 1,654,136 $ 312,229 $ 1,811,999 $ Extraordinary Items - - 5,638,626 - - Net change in fund balances (71,205) $ 2,142,695 $ 7,292,762 $ 312,229 $ 1,811,999 $ Debt services as a percentage of
nonca
pital expenditures (1) 5.36% 5.13% 4.67% 4.59% 4.36%
Notes:
(1) The ratio of total debt service to noncapital expenditures is calculated as total debt service expenditures (principal and interest) / total noncapital expenditures (the difference between total expenditures and capitalized capital outlay expenditures).

Source: City of Monterey Park Management Services Department City of Monterey Park
Fiscal Year
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
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2018/19 2019/20 2020/21 2021/22 2022/23
Revenues:

Taxes 39,864,511$ 40,160,022$ 45,232,837$ 46,856,891$ 58,309,757$ Licenses and permits 3,038,847 1,837,426 1,849,831 2,153,956 2,533,406 Intergovernmental revenues 11,577,229 9,385,537 11,430,832 13,698,421 12,633,179 Charges for services 7,161,652 6,057,607 6,458,077 9,723,880 9,956,525 Revenues from use of
money & property/Investment income 2,701,145 2,329,927 518,793 (1,734,973) 2,361,132 Fines and forfeitures 1,623,039 587,059 446,741 595,615 321,059 Other 1,741,046 1,566,488 1,622,030 1,715,830 839,004 Total revenues 67,707,469 61,924,066 67,559,141 73,009,620 86,954,062 Expenditures
Current:

General government 6,136,588 6,898,124 115,631,413 8,127,513 12,131,984 Public safety 34,708,110 35,762,037 37,642,012 33,805,125 39,157,595 Community development 2,563,517 316,097 430,627 7,424,848 7,545,853 Culture and recreation 7,383,682 7,034,788 6,618,326 6,260,135 3,938,763 Highways and streets 5,347,037 6,627,295 5,621,649 5,893,763 8,061,381 Health 150,000 137,500 187,500 234,375 292,969 Capital outlay 2,927,407 3,111,577 9,655,402 6,696,125 11,412,223 Debt service:

Principal 1,079,149 1,115,754 1,154,028 4,165,346 5,795,552 Interest and fiscal charges 895,018 853,417 809,641 3,949,977 3,876,712 Total expenditures 61,190,508 61,856,589 177,750,598 76,557,207 92,213,032 Excess (deficiency) of revenues
over (under) expenditures 6,516,961 67,477 (110,191,457) (3,547,587) (5,258,970) Other financing sources (uses):

Transfers in 3,003,264 4,319,658 4,488,195 4,146,091 10,036,484 Transfers out (3,003,264) (3,706,035) (4,929,208) (3,583,991) (9,557,343) Capital Lease 2,682,300
Proceeds from sale of property - - - - - Issue of long term debt - - 100,892,026 21,026,121 66,901 Total other financing
Sources (uses) - 613,623 103,133,313 21,588,221 546,042 Net change in fund balances
before Extraordinary Item 6,516,961$ 681,100$ (7,058,144)$ 18,040,634$ (4,712,928)$ Extraordinary Items - - - - - Net change in fund balances 6,516,961$ 681,100$ (7,058,144)$ 18,040,634$ (4,712,928)$ Debt services as a percentage of
nonca
pital expenditures (1) 3.39% 3.35% 1.17% 11.62% 11.97%
Notes:
(1) The ratio of total debt service to noncapital expenditures is calculated as total debt service expenditures (principal and interest) / total noncapital expenditures (the difference between total expenditures and capitalized capital outlay expenditures).

Source: City of Monterey Park Management Services Department Fiscal Year
City of Monterey Park
Changes in Fund Balances of Governmental Funds (Continued) Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
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Total Taxable Total
Fiscal Residential Commercial Industrial Other Tax-Exempt Assessed Direct Tax Year Property Property Property Property Property(2) Value Rate(3) (4) 2013/14 4,589,336,142 1,037,976,948 156,760,121 268,842,451 33,537,437 6,052,915,662 0.24388 2014/15 4,819,968,671 1,058,583,010 160,416,355 276,605,994 29,479,877 6,315,574,030 0.24412 2015/16 5,057,044,107 1,093,431,570 164,909,195 276,512,462 29,538,778 6,591,897,334 0.24437 2016/17 5,307,806,812 1,140,647,311 173,217,543 312,397,210 28,011,283 6,934,068,876 0.24460 2017/18 5,602,078,820 1,173,225,228 186,112,221 308,114,143 27,269,372 7,269,530,412 0.24384 2018/19 5,900,997,427 1,246,669,672 202,037,631 301,345,786 27,122,190 7,651,050,516 0.24490 2019/20 6,154,110,366 1,385,210,969 214,058,031 335,807,643 27,122,190 8,089,187,009 0.24507 2020/21 6,452,593,484 1,442,805,214 225,355,790 362,258,108 27,122,190 8,483,012,596 0.24526 2021/22 6,696,922,280 1,485,031,636 236,761,070 352,907,188 27,122,190 8,771,622,174 0.24540 2022/23 7,069,923,565 1,575,607,923 257,317,476 357,318,569 27,122,190 9,260,167,533 0.24561 Notes:
(1)
(2)
(3)
(4)
Sources: 1. County of Los Angeles Department of Auditor-Controller

2. HDL Coren & Cone
City of Monterey Park
Assessed Value of Taxable Property (1)
Last Ten Fiscal Years
(In Thousands)
Total direct rate is the weighted average of all individual direct rates applied by the government preparing the statistical section Retirement tax at 0.091170 per $100 of Assessed Valuation.

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

Exempt values are not included in total.
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Agency 2013/14 2014/15 2015/16 2016/17 2017/18
Basic Levy (1) 1.00000 1.00000 1.00000 1.00000 1.00000
City Direct Rates:

Monterey Park - General Obligation Bonds 0.09117 0.09117 0.09117 0.09117 0.09117 Total Direct Rates 1.09117 1.09117 1.09117 1.09117 1.09117 Overlapping Rates:

Alhambra Unified School District 0.04906 0.04985 0.04926 0.03615 0.05786 Garvey School District 0.05978 0.05947 0.05874 0.06067 0.08332 Garvey-Alhambra 0.04914 0.04522 0.04538 0.05303 0.09319 Los Angeles Community College District 0.04454 0.04017 0.03575 0.03596 0.04599 Los Angeles Unified School District 0.14644 0.14688 0.12971 0.13110 0.12219 Metropolitan Water District 0.01800 0.01800 0.01800 0.02300 0.03000 Montebello Unified School District 0.09457 0.08750 0.08715 0.14705 0.13514 Monterey Park GO Debt 0.09117 0.09117 0.09117 0.09117 0.09117 Total Overlapping Rates 0.55270

0.53826 0.51516 0.57813 0.65886
Total Direct & Overlapping (2) Tax Rates 1.64387 1.62943 1.60633 1.66930 1.75003 City's Share of 1% Levy Per Prop 13 (3) 0.15778 0.15778 0.15778 0.15778 0.15778 General Obligation Debt Rate 0.09117 0.09117 0.09117 0.09117 0.09117 Redevelopment Rate (4) 0.00000 0.00000 0.00000 0.00000 0.00000 Total Direct Rate (5) 0.24388 0.24412 0.24437 0.24460 0.24384 Notes:
(1)
(2)
(3)
(4)
(5)
(6)
Sources: 1. HDL Coren & Cone

2. County of Los Angeles Department of Auditor-Controller 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 any voter approved bonds.

City of Monterey Park
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of taxable value)
Fiscal Year
Overlapping rates are those of local and county governments that apply to property owners within the city. Not all overlapping rates apply to all City property owners.

City's share of 1% Levy is based on the City's share of the general fund tax rate area with the largest net taxable value within the city.

ERAF
general fund tax shifts may not be included in tax ratio figure.

Redevelopment rate is based on the largest RDA tax rate area and only includes rates(s) from indebtedness adopted prior to 1989 per California State statute. RDA direct and overlapping rates are applied only to the incremental property values. The approval of ABX1 26 eliminated Redevelopment from the State of California for the fiscal year 2012/13 and years thereafter.

Total direct rate is the weighted average of all individual direct rates applied by the government preparing the statistical section information and excludes revenue derived from aircraft. Beginning in 2013/14 the total direct rate no longer includes revenue generated from the former redevelopment tax rate areas. Challenges to recognized enforceable obligations are assumed to have been resloved during 2012/13. For the purposes of this report, residual revenue is assumed to be distributed to the City in the same proportions as general fund revenue.

Because basic and debt rates vary by tax rate area, individual rates cannot be summed. 186

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Agency 2018/19 2019/20 2020/21 2021/22 2022/23
Basic Levy (1) 1.00000 1.00000 1.00000 1.00000 1.00000
City Direct Rates:

Monterey Park - General Obligation Bonds 0.09117 0.09117 0.09117 0.09117 0.09117 Total Direct Rates 1.09117 1.09117 1.09117 1.09117 1.09117 Overlapping Rates:

Alhambra Unified School District 0.05404 0.04501 0.04509 0.04405 0.05131 Garvey School District 0.08705 0.08623 0.08425 0.08837 0.08566 Garvey-Alhambra 0.08800 0.07055 0.07360 0.05726 0.05737 Los Angeles Community College District 0.04621 0.02717 0.04016 0.04376 0.02488 Los Angeles Unified School District 0.12323 0.12552 0.13993 0.11323 0.12107 Metropolitan Water District 0.03000 0.03000 0.03000 0.03000 0.03000 Montebello Unified School District 0.13921 0.09306 0.09706 0.09031 0.12770 Monterey Park GO Debt 0.09117 0.09117 0.09117 0.09117 0.09117 Total Overlapping Rates 0.65891

0.56871 0.60126 0.55815 0.58916
Total Direct & Overlapping (2) Tax Rates 1.75008 1.65988 1.69243 1.64932 1.68033 City's Share of 1% Levy Per Prop 13 (3) 0.15778 0.15778 0.15778 0.15778 0.15778 General Obligation Debt Rate 0.09117 0.09117 0.09117 0.09117 0.09117 Redevelopment Rate (4) 0.00000 0.00000 0.00000 0.00000 0.00000 Total Direct Rate (5) 0.24490 0.24507 0.24526 0.24540 0.24561 Notes:
(1)
(2)
(3)
(4)
(5)
(6)
Sources: 1. HDL Coren & Cone

2. County of Los Angeles Department of Auditor-Controller City of Monterey Park
Direct and Overlapping Property Tax Rates (Continued)
Last Ten Fiscal Years
(Rate per $100 of taxable value)
Because basic and debt rates vary by tax rate area, individual rates cannot be summed.

Fiscal Year
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 any voter approved bonds.

Overlapping rates are those of local and county governments that apply to property owners within the city. Not all overlapping rates apply to all City property owners.

City's share of 1% Levy is based on the City's share of the general fund tax rate area with the largest net taxable value within the city.

ERAF
general fund tax shifts may not be included in tax ratio figure.

Total Direct rate is the weighted average of all individual direct rates applied by the government preparing the statistical section information and excludes revenue derived from aircraft. Beginning in 2013/14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rate areas. Challenges to recognized enforceable obligations are assumed to have been resloved during 2012/13. For the purposes of this report, residual revenue is assumed to be distributed to the City in the same proportions as general fund revenue.
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2022/23
Percent of
Total City
Taxable Taxable
Assessed Assessed
Taxpayers Valuation Valuation
ATLANTIC TIMES SQUARE X LLC 154,452,227$ 1.67% MPRP TRACT 3 LLC 137,081,423 1.48% OMNINET LACC LLC ET AL 88,596,320 0.96% ETHAN CAPITAL LLC 88,457,430 0.96% UNION BANK 58,489,342 0.63%
GARFIELD CALMED INVESTMENT LP 57,148,047 0.62% ATLANTIC SQUARE LLC 51,952,123 0.56% BRE CALIFORNIA SATURN LLC 41,815,881 0.45% MAR CENTER LLC ET AL 39,050,027 0.42% EMERALD HILLS LLC 36,737,814 0.40% 753,780,634$ 8.14%
Total City Assessed Value 9,260,167,533 $
Sources: 1. HDL Coren & Cone

2. County of Los Angeles Department of Auditor-Controller City of Monterey Park
Principal Property Taxpayers
(Current Year and Nine Years Ago)
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2013/14
Percent of
Total City
Taxable Taxable
Assessed Assessed
Taxpayers Valuation Valuation
ATLANTIC TIMES SQUARE II LLC 147,783,899$ 2.44% LOS ANGELES CORPORATE CENTER LLC 67,160,000 1.11% UNION BANK 62,699,589 1.04%
GARFIELD CALMED INVESTMENT LP 53,591,924 0.89% 1977 SATURN LLC 46,900,000 0.77% GMS FIVE LLC 44,770,795 0.74%
EMERALD HILLS LLC 31,385,792 0.52% MPM PARTNERS LLC 26,453,380 0.44% CARE 1ST HEALTH PLAN INC 23,851,970 0.39% REAL ESTATE INVESTORS 1984 1 ET AL 21,000,000 0.35% 525,597,349$ 8.68%
Total City Assessed Value 6,052,915,662 $
Sources: 1. HDL Coren & Cone

2. County of Los Angeles Department of Auditor-Controller City of Monterey park
Principal Property Taxpayers (Continued)
(Current Year and Nine Years Ago)
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Percenta ge
Fiscal Year 1% D.S. Amoun t 1% D.S. Amoun t of Levy
2013/14 7,634,155 4,523,042 12,157,197 7,425,568 4,437,271 11,862,839 97.58% 2014/15 8,065,770 4,540,488 12,606,259 7,796,253 4,443,105 12,239,358 97.09% 2015/16 8,455,052 4,956,680 13,411,732 8,163,466 4,837,739 13,001,205 96.94% 2016/17 8,824,332 5,182,017 14,006,349 8,497,606 5,046,043 13,543,649 96.70% 2017/18 9,279,439 5,447,199 14,726,639 8,918,736 5,290,647 14,209,382 96.49% 2018/19 9,729,981 5,745,652 15,475,634 9,348,499 5,629,544 14,978,043 96.78% 2019/20 10,218,301 5,990,008 16,208,309 9,742,395 5,844,063 15,586,458 96.16% 2020/21 10,722,859 6,244,037 16,966,896 10,230,502 6,088,919 16,319,421 96.18% 2021/22 10,954,338 6,470,729 17,425,067 10,109,659 6,194,802 16,304,462 93.57% 2022/23 11,569,892 6,799,424 18,369,316 11,037,821 6,607,287 17,645,108 96.06% Note:

Source: 1 City of Monterey Park Finance Department
2 County of Los Angeles Tax Assessor
Taxes Levied Collected within the
1% - CY
Original Levy PER BOOK
Fiscal Year
(2) Amount included pension override voter approved portion generated from the former redevelopment project areas.

The amounts presented are the City's property tax including secured and unsecured, but excluding interest and penalties. (1) This percentage may exceed 100% due to information provided by Tax Assessor may not clearly identify the year collected.
for the Fiscal Year of Lev y
City of Monterey Park
Property Tax Levies and Collections
Last Ten Fiscal Years
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Percenta ge
Fiscal Year 1% D.S. Amoun t 1% D.S. Amoun t of Levy (1) 2013/14 273,471 95,500 368,971 7,699,039 4,532,770 12,231,809 101% 2014/15 143,686 77,728 221,414 7,939,938 4,520,833 12,460,772 99% 2015/16 196,898 120,616 317,514 8,360,364 4,958,355 13,318,719 99% 2016/17 265,175 110,404 375,579 8,762,781 5,156,448 13,919,228 99% 2017/18 109,223 150,134 259,357 9,027,959 5,440,781 14,468,740 98% 2018/19 196,298 130,331 326,629 9,544,797 5,759,875 15,304,672 99% 2019/20 456,762 107,931 564,692 10,199,157 5,951,993 16,151,150 100% 2020/21 285,221 126,640 411,860 10,515,722 6,215,559 16,731,281 99% 2021/22 357,825 139,127 496,952 10,467,484 6,333,929 16,801,414 96% 2022/23 309,212 121,454 430,666 11,347,033 6,728,741 18,075,774 98% Note:

Source: 1 City of Monterey Park Finance Department
2 County of Los Angeles Tax Assessor
Collections in
1% - PY

PER BOOK
Total Collections to Date
Years
project areas.

The amounts presented are the City's property tax including secured and unsecured, but excluding interest and penalties. (1) This percentage may exceed 100% due to information provided by Tax Assessor may not clearly (2) Amount included pension override voter approved portion generated from the former redevelopment identify the year collected.

Subsequent
City of Monterey Park
Property Tax Levies and Collections (Continued)
Last Ten Fiscal Years
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Pension HUD Library Finance Total
Obligation Street Section 108 S pecial Tax Purchas e Lease Subscri ption Governmenta l Fiscal Year Bonds Bonds Loans Revenue Note Loans Liabilities Liabilities Activities 2013/14 14,890 3,873 1,409 988 - - 21,160 2014/15 14,425 3,538 1,077 2,442 - - 21,482 2015/16 13,970 3,182 731 2,307 - - 20,190 2016/17 13,520 2,804 373 2,123 - - 18,820 2017/18 13,075 2,403 - 1,926 - - 17,404 2018/19 12,635 1,977 - 4,162 - - 18,774 2019/20 12,200 1,526 - 3,587 - - 17,313 2020/21 112,662 1,047 - 5,669 - - 119,378 2021/22 109,268 20,752 539 - 4,969 96 1,397 137,021 2022/23 105,185 20,338 - - 4,242 74 725 130,564 Notes:
(3) Start from FY17/18, personal income data for California Source: 1. HDL Coren & Cone

2. City of Monterey Park Finance Department
(2) Debt per capita data was based on the number of population within the City of Monterey Park.

Governmental Activities
(1) Percentage of Personal Income was based on data from Los Angeles County State of California Employment Department.

City of Monterey Park
Outstanding Debt by Type
Last Ten Fiscal Years
(In Thousands)
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Pension Total (1) Percentage (2) Debt
Obligation Lease Subscri ption Primar y of Personal Per Fiscal Year Loans Bonds Liabilities Liabilities Government Income Population Capita 2013/14 4,392 - - - 25,552 0.01% 61,777 414 2014/15 12,747 - - - 34,229 0.01% 61,805 554 2015/16 12,127 - - - 32,317 0.01% 61,346 527 2016/17 10,567 - - - 29,387 0.00% 61,606 477 2017/18 9,809 - - - 27,213 1.08% (3 62,240 437 2018/19 9,167 - - - 27,941 1.10% 61,828 452 2019/20 8,466 - - - 25,779 0.92% 60,734 424 2020/21 7,915 5,443 - - 132,736 4.42% 60,380 2,198 2021/22 11,310 5,282 3 12 153,628 5.09% 60,207 2,552 2022/23 10,646 5,085 2 9 146,306 N/A 59,288 2,468 Notes:
(3) Start from FY17/18, personal income data for California Source: 1. HDL Coren & Cone

2. City of Monterey Park Finance Department
(2) Debt per capita data was based on the number of population within the City of Monterey Park.

Business-Type Activity
(1) Percentage of Personal Income was based on data from Los Angeles County State of California Employment Department.

City of Monterey Park
Outstanding Debt by Type (Continued)
Last Ten Fiscal Years
(In Thousands)
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Actual Percent of Net
Pension Taxable Actual Taxable Bonded
Obligation Value of Value of Debt Per
Fiscal Year Bonds (1) Property Property (2) Population Capita 2013/14 14,890 6,052,916 0.25% 61,777 241
2014/15 14,425 6,315,574 0.23% 61,805 233
2015/16 13,970 6,591,897 0.21% 61,346 228
2016/17 13,520 6,934,069 0.19% 61,606 219
2017/18 13,075 7,269,530 0.18% 62,240 210
2018/19 12,635 7,651,050 0.17% 61,828 204
2019/20 12,200 8,089,187 0.15% 60,734 201
2020/21 118,105 8,483,013 1.39% 60,380 1,956
2021/22 114,550 8,771,622 1.31% 60,207 1,903
2022/23 110,270 9,260,168 1.19% 59,288 1,860
Note:
available in the State of California.

Source: 1 City of Monterey Park Finance Department
(1) The City has Pension Obligation bonds and does not have any other General Obligation Bonds. (2) Assessed value has been used because the actual value of taxable property is not readily City of Monterey Park
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
(In Thousands, except Per Capita)
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% Applicable City's Share of
Total Debt To City (1) Debt

OVERLAPPING TAX AND ASSESSMENT DEBT
Metropolitan Water District 19,215,000 0.015 2,882
Los Angeles Community College District 4,500,730,000 0.864 38,886,307 Alhambra Unified School District 67,504,695 32.134 21,691,959 Alhambra Unified School District School Facilities Improvement District No. 188,784,708 32.965 29,267,879 Alhambra Unified School District (former Elementary School District) 12,098,640 32.965 3,988,317 Los Angeles Unified School District 10,704,725,000 0.033 3,532,559 Montebello Unified School District 248,196,585 9.151 22,712,469 Garvey School District 56,673,063 29.354 16,635,811
TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $ 136,718,183

DIRECT AND OVERLAPPING GENERAL FUND DEBT
Los Angeles County General Fund Obligations 2,601,551,282 0.489 12,721,586 Los Angeles County Superintendent of Schools Certificates of Participation 3,403,487 0.489 16,643 Los Angeles Unified School District General Fund Obligations 97,870,000 0.033 32,297 Montebello Unified School District General Fund Obligations 4,615,000 9.151 422,319 City of Monterey Park Pension Obligation Bonds 110,270,000 100.000 110,270,000 Los Angeles County Sanitation District No. 2 Authority 776,732 11.921 92,594 Los Angeles County Sanitation District No. 15 Authority 795,080 0.224 1,781 TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT $ 123,557,220 OVERLAPPING TAX INCREMENT DEBT (Successor Agency) 8,210,000 100.000 $ 8,210,000 TOTAL DIRECT DEBT $ 110,270,000
TOTAL OVERLAPPING DEBT $ 158,215,403
COMBINED TOTAL DEBT $ 268,485,403 (2)
Notes:

Ratios to 2022-23 Assessed Valuation
Total Direct Debt ($110,270,000) 1.19%
Total Overlapping Tax and Assessment Debt 1.48%
Combined Total Debt 2.90%
Ratios to Redevelopment Successor Agency Incremental Valuation ($1,928,244,213) Overlapping Tax Increment Debt 0.43%

Source: HDL Coren & Cone
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.

As of June 30, 2023
Direct and Overlapping Debt
City of Monterey Park
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2013/14 2014/15 2015/16 2016/17 2017/18
Assessed valuation 6,052,916 6,315,574 6,591,897 6,934,068 7,269,530 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 907,937 947,336 988,785 1,040,110 1,090,430 Total net debt applicable to limit:

Pension obligation bonds 14,890 14,425 13,970 13,520 13,075 Legal debt margin 893,047$ 932,911 $ 974,815 $ 1,026,590 $ 1,077,355 $ Total debt applicable to the limit
as a percentage of debt limit 1.64% 1.52% 1.41% 1.30% 1.20% exceed 15 percent of total assessed valuation.

Sources: 1. City of Monterey Park Finance Department

2. HDL Coren & Cone

3. County of Los Angeles Department of Auditor-Controller Note: In accordance with California Government Code Section 436 City of Monterey Park
Legal Debt Margin Information
Last Ten Fiscal Years
(In Thousands)
Fiscal Year
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2018/19 2019/20 2020/21 2021/22 2022/23
Assessed valuation 7,651,050 8,089,187 8,483,013 8,771,622 9,260,168 Debt limit percentage 15% 15% 15% 15% 15%
Debt limit 1,147,657 1,213,378 1,272,452 1,315,743 1,389,025 Total net debt applicable to limit:

Pension obligation bonds 12,635 12,200 118,105 114,550 110,270 Legal debt margin 1,135,022$ 1,201,178 $ 1,154,347 $ 1,201,193 $ 1,278,755 $ Total debt applicable to the limit
as a percentage of debt limit 1.10% 1.01% 9.28% 8.71% 7.94% exceed 15 percent of total assessed valuation.

Sources: 1. City of Monterey Park Finance Department

2. HDL Coren & Cone

3. County of Los Angeles Department of Auditor-Controller Note: In accordance with California Government Code Section 436 City of Monterey Park
Legal Debt Margin Information (Continued)
Last Ten Fiscal Years
(In Thousands)
Fiscal Year
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Per Capita
Personal Personal Unem ployment
Fiscal Year Population Income Income Rate
2013/14 61,777 499,767,889 49,400 6.5% 2014/15 61,805 544,324,900 53,521 5.2% 2015/16 61,346 563,907,868 55,624 5.2% 2016/17 61,606 593,741,110 58,419 4.5% 2017/18 ⁽¹⁾ 62,240 2,514,503 63,720 3.9% 2018/19 61,828 2,544,235 64,513 4.1% 2019/20 60,734 2,790,524 70,647 9.6% 2020/21 60,380 3,006,184 76,614 13.3% 2021/22 60,207 3,018,471 77,339 5.4% 2022/23 59,288 N/A N/A 4.9%
Note: Note: (1) Start from FY17/18, personal income and Per capita personal income are the data shown for California from Bureau of Economic Analysis.

Sources: 1. U.S. Bureau of Economic Analysis

2. HDL Coren & Cone

3. California Employment Development Department
Last Ten Fiscal Years
Demographic and Economic Statistics
City of Monterey Park
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2022/23
Percentage of
Number of Total
Employers Employees Employment (1)
GARFIELD MEDICAL CENTER 1,019 0.021% SOUTHERN CALIFORNIA GAS COMPANY 445 0.009% COSTCO WHOLESALE #1318 425 0.009% MONTEREY PARK HOSPITAL 345 0.007% HOME DEPOT #2304 214 0.005% RALPHS GROCERY CO (2 LOCATIONS) 194 0.004% REMITCO L L C 158 0.003%
CARMICHAEL INTERNATIONAL SERVICE 151 0.003% BEHAVIOR RESPITE IN ACTION INC 132 0.003% HERITAGE MANOR HEALTHCARE 132 0.003% CAMINO REAL CHEVROLET 113 0.002% MONTEREY PARK CONVALESCENT HOSPITAL INC 110 0.002% LA COLONIAL TORTILLA PRODUCTS INC 86 0.002% NETWORK MEDICAL MANAGEMENT INC 80 0.002% GREAT WALL SUPERMARKET 78 0.002% 4,739,900.00
Note:
(1) Percentage of total employment is calculated based on Los Angeles County's total employment annual force of 4,739,900 in 2022 and 4,471,400 in 2013.

Sources: 1. City of Monterey Park Finance Department

2. State of California Employment Development Department City of Monterey Park
Principal Employers
(Current Year and Nine Years Ago)
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2013/14
Percentage of
Number of Total
Employers Employees Employment (1)
GARFIELD MEDICAL CENTER 976 0.022% CARE 1ST HEALTH PLAN 541 0.012% SOUTHERN CALIFORNIA GAS COMPANY 387 0.009% SYNER MED INC 356 0.008%
MONTEREY PARK HOSPITAL 320 0.007% REMITCO LLC 187 0.004%
RALPHS GROCERY (2 LOCATIONS) 171 0.004% 24 HOUR FITNESS #867 143 0.003% CHINESE DAILY NEWS 142 0.003% CALIFORNIA PSYCHCARE INC 103 0.002% CAMINO REAL CHEVROLET 100 0.002% MONTEREY PARK CONVALESCENT 92 0.002% SOUTHERN CALIFORNIA EDISON 90 0.002% HERITAGE MANOR HEALTHCARE 90 0.002% LA COLONIAL TORTILLA PRODUCTS INC 85 0.002% 4,471,400.00
Note:
(1) Percentage of total employment is calculated based on Los Angeles County's total employment annual force of 4,739,900 in 2022 and 4,471,400 in 2013.

Sources: 1. City of Monterey Park Finance Department

2. State of California Employment Development Department City of Monterey Park
Principal Employers (Continued)
(Current Year and Nine Years Ago)
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Fiscal Year
Function 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 General Government 32 31 32 33 33 35 38 40 55 57
Public Safety
Police 114 114 116 119 119 122 122 124 124 126
Fire 58 58 58 59 61 61 66 66 64 64
Public Works 70 69 71 71 71 71 80 83 74 74
Culture and Recreation
Library 25 26 26 26 26 26 25 25 19 24
Recreation/Community Services 36 37 37 37 37 37 36 38 37 37 Community/Economic Development ⁽¹⁾ 13 14 14 15 17 17 0 0 0 0 Total 347 348 352 359 364 368 367 376 373 382
Note: Numbers represent Full-Time-Equivalent positions. (1) Starting from FY2019-20, personnel and functions from Community/Economic Development are distributed to Fire and Public Works departments. In FY2019-20, code Enforcement Division is under the supervision of Fire Deparetment and Planning and Building Divisions are under the supervision of Public Works Department.

Source: City of Monterey Park Annual Adopted Budget
City of Monterey Park
City Employees by Function
Last Ten Fiscal Years
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Fiscal Year
2013/14 2014/15 2015/16 2016/17 2017/18
Police:

Number of service calls 51,735 54,568 54,183 53,646 54,696 Response time priority I (emergency) 4:28 3:56 4:49 4:46 4:22 (minutes/seconds)
Fire:

Number of emergency calls 4,538 4,605 4,985 5,047 5,121 Inspections 2,955 2,424 5,139 3,523 3,523 Public works:

Street resurfacing (miles) 0.48 0.16 2.12 2.71 2.80 Parks and recreation:

Hours of recreation classes 640 640 650 600 922 167 165 175 1,197 1,230 Water:

Meters changed and upgrades ⁽²⁾ 329 10,994 98 112 8 Water turn-ons and turn-offs 2,412 2,412 2,682 2,440 2,440 Average daily consumption 8,000 8,000 8,000 8,000 8,000 (thousand of gallons)
(1) Start FY 2016/17, number of hours of facility rentals are being used.

Sources: 1. City of Monterey Park Annual Budget

2. City of Monterey Park Finance, Fire, Public Works, Recreation Departments City of Monterey Park
Operating Indicators by Function
Last Ten Fiscal Years
(2) Start FY 2017/18, total meters installed to field-test able and/or field-repairable standards was being omitted.

Number of facility rentals /
Number of hours of facility rentals (1)
Note:
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Fiscal Year
2018/19 2019/20 2020/21 2021/22 2022/23
Police:

Number of service calls 53,534 50,153 49,154 49,899 52,152 Response time priority I (emergency) 4:02 3:59 3:32 3:59 4:05 (minutes/seconds)
Fire:

Number of emergency calls 4,355 4,251 4,979 5,266 5,535 Inspections 2,922 3,200 2,356 1,776 3,972 Public works:

Street resurfacing (miles) 0 2.79 0 9.39 12.39 Parks and recreation:

Hours of recreation classes 960 640 95 441 441 2,816 640 0 264 720 Water:

Meters changed and upgrades ⁽²⁾ 5 7 2 3 2 Water turn-ons and turn-offs 2,080 3,471 1,078 1,866 2,000 Average daily consumption 8,000 8,000 8,000 8,000 8,000 (thousand of gallons)
(1) Start FY 2016/17, number of hours of facility rentals are being used.

Sources: 1. City of Monterey Park Annual Budget

2. City of Monterey Park Finance, Fire, Public Works, Recreation Departments Last Ten Fiscal Years
Operating Indicators by Function (Continued)
City of Monterey Park
(2) Start FY 2017/18, total meters installed to field-test able and/or field-repairable standards was being omitted.

Note:

Number of facility rentals /
Number of hours of facility rentals (1)
205

Page 235 of 576 ends

2013/14 2014/15 2015/16 2016/17 2017/18
Police:

S t a t i o n s 11111
Fire:

F i r e s t a t i o n s 33333
Public works:

Streets (miles) 119 119 119 119 119
Streetlights 3,359 3,359 3,359 3,359 3,359
Traffic signals 75 75 75 75 75
Parks and recreation:

Parks 141 41 41 41 4
Community centers
Water:

Water mains (miles) 134 134 134 134 134
Maximum Actual Daily Pumped 11,510 9,680 7,200 6,800 7,000 (thousands of gallons)
Wastewater:

Sanitary sewers (miles) 126 126 126 126 126
Storm sewers (miles) 12.43 12.43 12.43 12.43 12.43
Sources: 1. City of Monterey Park Annual Budget

2. City of Monterey Park Water Division
Fiscal Year
City of Monterey Park
Capital Assets Statistics by Function
Last Ten Fiscal Years
206

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2018/19 2019/20 2020/21 2021/22 2022/23
Police:

S t a t i o n s 11111
Fire:

F i r e s t a t i o n s 33333
Public works:

Streets (miles) 119 119 119 119 119
Streetlights 3,359 3,359 3,359 3,359 3,359
Traffic signals 75 75 75 75 75
Parks and recreation:

Parks 141 41 41 41 4
Community centers
Water:

Water mains (miles) 134 134 134 134 134
Maximum Actual Daily Pumped 6,700 6,700 6,800 6,300 6,000 (thousands of gallons)
Wastewater:

Sanitary sewers (miles) 126 126 126 126 126
Storm sewers (miles) 12.43 12.43 12.43 12.43 12.43
Sources: 1. City of Monterey Park Annual Budget

2. City of Monterey Park Water Division
Fiscal Year
City of Monterey Park
Capital Assets Statistics by Function (Continued)
Last Ten Fiscal Years
207

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2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Type of Customers:

Residential 1,956.0 1,965.9 1,564.2 1,555.6 1,571.6 1,524.5 1,557.1 1,734.8 1,552.1 1,847.2 Commercial 671.8 709.0 594.0 618.0 610.0 579.5 530.4 507.0 507.8 603.9 Institutional 11.1 - 4.4 6.0 6.0 5.1 5.3 5.9 5.8 5.8 Government 13.6 10.6 37.3 45.7 98.5 48.8 48.8 67.6 56.5 60.3 Total 2,652.5 2,685.5 2,199.9 2,225.3 2,286.1 2,157.9 2,141.6 2,315.3 2,122.2 2,517.2 Source: City of Monterey Park Public Works Department Fiscal Year
City of Monterey Park
Water Sold by Type of Customer
Last Ten Fiscal Years
(in millions of gallons)
208

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Monthly Rate per
Base 1,000
Fiscal Year Rate Gallons
2013/14 12.63 2.21 2014/15 14.50 2.39 2015/16 15.95 2.49 2016/17 17.55 2.89 2017/18 19.30 3.02 2018/19 21.25 3.15 2019/20 19.20 3.01 2020/21 19.20 3.01 2021/22 19.20 3.01 2022/23 19.20 3.01 Source: City of Monterey Park Finance Department
Note: Rates are based on 5/8" meter and 3/4 meters (the City is standardizing to 3/4 meters), which is the standard household meter size.

City of Monterey Park
Water Rates
Last Ten Fiscal Years
209

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Percent of Percent of
Water Total Water Water Total Water
Water Customer Charges Revenues Charges Revenues
Garfield Estates 110,056$ 0.68% 60,024$ 0.33% Continental Homes 96,621 0.60% - 0.00% Atlantic Times Square II, LLC 88,498 0.55% 155,091 0.86% Garfield Medical Ctr 86,285 0.54% 76,941 0.42% MP 3600 LLC 79,139 0.49% - 0.00% Aespace America Inc 73,102 0.45% 111,915 0.62% Atlantic Times Square II, LLC 68,308 0.43% 104,822 0.58% Moon Valley Nursery of CA, Inc 53,302 0.33% 62,256 0.34% Mtry Pk Intrcm Hosp 48,952 0.30% 51,016 0.28% Atlantic Times Square II, LLC 38,412 0.24% - 0.00% 742,675$ 4.62% 622,065$ 3.43% Top Ten Water Customers
City of Monterey Park
Source: City of Monterey Park Finance Department
2022/23 2018/2019
(Current Year and Four Years Ago)
210

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City Council Staff Report
DATE: February 21, 2024
AGENDA ITEM NO: Consent Calendar - 3C
TO: The Honorable Mayor and City Council
FROM: Martha Garcia, Director of Finance
SUBJECT: Direct the City Manager to implement the approved water rates effective March 1, 2024
RECOMMENDATION:

It is recommended that the City Council consider:

1. Directing the City Manager to implement the approved water rates effective March 1, 2024; and

2. Taking such additional, related, action that may be desirable.

EXECUTIVE SUMMARY:

Ordinance No. 2239 became effective January 19, 2024. It increases water rates by the following percentages: year 1, 32%; year 2, 8%; year 3, 8%; year 4, 7%; and year 5, 8%.

These rates were scheduled to increase beginning February 1, 2024.

During the November 15, 2023 City Council meeting, Council directed the City Manager to explore bond financing in order to provide an upfront infusion of funding for water infrastructure needs. Since then, the City Manager and Finance Director have worked with a team of experts on bond financing. This process has taken longer than originally anticipated due to challenges in collecting historical data for the bond disclosure and loan documents. On January 17, the City Council postponed implementing the increased water rates until after the City Council considers issuing bonds for infrastructure financing.

On February 7, the City Council received a status report regarding the challenges still being encountered in the bond process. As explained below, the City Manager and Finance Director recommend that the City Council approve implementation of lower water rates starting March 1, 2024.

BACKGROUND:

Ordinance No. 2239 increased water rates that the maximum percentages outlined above. The City Council also considered the utility rate study prepared by HF&H that suggests water rates may be lowered if the City issues water infrastructure bonds.

Specifically, HF&H proposes that the City may reduce the rate increases as follows (based upon years 1-5): 26%, 8%, 8%, 7%. 7%. This rate structure was expected to generate $32.6 million for the period beginning January 1, 2024, through FY 2027-28.

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Staff Report

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February 21, 2024

Revenue Table - January 1, 2024, to FY 2027-28 (Table 1)

Moving the water rate implementation date to March 1, 2024 reduces the City’s anticipated revenues for FY 2023-24 and will require the use of a greater amount of reserves to meet its obligations. This rate structure expects to generate $32 million for the period beginning March 1, 2024, through FY 2027 -28. FY 2023-24 anticipated revenue is reduced by $600,000.

Revenue Table - March 1, 2024, to FY2027-28 (Table 2)

0.0%

26.0%

8.0%

7.0%

7.0%
Revenue from Rate Increases
FY 2023-24 (eff. Jan 1, 2024)
6 $1,876,174
$3,780,371
$3,808,642
$3,837,166
$3,865,943
FY 2024-25 (eff. Jul 1, 2024)
12 $1,465,621
$1,476,581
$1,487,640
$1,498,797
FY 2025-26 (eff. Jul 1, 2025)
12 $1,594,708
$1,606,651
$1,618,700
FY 2026-27 (eff. Jul 1, 2026)
12 $1,518,285
$1,529,672
FY 2027-28 (eff. Jul 1, 2027)
12 $1,636,749
Total Revenue from Rate Increases
$0
$1,876,174
$5,245,991
$6,879,932
$8,449,742
$10,149,861
$32,601,699
Total Current Revenue
$14,367,574
$14,432,107
$14,539,887
$14,648,625
$14,758,330
$14,869,013
$73,247,963
Total Revenue with Rate Increases
$14,367,574
$16,308,281
$19,785,878
$21,528,557
$23,208,072
$25,018,874
$105,849,663

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Staff Report

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February 21, 2024

Current and proposed water rates assuming a $20 million water bond @ 26% for FY 2023-24

In order to reduce the amount of funds needed from reserves in FY 2023-24, the City Manager and Finance Director recommend that the City Council consider adopting and implementing (effective March 1, 2024), a slightly reduced water rate of 28%, 8%, 7% 7%, 6% for the period beginning March 1, 2024 through FY 2027-28. This rate structure is expected to generate $32.6 million for the period beginning March 1, 2024, through FY 2027-28. This is the same total estimated revenue amount from Table 1.

FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 Meter Size Current Rates 3/1/2024 7/1/2024 7/1/2025 7/1/2026 7/1/2027 Rate Adjustments +26% +8% +8% +7% +7%
5/8" meters $26.40 $19.18 $20.71 $22.37 $23.93 $25.61
3/4" meters $26.40 $25.88 $27.95 $30.18 $32.30 $34.56
1" meters $28.53 $39.28 $42.43 $45.82 $49.03 $52.46
1 1/2" meters $44.96 $72.79 $78.62 $84.91 $90.85 $97.21 2" meters $57.96 $113.01 $122.05 $131.81 $141.04 $150.91 3" meters $115.98 $220.24 $237.86 $256.89 $274.87 $294.11 4" meters $191.88 $340.88 $368.15 $397.60 $425.44 $455.22 6" meters $585.68 $675.99 $730.07 $788.47 $843.67 $902.72 8" meters $1,464.79 $1,078.12 $1,164.37 $1,257.52 $1,345.54 $1,439.73 Monthly Service Charges
FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28
Monthly Use Monthly Use 3/1/2024 7/1/2024 7/1/2025 7/1/2026 7/1/2027 Rate Adjustments +26% +8% +8% +7% +7%
Tier 1 (0-6 hcf) Tier 1 (0 - 10 hcf) $3.12 $3.37 $3.64 $3.90 $4.17 Tier 2 (7-12 hcf) Tier 2 (11 - 16 hcf) $4.12 $4.45 $4.81 $5.14 $5.50 Tier 3 (13+ hcf) Tier 3 (17+ hcf) $7.80 $8.42 $9.09 $9.73 $10.41 All Other
All Consumption All Consumption $3.89 $4.20 $4.54 $4.85 $5.19 Single Family Residential
All Other
Single Family Residential
Water Consumption Charge (per hcf = 748 gallons)

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Staff Report

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February 21, 2024

Revenue Table - March 1, 2024, to FY 2027-28 (Table 3)

Current and proposed water rates assuming a $20 million water bond @ 28% for FY 2023-24

Months
Increase 5-Year
In Effect FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 Total Water Rate Revenue $14,367,574 $14,432,107 $14,539,887 $14,648,625 $14,758,330 $14,869,013 Increase in Rate Revenue 0.0% 28.0% 8.0% 7.0% 7.0% 6.0% Revenue from Rate Increases
FY 2023-24 (eff. Mar 1, 2024) 4 $1,346,997 $4,071,168 $4,101,615 $4,132,333 $4,163,324 FY 2024-25 (eff. Jul 1, 2024) 12 $1,488,884 $1,500,019 $1,511,253 $1,522,587 FY 2025-26 (eff. Jul 1, 2025) 12 $1,417,518 $1,428,134 $1,438,845 FY 2026-27 (eff. Jul 1, 2026) 12 $1,528,104 $1,539,564
FY 2027-28 (eff. Jul 1, 2027) 12 $1,412,000
Total Revenue from Rate Increases $0 $1,346,997 $5,560,053 $7,019,152 $8,599,823 $10,076,319 $32,602,344 Total Current Revenue $14,367,574 $14,432,107 $14,539,887 $14,648,625 $14,758,330 $14,869,013 $73,247,963 Total Revenue with Rate Increases $14,367,574 $15,779,104 $20,099,940 $21,667,777 $23,358,154 $24,945,332 $105,850,308 FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 Meter Size Current Rates 3/1/2024 7/1/2024 7/1/2025 7/1/2026 7/1/2027 Rate Adjustments +28% +8% +7% +7% +6%
5/8" meters $26.40 $19.48 $21.04 $22.51 $24.09 $25.53
3/4" meters $26.40 $26.29 $28.39 $30.38 $32.51 $34.46
1" meters $28.53 $39.91 $43.10 $46.12 $49.34 $52.30
1 1/2" meters $44.96 $73.95 $79.86 $85.46 $91.44 $96.92 2" meters $57.96 $114.80 $123.98 $132.66 $141.95 $150.47 3" meters $115.98 $223.74 $241.64 $258.55 $276.65 $293.25 4" meters $191.88 $346.29 $373.99 $400.17 $428.19 $453.88 6" meters $585.68 $686.72 $741.66 $793.57 $849.12 $900.07 8" meters $1,464.79 $1,095.23 $1,182.85 $1,265.65 $1,354.25 $1,435.50 Monthly Service Charges
FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28
Monthly Use Monthly Use 3/1/2024 7/1/2024 7/1/2025 7/1/2026 7/1/2027 Rate Adjustments +28% +8% +7% +7% +6%
Tier 1 (0-6 hcf) Tier 1 (0 - 10 hcf) $3.17 $3.43 $3.67 $3.92 $4.16 Tier 2 (7-12 hcf) Tier 2 (11 - 16 hcf) $4.19 $4.52 $4.84 $5.18 $5.49 Tier 3 (13+ hcf) Tier 3 (17+ hcf) $7.92 $8.55 $9.15 $9.79 $10.38 All Other
All Consumption All Consumption $3.95 $4.27 $4.57 $4.89 $5.18 All Other
Single Family ResidentialSingle Family Residential
Water Consumption Charge (per hcf = 748 gallons)

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Staff Report

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February 21, 2024

It is recommended that City Council direct the City Manager to implement the approved water rates effective March 1, 2024 to avoid any further loss of water revenue in FY 2023-

24. FISCAL IMPACT:

The proposed rate increase will generate approximately $32.6 million in water rate revenue over the five-year period.

Respectfully submitted by:

Martha Garcia
Director of Finance

Approved by:

Reviewed by:

Inez Alvarez
City Manager
Karl H. Berger
City Attorney

Page 245 of 576 ends

City Council Staff Report
DATE: February 21, 2024
AGENDA ITEM NO: Consent Calendar - 3D
TO: The Honorable Mayor and City Council
FROM: Shawn Igoe, Director of Public Works
SUBJECT: Notice of Completion – Various Capital Improvement Projects RECOMMENDATION:

It is recommended that the City Council consider:

1. Receiving and filing the Notice of Completion recorded by the Public Works Director on December 4, 2023 accepting the Traffic Signal Improvements Project- HSIP Cycle 7 completed by PTM General Engineering Services, Inc.;

2. Receiving and filing the Notice of Completion recorded by the Public Works Director on January 2, 2024 accepting HVAC Improvements at Various City Facilities completed by Carrier Corporation;

3. Receiving and filing the Notice of Completion recorded by the Public Works Director on January 11, 2024 accepting the 2022 Catch Basin Retrofit Device Installation project completed by United Storm Water, Inc.;

4. Receiving and filing the Notice of Completion recorded by the Public Works Director on January 24, 2024 accepting the Barnes Park Amphitheater Project completed by Irwin Seating Company; and

5. Taking such additional, related, action that may be desirable.

EXECUTIVE SUMMARY:

Pursuant to City Council Resolution No. 11701, the Public Works Director is authorized to record a Notice of Completion for Capital Improvement Projects (“CIP ”). The City recently completed CIP 96004 - Traffic Signal Improvements Project HSIP Cycle 7, CIP 96029 - HVAC Improvements at Various City Facilities, CIP 96033 - 2022 Catch Basin Retrofit Device Installation, and CIP 95028 Barnes Park Amphitheater. Upon completion, the work was inspected and approved by the City Engineer. It is recommended that the City Council receive and file the Notices of Completion recorded by the Public Works Director for these projects.

BACKGROUND:

The City’s FY 23-24 Capital Improvement Plan included CIP 96004 - Traffic Signal Improvements Project HSIP Cycle 7, CIP 96029 - HVAC Improvements at Various City Facilities, CIP 96033 - 2022 Catch Basin Retrofit Device Installation, and CIP 95028 – Barnes Park Amphitheatre Project.

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Staff Report

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February 21, 2024
CIP 96004 - Traffic Signal Improvements Project HSIP Cycle 7 On March 2, 2024, City Council awarded a contract to PTM General Engineering Services, Inc. for the HSIP Cycle 7 Traffic Signal Improvement project. The project consisted of traffic signal modifications at Garfield Avenue/Emerson Avenue, Garfield Avenue/Hellman Avenue, and Alhambra Avenue/Hellman Avenue. Improvements also included construction of curb ramps, signs, pavement markers, and striping. The final cost of the project was $1,270,949.43.

CIP 96029 - HVAC Improvements at Various City Facilities On November 2, 2022, City Council awarded a contract to Carrier Corporation for the HVAC Improvements at various facilities projects. The work consisted of the removal and installation of 18 HVAC units at eight City owned facilities, connection of existing systems, and the installation of new thermostats, smoke duct detectors, economizers, and heat pump condensers. The final cost of the project was $340,844.98.

CIP 96033 - 2022 Catch Basin Retrofit Device Installation On June 15, 2022, City Council awarded a contract to United Storm Water for the Catch Basin Retrofit Device Installation. The project included the installation of retrofit devices, CPS Units, at 130 LA County owned catch basin locations in order to meet required 99% trash reduction. On January 18, 2023, City Council approved an amendment to United Storm Water Inc’s agreement to retrofit additional catch basins, with a total of 188 retrofit devices installed. The final cost of the project was $193,139.52.

CIP 95028 - Barnes Park Amphitheater Project
On July 5, 2023, City Council awarded a contract to Irwin Seating Company for the Amphitheater seating company. The work consisted of removal and installation of chairs, handrails, guard rails, and replacement of concrete staircases at the Barnes Park Amphitheater. The final cost of the project was $219,688.93.

FISCAL IMPACT:

The City’s FY 23-24 Capital Improvement Plan includes a budget for each respective project. The following provides a breakdown of total costs for each listed project.

CIP
No.

Project Budget Actual
Expenditures
Balance
96004 Traffic Signal Improvements
Project HSIP Cycle 7
$1,276,244.70 $1,270,949.43 $5,295.27
96029 HVAC Improvements at Various
City Facilities
$345,451.00 $340,844.98 $4,606.02
96033 2022 Catch Basin Retrofit
Device Installation
$ 302,250.00 $193,139.52 $109,110.48
95028 Barnes Park Amphitheater $221,952.00 $219,688.93 $2,263.07

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Staff Report

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February 21, 2024
Respectfully submitted by: Reviewed by:

Shawn Igoe
Director of Public Works
Martha Garcia
Director of Finance
Approved by: Reviewed by:

Inez Alvarez
City Manager
Karl H. Berger
City Attorney
ATTACHMENT(S):

1. Notice of Completion – Traffic Signal Improvements Project HSIP Cycle 7

2. Notice of Completion –HVAC Improvements at Various City Facilities

3. Notice of Completion –2022 Catch Basin Retrofit Device Installation

4. Notice of Completion – Barnes Park Amphitheater

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Staff Report
February 21, 2024
ATTACHMENT 1
Notice of Completion
Traffic Signal Improvements Project HSIP Cycle 7

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Recording Requested by
and When Recorded Mail To:
?!
City Clerk, City nalt
320 W Newmark Avenue
Monterey Park, CA

NOTICE OF COMPLETION OF CONSTRUCTION PROJECT
Project Name : Traffic Signal lmprovements Project HSIP Cycle 7 Project No. : 2021-004
Take notice pursuant to Civil Code S 3093, ef seq. that:

1. The undersigned is an officer of the owner of the interest stated below in the property hereinafter described.

2. The full name of the owner is: City of Monterey Park

3. The full address of the owner is: 320 W Newmark Avenue. Monterev Park, CA 91754

4. The nature of the interest of the owner is: in fee.

5. A work of improvement on the property hereinafter described was completed and field reviewed Uy ine City Engineer on September 30,2023. The work done was: Traffic Siqnal lmorovements at 3 intersections'

7. The name of the Contractor for such work of improvement was: PTM General Ensineerinq Services. lnc'

8. 9.

The property on which said work of improvement was completed is in the City of Monterey parX, County of Los Angeles, State of California, and is described as follows: 3 Siqnalized intersections in the Citv of Monterev Park'
The street address of said property is: lntersection of Garfield Avenue and Emefson Avenue: Garfield Avenue and Hellman Avenue: and. Alhambra Avenue and Hellman Avenue.

This Notice of Completion is being recorded in accordance with Resolution No. 11701 (adopted November 5,2014).

City of Monterey Park
10 Dated:

Public

VERIFICATION
l, the undersigned, say: I am the Public Works Director for the City Monterey Park, the declarant of the foregoing trtoiice of C6mptetion; I have read said Notice of Completion and know the contents thereof; the same is true of my own knowledge.

I declare under penalty of perjury the foregoing is true and correct' Executed on December 04, 204at Monterey Park, California Pu Works Director

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Staff Report
February 21, 2024

ATTACHMENT 2
Notice of Completion
HVAC Improvements at Various City Facilities

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'Reaording Requested bY
and When Recorded MailTo:

Gity Clerk, City Hall
320 W Newmark Avenue
Monterey Park, GA 91754

NOTICE OF COMPLETION OF CONSTRUCTION PROJECT
Project Name : HVAC lmprovements at Various City Facilities Project No. : 2022-004
Take notice pursuant to Civil Code S 3093, et seq. that:

1. The undersigned is an officer of the owner of the interest stated below in the property hereinafter described:

2. The full name of the owner is: Citv of Monterev Park

3. The full address of the owner ;s; 320 W Newmark Avenue. Monterey Park, CA 91754

4. The nature of the interest of the owner is: in fee'

5. A work of improvement on the property hereinafter described was completed and field reviewed Oy ine City Engineer on December 20,2023. The work done was:

HVAC lmprovements at various citv facilities'
7 - The name of the Contractor for such work of improvement was: Carrier Corporation g. The properg on which said work of improvement was completed is inthe City of Monterey parf, Coun6f of Los Angeles, State of California, and is described as follows:

Various Citv facilities within Citv boundaries'

9. The street address of said proper$ is: Various locations

10. This Notice of Completion is being recorded in accordance with Resolution No. 11701 (adopted November 5,2014).

City of Monterey Park
Dated: 0 /
Pu

VERIFICATION
l, the undersigned, say: I am the Public Works Director for the City Monterey Park, the declarant of the il;lo;nn Gi6";f c6mpletion; I have read said Notice of Complbtion and know the contents thereof;the same is true of mY own knowledge.

I declare under penal$ of perjury the foregoing is true and correct' Executed on January 02 ,2024 at Monterey Park, California.-/r14 City ot Moilerey eart
Public Works Director

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Staff Report
February 21, 2024

ATTACHMENT 3
Notice of Completion
Catch Basin Retrofit Device Installation

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Recording Requested bY
and When Recorded MailTo:

City Clerk, CitY Hall
320 W Newmark Avenue
Monterey Park, CA 91754

NOTICE OF GOMPLETION OF CONSTRUCTION PROJECT
Project Name : 2022Catch Basin Retrofit Device lnstallation Project No. : 2022-043
Take notice pursuant to Civil Code $ 3093, ef seq' that:
1 . The undersigned is an officer of the owner of the interest stated below in the property hereinafter described:

2. The full name of the owner is: Citv of Mpnterev Park

3. The full address of the owner is' 320 W Newmark Avenue. Monterev Park. CA 91754

4. The nature of the interest of the owner is: jn-@

5. A work of improvement on the property hereinafter described was completed and lield reviewed Oy in" CitV Engineer bn $epiemOer 18,2023. The work done was:
lnstallation of retrofit devices atvarious storm drain catch basin locations within Citv limits'

7. The name of the Contractor for such work of improvement was. United Storm Water' lnc'

8. The property on which said work of improvement was.completed is in the city of Monterey earf, i;uniy of Los Angetes, State of California, and is described as follows:

LA iounty owned catch basins within Qlw'limitq'
L ihe street address of said property is: Varlous locauons

10. This Notice of Completion is being recorded in accordance with Resolution No' 11701 (adopted November 5' 2014\' city of MontereY Park
Dated (t I c's //4
Public Works Elrector
VERIFICATIOiN
l, the undersigned, say: I am the Public Works Director for the City Monterey Park' the declarant of the foregoing Notice of Completion; I have read said Notice of Complbtion and know the contents thereof; the same is true of mY own knowledge.

I declare under penalty of perjury the foregoing is true and correct' Executed on January 1 I , 2024 at Monterey Park, California' Public Works Director

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Staff Report
February 21, 2024

ATTACHMENT 4
Notice of Completion
Barnes Park Amphitheater Seating Project

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Recording Requested by
and When Recorded MailTo:

City Clerk, City Hall
320 W. Newmark Ave
Monterey Park, CA

NOTICE OF COMPLETION OF CONSTRUCTION PROJECT
Project Name : Barnes Park Amphilheater Seating Project Project No. : CIP NO. 95028
Take notice pursuant to Civil Code 5 3093, ef seg. that:

1. The undersigned is an officer of the owner of the interest stated below in the property hereinafter described.

2. The full name of the owner is: Citv of Monterev Park g. The full address of the owner is: 320 W Newmark Ave, Monterev Park, CA. 91754 4, The nature of the interest of the owner is: ln Fee

5. A work of improvement on the property hereinafter described was completed and field reviewed Uy ine City Engineer on December 1Sth, 2023. The work done was: Removal and installition ot cbOatiUtue amphitheater chairs, handrails, guard rails and concrete staircases at Barnes Park Amphitheater.

7. The name of the Contractors for such work of improvement were: lrwin Seatinq Comnanv

8. The property on which said work of improvement was completed is inlhe City of Monterey parf , County of Los Angeles, State of California, and is described as follows:

Bames Park AmPhitheater.

9. The street address of said property is: 250 S Mc Pherrin Ave. Monterev Park, CA. 91754

10. This Notice of Comptetion is being recorded in accordance with Resolution No' 11701 (adopted November 5,2014). City of Park
Dated 6

VERIFICATION
l, the undersigned, say: I am the Public Works Director for the City Monterey Park, the declarant of the foregoing Noiice of Completion; I have read said Notice of Completion and know the contents thereof; the same is true of my own knowledge.

I declare under penalty of perjury the foregoing is true and correct. 2Q2! al Monterey Park, California.

Gity of
Executed on ) l't
Public
Park

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City Council Staff Report
DATE: February 21, 2024
AGENDA ITEM NO: Consent Calendar - 3E
TO: The Honorable Mayor and City Council
FROM: Shawn Igoe, Director of Public Works
SUBJECT: Notice of Completion and Termination of local emergency governing the Monterey Pass Road Emergency Waterline Improvements
RECOMMENDATION:

It is recommended that the City Council consider:

1. Receiving and Filing the Notice of Completion for CIP 99025 – Monterey Pass Road Waterline Improvements, recorded by the Public Works Director on February 5, 2024;

2. Adopting a resolution terminating the local emergency governing the Monterey Pass Road Waterline Project; and

3. Taking such additional, related, action that may be desirable.

EXECUTIVE SUMMARY:

On August 17, 2022, City Council adopted Resolution No. 2022-R69 authorizing the City Manager to take necessary measures for emergency repair of a water main line on Monterey Pass Road. The City added the Monterey Pass Road Waterline Improvements to the City’s Capital Improvement Program (“CIP”) as Project No. 99025. The project is now complete, and it is recommended that the City Council receive and file the Notice of Completion and adopt a resolution terminating the local emergency governing the Monterey Pass Road Waterline Project.

BACKGROUND:

Pursuant to Resolution No. 2022-R69, the City Manager exercised emergency powers to complete the Monterey Pass Road Waterline Improvements project. Recurring water main leaks in several areas within Monterey Pass Road between the intersections of Vagabond Drive and Brightwood Street resulted in extensive infrastructure damage to the roadway and necessary water main pipe repairs to ensure continued water service to residences and businesses in the area.

As a result, the City took immediate action required by that emergency, to procure the necessary equipment, services, and supplies to complete required improvements, without giving notice for bids to let contracts. The design phase was completed in December 2022. Construction started in March 2023 with major construction work completed in December of 2023. Minor items such as red curb painting was completed in January 2024.

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Staff Report

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February 21, 2024

The construction part of the project is now 100% complete. On February 5, 2024, the Public Works directors completed the Notice of Completion in accordance with Resolution No. 11701.

The contractor completed the installation of the 12-inch pipeline for the entire project from Floral Drive to Vagabond Road for a total length of 10,800 linear feet of pipeline. This is the backbone of the water distribution system along Monterey Pass Road. The contractor also completed the installation of all interconnecting pipes including the connection at Vagabond Road, lateral pipelines for the water services, fire services, and fire hydrants for the project. Additionally, the contractor completed hydrostatic pressure testing of the pipeline.

The project resulted in the following installations:
- 10,740 linear feet of 12-inch main pipeline
- 24 fire hydrants
- 3 main interconnecting pipes
- 69 new water services
- 21 fire service lines
- 4 storm drain pipes

FISCAL IMPACT:

The Monterey Pass Road Emergency Water Main Improvements project is included in the FY 23-24 Capital Improvement Plan as Project No. 99025. The following is the total cost for the project:

CIP 99025 – Monterey Pass Road Emergency Water Main
Engineering Design $ 86,423
Geotechnical $ 71,363
Construction Cost $ 5,062,355
Material Cost $ 1,401,740
Construction Management and Inspection $ 499,329
Total $7,121,210

The City anticipates receiving $1,064,323 from CalTrans Federal Transportation Improvement Program (FTIP) for additional street rehabilitation improvements along Monterey Pass Road. FTIP funding is anticipated in early 2024 and construction is expected to commence in Spring 2024. The street improvements will be competitively bid and presented to City Council for award of contract.

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Staff Report

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February 21, 2024

Respectfully submitted by: Reviewed by:

Shawn Igoe,
Director of Public Works

Martha Garcia
Director of Finance

Approved by:

Reviewed by:

Inez Alvarez
City Manager
Karl H. Berger
City Attorney

ATTACHMENT:

1. Notice of Completion

2. Draft Resolution

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Staff Report
February 21, 2024

ATTACHMENT 1
Notice of Completion

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Staff Report
February 21, 2024

ATTACHMENT 2
Draft Resolution

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RESOLUTION NO.

A RESOLUTION ADOPTED BY THE CITY COUNCIL TERMINATING THE MONTEREY PASS ROAD WATERLINE LOCAL EMERGENCY.

BE IT RESOLVED by the Council of the City of Monterey Park as follows:

SECTION 1: The City Council finds as follows:

A. Pursuant to Resolution No. 2022-R69 (“Emergency Resolution”) the City Manager exercised emergency powers to complete repairs and replace the water main pipe for the Monterey Pass Road Waterline Improvement Project.

B. Monterey Pass Road Waterline Improvement Project (“Project”) is identified as replacement of a 12-inch pipeline along Monterey Pass Road from Floral Drive to Vagabond Road for a total length of 10,800 linear feet of pipeline.

C. On February 5, 2024, the Public Works Director executed a notice of completion (“NOC”) for the Project. This marks the end of the construction phase of the Project.

D. The circumstances necessitating the declaration of an emergency no longer exist and the local emergency is terminated, effective immediately.

SECTION 2: Ratification. The City Council received regular reports regarding the Project and is fully informed regarding all actions undertaken by the City Manager to protect public health and safety. Accordingly, the City Council ratifies and reaffirms the exercise of emergency powers since 2022 to protect public health and safety.

SECTION 3: Termination of Local Emergency. The Monterey Pass Road Waterline local emergency is terminated.

SECTION 3: Electronic Signatures. This Resolution may be executed with electronic signatures in accordance with Government Code §16.5. Such electronic signatures will be treated in all respects as having the same effect as an original signature.

SECTION 4: Recordation. The Mayor, or presiding officer, is authorized to sign this Resolution signifying its adoption by the City Council of the City of Monterey Park and the City Clerk, or her duly appointed deputy, may attest thereto.

SECTION 5: Effective Date. This Resolution will become effective immediately upon adoption and will remain effective unless repealed or superseded.

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PASSED AND ADOPTED this 21st day of February, 2024.

________________________________
Jose Sanchez, Mayor

ATTEST:

______________________________________
Maychelle Yee, City Clerk

APPROVED AS TO FORM:

___________________________
Karl H. Berger, City Attorney

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Staff Report
February 21, 2024 City Council Staff Report
DATE: February 21, 2024
AGENDA ITEM NO: Consent Calendar - 3F
TO: The Honorable Mayor and City Council
FROM: Shawn Igoe, Director of Public Works
SUBJECT: License Agreement with the Salvation Army for use of space at the City’s Community Clean-up events
RECOMMENDATION:

It is recommended that the City Council consider:

1. Authorizing the City Manager to renew License Agreement 2355-AD with the Salvation Army, in a form approved by the City Attorney to utilize space within the City’s Community Clean-up events to collect unwanted items from the public; and

2. Taking such additional, related, action that may be desirable.

EXECUTIVE SUMMARY:

The City hosts community clean-up events throughout the year to provide the community an opportunity to dispose of unwanted bulky items and electronic waste through Athens Services. Items collected may include usable item s such as furniture, rugs, clothing, appliances, and small electronic devices. On April 5, 2023, City Council approved a License Agreement with Salvation Arm y to utilize space within the City’s Community Clean-up events to collect unwanted item s from the public. This partnership helps to increase waste diversion and promote the reuse of items.

In 2023, Salvation Army participated in two events and they also participated in the City’s January 2024 clean-up event. It is recommended that City Council authorize the City Manager to renew License Agreement 2355-AD with the Salvation Army for the usage of space at the City’s future clean-up events. The License Agreement with Salvation Army expires on February 14, 2024. It is recommended that the City Council consider authorizing the City Manager to renew the License Agreement for up to three years.

The City would retain the authority to terminate the License Agreement with or without cause upon 30 days notice to Salvation Army.
2023-2024 STRATEGIC PLAN GOAL:

Allowing the Salvation Army to continue to participate in the clean-up events meets the City’s goal of Sustainability. Collection of unwanted items as donations, diverts waste and encourages the community to increase their reuse and recycling practices. Athens 4881-1480-9507 v2

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Staff Report

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February 21, 2024

4881-1480-9507 v2
Services would continue its current diversion efforts by collecting items and sorting recyclable material before sending the remaining waste to the landfill.

FISCAL IMPACT:

None. The License Agreement is at no cost to the City.

Respectfully submitted by:

Shawn Igoe
Director of Public Works

Approved by:

Reviewed by:

Inez Alvarez
City Manager
Ephraim S. Margolin
Deputy City Attorney

ATTACHMENT:

1. April 5, 2023 Staff Report

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Staff Report
February 21, 2024
4881-1480-9507 v2
ATTACHMENT 1
April 5th, 2023 Staff Report

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City Council Staff Report
DATE: April 5, 2023
AGENDA ITEM NO:

TO: The Honorable Mayor and City Council
FROM: Shawn Igoe, Director of Public Works
SUBJECT: License Agreement with the Salvation Army for use of space at the City’s Community Clean-up events
RECOMMENDATION:

It is recommended that the City Council consider:

1. Authorizing the City Manager, or designee, to execute a license agreement, in a form approved by the City Attorney with the Salvation Army to utilize space within the City’s Community Clean-up events to collect unwanted items from the public; and

2. Taking such additional, related, action that may be desirable.

EXECUTIVE SUMMARY:

The City hosts community clean-up events throughout the year to provide the community an opportunity to dispose of unwanted bulky items and electronic waste through Athens Services. Items collected may include usable items such as furniture, rugs, clothing, appliances, and small electronic devices. To increase waste diversion and promote the reuse of items, staff recommends partnering with local organizations such as the Salvation Army to collect reusable items at the City’s events. Allowing the Salvation Army to participate in the clean-up events would further the City’s sustainability efforts to divert waste and encourage the community to increase their reuse and recycling practices.

Athens Services would continue its current diversion efforts by collecting items and sorting recyclable material before sending the remaining waste to the landfill.

It is recommended that City Council authorize the City Manager to execute a license agreement to document the usage of space at the City’s clean-up events. The license agreement would allow the Salvation Army to have designated space at the City’s clean- up event to collect and haul unwanted items with their own resources, helping divert waste from entering landfills.

FISCAL IMPACT:

None.

Consent Calendar - 3I

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Staff Report

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April 5, 2023
Respectfully submitted by:

Shawn Igoe
Director of Public Works
Approved by: Reviewed by:

Ron Bow
City Manager
Karl H. Berger
City Attorney
ATTACHMENT:

1. License Agreement

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ATTACHMENT 1
License Agreement
6taII 5eSort
$SrLl 3

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LICENSE AGREEMENT BETWEEN THE

CITY OF MONTEREY PARK AND

THE SALVATION ARMY

THIS LICENSE is made and executed this 15th day of February 2023, between the CITY OF MONTEREY PARK, a general law city and municipal corporation (“CITY”), and THE SALVATION ARMY, a California Corporation (“LICENSEE”). The Parties agree as follows:

1. LICENSE; DESCRIPTION OF PROPERTY. CITY licenses LICENSEE to use, on the terms and conditions in this License, space at Monterey Park Community Clean-up Events located at designated City parks (“Property”).” CITY’s action is not, and cannot be construed to be, a conveyance of a property interest or a lease; it is a license to use property only.

2. USE OF PROPERTY.

A. LICENSEE may temporarily use Property for the purposes of collecting unwanted items (donations) during the City’s Community Clean-up event.

B. CITY may change, amend, or terminate LICENSEE’s use of Property at any time, and in its sole discretion, verbally or in writing.

3. TERM. Except as provided in Section 4, the term of this license will begin on February 14, 2023 and end on February 14, 2024. Upon mutual written agreement between the parties, this License may be renewed for additional time.

4. TERMINATION.

A. As stated above, CITY may terminate this License at any time with or without cause. Termination will be effective upon the 30th day after notification, unless CITY specifies otherwise.

B. LICENSEE may terminate this License at any time in writing at least thirty (30) days before the effective termination date.

C. By executing this document, LICENSEE waives any and all claims for damages that might otherwise arise from CITY’s termination under this Section.

D. Upon termination, LICENSEE will remove all personal property and improvements within one (1) day. Property will be left in a clean and orderly fashion.

5. CONDEMNATION. If all or part of Property is acquired by eminent domain or purchase in lieu thereof, LICENSEE acknowledges that it will have no claim to any compensation awarded

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for the taking of Property or any portion thereof or for loss of or damage to LICENSEE’s improvements.

6. RELOCATION BENEFITS. LICENSEE acknowledges that it has been informed that CITY is a public entity and that Property was previously acquired by CITY for a public purpose.

LICENSEE further acknowledges that any rights acquired under this License arose after the date of acquisition of Property and that said rights are subject to termination when Property is needed by CITY. LICENSEE hereby acknowledges that at the time of said termination of this License by CITY, it will not be a “displaced person” entitled to any of the relocation assistance or benefits offered to displaced persons under State or Federal law.

7. ALTERATIONS. LICENSEE will not make or cause to be made, any alterations to Property, or any part thereof, without CITY’s prior written consent.

8. HAZARDOUS/TOXIC WASTE. CITY has not, nor, to CITY’s knowledge, has any third party used, generated, stored or disposed of, or permitted the use, generation, storage or disposal of, any Hazardous Material (as defined below) on, under, about or within Property in violation of any law or regulation. LICENSEE agrees that it will not use, generate, store or dispose of any Hazardous Material (as defined below) on, under, about or within Property in violation of any law or regulation. LICENSEE agrees to defend and indemnify CITY, to the extent stated in Section 11, against any and all losses, liabilities, claims or costs arising from any breach of any warranty or agreement contained in this Section. As used in this Section, “Hazardous Material” means any substance, chemical or waste that is identified as hazardous, toxic or dangerous in any applicable federal, state or local law or regulation (including petroleum and asbestos).

9. SIGNS. LICENSEE will not place any permanent sign upon Property without CITY’s prior written consent. LICENSEE will pay for all costs of any approved signage and comply with all applicable sign codes and ordinances.

10. ASSIGNMENT. LICENSEE will not be permitted to assign this License or any interest therein.

11. INDEMNIFICATION.

A. LICENSEE will hold CITY harmless and free from any and all liability arising out of this License, or its performance. Should CITY be named in any suit, or should any claim be against it, by suit or otherwise, whether the same be groundless or not, arising out of this License, or its performance, pursuant to this License, LICENSEE will defend CITY (at CITY’s request and with counsel satisfactory to CITY) and will indemnify it for any judgment rendered against it or any sums paid out in settlement or otherwise.

B. For purposes of this section “CITY” includes CITY’s officers, officials, employees, agents, representatives, and certified volunteers.

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C. LICENSEE expressly agrees that this release, waiver, and indemnity agreement is intended to be as broad and inclusive as is permitted by the law of the State of California and that if any portion is held invalid, it is agreed that the balance will, notwithstanding, continue in full legal force and effect.

D. It is expressly understood and agreed that the foregoing provisions will survive termination of this License.

E. The requirements as to the types and limits of insurance coverage to be maintained by LICENSEE as required by Section 12 below, and any approval of said insurance by CITY, are not intended to and will not in any manner limit or qualify the liabilities and obligations otherwise assumed by LICENSEE pursuant to this License, including but not limited to the provisions concerning indemnification.

12. INSURANCE.

A. Before commencing performance under this License, and at all other times this License is effective, LICENSEE will procure and maintain the following types of insurance with coverage limits complying, at a minimum, with the limits set forth below:

Type of Insurance Limits (combined single)

Commercial general liability: $2,000,000

Workers compensation Statutory limits

B. Commercial general liability insurance will meet or exceed the requirements of the most current ISO Forms. The amount of insuran ce set forth above will be a combined single limit per occurrence for bodily injury, personal injury, and property damage for the policy coverage. Liability policies must be endorsed to name CITY, its officials, and employees as “additional insureds” under said insurance coverage and to state that such insurance will be deemed “primary” such that any other insurance that may be carried by CITY will be excess thereto. Such insurance will be on an “occurrence,” not a “claims made,” basis and will not be cancelable except upon 30 days prior written notice to CITY except for nonpayment of premiums which may be cancelable upon ten day notice.

C. LICENSEE will furnish to CITY duly authenticated Certificates of Insurance and Endorsements evidencing maintenance of the insurance required under this License and such other evidence of insurance or copies of policies as may be reasonably required by CITY from time to time. Insurance must be placed with insurers with a current A.M. Best Company Rating equivalent to at least a Rating of “A:VII.” Certificate(s) must reflect that the insurer will provide thirty (30) day

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notice of any cancellation of coverage. CONTRACTOR will require its insurer to modify such certificates to delete any exculpatory wording stating that failure of the insurer to mail written notice of cancellation imposes no obligation, and to delete the word “endeavor” with regard to any notice provisions.

D. Should LICENSEE, for any reason, fail to obtain and maintain the insurance required by this License, CITY may obtain such coverage at LICENSEE’s expense and charge the cost of such insurance to LICENSEE under this License or terminate pursuant to Section 4.

13. COMPLIANCE WITH LAW. LICENSEE will, at its sole cost and expense, comply with all of the requirements of all federal, state, and local authorities now in force, or which may hereafter be in force, pertaining to Property and will faithfully observe in the use of Property all applicable laws. The judgment of any court of competent jurisdiction, or the admission of LICENSEE in any action or proceeding against LICENSEE, whether CITY be a party thereto or not, that LICENSEE has violated any such ordinance or statute in the use of Property will be conclusive of that fact as between CITY and LICENSEE.

14. BREACH OF AGREEMENT. The violation of any of the provisions of this License will constitute a breach of this License by LICENSEE, and in such event said License will automatically cease and terminate.

15. WAIVER OF BREACH. Any express or implied waiver of a breach of any term of this License will not constitute a waiver of any further breach of the same or other term of this License.

16. ENTRY BY CITY AND PUBLIC. This License does not convey any property interest to LICENSEE Except for areas restricted because of safety concerns, CITY and the general public will have unrestricted access upon Property for all lawful acts.

17. INSOLVENCY; RECEIVER. Either the appointment of a receiver to take possession of all or substantially all of the assets of LICENSEE, or a general assignment by the LICENSEE for the benefit of creditors, or any action taken or offered by LICENSEE under any insolvency or bankruptcy action, will constitute a breach of this License by LICENSEE and in such event said License will automatically cease and terminate.

18. NOTICES. Except as otherwise expressly provided by law, all notices or other communications required or permitted by this License or by law to be served on or given to either party to this License by the other party will be in writing and will be deemed served when personally delivered to the party to whom they are directed, or in lieu of the personal service, upon deposit in the United States Mail, certified or registered mail, return receipt requested, postage prepaid, addressed to LICENSEE at:

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The Salvation Army-ARCC
Dalita B. Lovett, Director of Resource Development
16941 Keegan Ave.

Carson, CA 90746
562-491-4149
[email protected]

or to CITY at:

City of Monterey Park
Xochitl Tipan, Principal Management Analyst
320 W Newmark, CA 91754
Monterey Park, CA 91754
626-307-1383
[email protected]

Either party may change its address for the purpose of this Section by giving written notice of the change to the other party.

19. ACCEPTANCE OF ELECTRONIC SIGNATURES. The Parties agree that agreements ancillary to this License and related documents to be entered into in connection with this License will be considered signed when the signature of a party is delivered by electronic transmission.

Such electronic signature will be treated in all respects as having the same effect as an original signature.

20. GOVERNING LAW. This License has been made in and will be construed in accordance with the laws of the State of California and exclusive venue for any action involving this License will be in Los Angeles County.

21. PARTIAL INVALIDITY. Should any provision of this License be held by a court of competent jurisdiction to be either invalid or unenforceable, the remaining provisions of this License will remain in effect, unimpaired by the holding.

22. ENTIRE AGREEMENT. This instrument and its Attachments constitute the sole agreement between CITY and LICENSEE respecting Property, the use of Property by LICENSEE and the specified License term, and correctly sets forth the obligations of CITY and LICENSEE . Any agreement or representations respecting Property or its licensing by CITY to LICENSEE not expressly set forth in this instrument are void.

23. CONSTRUCTION. The language of each part of this License will be construed simply and according to its fair meaning, and this License will never be construed either for or against either party.

24. AUTHORITY/MODIFICATION. The Parties represent and warrant that all necessary action has been taken by the Parties to authorize the undersigned to execute this License and to

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engage in the actions described herein. This License may be modified by written agreement.

CITY’s city manager, or designee, may execute any such amendment on behalf of CITY.

25. COUNTERPARTS. This License may be executed in any number or counterparts, each of which will be an original, but all of which together will constitute one instrument executed on the same date.

IN WITNESS WHEREOF the parties hereto have executed this contract the day and year first hereinabove written.

CITY OF MONTEREY PARK, THE SALVATION ARMY -ARCC,
a general law city.

_____________________________, _____________________________, City Manager Title:

APPROVED AS TO FORM:

KARL H. BERGER, City Attorney

By: _____________________________

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City Council Staff Report
DATE: February 21, 2024
AGENDA ITEM NO: Consent Calendar - 3G
TO: The Honorable Mayor and City Council
FROM: Shawn Igoe, Director of Public Works
SUBJECT: Fleet and Fuel Management System – Award of Contract RECOMMENDATION:

It is recommended that the City Council consider:

1. Authorizing the City Manager to execute a professional services agreement, in a form approved by the City Attorney, with Faster Asset Solutions in the contract amount of $508,202.00 for the Fleet Management System; and

2. Taking such additional, related action that may be desirable.

EXECUTIVE SUMMARY
On September 6, 2023 the Public Works Director solicited proposals for a fleet and fuel management software system that provides vehicle tracking, maintenance scheduling, inventory management, fuel distribution management, and real-time reporting of these activities for the City’s fleet division . Two bids were received in response to the request for proposals. Th e Public Works Director completed his review of bids, and recommends that City Council award a contract to Faster Asset Solutions, the lowest responsible bidder, in the amount of $508,202.00, for a five year term.

BACKGROUND
In 2022, the City with assistance from Eide Bailly Consultants, completed an assessment of the Ci ty’s Fleet division. The fina l report resulted in various improvement recommendations, including the procurement of an updated fue l and fleet management system. Such a system would manage all vehicula r and designated equipmen t type assets owned, maintained, and operated by the City.

On September 6, 2023, the City posted notice inviting formal bids at City Hall and on the City’s website for a fleet and fuel management software system. The proposed system is a web-based management solution that provides vehicle tracking, maintenance scheduling, inventory management, fuel distribution management, and real-time reporting of these activities. The notice inviting bids also requires the vendor to provide software, hardware, training, and technical support to ensure the successful implementation and continued use of the software system and all related components.

The deadline for submitting bids was September 28, 2023. On this date, two bids were opened by the City Clerk’s office:

RANK BIDDER BASE BID AMOUNT
(5 year term)

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Staff Report

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February 21, 2024
1 Faster Asset Solutions $508,202.00
2 AssetWorks $639,508.13
Pursuant to Monterey Park Municipal Code (“MPMC”) § 3.20.070(5), all bids received as part of the bidding process are attached as Attachment 1 and Attachment 2. The bid submitted b y Faster Asset Solutions is the lowest responsive bid from a responsible bidder.

Faster Asset Solutions is the largest provider of Fleet Management Information Systems to Municipal Government in North America, with over 40 years of experience and 460 successful customer implementations to date . Public Works verified Faster Asset Solutions’ references and received positive feedback with regard to its professionalism, responsiveness, user friendly interface, and the ability to deliver its product.

Faster Asset Solutions provides a cost-effective and efficient management solution that will upgrade the City’s existing fleet system and integrate with the current fuel system. It is recommended that City Council award a five-year contract, on a form approved by the City Attorney, to Faster Asset Solutions for the fleet and fuel management software with the option to renew for two additional one-year terms.
2023-2024 STRATEGIC PLAN GOAL
This project meets the goal of City Property/Facilities. The proposed improvements will provide a Fleet Management Software System tailored to the City’s needs resulting in real-time vehicle tracking, streamlined scheduling and maintenance, and comprehensive asset management.

FISCAL IMPACT
Funds for this project have been budgeted in the 2023-2024 fiscal year budget. There are sufficient funds for the project’s one-time fees of $153,192. The City will budget for annual fees as part of its annual budget process. Annual fees for the contract begin one year after the implementation of the system at $71,002 per year for a total of five years.

FLEET AND FUEL MANAGEMENT SYSTEM
One-Time Fees $153,192.00
Annual Fees
FY 24-25 $71,002.00
FY 25-26 $71,002.00
FY 26-27 $71,002.00
FY 27-28 $71,002.00
FY 28-29 $71,002.00
Total Estimated Project Cost $508,202.00

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Staff Report

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February 21, 2024
Respectfully submitted and prepared by: Reviewed by:

Shawn Igoe
Director of Public Works
Martha Garcia
Director of Finance
Approved by: Reviewed by:

Inez Alvarez
City Manager
Justin A. Tamayo
Deputy City Attorney

ATTACHMENT

1. Faster Asset Solutions Bid, including technical and cost proposal

2. AssetWorks Bid

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Staff Report
February 21, 2024
ATTACHMENT 1
Faster Asset Solutions Bid
This attachment is too large to include with the staff report. link to the Faster Asset Solutions Bid

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Staff Report
February 21, 2024
ATTACHMENT 2
AssetWorks Bid

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City Council Staff Report
DATE: February 21, 2024
AGENDA ITEM NO: Consent Calendar - 3H
TO: The Honorable Mayor and City Council
FROM: Jessica Serrano, Director of Community Development SUBJECT: Planning services augmentation with Willdan Group, Inc.

RECOMMENDATION:

It is recommended that the City Council consider:

1. Authorizing the City Manager to utilize Willdan Group, Inc. for providing routine planning services to assist the Community Development Department , not to exceed $150,000 annually; and

2. Taking such additional, related, action that may be desirable.

EXECUTIVE SUMMARY:

On January 26, 2024, the City executed an on-call professional services agreement with the Willdan Group to provide special planning services for tasks associated with processing the Atlantic Square land use applications. TRC is the applicant for these applications and is reimbursing the City for all of Willdan’s services.

The Community Development Director would like to supplement the City’s routine planning services with Willdan’s assistance. This need is a result of the City’s ongoing struggle in finding qualified employees to fully staff the City’s various departments.

Willdan’s professional services agreement allows the City to issue task orders for various services. Here, the requested action is to authorize the City Manager to issue a task order for supplemental planning services in an amount not to exceed $150,000 per year.

BACKGROUND:

The City selected Willdan Group to assist with processing various land use applications including (initially) TRC’s proposals for the Atlantic Square development. Willdan Group’s agreement with the City also allows it to perform additional, separate, planning and design professional services for the City.

As the City Council is aware, all employers are challenged by finding qualified individuals to fill employment vacancies. Here, the Community Development Director advised the City Manager that critical planning tasks are being delayed because of staffing shortages.

Willdan Group can help facilitate the prompt processing of routine planning needs. These include, drafting new zoning regulations needed to implement the General Plan including

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the Housing Element; processing ministerial projects; architectural review; landscape review; assistance with public inquires; project management for review of land use and development applications including residential (e.g., single family, multi-family residential, and accessory dwelling units), commercial, and mixed-use development projects; environmental review; report and letter writing; and presentations and attendance at public hearings, as necessary.

2023-2024 STRATEGIC PLAN GOAL:

This contract with services to provide staff augmentation meets the goals of housing and economic development by streamlining and expediting the processing of projects that can include both housing and commercial development that will increase housing stock and provide economic opportunities for businesses within the City.

FISCAL IMPACT:

The funding for this task order for Planning staff augmentation would come from salary savings resulting from on-going vacancies in the Community Development Department and from developer deposit fees. No additional funding is being requested for this task order.

Respectfully submitted by: Prepared by:

Jessica Serrano
Director of Community
Development

Beth Chow, AICP
Interim Planning Manager

Reviewed by:

Martha Garcia
Director of Management Services

Approved by:

Reviewed by:

Inez Alvarez
City Manager
Karl H. Berger
City Attorney

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City Council Staff Report
DATE: February 21, 2024
AGENDA ITEM NO: Consent Calendar - 3I
TO: The Honorable Mayor and City Council
FROM: Robert Aguirre, Director of Recreation & Community Services SUBJECT: Approval of an Alcohol Consumption permit and permit fee waiver allowing the Alhambra Educational Foundation to conduct alcohol sales at the Happy Birthday Monterey Park, Play Days Carnival RECOMMENDATION:

It is recommended that the City Council consider:

1. Approving an Alcohol Consumption permit allowing the Alhambra Educational Foundation to conduct alcohol sales at the Play Days Carnival, May 9-12, 2024;

2. Approving an Alcohol Consumption permit fee waiver of $119; and

3. Taking such additional, related, action that may be desirable.

EXECUTIVE SUMMARY:

The City of Monterey Park traditionally celebrates its “birthday” each May with a four- day celebration in Barnes Park, “Happy Birthday Monterey Park, Play Days.” The festivities include carnival rides, games, food trucks, and live entertainment.

At the November 15, 2023, meeting, the City Council expressed an interest in adding a “Beer Garden” to the Play Days event in 2024. City staff contacted the Alhambra Educational Foundation to confirm their interest in providing a “Beer Garden” at the Play Days carnival as a fundraiser for their 501c3 Nonprofit organization. The Alhambra Educational Foundation has experience with providing “Beer Gardens” at other events.

They are confident this opportunity would provide additional funds to support and enhance the educational programs of the Alhambra Unified School District.

BACKGROUND:

Monterey Park Municipal Code (“MPMC”) § 12.04.100 allows for the sale and consumption of alcohol upon public premises when the City Council approves a permit.

The Alhambra Educational Foundation is requesting a permit from the City Council to sell alcohol at the PlayDays Carnival, May 9-12, 2024. The sale of alcohol at this event will be closely monitored by the Alhambra Educational Foundation and city staff to ensure there is no sale or consumption of alcohol by any underage attendees.

Attendees 21 years of age or older who wish to purchase or consume alcohol will be required to provide proof of age to receive an identifying wristband that must be worn at

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Monterey Park City CouncilFebruary 21, 2024

Monterey Park City Council
February 21, 2024